Just want to know if there are any other traders who are experiencing problems with this so-called seamless transfer from FXCM. Right now the customer service phones are not working properly and while I can access my account to log into the trading platform, I can’t log onto my account to conduct transfers, withdraws, etc… Furthermore, when I finally did get someone through the chat line, I found out that my account was assigned to the Futures division of Gain Capital and I have never traded futures with a forex broker! This definitely is not going as “seamless” as advertised. Still I will give them a couple of days knowing that they’re are trying integrate several thousand clients. If Forex.com can’t get it together by the end of the week, I’ll start looking for other options.
I am not a client of FXCM but from what I’ve heard many of their clients have similar issues. They informed you that account has been assigned to the Futures division of Gain Capital because they are selling some of their clients’ accounts to Gain Capital. There is a chance that the same thing happened to your account but give them sometime to clarify the situation. Similar events have been discussed in these threads: 301 Moved Permanently, 301 Moved Permanently, 301 Moved Permanently
From what I know, Forex.com is inactive and changed its name to Gain Capital. The website is still live but we cannot access the home page. My recommedation is AVOID.
I’ve been part of the transfer. So far no major problems. I didn’t have any open positions and my account balance is small, but the transfer took place 1 week ago and after the weekend, I was able to log into the mobile FOREX.com app and see my transferred balance from the FXCM account. After all the mess though from what’s happened in the FOREX market through the years, I’m planning to open an off-shore account. I’ve submitted my balance withdrawal to FOREX and so-far so good. I should receive the check and hopefully have no issues making the switch.
GET AWAY FROM FOREX.COM
i AM HAVING PROBLEMS WITH THEM SINCE MY FXCM ACCOUNT WAS TRANSFERED TO GAIN CAPITAL - FOREX.COM. THEY ARE SHRINKING SLOWLY MY ACCOUNT BY SAYING THAT I HAVE PUT A STOP LOSS ORDER. AND THIS IS NOT TRUE. I ALWAYS HAVE BEEN USING LIMIT ORDERS WITH FXCM. REGULARLY I SCALP OR ROLLING…SO I LEFT MY COMPUTER FOR HALF AN HOUR EXPECTING THAT MY CURRENCY PAIR RECOVER EVENTUALLY, I WAS THINKING TO HOLDING FOR A FEW DAYS UNTIL IT BOUNCES TO THE UPSIDE SO I CAN RECOVER AND LIQUIDATE IT WITH SOME PROFIT… I never have used STOP LOSS orders. So It resulted that I left my computer for half an hour and they wipe out my whole holdings because of an APPARENT stop loss order i have placed. it is not true This is UNBELIEVABLE. The platform is corrupted or misleading customers…After a week of start trading with them I had 2 similar incidences…I CANNOT TRUST THEIR PLATFORM. I WONDER HOW MANY PEOPLE IS HAVING SAME ISSUES…THEY DO NOT CARE ABOUT YOU AND PLAY AGAINST YOUR POSITION, DO NOT GIVE MARGIN CALL ALERTS, AND DELIVERATELY HAS PLACED A DEFAULT STOP ORDER AMOUNT IN THE ENTRY FORM IN THE SAME LIMIT ORDER FORM, IT IS CONFUSING…IS OANDA BETTER OR THE SAME?
Tim, my experience so far is identical to yours – except that I don’t think that the choice between U.S. or offshore has to be an either/or proposition. A case can be made for keeping a U.S. account open and active, even while you maintain one or more offshore accounts. At least, that’s the way I’ve been doing it.
I kept my FXCM account continuously active for 12 years, even though it was not my primary source of income. And now, I’m getting accustomed to the forex.com platform, and I’ve decided to hang onto my forex.com account, as long as they treat me right.
Offshore trading can be great if:
(1) you are confident in your ability to assess the soundness and reliability of the offshore broker you are considering *
(2) you are comfortable with (or, at least, reconciled to) the added nuisance associated with money-transfers to and from offshore **
(3) you are comfortable with (or, at least, reconciled to) the additional IRS/Treasury reporting requirements that come with having and using an offshore financial account.
most offshore brokers are unregulated, so you don’t have the added scrutiny and oversight of a regulator (for whatever that might be worth) to augment your own due diligence
** the CFTC continues to harass payment-providers who facilitate transfers to offshore forex brokers they consider to be illegal (but have no jurisdiction over)
Sorry – didn’t mean to hijack the thread.
Regarding the transfer from FXCM to Gain (forex.com), I’ve had no problems. I telephoned forex.com customer support with a couple of questions, and (except for a long wait on HOLD) the call was pleasant and all my concerns were addressed.
The Gain customer support people have been extremely busy accomplishing this transfer. The rep I spoke with said they were working massive overtime, including weekends. Yet, even late on a Friday afternoon, he was cheerful and upbeat and took the time necessary to deal with my questions. So far, I’m impressed.
No doubt, with so many accounts to transfer, there will be a few screw-ups. And, no doubt, most of the customers who experience a screw-up will jump onto the internet and scream that forex.com is a scam. You can spot these folks from a mile away, because they like to deliver their rants in all-CAPS.
And, no doubt, most of the satisfied customers (like myself), who breezed through this transfer unscathed, will not bother to give forex.com the kudos they deserve.
But, such is the internet – negativity reigns supreme in most of the reviews you’ll find here.
FXCM is definitely having major worries; it is wise as of now to move on from them. It will be better to go with broker that is stable instead of one like them which is going through crisis. If it was my decision, I would have definitely moved on from them, as it is sensible option and you can figure out many good brokers which are not just secure but are in better situation as well.