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Fxcm.com Review MT4 - MetaTrader Platform

Overall Rating: (2.354)
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Total Reviews: 499
Last Updated: 2014-10-29
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.

Halil B, Portland, USA

Rating:
Date of Post:2014-10-23
Review: The trades are not executed at the advertised rates for market orders. Generally I lost 3-4 pips, never in my favor. If I used the limit orders, there have been many cases where the order was never executed. Lost thousands of dollars because of these lack of execution. Customer service is terrible as well. Never got any answers to my emails and when I call, my problems never got resolved. I stopped using it. Don't waste your time or money.

Vince, Denver, USA

Rating:
Date of Post:2014-10-09
Review: I have had an account with FXCM since 2008. I like the company. Do they have the lowest spreads? No. However, it is the only company I am aware of that offers free educational videos and online webinars for simply having an open account. Those services need to be paid for somehow.
 
Comment: Added by Jason Rogers on 2014-10-16 08:19
  Hi Vince,

Thanks for being a long-time trader with FXCM! We appreciate truly appreciate the feedback.

Jason
FXCM

Gev, London, United Kingdom

Rating:
Date of Post:2014-09-23
Review: I had heard about FXCM and I decided to give them a try. I opened a demo account and traded for last two weeks with them. I have to declare my experience with their trading software and support was awful. Their trading platform is one of the most confusing, unusable platform I have ever seen comparing to MT4, Ninja and eSignal platform that I have used before. It takes ages for you to figure out how simple functionalists of a trading platform works on their software as they have hidden most of functionalists in a way you could not find it. My stop loss did not triggered three times and they had no explanation for it! Probably at this stage you will ask for support; their support is just a joke! 24x5 days support is just a lie as it happened to me twice trying to chat with them in week days and no one was available. Anyway that is not end of it! if you are lucky you will join a queue from 20 to 40 minutes then if you are luckier you will get through to some one knowledgeable as I found most of agents are not trained properly and they have no answer to your questions. If the agent has an answer for you it takes ages for them to communicate it with you. I was happy to open an account with them but I think I have to re consider my choices.
 
Comment: Added by Jason Rogers on 2014-10-16 08:18
  Hello Gev,

I apologize for any shortcomings on our part, and I can assure you it is not typical of the service we seek to provide. I don't know the particulars of your experience with us, but I would be happy to investigate and bring it to the attention of our management team for improvement. You can reach me directly at [email protected]

Jason Rogers
FXCM

Eddy, KL, Malaysia

Rating:
Date of Post:2014-09-18
Review: The Famous Top Broker has the unjustifiable spreads !!!
Just to get my sell limit and my stop loss !!
Here's a picture in my post of different brokers' prices comparison at the time :
http://www.forexpeacearmy.com/forex-forum/scam-alerts-folder/36235-lost-money-fxcm.html
 
Comment: Added by Jason Rogers on 2014-10-16 08:16
  Hi Eddy,

On NDD forex execution, FXCM is compensated by a pip mark-up added to the spread and not by client losses. Whether your trade ends up at a profit as a result of a limit order or a loss as a result of a stop loss order does not impact FXCM's bottom line.

We're happy to tell you that we have introduced a new raw spread + commission pricing model to make our execution and pricing more transparent. The raw spreads are streamed directly onto the platform which is the liquidity providers compensation, and a competitive commission is separately charged as our compensation. Overall you will find total transaction costs have been lowered by up to 50% for some major currency pairs compared to previous pricing. Here's where you can read about it in more detail http://www.dailyfx.com/forex/education/trading_tips/daily_trading_lesson/2014/10/02/Transaction-Costs.html

Jason
FXCM

Mike Gould, Austin, TX, USA

Rating:
Date of Post:2014-08-22
Review: FXCM accepts funding of accounts in multiple ways but when they shut down your account by force they will only wire transfer money to a bank. So in order to retrieve my funds, I have to jump through more hoops with these crooks. I has been over 1 month since FXCM shut down my accounts and I still do not have all my money.

2014-08-01 2Star After my account was closed (not by my choosing) by the active trader group transferring my funds out of FXCM was delayed several times by getting "lost". How does one loose an email request? FXCM is the worst and deliberately imposes punishment on those that ask questions or challenge the way they operate.

2014-07-20 1Star After requesting an audit about $500 worth of roll charges and appealing directly to the manager of the active trader group Brian Fletcher my account was closed by the compliance department. The response was email stating "effective immediately your account is closed". I must have struck a nerve. Let's how how the CFTC feels about this.

2014-07-11 2Star I believe the roll charges are manipulated to their favor. I requested an audit multiple times and got smoke screen answers, delays, misinformation, and summarily rebuffed by the director of the active trader group. I referred dozens of traders through my school to them over the years but that is done now.
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Jerry Packwood, Hurrican Mills TN, USA

Rating:
Date of Post:2014-08-02
Review: Always good execution and fast service.
Do they have the lowest spreads? No.

But you get certain quality and dependability with these guys that you will not get at other brokers. They definitely care about their brand being a NYSE traded company too.
 
Comment: Added by Jason Rogers on 2014-10-16 08:12
  Thanks Jerry. We appreciate your support and hope you like the new raw spread + commission pricing model recently rolled out.

Jason
FXCM

Martin, Honolulu, USA

Rating:
Date of Post:2014-07-28
Review: Want to manage money using FXCM? Think twice.

I am a CTA/hedge fund, regulated and registered by the NFA and have been managing a few accounts under the Money Manager Agreement at FXCM for about a year. Last week, on July 25, I received the below email. They basically wrote to me, without any notice, to inform that they will close my Money Manager account. When I asked my contact at their institutional division for a reason, he first tried to help and then just said I should call the number at the end of the email, explaining that Compliance won't give him a reason. I have tried to get in touch with their compliance division, but so far to no avail.

I am a former investment banker (Deutsche and JPMorgan) and I have seen a lot. But never this. If you run a serious business and consider FXCM - please stop right a way and look elsewhere. As happy as I was for a year with their service, this experience is out of the blue and handled very poorly by them.

Martin

Dear xxxxxx,

This letter is to inform you that as of July 25, 2014, FXCM will be terminating the Money Manager Agreement between FXCM, LLC and Bohemia Capital Management, LLC as well as any other agreement and any other title signed with FXCM, LLC (collectively, the "Agreement").

Upon termination of the relationship, all licenses to use FXCM's documentation and/or to represent any affiliation with FXCM must cease.

At this time we must direct you to remove the names of Forex Capital Markets and FXCM and all references and links connected thereto.

Pursuant to the Agreement, this termination shall be effective immediately.

I note that you have several open positions in the accounts that you manage. Please manage these positions to closure by the close of business in New York on Friday August 2, 2014. Do not open new positions during this time. Any open positions after this date will be closed by FXCM at market prices at the time of closure.

FXCM trusts that its relationship with its Referring Brokers, Service Providers and Money Managers will be mutually beneficial. For more information regarding FXCM’s policies relating to Referring Brokers, Service Providers and Money Managers, please contact our Compliance Department at 212-897-7660 or [email protected]

Kindest Regards,

Zalman L.
Senior Compliance Associate
FXCM Compliance Department

Brendan Murray, , USA

Rating:
Date of Post:2014-07-15
Review: I opened an account with FXCM late 2013 and I received an email today stating that my account was being terminated for unknown reasons. FXCM will not state why it was terminated and I've read other reviews online of them doing this for no apparent reason. I've deposited over $45k with these guys and they cut you off at random.
 
Comment: Added by Jason Rogers on 2014-10-16 08:11
  Hi Brendan,

I'm unable to discuss these types of matters unfortunately, and only our compliance team would be able to help since it may relate to compliance or legal reasons. I'm sorry I can't be of more help. Our compliance team can be reached at compliance(at)fxcm.com

Jason Rogers
FXCM

Rorik, London, United Kingdom

Rating: No Rating
Date of Post:2014-07-06
Review: I have traded with a FXCM for a few weeks. I have several accounts with different brokers in order to spread my risk. People here need to understand that the cost of running a biz like FXCM is very expensive and they can not do it merely by charging a small commission. Its either market making, something the regulators of recent have began frowning upon or big commissions on trades and large volumes. FXCM is hard pressed to stop its market making activities hence this No Dealing Desk thing that they have now. The trouble with it is they cant make enough money and thats why they are forced to do what they can to compensate for it with large spreads and possibly some other activates for which they were recently fined. They are between the hammer and the anvil and its tough! Plus they are publicly traded and need to deliver ever rising returns to the shareholders and expected to increase evaluations and grow every quarter!

My advice is this: If you are serious about trading forex, you need to come up with the $20k-$30k needed to trade via a true ECN. If you cant afford that, then you should either stop trading altogether or understand that you will most likely end up losing your money!
 
Comment: Added by Jason Rogers on 2014-10-16 08:09
  Hi Rorik,

We appreciate your feedback and are happy to announce that we have rolled out a new raw spread + commission pricing model. In our previous model, we streamed pricing directly from our liquidity providers plus a fixed pip mark-up. Our compensation was included as a part of the spread on our No Dealing Desk forex execution.

The new raw spread + commission model allows you to trade on the raw pricing from 10+ liquidity providers and a separate commission is charged. The overall transaction cost is now up to 50% lower compared to previous pricing for major currency pairs. This gives even greater execution transparency for our traders in addition to the financial transparency as a part of being a publicly traded company on the New York Stock Exchange (NYSE: FXCM).

Jason Rogers
FXCM
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