Dec
11th
Posted by
PCI |
In:
Forex Headlines
Hi anyone experiencing problems with FXCM at the moment? They just made a margin call on all my open positions even though I had plenty of equity. I checked the figures and the NZ/US pair where I had 1 open position should have been just over .55 they showed it had spiked at .71 when they made the call. I checked the charts and it never went over .55500. I contacted them on Live Chat and they told me they were having technical difficulties but would not guarantee my positions would be reinstalled. I've tried emailing but can't get a reply. I'm new at this, is this something I should expect to happen?
Thanks
Al Kerr
Tony
December 12th, 2008 at 3:43 am
got an alert from FXCM a few hours ago that they were having a problem with their bank feed
Jaclyn Sales
December 12th, 2008 at 1:41 pm
Dear Client
At 14:48:55 EST, our rate feed, which is derived from bank prices, experienced a bad tick on all currency pairs. This caused the trading platform to issue erroneous margin calls and incorrectly trigger stop/limit/entry orders. We are resolving this issue by rolling back client accounts to positions held at 14:48:54 EST. This should occur around 18:00 EST.
If you were negatively impacted by these events, please let us know immediately by going to http://www.forexmicrolot.com/support-question.jsp.
We apologize for these problems and appreciate your patience.
Best regards,
FXCM Micro
Financial Square
32 Old Slip, 10th Floor
New York, NY 10005
http://www.fxcmmicro.com
RISK WARNING: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your monetary objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your deposited funds and therefore you should not speculate with capital that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent advisor if you have any doubts. Past returns are not indicative of future results.
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Formerly FXCM
January 9th, 2009 at 11:14 am
Stay away from FXCM! You can contact me at marproserv@yahoo.com for more information.
20 years trading & 6 doing FOREX. FXCM has moved away from customer service and into the SCAM business. They’ve been given the license in successfully fighting CFTC complaints by arguing that the CFTC has no jurisdiction over the FX SPOT market. This being done they now make their money by adding outrageous chop to the swap rates (both sides) and marketing to the general public knowing full well that 9 out 10 accounts will be gone in 90 days. They have no scruples and I am filing a law suit. Even if you’re bound by the arbitration agreement – you still have options. You can contact me at marproserv@yahoo.com for more information. Stay away from them!