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Overall Rating: (2.379)
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Total Reviews: 522
Last Updated: 2015-05-06

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

Special Notes:


IBs for FXCM include

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

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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 If you've traded forex with this broker, please leave a review here.

CNPFX, San Jose, Costa Rica

Date of Post:2015-05-05
Review: Recently I received quite a few emails from FXCM stating that they had a new account similar to a micro account. Since I had stopped using FXCM as I found their service to be terrible and many promises which they never made good on, I thought I would give them another chance. I used their online chat to recover my account details as I have long forgotten them. When I asked the rep about the new account type I was told that she had no idea as to what I was talking about. She went on to state that FXCM did not offer such an account. It goes to show you that FXCM is out to lunch. How can a company rep not know of such things and at the same time not even offer to double check. This just goes to show me as well as the rest of the world that FXCM is and will continue to be a joke.

There are better brokers out there who actually have their people up to par as to what is going on. How can you trust a lazy company with your money?
Comment: Added by Jason Rogers on 2015-05-12 12:36

First, I want to apologize for the confusion my colleague on chat had regarding your question about "a new account similar to a micro account". I think she may have been confused, because all FXCM accounts allow you to trade micro lots and risk as little as 10 cents per pip, even Active Trader accounts.

From what you have described, I believe you are referring to our new DD option which is now available to traders in certain countries. FXCM's new risk management policy requires the reduction of leverage on all accounts on our No Dealing Desk (NDD) forex execution to a maximum of 100:1. However, in response to demand for more leverage from some traders, we have decided to introduce a new DD option for accounts with a balance less than $10,000. That way traders can get access to higher leverage up to 400:1 to magnify gains and losses.

If you would like to learn more about this account type, I hope you will give my colleagues in our 24/7 live support team another opportunity to help you. FXCM strives to provide you with the best customer service, and we take pride in the many industry awards we have received for this:

It's a key reason why our client base has grown to 222,279 tradable retail accounts as of the latest publicly-available data:

Terry Card, Essex, United Kingdom

Date of Post:2015-04-08
Review: I have been with FXCM for over ten years and have often defended them when I have seen poor reviews, but in the last months they have behaved really poorly. I had to write to them FOUR times over a period of 4 weeks to get a response about a trade audit. Then this evening the trading station froze and my trade was taken out when their own charts show it was nowhere near my stop. This freezing of charts happens most nights at 10pm and I have to wonder is this their way of trying to recuperate the 250 million they lost recently. I really could not recommend them as they have been so poor recently.
Comment: Added by Jason Rogers on 2015-04-23 11:57
  Hi Terry,

First, I want to thank you for being a client of FXCM for over ten years. I trust over these many years, you have been pleased with our service. I am confident that if you give us an opportunity, we can also address your recent grievances.

For example, you mentioned that you experienced freezing on your charts most nights around 10pm. That would run contrary to your suggestion that this was something deliberate on our part to cause you to lose money. Otherwise, why would it occur at the same time everyday?

This is why I hope you give us the opportunity to investigate this issue further for you. For starters, it's worth noting that 10pm UK time corresponds with 5pm New York time when trade rollover occurs. It's possible this is somehow related, but we'd need more details to be sure. Please contact our 24/7 live support, so we can help you.

Also, consider that on our No Dealing Desk (NDD) forex execution we offset each of your orders one-for-one with the best prices from competing liquidity providers. That means, we do not profit from your losses, or lose from your profits. Instead, we simply make money from your trading volume. Therefore, we want you to be profitable, so you can continue trading with us.

Lastly, I would like to address your comment about recuperating 250 million. Since we are a publicly-traded company (NYSE ticker: FXCM) the details of our finances including the loan from Leucadia are well known. In fact, in our most recent quarterly earnings presentation, we clearly outlined how we plan to repay this debt:

Over the past few years, FXCM has spent over $250 million dollars making strategic acquisitions building up our non-core businesses, mainly the institutional side as we tried to diversify the firm. We are now looking to sell some of those non-core assets; But, we are not in a rush and are looking to get the highest valuations for these assets. We are considering closing or selling smaller regulated entities that require large sums of capital requirements, but that offer increasingly low return on capital. In fact, just recently we announced this news:

The latter move allows us to free up significant amounts of cash that is currently trapped. We believe that in the near term we can pay down a majority of the loan. That's our goal. We have now repaid $66 million under the credit agreement, and as of April 1, 2015, the outstanding Leucadia loan balance is $244 million.

FXCM is pleased with how our debt reduction plan is proceeding. We are ahead of plan and the results of the FXCM Japan sale exceeded our expectations. With all the increased attention to our other properties, we are expecting robust and competitive auctions for the other non-core assets we have targeted to sell. We anticipate making an additional repayment of approximately $12 million towards the credit facility in the coming weeks.

By contrast, most other forex brokers are privately-held companies, so it's hard to know how much debt they have on their books or the state of their finances. Despite the events of January 15th that resulted from the Swiss Franc movements, FXCM today remains in a strong competitive position:

* $303 million in consolidated operating cash
* $1.0 billion in customer equity
* 195,000 active retail FX accounts
* Global regulatory capital of $252 million versus $93 million minimum requirements (an excess of $159 million)


Sam, UK, Israel

Date of Post:2015-04-03
Review: ITS THE BIGGEST SCAM COMPANY THE HISTORY HAVE EVER SEEN . DO NO TRADE WITH THEM !! ib's never refer your clients to them .
i opened an account with FXCM and i hae over 150 clients but i referred 2 of them only to FXCM . they called me few times for an interview and they tried to ask what my plans are and how much money i am willing to bring to the company . i did not say so much and after i brought these 2 clients in they blocked them from my ib portfolio or pam account and they tried to contact them privately. i did not like it at all and these 2 clients told me we dont feel comfortable with the last conversation with FScamCM . after they separated the the 2 accounts i tried to log in from one of my clients accounts and traded for him privately . they did not like the fact that i made him some money and they started to block my execution as they see my ip and that caused a lot of inconvenient and in some cases losses . they claim to be STP but they have a dealing desk . means that when you lose they profit and their profit is not from the spread as they claim, if that was the case they wouldnt have slippage . slippage for those who dont know is when you execute a trade and you receive an error message that there are no price quote at this time . its BULS*** its the price that youre trying to execute based on their platform so how can they say there are no price quote at this moment from the bank .
if you keep winning they block you and thats the second obvious reason why they are Market Maker not STP . STP broker means there are no slippage !!!
also i had a trade opened on the EURO JPY on Friday at around 6:48 pm . and kept it open over night with take profit and stop loss in place . it was a selling position and the market dropped way below my limit " take profit " with a gap even and rebounded back up and hit my limit again and the trade did not close . so the market hit my limit twice on the selling and even on the rebound back up hit it again and the trade did not close . i spoke to them and they reviewed it and on the chat they admit that yes the market hit my limit yet the trade wasn't closed . they told me dont worry send it to compliance and they will respond and fix it for you . i did submit a ticket and the guy from the compliance responded completely irrelevantly.
i still have my messages with them videos and photos that i can attach or provide to who ever is asking .
if you open a position and youre losing they count every single micro pip against you . if you open a position and youre profiting suddenly they tell you thats the rate we have from the banks , that is THEFT and FRAUD !! be careful everyone STAY AWAY FROM THIS BROKER .
Comment: Added by Jason Rogers on 2015-04-23 11:40
  Hi Sam,

What you have said about our trade execution and service is simply not true. If there were any doubts before, it should be pretty clear now that FXCM does not benefit when clients lose on our No Dealing Desk (NDD) forex execution. That's because we offset each of your orders one-for-one with the best prices from competing liquidity providers.

Furthermore, these liquidity providers are independent third parties, which means FXCM doesn't profit from your losses, or lose from your profits. Instead, we make money from your trading volume. Therefore, it's in out best interests for you to be profitable, so you will continue trading with us.

In fact, with our new super-tight spreads, we have replaced the old markups to the spread with transparent commissions, so you can see exactly how much we make for executing your orders. The live FXCM spreads you see here are from the best bid and ask prices we receive from our liquidity providers without any markups:


mark, phoenix, USA

Date of Post:2015-04-01
Review: Dear Jason,
If you would take the time to read the post that you respond to you would notice the part I explain how I set my max dev point in my platform. It does not mater where I set it, I have even tried 500 as a setting and it makes no difference, I still almost never enter or exit a trade without multiple price errors or requotes, therefore I can have no confidence trading any system using fxcm. I tried explaining this to your less than friendly staff but they would not hear of it period. I would be most happy to make a video and send it to you or anyone else to prove what I am saying is true.

2015-03-22 2 Stars I live in the US and have been trading for more than 10 years. I had been with IBFX for several of them and never had a major problem with them. Their spreads were not the lowest but requotes were almost unheard of. When they closed shop (thanks to the Barney Frank act) I was transplanted againt my will to FXCM. The reason I say this is I have had previous FXCM experience and because of this I was sorry to hear I would be forced to be with them again...

The main problem I have with FXCM is the difficulty in execution of orders in not only busy trading times but also mild trading times. I contacted them via the chat and explained the issue to them and the person I spoke to, named Rafi, told me that my MT4 max deviation spread was set to tight (even though I had already set the max deviation to 5 pips.) He explained that on their end it showed it was executing at 0.5. I knew this was not the problem because I already tried several different settings (since then I have set it at 500 which would now be 50 pips according to what Rafi explined regarding the decimal point and I still to this day have multiple requotes!) I still get at least 50 requtes a session and I am not doing any kind of hi speed trading. I simply have to click, click click, click... while laughing while this is happening because I now actually interact with it as if it were a game! It takes from sometime 5 or 6 to literally 30 seconds of clicking to get the order to execute in or out.

Over the years I have been with at least a dozen brokers most of which are not around anymore. I have experienced this with only a couple of them and FXCM is one of them.

Knowing my past experience with FXCM, When speaking with Rafi I explained very clearly and respectfully that since I PAY A COMISSION ON EVERY TRADE, I thought I was supposed to have few to no requotes but he basically said NO and blamed it on market conditions. I also explained that IF they would put me on a proper server (most likely ECN) or something that would be at least reasonable regarding requotes I would stay with them and deposit more money but if the multiple nightly requotes continued I would be forced to have to go find a different broker. After he put me on hold for a very long time (I am certain he was hoping I would just drop off) He then came back and became rather rude and heartless and pretty much told me to go F off without actually saying those words.

I have now searched THANK GOD TO THIS FORUM over 50 brokers. Two of them withstand the test of GOOD REVIEWS. I'll be making a decision which one I will deposit my next 5k in this week between the two. I believe between these two because reviews specifically state NO REQUOTES and LOW SPREAD ECN's will be not only reasonable to trade with but also at least kind and respectful in their approach to doing business with me, their customer UNLIKE FXCM HAS EVER BEEN WITH ME.

Comment: Added by Jason Rogers on 2015-03-23
Hi Mark,

Thank you for your feedback.

There are no re-quotes when trading at FXCM. On MT4, you may get an 'off quotes' or 'invalid price' message if the order price requested is no longer within your specified Maximum Deviation tolerance. Maximum deviation allows you to limit slippage on a trade, but the smaller maximum deviation is set the more likely the order might be rejected especially if prices are moving quickly. This is why we recommend increasing the maximum deviation level; however, keep in mind there is a trade off. Setting a low maximum deviation can reduce slippage but also may mean a higher order rejection rate if the market is volatile. Increasing maximum deviation can help decrease the order rejection rate, but it also indicates you are more willing to accept slippage which could occur when the market is more volatile.

It's worth noting that FXCM's MT4 platform is unique. We have enhanced the functionality of the Maximum Deviation feature of the platform, so that it only limits negative slippage, but not positive slippage. That means regardless of how high or how low you set your Maximum Deviation tolerance, your order will always get filled at the best available price from the liquidity providers and receive the full benefits of any positive slippage that's available.


chris, germany, Germany

Rating: No Rating
Date of Post:2015-03-30
Review: fxcm got me interested with their advertisement of their new indices cfd products that require margins like 6 dollars or so. so i went to their site opened an account, their system asked me with what amount i want capitalize my acc and the smallest option listed was 50usd . i chose 100usd, the system swallowed it without complaints. account opened so i deposited 100 usd. next
day my acc was suspended and they emailed me demanding i come up with another 1900usd stating traders with smaller accounts arent statistically profitable. (yeah sure most newbies would blow those 2000e in 5 days) thats ridiculous because why are they even advertising cfds with margins like 6
euros when new clients need to deposit 2k to be able to trade those products. (it all seems like baiting to me, lure clients in first then pressure for a high deposit theyll most likely lose within days) i mean if i were ready to open an account of 2k i certainly would envision higher margins in my trading than 6 euros and actually at that stage id rather sign up with a futures broker for security reasons, especially now as many brokers including fxcm took a huge hit during the CHF fiasco.intuitively i ignored their "know your customer" call as ive been thru that with other german speaking support teams of other brokers and sportsbooks and it has always been harassment. germany is not a service
nation and most service staff here has severe communication deficits which was also reflected in my email correspondence with fxcm's robotic and brainless german "support" team later on. generally ive made 100 times better experiences with english speaking support staff no matter what company. the issue with fxcm is tho that as a german they dont even want you
to browse their english website, after every single click they ask you again if you want to be forwarded to their german site, ignoring the fact that some ppl dont want to be 2nd class clients having to deal with untrained incompetent german staff

Ebrahim Mirshamsi, UK, United Kingdom

Date of Post:2015-03-27
Review: I did not have much problem with FXCM until recently where they suddenly increased their margin while my trade was open and I got a margin call.

Rey, , Qatar

Date of Post:2015-03-24
Review: Terminating your account for no warning and reason at all (special if you're already profiting) is like a big scam!

That's what happened to me. I was scalping the market yesterday and manually opening and closing positions on a volatile EUR/USD when suddenly I can no longer execute an order. Next thing I know is they terminate my account for no reason at all.

I don't know what is happening with this company. I choose them because they are one of the oldest and the biggest, listed in NYSE and that they have the best fx education in my opinion.

But all of this great impression and high hopes collapsed in an instant when they terminate my account for no valid reason at all.

Now after this experience, I feel I'm scammed!. its very dangerous to deal with this kind of broker. Beware!
Comment: Added by Jason Rogers on 2015-03-26 11:12
  Hello Rey,

Thank you for choosing FXCM, and I am sorry we are no longer able to service your account. Accounts are not closed based on profitability. If you have any questions about the closing of an account, please contact [email protected] to discuss with our team.

Dave , Pennsylvania, USA

Date of Post:2015-03-23
Review: my problem is i can't change any orders once they go live. it's a great feeling when your orders are open and you can't set any stops, limits or close it. it worked fine for a couple months but 2 of the last 3 trading days i've encountered this. i realize you can have stops and limits on the entry order but i usually place 8 orders and it's quite time consuming to do this so i wait till they go live and set my stops.
Comment: Added by Jason Rogers on 2015-03-26 11:09
  Hello Dave,

It sounds like there may be an issue with the platform operating on your computer or device, and I would like to have our technical support team trouble-shoot this with you one on one. If you can please contact me directly at [email protected] and we can help.

Ben V, Utrecht, Netherlands

Date of Post:2015-03-20
Review: I have used FXCM for 10 days and had great succes on the turbulens of the USD/EUR.
I made about 4K in about 16 positions and I must say the Trading station web of FXCM worked great for me. It is fast and I really like the setup of the software, it has a clear overview of what is happening and when / where you placed trades in the chart wich helps you to decide when to exit.
I did witdraw most of the funds yesterday of my account with FXCM just because of the low stock price of FXCM shares and I just want to have my money parked safely on my bank. It took 24hours for my to see the money appear on my bank account.
My action might be a bit over paranoid because the company is doing well and the stock price has increased so the company seems to do well after the USD/CHF disaster. I will try another broker that has good reviews on this site that uses the metatrader 4 software, but I must say it is not as nicely disgined and does not have all the features as the trading staion web from FXCM and I will also continue to use FXCM because for me I had succes with it.

I do have to say that after I setup a live account I don't get reactions on my emails with questions about the sofware, eventhough I send the same mail 3 times in a period of a week. So don't expect to much from the customer support once you have an active account. But in terms of being able to make money and making withdraw money in my case it was easy and fast.
Comment: Added by Jason Rogers on 2015-03-23 09:52
  Hi Ben,

We're happy to hear about your trading experience with FXCM. FXCM had 194,000 active trading accounts as of our last metrics release for February 2014, and we believe that our platform and services just as you described is a key reason FXCM is a leader in the forex industry.

I would like to apologize for any delays you experienced from our customer support team and we appreciate your feedback. I will make sure our management team is made aware of your feedback.

We can understand your concern over the events of January 15 which is why we outlined our plan forward during our earnings release a few months ago. If you look at slide 10 of the presentation located at you will see that we have outlined non-core asset potential sale proceeds which could free up capital in excess of $250 million.

We look forward to sharing more information in the future as it becomes available, and we look forward to servicing your account in the future as well!

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