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So I went negative on my live account due to EURCHF removed peg today...

StormeNet
Jan 15 2015 at 21:25
4 posts
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?

aeronthomas (aeronthomas)
Jan 16 2015 at 05:23
1557 posts
Make sure you take a screen shot of their website as I suspect it will be removed shortly

tranle447 (tranle447)
Jan 16 2015 at 07:05
120 posts
You shouldn't worry too much about it . If you are asked to pay them back , you can file a complaint to the regulatory body ( FCA ) .

Often , the best trade is no trade at all
spunta
Jan 16 2015 at 07:13
28 posts
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

sinlg (sinlg)
Jan 16 2015 at 07:16
5 posts
Please let me know your outcome - I always wondered about this from the get-go.

The Magic of Believing
StormeNet
Jan 16 2015 at 09:48
4 posts
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:

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)

stevetrade (stevetrade)
Jan 16 2015 at 12:39
1408 posts
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

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.
StormeNet
Jan 19 2015 at 21:37
4 posts
I checked my live account today and the balance was 0, so FxPro kept their word. Still a sad thing that I've lost all my profits at lightning speeds but that's the risk I guess in forex.

DrVodka
Jan 20 2015 at 12:23
297 posts
That a good news at last . Fxpro looks like a dissent company i may open an account with .

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