Swiss Bank Dukascopy Will Reimburse Traders with Negative Balances
Dukascopy has reported that it will be reimbursing clients whot have negative balances as a result of the SNB events
Swiss origin Dukascopy, an international provider of currency and CFD brokerage services, has announced that it will be taking an exceptional decision to cover negative balances on its clients’ accounts. The move comes after brokers suffered at the mercy of the SNB and its surprise rates decision, last week. In its note, Dukascopy urges other industry peers to follow its ‘yellow brick road’ of comfort for troubled traders.
Dukascopy joins some of the good Samaritans of the industry by waiving off client closes. The move comes after several brokers reported to Forex Magnates their exact losses during the CHF crisis, listed provider, FXCM, taking a major hit with losses in excess of two hundred and twenty million dollars putting the firm in a dire position, consequently the firm has been bailed out. However, Alpari UK was an unfortunate provider that called it quits earlier today after failing to secure a rescue deal.
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The note states: “Management of Dukascopy Group has decided to take an exceptional decision to cover negative balances on client accounts related to CHF move on SNB decision on 15.01.2015.
In spite of the fact that agreements and regulation allow Dukascopy to claim negative balances compensated by clients, it was decided to release customers from obligation to cover negative balance.
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Dukascopy Bank has not cancelled or negatively adjusted any trade concluded on 15.01.2015 with clients during the CHF move.
Dukascopy Bank and Dukascopy Europe invite all the industry to follow the same approach to build up customers’ trust in the industry.”
Elements of shock were flowing around the five trillion a day forex industry on Thursday, January 15th, after a surprise move by Switzerland’s central bank to remove its peg to the euro and change ineptest rates. Historic events followed with the currency dripping to record lows and traders being wiped out, the horror flowed with a number of forex providers facing the music, with one UK-based firm having to go into administration.
Oanda reported that it had waived negative balances. Another forex provider, Easy-Forex, has offered a guaranteed stop loss which prohibits the account to go into negative.
So who are their initial customers?
@Andy – they claim that a large STP retail broker is moving their flow to them but won’t reveal any specifics yet. Although very few firms disclose their liquidity relationships.
smart marketing move!
I guess OANDA should be flattered. They made this decision nearly a week ago!
Hope IGMarkets do the same!
Every broker will do so, what an “exceptional” marketing show-off from Dukascopy
An article about which brokers are going after retail clients houses and personal assets would be a great piece to write about.
FxPro adjusted all negative account balances to zero balance as well
Perhaps its Time to move to Dukascopy
https://twitter.com/IGHelpAU/status/557427937356812288
IG australia not helping… did not rush to answer this question either
ive called them yesterday，they ask lawyer to collect debt. Lump sum payment only. They r squeezing every milk from the negative balance client. Terrible broker…..run away from them!
Hi Tommy Where are you located? That is disgusting what they told you
I am surprised to know that some brokers do not provide “negative balance protection” under the terms of their client agreements. I thought that was a common practice to comply with regulaton.
I'm in Melbourne, I talked with one of their consultants. He said they handed the collection job to their lawyers already. I got one acct with them, I will definitely withdraw all money and leave.
Tommy, have they given you a timeframe? Did you tell them you were not going to pay?
I don't know, my IG acct doesn't have any CHF pairs. I am going to call the other broker tomorrow for my different acct with negative balance, they haven't contacted me yet, I don't know why…so weird . wish me good luck……
thang，r u the guy in the forex factory forum? I think that Tim's advise is good, report to ASIC, and tell IG to piXX off
I'm a trader etoro and all my trade is close Because negative balance & maybe not negative balance protection
Hi Tommy yes I am and I will report to ASIC but still waiting for IGmarkets to contact me…I will keep everyone posted.
Hi thang, have a g'nite. You not alone, before that news, my floating profit is nearly 230k, and then all gone with negative balance. I will contact my broker tomorrow. Let me updated if you got any news. I know it's really stressful. Good luck dude.
cheers Tommy good luck to you too! Keep in touch
Hi Tommy,
Saxo Bank is still pursing its customers in order to recover negative balances. Unfortunately, not all brokers wish to forgive it. Affected customers can email to saxobankcheatedusersgroup@gmail.com
Here’s the relevant article:
http://newsbreak.dk/min-saxo-konto-viser-et-sekscifret-underskud-hvad-skal-jeg-goere/
Everyone that has an IG ac and wants to join our group that cordinates the complains should email igeurchfloss@yahoo.com
Any news on Swissquote? Their trading system crashed so they couldn’t exit positions according to their margin terms. Their staff now seem confused about whether or not clients need to clear negative balances. So unprofessional.
Swissquote, Saxo and other brojers are chasing their customers asking to cover all negative balances. Join us: http://www.negativebalances.com