FXCM = CHEAT, DEFRAUD, DECEIVE FOREX CUSTOMERS

December 18, 2005 by Trader Rich 

This was brought to my attention from one of our readers.  Effective, 12/13/2005, FXCM was fined $110,000 due to the following complaint:

On November 28, 2005, NFA issued a Complaint charging FXCM with using deficient promotional material. To view Complaint, go to Case Documents. For a copy of Complaint, contact NFA. DECISION - On November 28, 2005, FXCM was fined $110,000. To view Decision, go to Case Documents. For a copy of the Decision, contact NFA. 

See this complaint on the NFA Website

I know that Refco had a minority stake in FXCM before they went bankrupt.  Either way, this is disturbing news.  I may migrate off FXCM and just use my FOREX.COM account. 

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3 Responses to “FXCM = CHEAT, DEFRAUD, DECEIVE FOREX CUSTOMERS”

  1. David on January 21st, 2006 9:54 pm

    Rich
    Thanks for this artilcle; and info ! Somewhat new to the FGX market i am hesitiant on choosing a reliable/honest trading platform. I do know its good for a company to be registered-(NFA.CTC) ut its not a guarantee. Can you or anyone reading this tell me anything about the reputation OR HEARD anything of these companys–EFXGROUP(MBT),GFT,RJO,FOREX……..
    Thanks
    David

  2. David on January 21st, 2006 9:54 pm

    Rich
    Thanks for this artilcle; and info ! Somewhat new to the FGX market i am hesitiant on choosing a reliable/honest trading platform. I do know its good for a company to be registered-(NFA.CTC) ut its not a guarantee. Can you or anyone reading this tell me anything about the reputation OR HEARD anything of these companys–EFXGROUP(MBT),GFT,RJO,FOREX……..
    Thanks
    David

  3. Rich on January 21st, 2006 10:03 pm

    David, I personally haven’t heard of any of the brokers you mention. I have used FXCM in the past and started scaling down my account there. I’m now dealing mostly with forex.com (GAIN CAPITAL) and find them reliable.

  4. Rich on January 21st, 2006 10:03 pm

    David, I personally haven’t heard of any of the brokers you mention. I have used FXCM in the past and started scaling down my account there. I’m now dealing mostly with forex.com (GAIN CAPITAL) and find them reliable.

  5. David on January 22nd, 2006 11:37 am

    Thanks Rich
    I will look into the FOREX platform.
    DAvid

  6. David on January 22nd, 2006 11:37 am

    Thanks Rich
    I will look into the FOREX platform.
    DAvid

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