Upwave replies to: FXCM Discussion

These (one-sided) changes on Trading Agreements between FXCM and its clients are getting more absurd every day. Some remarks from within the Client Money section 15, changes effective as per 28 September 2018:
· FXCM may hold Client Money in bank accounts in the United Kingdom, and in other territories that are within or outside the EEA
· Client Money held outside the EEA may be subject to jurisdiction of that territory and your rights may differ accordingly.
· FXCM may hold client money in segregated client money bank accounts with fixed term deposits or notice periods. Such amounts may not be immediately available on requests until the expiry of the relevant fixed term or notice period for up to 95 days.
· Unless otherwise agreed, we will not pay you interest on client money or any other unencumbered funds
· Outside the aforementioned obligations, we are not responsible for the solvency, acts or omissions of any bank or other third party with which client money is held.

In other words, within mentioned restrictions:
· FXCM may select any bank in any country they see fit to, to place client money at the risk but without the benefits of their clients.
· In case of insolvency or any other equivalent failure of such banks, clients fall under the jurisdiction of that (to clients unknown) territory.
· If client money is allocated by FXCM on fixed term deposits, it could take a maximum of 95 days to withdraw account balances (or part of it) within FXCM.

This certainly introduces a conflict of interest, do not know what is going on within FXCM, although I have been very content with their services for many years but these developments are unacceptable for me, I’m out.

Don’t be a hero. Don’t have an ego. Always question yourself

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