a trader of FXCM with 30000 account now -580000 ,they sent out email to him ask the money? what can this guy do, he ask for help.(what option he has, walk away??) thanks for any input.
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He needs to seek legal advice and know his legal standing with regards to what recourse there is for the broker to chase up on the losses.
Some brokers have wiped out negative balances already.
I haven't yet heard of anyone receiving any demand letters yet.
The more people that can get involved on here that are suffering a substantial loss the better. Collective action can be taken and the FCA can get involved.
Individuals can complain directly to their brokers and if an acceptable resolution has not been received in 8 weeks, the FOS can be contacted.
The Financial Ombudsman Services (FOS) can then try to ascertain whether there was any wrong-doing on the broker part. If successful, the maximum they can claim for you is £150k.
Therefore I would advice putting in a complaint to the broker asap and ...
1) If loss is greater than £150k.......start looking for legal assistance
2) If loss is less than £150k....wait for response from broker's complaints team and then use the FOS
However, like I mentioned above, the more information people can share in any one place, the more ammunition people may have against their brokers.
Some brokers have wiped out negative balances already.
I haven't yet heard of anyone receiving any demand letters yet.
The more people that can get involved on here that are suffering a substantial loss the better. Collective action can be taken and the FCA can get involved.
Individuals can complain directly to their brokers and if an acceptable resolution has not been received in 8 weeks, the FOS can be contacted.
The Financial Ombudsman Services (FOS) can then try to ascertain whether there was any wrong-doing on the broker part. If successful, the maximum they can claim for you is £150k.
Therefore I would advice putting in a complaint to the broker asap and ...
1) If loss is greater than £150k.......start looking for legal assistance
2) If loss is less than £150k....wait for response from broker's complaints team and then use the FOS
However, like I mentioned above, the more information people can share in any one place, the more ammunition people may have against their brokers.
For what it's worth to some people, I have heard the following process was followed by IG on closing EURCHF positions
- All client positions were first aggregated to ensure a "fair" price for all
- Then they tried to sell. I don't have the timestamps as to when the positions were finally aggregated and when they actually tried to close the EURCHF positions
I have also been told that most IG clients were eventually closed out at 0.9250 (9250) whilst some were closed out at 1.0055 (10055).
- All client positions were first aggregated to ensure a "fair" price for all
- Then they tried to sell. I don't have the timestamps as to when the positions were finally aggregated and when they actually tried to close the EURCHF positions
I have also been told that most IG clients were eventually closed out at 0.9250 (9250) whilst some were closed out at 1.0055 (10055).
Oanda put their clients first. I don't know for sure if they had an outage or put a pause on their platform . However, they have wiped negative balances. This is a true sign of a client/customer focused company and they deserve recognition and respect.
+1 for Oanda
+1 for Oanda
When I was with IB, I remember that they warned about trailing stops because they said that they did it as a customer service. They could not place them on the exchange. Since they are very popular, could that be one reason for heavy losses?
igmarkets
Hi guys
I am negative with IGMARKETS at about $280K AUD.... My stop was at 1.200 but IG closed me out at 0.925.
Have spoken to someone at IG but he said he would get back to me as I have no way of paying this off... I am thinking about bankruptcy... I have no assets to sell to make way for this money.
I am in Australia and was hoping someeone could share any news about IG and are in the same boat
regards
TT
Hi guys
I am negative with IGMARKETS at about $280K AUD.... My stop was at 1.200 but IG closed me out at 0.925.
Have spoken to someone at IG but he said he would get back to me as I have no way of paying this off... I am thinking about bankruptcy... I have no assets to sell to make way for this money.
I am in Australia and was hoping someeone could share any news about IG and are in the same boat
regards
TT
Seek some legal advice ASAP . Don't rush to go bankrupt. You have to put a complaint in and ask for the sequence of events at IG for you to have been filled at that price.
Effectively what they have done is manually work out what their exposure was, then sold the positions.
Effectively what they have done is manually work out what their exposure was, then sold the positions.
do not despair just yet. IG are a reputable company and those that are in the negative should pray they follow suit with Oanda and wipe off negative balances.
Their complaints team will get back within 8 weeks after which you can then get in touch with the FOS. However in the meantime pls work to get a group together. A coordinated team effort will be much more effective than individuals fighting alone.
Be strong...I know it's tough....but negativity begets more negativity. Stay strong and keep a clear mind...only then will potential solutions appear.
Their complaints team will get back within 8 weeks after which you can then get in touch with the FOS. However in the meantime pls work to get a group together. A coordinated team effort will be much more effective than individuals fighting alone.
Be strong...I know it's tough....but negativity begets more negativity. Stay strong and keep a clear mind...only then will potential solutions appear.
Thanks again Mebz
That is a good idea to coordinate a team effort I will see what they say next week. I really hope they can let me trade again as I have been with them for a long time now.
I am trying to be strong but this will put my life upside down. I wont be able to pay this off for decades.
I will keep everyone posted
That is a good idea to coordinate a team effort I will see what they say next week. I really hope they can let me trade again as I have been with them for a long time now.
I am trying to be strong but this will put my life upside down. I wont be able to pay this off for decades.
I will keep everyone posted
Hi All,
Is there any Saxo clients in Singapore that have been negatively impacted by their CHF re-pricing.
Some of us are coming together to combine our efforts. If so, please email to [email protected]
Is there any Saxo clients in Singapore that have been negatively impacted by their CHF re-pricing.
Some of us are coming together to combine our efforts. If so, please email to [email protected]
NVP
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this is the market we move in .............its brutal and when a big big move occurs people win and many people lose
trust no-one and never expose yourself to substantial losses
read the small print on broker contracts
make sure that you are watertight on stop slippage - legally
this is not a game .........
sorry to here about anyone who is being hit for stop slippage but this is not kindergarten.....
not what the slick vendors tell you is it ?...they say everything is fine and dandy ......
this is why if you look through all the posts and theads at T2Win you will see many of the more experienced traders urging people to undertake this at their own risk and with due diligence
and by due diligence we mean EVERYTHING ....not just your trading plan.........you have to understand the risks of dealing with other parties like brokers ....
we mean that ..........we are not saying it just for our own benefit
sorry again to here of the issues some have - you will need legal council to understand your positions
N
trust no-one and never expose yourself to substantial losses
read the small print on broker contracts
make sure that you are watertight on stop slippage - legally
this is not a game .........
sorry to here about anyone who is being hit for stop slippage but this is not kindergarten.....
not what the slick vendors tell you is it ?...they say everything is fine and dandy ......
this is why if you look through all the posts and theads at T2Win you will see many of the more experienced traders urging people to undertake this at their own risk and with due diligence
and by due diligence we mean EVERYTHING ....not just your trading plan.........you have to understand the risks of dealing with other parties like brokers ....
we mean that ..........we are not saying it just for our own benefit
sorry again to here of the issues some have - you will need legal council to understand your positions
N
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NVP
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great idea - consolidate all affected parties and seek legal advice as a group.............saves on costs ............also escalate your issues on social media regarding the firm involved..........suggest you also use that to get more fellow traders with you who lost out
N
I'm not railing against the SNB. There are more knowledgeable people able to debate the rights and wrongs of that, than I. However, it seems to me that it has a right to defend itself against what appears to be an increasingly weaker euro.
But dealers, including so-called bucket shops ,many of the latter being quite reputable (moreso than a lot of brokers, by the looks of it) are required to act responsibly with clients money.
On the other hand, a lot of so-called traders have been caught with their pants down and must bear their share of responsibility, too.
Blame is a heavy burden---no one wants to carry it.
But dealers, including so-called bucket shops ,many of the latter being quite reputable (moreso than a lot of brokers, by the looks of it) are required to act responsibly with clients money.
On the other hand, a lot of so-called traders have been caught with their pants down and must bear their share of responsibility, too.
Blame is a heavy burden---no one wants to carry it.
everyone seem mourn from having a huge loss, and they always got my deepest sympathy.
I dont have any proper knowledge with regulation law, or much of it. no matter what I see this not proper to handle such inevetible event.
while i've got opposite result, proper lot size at tickmill account, and give positive result, beyond my expectation. next day I read several article saying there's a huge affect with some brokers, some are having $225 million loss, others cease out their service, another one close their UK branch service. and I'm getting worries my profit would canceled, and I rush to apply withdrawal, and it's done as usual.
it appear several brokers having similar legal action, I imagine more specific way to legalize such act, if this happen to me. did they gonna form a debt collector squad, and knocking at my front door as shown my negative balance trading statement ?
whether i'm going to pay or not and what action is taken if I refuse to pay.