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Fxcm.com Review MT4 - MetaTrader Platform

Overall Rating: (2.387)
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Total Reviews: 560
Last Updated: 2016-07-19
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.

Frank L, Tampa,Fl, USA

Rating: No Rating
Date of Post:2016-07-18
Review: Update, Received an Email from FXCM July 18th stating my ACH deposit has been returned. Please allow 4-6 weeks for funds to post.FXCM is a joke,I am also filing a NFA complaint

2016-07-15 No Rating Had a mini account with FXCM for about a year, deposited $20,000 on July 10. Received a Termination email the following day and on July 12th they cashed my ach deposit and told me I can arrange for a withdrawl when it clears into my account on the 18th. Stay Away
 
Rebuttal: Added by Jason Rogers on 2016-07-22 10:18
  After thorough review, it was determined that FXCM was unable to maintain your account. The return of your account balance may vary based on the depositing method(s) used. FXCM makes all efforts to return funds as quickly as possible.

wilson, malaysia, Malaysia

Rating:
Date of Post:2016-07-17
Review: FXCM service is become worst and worst. now they separate our asia clients and western, even force us to use fxcm market, which is a broker that is under fxcm but not regulated. how can a broker refer to client to use a broker that cannot secure our money ?
They even gave a super lousy offer of the spread and commission.
 
Rebuttal: Added by Jason Rogers on 2016-07-21 12:43
  Hi Wilson,

Unfortunately, there seems to be some confusion. FXCM maintains trading entities around the world to provide our clients with more choices including the option of local customer support multiple languages and the benefit of regulation in the US, UK and Australia: http://bit.ly/2ac3ifm

Contrary to what you have heard, we do not force clients in Asia to trade through a specific FXCM entity. As a resident of Malaysia, you have the option of trading through FXCM UK, FXCM US or FXCM Australia which are regulated by the FCA, CFTC and ASIC respectively.

In fact, as a trader in Asia, you have more choice in this matter than our clients living in the US, UK and Australia. That's because we require US residents to trade through FXCM US, UK residents to trade through FXCM UK, and Australian residents to trade through FXCM Australia due to our local regulation in these countries.

If you would like to trade through one of FXCM's globally-regulated entities, I am happy to put you in touch with one of my colleagues in the appropriate office. Simply email me at jrogers AT fxcm DOT com with your contact details, and I will arrange a follow up for you.


- Jason Rogers
FXCM Ambassador

Blue Marlin, Frankfurt, Germany

Rating:
Date of Post:2016-07-11
Review: Jason, you suggest (but you should KNOW) : "it seems you were connecting to an MT4 server displaying our Standard account spreads on charts..."

Not true, Jason !

I was connected to an MT4 which showed "no commission" spreads which were already artificially inflated compared to ECN spreads. So there is no "misunderstanding" on my part.
Also I was on the phone with your support team before closing my account and if what you are suggesting were true, your support team could correct my "misunderstanding". Nothing of that sort was mentioned.

I will definitely NOT re-open any account with FXCM.

Bye bye


2016-07-08 2 StarsThis is about the mini account only !

I wanted to test the conditions on their mini account because those are participating in their monthly trading contest.

My experience :

I opened the account last week and funded it with the minimum amount. I closed the account after about of 30 minutes of trading.

The good :

5 stars for the German support team. Jascha Harders was helpful and responded very quickly.

5 stars for the speed of deposit and withdrawal.

The bad :

ZERO stars for the trading environment at FXCM.

I only do manual trading. For that test I entered only market orders on EUR and GBP.
From the start I got bad fillings of 2 pips. The price I got was ALWAYS 2 pip worse than the actual spread shown in the MT4. No matter buy or sell or closing the position.
This was NOT due to slippage or fast moving market. The trades I did happened all during a quiet time when the prices stood still for a moment. Only then you can see if the broker is cheating on you. And the cheating happened on EVERY trade.
Also stops were triggered before the shown market price reached my stop level.

Conclusion > their MT4 runs with a hidden additional 2 pip spread.

This experience I had once with OctaFX and now the same experience with FXCM.

For this reason > only 2 stars

I don't understand why a broker does this cheating when they set a huge spread for that kind of "no commissions" account. That artificially high spread should be enough for them.

I imediately closed my account.
Bye bye FXCM

Added by Jason Rogers on 2016-07-11
Hi Blue Marlin,

Unfortunately, you closed your FXCM account due to a misunderstanding.

If you use Trading Station, then the spreads you see on your charts depend on your account type: Mini or Standard. However, if you use MT4, then the spreads you see on your charts depend on the MT4 server to which you are connected. While the charts on some of our MT4 servers reflect the raw FX spreads available to Standard accounts, the FX charts on our other MT4 servers reflect the all-inclusive spreads (with no separate commissions) available to Mini accounts.

From what you have described, it seems you were connecting to an MT4 server displaying our Standard account spreads on charts. However, by your own admission, you were trading on a Mini account. Note that while the prices your trades were executed at might have been slightly different from the raw FX spreads you saw on the MT4 chart, this would have been offset by the fact that you were not being charged commissions on these trades the way Standard accounts are.

It's not too late for you to reactivate your Mini account, so you can see for yourself that what I say is true. I'm happy to help you get started again and can make sure you are connecting to one of our MT4 servers reflecting the all-inclusive spreads (with no separate commissions) available to your Mini account: http://bit.ly/1YFzng9


- Jason Rogers
FXCM Ambassador

 
Rebuttal: Added by Jason Rogers on 2016-07-12 12:59
  Hi again Blue Marlin,

If you can please take a moment now to check your MT4 platform (you still have access even though you closed your account) you will see that what I have told you is true. As I mentioned in my response to you yesterday, if you use MT4, then the spreads you see on your charts depend on the MT4 server to which you are connected. While the charts on some of our MT4 servers reflect the raw FX spreads available to Standard accounts, the FX charts on our other MT4 servers reflect the all-inclusive spreads (with no separate commissions) available to Mini accounts.

When you are logged into MT4, please compare the prices you see in the Market Watch window to the prices you see on the charts. Notice that while the Bid and Ask prices in Market Watch reflect the all-inclusive spreads available on your Mini account, the prices on the MT4 charts reflect the raw FX spreads available to Standard accounts which pay a separate commission.

The reason why your trades executed at prices that were slightly different from what you saw on the MT4 charts is because your trades were executed using the all-inclusive Mini account spreads. Those spreads are wider than the raw FX spreads available to Standard accounts, because unlike Standard accounts, Mini accounts pay no separate commissions for these trades and the all-inclusive spread is your only transaction cost.

If you have any additional questions or concerns about this, please let me know.


- Jason Rogers
FXCM Ambassador

Lebohang Molise, Bloemfontein, South Africa

Rating: No Rating
Date of Post:2016-06-24
Review: I'm gonna be straight to the point, DO NOT TRADE WITH THIS BROKER!!! On monday I closed my account, was told my funds request will be processed within two business days, they kept quiet until I sent an email on friday and it was only then they told me my request has been "finally approved"! I did not even receive my full amount! I emailed them asking them to explain and tell me about their hidden fees policy cause clearly there's one here, but of course, no response! I noticed they're very slow on withdrawals but very quick to act when one cancels a withdrawal request! STAY AWAY FROM THESE GUYS!
 
Rebuttal: Added by Jason Rogers on 2016-06-29 01:16
  Hi Lebohang,

There seems to be some confusion. FXCM does not charge any hidden fees when you make a withdrawal from your trading account. In fact, we offer several deposit and withdrawal options including some which are free.

Furthermore, while most transfer requests are processed by our Operations staff within 1 or 2 business days, it may take longer for you to receive the funds in your account depending on the specific transfer option you select.

You mentioned you have already closed your trading account. I'm sorry to hear that, but for future reference, information about our various transfer options including transfer times and any fees is available in the deposit and withdrawal FAQ section of our website.


- Jason Rogers
FXCM Ambassador

Tim H., Ottawa, Canada

Rating:
Date of Post:2016-06-24
Review: They are terrible in every way. During Brexit, they've arbitrarily changed their margins from 10% requirement to 50% requirement, increased the maintenance margin and increased the spreads.

You must call their desk whenever your maintenance margin goes back into positive.

I would strongly advise you to consider something else. Despite having large sum of money in my account, it is mostly useless as I can't trade with 50% margin. This limit has been placed now for 3 days+ . I question their liquidity if they have to place such high margin limit for a long period of time.
 
Rebuttal: Added by Jason Rogers on 2016-06-29 01:26
  Hi Tim,

There seems to be some confusion. You mention above that you live in Canada. That means the margin requirements for your account are governed by the Investment Industry Regulatory Organization of Canada (IIROC) which has higher margin requirements than other jurisdictions where FXCM operates.

You should have received an email from us informing you of the updated margin requirements prior to the Brexit vote in the UK last Thursday. Since then, you should have received another email informing you that margin requirements have been lowered back down again. If you are not receiving our emails, please check your junk mail filter and make sure our @fxcm.com domain is added to your safe senders list.

In regards to your question about our liquidity, FXCM's liquidity providers include global banks, financial institutions, prime brokers, and other market makers. FXCM LLC currently has 16 liquidity providers: Bank of America N.A. – Barclays Bank, PLC – BNP Paribas – Nomura International, PLC - Citadel Securities LLC – Citibank N.A. - Morgan Stanley & Co., LLC - UBS AG - Deutsche Bank AG – Effex Capital, LLC – Goldman Sachs International – and Commerzbank AG. Liquidity providers that stream pricing through the FastMatch Electronic Communication Network include: The Royal Bank of Scotland plc – RBC Capital Markets - Société Générale Corporate & Investment Banking – Credit Suisse Group AG.

source: https://www.fxcm.com/uk/about/liquidity-providers/?CMP=SFS-70160000000MusRAAS


- Jason Rogers
FXCM Ambassador to Online Communities
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numan hussain, gujranwala, Pakistan

Rating:
Date of Post:2016-06-21
Review: there live chat is very bad they dont want to help you they even did not reply i want to open ECN account with them i tried many time to chat with them i want yo ask same question before open live account but no one answer my question there service is very bad please dont open account with them
 
Comment: Added by Jason Rogers on 2016-06-23 08:59
  Hi Numan,

There seems to be some confusion. Our records show my colleague Daniel emailed you a copy of the account opening instructions you requested earlier this week. If you did not receive his email, please check your junk mail folder and make sure our @fxcm.com domain is added to your list of safe senders.

Daniel will try to give you another follow up call. Please come back on live chat if you need to update the email address or phone number we have on file for you.


- Jason Rogers
FXCM Ambassador

nader hoville, USA and, France

Rating:
Date of Post:2016-06-18
Review: also in HAWAII. I AM VERY UPSET. I THOUGHT THEY WERE THE GREATEST BROKER
EVER.....until I got a TERMINATION LETTER! I have been with them as a loser for over 7 years. Recently I was winning finally hoping to get it all back. They refuse to tell me why. It could only be two reasons : either they dont like people like me scalping at all times of days or they dont like me profiting from it. I read some others here who also got terminated. They claim that they would not terminate because we made profit....cause "non dealing desk" well what if thjey earn more with client that loose? ...It make no sense at all .
PLEASE CONTACT ME I AM GOING TO ORGANIZE A CLASS ACTION SUIT AGAINTS THEM...if they terminated for not good reason please contact me ASAP nhoville@aol.com
HOWEVER I want to say the good things...EVERYTHING ELSE IS GREAT WITH THEM....they pay fast., client service is the best and platform I adore.
 
Rebuttal: Added by Jason Rogers on 2016-06-23 03:50
  Hi Nader,

Please note FXCM doesn't close accounts for being profitable. I don't know the specifics regarding your account, but if your strategy is effective, you can move funds to another FX broker and continue trading in the market profitably. However, if closing your account with FXCM means you will realize losses, this means your open trades are floating losses. Equity is the cash value of an account, so if you are floating losses, then your equity is lower than your balance, and this means the account is at a loss and not a profit.


- Jason Rogers
FXCM Ambassador

victor, west sussex, United Kingdom

Rating:
Date of Post:2016-05-26
Review: Since I joined FXCM I had no problems excellent service. Any time I request withdrawal it was in my bank account within 3 days. Well done guys.

Empirical Perspective, US, USA

Rating:
Date of Post:2016-05-26
Review: The only thing misleading about FOREX trading is the success rate. Its very low. People write about it being a scam or how FXCMs customers are being ripped off, but their not aware of how the game works. I chart with an independent brokerage and their pricing is within 3 ticks of FXCMs.
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