Quote:
Originally Posted by forex9
your english is not good so i dont know if you are saying fxcm is good or bad.
my question: in your opinion are they Good -or- Bad...
i have done some research on the nfa web site and fxcm did not fare well at the time along with gain, stay away from gain capital i witnessed stop hunting when i had a account there so i closed it...as far as pip or price manipulation goes when i question potential brokers about this all but 1 stoped the calls and emails, but ask if the broker you are considering acts as the counter party, this means you are trading against them as they are on the other end of the trade Not A Bank ect.
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I completely agree, when I was managing $150,000 with GAIN they would cheat me whenever possible. FXCM is no better and don't believe for a minute that they have no desk now. Their claim that they have no desk is easy to disprove jsut call them up and ask for a quote and they will transfer you to dealing... Here is an example of how they treat there clients at FXCM.
Hi All
Am disappointed but not surprised that FXCM chose not
to "shine". They did offer me a credit of about $700
to offset the $13K that's gone. Call me an ungrateful
fool but I'm afraid I can't accept that.
I'm also waiting on their answers to some very
pertinent questions on where their trades are being
offset as there is no hedging facility on the
Interbank. Also where my trades were cleared. So
far...no response. I guess they will when the lawyers
ask them.
As big a shock as them "erroneously" margining me out
has been their attititude to floating losses. They
regard them as actual losses. For some reason they
think that gives them the right to not make amends
should they have a "computer glitch". Am I wrong in
thinking a floating loss doesn't become an actual loss
until you close it off?
The implication for carry traders, position
traders...any traders that allow for a certain amount
of drawdown with their trading strategy while
operating on minimal although adequate margin bears
thinking about.
Can you imagine their institutional investors letting
them get away with an "erroneous margin call" caused
by a "computer glitch"??? I don't think so. FXCM
would have their a$$es handed to them on a plate
should that happen. I bet restitution couldn't come
quick enough!
Nope....me thinks that only the small fry suffered
margin calls. They think they can get away with it
because the small fry can't afford litigation.
Wrong!!! There are still lawyers out there willing to
work on a contingency basis for the underdog...thank
god.
If anybody knows of any other traders who have
suffered this please refer them to me.
And I must watch my other account with them. That has
92% usable margin. Wonder if that's enough? Be a bit
fishy if I got another "erroneous margin call " though
wouldn't it??
I wouldnt be surprised if they asked me to close it.
Which I won't. They'll have to "erroneously margin
call" me again and provide more grist for my mill.
Over to you now Andy, Wade for launch into cyberspace
while I file complaints to the UK Ombudsman, FSA, NFA
& CFTC as well get the word out on as many trading
forums as possible.
What a waste of time, energy & money. But if that's
how they want to play....game on!
Sue