Dear FXCM Customer,
On behalf of all of FXCM, we wish to sincerely apologize for the problems we are having. We
have spent millions on upgrading our systems to make sure an outage of the kind you have
experienced this past trading session would not happen, but obviously we were wrong.
To further clarify and explain in the past few months, we have been busy upgrading our
service, both hardware and software to deliver a much improved trading experience for our
clients. More specifically, the rolling out of our No Dealing Desk option which allows
clients to trade on rates directly from some of the largest banks in the world. These
banks compete with each other to provide the best rates which results in spreads as being
as low as 2 pips. We do believe that all clients will be impressed with the end result of
our upgrade once all the measures are set in place.
At FXCM we strive to provide clients with the best experience in trading and customer
service and words can't express how deeply sorry we are for the frustration and anxiety
that our clients have experienced.
We assure you that any client's with an open position from last week who has suffered a
loss due to the technical failures as of market opening on Sunday February 25th will
have there trades reviewed and any necessary adjustments will be made to these accounts.
We also want to assure you that these technical issues are not indicative of FXCM
financial stability or health. FXCM has over $100M in capital and no debt. In addition
approximately $600 million in customer funds are traded using the FX Trading Station.
Honestly, we have had some bad days as we go through the upgrade in services and execution
from a technical standpoint, and we will do everything in our power to help our clients
who were negatively affected due to the technical errors that arose.
We sincerely appreciate your understanding and we are always open to look into trade you
bring to our attention. Please do not hesitate to contact us and let us know of any issues
you need us to look into.
I almost feel sorry for them LOL!
