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RESOLVED BY REGULATOR - FXCM UK SCAMMED ME In 2400 $ PLEASE HELP ME :'(

Discussion in 'Resolved Issues' started by Ayman1986, Sep 3, 2012.

  1. Ayman1986

    Ayman1986 Private

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    Hi

    Good Evening

    After Regards....

    before i open a real account in The Forex market i was trading on the demo accounts for 2 years and 8 months i knew every thing about Forex and i was make profit on demo and then i open a micro account with a forex company with 500 $ the profit was great and i have my own strategy never lose maybe only 1% that's if,,,and then i decided to open a standard account with FXCM and thats my Story

    FXCM UK Scammed me in 2400 $ USD + the Profit

    First before i open a new account i asked them if they have DEALING DESK they said no we no dealing Desk They said No we Do not do this the price and every thing such spreads , and the spreads would not go high and low no its came from the Banks Direct to you i said that's great and then i had account with FXCM uk i funded it with 3600 $ on 1/1/2012 and i start on 2/1/2012 trading with gold i was Making profit until They start Manipulation with spreads they always make it very up and LOW in a second just to hit my close point And They Did not active the Closing point of Ger30 just let it Open even i set the Close point and the Margin CALL closed the Orders because they did not Activate the Closing point ???????????????????? ???????/

    they told me maybe you forget to set closing point or maybe a problem with the platform ?????????????

    i was trading on FXCM trading Station and they really did and make me lose too much i lost with them from 3600 $ i lost 2400 $ +the profit , and after i doubt that they Manipulation with spreads and the price and the market i asked them in the live chat if they having a dealing desk and see what did they said yes we do what ?? they told me from the first time no we do not have any kind of the dealing desk on the standard accounts and i was trading on Gold and GER 30 they told me oh sorry we have a dealing desk on Gold , Germany 30 , UK100

    i told them why you did not tell me before i trade they said sorry a about that we forget ????????????????? forget what ?????

    i will file a case against them i want to get my 2400 $ Back That's all i have :(

    Now im not trading on their Platform since May 2012

    I hope i was here before i open the account with fxcm and read the bad comments about them I contacted with Them many times but in the last they said do what ever u want to do you have nothing ??? no Rights

    Please Stay away From Them the will make you lose ur money and they will Always Hit you'r Closing Point to make you lose

    I Believe there r anyone can help me to get my money or at least to ready my story for do not have account with them

    i dont know how they are listed in NYSE and i know im unlucky for i did not read the bad comment about them and the NEWS about the that NFA Fined FXCM 2 Million $ and about FXCM ordered to pay $6 million more by the CFTC to settle allegations of failure to monitor and maintain its trading systems and In total FXCM will pay over $16.2 million to settle NFA and CFTC’s charges.

    View the Link

    FXCM ordered to pay $6 million more by the CFTC to settle allegations of failure to monitor and maintain its trading systems | Forex Magnates

    Please Help me to Get my Money 2400 $ i do not want the Profit i want my money 2400 $ and for sure you can't have anything against them for they control all the system and the reports they can do what ever they want to Do ................ i hope to go soon to uk to file a case against them To get my money

    Thank you

    Best Regards
     
  2. Pharaoh

    Pharaoh Colonel

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    Have you contacted the UK FSA and FOS yet?
     
  3. BigT1

    BigT1 Sergeant Major

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    Ayman1986,
    .
    You must first contact the Compliance Department of FXCM and demand a written reply to a formal request you make for a review of your account.
    Once they have reviewed and responded to your request, if you are still unsatisfied, you then have that response as a basis for a complaint against them with their regulator.
    Stick to the facts, and get a written reply from compliance; and keep us informed. We will help.
    .
    Anthony Ingrassia, CTA
    NFA ID#: 0278164
     
  4. Ayman1986

    Ayman1986 Private

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    Hi sir

    No i did not , but i will and i think they will get my money back

    Thank you
     
  5. Ayman1986

    Ayman1986 Private

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    Hi sir

    i contacted them a lot of times and in the last they told me you can;t prove any thing ???? i will post their replies

    Thank you
     
  6. RP1

    RP1 Corporal

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    Could you post a screenshot of the trades in your account please , with your account number and personal details removed.
    Also , you say an FXCM standard account .
    Were you trading $10 per pip with this size ($2400) account?
     
  7. Ayman1986

    Ayman1986 Private

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    Hi MR RP1

    okay sir i will put a PDF file and screen shot of the trades

    and the standard account ( Mini ) Required 2000 $ while i funded it by 3600 $ usd

    but am really sad for i did not read any of the bad comments of this company am just tried their Demo before i open a real account

    and i want making profit and im use the same strategy i used it with the another company in a real account and i made profit

    but with FXCM Real Account it's Different they will let you make profit but try to set a closing point and you will see the real Re-Quote

    if there's any one not believing me or not believing that much of people who scammed with FXCM and lost their money

    by hit the closing point just in a sec by decrease the price ( spreads ) by the fast Re-Quote .just to make you lose

    or not activate the closing point or even the profit point just to make you lose all you'r money

    i was trade on Gold , GER 30 , UK 30 , i thought no dealing desk as they said but in the last they told me there's a dealing desk ????? why

    did not tell me before when i asked for the first time if there's any kind of dealing desk????????????



    please open a new account with them and you will know if im right or not

    then we will believe me

    and the funny thing if you have a real account just open a trade in the real account and in a demo account on their platform

    and see the diffrents + the Re-Quote

    am just want to get my 2400 $


    Thank you
     
    #7 Ayman1986, Sep 4, 2012
    Last edited: Sep 4, 2012
  8. RP1

    RP1 Corporal

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    Look foward to seeing the trades that have caused the problem .
    I think what your saying here is that you got slippage ? So either the stop loss you set didnt work or the take profit you set didnt work, or both?

    FXCM have a policy that if there is slippage then they fill the stop or take profit orders at the next available price.

    This can either work against you , if there if slippage at your stop order ( you get stopped out at a worse price than you wanted ) or in your favor if there is slippage near your take profit order. ( your take profit works but you get a better price , therefore the trade makes more profit)

    If something has gone wrong here, then as BigT1 said you must contact FXCM compliance department to get your account looked into and audited.

    (PS , I wear glasses to read and your big font typing hurt my eye balls )
     
  9. Ayman1986

    Ayman1986 Private

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    From FXCM


    Dear Mr. Ju,

    The FXCM Trade Audit Appeals Board has received your complaint. We have reviewed the matter and have concluded as follows:

    You contend that you would like all of your deposits returned to you because you feel that we manipulate pricing. Your evidence to contend that we manipulate prices is based on:

    (1) The fact that you have observed some Stop orders are not executed exactly at the stipulated Stop price.

    (2) The fact that you have observed that the pricing for other accounts is different from that available to you within your platform:

    (a) On Demonstration Accounts (i.e. “demo”).

    (b) On the platform made available to your friends.

    (c) On platforms made available by competitors.

    We proceed to address the issues you have brought to us for discussion:

    (1) Stop orders are not always executed at the price stipulated for two specific reasons:

    - Please recall that pricing does not move tick by tick. For example, if you place a Stop order for any given pair at a rate of 1.20, but the price jumps from 1.19 to 1.23, it will receive execution at 1.23, since the exact price of 1.20 may not have been precisely available.

    - Stop orders, once triggered, become at-best market orders. That means they can be subject to slippage as any other at-best market order. This is something that neither FXCM nor the client can control. Rekindling the example above, you may have placed your stop at 1.20, and the price is triggered once the pair crosses from 1.19 to 1.23, but there may be slippage leading to execution at – for example – 1.27.

    Slippage is a disclosed risk of trading. If you would like to gather more information on slippage, in particular within the context of Stop order execution, you may consult the page: معلومات مخاطر تداول الفوركس Forex Trading Risk Information

    - Your letter addressed discontent within the context of Stop order execution, but does not mention any particular instances. In order to initiate the review of particular trades, you may fill out the form available at FXCM mentioning particular trades (i.e. ticket numbers) where the Stop price was allegedly missed. An inquiry into specifics may not be launched unless specific trades are identified. This the reason why we have only addressed the matter in general terms above.

    (2) Differences in price display arise for the following reasons:

    (a) On Demonstration Accounts, prices will be different because their execution is not subject to the same liquidity constraints and logistical challenges to which Live accounts are subject to. We clarify this in a pertinent disclaimer present on the page from which the Demonstration account is downloaded: فتح حساب تجريبي لتداول النفط، الأسهم، ال&#1584

    (b) The pricing made available by FXCM to your friends depends on whether they were introduced by a Referring Broker or similar agent. On the basis of the introduction, FXCM may apply a mark-up or mark-down to the prices. We are unable to discuss particular cases, even if you gave us the names of your friends, as we are obligated to safeguard the privacy of each client.

    (c) We note that you are inclined to believe that our pricing should be identical (or, at least, very closely similar) to that evidenced in our competitors. Please recall that retail forex is not an exchange market where all prices are uniform across all market participants. The “market” that we channel is only that of our liquidity providers. Our platform simply funnels the prices being given to us by the multiple banks and financial firms with which we work.

    Equity and futures traders are used to prices being the same at any given time, regardless of which firm they are trading through or which charting provider they are using, and they often assume the same holds true for spot forex. Because the spot forex market is decentralised, meaning it lacks a single central exchange where all transactions are conducted, each forex dealer (market maker) may quote slightly different prices. Therefore, any prices displayed by a third-party which does not employ our liquidity providers’ price feed will reflect different pricing from FXCM.

    Prices available are formulated from the best bid and best ask prices that we are getting from our providers. The best bid from among our providers may be slightly further away than usual than the best ask from among those same providers (not necessarily the same provider), which could give rise to a spike or widening. This naturally will not be reflected in the pricing of competitors.

    ==========

    FXCM categorically denies engaging in price manipulation. We have addressed every element that you have presented to us purporting to indicate that we do.

    In consideration of the foregoing, we will be unable to extend an adjustment in relation to the matter addressed. We do indeed thank you for your understanding.

    Please note that, under the terms of our Complaints Procedure, this is our final response to your query. If you are dissatisfied with it, you may refer your complaint to the Financial Ombudsman Service.

    For further information please refer to the following FOS explanatory link ‘Your Complaint and the Ombudsman’.

    your complaint and the ombudsman - our consumer leaflet

    The address of the Financial Ombudsman Service is:

    Financial Ombudsman Service
    South Quay Plaza
    183 Marsh Wall
    London E14 9SR

    We hope that the information presented above has given you a fair resolution on the matter.

    Sincerely,
     
  10. Pharaoh

    Pharaoh Colonel

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    Wow! "We're done discussing it and if you don't like it, appeal to the FOS."

    I think you should take them up on that offer.
     
: fxcm

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