I have a system selector account with FXCM and do a few manual trades a day–which is very hard to do with the system selector platform. Yesterday, their computer went down BUT only for clients who were using auto-trading (system selector). All other clients on regular or mini accounts could trade just fine but I couldn’t. This was the day that EUR/JPY swung back and forth be 200-300 points. I could have made a small fortune. I asked them to just throw my money into my mini account BUT oh they couldn’t do that, they needed a transfer form. So I was live-chatting with someone who kept me for 20 minutes but could not direct me to the page to print it out. She could send me one in the mail. You’ve got to be kidding!!
I was getting so angry, they could have made up a dummy mini account with the same amount as what I had with them so I could trade. Then just switch the results when the computer was up. They said ithe computer would be up in a few minutes. It was 2 hours starting at 9am–just peak trading hours. But they couldn’t do this, it wasn’t policy. I’m sure when I signed up I agreed to not hold them liable for computer problems, but what can trader do when they go down? They can’t call up the Trading Banks to make or close trades. I believe that it would be only fair that FXCM refund any losses that people incurred because of their outage. Would anyone like to start a class-action law suit?
Ok, so what brokerage should I do business with now?
Susan - I want to make clear to anyone reading your message that the “system selector” garbage you mention has nothing to do with Collective2 or C2 AutoTrading. It’s a service offered by a competitor to C2. If you want a recommendation for a better AutoTrading platform, then of course I recommend Collective2’s AutoTrade.
Finally, as a general rule, we ask that you not use C2 Forums as places to solicit class action lawsuits… even against C2 competitors.
Susan - I want to make clear to anyone reading your message that the “system selector” garbage you mention has nothing to do with Collective2 or C2 AutoTrading. It’s a service offered by a competitor to C2. There was no outage for C2 AutoTrade customers. If you want a recommendation for a better AutoTrading platform, then of course I recommend Collective2’s AutoTrade.
Finally, as a general rule, I ask that you not use C2 Forums as places to solicit class action lawsuits, even against C2 competitors.
I don’t believe that anyone would mistake that my message was about this company (C2). I clearly stated it was about FXCM and even novices have heard of them.
What should a person do when you lose your ability to trade because of computer problems? A casual search of your forum found more than one such incident happening with FXCM. Don’t they have some kind of fiduciary duty to their clients? Like “First, do no harm”. After all they should have backup computer systems and be performing maintenance on them.
And yes, I very much look forward to working with C2. Now if I have this wrong tell me: C2 is not a brokerage that I could do trading with? Sure would be nice if they were. Wouldn’t have to fuss around making connections with my own broker FXCM.
I’m a newbie, who is the best brokerage firm who is compatible with C2? Best=narrow spreads, no trading desk, and instant execution of trades? Or if you don’t want to recommend one, could you guide me a good web site that compares brokers? All help is appreciated :))
Honestly, your message was basically that of a whiner. You lost a "small fortune"? I once lost 1/3 of my account to xpresstrade, due to a flaw in their programming logic for an OCO trade. Expensive lesson in "Not Held"
You will experience more things in your life, and not just with your broker of the moment. If you cannot handle it, then you do not belong in trading.
Get a grip! 47% of the people on this site have you on their "ignore" list. Apparently no one wants your opinion. So stop flapping your gums.
All other clients on regular or mini accounts could trade just fine but I couldn’t.
I could have made a small fortune.
I asked them to just throw my money into my mini account BUT oh they couldn’t do that,
She could send me one in the mail. You’ve got to be kidding!!
I was getting so angry, they could have made up a dummy mini account with the same amount
They said ithe computer would be up in a few minutes. It was 2 hours
But they couldn’t do this, it wasn’t policy.
I’m sure when I signed up I agreed to not hold them liable for computer problems, but what can a trader do when they go down?
I believe that it would be only fair that FXCM refund any losses that people incurred because of their outage.
Would anyone like to start a class-action law suit?
Ok, so what brokerage should I do business with now?
As I said, you are a MAJOR whiner. Look in the mirror for gum flapping. You are completely clueless in dealing with brokers. Get over it.
