Personal EURCHF losses

mebz

Junior member
13 2
Did anyone suffer losses on EURCHF as a result of the SNB floor pull?
If so, which spreadbet broker and what level were you out at?
 

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Member
63 3
Did anyone suffer losses on EURCHF as a result of the SNB floor pull?
If so, which spreadbet broker and what level were you out at?

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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mebz

Junior member
13 2
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.
 

mebz

Junior member
13 2
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).
 

up-down

Member
63 3
here is another one.
 

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mebz

Junior member
13 2
I've also just heard that IG honoured guaranteed stops and tried to honour stops near levels.
 

mebz

Junior member
13 2
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
 
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Splitlink

Legendary member
10,850 1,233
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.

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?
 

thang33

Newbie
6 0
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
 

mebz

Junior member
13 2
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.
 

thang33

Newbie
6 0
Thanks Mebz I will wait and see what they say first but not keeping my hopes up.
I will lodge with Financial Ombudsman Service Limited if IG cannot help me.
I'm not so sure what my rights are so I am very confused....
 

mebz

Junior member
13 2
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.
 
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thang33

Newbie
6 0
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
 

NVP

Legendary member
37,535 1,988
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
 
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