HomeDaily ResultsMegadroid Results: Thur 25th Aug 2011


Megadroid Results: Thur 25th Aug 2011 — 4 Comments

  1. Hi Armin,

    I used to trade Megadroid at FXCM for about 12 months, but the performance on that account was so poor compared to my other accounts I had to close it. I’ve had several live FXCM accounts over the past few years, and I had ongoing problems with excessive slippage, platform disconnections, and limit orders not being honoured even during slow market conditions.

    They’ve been fined on numerous occasions by the NFA. And recently they were fined 2 million dollars by the NFA and forced to reimburse traders $8 million.

    You can read about their latest NFA fine here.


    NFA levies $2,000,000 monetary sanction against FXCM and orders refunds to customers

    August 12, Chicago – National Futures Association (NFA) has issued a Decision imposing a $2,000,000 monetary sanction against Forex Capital Markets LLC (FXCM) in settlement of a Complaint issued by NFA’s Business Conduct Committee on August 12, 2011. The Complaint cited FXCM for retaining gains derived from asymmetrical positive price slippage; failing to adopt or carry out adequate procedures to ensure the efficient execution of all customer orders; failing to treat all customers equally when giving price adjustments; failing to adequately investigate suspicious activity in several customers’ accounts; and – together with its principal Dror Niv – failing to supervise. FXCM is a Futures Commission Merchant, Retail Foreign Exchange Dealer, and Forex Dealer Member located in New York, New York.

    In addition to the $2,000,000 monetary sanction, FXCM must credit the accounts of its customers the amount of asymmetrical positive slippage which its customers experienced on their trades from and after June 18, 2008 and provide verification to NFA of these credits. In the future, FXCM is prohibited from engaging in price slippage or margin liquidation practices, as described in the Complaint. FXCM must also enhance existing procedures to ensure efficient execution of customer orders and compliance with NFA’s anti-money laundering requirements.

    For all these reasons, this is one broker I will always stay away from.

  2. Hi Richard
    Thank you very much for that extensive answer. I’ve enjoyed the FXCM videos and then got curious about their signal service. (Yes, I should know better than to be such a sucker for shortcuts…) But what got me particularly excited was their platform – it is so much nicer to use than MT4 I find… But “nice” does not trump “good”, so I am happy to revert my focus back entirely on MT4.
    Thanks again!

Leave a Reply

Your email address will not be published. Required fields are marked *