Why am I not the beneficiary for my deposit?

FXCM holds client money with a third party bank, and FXCM will process your deposit into the FXCM trading account listed under the reference (“REF”) section in your instructions. FXCM will hold your funds in a segregated client money account in the name of FXCM. FXCM does not open individual bank accounts on behalf of clients.