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I personally used FXCM as my forex broker for a while live when I was just starting trading. I didn't have any problems with them at that time, but I wasn't trading that much, and didn't really know what I was doing.
If you have any experience trading forex with FXCM, please share it with us and post a review.
Tony Qiu, Toronto Canada
Rating:
Date of Post:
2010-02-04
Review:
I just close my FXCM MT4 account, because FXCM transfer my mt4 account to boston Technologies.
new MT4 powered by Boston Technologies do not support to open position with stoploss and target profit at one transaction, you need to re-submit stoploss and target profit after postion is filled. most of EA will stop work. need to modify EA code to suit their MT4 platform.
2009-08-23 4 Stars I have used FXCM more than one year. so far, i did not have any bad experience with FXCM,
recencently, i transfer my account from FXCM US to FXCM UK because of NFA policy.
I used EA with MT4 platform to trade forex, and i have one experence with transaction is locked beacuse i tried to close position several time, it locked out, I wait for two minutes to unlocked, good thing is that i always set stoploss when position is filled in.
M. Perlman, California
Rating:
Date of Post:
2010-02-02
Review:
Hello,
I want to give my comments on FXCM. I do not have any problems with FXCM service at all. I have reviewed some negative comments about FXCM. I am not really concerned because I am in Gold Level Active Level with large funds in that account. I would never want to use MT4. I see there are lot of people using MT4 and I would stay away from MT4 myself and am subscribing tradestation and I am using different platform strategy runner for FXCM. It is ideal for experienced and veteran trader but not for beginner and novice. I usually got very good filled as well as I did place market orders or stop orders I sometimes get some slippage due to volatile and reactions from market news and economy release etc. I am getting very tight spread from fxcm in active trader level for example for EURUSD .7, GBPUSD 1.2 GBPJPY 2.4-3.5 pips EURJPY 1.2-1.6 USDJPY .5 to .9 etc these are major pairs that I usually trade and will not want to trade with large spread which it has low volume.
Again, for anyone who want to use FXCM and make sure you are experienced, have large capital, and your own strategies or methodologies indicators whatever you use then FXCM wil work fine with yours. I prefers to use strategy runner and have been using it for about 7 years. I have been with FXCM almost 9 months.
I wish you best wisdom trading your own money and be smart trader!
leo, Ireland
Rating:
Date of Post:
2010-01-29
Review:
I opened an account with this broker last week and I was quite sceptical about it after reading some of the reviews on here, basically I am delighted I opened an account with this broker and hope things stay this good, not one requote in about 40 trades excellent execution, the pip spread is excellent in comparison to some other brokers and speaking of other brokers I have had accounts with some bucket shop robbers (avafx,forex metal) try these if you want requotes slippage etc.
overall I am very happy with fxcm and hope to have a lasting profitable relationship with them.
Kal, NJ
Rating:
Date of Post:
2010-01-21
Review:
I've been a customer of FXCM for a while. I went through there marketscape program, which was locally based on your computer. It wasn't as fully featured as metatrader, but it was a quality product. FXCM decided it needed a Metatrader program, and brought Boston Properties to offer it. The quality in trades and reliability are really bad, I've heard some fxcm reps discourage people from using it. The demo account goes down daily.
FXCM decided they wanted a better trading program, and launched there new flash based trading platform. It was great you didn't need to install it on a computer. You could access it on anyones computer, but it was buggy as hell. It was also bandwidth intensive, and occasionally would lag up if you were doing to much on the computer. This is the only fx trading platform that lags up. A browser based flash program is a poor solution if you intend to trade full time. It's nice to look at, but goes down often, or trades don't show up on time. I know they have an ecn platform, but there are times when your near a margin call, and someones you get closed out at a price thats not withing the range of the high and low of the day. When asked about it, they say the bid and ask were probably higher then that range. I've also noticed times when there are major spikes for seconds, and sometimes that instantly causes a margin call. Regardless of leverage, prices can spike, and don't always match other brokers feeds. I have 3 running so I can notice a difference. FXCM with there new platform is still a work in progress with features being added, but there are days when a bug is not found until a customer notices he can't log in, or an error where trades are slow to execute.
If you want a good trading platform, FXCM is not the broker for you. There Adobe Flash based platform, isn't for a serious trader, and you will notice poor performance in trades and in the platform. There deal with Boston Properties who provides one of the worst metatrade solutions. I would strongly warn you about using fxcm, sure you might have a good experience, but it only takes one issue and you can lose a lot of money. Imagine if your in a trade and the platform goes down, and the market moves against you a lot by the time you can get in touch with an fxcm trader your in the red. If your platform cant be up 100% then it isn't a serious solution for a trader. The platform is a pretty feel good solution, for someone who will ultimately get his account wiped in a month or two.
john, singapore
Rating:
No Rating
Date of Post:
2010-01-19
Review:
As for the widened spread. No one even dared to reply for more than one week now. i guess it is a hush hush thing. so beware of this broker. If u have an account check your rates before you trade. Try to stay away. Video capture and screen shot was taken.
2010-01-10 2 Stars Spreads widened to around 1 to 1.5 pips without you knowing. Have to check before you trade. Took a screenshot and videoshot. Bloomberg and Reuters screenshot could be provided (I just have to go to the historical data, provided they tell me who their rates providers are).
Only found out when i was about to start to trade for the day in asian session. So i went to investigate with other brokers and indeed the spread was increased without notification.
Market condition was normal.
I emailed them about this and waiting for their reply.
DO NOT USE THE BT BRIDGE MT4 PLATFORM WITH FXCM IS DOESN'T WORK!
Last night I had 2 trades which both hit their profit targets but FXCM didn't close the trades. I had to manually close one 20 pips below the TP which had been hit during the night.
The second was even worse! I opened a trade on the EURUSD at 1.44476 with a TP at 1.44889 The price well exceeded this target but the trade still didn't close after 8 hours. Finally they closed the trade at 09.36 at a price of 1.44160 when the price at the time was 1.45200 a difference of 102 pips!!
This must be some sort of record
I have reported both of these to FXCM but their people on chat say they can't see the problem !!!! I have had to report these to their audit committee. This is the 6th tyrade in the last 4 weeks I have had to report to their committee. It is just totally unacceptable and I am finished with them for good.
Maybe their trade station product is better but their MT4 platform is the worst out there. DO NOT USE IT
Arindam Sarkar, Malaysia
Rating:
Date of Post:
2010-01-07
Review:
FXCM looked great at start, and the Marketscope charting package is really good. But it seems like the system does not want to let me make profit. Most of my trades go against me. I compare the chart screenshots and i find some minor differences with the forex sites like ecpulse.com. i also notice sudden spikes against my opened trades sometimes which i dont find in other softwares. I get the feeling that i am not even trading in a real market but in a "sandbox" environment. i lost 400$ just like that over 6 months. FXCM had a bad reputation a while back and it seems they still are the same. avoid it. i learnt my lesson by ignoring comments posted here.
Yilmaz Kaya, Edmonton, Canada
Rating:
Date of Post:
2009-12-30
Review:
I am extremely unhappy with this broker. I will not go into details but will not recommend to anyone. I should have listened to the comments here and should have never opened an account with FXCM.
douglas west, belgium
Rating:
Date of Post:
2009-12-17
Review:
I had a pending buy order this morning on the Dragon set at 1.45859 in anticipation of the UK retail sales numbers.
The numbers were worse than expected and the price plummeted, and this should have been fine, EXCEPT somehow FXCM managed to trigger my buy trade when the bid only reached 1.45759 and the spread was 3 pips which makes the ask 1.45789 which is 7 pips BELOW my order price..
When I checked my screen I found I was £1,300 down on the trade.
I have asked FXCM how this managed to happen. The only explanation is that they changed the spread from 3 to >10 pips for 1 second and thereby triggered my order.
If so this is downright robbery!!
I have reported this to FXCM and they have said they will have their audit committee look into it and get back to me.
Risk Warning. Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all
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should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign
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