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Fxcm.com Review MT4 - MetaTrader Platform

Overall Rating: (2.364)
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Total Reviews: 509
Last Updated: 2015-01-27
Description:

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.

Special Notes:

 

IBs for FXCM include TheCurrencyCafe.com

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

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.

Click here to join live discussion of Fxcm.com on our forum
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court COURT file case Cases Open - 0 | Not Guilty - 0 | Guilty - 0   reviews REVIEWS submit review

FPA Review Moderation Team, USA

Rating: No Rating
Date of Post:2006-02-11
Review: We haven't tried a forex trading account with FXCM.com. If you've traded forex with this broker, please leave a review here.

Dave, London, United Kingdom

Rating:
Date of Post:2015-01-26
Review: They are a csam. Been with them for a year and they will always find a way to close your positions... Had my posittions hedged and margin blocked @16.61% for the day at 16.55. 17.42 got margin call and all my positions were closed. Talk to VERY RUDE advisor who thought he is talking to 5 year old selling me stories. Do not understand how 16.61% margin can be gone within a second. Never will deal with them again. PLease always be aware that they will find a way to put their hands on your money. worse people I ever deal;t with. Should have listened to my friends and stick with IG and ETX.

Ricco, Tampa, USA

Rating:
Date of Post:2015-01-25
Review: I have no issues with FXCM to speak of. I have used other US brokers and so far this is the best. I will say they are a bit aggressive on the sale pitches thought, trying to get you to deposit more money. Also, I really hate their system of creating demo accounts. Some brokers you can go straight through them MT4 terminal to create multiple demos, but with them you have to visit the website. Also their customer service could be better as well. 45 minutes waiting for a chat representative one time. I had to drop off a few times from chat because the waits were too long.

Amin, Kuwait, Kuwait

Rating:
Date of Post:2015-01-06
Review: HI
after OCT 2014 when fxcm change the spread and commission i made a new account with them but i felt start to facing issue with loading the chart , i let it pass because i love their platform and services for past few years , but when i look at my last 3 month trading report i found something very strange .
when i lose any trade the amount per $ is always more than PIPs i lost and wining traders always opposite ,
for example if i close a deal by 22 pips mines - it will be 23$ lost .. if I win trade by 22 pips same currency it will be 21 or 20 $ gain .
other issue if i open a 10K position , and start losing i closed 5K by 22 pips , that means should be half of 22 pips around 11 to 10 $ but what i saw still they are calculating it as 22 or 23 $
when i asked them about these issues they said is PIP calculation and commission fee , is look like doesn’t matter if i close a losing trade by half or quarter lot still will be same amount as full lot !!!
all these issues are happening to our trade group ( more than 22 people ) and we are really shocked
yesterday i closed my USD/JPY by 92 pips gain , but i saw i received 77$ only ( 10K position ) . when i checked my report it mentioned 78 pip - 77 $
i send them the screen shot from my chart and closed postilion that is showing 92 pips and how it calculated as 78 pips
Waiting for their answer and ill update this comment later
We decided to close all our accounts in FXCM ( maybe I keep the small account only ) and move on . the way are calculating with their new system is unbelievable against trader .
NOTE : no access to attaché some screen shot

 
Comment: Added by Jason Rogers on 2015-01-20 07:32
  Hello Amin,

Pip values can vary by currency pair based on the denomination of your trading account and fluctuations in exchange rates. This would be the most common reason why you are seeing the pip amount varying from your P/L.

While I do not know the details of your account, FXCM customer support is available 24 hours a day to help with any questions you have. This article on DailyFX goes into more detail about pip values and where to find the pip value for each currency pair on the platform http://www.dailyfx.com/forex/education/trading_tips/post_of_the_day/2013/12/31/What_is_a_pip.html

Largehosier, Cumbria, United Kingdom

Rating:
Date of Post:2015-01-06
Review: I've used them for 2 months now with MT4. I particularly like the commission and low spreads they introduced. I have learned to avoid certain times when spreads widen dramatically and slippage is large (as it is for all brokers). Positive and Negative slippage seem to run 50/50% (except certain times or news events) No complaints using MT4 and this is my 6th mainstream broker!

Bayaraa, UB, Mongolia

Rating:
Date of Post:2014-11-24
Review: FXCM's customer service is so bad. Live charts is always offline. I am trying to open account with FXCM. So I'd like to know whether they approve my documentation and sent email about it to [email protected] several times. Within 4 days there was no reply from FXCM.
I totally wonder that the live chart is offline, they don't reply email. How do FXCM communicate with costumers. Just for opening account. Maybe FXCM don't like to accept small traders like me :(
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David Farrington, , USA

Rating:
Date of Post:2014-11-20
Review: It you start to make money they will close your account. I have filed a case against them. Avoid FXCM.
 
Comment: Added by Jason Rogers on 2014-11-24 02:28
  While I cannot comment on this case specifically, I can say that an account could be closed for any number of reasons. A client being profitable is not one of those reasons: http://bit.ly/15hjeIr

FXCM offers traders No Dealing Desk (NDD) forex execution, which means we offset each client order one-for-one with the best prices quoted from among 10+ competing liquidity providers. We make our money from client trading volume, not client losses. This business model means that profitable traders are our best clients.

Andris Avsejevs, Antrim, United Kingdom

Rating:
Date of Post:2014-11-09
Review: I have traded with few brokers and have to say FXCM is the best of them. Withdrawal requests been paid within couple of days. Spread is not to bad unless you trade exotic pairs or its rollover at 10pm gmt. Support has always been good it does take quiet long time to wait for answers when you are in chat mode might be inexperienced stuff. Good education tools and three different platforms for me most important is very good mobile apps on android and windows for nokia. Only problem is their MT4 platform trade history which they only keep 5 weeks everything past that gets deleted i am signal provider on mql4 and cant display correct statistics and fully attract new subscribers. Otherwise good broker.

Christine, Nairobi, Kenya

Rating:
Date of Post:2014-11-07
Review: With regards to my comment below, the orders I placed and sufered slippage were on 03/11/2014 which were Buy Stop orders and not Buy Limit orders. Today's (07/11/2014) Buy Stop order suffered slippage of 19.5 pips on NZD/USD and was placed 8 minutes before the news release. This just goes to show that slippage is synonymous with FXCM and news reports.

2014-11-03 2 Stars Not the broker i thought they were. each time i try to trade news reports their spreads hike by more than 200% and you get your order filled with bad slippage. just traded the GPB manufacturing PMI release today with a buy limit order placed more than 5 seconds before the news release on GBP/JPY at 180.53. My order got filled in at 180.84 a whole 31pips slippage plus the spreads spiked from 4.2 pips to 15.4pips such that the highest price (on the ask chart) duing the first five minute of the news release was 180.85 (the price my buy limit order was filled less 1pip) and the highest price on the bid chart at the same time was 180.70 representing a 15pip spread for that news report. They claim to be a NDD broker with good trading conditions and fair spreads but this is clearly a joke because how can you slip a limit order by 31pips? They have been fined a few times now for this unfair slippage practice

http://forexmagnates.com/fxcm-uk-announces-16-9-million-settlement-with-fca-for-asymmetric-slippage/

I thoguht they were a credible broker for trading news releases but they seem to be just like the other Dealing Desk brokers out there. if you are looking to trade news releases with this broker, THINK AGAIN and look for a credible ECN broker, not this fake NDD broker called FXCM

Richard, Phoenix, USA

Rating:
Date of Post:2014-11-03
Review: I have been with FXCM for a standard account for more than one year. In my view, the overall service is pretty good. The execution was fairly fast. The spread/commission schedule is competitive. I particularly like their trading platform of Mirror Trader.
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