Horrible Withdrawal Experience - Beware!!
I have been a loyal FXCM trader for oevr a year and oevrall I was pretty content (even though there were some shady practices such as giving me alimit price of 100 pips when gap up in my favor occured at 190 pips while two days later stopping me out at a full gap up price of 90 pips while my stop loss was at 30 pips- no explanation on the double standard).
I have been profiting and didnt have any problems withdrawing up to $15k at a time. However, last week I had very large profits and requested withdrawal totaling $288k (I am an US citizen requesting withdrawal to an US bank) and after stalling for two days, they locked my account and sent me the following email:
Dear Tamim Khan,
Currently a number of trades in your account are under investigation by FXCM. When that invesigation has concluded we will share our findings with you and/or release any available funds in the account for withdrawal.
Thank you for your understanding. If you have any further questions regarding this matter please feel free to contact FXCM’s Compliance Department at firstname.lastname@example.org .
Forex Capital Markets LLC
32 Old Slip, 10th Floor
New York, New York 10005
Telephone: (212) 897-7660
Toll free (US & Canada): (888) 503-6739
Fax: (212) 897-7669
I had been doing some research on websites such as Forexfactory.com and forexjustice.com and learned of their horrible practices when it comes to withdrawal such as going back to try and take away tardes by claiming the dealing rates at the time were incorrect, disputing trades executed, and may other tactics. FXCM is regulated by NFS/FSA and I have contacted both regulatory bodies with prinouts of my executed trades at prices I have received and the prices taht were being shown by primary dealers on Think or Swim platforms at the time. I have also contacted the CEO Mr. Drew Niv and will pursue this in courts in UK and USA until its fully resolved to my satisfaction. I wanted you guys considering oepning accounts at FXCM to be aware of this.
This review is the subjective opinion of an Investimonials member and not of Investimonials LLC
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