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Overall Rating: (2.385)
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Total Reviews: 550
Last Updated: 2016-04-28

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.

Obediah, KINGSTON, Jamaica

Date of Post:2016-04-27
Review: I agree with Ryan in Maryland. It's a grown ups game FXCM conduct themselves well. Over the past decade I have nothing bad to say about them and much that is good. Like any organisation they will have had their share of staff problems. So you lose a few pips Boo Hoo. Although it's never said the real problem is that traders are trying to do something which in the longer term is very difficult blaming others for their failure. Don't tell anyone but one time a few years ago (not FXCM) I accidentally left a stop order in place after the trade was finished. Taking me into a short trade in access 3 K in profit. Did I ring the broker and tell them it was an accident take your money back what do you think? It takes years to learn and even then (certainly in my case) it's still a challenge.

Carlos, Madrid, Spain

Date of Post:2016-04-25
Review: In a trading event, FXCM gave away 250 $ founded accounts. I've made a sustancial gain out of one this accounts, when I wanted to withdraw the money, they told me that account was a demo one. This is a scam, do not trade with them.
Rebuttal: Added by Jason Rogers on 2016-05-02 11:35
  Hi Carlos,

Unfortunately, you have us confused with a different broker. FXCM has never given away free $250 accounts like you describe.

FXCM has a trading contest for Mini accounts. Our clients fund these accounts themselves with their own money. You can open a Mini account with as little as $50. The contest restarts each month with a $10,000 prize pool:

John, FL, USA

Date of Post:2016-04-13
Review: I've been trading with FXCM for nearly a decade. While my experience hasn't been without it's bumps in customer service and platform tech, overall, I can't complain. Every issue I've ever had, FXCM has been relatively quick to remedy. Unlike many in the retail spectrum, I don't judge FXCM based on my profitability, I judge them based on the services a brokerage is supposed to provide. I also don't judge the company on a single occurrence or past discrepencies that had no impact on me, I judge them based on my own aggregate experiences.

-Execution is excellent.

-Customer service can, at times, use some work. But is typically satisfactory. It's hard for me to give a "fair" review on customer service since I think, in my time with them, I've only required their services 3 times.

-Platform technology is good. As with most brokers, there's a noticeable lack of basic and meaningful information provided through platforms. Though FXCM's proprietary platform is always being improved and is, from my perspective, far superior to MT4 in terms of information contained therein and user interface flexibility.

-Data feed is steady. I used to experience occasional problems with the MT4 feed but after switching to Trading Station 2, I never have problems.

-Commissions are fair on their NDD execution model and spreads on highly liquid pairs can be anywhere from 0.3-1.5 point during active trading hours - even sometimes negative. As with all brokers, when the market gets thin, the spreads widen a bit but this is easy to trade around.

Bottom Line:
For what a brokerage is supposed to do, FXCM generally excels. Access to liquidity, order execution, trading costs, instruments offered, deposit and withdrawal, customer service, platform choices; all of it generally beats my expectations. If I had any caveats, they would lie in information provision. Though, in fairness, I'd probably have those caveats regardless as to which broker I'm with. There is some information you shouldn't have to code or download an indicator to retrieve but again, this isn't exclusive to FXCM so, I won't subtract from my review for it.

The crummy thing about the retail FX industry is it's geared more towards coders, gamblers, wannabe gurus, and egomaniacs than it is towards traders. Retail volume tends to be more along the lines of cannon fodder and it's observable in brokerage client profitability metrics. Many retail traders blame the brokerages for their failures and in a way, it's true. But not in the sense that they're "being scammed" so much as they're being sent into a war zone where everyone else has high-powered machine guns and retail traders are stuck with broken slingshots.

The environment for retail traders when it comes to understanding the business that they're in is a very toxic mix of ignorance, disillusion, false hope, and ego. Unfortunately, if you want to get past the "McDonald's" aspect of retail FX trading, you must achieve capital levels that most retail traders will never see in their lifetimes. At the end of the day, this isn't the fault of FXCM or any other brokerage, I suppose it's just the nature of the beast. If everyone were on the same level, markets just wouldn't work.

Anyway, based on my experiences, 5 stars.

Ryan, Maryland, USA

Date of Post:2016-03-23
Review: FXCM are crooks and should be exposed. I'm a trader of 11 years and was with ATC brokers. They are 3rd party and work threw FXCM. I loved ATC but when they went bankrupt my account was forced to FXCM. I've now been with FXCM for a week. This broker is one of if not the largest in the world and they are flat-out stealing from traders. I'm a profitable trader and have been for over 12 months. FXCM have been stealing 2-3 pips from all my profitable positions. I'm trading an ECN account and apparently all my trades need to go 2-3 pips beyond my take profit level before they close out. I have proof and photos that this is happening. Typically trades should be closing out just 0.2-0.5 pips or so beyond the take profit level to cover spread. This is not happening. FXCM is profiting and extra 2-3 pips from me from every profitable trade I make. They should be dealt with!

I'm labeling this broker as a SCAM even though they are the largest Forex broker in the world. I haven't even been here for a week and this is what I get.

From my trading partner with broker knowledge....

"This is pure deception.
FXCM is still probably the biggest by volume Fx brokerage in the world. There is no excuse for them to have inferior infrastructure which would lead to this type of discrepancy. They have good LP relations, and they have enough backing for excellent maintenance of their back of house software.

The ONLY thing that can explain this type of thing, is some kind of last look price manipulation which translates to a delay between the MT4 price feed and the quoted bid/ask prices.

Now, they will always default to saying that MT4 is a limited software, subject to issues, and that their trade station or whatever web based platform is more accurate than Mt4.
You know why they say this? Because any patches they apply for MT4 have to be externally developed, and if MT4 discover them, they will demand the removal.
With their own in house software, you are totally at their mercy in terms of price feed, and because there will be no visible or detectable discrepancy with the prices, you simply won't notice when they are manipulating.

At the core, the reason for this type of manipulation is so that FXCM can make extra, on top of the spreads they're LP charges. So, it's like a double dip in spreads for them. They will keep the difference. Your trade will execute 1 pips lower than the required spread, and FXCM pocket that 1 pips while still paying spreads to their LP.

As I told you before, FXCM have constantly been accused, and prosecuted for exactly this kind of feed manipulation.
While it doesn't surprise me, it shows the culture they have is to fleece their clients...and I would bet that as a former ATC client you are in the front line for issues."

Stay away from FXCM they will take you're money!
Rebuttal: Added by Jason Rogers on 2016-03-25 08:58
  Hi Ryan,

When your account was set up with ATC as your introducing broker, your trades were cleared through FXCM. That means you have ALWAYS traded on the same FXCM No Dealing Desk (NDD) forex execution, then and now.

On the NDD model, FXCM immediately offsets each of your orders one-for-one with the best prices from our competing liquidity providers which include many of the world's largest banks:

We don't take the market risk on the other side of your trades, so we don't profit from your losses, or lose from your profits. Instead, we profit from your trading volume by charging a commission on your trades. That means, we want you to be profitable, so you will trade more with us.

If you feel there has been any change in the quality of trade execution FXCM have provided you for years, then our 24/7 live customer support team would be happy to speak with you to address your questions and concerns:

Vugar Rahimov, baku, Azerbaijan

Date of Post:2016-02-10
Review: Yesterday i put a buy order at 1.1174 in eur-usd.the price went down to 1.1156.but my order was opened at 1.1184,10 points up from my point.there was no news nothing means they are just liers when they say about 1 pip spread.

Andrei , Arizona, USA

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

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

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:

- Jason Rogers, FXCM Ambassador to Online Communities

DC, , New Zealand

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 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:

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:

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:

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:

- Jason Rogers, FXCM Ambassador to Online Communities
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