Hi everyone, I am new in here just want to share some experience for “open” an account in FXCM. I am not an English speaker I hope you guys understand what I am saying.
I tried to open an account in fxcm a month ago. I applied the application form online and gave them a copy of my bank statement with my name and address on it, passport,etc. Them they sent me an email and ask me for the credit card statement. So I contact them by online chat and told them I had already sent it to them. (at the same time I sent them another copy to make sure they receive it.) I had waited for few days, no one get back to me so I contacted them again by online chat. They told me I have to send a copy of my credit card to proof that the card and the statement are under myself. So I did what they told me. I waited for another few days, no one get back to me :mad: Therefore I contact them again
They told me I need to send a credit card statement with my credit card number print on it. I went to the bank an request for one and the bank told me they don’t have any statement with credit card number on it due to the data-protect. I got in touch with FXCM and explained to them what my bank had told me. And they said they would pass it to their compliance department. Then I wait and wait… (fxxx why they never contact me) I chased them again and asked what happened. They told me they rejected my application and told me I Never can open an account in their company !!!:mad::mad:
I think this is a joke… I am already have an account in IG. But because I found the function in FXCM is better for me that’s why I wanted to open an account there but they gave me this joke !
Just want to point out something
[ul]
[li]why the client “chases” the company not the company “chase” the client
[/li][li]why they must need my credit number on the bank statement if not they rejected me. In IG index they just need my passport and a bank statement with my name and address on it. Simple and Easy !!!
[/li][li] i had sent them few email but never reply
[/li][li] sometime when i talked to them on the online chat to find out the reason. They would just close the chat room in the middle of the conversation, to try the ignore me !!
[/li][li] i had suggested that i try to use another credit card which may had all the detail they need, but they answer was YOU NEVER CAN OPEN ANY ACCOUNT IN THIS COMPANY. Why did they say that??
[/li][/ul]
The reason i am not happy about IG is they have to charge me an extra +3 spread for guaranteed stop and i have to use this function!! i cant close it !!
I am a short time trader, aiming for really small pips in every trader. ( 20-50pips ) i dont want to get charge for extra +3 everytime.
Can every please suggest any other company i can use ? Thanks
I’m sorry to hear we were unable to open an account for you. FXCM is required to conduct due diligence on each client when opening an account in accordance with regulations. If all details cannot be confirmed then we will be unable to open the account. This includes protecting against fraud which may be the case for requesting additional documents to verify the deposit. I am not familiar with the particulars of your application and cannot discuss any account publicly; however, we have to take the necessary steps to protect clients and ensure our account opening procedure is in accordance with regulatory requirements.
I had suggested for additional document but they just rejected me without giving me any reason
can i ask why your company said to me I never can apply anything again ? ( sounds like I am ban from your company)
I’m not able to publicly discuss the details of an account (including the application and setup). If the application were declined, either someone from the operations or compliance team would need to share more details on why the account was declined. I wish I could, but I’m not able to affect the outcome since the decision has already been made.
I’m not sure why you are bothering. FXCM is not that good a company. There are known problems with their data feed and their customer service. My advice is to move on - there are lots of other better brokers. Personally I can recommend FXDD.
If you have any questions about FXCM I would be happy to help.
Our customer service is available 24/7 including on the weekends and we use NDD execution for nearly all forex transactions (excluding micro at the moment) unlike FXDD which operates a dealing desk.
Did I said that under some case you can have your best plateform with your best price feed get nuts? & post wrong prices? Ok will be back about that story.
wow if is posting is accurate, your client service needs a major overhaul.
Asking for a bank statement that includes the full cc number on it??? I would never bank with an institution that had my name, address, bank account number, and full cc number on a statement. You must be joking.
I don’t understand why FXCM can’t give him a clear answer as to why his account has been rejected. I also don’t understand why he would have to chase you guys during the documentation process. I also understand there is always two sides to a story so who knows…
But can you clarify if FXCM does or does not as for bank statements that include a full CC number printed on the statement?
In general, if supporting documents appear to be fraudulent we will ask for more documentation. In the end, we must follow rules and regulations.
We may ask for a copy of the credit card to verify the name on the card; however, we only need to see the last 4 digits of the card. While many forex brokers may operate in offshore areas where regulations are lacking, we will follow all policies protecting against money laundering and possible fraudulent activity.
I had almost exactly the same issue. I just tried to open a micro account. They now have copies of my driver’s license and social security card, which I’m really uncomfortable with, and they’re telling me “FXCM reserves the right to decline an application for any reason it deems necessary. I’m afraid that FXCM does not discuss the reasons for such decisions with applicants.”
I have other broker accounts and have never had a problem, and have NEVER been asked for my Social Security card!! And now I can’t even get a $500 micro account? Insane!
I’m sorry to hear that we were not able to open a micro account for you.
As a regulated forex broker, FXCM is required to obtain information from clients to confirm client identity and protect against money laundering.
FXCM is a registered member of the national Futures Association and NFA regulations requires us to obtain the social security number for US applicants as a part of the application process. This is all outlined on the NFA website regarding Customer Identification Program NFA Manual / Rules .
Again, we do apologize about any inconvenience in not being able to setup your account.
Thanks Jason - the link to the NFA rules was helpful. I still don’t see how I’m non-compliant, though. I realize you can’t discuss my personal situation on this forum, but I’m just dumbfounded.
Thanks petefader, but I’m pretty sure everything is accurate (okay maybe I weigh a few more pounds since I got my license!). I’ve been a homeowner for over 15 years and have a stellar credit history of more than 20 years - many, many applications for mortgages, broker accounts, you name it, never a problem. I just don’t get it. I really just wanted to enter their contest - maybe I’ll find another with a different broker - anyone know of any good contests?
