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Fxcm.com Review MT4 - MetaTrader Platform

Overall Rating: (2.361)
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Total Reviews: 504
Last Updated: 2014-11-21
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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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.

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.

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.

Adel, Dubai, United Arab Emirates

Rating:
Date of Post:2014-10-30
Review: I have no complaints about FXCM. The execution is OK and spreads are OK, but tend to widen around news events like most brokers. The platforms are simple and no great for deep TA, but you should be able to do well with scalps and swings. Rollover rates are competitive. When you trade with FXCM, it's not because they have the best execution or the nest platforms, it's because they are the biggest and the most strictly regulated. They do have fines, lots of fines, but it's because they are the biggest. JP Morgan, Goldman, SC, HSBC, Citi, BofA all have fines as well due to their size and volume. If you want to sleep well at night with a large account, go with FXCM, you will never, ever have a problem withdrawing, just don't expect the best execution or platforms.
 
Comment: Added by Jason Rogers on 2014-11-05 01:51
  Hi Adel,

Thanks for your feedback. I agree with you regarding the emphasis you place on the safety of your funds when choosing a broker.

As one of the only retail forex brokers that's a publicly-traded company (NYSE ticker: FXCM), we make details regarding our finances readily available to traders. That's why as of the latest publicly available data, traders around the world entrust FXCM with $1.312 billion in client funds: http://bit.ly/1npdek8

However, I would have to disagree politely with your comments about our execution. It's worth noting that FXCM offers traders No Dealing Desk (NDD) forex execution and gives traders the opportunity to benefit from positive slippage on all order types. Below are stats from over 43 million trades executed through FXCM from August 2013 to January 2014:

- 73% of all orders had no slippage.
- 15% of all orders received positive slippage.
- 12% of all orders received negative slippage.
- Over 60% of all limit and limit entry orders received positive slippage.
- 53.32% of all stop and stop entry orders received negative slippage.

Over that six month period, FXCM clients benefited from over $15 million in positive slippage: http://bit.ly/16Z5Za2

Lastly, in regards to your comments about our platforms, FXCM recognizes that no single platform can satisfy the trading needs of the over 200,000 accounts that trade through us worldwide. That's why we offer many platforms to choose from. If you are looking for more advanced charting options, we have those too: http://bit.ly/1oFhcXq


Jason
FXCM
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Halil B, Portland, USA

Rating:
Date of Post:2014-10-23
Review: The trades are not executed at the advertised rates for market orders. Generally I lost 3-4 pips, never in my favor. If I used the limit orders, there have been many cases where the order was never executed. Lost thousands of dollars because of these lack of execution. Customer service is terrible as well. Never got any answers to my emails and when I call, my problems never got resolved. I stopped using it. Don't waste your time or money.
 
Comment: Added by Jason Rogers on 2014-11-05 01:36
  Hi Halil,

There seems to be some confusion here. As their name implies, market orders are designed to be filled at the best available price in the market. That price could be exactly the price you requested (no slippage), better than the price you requested (positive slippage), or worse than the price you requested (negative slippage). An study of over 43 million trades executed through FXCM from August 2013 to January 2014 shows that our clients receive positive slippage at least as often as they receive negative slippage:

- 73% of all orders had no slippage.
- 15% of all orders received positive slippage.
- 12% of all orders received negative slippage.
- Over 60% of all limit and limit entry orders received positive slippage.
- 53.32% of all stop and stop entry orders received negative slippage.

Over that six month period, FXCM clients benefited from over $15 million in positive slippage: http://bit.ly/16Z5Za2

Notice that stop orders are more likely to receive negative slippage, while limit orders are more likely to receive positive slippage. That's because of the momentum of price movement when such order types are triggered. Your market orders might have received negative slippage for the same reason if you tended to place these orders when the momentum of price movement was moving in the same direction (for example, if you tried to buy as the price was rising, or if you tried to sell as the price was falling).

Your comment about limit orders not being filled suggests that you are also confused about how limit orders work. Unlike market orders that can be filled with positive or negative slippage, limit orders can only be filled at the price you requested. That means negative slippage is not allowed for limit orders. The fact that some of your limit orders were not filled simply indicates that there wasn't sufficient liquidity available at the price you requested to fill these orders.

In regards to your comment that your problems were not resolved when you emailed or called in, is it possible that you simply did not like the valid explanations you received? Your comments here indicate that you do not fully understand how market orders or limit orders work. If you still have questions about these order types after reading my response here, please feel free to ask me in the FXCM discussion thread on this forum: http://bit.ly/1y5giXx


Jason
FXCM

Vince, Denver, USA

Rating:
Date of Post:2014-10-09
Review: I have had an account with FXCM since 2008. I like the company. Do they have the lowest spreads? No. However, it is the only company I am aware of that offers free educational videos and online webinars for simply having an open account. Those services need to be paid for somehow.
 
Comment: Added by Jason Rogers on 2014-10-16 08:19
  Hi Vince,

Thanks for being a long-time trader with FXCM! We appreciate truly appreciate the feedback.

Jason
FXCM

Gev, London, United Kingdom

Rating:
Date of Post:2014-09-23
Review: I had heard about FXCM and I decided to give them a try. I opened a demo account and traded for last two weeks with them. I have to declare my experience with their trading software and support was awful. Their trading platform is one of the most confusing, unusable platform I have ever seen comparing to MT4, Ninja and eSignal platform that I have used before. It takes ages for you to figure out how simple functionalists of a trading platform works on their software as they have hidden most of functionalists in a way you could not find it. My stop loss did not triggered three times and they had no explanation for it! Probably at this stage you will ask for support; their support is just a joke! 24x5 days support is just a lie as it happened to me twice trying to chat with them in week days and no one was available. Anyway that is not end of it! if you are lucky you will join a queue from 20 to 40 minutes then if you are luckier you will get through to some one knowledgeable as I found most of agents are not trained properly and they have no answer to your questions. If the agent has an answer for you it takes ages for them to communicate it with you. I was happy to open an account with them but I think I have to re consider my choices.
 
Comment: Added by Jason Rogers on 2014-10-16 08:18
  Hello Gev,

I apologize for any shortcomings on our part, and I can assure you it is not typical of the service we seek to provide. I don't know the particulars of your experience with us, but I would be happy to investigate and bring it to the attention of our management team for improvement. You can reach me directly at [email protected]

Jason Rogers
FXCM

Eddy, KL, Malaysia

Rating:
Date of Post:2014-09-18
Review: The Famous Top Broker has the unjustifiable spreads !!!
Just to get my sell limit and my stop loss !!
Here's a picture in my post of different brokers' prices comparison at the time :
http://www.forexpeacearmy.com/forex-forum/scam-alerts-folder/36235-lost-money-fxcm.html
 
Comment: Added by Jason Rogers on 2014-10-16 08:16
  Hi Eddy,

On NDD forex execution, FXCM is compensated by a pip mark-up added to the spread and not by client losses. Whether your trade ends up at a profit as a result of a limit order or a loss as a result of a stop loss order does not impact FXCM's bottom line.

We're happy to tell you that we have introduced a new raw spread + commission pricing model to make our execution and pricing more transparent. The raw spreads are streamed directly onto the platform which is the liquidity providers compensation, and a competitive commission is separately charged as our compensation. Overall you will find total transaction costs have been lowered by up to 50% for some major currency pairs compared to previous pricing. Here's where you can read about it in more detail http://www.dailyfx.com/forex/education/trading_tips/daily_trading_lesson/2014/10/02/Transaction-Costs.html

Jason
FXCM
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