Is this legit?

Discussion in 'Forex Brokers' started by btowntrader54, Jan 22, 2009.

  1. The spread on EURAUD blew out to 120 pips for 1-2 ticks during the rollover period at FXCM and forced me out of my positions because of it. I sent in a trade inquiry and am awaiting their response, which I hope will be to make me whole or partially-whole. Anyone else have experience with this?

    Do I have a shot at getting some money back or is this my fault?

    Either way I'm tacking it up to a couple lessons learned so I'm gaining something.


    See attached.
  2. My 3 feeds show nothing of the sort, you got hosed by FXCM. My guess is you will not be able to change a thing, they will say that this happened on their hub and just because it did not show up on another hub does not mean it was not valid. If they "make you whole" please let us know, it could have been a bad tick and, nahhhhhh they hosed you.

    The Never Getting Hosed VIPER
  3. Have checked same times with HotSpotFX and Currenex, seems like there was no such print, even checked with one of my old bucket shop accounts, no such prices. Please share with us what happens and how matter gets resolved. Wonder if anyone here has Reuters they might check fo you as well. :mad:
  4. Thank you both for responding. I'll be sure to inform everyone via this thread once the issue is resolved, regardless of the outcome.
  5. They basically told me to go screw. They've determined in their infinite wisdom that the trade was valid and I will receive no money. Un-f*cking-believable.

    FXCM has now officially ripped me off. Piece of sh*t firm - if you can't trust your broker not to steal your money where do you put it?

    I'm not going to stop trading - any reco's on trustworthy brokers? I don't need much, just an honest broker with RT charts.
  6. You can try Oanda. Platform, for Java based, has been reliable as of late, short disconnects, nothing major. Charting is so-so, I have, myself, stripped out all indicators (except slow stoch on daily chart), but you stated you use Meta for charts. You will find just as many opinions as a-holes, but I would guess you already have some idea of where you want to put your $.
    My 2 cents,
  7. wavel


    They told you to go screw ?

    I suggest that you advise them that you will report them to the National Futures Association unless they can prove that the spike was legitimate (confirmed by reuters or bloomberg).

    The NFA fine brokers who execute activities that are defined as unacceptable, perhaps the definition of unacceptable expands to those that are not only short of liquidity, but also blatant price manipulation.
  8. wavel

    I appreciate the input. I've followed up per your suggestion and explained the NFA will become involved if I don't hear from them with a resolution (proof of validity or admission of fault) today. They didn't tell me to go screw explicitly but they didn't address my concern with the trade. They sent me what amounted to a form letter assuming I'm ignorant to how a market works:

    "The position was short. The buy price is used to exit short positions. To chart the buy price, click on the top left of the chart, to the right of the time frame of the chart.

    Upon reviewing the buy price of EUR/AUD, we see it traded at the price at 22:07:37."

    I'll follow up here once things progress.

    Thanks for the input everyone.
  9. Thanks David

    I'm going to give Oanda a shot... if their spreads are actually as tight as they claim I've cost myself hundreds of pips trading through FXCM... on the EURAUD pair.
  10. EUR/AUD spreads are approx 8 at the lowest, 10-15 during the Asian, 30 Sunday and after 5 on Fridays.
    #10     Jan 23, 2009