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Fxcm.com Review Visit site

Updated: Feb 15, 2017
2.386 · 521 REVIEWS
Is this your company?
February 6, 2017:  FXCM fined $7 million by the CFTC for defrauding retail forex customers.  FXCM to deregister from the CFTC. CLICK HERE to read and discuss the CFTC announcement.
August 18th, 2016.  The CFTC has filed charges against FXCM related to undercapitalization during the SNB-CHF crisis of January 2015.  One of the charges is that FXCM guanteed client accounts against negative balances.  Evidently, this form of client protection is against CFTC rules. CLICK HERE to verify.

February 26, 2014:  FXCM.uk fined by the FCA. Click here to read about it in the FPA's forums, along with FXCM's response.

October 3rd, 2011:  FXCM fined by the CFTC. Click here to read about it in the FPA's forums, along with FXCM's response.

FXCM is a forex broker. FXCM offers the MetaTrader4, Active Trader, Mirror Trader, Ninja Trader, and Zulu Trade top forex trading platforms. Fxcm.com offers over 50 currency pairs for your personal investment and trading options.

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Fxcm.com profile provided by Maria Ramos , Sep 24, 2014


FXCM Inc. (NYSE: FXCM) is a global online provider of foreign exchange (forex) trading and related services to retail and institutional customers world-wide. At the heart of FXCM's client offering is No Dealing Desk forex trading. Clients benefit from FXCM’s large network of forex liquidity providers enabling FXCM to offer competitive spreads on major currency pairs. Clients have the advantage of mobile trading, one-click order execution and trading from real-time charts. FXCM's U.K. subsidiary, Forex Capital Markets Limited, also offers CFD products with no re-quote trading and allows clients to trade oil, gold, silver and stock indices along with forex on one platform. In addition, FXCM offers educational courses on forex trading and provides free news and market research through DailyFX.com.    


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2.386 · 521 REVIEWS
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Forex Peace Army
DO YOU RECOMMEND THIS COMPANY?

Let other traders know if this service is worth checking or should be avoided.

Your feedback matters!

Dallas,Tx, USA
Feb 13, 2017
Registed user

POS company that stabs you in the back.

Worst experience ever. As I started getting better at trading they would close the other pair so if I closed GBPUSD the USDJPY position would close. The second time it happened I pulled my acct and went to another broker...no probs.

Reply by Jason Rogers submitted Feb 15, 2017:
Hi Texguy,

We're sorry to see you go, but are glad all is going smoothly with your trading now. That said, the problem you described with the wrong currency pairs being closed on your platform sounds like a tech issue and is nothing deliberate on our part. I understand you no longer trade with us, but if it's not too much trouble, we would still like to investigate what happened for you. You can email as at techsupport AT fxcm DOT com, and one of our tech specialists will follow up.
Indianapolis, USA
Feb 11, 2017
Guest

Nothing but good execution, fast withdrawals, and 24 hour metatrader support.
SHAME IMHO that the CFTC is shutting them down to US traders. Nothing but good service in the two years with them. Oh well.

Reply by Jason Rogers submitted Feb 13, 2017:
Thanks for your feedback, Rex! On behalf of all my colleagues, I want to express our most sincere thanks to you and all our US customers who have been with us over the years and wish you all the best following this transition.

While I can't comment on the NFA/CFTC complaint specifically due to the nature of our settlement, I can say that we have settled with the NFA and CFTC without admitting or denying any of their allegations or claims. Part of our settlement with the NFA and CFTC was to close our US subsidiary, but there will be no changes for clients outside of the US.

For our US clients wanting to continue trading uninterrupted, FXCM and GAIN have entered into a definitive agreement for GAIN to acquire the client base of FXCM's US operations. The transaction is subject to regulatory approval. FXCM and GAIN are working to determine the timing for the account transfer and expect to provide further information in that regard in the coming days.

We will for the interim period continue to service our US customers and to provide top quality trade execution pending the customer-account sale and business withdrawal. FXCM will also be working diligently to be sure that an account transition to GAIN's retail brand, FOREX.com, will be orderly, expeditious and seamless.

Four our clients outside the US, please note FXCM would not have suffered more than $200 million dollars in losses during the SNB flash crash had it been taking the other side of client trades – unlike so many of the DD firms in the industry. We have made our execution study public in the UK which can be viewed here and is a transparent comparison of FXCM's actual execution vs top tier futures brokers and the interbank market: http://bit.ly/2di2WEC

Since FXCM US has not been a contributor to overall profits for the firm over the past few years, FXCM will target significant cost cutting by closing the US entity. Specifically, withdrawing from this business will free approximately $52 million in capital. We will use the proceeds from any sale of the US accounts, as well as the large amount of regulatory capital currently tied up, to reduce the balance of our loan from Leucadia. With the reduction of this loan balance, along with sales of non-core assets that were previously announced, FXCM could be in a position to fully pay off the Leucadia loan before the end of this year.

With this exit, FXCM will be in a better position to service our international customers and focus on our profitable subsidiaries: http://ir.fxcm.com/releasedetail.cfm?ReleaseID=1011502

Our full financials can be found here http://ir.fxcm.com/ and we will announce our Q4 and full year 2016 financials in the next few weeks.
WA State, USA
Jan 27, 2017
Guest

Keep searching - I am!

I am extremely disappointed with FXCM. Although there are many useful tools to use for setups, their overall performance is bulky, awkward and cumbersome. Additionally the platform is very slow and platform documentation is poor and incomplete. If this is all that US has to offer its forex traders...there is plenty of room for improvement here.

Michigan, USA
Jan 10, 2017
Registed user

Don't be fooled by low spreads!

FXCM’s spreads are what initially drew me to try them. However, their fills on stop orders are so bad that I have finally decided to leave. What good are low spreads when you have to add 1-2+ pips to a level beyond your stop?! Their response was basically…that’s trading, slippage is part of the business. But there’s no way slippage on a very liquid pair (USD/JPY in the European-U.S. session overlap and with no news going on) should experience such poor stop fills. Just yesterday I got slippage in this pair many times, one as high as 2.5 pips!
It has been an ongoing issue ever since I signed up with FXCM a couple years ago and the problem has only gotten worse over time no matter how much I have brought it to their attention. So I would highly recommend staying away from this broker and I reiterate….low spreads are no good without good fills….and stop fill execution is where they fail bigtime.

Philippines
Jan 5, 2017
Registed user

Stay Away from FXCM

I withdrew my money from them with the end of coming up with a larger amount to be able to trade with their Zulu service and was given this excuse for delaying withdrawal;

"-Your account has insufficient funds and/or open position(s). All withdrawal requests are subject to review based on the following: available balance, floating profits/losses, and number of open positions. At this time your account does not have sufficient usable margin to withdraw the amount you requested. To resubmit your withdrawal request for a different amount, please log in to www.MyFXCM.com."

Stay away from this broker. They will think of every possible way to keep your money. I should have read this forum before and did not use this broker because of their history of unethical business practice.

ohio, USA
Dec 30, 2016
Registed user

FXCM top notch

Been with them for over three years first as a demo trader, then a small micro account, and now as a Active Trader Group client. I have also had accounts at Oanda, Tallinex, Tradestation, IBfx, and Interactive brokers. I am fairly new to trading, but have 30+ years in sales and customer service experience. So I know a thing or two about all that, and have a pretty high standard.

Staff and customer service at all levels very knowledgeable about FXCM policy, platforms, and all aspects of their business. Very professional, yet friendly and engaging. A pleasure to work with. Follow through and do what they say they will do most of the time. Deposits and withdrawals by wire transfer flawless and timely with no delays.

Best broker IMO for US residents.

USA, USA
Dec 18, 2016
Registed user

FAKE SLIPPAGES ALLLLL THE TIME !

⁣​Hi there,
I had a FXCM accound (active trader 3000059352) my balance was $76,000. I had one position opened (GBP/USD) 1M Lot size, at price 1.30949.  I'm a US resident, so our only leverage is 1:50 . On Oct/6/2016 FXCM closed that position (due to margin requirements) with a loss of $66k due to the Gbp/Usd flash crash. I only had $11k left in my account. When i contacted them many times to make sure of the right margin requirements calculations. They said nothing was wrong and that happened due to some SLIPPAGES. But about $19k or more slippage?? from the magin requirements for that position that supposed to be closed at. That was not fair at all. So that I talked to a lawyer about my case and he is going to make a lawsuit case against FXCM to get my money back.

California, USA
Nov 21, 2016
Guest

I opened an account less than a month ago. I made 2 deposits. Something came up so I needed to withdraw the money. The first attempt, I made a mistake,therefore the withdrawal didn't go through. The person I spoke with explained to me that I can only do debit card withdrawals because I deposited money through a debit card and not ACH. The second attempt, everything went well. While speaking with one of the employees about linking my fxcm account to TradingView, he informed me that I had to switch from a Mini account to a Standard account and pay $10 a month. He emailed me the form, and said it would take a couple days to process. I signed, gladly. Two days later, I get an email saying that my FXCM account has been terminated. I email them to find out what happened. They reply, "As outlined in the Client Agreement("Agreement"), FXCM reserves the right to terminate the Agreement for any reasons it deems necessary."
I still have no idea what I did wrong. I've called several times and everyone says the same thing.... Apparently, only the people in the compliance department can help me with this issue. It's been a few days now and the only response I seem to get from them is that they reviewed my account and are unable to maintain an account with me at this time. Unbelievable. I guess its time to move on to a new broker. In the end, FXCM did not, by any means, live up to the hype. Oh well, life goes on.

Germany
Nov 11, 2016
Registed user

BIG ISSUE WITH FXCM - UNBELIEVABLE 433 pips "negative slippage"

BIG ISSUE WITH FXCM - UNBELIEVABLE 433 pips "negative slippage"

What happend?
FXCM did never executed the STOP/LOSS over a timeframe of seven minutes.
Other brokers closed open positions with a small slippage in the same time frame.
Later the low risk position closed with a maximum financial damage for the account by FXCM.


What happend in detail?
Long Position GBP/USD 100k volume open at 1.2552 with S/L at 1.2458 (-93 pips) executed by FXCM margin-out at 1.2025 (-527 pips).
*WOW* you could not call it negative slippage. Of course it was at 10/06/2016 the GBP flash crash, but there was liquidity over such a long timeframe.
I guess we'll never find out what happend really in the background technology infrastructure of FXCM at this time.


What the regulations say?
This will take more time, but in the past there were some bad news about FXCM slippage in general e.g.:
a. Financial Conduct Authority (FCA) finex FXCM UK £4 million for making 'unfair profits' and not being open with the FCA (fca.org.uk)
b. Hong Kong’s Securities and Futures Commission (SFC) fined FXCM Asia Limited (HK FXCM) HK$4 million for holding on to its clients’ trading profits from favourable price movements, while passing on losses in full (sfc.hk)
c. FXCM UK Announces $16.9 Million Settlement with FCA for Asymmetric Slippage / positive slippage (nfa.futures.org)

What's FXCM response?
Since over four weeks there is no helpful statement by FXCM. The communication break down. For me there are red flags that FXCM may not be looking out for the client's best interest.
If a trader does not get email responses or FXCM fails to answer or FXCM provides vague answers to a trader's questions you should ask yourself for fairness and goodwill about all the circumstances of the case.


What you could learn?
1. If you open a position with a low risk of 1%-10% of your balance you could lose all your money with only one trade in some rarely cases (for all brokers).
2. FXCM got in trouble with the SNB Flash Crash in 2015. These days at the GBP Flash Crash in 2016 the trader get in trouble and has to pay the bill.
3. In Wall Street Journal you could read "Volatility Has Currency Traders Abandoning Stop-Loss Orders - In sharp swings, automated orders meant to protect against losses are often making them worse"
4. FXCM ECN execution practice is a black box. We don't know how the execution algorithm is against the liquidity providers and priorization compared to FXCM Pro or others circumstances.
5. FXCM will change the leverage to 1:400 next. The maximum loss protection by FXCM is -50.000 EUR. This means:

It could be make sense to trade different small accounts instead of one big account with FXCM. Otherwise you have to pay the bill and take the risk at the next flash crash or news event or unpredictable event or movement against you in your trading.

For example:
a. You trade a 1.000 EUR account with 1.000 pips "slippage" means in 1 lot "flash crash" = -10.000 EUR but your maximum risk is 1.000 EUR
b. You trade a 10.000 EUR account with 1.000 pips "slippage" means in 1 lot "flash crash" = -10.000 EUR and your maximum risk is 10.000 EUR

This is just an example you could change in any variables (position size + leverage + account size + volatility), but at the end you'll find out what it means one day in live trading or you learn to survive by split the accounts in FXCM.

Hopefully FXCM shows fairness and goodwill in my case. Let's see if we get a fair professional response.

London , United Kingdom
Nov 7, 2016
Guest

FXCM Account Termination
I had the Email (below) and my account terminated without any prior warning, The money that was in the FXCM account has as of yet not been paid into the nominated account,

Dear Client
This letter is to inform you that as of 11/4/2016, Forex Capital Markets (“FXCM”), will be terminating the Client Trading Agreement signed between FXCM and me as well as any other agreement and any other title signed between said parties (collectively, the “Agreement”).
Pursuant to the Agreement, this termination shall be effective immediately.
If you have any queries or comments, please feel free to contact the Compliance Department.
Sincerely,
FXCM Compliance

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