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Re: The end of Z5
[Re: molloy]
#448001
01/16/15 13:27
01/16/15 13:27
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Joined: Feb 2014
Posts: 73 Montreal, Qc Canada
Finstratech
Junior Member
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Junior Member
Joined: Feb 2014
Posts: 73
Montreal, Qc Canada
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Attention all affected by suspension of euro cap: this caused some brokers to close. FXCM will likely be one of them. Read in forum section "Zorro and the Brokers" here
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Re: The end of Z5
[Re: Sphin]
#448057
01/18/15 19:23
01/18/15 19:23
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Joined: Jun 2013
Posts: 1,609
DdlV
Serious User
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Serious User
Joined: Jun 2013
Posts: 1,609
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Hi Sphin. Yes, the games are apparently on / not done. Can you post the email? FXCM has just done the same to me. It's even weirder, though. FXCM also closed all trades in a different account in a different subsidiary and has not (yet?) transferred those funds anywhere. I also don't understand how they justify doing this, since their written policy is by ACCOUNT, not by CLIENT. jcl, have you seen this same behavior with your accounts? Presuming that you have better contacts than we at FXCM, what's going on? Thanks.
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Re: The end of Z5
[Re: jcl]
#448066
01/18/15 23:05
01/18/15 23:05
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Joined: Dec 2013
Posts: 568 Fuerth, DE
Sphin
User
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User
Joined: Dec 2013
Posts: 568
Fuerth, DE
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it definitely makes sense to open accounts with different brokers. Maybe it makes sense to take this as a recommendation into the tutorial to prevent other users from such a disaster.
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Re: The end of Z5
[Re: Sphin]
#448069
01/19/15 02:14
01/19/15 02:14
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Joined: Dec 2013
Posts: 82 Sydney, NSW
Thirstywolf
OP
Junior Member
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OP
Junior Member
Joined: Dec 2013
Posts: 82
Sydney, NSW
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Ibra
The problem is that forex brokers are not really brokers. As much as they try to label themselves as that, they are still really market makers. There is no exchange traded forex (unless you count futures contracts), so every time you make a forex trade, at some point your broker is taking the other side of that trade, even if only for a few milliseconds. They have to keep quoting prices as per their commitments around spread, so when the markets are going nuts, these guys are still giving some fills(or your account is going negative), however in this case, a lot of them where not actually able to hedge off the exposure anywhere else.
Last edited by Thirstywolf; 01/19/15 02:16.
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