class action against FXCM

Discussion in 'Forex Brokers' started by cking74, Aug 21, 2006.

  1. notouch

    notouch

    But can you get in with stop orders in the increasingly popular "news straddle" style? I bet you'd see massive slippage if you tried that at 0829 EST on NFP Friday.
     
    #31     Aug 22, 2006
  2. Welcome to the Manual EXEC CULB

    in fact i couldn't hold to be manual for more than 2 days after that i realized that i have a zero chance to make money under this system

    try another broker or open a new account under one of your family name

    forget about going to the cort

    Regards
     
    #32     Aug 24, 2006
  3. captlu

    captlu

    King74,

    Both my brother and I have accounts with FXCM and sure enough after the last updates we can no longer excute trades on speed, specially during news accouncements. No matter what time of the day, we receive the "waiting for dealer" message. This company has become more and more of a joke and we are looking for another provider at the moment. DO they think we are stupid!

    FXCM claims it's because of low volume, when approached about the latest updates and their speed they begin selling us their PropFx service ( which is crap btw).
     
    #33     Sep 1, 2006
  4. RedDuke

    RedDuke

    I hope you are not surpised. Go with oanda or ib for forex or any broker for currency futures.
     
    #34     Sep 1, 2006
  5. siki13

    siki13

    I could not said that better myself.
     
    #35     Sep 1, 2006
  6. FXCM has been sued based on the complaints here described and many others.
    Those interested in joining please contact me:
    yorktown@lycos.es
     
    #36     Aug 24, 2007
  7. Chris-
    how long were you making a profit, and what time frame did you typically trade?

    Please let me know - I'm curious because i was thinking of going back to retail fx to run some fairly conservative intra-day strategies... i used gft, about a year ago, though

    thx

     
    #37     Aug 24, 2007
  8. funny! this "lawyer" should read the contract. there is no grounds for legit suit here--- frivolous lawsuits are frowned upon...

    surf
     
    #38     Aug 24, 2007
  9. Here is an excerpt of the complaint against FXCM filed in federal court, illustrating one of the schemes

    "On May to September FXCM represented that it could not honor the price quoted for a currency exchange trade because the “price had moved”. The representation was false, the true facts were that the original price quoted was not the real price, but a delayed price. FXCM benefited by this misrepresentation by effecting Plaintiff's trades at a false price when it was beneficial to FXCM, but denying the trade when it was not."
     
    #39     Aug 24, 2007
  10. And who decides what the "true" price is? The marketmaker, as per your agreement with him. I guess the only one makeing money of this lawsuit will be your lawer. Anyways, keep posting your progress, i find that interesting. Any timeframe on when a decision is to be expected?
     
    #40     Aug 24, 2007