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FXCM exceeds expectations

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Around New Year within about a week I had several occasions where, due to errors of service providers, I incurred extra costs. It´s something what happens not too often to me and several episodes within a matter of days is something extraordinary. One was a cancelled Ryanair flight which I´ve booked for my family to visit me on New Year holidays. I had to book another flight with a different company and my total cost was more than €1´000 of which Ryanair reimbursed less than €100. For both my wife and the two little kids it was first ever experience with Ryanair and the kids are very eloquent that they never ever will fly with Ryanair again. Particularly, because they were very satisfied with the service from the other airline. I´ve sent a compensation claim to Ryanair, but estimate my odds of receiveing any compensation as very slim … I look at this as the true cost of flying at about 1/3rd of cost, if compared to other airlines … works most of the time well, but be ready to pay when it fails — they won´t take care of you and kick you out in cold and dark to save on costs, including fair compensation budget.

A few days later there was a similar episode. Broker missed a predetermined stop-loss. Market was relatively calm, execution was delayed by about 2 hours and 45 minutes and the fill was about 28 pips or about $900 worse than it should be at a predetermined stop-loss level. I knew that there is some problem with the system — it funtioned strange, didn´t accept new trades … In a short online communication they admitted that there have been a system outage. I sent a short description of the problem with all the details to FXCM. I estimated my chances for compensation as slim since in the account documentation there is small print that most of us never read, but we know that it transferrs all possible risks to customers. As well, I started to consider moving the account to another broker. Nevertherless, the amount has been credited back to the account, as well as I´ve received highly detailed and professional summary about the incident and consider the issue fairly resolved.

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Written by A.S.

January 24, 2010 at 11:51 am

Posted in FXCM

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