Major issues with FXCM It feels like fraud Is this a scam ? What is going on here?

Thank You and Will Do

You should always screenshot every transaction you made and save it in one folder like “FXCM” or something. I always did that with every single of my transaction every day so in case one day my broker mess up with me i can easily post proof everywhere (which luckily i never got so far). With just words and text, it’s normal there are some users who don’t believe you because you don’t have any evidence here against FXCM. I hope it’s all sorted out though.

*edit: it’s not just transaction but also every chat session, etc.

Hi Thejaykay,

You’ve brought up several points, so I want to address them one by one.

First, my colleague Charles Graves told you last week that your account would be credited for this tech issue you encountered. Please confirm that these funds have been credited to your account.

Second, you mentioned having difficulty logging onto our platform Friday evening after the trading desk was already closed for the weekend. Please note that we often use this time when the trading desk is closed to perform routine maintenance and updates to our servers. It’s the only chance we get because the forex market trades 24 hours a day during the week. The reason you were able to log into your demo account is because not all servers are taken offline at the same time during weekend maintenance.

Third, I apologize for the confusion caused by my colleague Isaac Levi’s email to you saying that your account was closed. Apparently, he was referring to a previous closed account you had that was associated with the same email address. He should have looked more carefully to see that you have another account that is active.

Fourth, the NFA action back in 2011 is not as you described. It primarily concerned 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.

Fifth, you are mistaken regarding how our platform handles positive and negative slippage now. In August 2010, we enhanced our No Dealing Desk (NDD) forex execution by adding Price Improvements to limit and limit entry orders. Now every forex order can receive positive slippage, as all orders fill with FXCM’s best available price. These stats show that overall, positive slippage is just as likely to occur on our platform as negative slippage: http://docs.fxcorporate.com/faq/slippage-statistics.pdf

There are specific trading strategies and market approaches that may increase your chances of receiving positive slippage.

How To Maximize Positive Slippage - USE LIMIT AND LIMIT ENTRY ORDERS

FXCM recommends opening and closing trades using limit and limit entry orders in most cases. The benefit to these order types is that you are guaranteed to receive your requested price or better without receiving negative slippage. Remember, that although limit orders guarantee price they do not guarantee execution making order types an important consideration in any trading decision.

How to Minimize Negative Slippage - USE MARKET RANGE ORDER TYPES

When trading with market orders, FXCM recommends setting the order type to “market range,” to avoid potentially receiving negative slippage. A market range order type allows you to control the amount of slippage your order can receive when it executes allowing for price certainty (see image below).

A market range of “X” pips assures that all or part of your order will be filled within a “X” pip range of the current market price (“X” pips above or “X” pips below) if liquidity is available.

Thanks for posting your concerns on this forum. I hope I have addressed them all. If not, please let me know. Also, whenever you have questions about FXCM, feel free to hit me up in the Broker Aid Station.

Jason

This is why you don’t listen to traders crying about their brokers scamming them. The OP blew everything out of proportion and made a fool of himself!

Glad that was cleared up. I just applied for my FXCM account today!

Hi Daz,

Welcome! to the BabyPips and to FXCM :smiley:

Jason

yup!! :stuck_out_tongue: and i thoroughly enjoyed laughing about it. witness point 5 of my very first post in this thread. it was, after all, THE WEEKEND.

this thajaykay joker has supposedly been trading live for a long time and is a real bonafide pro at it cough, but not long enough to realize servers need maintenance and weekends are primo time to do it since FX is CLOSED on weekends. should be pretty basic stuff… wasn’t it covered in one of those quizzes that “some” people did?

Thanks Jason :slight_smile:

Yea I guess I must have just forgot fx is closed on the weekend huh?

Its obvious you get the message that trading is closed for the weekend no?

The point of concern was the message I was getting. Not the fact that it was the weekend. I was expecting the weekend message.

You know your making absolutely No point whatsoever. It seems you try and come up with a half ass rebuttal that aims more at talking bs than anything else.

Your the real joker bud :slight_smile:

In response to your message:

First: I did receive a credit. I stated that in the first post of this thread.

Second: Thanks for the info on regards to why my demo account can login after hours and my live can’t. I hope you understand my concern though. When I have the ability to log onto my demo and not my live with the message that there is a connection error after having all of those problems with your TS2 platform a few hours prior and a message from your colleague stating my account was closed, well I think you would start to raise concerns as well no?

Third: Completely understandable. It would have been nice as you mentioned for him to do a more thorough check however I honestly am not here to complain if it was a honest mistake. Thank you for the apology on his behalf.

Fourth: I am aware of the fact that the earnings from the positive slipping were not passed onto the customers and I am here to state that I was wrong.

FXCM WAS NOT sued for NEGATIVE SLIPPING – They WERE sued for NOT passing on earnings from POSITIVE SLIPS of their clients account. Roughly $8 Million.

Either way, I was wrong. Positive NOT Negative slipping.

Fifth: Thank you for providing that chart. Unfortunately I can’t attest to this as so far I have been nothing but negative slipped. Im not saying your chart is bs as I believe its truthful to some extent, I am just saying in my experience with your platform and execution, negative slipping is all I have been receiving.

I do want to say thank you for taking the time to write a detailed response in regard to my issue and I think that alone is a quality trait in a large broker like FXCM.

Hi Thajaykay,

It sounds to me like you’re using market orders without the Market Range feature I mentioned in my previous post. Or it’s possible you use stop orders more than limit orders.

Market orders are filled at the best available price which could be better or worse than the price you click on. However, our Trading Station platform has a Market Range feature that allows you to specify how many pips of slippage you are willing to tolerate on your market orders. With the Market Range feature enabled, your market order will only get filled if the available price is within your specified tolerance. To minimize slippage on market orders, use the Market Range feature.

Stop orders are pending orders to buy above the current market price or to sell below the current market price. Stop orders to open a new position are called stop entry orders, and stop orders to close an existing position are called stop loss orders. When stop orders are triggered they become market orders that will execute at the best available price. An important detail to note is that since a stop order to buy (sell) is triggered when momentum is taking the price higher (lower), the likelihood of receiving negative slippage is greater than for a limit order.

Limit orders are pending orders to buy below the current market price or to sell above the current market price. Limit orders to open a new position are called limit entry orders, and limit orders to close an existing position are called take profit orders. When limit orders are triggered they can only be filled if the best available price is equal to or better than the limit order price. That means positive slippage is possible on limit orders but not negative slippage. An important detail to note is that since a limit order to buy (sell) is triggered when momentum is taking the price lower (higher), the likelihood of receiving positive slippage is greater than for a stop order.

To recap, the best way to minimize negative slippage and maximize positive slippage is to use limit orders and the Market Range feature on market orders. Please let me know if you have any further questions about this.

Jason