This is the letter I receive from FXCM Compliance Department after I was provide with misleading information by two of their incompetent associates (Jason Matos, Rodrigo Regi), who intentionally gave us the wrong Information.
Information that was then used not only to block and close all of our accounts with FXCM, but also to hold our funds indefinitely after we submit the Power Of Attorney Form.
All we ask was the way for me to trade on my friend account without having any problems.
My new Broker advise me the way to do it is to open a “Join Account” which covers the legality of all parties involved, and any separate agreement between the “Join Members” is totally up to them and not of anyone’s business….In my book this is a Broker that knows how to do business and treat their clients.
I did ask about this option “Join Account” to Rodrigo Regi, and I was very surprise because he simply couldn’t give me a straight answer
And that’s a Manager!…Just Imagine.
Dear Juan Ramirez,
Thank you for your continued interest in Forex Capital Markets (“FXCM”). As outlined in the Client Agreement (“Agreement”), FXCM reserves the right to terminate the Agreement for any reason it deems necessary.
FXCM frequently reviews its client account database and after a thorough review of your account, we regret to inform you that we will be unable to maintain an account with you at this time. Termination decisions are not intended to be personal in any way.
We will be initiating a full balance withdraw to be returned to the originating source. Thank you.
55 Water Street, 50th Floor
New York, NY 10041
MY RESPOND TO FXCM
To: Compliance Dept.
Thank you for your respond, I appreciate the fact that you will initiate the balance withdraw to be returned to the original source.
Referring to the first paragraph let me tell you that you are totally wrong, I do not intend or have any continued Interest whatsoever in Forex Capital Markets,or the (Agreement).
I also do understand that FXCM reserves the right to terminate any (Agreement) or account. What It’s inconceivable is the incompetent action of Jason Matos, and Rodrigo Regi, to waste my valuable time by providing the wrong information, All they had to do was to tell me from the very beginning that what we intend to do, was simply not possible.
Please don’t regret or feel bad to inform that I am unable to maintain an account with FXCM, since I can be more pleased by the decision, not only for wasting my time and treat me like a liar, but also because my new broker advise me of the financial trouble your company is going thru, information that I have confirmed. Not to mention the amount of unsatisfied customers and complaints I found on the internet after my research.
Again I appreciate the fact you are initiating a full balance withdraw to be returned to the originating source, hopefully this can be done as soon as possible since I would like to be done and over with FXCM.
NOTE: We did receive our funds after 3 weeks, and from what I understand it is totally illegal to hold funds from clients for a long period of time.
Hope this help to prevent new people to fall on their lies and bad practices.