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- william17 replied Jan 21, 2015
So, this is a part of an article posted here url . Representatives of FXCM have not said anything yet so this is all just speculation but the article suggests clients with negative balances may be liable under the Force Majeure Event clause. Can ...
FXCM Discussion
- william17 replied Jan 21, 2015
@TheGrind- I am saying they will not collect anything near $200 million no matter how much money they spend. Also, I am sure lawyers are already salivating at the thought of a class-action lawsuit AGAINST fxcm in case the company decides to go after ...
FXCM Discussion
- william17 replied Jan 21, 2015
Let's see what happens but going after retail clients will not be easy. This video is just one example of "never owe a deficit as a result of trading" promotional campaign video . NEVER is the key here and it goes against the force majeure clause ...
FXCM Discussion
- william17 replied Jan 20, 2015
I agree with most of your statement. SNB removing the floor should not be considered force majeure, it was bound to happen sooner or later so I think the FXCM guys are grasping at straws. But let's see what happens
FXCM Discussion
- william17 replied Jan 20, 2015
Their Terms of business include the "force majeure" clause but it is not mentioned whatsoever in their risk disclaimer that simply states ""As a result, account equity can fall below margin requirements at the time orders are filled, even to the ...
FXCM Discussion
- william17 replied Jan 20, 2015
Just read this article on Bloomberg url The interesting part: "The 157-page prospectus for FXCM’s 2010 initial public offering warns of the disaster that could follow extreme market volatility, as happened last week. “We may be unable to close out ...
FXCM Discussion
- william17 replied Jan 20, 2015
FXCM US does not have that on the website but you can find the following on their risk disclosure ( url ) Although the margin call feature is designed to close positions when account equity falls below the margin requirements, there may be instances ...
FXCM Discussion
- william17 replied Jan 20, 2015
If you are so keen to retrieve your $250 you have to FIRST READ THEIR LEGAL DISCLOSURES and see how they treat different accounts belonging to the same person( are they different entities or not). Example, If you have different accounts but they are ...
FXCM Discussion
- william17 replied Jan 20, 2015
Another thing that bothers me about fxcm is their silence regarding the negative balances. I read their legal disclosure and seems clear cut that traders are not liable for losses beyond their equity. Yet, fxcm representatives keep telling customers ...
FXCM Discussion
- william17 replied Jan 20, 2015
Sorry mate, got things mixed up
Brokers chasing you for negative account balance
- william17 replied Jan 20, 2015
"FXCM UK protects the deposits of their retail customers through the segregated accounts described above. These funds cannot be used for other creditors. In the unlikely event that FXCM Limited is unable to satisfy repayment claims, eligible ...
FXCM Discussion
- william17 replied Jan 20, 2015
Pretty sure funds in UK are kept in segregated account and are safe. US traders should worry more as their money is not separated from the firm capital and may be lost is bankruptcy. But if you worry about your money, FIRST THING YOU DO is talk with ...
FXCM Discussion
- william17 replied Jan 20, 2015
To sell the debt to collection agency, fxcm will need to win their case in court. If somebody owes you money, you first talk to that person and try to figure things out. If you don't get what you claim is yours you then proceed to court. And only if ...
Brokers chasing you for negative account balance
- william17 replied Jan 20, 2015
That's straight from their risk disclaimer "Although the margin call feature is designed to close positions when account equity falls below the margin requirements, there may be instances when liquidity does not exist at the exact margin call rate. ...
Brokers chasing you for negative account balance