Advertisement
Advertisements

Fxcm.com Review MT4 - MetaTrader Platform

Overall Rating: (2.352)
Get code for your site
Total Reviews: 493
Last Updated: 2014-07-23
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:2014-07-20
Review: 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.

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!

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 jrogers@fxcm.com

Thanks,
Jason Rogers
FXCM Ambassador to Online Communities
Advertisements

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.

protrader, kuala lumpur, Malaysia

Rating:
Date of Post:2014-04-19
Review: I don't think fxcm are bad broker. the trader must understand between real NDD and fake NDD. Fxcm is real NDD and market order not an instant execution broker like other basket shop broker. Price is reflected direct from bank. you can compare spread for exotic pair between other broker with fxcm , fxcm is much better. FXCM is zero limit order not like other at least 5 pips limit order for major pairs. the trader must understand this. Easy to make money with FXCM if you know it. Only the bad thing is platform sometimes it freeze and hang hope they improving about this.

Ahmed Ramadan, Egypt, Egypt

Rating:
Date of Post:2014-04-11
Review: I think it is not good broker
The bad reviews is more than good reviews by 1:8 that's mean there is something wrong in this broker
Also I have unsatisfaied experience with them
 
Comment: Added by Jason Rogers on 2014-06-05 09:19
  Hi Ahmed,

We take customer feedback very seriously. That's why I take the time to respond to any concerns raised by clients such as yourself. This commitment to our clients is a major reason why they have entrusted us with over $1 billion in funds: http://www.fxcm.com/about/financials-performance/

I'm sorry to hear of your unsatisfactory experience and would appreciate more details from you about this so I can find a solution for you.

Thanks,
Jason Rogers
FXCM Ambassador to Online Communities

PS: Regarding your comment about reviews, it's important to keep in mind that it's the nature of online forex reviews, that people sometimes post negative reviews when they're upset about an issue, before even speaking with customer service to find a solution. The fact is that FXCM is often able to follow up with clients who post negative reviews and successfully resolve their issue, but this is sometimes not reflected with a review update.

The two 1-star reviews that were posted just below yours are a good example:

One was from a US resident who was upset that FXCM asked for supporting documents to properly verify his identity as part of the account application process. We were simply complying with US government regulations in this regard, and we would have been happy to continue working with him to help him get this account set up.

The review below that was posted by someone who didn't understand the margin requirements in the US and incorrectly blamed FXCM for margin settings that are not specific to FXCM, but in fact are required by the NFA/CFTC for all US traders.
Show reviews per page | Next page>>
Sort:
Advertisements