FXCM

Revdex.com: At this time, I have not been contacted by FXCM regarding complaint ID [redacted] Sincerely, [redacted] ***

I never write review no matter how disappointed I am but this experience was absolutely terrible! If you want a broker that will not care about your account and leave you in the dark! Choose FXCM If you want to be chasing your broker and want to make multiple calls and online chat sessions to get no resolution then choose fxcm!

Dear *** ***: *** *** *** *** *** is in receipt of your letter dated January **, regarding David J Frost (Revdex.com Case ***)We write to you today to file our
statement of position and response to the customer’s complaint, as requested in your letterWe recognize the importance of the Revdex.com and endeavor to comply with the Revdex.com’s objectivesFXCM is a registered Futures Commission Merchant (FCM) and Retail Foreign Exchange Dealer (RFED) with the Commodity Futures Trading Commission (CFTC) and is a member of the National Futures Association (NFA)FXCM is subject to the oversight of both the NFA and Commodity Futures Trading Commission (“CFTC”)FXCM’s Response: Our understanding of the complaint is that *** *** is unhappy with the termination of his FXCM account and has alleged that FXCM refused to refund his initial investment and profit totaling $1,Following our investigation in to this complaint, we can confirm that *** *** account was terminatedThis termination was in accordance with Section of FXCM’s Client Agreement (“Agreement”), to which *** *** and FXCM are parties to, which states: TERMINATIONThis Client Agreement shall continue in effect until termination….at any time whatsoever by FXCM upon the transmittal of written notice of termination to Trader*** *** has also claimed that FXCM refused to refund his investmentFollowing a review, we can confirm that on December **, *** ***, received a notification regarding FXCM’s decision to terminate his account which was effective immediatelyOn January **, *** *** was informed that an amount of $1,had been directed as a refund to the original card used to fund his accountThe remaining amount of $which was made by way of profit was to be sent via ACH once *** *** provided FXCM with his banking informationThese payments were to be made in accordance with the Agreement, specifically Section states: All payments from Trader’s account shall be made in the form of a return payment to a card, online check or bank wire all in the name of the traderThis withdrawal procedure is also shown clearly on the website under our Deposits and Withdrawals sectionWe can confirm that these notifications were sent to *** *** via the email address that was provided to FXCMOn January **, the amount of $1,was successfully refunded to the card used to fund the accountOn January **, 2015, *** *** asked whether FXCM could send the remaining amount of $via check in the mailFXCM responded to *** *** via email on three occasions in January (January **, January ** and January **), requesting his banking information to enable FXCM to send the remaining amount of $via ACH as this is standard processNevertheless, on February *, FXCM issued a check in the amount of $to *** *** addressFXCM’s Desired Resolution: For the reasons detailed above, FXCM respectfully requests that the complaint be dismissedFXCM successfully responded to *** *** inquiries regarding the termination of his account and kept him appropriately informed about the withdrawal of his fundsFXCM followed protocols which were fully disclosed to *** *** in his Agreement*** *** is in receipt of his funds and FXCM acted in good faith investigating, reviewing, and communicating with *** ***Sincerely, FXCM Compliance Forex Capital Markets LLC | ** *** *** *** *** *** *** ** *** *** Tel: ###-###-#### | Fax: ###-###-#### | Email: *** | Website: ***

Revdex.com:
At this time, I have not been contacted by FXCM regarding complaint ID [redacted].
Sincerely,
[redacted]

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution is satisfactory to me and the matter has been resolved.
Sincerely,
[redacted]...

Review: I am a full time college student, working full time, with excellent credit. I am learning how to trade the forex market and decided to use FXCM as my broker. My application was accepted the night I applied and I deposited $1,000 dollars into my trading account. After making only one live trade, without notice or reason, FXCM terminated my account and kept the money in my account, now worth $1,042.16. It has been nearly A MONTH since my account was terminated and I still have not received any of my initial or the small amount of profit I made. After numerous e-mails and multiple conversations with the very unhelpful "customer service", they said their is nothing they can do. This company stole from me and I do not know what I can do.Desired Settlement: FXCM stole from me and has given no explanation. I wish to have my initial deposit and the profit I made refunded to the account from which it came.

Business

Response:

Dear [redacted] is in receipt of your letter dated January **, 2016 regarding David J Frost (Revdex.com Case [redacted]). We write to you today to file our statement of position and response to the customer’s complaint, as requested in your letter. We recognize the importance of the Revdex.com and endeavor to comply with the Revdex.com’s objectives. FXCM is a registered Futures Commission Merchant (FCM) and Retail Foreign Exchange Dealer (RFED) with the Commodity Futures Trading Commission (CFTC) and is a member of the National Futures Association (NFA). FXCM is subject to the oversight of both the NFA and Commodity Futures Trading Commission (“CFTC”). FXCM’s Response: Our understanding of the complaint is that [redacted] is unhappy with the termination of his FXCM account and has alleged that FXCM refused to refund his initial investment and profit totaling $1,042.16. Following our investigation in to this complaint, we can confirm that [redacted] account was terminated. This termination was in accordance with Section 24 of FXCM’s Client Agreement (“Agreement”), to which [redacted] and FXCM are parties to, which states: TERMINATION. This Client Agreement shall continue in effect until termination….at any time whatsoever by FXCM upon the transmittal of written notice of termination to Trader. [redacted] has also claimed that FXCM refused to refund his investment. Following a review, we can confirm that on December **, 2015 [redacted], received a notification regarding FXCM’s decision to terminate his account which was effective immediately. On January **, 2015 [redacted] was informed that an amount of $1,000.00 had been directed as a refund to the original card used to fund his account. The remaining amount of $42.16 which was made by way of profit was to be sent via ACH once [redacted] provided FXCM with his banking information. These payments were to be made in accordance with the Agreement, specifically Section 41 states: All payments from Trader’s account shall be made in the form of a return payment to a card, online check or bank wire all in the name of the trader. This withdrawal procedure is also shown clearly on the website under our Deposits and Withdrawals section. We can confirm that these notifications were sent to [redacted] via the email address that was provided to FXCM. On January **, 2016 the amount of $1,000.00 was successfully refunded to the card used to fund the account. On January **, 2015, [redacted] asked whether FXCM could send the remaining amount of $42.16 via check in the mail. FXCM responded to [redacted] via email on three occasions in January 2016 (January **, January ** and January **), requesting his banking information to enable FXCM to send the remaining amount of $42.16 via ACH as this is standard process. Nevertheless, on February *, 2015 FXCM issued a check in the amount of $42.16 to [redacted] address. FXCM’s Desired Resolution: For the reasons detailed above, FXCM respectfully requests that the complaint be dismissed. FXCM successfully responded to [redacted] inquiries regarding the termination of his account and kept him appropriately informed about the withdrawal of his funds. FXCM followed protocols which were fully disclosed to [redacted] in his Agreement. [redacted] is in receipt of his funds and FXCM acted in good faith investigating, reviewing, and communicating with [redacted]. Sincerely, FXCM Compliance Forex Capital Markets LLC | [redacted] Tel: ###-###-#### | Fax: ###-###-#### | Email: [redacted] | Website: [redacted]

Review: This is the letter I receive from FXCM Compliance Department after I was provide with misleading information by two of their incompetent associates (Jason M[redacted], Rodrigo R[redacted]), who intentionally gave us the wrong Information.

Information that was then used not only to block and close all of our accounts with FXCM, but also to hold our funds indefinitely after we submit the Power Of Attorney Form.

All we ask was the way for me to trade on my friend account without having any problems.

My new Broker advise me the way to do it is to open a “Join Account” which covers the legality of all parties involved, and any separate agreement between the “Join Members” is totally up to them and not of anyone’s business….In my book this is a Broker that knows how to do business and treat their clients.

I did ask about this option “Join Account” to Rodrigo R[redacted], and I was very surprise because he simply couldn’t give me a straight answer…..And that’s a Manager!…Just Imagine.

Dear Juan R[redacted],

Thank you for your continued interest in Forex Capital Markets (“FXCM”). As outlined in the Client Agreement (“Agreement”), FXCM reserves the right to terminate the Agreement for any reason it deems necessary.

FXCM frequently reviews its client account database and after a thorough review of your account, we regret to inform you that we will be unable to maintain an account with you at this time. Termination decisions are not intended to be personal in any way.

We will be initiating a full balance withdraw to be returned to the originating source. Thank you.

Best regards,

FXCM Compliance

FXCM

MY RESPOND TO FXCM

To: Compliance Dept.

Thank you for your respond, I appreciate the fact that you will initiate the balance withdraw to be returned to the original source.

Referring to the first paragraph let me tell you that you are totally wrong, I do not intend or have any continued Interest whatsoever in Forex Capital Markets,or the (Agreement).

I also do understand that FXCM reserves the right to terminate any (Agreement) or account. What It’s inconceivable is the incompetent action of Jason M[redacted], and Rodrigo R[redacted], to waste my valuable time by providing the wrong information, All they had to do was to tell me from the very b[redacted]nning that what we intend to do, was simply not possible.

Please don’t regret or feel bad to inform that I am unable to maintain an account with FXCM, since I can be more pleased by the decision, not only for wasting my time and treat me like a liar, but also because my new broker advise me of the financial trouble your company is going thru, information that I have confirmed. Not to mention the amount of unsatisfied customers and complaints I found on the internet after my research.

Again I appreciate the fact you are initiating a full balance withdraw to be returned to the originating source, hopefully this can be done as soon as possible since I would like to be done and over with FXCM.

Best Regards

Juan R[redacted]

I haven’t receive my funds as of yet, and it’s being almost two weeks.Desired Settlement: I would like for them to give me my money back, as well as the other parties listed on the Power Of Attorney or "Agreement" we fill out and submit, not only because we were giving the wrong information by their supposedly qualified manager but because they are now holding funds illegally.

Thanks.

Consumer

Response:

I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution is satisfactory to me and the matter has been resolved.

Sincerely,

Review: I am sick of FXCMs software UPDATES practices. My FXCM software has frozen regularly over the past 6-months. Every time that I call FXCM they tell me the same thing... To totally uninstall FXCM software and reinstall it from scratch. Additionally, EVERYTIME that FXCM does a software update, my software freezes more than it did before. I call FXCM, and they tell me to re-install from scratch. The software started freezing every 4-hours a month ago. It is totally impossible to trade currencies with an unstable trading platform. So a month ago, I went out and bought a brand new $2000 computer that is solely used for FXCM trading software ONLY. I wanted to remove all variables to isolate the problem. Within 1-hour of installing FXCM software on new computer, the software started freezing all over again. So over the past month, I began to call FXCM support again, and tell them of the problems that I am having. Their answer is always the same, TOTALLY uninstall FXCM software, then reinstall it. I used to be a computer programmer / engineer. There is one thing I know for a fact. If a company tells you to reinstall their software from scratch after anytime / every time they release a software update, then you are dealing with a company with bad software programmers. They are not back-testing previous existing bugs with their software, and they are releasing it to the public WITHOUT testing for NEW bugs... As I result, I have to call FXCM to notify them of bugs. That is not my job. Trading currencies is hard enough. So FXCM said I should use their VPS service, which I just tried... It is not up to par. I want the VPS software to play a particular sound alert for each currency (like the desktop version) and the VPS version does NOT allow that... So the VPS software, may be more stable (so says FXCM) but it has less features / options than the desktop version. I do not want to reinstall the FXCM software every week for freezing, or if they do an update.Desired Settlement: I want a STABLE trading platform that doesn't freeze. I want a trading platform that when has updates, is not released to the public without THOROUGHLY back-testing for existing bugs, and NEW BUGS. Additionally, I do NOT want to RE-INSTALL FXCM software EVERY TIME THEY have software update. If FXCM had good software programmers, my transition to their software updates should be painless / effortless. Every time FXCM does a software update I must CUSTOMIZE the software all over again.

Consumer

Response:

I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution is satisfactory to me and the matter has been resolved.

Sincerely,

Review: I had a trading account with FXCM, they closed my account without giving any reason. They also closed all my open positions which caused significant losses for me.

In addition without any notice they deposited my remaining balance back to my credit card which I already paid. For this reason I have a big credit balance in my credit card and can't use that money.Desired Settlement: I want FXCM to cover my losses since they closed my open positions without my consent. I also want FXCM return my balance via ACH to my bank account.

Consumer

Response:

At this time, I have not been contacted by FXCM regarding complaint ID [redacted].

Sincerely,