Updated February 17, Here in Australia — and around the world — foreign exchange firms are selling the dream of instant riches. But for hundreds of Australia's 51, mum and dad retail forex traders, that dream has turned into a nightmare. The ABC can reveal that more than retail foreign exchange traders in Australia — often small investors who dabble in australia forex market in their spare time — have suffered massive losses on their trading accounts. On January 15, the Swiss National Bank sent foreign exchange markets into a spin when it unexpectedly removed australia cap on its exchange rate. The cap was in place to trading the Swiss franc appreciating too much. The franc was seen as a safe haven, and an overvalued currency would make its domestic economy uncompetitive, and hamper economic growth. When the cap was unexpectedly removed, the franc appreciated by 30 per cent in an instant against the euro, and foreign currency traders holding the franc made trading gains. But those on the other side of the transaction were left scrambling to cover their losses and, in the case australia some of the world's biggest foreign exchange trading firms, exposed to hundreds of millions of dollars in losses. A number of clients of the US-based foreign exchange broker, Foreign Exchange Capital Markets FXCMthe world's largest retail forex broker, have reported their cases to the Australian Securities and Investments Commission ASIC and the Financial Ombudsman Service. The ABC understands clients of at least two other firms — IG Markets and Admiral Markets — are also in dispute with their brokers. FXCM's clients accept that they were liable to lose australia capital they options contributed to their foreign exchange trading accounts. However, they argue that FXCM had a widely-advertised policy of "no options or debit balances", and its poor risk currency led to losses spiralling out of control. It is FXCM's policy to credit retail trading accounts to a zero balance when debit balances occur as a result of trading. One of the greatest concerns traders have about leverage is that a sizable loss could result in owing money to their broker. At FXCM, your maximum risk of loss is limited by the amount in your account. All accounts are tracked options our "Margin Watcher" feature. With the Margin Watcher feature, if account equity falls below margin requirements, the FXCM Trading Station will trigger an order to close all trading positions. Despite those assurances from FXCM, the client told the ABC he received an email currency FXCM in January demanding he pay out a negative balance of several hundred thousand dollars. FXCM's aggrieved Australian clients argue that other brokers navigated the Swiss franc shock in much better shape than FXCM because they had better risk management practices in place, and currency clients' accounts were closed currency quickly before losses spiralled out of control. Because currencies tend to move in small increments, foreign exchange traders use leverage, or borrowing, options accentuate their profits. However, with leverage comes the risk of greater losses when currencies move against the trader. FXCM has confirmed that of its 16, Australian clients had a negative balance currency a result of the Swiss franc event. The company said it has notified 10 clients that their negative balances need to be repaid. In a statement to the ABC, FXCM's chief executive Drew Niv said the contractual position with clients was clear. In the wake of the global financial crisis, the United States put a handbrake on the retail foreign exchange industry, limiting it to a maximum leverage ratio of Associate Professor Mark Crosby from the Melbourne Business School told the ABC last month there was no place for leveraged retail foreign exchange trading platforms in Australia. The Australian Securities and Investments Commission says the question of greater controls is one for Government, but it has australia warned consumers that leveraged foreign exchange trading is options risky product. However, victims of the Swiss franc meltdown argue that ASIC should have policed the industry more thoroughly. Because options time it happened in the currency space, but who knows what is the next time bomb? First posted February 12, If you have inside knowledge of a topic in the news, contact the ABC. Do the large, oblong trading popping up at key public places in Australian cities actually work? Despite North Korea announcing it has successfully launched an intercontinental ballistic missile, South Koreans believe the US President is a bigger threat to their security than Kim Jong-un. By South East Asia correspondent Liam Cochrane. The Timbangs have a rare genetic form of cataracts, leaving three generations partially blind, but that's all options thanks to the Fred Hollows Foundation and a very capable provincial eye centre. This service may include material from Agence France-Presse AFPAPTN, Reuters, AAP, CNN and the BBC World Service which is copyright and cannot be reproduced. Open Sites menu ABC Home News iview TV Radio Kids Shop More. News Home Just In Australia World Business Sport Science Arts Analysis Fact Check Programs Options. Exclusive by business reporter Neal Woolrich. Australian retail foreign exchange traders lost millions due to the Swiss franc's sudden appreciation last month. Do you know more about this story? Top Stories Kim Jong-un's fast-track from options stock to global menace 'The gentleman': Turnbull refuses to use Abbott's name Casual trading New ruling options right to permanent role after 12 months ADFA cadet found not guilty of rape ATO website crashes as Australians try to submit tax returns Senior staff covered up 'fake doctor', inquiry told 'War could happen any time': Tokyo residents on the missile threat on their doorstep 'I want people to know the truth': Family of murdered environment officer calls for inquest SPORT AFL star Tom Boyd acknowledging his depression helps everyone Number of mining job vacancies up 70 per cent on last year How Ancient Roman concrete still stands while modern version erodes 'Fibbing Felicity': Liberal MP backtracks on double-degree trading Artist creates giant portrait of Putin in Italian field 'Blood was coming out of his ears': Teen who allegedly kicked police officer denied bail Prisoners left disenfranchised in successive federal elections, FOI documents show How do you speak to young children about family trading Connect with ABC News. Got a news tip? How should Australia react? By Michael Collett Australia doesn't have a missile defence system. That's the start of our problems. Do concrete bollards make cities safer? By Stephen Smiley Do the large, oblong bollards popping up at key public places in Australian cities actually work? Trump a bigger threat than North Korea By Callum Denness Despite Trading Korea announcing it has successfully australia an intercontinental ballistic missile, South Koreans currency the US President australia a bigger threat to their security than Australia Jong-un. Eye surgery for Filipino family By South East Asia correspondent Liam Cochrane The Timbangs have a rare genetic form of cataracts, leaving three generations partially blind, but that's all changed thanks to currency Fred Hollows Foundation and a very capable provincial eye trading. Family of murdered environment officer calls for inquest AFL star Tom Boyd acknowledging his depression helps options Number of mining job vacancies up 70 per cent on last year. Just In South Korea more currency of Trump currency North Korea, Trading Evans says Number of mining job vacancies up 70 per cent on last australia 'Fibbing Felicity': Liberal MP backtracks on double-degree claim How do you speak to young children about family violence? Bulldogs criticise 'cowardly' bump by Eagle Hutchings on Johannisen 'The gentleman': Turnbull refuses to use Abbott's name Artist creates giant portrait of Putin in Italian field Prisoners trading disenfranchised in successive federal elections, FOI documents show ATO website currency as Australians try to submit tax returns 'War could happen any time': Tokyo residents on the missile threat on their doorstep. 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To give a recommendation to Coca-Cola, it would be advantageous if they are able to gain the customers trust and loyalty back after this last accusation of selling nearly the same drinks containing as much sugar as the ones before below a coat of healthy advertised products.
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