Note: I will be more than happy to remove the tags for fraud and scam once this is rectified, otherwise until then that is exactly what this is. Thank you
Thursday 3/12/13 - A hung entry order I did not create appeared in my orders section of my trading station and then the ETF line moved past my stop and didn’t execute on a 200k position, I then tried to manually close the trade after it was far past my stop and the trading station 2 crashed. I opened the trading station back up and there was a closed position in the amount of $174.95 as well as another 200k position opened up in the same pair that I did not execute. I was freaking out at this point due to this position I didn’t open being opened. After all, I had a $6000 margin which is impossible to open up two 200k lots. Something went wrong. In an attempt to stop bleeding money on an open position I did not create I tried to close it and the trading station wouldn’t allow me too. I got on chat immediately with FXCM where the first employee I chatted with removed the hung order and then proceeded to transfer me to a manager by the name of Charles Graves in another division of FXCM. I told Charles what had happened and how I am losing money and there is nothing I can do about it. He questioned my truthfulness and closed the trade and issued me a credit for the opened position. He then re-assured me that even though the trading station had crashed and the ETF line had moved past my stop that the position did in fact execute at my exact stop level. He explained to me that what had happened was “There was some sort of connection error and when the trading station malfunctioned and I went to manually save the trade the trading station already saw the position as closed and simply opened up another one.” He said something about how the orders are “free floating” which means they look for a buy or sell. Im not sure exactly what that means but he couldn’t explain why I had a hung order in the first place. He explained it almost as if he’s had to explain it one million times before to a million other people. It was very practiced to say the least. We ended the conversation with him telling me I should see my credit in 2-3 days.
Friday 3/15/13 - Beginning balance: $4893.10 Started the day by trading the USD/JPY. I ended the day with a 50k position on the GBP/JPY that I plan to leave until this upcoming Sunday. I have stops and limits set in place on this position. My current balance at this point is $4237.21 which is exactly the amount that reflects in my myfxcm.com portal. A few hours later I wanted to look at my trading station as I was driving to Phoenix and I couldn’t log into my real account. It said there was a “connection error” so I then proceeded to log into my demo account without any problems. This arose some suspicion to me because if the demo account works then the real should too. When I got home I got on my laptop to try and login to see if it was something to do with the mobile application. I got the same results. I immediately contacted fxcm chat and wrote them this message
"Hello, I cannot log onto my real account but my demo works fine. I get the error “the attempt to connect to the server failed”. Usually I get the message trading is closed for the weekend. Is something wrong? "
I got an automatic reply via email stating FXCM is closed for the weekend and they will get back to me as soon as they can.
At 11:16PM MST I got an email from an Isaac Levi at FXCM saying exactly the following:
Dear Jason Knight,
Thank you for the email.
You are receiving this error message as your account is currently closed. If you would like to reactivate your account you should fund it and it will become active automatically. Please let me know how much you intend on funding so I can follow the transaction.
Best regards,*
Isaac Levi Financial services [email protected] Website:
Experience the No Dealing Desk Option
This IMMEDIATELY frightened me as I feel FXCM has stolen my money as I have read has happened to so many other people. I wrote an email back immediately stating this exactly:
“Why is my account closed? It has over $4,000 in it. I just opened it a few days ago whats going on?”
I mean what is really going on here? What happened between now and a few hours ago? I have my stops and limits in place. I can log onto my fxcm portal and it said my account is active with $4237.21 just like It should be. I have my whole savings in this account. I just am extremely aggravated with what practices this broker has used in the past and the current practices of racketeering being used now.
I did some more research on FXCM and I found out that they were charged with fraud in 2011 and had to pay more than 2 million dollars to the SEC and 8 million dollars in restitution to its clients. Now its only March 2013 meaning that was LESS THAN TWO YEARS AGO! So at this point I am extremely wary of what is going on and I am waiting to here back from them.
3/16/13 - 9:37AM MST I have no emails from Isaac Levi or anyone else at FXCM at the moment. This is understandable as it is the weekend. I will keep this updated. I might add in here too that I confirmed that FXCM will negative slip you any chance they get as well as hold on to your positive slips so you don’t see them. Thats part of the reason why they had to pay 8 million in restitution to their clients less than a year ago. I receive negative slippage even during the times of the LOWEST volatility.
I trade live too 
Ya know… I think thats why I opened this thread in the first place! Do you think I would be writing all of this over a demo account and virtual funds? Like I said before, you need to read my original post and then think before you type a response on your keyboard. To answer your questions, I do have a backup on another computer as well as an ipad. Im not complaining about having a backup. It seems your offering me solutions to problems I don’t have? Like I said before, read my original post and you will see that my position did in fact execute at the stop position. Having multiple platforms open on different devices is 150% irrelevant.