So I went negative on my live account due to EURCHF removed peg today...
Jan 15, 2015 at 21:25
1,683 Views
17 Replies
Jan 15, 2015 at 21:25
By now you all know the Swiss bank decided to remove their currency cap on the EURCHF which for me didn't turn out too well as my balance went negative before hitting my stops.
My broker is FxPro and they advertised with "Negative Balance Protection" on their website which they describe as "FxPro uses an automated transaction monitoring and risk-management system to ensure that a client's balance will never fall below the level of their initial deposits, protecting them from any losses beyond their original investment at FxPro’s cost."
See it at https://www.fxpro.co.uk/trading/accounts/client-funds-safety
Does this mean I shouldn't worry about paying that debt back?
My broker is FxPro and they advertised with "Negative Balance Protection" on their website which they describe as "FxPro uses an automated transaction monitoring and risk-management system to ensure that a client's balance will never fall below the level of their initial deposits, protecting them from any losses beyond their original investment at FxPro’s cost."
See it at https://www.fxpro.co.uk/trading/accounts/client-funds-safety
Does this mean I shouldn't worry about paying that debt back?
Member Since Dec 04, 2010
1557 posts
Jan 16, 2015 at 05:23
Make sure you take a screen shot of their website as I suspect it will be removed shortly
Jan 16, 2015 at 07:13
Not sure but I got this from my broker this morning:-
Dear Client,
This email is concerning the CHF position(s) on your trading account and the prices streamed across the CHF pairs that have affected you today.
Today at 11:30 platform time (GMT+2) the Swiss National Bank removed the floor at 1.20 on the EURCHF currency pair which caused extreme volatility in all CHF pairs and the market in general. Over this period we saw spreads widen significantly which in turn caused the activation of price filters to stop pricing. Once pricing stopped on our main Integral price feed our backup price feed from Currenex was allowed to price. It was at this time that some liquidity providers were able to stream erroneous prices to IC Markets and execute client trades at prices they shouldn’t have.
Today IC Markets will be amending the prices on trades done across the CHF pairs with our liquidity providers. Once we have had these trades amended we will begin the process of adjusting clients accounts. This may include but not be limited to the actions below:
• Reinstatement of positions where appropriate and possible
• Amendment of open/close prices on trades
• Assessment of client portfolios closed due to insufficient margin
• Adjusting client cash balances to reflect the actions above
IC Markets staff will be working as fast as possible to complete the above and restore trading accounts to their correct state. We appreciate your patience as we complete this.
Kind regards,
IC Markets Trade Desk
Dear Client,
This email is concerning the CHF position(s) on your trading account and the prices streamed across the CHF pairs that have affected you today.
Today at 11:30 platform time (GMT+2) the Swiss National Bank removed the floor at 1.20 on the EURCHF currency pair which caused extreme volatility in all CHF pairs and the market in general. Over this period we saw spreads widen significantly which in turn caused the activation of price filters to stop pricing. Once pricing stopped on our main Integral price feed our backup price feed from Currenex was allowed to price. It was at this time that some liquidity providers were able to stream erroneous prices to IC Markets and execute client trades at prices they shouldn’t have.
Today IC Markets will be amending the prices on trades done across the CHF pairs with our liquidity providers. Once we have had these trades amended we will begin the process of adjusting clients accounts. This may include but not be limited to the actions below:
• Reinstatement of positions where appropriate and possible
• Amendment of open/close prices on trades
• Assessment of client portfolios closed due to insufficient margin
• Adjusting client cash balances to reflect the actions above
IC Markets staff will be working as fast as possible to complete the above and restore trading accounts to their correct state. We appreciate your patience as we complete this.
Kind regards,
IC Markets Trade Desk
Jan 16, 2015 at 09:48
Well, so far I read on other forums that I might be lucky as FxPro is waiving it.
I haven't seen an official statement yet from FxPro itself stating that so I can't be certain yet...
This is some further info quoted from another forum regarding other brokers:
I haven't seen an official statement yet from FxPro itself stating that so I can't be certain yet...
This is some further info quoted from another forum regarding other brokers:
mindscream posted (from other forum, don't know if mentioning it is against the rules so I won't):
It really depends on which broker you are using. Oanda has decided to protect their brand by doing the right thing, earlier poster says Saxobank is asking him to pay, FXPro is waiving it. FXCM is asking clients to pay even though they advertise this at their website.
https://www.fxcm.com/uk/support/faq/margin-requirements/ (Look at the last question)
Member Since Oct 28, 2009
1430 posts
Jan 16, 2015 at 12:39
I'm not sure which website you are reading regarding FXCM. All I have seen so far is that they might not be able to respect certain regulatory capital requirements due to 'unprecedented volatility.' Which means they don't have enough cash in the bank to fulfill regulations which is probably where Alpari found itself.
If you can PM me a link I'd be interested in reading 'the other forum' as I am now in deficit with FXCM and thought I was going to be safe for it.
Best regards Steve
If you can PM me a link I'd be interested in reading 'the other forum' as I am now in deficit with FXCM and thought I was going to be safe for it.
Best regards Steve
11:15, restate my assumptions: 1. Mathematics is the language of nature. 2. Everything around us can be represented and understood through numbers. 3. If you graph these numbers, patterns emerge. Therefore: There are patterns everywhere in nature.
forex_trader_72498
Member Since Apr 05, 2012
93 posts
Jan 21, 2015 at 20:47
Vitautas posted:
I also went negative on my LQD-Markets account. They have sent a mail and asked me to send the missing money. I will do nothing and see what will happen
Surely you don't need to send any money and they can do nothing about it, it would be foolish to attempt to go to court with this. The only thing that you lose - the broker itself, because even if you deposit another account they'll try to grip your money. Don't know whether this broker is good and if you need to sorrow ...
Jan 21, 2015 at 22:19
Vitautas posted:How much is the missing money ? if you don't mind to tell us .
I also went negative on my LQD-Markets account. They have sent a mail and asked me to send the missing money. I will do nothing and see what will happen
Often , the best trade is no trade at all
Member Since Jan 07, 2015
11 posts
Feb 05, 2015 at 11:07
I had surprise from swiss bank too, i am lose 2 accounts in one moment, i am had bad mood, but live go and i am beggin new way.
Member Since Apr 22, 2014
45 posts
Feb 07, 2015 at 10:58
wow very surprise 😱
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