The NFA decided to fine US forex broker FXCM for slippage malpractices. The NFA and FXCM reached a deal in which affected clients will be compensated within 30 days, and that FXCM will pay the NFA $2 million as compensation.
According to the complaint, FXCM did not ensure efficient execution to all customers, did not treat everybody equally when making price adjustments and did not investigate suspicious activity in all customers’ accounts.
Michael Greenberg reports about this, and states “Apparently Non Dealing Desk doesn’t mean you get the best execution”.
FXCM has already begun announcing clients about their expected compensation. These price improvement credit will be deposited by the end of the month.Get the 5 most predictable currency pairs