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Fxcm.com Review MT4 - MetaTrader Platform

Overall Rating: (2.384)
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Total Reviews: 517
Last Updated: 2015-03-25
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.

Rey, , Qatar

Rating:
Date of Post:2015-03-24
Review: Terminating your account for no warning and reason at all (special if you're already profiting) is like a big scam!

That's what happened to me. I was scalping the market yesterday and manually opening and closing positions on a volatile EUR/USD when suddenly I can no longer execute an order. Next thing I know is they terminate my account for no reason at all.

I don't know what is happening with this company. I choose them because they are one of the oldest and the biggest, listed in NYSE and that they have the best fx education in my opinion.

But all of this great impression and high hopes collapsed in an instant when they terminate my account for no valid reason at all.

Now after this experience, I feel I'm scammed!. its very dangerous to deal with this kind of broker. Beware!

Dave , Pennsylvania, USA

Rating:
Date of Post:2015-03-23
Review: my problem is i can't change any orders once they go live. it's a great feeling when your orders are open and you can't set any stops, limits or close it. it worked fine for a couple months but 2 of the last 3 trading days i've encountered this. i realize you can have stops and limits on the entry order but i usually place 8 orders and it's quite time consuming to do this so i wait till they go live and set my stops.

Mark, Phoenix AZ, USA

Rating:
Date of Post:2015-03-22
Review: I live in the US and have been trading for more than 10 years. I had been with IBFX for several of them and never had a major problem with them. Their spreads were not the lowest but requotes were almost unheard of. When they closed shop (thanks to the Barney Frank act) I was transplanted againt my will to FXCM. The reason I say this is I have had previous FXCM experience and because of this I was sorry to hear I would be forced to be with them again...

The main problem I have with FXCM is the difficulty in execution of orders in not only busy trading times but also mild trading times. I contacted them via the chat and explained the issue to them and the person I spoke to, named Rafi, told me that my MT4 max deviation spread was set to tight (even though I had already set the max deviation to 5 pips.) He explained that on their end it showed it was executing at 0.5. I knew this was not the problem because I already tried several different settings (since then I have set it at 500 which would now be 50 pips according to what Rafi explined regarding the decimal point and I still to this day have multiple requotes!) I still get at least 50 requtes a session and I am not doing any kind of hi speed trading. I simply have to click, click click, click... while laughing while this is happening because I now actually interact with it as if it were a game! It takes from sometime 5 or 6 to literally 30 seconds of clicking to get the order to execute in or out.

Over the years I have been with at least a dozen brokers most of which are not around anymore. I have experienced this with only a couple of them and FXCM is one of them.

Knowing my past experience with FXCM, When speaking with Rafi I explained very clearly and respectfully that since I PAY A COMISSION ON EVERY TRADE, I thought I was supposed to have few to no requotes but he basically said NO and blamed it on market conditions. I also explained that IF they would put me on a proper server (most likely ECN) or something that would be at least reasonable regarding requotes I would stay with them and deposit more money but if the multiple nightly requotes continued I would be forced to have to go find a different broker. After he put me on hold for a very long time (I am certain he was hoping I would just drop off) He then came back and became rather rude and heartless and pretty much told me to go F off without actually saying those words.

I have now searched THANK GOD TO THIS FORUM over 50 brokers. Two of them withstand the test of GOOD REVIEWS. I'll be making a decision which one I will deposit my next 5k in this week between the two. I believe between these two because reviews specifically state NO REQUOTES and LOW SPREAD ECN's will be not only reasonable to trade with but also at least kind and respectful in their approach to doing business with me, their customer UNLIKE FXCM HAS EVER BEEN WITH ME.
 
Comment: Added by Jason Rogers on 2015-03-23 09:57
  Hi Mark,

Thank you for your feedback.

There are no re-quotes when trading at FXCM. On MT4, you may get an 'off quotes' or 'invalid price' message if the order price requested is no longer within your specified Maximum Deviation tolerance. Maximum deviation allows you to limit slippage on a trade, but the smaller maximum deviation is set the more likely the order might be rejected especially if prices are moving quickly. This is why we recommend increasing the maximum deviation level; however, keep in mind there is a trade off. Setting a low maximum deviation can reduce slippage but also may mean a higher order rejection rate if the market is volatile. Increasing maximum deviation can help decrease the order rejection rate, but it also indicates you are more willing to accept slippage which could occur when the market is more volatile.

It's worth noting that FXCM's MT4 platform is unique. We have enhanced the functionality of the Maximum Deviation feature of the platform, so that it only limits negative slippage, but not positive slippage. That means regardless of how high or how low you set your Maximum Deviation tolerance, your order will always get filled at the best available price from the liquidity providers and receive the full benefits of any positive slippage that's available.

Jason

Ben V, Utrecht, Netherlands

Rating:
Date of Post:2015-03-20
Review: I have used FXCM for 10 days and had great succes on the turbulens of the USD/EUR.
I made about 4K in about 16 positions and I must say the Trading station web of FXCM worked great for me. It is fast and I really like the setup of the software, it has a clear overview of what is happening and when / where you placed trades in the chart wich helps you to decide when to exit.
I did witdraw most of the funds yesterday of my account with FXCM just because of the low stock price of FXCM shares and I just want to have my money parked safely on my bank. It took 24hours for my to see the money appear on my bank account.
My action might be a bit over paranoid because the company is doing well and the stock price has increased so the company seems to do well after the USD/CHF disaster. I will try another broker that has good reviews on this site that uses the metatrader 4 software, but I must say it is not as nicely disgined and does not have all the features as the trading staion web from FXCM and I will also continue to use FXCM because for me I had succes with it.

I do have to say that after I setup a live account I don't get reactions on my emails with questions about the sofware, eventhough I send the same mail 3 times in a period of a week. So don't expect to much from the customer support once you have an active account. But in terms of being able to make money and making withdraw money in my case it was easy and fast.
 
Comment: Added by Jason Rogers on 2015-03-23 09:52
  Hi Ben,

We're happy to hear about your trading experience with FXCM. FXCM had 194,000 active trading accounts as of our last metrics release for February 2014, and we believe that our platform and services just as you described is a key reason FXCM is a leader in the forex industry.

I would like to apologize for any delays you experienced from our customer support team and we appreciate your feedback. I will make sure our management team is made aware of your feedback.

We can understand your concern over the events of January 15 which is why we outlined our plan forward during our earnings release a few months ago. If you look at slide 10 of the presentation located at http://files.shareholder.com/downloads/AMDA-13JM9E/3834936590x0x815593/A8304AB6-E4BF-482C-92B6-E51A894DD4CF/03_12_15_FXCM_Q4_2014_Earnings_Presentation_FINAL.pdf you will see that we have outlined non-core asset potential sale proceeds which could free up capital in excess of $250 million.

We look forward to sharing more information in the future as it becomes available, and we look forward to servicing your account in the future as well!

Jason

Bill, Houston, Texas, USA

Rating: No Rating
Date of Post:2015-03-05
Review: FXCM, post GAIN Capital... I have tried 9 brokers so far, some with demo's and some with real accounts. I'm about to fund a new FXCM account with 5k as a starter, as I've been kicking the tires on their demo account. Just today I completed a comparison of 4 various popular online retail brokers and their subsequent charts; and after testing and checking and retesting for 6 months, I find that FXCM has a very easy to use interface with decent charting. Their spreads are nominal to good across a broad spectrum of brokers and their customer service and funding options are excellent. Is there slippage? Of course, this exists everywhere and i'm sure they acknowledge that. They claim to have NDD (no dealing desk) and fair executions. I've read thousands of reviews on over 3 dozen forex brokers, including DD, NDD, and ECN brokers. Would I recommend FXCM? Don't know yet, time will tell. I've been trading for a decade and am very confident in my strategies and trading plans, so I will give a second review in a few months after the live account has been opened and traded, along with specific pros/cons and a short detail of winning/losing trades and a final p/l since the time of opening. Bill...
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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.
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