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Fxcm.com Review MT4 - MetaTrader Platform

Overall Rating: (2.381)
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Total Reviews: 545
Last Updated: 2016-02-04
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.

Andrei , Arizona, USA

Rating:
Date of Post:2016-02-02
Review: The good:
Withdrawals and deposits are processed fairly quickly.
Customer service seems to be 24h
Opened an audit for a transaction and it was reviewed within 48h, albeit it was a pretend review.

The bad
Dealing desk accounts. Broker makes money when you lose.
Limit orders regularly do not get filled immediately, have seen delays in minutes.
Audit process on orders is a joke.
Customer service is polite until you challenge them.
Broker almost went under last year.
Limited instruments one can trade
Large spreads

Bottom line: don't waste your time. I opened s small account to participate in the contest but the aggravation is not worth it. There are fantastic brokers out there that offer ECN accounts with blistering execution and superb customer service.

Eric, , Philippines

Rating:
Date of Post:2016-01-25
Review: FXCM's customer service don't seems to work I hope you fix that, I've been trading with you for about 3years now, but the service now is bad, I even hava email which was not answered till now for about 1month now.
 
Comment: Added by Jason Rogers on 2016-01-28 04:21
  Hi Eric,

First, I want to thank you for being a client of FXCM for 3 years. As you know, it's highly unusual not to receive a timely response from our customer support team.

The fact that month has gone by and you have not received a response to this one particular email suggests that it might have been lost. The first thought I have is that it may have gone to a spam filter either on your end or ours.

If you resend the content of the email to me via private message here on this forum, I will make sure you get a timely response.

Paata, London, United Kingdom

Rating:
Date of Post:2016-01-15
Review: FXCM is Scam!
Here it is how FXCM robbed me. I opened a buy position in US Oil trading in Feb 2015, when oil price fell to below $50. My strategy was to open additional buy positions in every 250 pips if the price would fall further and close the positions when the price would retrieve 80% of the movement. I had enough money to fund my strategy up to $20 oil price. Theoretically you cannot lose any money with this strategy. But, FXCM makes everything possible. After one month FXCM closed the market for US OIL trade and so all the opened positions. It opened the market several hours later than normal and when it opened the market it made oil price 250 pips higher than it actually was. Such US Oil price did not exist anywhere at that moment. I was discouraged and did not open the positions any more and finished my trading with $13000 loss. There were other factors too that FXCM used to make me finish trading with loss. When the trading is about ten thousands of dollar even minor factor influences your decision.
So be warned! Even if you have excellent strategy FXCM will make you lose because that is how they earn money, although they claim it otherwise.
 
Comment: Added by Jason Rogers on 2016-01-18 01:31
  Hi Paata,

Unfortunately, you are mistaken. When you trade oil CFDs, it's important for you to note that these contracts expire every month. This is not unique to FXCM. Even in the futures market, the oil contracts expire monthly.

If you had noticed the expiration dates for the oil CFD contracts that we list on our website, then you would not have been surprised when your trades closed due to contract expiration: http://bit.ly/1RPQnks


- Jason Rogers, FXCM Ambassador to Online Communities

DC, , New Zealand

Rating:
Date of Post:2016-01-14
Review: Overall the broker seems to be fairly reliable with a very good platform (TS2) that I prefer to mt4..
The only reason I left FXCM is because of a bit of shady practice that they did to me.

They switched my account type from a 'classic' account (non-dealing desk) to a 'mini' account (dealing desk). With the mini account, whenever I lose, they earn money. I did not request for them to switch and when I confronted them on the phone, they outright LIED to me and said that it was just their company "labeling" my account as mini on the TS2 platform however it is still a "classic" account.

A few weeks later, they admitted that they switched me to a mini account.

Bare in mind that they also recently got hacked and customer personal information might have been stolen. (2015 around September/October ???)

Also, they are hugely in debt to Leucadia because of swiss franc crash so bear in mind long term, they might not be around.

2015-10-02 2Star
Review: Didn't run with too much trouble with them so I would have gave them 4 or 3 stars however after they changed my account from a standard account to mini WITHOUT telling me, I phoned them to ring that I noticed the connection has been set to mini and I suspected they moved my account but their representative outright LIED to me and said that it was their "label" and that I was in fact still on a standard account.

Mini accounts are dealing desks, while standard account are NDD. They told me that I needed to apply to change it back. I didn't ask to switch in the 1st place.


A few days ago, FXCM had a breach by a hacker apparently concerning sensitive user information so I decided to call them to withdraw my funds but phone support + website portal were down for a few hours.

Also, note that FXCM has HUGE debts because of the CHF crash, their future is not so bright so I would advise you to stay away from them and choose a more financially stable broker.

Added by Jason Rogers on 2015-10-08
Content: Hi DC,

Mini accounts tend to be popular with traders who have smaller balances, since these accounts have lower margin requirements giving you access to higher leverage. That's why we emailed you a notice about switching your account to mini and even included information on how you could opt out if you preferred to keep your standard account. Since you missed that email and want to keep your standard account, please email me at jrogers@fxcm.com so I can follow up with our Operations department on your request.

Here's a link to the announcement we posted about the cybersecurity incident you mentioned: http://ir.fxcm.com/releasedetail.cfm?ReleaseID=934649

That Thursday our live customer support team was answering calls and live chats as always, but there were longer wait times due to high call volume from the incident.

In regards to your comment about the loan we received from Leucadia after the EUR/CHF flash crash, it's important to note that despite the events of January 15th, FXCM's capitalization remains at levels similar to before the SNB event: http://bit.ly/10Pq5FJ

As we mentioned during our last earnings call, our plan is to pay back that loan with proceeds from the sale of non-core assets: http://i.imgur.com/DTfLu3b.jpg

At that time, our CEO Drew Niv said the following: "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."

As a further update last month, we announced the completion of our sale of FXCM Hong Kong to Rakuten Securities for a total consideration of approximately $38 million: http://ir.fxcm.com/releasedetail.cfm?ReleaseID=931388

- Jason Rogers, FXCM Ambassador to Online Communities

Alex Findlay, , USA

Rating:
Date of Post:2015-10-25
Review: I have had an account with FXCM for over 9 years. I had some issues with them prior till 2009 and even received reparations ordered by the NFA...FXCM changed after 2009 for the better ... For the last 6 years from 2009 till 2015 I would highly recommend FXCM. Alex Findlay
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Aaron, Manila, Philippines

Rating:
Date of Post:2015-10-23
Review: They do not have the best spread out there but their platform is one of the best in my opinion.

- Pinoy Trader

bayaraa, UB, Mongolia

Rating:
Date of Post:2015-10-19
Review: Customer service is terrible FXCM doesn't like to reply their client email. I sent email to admin@fxcm.co.uk 2 weeks ago and forward it info@fxcm.co.uk until now there is no reply from FXCM. Live chat is always offline and doesn't respond email I wonder how they connect their customers solve their problem. My account is not big enough just micro, maybe they don't like to serve traders who have micro account like me. Totally disappointed

2014-11-24 2Star 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 admin@fxcm.co.uk 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 :(

Jerry B, Oroville, Ca, USA

Rating:
Date of Post:2015-10-16
Review: Utter chagrin at fxcm, they took over my IBFX acct then after a few months they now renig and are going to not allow EAs on small accts under $1,500 and if you wish to continue with small acct its $10 monthly fee and only manual! So in chagrin I departed and found nice treating Belforfx in NZ which allows me 1 micro trading on auto and allow USA client! Very nice helpful support too!
If you wish to give them a short tell them Jerry B referred you, ok? You will be surprised at the pleasant service, fxcm was a crock.

Bigbird, UK, United Kingdom

Rating:
Date of Post:2015-10-01
Review: DO NOT DO BUSINESS WITH THIS BROKER UNDER ANY CIRCUMSTANCES!!!

1/ FXCM's expelled my 3 accounts from the brokerage, after years of being a loyal customer, for no given reason and in an extremely rude manner.

2/ FXCM locked all of my funds- which I understand they can do for up to 2 months..without giving a reason.

3/ FXCM's insisted to send my funds back to where they were originally deposited from, despite my notice that the original bank account was actually closed (how awkward can a broker get!) and even when documentary proof was provided of a new bank account in my name/ same residential address.

4/ And FXCM's subsequent denial that the funds were finally released/ sent to the wrong account when I have hard evidence to support the contrary.

5/ Apart from an email from FXCM, affirming that FXCM sent the funds to the 'correct' account (and my bank's evidence to the contrary) I also have a 'live chat' transcript, from FXCM, affirming that the funds were sent to the 'correct' account, which in fact was the wrong one. Both sets of correspondence implies that its actions, regarding my withdrawal, are at best incompetent and, at worse, a complete fabrication of the truth.

6/ FXCM allowed me to convert the trading funds on account from GBP to USD, charging me a hefty conversion fee, only days before closing/ locking all my accounts and then sending the USD funds back into a GBP account! and then denying that they had sent the funds to the wrong account...

To cut a long story short I have now received back my original funds + profits + refund of charges for sending to a wrong bank account. But the experience was completely traumatic, took months to realise and would not have been realised at all without my persistence and threats to go to the FCA and indeed this forum. Needless to say the time and effort involved in recovering my funds has not been compensated for....

DO NOT DO BUSINESS WITH FXCM - no matter how good the customer service 'appears' to be...

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