First problem lost me 15 pips because of a “wide spread” I went back and looked tic by tic and there was a 4 pip spread at the exact moment of my buy in. Did this twice actually.
Secondly it closed my limit order, but didn’t fill my following entry order. Resulting in a loss of potential pips.
Third I set a stop loss for ten pips. Luckily I was watching this trade because it didn’t fulfill the order. I closed at a 12.5 pip loss. Could have lost way more than that.
I’m going to call tomorrow and see about getting my money back and then I’m switching to tdameriteade. Only 2 fxcm reps are helpful and they deserve to work at a company that as a whole treats it’s customers well. Don’t use Fxcm.
Please give me an opportunity to address your concerns. Just yesterday, I provided you with information about Stage Trailing Stops, so you know I am happy to answer any questions you have regarding your trading account with us. If you can post some screenshots or at least information regarding the time and currency pairs you were trading, I can look into what happened for you.
Also, I noticed that you started this thread last night. For future reference, our live customer support is available by phone 24 hours a day. Feel free to call us anytime to get help with your questions in real time. Also, if you ever feel there is an error in the execution of your trades, you can log a case with the Trade Audit Committee. If there was an error on our part, we will make the appropriate correction to your account.
I wanted to register with this broker back then, but I did not like the fact that they were not transparent. There are lots of hidden charges, which I am not comfortable with. Also, I came across lots of bad reviews.
This strikes me as surprising as our website contains a wealth of information in easy to browse format such as the deposit and withdrawal FAQ’s Deposit Funds, Withdrawals, Processing, & Fees - FAQ @ FXCM and more. The fees or costs you may be likely to encounter would be a withdrawal fee and the spread and rollover (costs of trading), but these will be costs you encounter with any broker. Many of our resources are also free such as trading signals and education through DailyFX PLUS, over 600 custom indicators on FXCodeBase available for Trading Station, free withdrawals by credit/debit card etc.
Further on the topic of transparency, we offer a certain transparency that other brokers can’t: financial transparency. FXCM is a publicly traded company on the New York Stock Exchange which gives you insight into our financial health Financial Performance Summary @ FXCM .
Please let me know if you have any questions. I am always happy to help.
All brokers have bad reviews as not many people go around praising their broker. Usually these complaints on forums are due to the fact that the trader/poster cant trade and that is the reason that they loose money. There was another thread only a few weeks ago about a similar situation and it ended up that it was the OP’s fault.
To the OP learn to trade instead of slagging off your broker like a little girl;)
Im sure its not the brokers fault, if it is, take the case to the regulatory authority, else its your fault. Until you have evidence, its wrong to damage business for a reliable broker…
i kind of agree here. FXCM may not be the real crook, but they do the bank dirty work and that is someone i don’t want to be doing business with (even if it legal technically)
More than likely it’s not really the brokers wrong doing, when it is, acquire true towards regulatory guru, in addition it’s the wrong doing. Unless you have research, it’s wrong to be able to deterioration business for the dependable specialist.You can find more about this in more detail here is the link. FXCM - Wikipedia
FXCM was fined in the past ($6 Million) as they did some shady things, after they paid the fine they may have learned a lesson and stopped practices which caused them a fine. I don’t think your case is a reason for traders who wish to trade there not to do so.
It’s still unclear from your posts what the exact nature is of the problem you faced. I mentioned in my earlier post that I’m happy to investigate what happened and that is still the case. Please allow me the opportunity to look into this for you by providing me with more details about the problem.
The NFA action you mentioned had to do with positive slippage not being passed on in full when transactions were offset with liquidity providers prior to August 2010. I posted a detailed explanation here.
In August 2010, we enhanced our No Dealing Desk (NDD) forex execution by adding Price Improvements (positive slippage) to limit and limit entry orders. The stats below show that now, positive slippage is just as likely to occur on our platform as negative slippage.
I had no problem whatsoever with FXCM so far. Not saying they are a great broker, definitely they can improve their services.
Just try avoid using SL, it’s a poor way to manage risk. Letting one price to dedicated the outcome of a trade is not a smart thing to do.
Thanks for posting this update. I’m glad you reached out to the Trade Audit Committee as I’d suggested. As I mentioned in my earlier post, if there is an error on our part, we will make the appropriate correction to your account.
This is serious man, you should do something about, or you still want to hang in there. Or better still you can talk this over with them, very important we check well before we choose.
Late to the party on this but adding my 2 small cents here…
I’m a relatively new trader but I’m lucky as I have fund managers in banks as friends …
3 of which were kind enough to give me a proper helping hand in learning to trade …
My accounts are with FXCM aswell…
after failing at making consistent profits one of these guys took the account over about a week ago,
So every trade I did was with him right next to me, the friday alone we made 4% including the loses of the day.
The monday came and my account balance was not right…
Came to our attention that some of the orders that were not executed for the day ( which were removed before logging off) triggered…
Another thing was trades being taken off immaturely (either stop loss or take profit)
Also orders being triggered prematurely , happened alot actually … yes everything is taken into account before someone says anything…
All 3 guys helping me have all said the same thing…
“just let the broker know and they will fix the errors”
All these things happen alot this week , its something that is a central focus between us now…
it’s all fine and well to let the broker know but my problem is this :
It’s alot of extra work to save screen shots before , during , after every move I do …
being it , placing or closing trades or removing orders , having to log out and back in later to make sure the orders or trades are still valid with right criteria etc …
then having to knock on FXCM’s door and present all these to fix trades every time…
which seem to be a common occurance in my own account ( which is mini )
not saying its the norm just in my own experiance …
I don’t think fxcm is scamming me at all , but there sure are a few bugs in the software ( trade station ) or in the servers or something…
And I just really don’t have the time for that sort of extra work and emailing, calling etc …
I personally need a broker that has less of these glitches for my use…
which is a shame because I love Trade station and not really a fan of metatrader…
