Fxcm pick pockets unsuspecting retail traders accounts

Commercial Content Broker Support
15

Hi Annabasis,

I can’t comment on the specifics of your trade audit, but if you wish to dispute the findings of both the Trade Services Team and the Compliance department, then the emails you received from them include instructions on how you can escalate your case for further review.

That said, it’s worth noting that 9:01 am Eastern Daylight Time corresponds to 1:01 pm Greenwich Mean Time, which is the time zone of our servers. Also, Michael Ohneck is not a “dealing desk trader” as you state. He works in our Trade Services Team to investigate trade inquiries such as yours.

Furthermore, you are trading on FXCM’s No Dealing Desk (NDD) forex execution, where we offset each of your orders one-for-one with the best prices from competing liquidity providers. That means, we don’t profit from your losses or lose from your profits. Instead, we make money from your trading volume. Therefore, we want you to be profitable, so you can trade more.

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I won’t speak for other forex brokers, but when it comes to FXCM, it’s important to keep in mind when reading such comments online that the vast majority of our clients are pleased with our service and execution. Otherwise, we wouldn’t have $1.0 billion in customer equity.

We’ve also been in business since 1999 which makes us one of the oldest firms in what is still a relatively young industry. If less than 1% of our clients or past clients express a grievance about something, while that may seem like a large number of traders, it’s not as large when you consider the percentages. Think of any company you admire and you can find similar negative comments online.

That’s not to say that we don’t take such client feedback seriously. My role on forums such as this is to answer questions about FXCM and address any potential concerns. And if you see my other posts here on BabyPips, you will find that I don’t simply promote FXCM. I actively contribute to discussions to provide service and education to traders: 301 Moved Permanently

This also highlights how FXCM dedicates a greater amount of resources to educating new traders than most other brokers. That means more novice traders begin their forex journey with us. The flip side of this is that when they misunderstand something about how the market works or why margin calls occur, they sometimes blame us. This is a typical example: FXCM how can you

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NFA ID Respondent Action Types
0308179 FOREX CAPITAL MARKETS LLC • GENERAL CONDUCT
0308183 NIV, DROR • GENERAL CONDUCT
NFA ID Respondent Penalty/Event Event Date
0308179 FOREX CAPITAL MARKETS LLC • FINE $2000000 08/12/2011
• ENHANCED PROCEDURES REQUIRED 08/12/2011
• OTHER–SEE NARRATIVE 08/12/2011
Case Summary NFA 11BCC00016 - FXCM will not engage in price slippage or margin liquidation practices

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NAMASTE Adrian,
You are very nice , Thank You! Retail Traders are in good hand with you.
I know for a fact FXCM & Forex.com & rest of the Publicly Traded Fx Bucket Shops do it on a daily basis!
I AM NOT AFRAID ANY MORE BECAUSE I STOPPED TRADING WITH THESE * OFF EXCHANGE(OTC) PUBLICLY TRADED BUCKET SHOPS. I’VE LEARNED MY LESSON NEVER TO TRADE WHERE THERE IS CONFLICT OF INTEREST & ALIGN MY INTEREST WITH MY BROKERS.

IT IS A REGULAR PRACTICE WITH FXCM & FOREX.COM - THEY WILL DO IT AGAIN & AGAIN & AGAIN…

NFA ID Respondent Action Types
0308179 FOREX CAPITAL MARKETS LLC • GENERAL CONDUCT
0308183 NIV, DROR • GENERAL CONDUCT
NFA ID Respondent Penalty/Event Event Date
0308179 FOREX CAPITAL MARKETS LLC • FINE $2000000 08/12/2011
• ENHANCED PROCEDURES REQUIRED 08/12/2011
• OTHER–SEE NARRATIVE 08/12/2011
Case Summary NFA 11BCC00016 - FXCM will not engage in price slippage or margin liquidation practices

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You’re not going to like this, but it looks like you were trading and got hit by a market movement that knocked you over the line. Not your brokers fault.
If you plan continuing trading you might want to give yourself more wiggle room in future

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So where will you trade fx?

-Adrian

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I’m sure FXCM will be glad to see you go.

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Adrian,
I’m trading with TD Ameritrade, they absolutely didnt have/had any complaints about FX Broker/Dealer SHANANIGAN.( its a little more expensive, yet well deserves the extra for NO SHENANIGANS biz model)

MY TRADING EXPERIENCE IS LIKE DAY & NIGHT , SHOCKING THAT MY ACCOUNT IS PROFITABLE FOR A CHANGE!!! THERE ARE NO NONE-STOP SURPRISES ON A DAILY BASIS LIKE WITH FXCM/FOREX.COM DEALING DESK’S SPECIAL OF THE DAY AGAINST THE RETAIL TRADERS DEPOSITS** (freeze the trading platfrom, disconnect the platform & dont allow retail traders to log back in to stop their losses, on a NFP day @ 8:30 am NY update the platform for next 20min, WRONGFUL LIQUIDATIONS, WITHDRAWAL DIFFICULTIES… just to name a few) THEY ROTATE THESE TACTICS.

i feel like i am reliving “Reminiscences of the Stock Operator.” Jessi L Livermore also had to begin trading with Quality Broker in order to be immensely successful in his trading.

i am writting a book about “Publicly Traded FX Bucket Shops Operational HandBook/Dictionary” & I am going to contact you again for your great insights.
Until Then
Namaste

24

Eddieb,

ANOTHER VICTIM BLAMER , ANOTHER HONORARY MEMBER , ANOTHER FXCM CRONY

SURPRISE, SURPRISE what a great pattern FXCM got going on against unsuspecting retail traders who present their losses with facts/documents , FXCM & its CRONIES on the contrary by STORIES & VICTIM BLAMING (Never with hard proofs) in various FXCM Scam Complaint Sites!

Since your opinion is not backed by facts, it is invalid.

if FXCM had any facts backing the legitimacy would have done so by now, of their wrongful liquidation which it took money out of my account & put it into FXCMs bank account also kept me out of a soon to be profitable trade.Within about next 20 min USD/CAD moved about +50pips in my wrongfully liquidated position with losses /very soon to be profitable position (Please see the attachment of 1m chart of the incident)

IF THEY HAD ANY PROOF/DOCUMENTATION THEY WOULD HAVE DONE IT LONG TIME AGO(26 Days ago)!!! it only takes minutes to show exactly what happened , just like i had done within a few minutes of wrongful liquidation that resulted in losses.

AS THEIR EMAIL SHOW Michael Ohneck EVEN LIED ABOUT THE FACTS TO GET AWAY WITH REGULAR PRACTICE OF Fxcm & Forex.com WRONGFULLY & PROFITABLY LIQUIDATING FOR THEMSELVES the unsuspecting retail traders positions (please see above in his email)

WHAT I AM SHOWING HERE ARE AN INDUSTRY WIDE ISSUES THAT ARE FINANCIALLY RUINING RETAIL TRADERS FOR THE BENEFIT OF PUBLICLY TRADED FX BUCKET SHOPS.
This isnt about me or my losses, Its about all of us unsuspecting retail traders & reasons why their trading accounts bleed.

“Not your brokers fault.” I KNOW , I KNOW ITS NEVER THE FXCM/FX BUCKET SHOPS FAULT,
ITS ALWAYS THE VICTIMS FAULT !!!

WRONGFUL LIQUIDATION BY FXCM.jpg700×305 16.6 KB

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“Jason Rogers” & All of the FXCM Employees,

Keep on lying & keep on writing.

“That said, it’s worth noting that 9:01 am Eastern Daylight Time corresponds to 1:01 pm Greenwich Mean Time,”

WHY WOULD YOU ALL OF A SUDDEN IN MIDDLE OF CORRESPONDENCE SWITCH FROM EST TO GMT FOR ANY ACCOUNT OPENED/BELONGS TO EAST COST OF UNITED STATES, WITHOUT EVEN MENTIONING IN THE CORRESPONDENCE SUCH AS (EST, GMT0,1,2,3,4) !!!..
Same as all of the FXCM employees you are pulling things out of your hat.

MORE FXCM EMPLOYEES, FXCM CRONIES MAKE ABSURD STATEMENTS MORE I AM GOING TO PILE ON THE FACTS TO EXPOSE THEIR DIRTY DEALINGS.

So please stop wasting peoples time with your lies!
“Jason Rogers” i gave you over a month to amicably correct the issues deliberately caused by FXCM & you BSed me in all of my attempts from FF’s website & OBVIOUSLY YOU HADNT IMPROVED SINCE THEN. SO PLEASE STOP COMMUNICATING/WASTING TIME.

Thank you for your cooperation in this matter!

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"One of the most common complaints is that everything works smoothly with FXCM as long as you lose. But if you’re trading profitably the story begins. They close positions or even your account for no real reasons. This is the most common way for a broker to cheat on its traders. Closing your trades is not possible for the following reasons: “Data not found”, “Waiting for Dealer”, “Your order didn’t execute because price moved”.
By ForexScams.org

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Annabasis.
If you want to talk about backing up with facts, how about you back up your rubbish about myself and other members being fxcm cronies?
I was sympathetic about your situation, but unless you are prepared to recognise your mistakes you will never improve.
You dont want to listen to any opinion that doesn’t agree with you 100%, you clearly dont understand forex, you either didn’t bother reading fxcm’s t&c’s or you didn’t understand them.
Stop embarrassing yourself with your overuse of capitals, it doesn’t scare anyone on here, this isn’t twitter or facebook and the members on here are not 12 year olds who might be intimated by this sort of nonsense.

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It is true that the liquidation threshold at thinkorswim is higher than at FXCM. They let you go over your limit up to 25%, but you have until the close of business to get back within margin requirements or they liquidate. But if you hit that 25% over the line they liquidate immediately. Whereas FXCM does not let you go beyond your limit at all. But if any trader is getting beyond max leverage limits I am doubtful they will do well regardless of the dealer they execute the trades through.

Look at it like this: If a $600 account is leveraged 50 to 1 in a position worth 30,000 there only needs to be a 2% move in that position against the trader to completely wipe out the account. If you got stuck in an illiquid move of 200 pips, poof. That whole $600 is toast. And EUR/USD moves close to 200 pips a day very frequently. It will only take that one time when liquidity is gone for just a few seconds to totally poof that account.

Wouldn’t trading smaller be a much more likely road to long term feasibility?

With thinkorswim you have two options:

1.) Trade in 10,000 unit lots and have the spread as your execution cost. If the spread is 1.5 pips and you put on the smallest size of 10,000 units in a USD quoted pair such as EUR/USD your costs are $1.50. In a $600 account that is 25bps. Plus, you have to leverage your account over 16 to 1 just to put on the minimum size. If you put on 20,000 units you are already at max leverage because 30,000 units will likely insure a margin liquidation and your cost is 50bps on your account for one trade. That is high risk and high cost and you are still likely to be liquidated.

2.) Pay an additional 10 cents per 1,000 units with a minimum of $1 for any trade sized in lots of 1,000 units. So if you put on the absolute minimum size of 1000 units on a pair quoted in USD such as EUR/USD you have to make up the spread plus 10 pips just to break even on the trade. Thus, if the spread is 1.5 pips with FXCM, you pay that plus 0.4 pips in commission. If it is 1.5 pips with thinkorswim your cost is 605% higher at 11.5 pips. Thus it would cost you $1.15 which is 19bps on a $600 account to trade 1,000 units as compared to 2.5bps for the same trade with FXCM. That 605% higher cost is significant don’t you think?

I frankly don’t care who you trade with. I have accounts with FXCM, Oanda, Forex.com and TD Ameritrade (although I don’t trade FX with TD Ameritrade cause I don’t like those costs). I won’t personally benefit from your decision at all. But man if you can profit long term using max leverage in an account that charges higher fees I will be thoroughly impressed. Keep us posted on how your performance goes.

-Adrian

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Adrian I am impressed Dude, I admire your patience with the OP. Nice site too, kinda humorous :eek:

OP, your are not winning anything here. Everyone kind of knows I am not an FXCM fan, nothing personal, just not for me. That being said, OP, you were over leveraged, you had no stop or exit strategy, you are whining about Clint and everyone else, and not accepting responsibility for your incredibly stupid actions??? If there is a compliance issue, get an attorney. OH and now you are suddenly profitable?? NO one believes that. Get a grip, lets say the broker ripped you off, oh wellington, a lesson learned is a lesson earned. But I will tell you this, with your lack of emotional control you will never trade well. Please see my post on the Bald Weasel, it parallels your situation.

The Ever Repeating Freddie “I’m Telling You Now” VIPER

PS Clint, hows that for a music reference

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Tis the rantings of a psychodelic.

-Adrian

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NFA ID Respondent Action Types
0308179 FOREX CAPITAL MARKETS LLC • GENERAL CONDUCT
0308183 NIV, DROR • GENERAL CONDUCT
NFA ID Respondent Penalty/Event Event Date
0308179 FOREX CAPITAL MARKETS LLC • FINE $2000000 08/12/2011
• ENHANCED PROCEDURES REQUIRED 08/12/2011
• OTHER–SEE NARRATIVE 08/12/2011
Case Summary NFA 11BCC00016 - FXCM will not engage in price slippage or margin liquidation practices

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"One of the most common complaints is that everything works smoothly with FXCM as long as you lose. But if you’re trading profitably the story begins. They close positions or even your account for no real reasons. This is the most common way for a broker to cheat on its traders. Closing your trades is not possible for the following reasons: “Data not found”, “Waiting for Dealer”, “Your order didn’t execute because price moved”.
By ForexScams.org

36

GANGING UP AGAINST THE FXCM VICTIM ?!?!

1ST, LAST & ALWAYS VICTIM BLAME! I DONT THINK THIS SITE IS MEANT FOR VICTIM BLAMING ON THE CONTRARY ITS MEANT TO SUPPORT & SHARE EXPERIENCES OF THE UNSUSPECTING RETAIL TRADERS WITH EACH OTHER. EXPOSE THE DIRTY DEALINGS OF THE PUBLICLY TRADED FX BUCKET SHOPS.

WHATS IS IT TO YOU ALL ? ( excluding Adrian). I’M ONLY EMBARRASSING YOUR SPONSOR FXCM & YOUR STATEMENTS. WHY DO YOU ALL TAKE IT SO PERSONAL/GET ANGRY OF MY EXPOSING HOW YOUR SPONSOR FXCM OPERATES ON A REGULAR BASIS, WRONGFULLY LIQUIDATES RETAIL TRADERS POSITIONS WITH LOSS (not to mention all of the other SHENANIGANS ENGINEERED AGAINST THE RETAIL TRADERS DEPOSITS).

WHY ALL OF YOU EVADE THE FACTS & CORRESPONDENCES WITH FXCM FILLED WITH LIES(none of you mention any of those facts at all)??? I STILL HAD ANOTHER $ 40 TO HOLD MY POSITION THAT I INTENDED TO HOLD & IN ABOUT 21 MINUTES MY WRONGFULLY LIQUIDATED POSITION WITH LOSSES, MY ORIGINAL POSITION THAT I PAID COMMISSION & SPREAD TURNED PROFITABLE ABOUT+50pips. (please see above my account statement & please see below attached the 1m chart)

WHY DO ALL OF YOU EVADE THE FACT THAT FXCM HAD NOTHING TO PROVE THE ACCOUNTING OF THE WRONGFUL LIQUIDATION WAS MY FAULT AFTER I COMPLAINED OF WHAT HAPPENED, EVEN AFTER 27 DAYS PASSED & STILL COUNTING THE DAYS , STILL NOTHING FROM FXCM? JUST A LOT OF BLAH, BLAH,BLAH & SMOOTH TALKING WITHOUT ANY HARD FACTS / DOCUMENTATION BY “JASON ROGERS”

I’M REFRAINING MYSELF & WRITING ONLY IN CAPITAL LETTERS INSTEAD OF STRAIGHT CURSING OUT IN CAPITAL LETTERS TO FXCM & OTHER PUBLICLY TRADED FX BUCKET SHOPS WHICH A LOT OF RETAIL TRADERS WOULD RATHER CURSE THEM OUT IN CAPITAL LETTERS. I’M SO FED UP WITH ABUSIVE PRACTICES OF FXC/FOREX.COM(evil twins of off exchange fx bucket shop world) FOR MANY YEARS & THIS WAS THE LAST DROP & ALSO THIS IS A CLEAR CUT ACCOUNTING SITUATION. EVERYTHING ELSE I KNOW THEY CAN EASYLY GET AWAY WITH (i.e outrages widening of the spreads, constant platform issues, withdrawal difficulties many many more)

I CHOOSE TO STAY FOCUSED ON THE PRESENTING MY WRONGFUL LOSSES WITH PROOFS INSTEAD OF LETTING THE DRAMA BLOCK MY PREFONTAL CORTEXT FOR OPTIMAL DECISION MAKING IN THIS SITUATION.

WHAT FXCM HAS DONE TO MY ACCOUNT IS HUGE THEY KNOW IT !! & THATS WHY THEY HAVE BEEN UNLEASHING ALL THESE INDIRECT ATTACKS BY OTHERS. ABOUT 2 MONTHS BEFORE FXCM PICK-POCKED MY ACCOUNT, FOREX.COM PICK-POCKED IT TOO , AFTER SO MANY RETAIL TRADERS COMPLAINING OF THE LOSSES FOREX.COM REFUNDED OUR LOSSES. (I am happy to forward the records of FOREX.COM exact same operational TRICKS being practiced)

THIS ISNT ABOUT ME , THIS IS ABOUT GLOBAL RETAIL TRADERS COMMUNITY , WHO’S ACCOUNTS ARE BEING PICK-POCKETED REGULARLY WITH VARIOUS TACTICS OF ** OFF EXCHANGE/PUBLICLY TRADED/FX BUCKET SHOPS** SO NO ONE CAN EMBARRASS ME INCLUDING MYSELF, MY EGO ISNT TIED TO THIS. I’M DOING THIS TO HELP OTHER UNSUSPECTING RETAIL TRADERS CLEARLY SEE FOR THEMSELVES, THESE DIRTY OPERATIONAL TACTICS THAT ARE MASTERED TO REMOVE THE RETAIL TRADERS DEPOSITS INTO FXCM/FOREX.COM & OTHERS BANK ACCOUNT BY THEIR DEALING DESKS.

ALL I’M DOING HERE IS SHARING & EXPOSING WHAT HAPPENS. I HOPE THAT ALL OF THE RETAIL TRADERS DO THE SAME :slight_smile:

I HAVE ALREADY CONSULTED AN ATTORNEY & AN PUBLIC ACCOUNTANT. WITH THEIR EXPERT OPINION & MY PROOFS, THEY ALL CONFIRMED OF MY FINDINGS.

I’M BORED OF YOUR PATTERN OF VICTIM BLAMING, TALKING AROUND THE CIRCLES & HE SAID, SHE SAIDS.( but this tread is a perfect case study & example of how FXCM & the other FX Bucket Shop handle these situations for other unsuspecting retail traders to get familiar with & MOST IMPORTANTLY NEVER TO DOUBT THEMSELVES & ALWAYS DOUBT THE FX BUCKET SHOPS OPERATIONS WHEN THESE TACTICS ARE BEING PULLED ON THEM)

I SUBMITTED WHAT I NEEDED HERE.

I DONT EVEN LAUGH AT YOUR EMAILS ANYMORE, SO I’M GOING TO IGNORE YOUR ABSURDITIES. I GOT BETTER THINGS TO DO.

RETAIL TRADERS,
DONT EVER LET THESE FX BUCKET SHOPS VICTIM BLAME YOU, DONT EVER DOUBT YOURSELVES & YOUR ACCOUNT STATEMENTS , ALWAYS DOUBT YOUR OFF EXCHANGE FX DEALERS/THEIR EMPLOYEES, DONT LET THESE BSs UNLEASHED ON YOU TO INTIMIDATE YOU, THEY ARE ALL EMPTY & THERE IS NO SUBSTANCE BEHIND THEM. ALWAYS, RELIGIOUSLY RECORD KEEP OF ALL OF THE ISSUES THAY YOU EXPERIENCE WITH THEM WHICH MANUFACTURED BY FX BUCKET SHOPS, THEY WILL COME HANDY.

LASTLY, PLEASE, PLEASE, PLEASE ALWAYS EXPOSE THE FX BUCKET SHOP OPERATIONS. THIS IS THE ONLY WAY TO STOP THEM.

I WISH ALL OF THE RETAIL TRADERS THE BEST
& I THANK BABYPIPS FOR THE GREAT SERVICE THAT THEY OFFER TO BEGINNER & RETAIL TRADERS

WRONGFUL LIQUIDATION BY FXCM.jpg700×305 16.6 KB

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from: FOREX.com <[email protected]>
reply-to: “FOREX.com” <[email protected]>
to: @gmail.com
date: Wed, Sep 2, 2015 at 6:29 PM
subject: Important information regarding your account

Dear,
We are writing to make you aware that on Tuesday, September 1, 2015, a subset of customers may have experienced execution issues.
We strongly encourage you to review the status of your account, including all open positions and orders, and contact us with any issues or concerns. Be advised that failure to respond by the close of Friday, September 4, 2015 will confirm the accuracy of the status of your account.
Kind Regards,
FOREX.com

from:<@gmail.com>
to: “FOREX.com” <[email protected]>
date: Thu, Sep 3, 2015 at 3:47 AM
subject: Re: Important information regarding your account
mailed-by: gmail.com

hi,
i have already filed a complaint regarding a liquidation issue that occurred on 9/1/15 at 5:29 pm.
Acknowledge: Forex.com LTKXXXX (Ticket# LTKXXXXXX)

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Annabasis,

At what time (please indicate the time zone) did you enter your USD/CAD trade?
Which direction were you trading?
At what time (in the same time zone you have indicated for your entry) was the trade liquidated?

-Adrian