FXCM Review

2.51 · 578 REVIEWS
Updated: Jun 23, 2020 · FXCM.com  · Is this your company?

FXCM is a forex broker. FXCM offers the MetaTrader4, Trading Station, Ninja Trader, and Zulu Trade top forex trading platforms. FXCM.com offers over 35 forex currency pairs, cfds, index, gold, silver, oil, bitcoin and other cryptocurrencies for your personal investment and trading options.

FXCM
February 6, 2017:  FXCM was fined $7 million by the CFTC for defrauding retail forex customers.  FXCM to deregister from the CFTC. CLICK HERE to read and discuss the CFTC announcement.
August 18th, 2016.  The CFTC has filed charges against FXCM related to undercapitalization during the SNB-CHF crisis of January 2015.  One of the charges is that FXCM guanteed client accounts against negative balances.  Evidently, this form of client protection is against CFTC rules. CLICK HERE to verify.

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.

October 3rd, 2011:  FXCM fined by the CFTC. Click here to read about it in the FPA's forums, along with FXCM's response.

Broker Details

Minimum Trade Size: 0.01
Maximum Leverage: 30:1
Minimum to Open Live: $50
Established: 1999
Address: 20 Gresham Street, 4th Floor, London EC2V 7JE, United Kingdom
Contact: info@fxcm.co.uk, +44 20 7398 4050
Regional offices:
Regulators: ASIC #AFSL 309763, FSCA #46534, FCA #217689
Prohibited countries:
Trading platforms: MT4, NinjaTrader, FXCM Trading Station
Web Trading: Yes
Mobile Trading: Yes
ECN: Yes
Currencies: (35+)
Cryptocurrencies: (3) Bitcoin, Litecoin, Ethereum
CFD: (25+) Gold, Silver, Other Precious Metals, Stock Indexes, Oil, Other Commodities
EAs/Robots: Yes
News Spike Trading: Yes
Scalping: Yes
ZuluTrade: Yes
Deposit Methods: Bank Wire, VISA, MasterCard, Neteller, Skrill
Withdrawal Methods: Bank Wire, VISA, MasterCard, Neteller, Skrill

Live discussion

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FXCM.com profile provided by FXCMAffiliate, Mar 20, 2020

FXCM is a leading provider of online foreign exchange (FX) trading, CFD trading, spread betting and related services. Founded in 1999, the company's mission is to provide global traders with access to the world's largest and most liquid market by offering innovative trading tools, hiring excellent trading educators, meeting strict financial standards and striving for the best online trading experience in the market. Clients have the advantage of mobile trading, one-click order execution and trading from real-time charts. In addition, FXCM offers educational courses on FX trading and provides trading tools, proprietary data and premium resources. FXCM Pro provides retail brokers, small hedge funds and emerging market banks access to wholesale execution and liquidity, while providing high and medium frequency funds access to prime brokerage services via FXCM Prime. FXCM is a Leucadia Company.

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2.51 · 578 REVIEWS
Forex Peace Army
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Traders Reviews

uk, United Kingdom,
May 3, 2020,
Registered user

Pretty good broker

Service use: Live

Length of use: over 1 Year

No complaints about this broker. Does what it says on the tin. Spreads are decent.
No deposit and withdrawal fees are always good to see and the customer service is very helpful.
 
Benjamin,
Budapest, Hungary,
Apr 14, 2020,
Guest

Never trust them

Service use: Live

Length of use: over 1 Year

I have an opened live account at This company but i dont know why, they asked for my bank account statement. They wrote in email i have 10business day to send the documents or my account will be locked. I sent all of required within 2 days.
They locked my account, closed all of opened trades... and now i can’t withdraw my money what is more than $3000....

They have really bad support too...

I will change broker...
Never trust that **** company
Thanks..
  3 traders have found this review helpful
Dhaka, Bangladesh,
Apr 12, 2020,
Registered user

Best for algo-trading

Service use: Live

Length of use: over 1 Year

I do algorithmic trading, like to use my own platform to trade, FXCM gives me full API support to do that, their support to fast, if I need any api help. their staff helped me in 5 minute ! I started Algorithmic trading using oanda, but in few month they deactivated my account and asked 50000 USD to continue.. FXCM is trusted platform for algo traders and stable for small balance traders ..Also they do my withdrawal in a day..
 
south sulawesi, Indonesia,
Feb 22, 2020,
Registered user

excellent broker

Service use: Live

Length of use: 6-12 Months

Excellent, I've never had problems withdrawing funds, everything works very well with its original Marketscope 2.0 platform, it's super complete and very efficient.
They don't have limitation for pending orders too. Excellent broker
 
Jakarta, Indonesia,
Feb 1, 2020,
Registered user

Very slow service

Service use: Live

Length of use: 0-3 Months

service to the promised bonus takes a very long time, 5 working days. withdrawal of funds 2-5 working days via skrill. and execution of trading reqoute.

wasting too much time trading on this broker.
  1 trader has found this review helpful
Essex, United Kingdom,
Jan 11, 2020,
Registered user

Disappointing, unprofessional

Service use: Live

Length of use: over 1 Year

I have traded with FXCM for almost 15 years and although there have been a few issues, overall they have been good. I have traded almost every day in that time and have not experienced the issue that happened on 2nd January 2019.

I placed a trade on the NZD/JPY at the price that was displaying on the FXCM trading station platform. I noticed nothing happened and it went into pending. I then check ed the charts to see that the price was vastly different to that which the trading station was reading, something like an 80 pip difference, I tried several times to cancel the trade whilst it was pending, but the system would not do that.

I contacted FXCM after and they declined to pay me back citing 'gapping'. That was not my understanding of this as the trading station [rice was frozen and I was not to know that this was not the current price.

Being such a long time client I was really disappointed with their attitude. I have recommended 6 others to the company over the years as I have always trusted them, but the way they dealt with this issue was really poor.
  4 traders have found this review helpful
Kuala Lumpur, Malaysia,
Nov 29, 2019,
Registered user

Bad Operations team and Customer Service

Service use: Live

Length of use: over 1 Year

Deposit money to this broker. Instantly deducted in my bank. But never appeared in my fxcm account. I ask many times to their customer service if I need to send a document since I’m not active with them approximately 1 year. They said No need.

After 3 days not appeared on my account. I send and email and also contact their team to cancel my deposit... almost 1 week. My money is not refunded.

Which authority should I report regarding this matter. I already open others broker which I already start to trade.
  2 traders have found this review helpful
Munich, Germany,
Nov 20, 2019,
Registered user

Good platform and quick execution

Service use: Live

Length of use: over 1 Year

I have been trading live with FXCM for about two years now. Execution is fine and platform very stable. There were also no issues with withdrawals or deposited. I only needed customer support a very few times. My questions have been answered within one day.
 
burhan,
jakarta, Indonesia (Really FCXM's offices in the USA),
Oct 23, 2019,
Guest

Broker untuk orang indonesia yang berpengalaman trading

Service use: Live

Length of use: over 1 Year

Trading di FXCM sudah lama, dan merasakan kepuasaan yang berbeda dengan broker lain. Dimaa tdk batasan trading. Live chat, email semua dibales secepat mungkin dan professional sekali. Tidak banyak bonus yang engga engga.
 
Forex Peace Army
Review moderation team note
4 Star rating removed.  This review came from FXCM's offices in the USA.

Per FPA policy, the rating on this review has been set to Zero stars.
Gulf, Qatar,
Sep 16, 2019,
Registered user

very good broker and an excellent customer service

Service use: Live

Length of use: over 1 Year

dear all greeting,
i do respect all the opinions about this company even the negative ones, but in fact my experience was and still very good with them. my first account was in 2011 (UK Branch) and since then i leave for year or more and come back to the same company many times with ease. i lost money many time but it was my fault and lack of experience ( notice it was easy to blame them!!).
i even recommended this broker to many friends of mine and no one faced any difficulties to withdrawal or even close their accounts.
right now Sydney branch hold my account for almost one year ( because i live in Gulf Area )and they are very supportive, easy to deposit and withdrawal or transfer money between my accounts accounts.
i wish all of you good trading and thanx FXCM.
and
  1 trader has found this review helpful

Frequently Asked Questions

How good is FXCM?

Unbiased traders reviews on ForexPeaceArmy is the best way to answer how FXCM is doing as a forex broker. https://www.forexpeacearmy.com/forex-reviews/78/fxcm-forex-broker

Please come back often as broker services are very dynamic and can improve or deteriorate rapidly.

Additionally, we'd recommend to check recent FXCM community discussions: https://www.forexpeacearmy.com/community/tags/fxcm/

How do I open FXCM account?

Opening an account with FXCM takes 3 main steps:

  • Select your country of residence and desired trading platform to get started.
  • You will then be directed to FXCM server to complete the online application.
  • Log in to the MyFXCM client portal, deposit funds, and start trading.

What is FXCM?

FXCM is an online forex broker. FXCM offers access to trade following assets on MetaTrader 4 and Trading Station.

  • Forex
  • Shares
  • Indices
  • Commodities
  • Crypto

Is FXCM regulated?

FXCM Group is a holding company of Forex Capital Markets Limited, and regulated in 3 countries.

  • Forex Capital Markets Limited ("FXCM LTD") is authorised and regulated in the UK by the Financial Conduct Authority (FCA) with registration number 217689. 
  • FXCM Australia Pty. Limited ("FXCM AU") is regulated by the Australian Securities and Investments Commission (AISC), AFSL 309763.
  • FXCM South Africa (PTY) Ltd Ltd is an authorized Financial Services Provider and is regulated by the Financial Sector Conduct Authority (FSC) under registration number 46534.

Why did FXCM get banned?

On February 6, 2017, FXCM was banned from operating in the U.S. after the Commodity Futures Trading Commission (CFTC) found the retail currency broker had defrauded their retail forex customers.