Hello shahroor - I feel your pain, I had a similar situation on 10/21 using fxcm and using their mt4 it showed I had plenty of margin left, so I went to bed... waking up in the AM to a huge surprise and out of my trades with loss. I called fxcm etc... filed a complaint etc and they came back to say that their mt4 wasn't in sync with the new margins that have recently changed in the USA and there is nothing they could do about it. They just said if I looked on their trading station I would have seen this... well I don't use their station and that's why I'm using their mt4. So real gem is, within the hour of margin call it all came back
So I have a big loss and now not sure if I should pursue this further just to be told that there is nothing that can be done or that it was the mt4 fault and mt4 will say it's fxcm's fault.
arabianights
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that sounds more like it's your fault tbh... it's the kind of thing you should be keeping track of
harsh but so long as you learn from it... after all I assume you weren't risking large amounts on one trade... right?
harsh but so long as you learn from it... after all I assume you weren't risking large amounts on one trade... right?
No, your really not harsh at all... your 100% correct that the bottom line is, it was my responsibility no doubt ... basically, unfortunately I gave it no thought since I ASSumed what I was reading for margin on MT4 was correct... but again, no excuse on my part.
Another lesson learned
No, your really not harsh at all... your 100% correct that the bottom line is, it was my responsibility no doubt ... basically, unfortunately I gave it no thought since I ASSumed what I was reading for margin on MT4 was correct... but again, no excuse on my part.
Another lesson learned
well there are 2 completely unrelated issues here, risking too much is ofcourse a trader's fault but it doesnt justify the broker to rip us off by having a faulty platform.
I fully appreciate what arabia said that it is a trader's responsibility to control risk but that has got nothing to do with a faulty platform and invalid margin calls. FXCM is at fault by their poor platform performance and poor complaint handling and not admitting their rip off.
I would fully encourage you to file a complaint and pursue it further. If we all sit back and do nothing , they will keep doing that to hundreds just because no one bothered to pursue it further.
It only takes a phone call and writing a complaint so definitely go for it.
arabianights
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No they are not at fault for enforcing their stated risk limits. The software being misconfigured is no excuse for the client to make unauthorised trades, which is what this is...
that the client acted in good faith is irrelevant.
that the client acted in good faith is irrelevant.
I think you are missing the point here, and I am not entirely sure what you referring to as an unauthorized trades.
You probably need to read the thread properly before giving an opinion.
The title clearly says it all (invalid margin call), which is in simple english having a margin call when your platform is still showing you have enough margin to cover your trades, hope you got it now !!
Unfortunately it might take 3 to 6 months for them to look into the complaint and reach a decision (as advised by the FOS in their letter) , so only a matter of time
arabianights
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I'm replying to the other guy, not the OP
it has been four weeks sine I last posted, and as promised I will keep you updated for the benefits of everybody.
I was informed by the FOS 3 weeks back that my case is undergoing review and should hear back within a few weeks. It is good news that I will get their feedback fairly soon regardless of the outcome. Having said that I have a strong faith in their fair judgement and I really do believe that FXCM ripped me off and I will get my money back....
Will update you soon !!
I was informed by the FOS 3 weeks back that my case is undergoing review and should hear back within a few weeks. It is good news that I will get their feedback fairly soon regardless of the outcome. Having said that I have a strong faith in their fair judgement and I really do believe that FXCM ripped me off and I will get my money back....
Will update you soon !!
Thanks for the update... as for me, I got so frustrated with fxcm that I took the $100 offer they gave me... they said this is not because we are admitting anything wrong on our part but just a good faith gesture... oh ya right.
Some time last week, I forget which forum it was on but I came across someone that just had their account closed because, as he put it, he was using an ea that was making him a ton of cash for the past 6 months... they told him it was doing something against their rules with the mt4 or something stupid like that but he kept using it until they pulled the plug and put a freeze on the money in his account until further investigation. He's been trading with them for years and never had any problem until this happened. Just makes you wonder sometimes.
It really depends on how much you lost in total and whether the $100 offer compensates you for the losses. I would never give up if it was anything less. FXCM will be more than happy for people not to take things further and accept their offers.
I am not saying that we will definitely get our money back but we are guaranteed not to unless we do something about
B
Black Swan
How much did you *lose*..?
