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Fxcm.com Review MT4 - MetaTrader Platform

Overall Rating: (2.383)
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Total Reviews: 513
Last Updated: 2015-03-02
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.

Joshua Miller, Phoenix, AZ, USA

Rating:
Date of Post:2015-02-27
Review: People give FXCM a bad rep a lot of the time and it bothers me because the support and platform choice they offer is so second to none.

I have both a Trading Station and MT4 account. Never had issues.

But my favorite part about them is you can call them even over the weekend for help. I travel for a living so this is VERY important to me!! :)

Andrew, Massachusetts, USA

Rating:
Date of Post:2015-02-13
Review: I've had an account with FXCM for the past year and so far very few complaints. I'm using the Trading Station platform and by far the best platform I have used. Primarily use the desktop platform but the iphone platform works well when traveling. I would like to see them add more drawing tools to the chart such as triangles. Spreads are very good compared to the other limited broker options in the US.

Yadi, Sydney, Australia

Rating:
Date of Post:2015-02-12
Review: I am with this broker for 2 years. their own trading platform is brilliant, I never had any issue with them. Their support is also helpful (24 hour support and on weekends you can call them, usually some indian or malay guys will answer the phone) and the technician team is just responsible. I had a problem with mirror trader and their technician in New York (I live in Sydney.) called me at bedtime trying to clarify what the issue was. I make money with them. Withdrawals and deposits are ok. Deposit took about a minute if fund with credit cards, and withdrawal usually took 2 days. But after SNB event, my last withdrawal took 7 days. I understand because they have a high influx of withdrawal requests.

The only concern is that they are on a rescue loan with another firm and the terms are brutal and bitter. for sure, I still want to trade with FXCM, but for my money, I ll wait for a while to see how they handle their clients.

Chris, San Francisco, USA

Rating:
Date of Post:2015-02-01
Review: I'd been trading with FXCM since 2010. Never one problem. I am always aware of the margin requirements, do not max out leverage, don't use stops, and typically trade longer term, and I have made a profit. No problems with FXCM 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.
 
Comment: Added by Jason Rogers on 2015-02-10 01:13
  Hi Dave,

I'm not familiar with the particulars of your account, and any questions about specific trades should be directed to our trade audit team which investigates any trade disputes and has the ability to correct errors that take place on our part http://www.fxcm.com/uk/forms/trade-inquiry/.

Speaking in general, it is possible for a hedged position to receive a margin call thereby closing out the positions. The most likely reason would be due to spreads widening. When spreads widen, it could increase the loss on both a long and short position. There are additional reasons such as losses increasing due to daily rollover or changes in pip value, but these tend to occur less frequently from my experience.

When using NDD forex execution, your loss is not FXCM's profit. We earn a commission or pip mark-up on the trade depending on how your pricing is setup. The prices on the platform are set by price competition from multiple liquidity providers and are not set by FXCM.

I can understand you are disappointed with the outcome of your trade, and I wish you all the best with your future trading.
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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.
 
Comment: Added by Jason Rogers on 2015-02-10 01:17
  Hi Ricco,

We appreciate your feedback and will relay this to our management for review with the customer support team.

It is possible to register for a demo directly from the MT4 platform. Simply navigate to File > Open an Account at the top left of the platform to register.

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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