Read this and add FXCM to your BLACKLIST

[Massimiliano Romiti]

I hope this is the correct procedure to file a complaint.

I opened an account with FXCM and than closed it because of their rollover rates. I asked my money back with a wire transfer and then:

1. received confirmation of wire transfer to me 03.12 at cost of EUR 15.
2. After one week they said everything is ok, let's wait a couple of days
3. After a couple of days they said: ok we contact treasury department they will send a mail to you with more information within one day
4. after 2 days and no mail contacted them again and they said: ops, we didn't make a wire transfer but a "bounce back" to you at cost of EUR 30 (I wasn't informed about that!), it takes a little longer...within one business day treasury department will send you the copy by email
5. after 2 days and no mail they said: ops payment was not made 03.12 but 07.12 please wait for the copy by email
6. after other two days and no mail they said: ops payment was not made 03.12, was not made 07.12 payment was made 15.12...please wait the copy by email!
7. receive a mail confirming 16.12 and saying please just wait few days...
8. after 5 business days contact them again and they said: everything is fine bounce back takes up to 30 days!!! I'll send you right now ref. number of payment by email. Ref. number never arrived.

After more than 20 days:no payment and no proof that payment was made.

PLEASE HELP. Are they allowed to do this? What should I do?

Best Regards,

Massimiliano Romiti

 

[f-man]

I hope this is the correct procedure to file a complaint.

I opened an account with FXCM and than closed it because of their rollover rates. I asked my money back with a wire transfer and then:

1. received confirmation of wire transfer to me 03.12 at cost of EUR 15.
2. After one week they said everything is ok, let's wait a couple of days
3. After a couple of days they said: ok we contact treasury department they will send a mail to you with more information within one day
4. after 2 days and no mail contacted them again and they said: ops, we didn't make a wire transfer but a "bounce back" to you at cost of EUR 30 (I wasn't informed about that!), it takes a little longer...within one business day treasury department will send you the copy by email
5. after 2 days and no mail they said: ops payment was not made 03.12 but 07.12 please wait for the copy by email
6. after other two days and no mail they said: ops payment was not made 03.12, was not made 07.12 payment was made 15.12...please wait the copy by email!
7. receive a mail confirming 16.12 and saying please just wait few days...
8. after 5 business days contact them again and they said: everything is fine bounce back takes up to 30 days!!! I'll send you right now ref. number of payment by email. Ref. number never arrived.

After more than 20 days:no payment and no proof that payment was made.

PLEASE HELP. Are they allowed to do this? What should I do?

Best Regards,

Massimiliano Romiti

Dear Massimiliano,

There is a representative of FXCM and he always answers to different issues, so I would suggest you post this directly on FXCM Brokers thread:

https://www.forexpeacearmy.com/forex-forum/forex-brokers/1125-fxcm-com.html

I am very much interested to find out what exacly happened there, since I have a live account with them.

 

[Jason Rogers]

Hello Massimiliano,

I would like to apologize for any inconvenience you are experiencing with the delay in having the funds appear in your bank account. We will due a full investigation into the problem surrounding this, and I see a manager in our client services team is on top of making sure this gets resolved. We look forward to getting this resolved for you as soon as possible.

Jason Rogers
FXCM

I hope this is the correct procedure to file a complaint.

I opened an account with FXCM and than closed it because of their rollover rates. I asked my money back with a wire transfer and then:

1. received confirmation of wire transfer to me 03.12 at cost of EUR 15.
2. After one week they said everything is ok, let's wait a couple of days
3. After a couple of days they said: ok we contact treasury department they will send a mail to you with more information within one day
4. after 2 days and no mail contacted them again and they said: ops, we didn't make a wire transfer but a "bounce back" to you at cost of EUR 30 (I wasn't informed about that!), it takes a little longer...within one business day treasury department will send you the copy by email
5. after 2 days and no mail they said: ops payment was not made 03.12 but 07.12 please wait for the copy by email
6. after other two days and no mail they said: ops payment was not made 03.12, was not made 07.12 payment was made 15.12...please wait the copy by email!
7. receive a mail confirming 16.12 and saying please just wait few days...
8. after 5 business days contact them again and they said: everything is fine bounce back takes up to 30 days!!! I'll send you right now ref. number of payment by email. Ref. number never arrived.

After more than 20 days:no payment and no proof that payment was made.

PLEASE HELP. Are they allowed to do this? What should I do?

Best Regards,

Massimiliano Romiti

 

[mimar sinan]

bye bye FXCM

Hey mass, thanks for the info, i had two brokers in mind to deal with later on in the future, FXCM and FXDD, but after what you have experienced, i don't recommend FXCM to anyone.
Thanks alot, i hope your issue gets solved.

 

[Navarro]

Dodgy Brokers

Thanks mass, I too was thinking of using their services, but after what you have experienced, i will not recommend FXCM to anyone.
Thanks a lot, i hope your issue gets satisfactorily solved:shocked:.

 

[Jason Rogers]

Hey mass, thanks for the info, i had two brokers in mind to deal with later on in the future, FXCM and FXDD, but after what you have experienced, i don't recommend FXCM to anyone.
Thanks alot, i hope your issue gets solved.

Thanks mass, I too was thinking of using their services, but after what you have experienced, i will not recommend FXCM to anyone.
Thanks a lot, i hope your issue gets satisfactorily solved:shocked:.

Hello Navarro and mimar sin,

Your caution is understandable especially with the difficulty some traders have in receiving funds back from questionable brokers. There are over 174,000 tradable accounts on platforms offered by FXCM and I can proudly say that the vast majority of withdrawals are processed without issue. Ensuring that your funds are returned to you promptly are of high priority since they are your funds of course. Whenever something goes wrong with a withdrawal we will do everything possible to investigate the problem and correct it. If there is a delay on our side, then we will investigate to identify why the delay occurred to minimize the chances of it happening with another trader.

In instances where the funds have been wired to a bank but the bank has simply not applied it to the traders account, then the bank will need to explain why it took so long for the funds to be credited to the account.

We do apologize about the amount time it took to get this withdrawal processed, and regret the delay that was also out of our control. What you can be certain about is, as a global forex broker regulated throughout the world, we will do everything in our power to get funds back to you when a withdrawal is requested.

We wish you all the best with your trading.

Jason
FXCM