FXCM Review

2.494 · 581 REVIEWS
Updated: Oct 28, 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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2.494 · 581 REVIEWS
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Traders Reviews

Abulfotouh,
Madina, Saudi Arabia,
Aug 19, 2012,
Guest

I am Abulfotouh, Saudi Arabia. I am so sorry because for my bad evaluation rating of XFOREX I wrote FXCM (by mistake) instead of XFOREX which is a bad company and I had a bad history during trading thruogh XFOREX platform with errors during withdrawal of money. The main aim of XFOREX is only to make their victim to deposit his money which will be lost for ever,this is about XFOREX. But about FXCM, I did not really deal with it at all but I know that it is a big company. So, please kindly, I want to delete my false rating comment about FXCM on 7/7/2012 which written by me wrongly. Thank you and sorry for FXCM which is one of the very good top brokers.

2012-07-25 01Star It is better to be away from this broker. This is my advice. because there is a difficulty in withdrawal techniq in their system.
there main issue is how to make you do deposits

Comment: Added by Jason Rogers on 2012-07-26 11:38
Hi Abulfotouh,

I'm sorry to hear that you've had difficulty making a transfer. Since you live in Saudi Arabia, it's important to keep in mind that the regulations in your country are a bit different than in other countries when it comes to sending money. My colleagues in the FXCM Arabic department would be happy to advise you on the most efficient methods to transfer funds and will resolve any problems you have faced. You can email them at arabic@fxcm.com

Jason
 
Reply by Jason Rogers submitted Aug 20, 2012:
Hi Abulfotouh, Thanks for taking the time to clear up this misunderstanding. While I'm glad to hear that it was not FXCM you had problems with, I'm sorry to hear you had problems with that other broker. A I mentioned in my previous comment to you, if you have any questions regarding our services to clients in Saudi Arabia, feel free to contact our FXCM Arabic department at arabic@fxcm.com Jason
Cristian,
Romania,
Mar 28, 2011,
Guest

http://www.kaplanfox.com/cases/caseinvestigations/466-fxcm.html?gclid=CM742vKh7acCFcEv2god9iOWaw

February 17, 2011
 
A GOOD TRADER ( in the Top 5 percent.),
U.S.A.,
Dec 4, 2007,
Guest

Tonight, as the jpy is tanking, FXCM, Freeze my trading platform as usual, not allowing to take profit. FXCM is Mostly Dishonest with clients. While my FXCM demo worked fine @ $2,500 profit, my SAXO BANK trade station demo worked real well, my NORTH FINANCE META TRADER.4 & TradersChoice did good, my OANDA demo was OK, and my special AUTOROBOT trading software worked superbly, but my Real account with FXCM was the ONLY ONE who would NOT close positions IN PROFITS, without any error message...I had to argue with New York desk before closing, as the market turned around and FXCM KEPT MY MONEY. Determind to recover losses at FXCM..The Bastards!
Please feel free to share your experiences with me: orangeboomerang@hotmail.com
Why would Long Ridge & Lehman Brothers invest 35% in ownership of FXCM? Are they Blind or Missed doing Due Diligence?

2007-11-01 No rating Bad news for me on my FXCM trade station today.
After closing lots, I expect a proper adjustment on my usable margin and reduction of liability in Gross/Pl.

FXCM station does it only for a few minutes, then the figures on FXCM trade station GOING
BACK to prior numbers, before transaction settings.
ALSO, FXCM REQUOTES one lot on the
gbpjpy for 40 points loss to me, gain to them.
Inquiries for phone communications remained
unanswered..!!!

Glad I found the link for this website on SCAM.com, cause the page could not be opened on FOREXBASTARDS.com.

GOOD IDEA;BECOME AN ACTIVIST TO REGULATE THE FOREX INDUSTRY AND PUT ALL THE FOREXBASTARDS
IN THEIR PLACE, FAR AWAY OUT OF THE FOREX
MARKET AND YOUR MONEY...!!!
Good People atINVESTOOLS know about entities who are doing foreground work to these efforts.
 
Doug West,
Belgium,
Jan 11, 2010,
Guest

DO NOT USE THE BT BRIDGE MT4 PLATFORM WITH FXCM IS DOESN'T WORK!

Last night I had 2 trades which both hit their profit targets but FXCM didn't close the trades. I had to manually close one 20 pips below the TP which had been hit during the night.

The second was even worse! I opened a trade on the EURUSD at 1.44476 with a TP at 1.44889 The price well exceeded this target but the trade still didn't close after 8 hours. Finally they closed the trade at 09.36 at a price of 1.44160 when the price at the time was 1.45200 a difference of 102 pips!!

This must be some sort of record

I have reported both of these to FXCM but their people on chat say they can't see the problem !!!! I have had to report these to their audit committee. This is the 6th tyrade in the last 4 weeks I have had to report to their committee. It is just totally unacceptable and I am finished with them for good.

Maybe their trade station product is better but their MT4 platform is the worst out there. DO NOT USE IT
 
JC,
Malaysia,
Aug 18, 2010,
Guest

I put a pending buystop at certain price but this buy order was executed at 20 pips higher than my original buystop order price.
 
Bill,
Houston, Texas, USA,
Mar 5, 2015,
Guest

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...
 
Jason Rogers at FXCM,
New York, USA,
Apr 24, 2012,
Guest

Dear Tim from Kuala Lumpur, Malaysia:

I’m sorry to hear that your matter was not solved to your satisfaction. I want to help if I can. If you could, please email me at jrogers@fxcm.com with details about the problem. I would appreciate any feedback you have, so that we can correct any problems you encountered.

Jason Rogers
 
A Trader,
Dubai,
May 11, 2007,
Guest

Hi I am with FXCM for one year and not happy with them. Problems with FXCM are : you won't get what you click during news releases, Sudden spikes which will lead to margin calls, Extra loss of 10/12 pips during margin calls and Hanging of the system some times. Only one positive thing with them is : User Friendly Platform. Please suggest any better platform Thanks
 
chris,
germany, Germany,
Mar 30, 2015,
Guest

fxcm got me interested with their advertisement of their new indices cfd products that require margins like 6 dollars or so. so i went to their site opened an account, their system asked me with what amount i want capitalize my acc and the smallest option listed was 50usd . i chose 100usd, the system swallowed it without complaints. account opened so i deposited 100 usd. next
day my acc was suspended and they emailed me demanding i come up with another 1900usd stating traders with smaller accounts arent statistically profitable. (yeah sure most newbies would blow those 2000e in 5 days) thats ridiculous because why are they even advertising cfds with margins like 6
euros when new clients need to deposit 2k to be able to trade those products. (it all seems like baiting to me, lure clients in first then pressure for a high deposit theyll most likely lose within days) i mean if i were ready to open an account of 2k i certainly would envision higher margins in my trading than 6 euros and actually at that stage id rather sign up with a futures broker for security reasons, especially now as many brokers including fxcm took a huge hit during the CHF fiasco.intuitively i ignored their "know your customer" call as ive been thru that with other german speaking support teams of other brokers and sportsbooks and it has always been harassment. germany is not a service
nation and most service staff here has severe communication deficits which was also reflected in my email correspondence with fxcm's robotic and brainless german "support" team later on. generally ive made 100 times better experiences with english speaking support staff no matter what company. the issue with fxcm is tho that as a german they dont even want you
to browse their english website, after every single click they ask you again if you want to be forwarded to their german site, ignoring the fact that some ppl dont want to be 2nd class clients having to deal with untrained incompetent german staff
 
Asia Trader,
Asia,
Jan 30, 2007,
Guest

Not the best in fact far from it,....i have 3 platforms running and FXCM produce prices x amount of points out of the market at important support/resistance levels, hence fooling traders to trade ouside the market, in fact where the market hasn't even been. Dont even think about trading on News with these guys, the platform is to slow and will hang and only give you the deals that are totally comfortable for FXCM,.....lost a good amount of funds on 1 trade that by my calculation was still WELL in margin, ....but not by FXCM gauge !!! in fact the $ cost Average trade i was in was just getting back into profit, so explain that one,....ummm FXCM couldn't. SUPRISE. Now i have the platform open but dont use them as i cant be sure that the prices they display are true,...in fact y'day there was a clear 3-5 point difference on more than one occasion. like i say i have 3 platfroms running and see with my own eyes these dodgy prices they quote.....try it if your a client and see.
 

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.