Advertisement
Advertisements

Fxcm.com Review MT4 - MetaTrader Platform

Overall Rating: (2.355)
Get code for your site
Total Reviews: 495
Last Updated: 2014-08-25
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
Advertisements
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.

Mike Gould, Austin, TX, USA

Rating:
Date of Post:2014-08-22
Review: FXCM accepts funding of accounts in multiple ways but when they shut down your account by force they will only wire transfer money to a bank. So in order to retrieve my funds, I have to jump through more hoops with these crooks. I has been over 1 month since FXCM shut down my accounts and I still do not have all my money.

2014-08-01 2Star After my account was closed (not by my choosing) by the active trader group transferring my funds out of FXCM was delayed several times by getting "lost". How does one loose an email request? FXCM is the worst and deliberately imposes punishment on those that ask questions or challenge the way they operate.

2014-07-20 1Star After requesting an audit about $500 worth of roll charges and appealing directly to the manager of the active trader group Brian Fletcher my account was closed by the compliance department. The response was email stating "effective immediately your account is closed". I must have struck a nerve. Let's how how the CFTC feels about this.

2014-07-11 2Star I believe the roll charges are manipulated to their favor. I requested an audit multiple times and got smoke screen answers, delays, misinformation, and summarily rebuffed by the director of the active trader group. I referred dozens of traders through my school to them over the years but that is done now.

Jerry Packwood, Hurrican Mills TN, USA

Rating:
Date of Post:2014-08-02
Review: Always good execution and fast service.
Do they have the lowest spreads? No.

But you get certain quality and dependability with these guys that you will not get at other brokers. They definitely care about their brand being a NYSE traded company too.

Martin, Honolulu, USA

Rating:
Date of Post:2014-07-28
Review: Want to manage money using FXCM? Think twice.

I am a CTA/hedge fund, regulated and registered by the NFA and have been managing a few accounts under the Money Manager Agreement at FXCM for about a year. Last week, on July 25, I received the below email. They basically wrote to me, without any notice, to inform that they will close my Money Manager account. When I asked my contact at their institutional division for a reason, he first tried to help and then just said I should call the number at the end of the email, explaining that Compliance won't give him a reason. I have tried to get in touch with their compliance division, but so far to no avail.

I am a former investment banker (Deutsche and JPMorgan) and I have seen a lot. But never this. If you run a serious business and consider FXCM - please stop right a way and look elsewhere. As happy as I was for a year with their service, this experience is out of the blue and handled very poorly by them.

Martin

Dear xxxxxx,

This letter is to inform you that as of July 25, 2014, FXCM will be terminating the Money Manager Agreement between FXCM, LLC and Bohemia Capital Management, LLC as well as any other agreement and any other title signed with FXCM, LLC (collectively, the "Agreement").

Upon termination of the relationship, all licenses to use FXCM's documentation and/or to represent any affiliation with FXCM must cease.

At this time we must direct you to remove the names of Forex Capital Markets and FXCM and all references and links connected thereto.

Pursuant to the Agreement, this termination shall be effective immediately.

I note that you have several open positions in the accounts that you manage. Please manage these positions to closure by the close of business in New York on Friday August 2, 2014. Do not open new positions during this time. Any open positions after this date will be closed by FXCM at market prices at the time of closure.

FXCM trusts that its relationship with its Referring Brokers, Service Providers and Money Managers will be mutually beneficial. For more information regarding FXCM’s policies relating to Referring Brokers, Service Providers and Money Managers, please contact our Compliance Department at 212-897-7660 or [email protected]

Kindest Regards,

Zalman L.
Senior Compliance Associate
FXCM Compliance Department

Brendan Murray, , USA

Rating:
Date of Post:2014-07-15
Review: I opened an account with FXCM late 2013 and I received an email today stating that my account was being terminated for unknown reasons. FXCM will not state why it was terminated and I've read other reviews online of them doing this for no apparent reason. I've deposited over $45k with these guys and they cut you off at random.

Rorik, London, United Kingdom

Rating: No Rating
Date of Post:2014-07-06
Review: I have traded with a FXCM for a few weeks. I have several accounts with different brokers in order to spread my risk. People here need to understand that the cost of running a biz like FXCM is very expensive and they can not do it merely by charging a small commission. Its either market making, something the regulators of recent have began frowning upon or big commissions on trades and large volumes. FXCM is hard pressed to stop its market making activities hence this No Dealing Desk thing that they have now. The trouble with it is they cant make enough money and thats why they are forced to do what they can to compensate for it with large spreads and possibly some other activates for which they were recently fined. They are between the hammer and the anvil and its tough! Plus they are publicly traded and need to deliver ever rising returns to the shareholders and expected to increase evaluations and grow every quarter!

My advice is this: If you are serious about trading forex, you need to come up with the $20k-$30k needed to trade via a true ECN. If you cant afford that, then you should either stop trading altogether or understand that you will most likely end up losing your money!
Advertisements

bill bo, usa, USA

Rating:
Date of Post:2014-06-07
Review: these guys were my first broker years ago. they sucked. my most recent broker went out of business and they rolled their accounts to fxcm, so i figured i would give em another chance. THEY STILL SUCK. horrible spreads, horrible fills. what a joke, but hey, theyve now got a PR guy to rebut everything everybody says bad about em, so its gonna b ok, dont cha know. i am closing my account 2morrow.

Gary Wright, London, United Kingdom

Rating: No Rating
Date of Post:2014-05-28
Review: Can anyone comment on resent events that FXCM is in financial difficulty ?

I have been lead to believe that they have recently had bankruptcy proceeding filed against them for the non return of traded funds. This is understood to be due to criminal misappropriation of client accounts for purposes other than trading.

Any further comments on this matter would be appreciated.
 
Rebuttal: Added by Jason Rogers on 2014-06-05 08:58
  Hi Gary,

One of the biggest advantages of trading with FXCM is our financial transparency. Most other retail forex brokers are privately held companies, so it can be hard to get details information regarding their finances. Are they profitable, or are they barely staying afloat? How can you know whether they are safe place to keep your money?

All traders need to ask their brokers the following questions regarding their financial stability:

1. What are your revenues?
2. How profitable is your firm?
3. Do you have a top-tier third party accounting firm auditing your financials?

Since we are are a publicly-traded company (NYSE ticker: FXCM), details regarding our financials are readily available: http://www.fxcm.com/about/financials-performance/

As you can see from the link provided above, the latest publicly available data, confirms FXCM's strong financial position with $218.9 million in our own net cash.

The rumors you heard are false. In fact, if it's not too much trouble, I would appreciate if you could please tell me where you heard them. If it's an online forum, I would like the opportunity to address the concerns raised at the source. You can email me at [email protected]

Thanks,
Jason Rogers
FXCM Ambassador to Online Communities

Naeem, Dubai, United Arab Emirates

Rating:
Date of Post:2014-05-06
Review: Their support actually sucks. i had demo account and was trying to open a live account. their agent called me, instead of understanding me and helping me, i felt he was trying to steer me in his direction. i wanted to open with minimum 1000$ and after hearing that he showed no interest and i have to follow them. My friend suggested me another option. planing to go for that
 
Comment: Added by Jason Rogers on 2014-05-27 07:43
  Hi Naeem,

FXCM understands that each trader is different and we work to cater toward individual needs. This is why we introduced the Basic, Premium, and Active Trader account types. While all traders have access to FXCM's 24/7 Live Support and online education materials, you can gain even more services as you increase your initial deposit: www.fxcm.com/services/compare-account-types/

You can open a Basic account at FXCM with as little as $50 to get access to our 24/7 Live Support and learn how to trade forex directly from the DailyFX team of instructors and analysts at www.dailyfxplus.com

I notice you live in Dubai, so it might also interest you to know that we offer support in Arabic: www.fxcmarabic.com

Jason Rogers
FXCM Ambassador to Online Communities

bernhard yohan, oakville, Canada

Rating:
Date of Post:2014-04-21
Review: I have been trading for about 10 years and I have tried multiple brokers during this time. I think most of the reviews here might be posted by traders who are frustrated by their own mistakes. I have been with FXCM for years and they have been the best broker from my experience. Their customer support is super. I click the live chat button and seconds after, there is a chat representative ready to help and they have always been very friendly. Recently I had a trade that was executed by my Expert Advisor that caused a loss on my account so this was not the fault of FXCM, but my original thought was that their system had a glitch when actually it did not. So when I filed a trade dispute, to my surprise, they reversed the loss and put the money back into my live account! Can you believe it? It is true. They rightfully did not have to do this but they still did. In the history of my trading years, this was the most act of good faith a broker has ever done and I don't think there are many brokers that would do this if it all. I have gained more respect for them after this. FXCM is a broker you always feel safe to deal with. They are an honest and stable broker and always strive to satisfy their clients. I normally do not post reviews unless they are well deserved but in this case I chose to. Would highly recommend this great broker.

Show reviews per page | Next page>>
Sort:
Advertisements