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FXCM Review

2.481 • 585 REVIEWS
Updated: Sep 20, 2022
• FXCM.com
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.
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.

Related sites include FXCM-Markets.com, FXCMBullion.com.


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FXCM
2.481 • 585 REVIEWS
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Traders Reviews

W
London, United Kingdom,
Apr 7, 2022,
Registered user

FXCM CANCELLED ACCOUNT - NO REASON GIVEN! UK Based

Service use: Live Length of use: over 1 Year
I have traded with FXCM on and off for years, and all of a sudden my account was locked and a notice saying they will email me.

When that came it was blunt to say the least, that they're cancelling and as their terms state they can for any reason at any time (No reason given).

Anyone else had this and find out why?
Does anyone know of software like Trading Station? It is good cause you can open multiple charts on multiple monitors not just in 1 window!!
1 trader has found this review helpful
D
Santa Fe, Argentina,
Feb 12, 2022,
Registered user

Funds locked

Service use: Live Length of use: 6-12 Months
I was operating normally. But on 01/05/2022 I sent 2k USD and my deposit was under review, they asked me to send the bank statement where the deposit is reflected, which I did, even so, it has been more than a month, my deposit has not arrived.
1 trader has found this review helpful
J
Bratislava, Slovakia,
Dec 19, 2021,
Registered user

Very good experience

Service use: Live Length of use: over 1 Year
I open account in this professional broker services firm.
They has very complicate system of registration and all others process, it is like 15 years ago.
But broker is very reliable and complex...
K
Eastern Cape, South Africa,
Dec 2, 2021,
Registered user

Winning trade...account locked!

FXCM, without any valid reason, has locked me out of my account. They emailed me just to say...."your trading account is no longer suited for our retail price streams and your account with FXCM will be terminated. Your account is locked....."
There was no discussion or proof of any kind.
It seems that when you finally have a winning trade, they terminate the account.
B-Book behavior.
1 trader has found this review helpful
C
POS, Trinidad and Tobago,
Aug 23, 2021,
Registered user

Service use: Live Length of use: over 1 Year
Since last month I was asked to withdraw some change from a Fxcm account. Beginning of last month. They have so many procedures and I am still waiting for it to be sent to me.

If you make money, you have figured out how it works, but withdrawing is another beast.

They want losers.

Goodluck.
1 trader has found this review helpful
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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.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.
74.74% of retail investor accounts lose money when trading CFDs with FXCM.
You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.