FXCM, Inc. FXCM Holdings, LLC and Forex Capital Markets, LLC Forex retail broker dealer New York New York

8/6/2016

FXCM, Inc.

FXCM Holdings, LLC

Forex Capital Markets, LLC

55 Water Street, 50^th Floor

New York, NY 10041

Dear Rip Off Report,

Please review, process and file my complaint for your readers as follows.

On June 23, 2016 I phoned your company to express my dissatisfaction and risk of FXCM’s decision to greatly increase your account margin requirements for existing customers.  I was told that margins were increased because of Britain’s European Union Vote and that FXCM had no financial liquidity.  FXCM’s lack of cash liquidity is your problem.  Unilaterally increasing my account margin requirements became my problem on June 24, 2016!

On June 17, 2016 my total necessary margin for eleven open trades was $3,240 at or below the 50:1 leverage.  On June 18, 2016 my total necessary margin for the same eleven open trades was $4,356 or 134.45% for an increase of $1,116.  On June 20, 2016 my total necessary margin for the same eleven open trades was $4,458 or 140.37% for an increase of $1,308.  On June 23, 2016 my total necessary margin for the same eleven open trades was $7,584 far below 50:1 leverage or 232.96% for an increase of $4,344.

Because of your unwarranted margin increase on June 24, 2016 I deposited the balance of my cash liquidity of $2,000 but it wasn’t enough to offset your margin requirements.  My maximum cash liquidity of $37,000 was deposited with your company.  My investment with your company is now a net loss. 

On June 24, 2016 my account lost $5,575.92 because your company closed two of my open trades, Ticket Number 01197786 for $2,764,32 and Ticket Number 01221690 for $2,811.60.

Neither trade would have been closed or lost if your company didn’t increase my margin requirements by 232.96% or $4,344.  Your company’s decision to greatly increase account margin requirements without a specific detailed advance notice or warning cost me $5,575.92!  Although your company markets, promotes and offers a Smart Margin, no 100% margin warning notification was received.  I didn’t receive any other warning and the stated three day grace period wasn’t provided.  Instead, immediately two of my open positions were closed at my loss of $5,575.92.

I demand the full return of my losses from my account of $5,575.92 and the full leverage return of 50:1.  As a result of your company’s margin increase of 232.96% or $4,344 from June 17, 2016 to June 23, 2016.

If you have any questions or need additional information, please contact me.  I will provide any documentation, evidence and information necessary to resolve this complaint to my satisfaction.  Thank you for your consideration, time and understanding. 

I will continue to battle against FXCM, Inc., FXCM Holdings, LLC and Forex Capital Markets, LLC, until my losses have been recovered and I have won.

CC:

Better Business Bureau Metropolitan New York

CFTC

Consumer Affairs

New York State Attorney General

NFA

Rip Off Report