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Overall Rating: (2.348)
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Total Reviews: 485
Last Updated: 2014-04-11

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.

Ahmed Ramadan, Egypt, Egypt

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

Michael, Vermont, USA

Date of Post:2014-03-18
Review: I don't know about the actual trading, but the service is terrible. I had some trouble with my proof of residency documents. They would not accept:

-Government-issued voter registration card (signed by town clerk)
-Government-issued selective service registration.
-DMV Verified Documents
-TD Ameritrade Statement
-Bank Statement with my middle name used as my first name (personal preference)

Also, it takes them 2-3 days to respond to emails which drags the application process on. Eventually I gave up and switched to another regulated US broker who accepted my documents in under 24 hours and I was trading the next day. Also, if your account is "locked" because of verification issues you can deposit, but not withdrawal, which means my initial deposit is stuck in their coffers until they take it out manually (which knowing them could take 3 days or longer). This isn't even to mention that they were recently fined in the UK for unethical practices. I would not recommend.

Dennis G, NYC, USA

Date of Post:2014-02-19
Review: I decided to give the new fxcm a try and they are supposed to be
better than the old fxcm which was a total scam. They now claim
that they do not trade against their customers anymore. This is true but they have some new problems now.

They will only allow you to have a maximum margin of 20-1 if you
live in the US. They however often limit the margin to a lot less on
every trade. If there is no action in the currency pair they allow you
to get close to 20-1 but the spreads are very wide and this makes it impossible to make any money. If there is movement in the currency or news you will only be allowed to trade a few contracts with only 5-1 margin. They will also issue false margin alerts when you have very high usable margin. This forces you to deposit more money when it is completely unnecessary. You also
end of booking a lot of losing trades because they pressure you to
close the position when you are losing.

I cannot recommend using them because of the very small margin limits and the fact they change margin requirements on
EVERY TRADE. You will end up booking a lot of losing trades and
adding more money all the time. This seems to be their new strategy for making money off of the clients. You will be making new deposits almost every day when you have high usable margin.

Anonymous, , Canada

Date of Post:2014-02-03
Review: Been with FXCM for many years. Not bad but not great. The company from my understanding is allowed to trade and also see what its traders have for stops and limits. I have had many times when spreads have gotten extremely and stupidly wide.

After having positions stopped out by these spreads I have copied the charts showing the levels I was stopped at. Going back days later, the numbers had changed and the level I was stopped at was no longer reached on the chart. I sent the copied charts to support and was told that sometimes the prices don't match the charts (what a line of bull that is). Every other company I have used charts from, the data feed always matched what is on the chart.

I have also had many trades stopped right to the pip like today. I have checked many other sites and data feeds showing the daily high and lows of the item I was trading. Every single data provider did not hit the level my stop was at except for FXCM data feed which was the only provider out of many to reach my stop level to the pip. This is a common occurance and has happened to many times to mention. Upon speaking with other traders, this is a very common thing and support just gives some kind of excuse (they have many) for why it happened.

When I find a fair broker I will close out and move to someone that doesn't look after their themselves first and make money trading against their clients.

2007-05-04 1Star I am currently an FXCM Client and i don't give my name. The traders should go to see the comdannations on a website of NFA and CFTC. Their representatives are lying.

FX Trader, None, Canada

Date of Post:2013-12-12
Review: FXCM is simply a scam. If a currency pair starts to really move, the spread for it widens to sometimes as much as 25 pips.

FXCM's site says this is to "compensate for volatility." Well, I had an account with IG Markets and their spreads were ALWAYS low.

FXCM just fixes prices. How does it work? Like this: on a hot currency pair that's really moving you won't buy at a spread of 25 pips
because you can't make anything. If you have a trade from before the currency started to move, you will never make anything from it.

Why? Because FXCM considers the "real price" to be the Ask Price, meaning you can chop the new big spread off the pips you made.
For example, you're up 35 pips, but you will see that you profit only shows in the software as +10 pips because of the 25 pip spread.
So you wait until the spread goes down.

Could be a while. As long as the currency remains hot, the spread remains big. Thus, you cannot make anything.

This is just price fixing. Why is this the way it is? Because most shitholes like FXCM are not involved in the international
monetary market at all. So when you make money, the shitheads must pay you out of their own money. See? The profits don't come from
the international money system.

Real FX dealers taking ten cent trades from FXCM? No, not in this lifetime. If all FXCM trades were for one million plus, sure.
But when they're $100 one mini lot trades, no.

Are there any reputable FX dealers out there? Yes. Try IG Markets in Britain. They have contracts with banks and financial institutions
to act as a dealer for them. They don't need to rip you off to make millions. FXCM does.

FXCM is just a shithole.
Comment: Added by Jason Rogers on 2013-12-16 02:17
  What you've said here is incorrect.

The reason spreads can widen at FXCM during new events is precisely because our prices accurately reflect what's available in the market. On our No Dealing Desk (NDD) forex execution, the sell and buy prices you see on the screen are the best bid and ask prices received from 10+ competing liquidity providers plus our fixed pip markup that acts as a commission. On the NDD model, FXCM makes its money from client trading volume, not client losses, so we have no incentive to want you to lose on a trade, a we have every incentive for your order to execute and for your to make money so that you will trade more.

That means when you see the spreads widen on our platform it's because the spreads from the banks have widened. If you see another broker that doesn't widen its spreads when banks widen their spreads, then chances are you are looking at a dealing desk broker. Since the spreads available in the market are wider than what the dealing desk is showing their clients, the dealing desk will be unable to offset client orders with banks. Instead, the dealing desk will have to take the market risk on the other side of client orders.

If after the news announcement the market ends up moving against their clients, the dealing desk can offset these orders for a profit, but if the market ends up moving in favor of their clients the dealing desk could end up losing a lot. This is when the dealing desk might resort to dealer intervention practices such as re-quoting orders, delaying execution and skewing prices.

There are no requotes on our platform, and the spreads reflect the best prices we receive from 10+ liquidity providers plus our fixed pip markup. FXCM's deep and diverse pool of liquidity providers helps to ensure that NDD prices are reliable - not set by a single provider - and that they do reflect the broader forex market. Also, through competition, the NDD model ensures that prices are market-driven and fair.

FXCM rewards liquidity providers with order flow when they provide the best bid or ask prices. The more advantageous their prices are the more order flow the liquidity provider will receive. The less advantageous, the less order flow they will receive. This efficient selection method keeps a single liquidity provider from adversely affecting your price.

Aussie, Perth, Australia

Date of Post:2013-11-15
Review: It's coming up to 1 year since I joined FXCM. Couldn't be happier with FXCM. Signing up was straight forward, (I called first to talk to someone at a local FXCM office and ask about it).

Once you're signed up you get free access to Daily FX Plus. Don't know how many hours I've spent at the live webinars (many of them every week) and great tools like Speculative Sentiment Index and the auto-trader. You can get a free trial for Daily FX plus before you sign up, which I did.

The platform itself is very nice and smooth. Love the charts and the tools. The spreads don't seem big to me. Overall very happy with FXCM and plan to stay with them for the rest of my trading career.


Date of Post:2013-11-13

FXCM is a stop loss hunter company ... in one day the on 7th november specifically ,,,, they closed 3 trades for me ( which i pressed close all on the mt4 to close ) with a close price of 14 pips difference between close prices making them all losers ...
in the same day they closed 2 tardes for me at stop losses ... one had the stop loss originally never achieved on the chart ... and the secong on the days low for eurusd by the pip.... i must be a saint to get 2 trades closed on days low by the pip .. putting in mind that eur usd moved up and down in a 500 pip range almost that day ... THEY ARE STOP LOSS HUNTERS ... SURE OF IT ... ALL TRADES WHO WHERE FOLLOWING THE SAME EA I FOLLWED BUT WITH DIFFERENT BROKERS CLOSED ON WINS .. BUT I LOST AS FXCM IS A SCAM IN MY OPINION AND ALSO ALL EAs WHIM I KNOW OPINION TOO

2013-11-12 1Star dear all,,
i have been a victim of fxcm (IN MY OPINION SO FAR ) ... i swear .. stay away .. they activated my stop loss on 3 trades on the same day al though the stop loss was never reached during all the time the trades was open according to their charts on mt4 .... when contacting them .. they said it has been reached on the ask price only... very funny on 3 different curriency pairs . i get stop loss on ask price in same day.. i must be a saint then.. i guess i am going to fca and court ,,, just waiting for their useless reply on my final complain and lets see what happens .. but PLEASE AN HONEST ADVICE AVOID AVOID AVOID AS I BELIEVE THEY ARE NOT FAIR ...
Rebuttal: Added by Jason Rogers on 2013-11-14 02:16
  Hi Sherif,

Please see the response to the trade details you posted on Forex Peace Army

FXCM takes all trade inquiries very seriously, and our audit team will investigate any requested trades to determine if there was an error with trade execution. If there is a technical issues caused by our system then an adjustment will be made.

We understand you are not happy with the results of your trades, but you will see from the chart screenshots I provided that the price you set in your orders (described by the information you posted) was reached on the chart. Again you can find details here

Kind Regards,


seb, uk, United Kingdom

Date of Post:2013-10-28
Review: there are a lot worse out there.

I wouldn't want to use them again because I had a margin call with 30% to go, tried to top up enough to cover me to a reasonable point but their servers wouldn't accept the payment and then my whole account crashed.
I believe I could have called them, but for personal reasons I didn't.

I don't need extra stress of having to jump through hoops to fund my account under extreme circumstances.
Spreads were quite wide which also made it hard for me to trade, but for some it will work. I believe they can 'make their money' (as another reviewer stated) on the pips they don't quote you that others will. Good for when you are only trading a few contracts.

Positives are the educational material, they really are useful when you're a beginner.
Choice of instruments is ok on the spreadbet account.
Comment: Added by Jason Rogers on 2013-10-30 05:32
  Hi Seb,

First, thank you for your feedback. I'm glad you found our educational material to be useful.

You mentioned wanting to be able to top up your account quickly. FXCM offers many deposit options including bank wire, check and credit/debit card. The fastest method is credit/debit card, and funds deposited in this way appear in your trading account immediately. If you ever need help making a deposit, our live customer support team is available by phone 24 hours a day, 7 days a week. Our toll-free number in the UK is 0808 234 8789.

You also mentioned that you got "a margin call with 30% to go". When trading with FXCM, if your usable margin falls to 0%, then your trades will automatically be closed out by the margin watch feature . This safety measure ensures that your account balance never goes negative, so your risk is limited to the money in your trading account, and you will never owe money due to trading losses. If you still have questions about why a particular trade was closed out by the margin watch feature, the Trade Audit Committee can look into this for you:

Jason Rogers
FXCM Representative

Sanjay Radia, London, United Kingdom

Date of Post:2013-09-07
Review: I have used many brokers and FXCM Rock (I use NDD platform) is why:

1. Great website, can do most things there.
2. Great customer service when I have called in.
3. Nice GUI/App, it's even better when using Trade Interceptor as front end.
4. Withdrawal process pretty painless and effective (does take a few days though).
5. Most important which I rarely found with other brokers, when I execute I more often get price improvement, I guess this is due to their NDD platform, it's only a pip or so but every little helps.

A bit limited on commodities and NDD spreads are a little wider but hey they have to make money somewhere..I think the extra spread is well worth it and often is compensated on price improvement. Often my mates have been stopped out on other platforms by a pip over stop and I haven't because I was fed the best price from multiple feeds which was just under.

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