FXCM NOT Honouring NT Commission Rates

[VeritasObique]

NT - FXCM Live Account Traders BEWARE!!!

A forex trading colleague and I both purchase NT multi-broker lifetime licenses and started trading live through FXCM. We did anticipate that the Ninja Trader advertised FXCM commission rates would be honoured by FXCM - sadly that is not the case for both of us as we have both been overcharged on the commission rates by FXCM to the tune of several thousand dollars.

By overcharging commission rates agreed with Ninja Trader and heavily promoted by Ninja Trader on their website FXCM are;
a. damaging the reputation of Ninja Trader and;
b. clearly actively ripping off NT traders.

Ninja Trader MUST communicate to FXCM in the strongest terms that the NT commission rates MUST be honoured or otherwise STOP advertising the rates as available through FXCM.

Complaints directly to FXCM were responded to by FXCM that FXCM do not have any such agreement with NT (Email evidence available).

[JohnRayC]

Extremely Worrying.

I took a Ninja Trader lifetime, Multi-Broker licence in Nov last year 2015. The special commissions which went with this lifetime licence were a factor in my finding the money for the licence.
I signed up with FXCM. Lots of form filling. I informed them of my lifetime NT Licence. This prompted them to request that I complete a special form which required proof of my licence. I had to get the information and unique number codes for this from NT.
Roll forward to now. If a currency pair should cost £8 round trip and you buy two lots, you would expect to see £16 total commission right? FXCM have just charged a straight £24 on a two lot trade. That builds up over many trades. I sometimes buy 10 Lots. I reckon I've been overcharged by approx. £2k.
FXCM said they were unaware I had a Lifetime licence and they are looking into it. One person at FXCM has said if I have been overcharged then I will get it back. I will update this forum when/if that happens.

[NinjaTrader_James]

Hello Forex Traders,

Thank you for bringing this to our attention. While our support forum has to be sensitive with directly addressing items outside of technical support (in the way compliance and perseverance of personal information); we absolutely want to investigate what is occurring in these cases and ensure that everything is properly addressed. While we can't work through the details in this public space, we can via private and secure email. So please email brokeragesupport[AT]ninjatrader[com] so this can be investigated at a high level.

Thanks in advance for your cooperation with these matters.

[VeritasObique]

Thanks

Hi James,

Many thanks for the response - I will drop over the email communication to the email address stated.

Very best for now....

[VeritasObique]

Email with Supporting Information Sent

Hi James,

Just to confirm I sent an email with all relevant communications with both FXCM and NinjaTrader attached.

Best for now..........

John

[VeritasObique]

Excellent Outcome

Dear James, All at NT Support,

Many thanks for your input on this matter - I have now received the refund of the overcharged commissions from FXCM - I am confident that this refund was only made due to your involvement as any contact by myself to FXCM was just brushed off by them.

Thank you all so much.

John Morrison

[NinjaTrader_James]

Hello John,

Thank you for the update; I am happy to hear that this has been resolved.

Please keep us in mind for anything NinjaTrader as we are always happy to assist.

[JohnRayC]

FXCM repay over charges.

Hi everyone,
In relation to my earlier post where I was upset tht FXCM had been overcharging commissions on my account.
I said I would get back here and set the record straight when/if the record ever got set straight.
I am pleased to say that FXCM did indeed credit my account with a sum of money to cover the over charging. They were pretty quick about it too. It was probably a day or two after I made that first post.
Unfortunately, when I ran through the statements and checked it, they had only repaid approx. 60% of the overcharge.
It has taken a few weeks, several e mails and a few phone calls to get to where I am now.

The best route in which finally sorted it all out was Live Chat, someone called Gabriel D got straight onto it and 'raised a case'.......(it would appear that you have to ask for a case to be raised) That was Fri 6th May at 10am. GMT.

I got a phone call the same day from someone called Craig Mischel saying he was on it and that he would get back to me within 2 days.

He got back to me today (Monday 9th May at about 1400 GMT) telling me that he had checked it several times and could confirm I was correct, there had been an error, he apologised for the hassle and has authorised the rest of the money to go back into my account today.

All in all, apart from the delay and frustration of feeling I was being ignored, a satisfactory conclusion.

I don't know if you guys at Ninja Trader had anything to do with this, but if you did, thank you very much.
And I have to say thanks to FXCM for getting there in the end.

Cheers. Johnny Ray C