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

Dallas,Tx, USA,
Feb 13, 2017,
Registered user

POS company that stabs you in the back.

Worst experience ever. As I started getting better at trading they would close the other pair so if I closed GBPUSD the USDJPY position would close. The second time it happened I pulled my acct and went to another broker...no probs.
  1 trader has found this review helpful
Reply by Jason Rogers submitted Feb 15, 2017:
Hi Texguy,

We're sorry to see you go, but are glad all is going smoothly with your trading now. That said, the problem you described with the wrong currency pairs being closed on your platform sounds like a tech issue and is nothing deliberate on our part. I understand you no longer trade with us, but if it's not too much trouble, we would still like to investigate what happened for you. You can email as at techsupport AT fxcm DOT com, and one of our tech specialists will follow up.
Rex Thompson,
Indianapolis, USA,
Feb 11, 2017,
Guest

Nothing but good execution, fast withdrawals, and 24 hour metatrader support.
SHAME IMHO that the CFTC is shutting them down to US traders. Nothing but good service in the two years with them. Oh well.
 
Reply by Jason Rogers submitted Feb 13, 2017:
Thanks for your feedback, Rex! On behalf of all my colleagues, I want to express our most sincere thanks to you and all our US customers who have been with us over the years and wish you all the best following this transition.

While I can't comment on the NFA/CFTC complaint specifically due to the nature of our settlement, I can say that we have settled with the NFA and CFTC without admitting or denying any of their allegations or claims. Part of our settlement with the NFA and CFTC was to close our US subsidiary, but there will be no changes for clients outside of the US.

For our US clients wanting to continue trading uninterrupted, FXCM and GAIN have entered into a definitive agreement for GAIN to acquire the client base of FXCM's US operations. The transaction is subject to regulatory approval. FXCM and GAIN are working to determine the timing for the account transfer and expect to provide further information in that regard in the coming days.

We will for the interim period continue to service our US customers and to provide top quality trade execution pending the customer-account sale and business withdrawal. FXCM will also be working diligently to be sure that an account transition to GAIN's retail brand, FOREX.com, will be orderly, expeditious and seamless.

Four our clients outside the US, please note FXCM would not have suffered more than $200 million dollars in losses during the SNB flash crash had it been taking the other side of client trades – unlike so many of the DD firms in the industry. We have made our execution study public in the UK which can be viewed here and is a transparent comparison of FXCM's actual execution vs top tier futures brokers and the interbank market: http://bit.ly/2di2WEC

Since FXCM US has not been a contributor to overall profits for the firm over the past few years, FXCM will target significant cost cutting by closing the US entity. Specifically, withdrawing from this business will free approximately $52 million in capital. We will use the proceeds from any sale of the US accounts, as well as the large amount of regulatory capital currently tied up, to reduce the balance of our loan from Leucadia. With the reduction of this loan balance, along with sales of non-core assets that were previously announced, FXCM could be in a position to fully pay off the Leucadia loan before the end of this year.

With this exit, FXCM will be in a better position to service our international customers and focus on our profitable subsidiaries: http://ir.fxcm.com/releasedetail.cfm?ReleaseID=1011502

Our full financials can be found here http://ir.fxcm.com/ and we will announce our Q4 and full year 2016 financials in the next few weeks.
Bella Krinkle,
WA State, USA,
Jan 27, 2017,
Guest

Keep searching - I am!

I am extremely disappointed with FXCM. Although there are many useful tools to use for setups, their overall performance is bulky, awkward and cumbersome. Additionally the platform is very slow and platform documentation is poor and incomplete. If this is all that US has to offer its forex traders...there is plenty of room for improvement here.
  1 trader has found this review helpful
Michigan, USA,
Jan 10, 2017,
Registered user

Don't be fooled by low spreads!

FXCM’s spreads are what initially drew me to try them. However, their fills on stop orders are so bad that I have finally decided to leave. What good are low spreads when you have to add 1-2+ pips to a level beyond your stop?! Their response was basically…that’s trading, slippage is part of the business. But there’s no way slippage on a very liquid pair (USD/JPY in the European-U.S. session overlap and with no news going on) should experience such poor stop fills. Just yesterday I got slippage in this pair many times, one as high as 2.5 pips!
It has been an ongoing issue ever since I signed up with FXCM a couple years ago and the problem has only gotten worse over time no matter how much I have brought it to their attention. So I would highly recommend staying away from this broker and I reiterate….low spreads are no good without good fills….and stop fill execution is where they fail bigtime.
  1 trader has found this review helpful
Philippines,
Jan 5, 2017,
Registered user

Stay Away from FXCM

I withdrew my money from them with the end of coming up with a larger amount to be able to trade with their Zulu service and was given this excuse for delaying withdrawal;

"-Your account has insufficient funds and/or open position(s). All withdrawal requests are subject to review based on the following: available balance, floating profits/losses, and number of open positions. At this time your account does not have sufficient usable margin to withdraw the amount you requested. To resubmit your withdrawal request for a different amount, please log in to www.MyFXCM.com."

Stay away from this broker. They will think of every possible way to keep your money. I should have read this forum before and did not use this broker because of their history of unethical business practice.
  1 trader has found this review helpful
ohio, USA,
Dec 30, 2016,
Registered user

FXCM top notch

Been with them for over three years first as a demo trader, then a small micro account, and now as a Active Trader Group client. I have also had accounts at Oanda, Tallinex, Tradestation, IBfx, and Interactive brokers. I am fairly new to trading, but have 30+ years in sales and customer service experience. So I know a thing or two about all that, and have a pretty high standard.

Staff and customer service at all levels very knowledgeable about FXCM policy, platforms, and all aspects of their business. Very professional, yet friendly and engaging. A pleasure to work with. Follow through and do what they say they will do most of the time. Deposits and withdrawals by wire transfer flawless and timely with no delays.

Best broker IMO for US residents.
 
USA, USA,
Dec 18, 2016,
Registered user

FAKE SLIPPAGES ALLLLL THE TIME !

⁣​Hi there,
I had a FXCM accound (active trader 3000059352) my balance was $76,000. I had one position opened (GBP/USD) 1M Lot size, at price 1.30949.  I'm a US resident, so our only leverage is 1:50 . On Oct/6/2016 FXCM closed that position (due to margin requirements) with a loss of $66k due to the Gbp/Usd flash crash. I only had $11k left in my account. When i contacted them many times to make sure of the right margin requirements calculations. They said nothing was wrong and that happened due to some SLIPPAGES. But about $19k or more slippage?? from the magin requirements for that position that supposed to be closed at. That was not fair at all. So that I talked to a lawyer about my case and he is going to make a lawsuit case against FXCM to get my money back.
 
James T.,
California, USA,
Nov 21, 2016,
Guest

I opened an account less than a month ago. I made 2 deposits. Something came up so I needed to withdraw the money. The first attempt, I made a mistake,therefore the withdrawal didn't go through. The person I spoke with explained to me that I can only do debit card withdrawals because I deposited money through a debit card and not ACH. The second attempt, everything went well. While speaking with one of the employees about linking my fxcm account to TradingView, he informed me that I had to switch from a Mini account to a Standard account and pay $10 a month. He emailed me the form, and said it would take a couple days to process. I signed, gladly. Two days later, I get an email saying that my FXCM account has been terminated. I email them to find out what happened. They reply, "As outlined in the Client Agreement("Agreement"), FXCM reserves the right to terminate the Agreement for any reasons it deems necessary."
I still have no idea what I did wrong. I've called several times and everyone says the same thing.... Apparently, only the people in the compliance department can help me with this issue. It's been a few days now and the only response I seem to get from them is that they reviewed my account and are unable to maintain an account with me at this time. Unbelievable. I guess its time to move on to a new broker. In the end, FXCM did not, by any means, live up to the hype. Oh well, life goes on.
 
Germany,
Nov 11, 2016,
Registered user

BIG ISSUE WITH FXCM - UNBELIEVABLE 433 pips "negative slippage"

BIG ISSUE WITH FXCM - UNBELIEVABLE 433 pips "negative slippage"

What happend?
FXCM did never executed the STOP/LOSS over a timeframe of seven minutes.
Other brokers closed open positions with a small slippage in the same time frame.
Later the low risk position closed with a maximum financial damage for the account by FXCM.


What happend in detail?
Long Position GBP/USD 100k volume open at 1.2552 with S/L at 1.2458 (-93 pips) executed by FXCM margin-out at 1.2025 (-527 pips).
*WOW* you could not call it negative slippage. Of course it was at 10/06/2016 the GBP flash crash, but there was liquidity over such a long timeframe.
I guess we'll never find out what happend really in the background technology infrastructure of FXCM at this time.


What the regulations say?
This will take more time, but in the past there were some bad news about FXCM slippage in general e.g.:
a. Financial Conduct Authority (FCA) finex FXCM UK £4 million for making 'unfair profits' and not being open with the FCA (fca.org.uk)
b. Hong Kong’s Securities and Futures Commission (SFC) fined FXCM Asia Limited (HK FXCM) HK$4 million for holding on to its clients’ trading profits from favourable price movements, while passing on losses in full (sfc.hk)
c. FXCM UK Announces $16.9 Million Settlement with FCA for Asymmetric Slippage / positive slippage (nfa.futures.org)

What's FXCM response?
Since over four weeks there is no helpful statement by FXCM. The communication break down. For me there are red flags that FXCM may not be looking out for the client's best interest.
If a trader does not get email responses or FXCM fails to answer or FXCM provides vague answers to a trader's questions you should ask yourself for fairness and goodwill about all the circumstances of the case.


What you could learn?
1. If you open a position with a low risk of 1%-10% of your balance you could lose all your money with only one trade in some rarely cases (for all brokers).
2. FXCM got in trouble with the SNB Flash Crash in 2015. These days at the GBP Flash Crash in 2016 the trader get in trouble and has to pay the bill.
3. In Wall Street Journal you could read "Volatility Has Currency Traders Abandoning Stop-Loss Orders - In sharp swings, automated orders meant to protect against losses are often making them worse"
4. FXCM ECN execution practice is a black box. We don't know how the execution algorithm is against the liquidity providers and priorization compared to FXCM Pro or others circumstances.
5. FXCM will change the leverage to 1:400 next. The maximum loss protection by FXCM is -50.000 EUR. This means:

It could be make sense to trade different small accounts instead of one big account with FXCM. Otherwise you have to pay the bill and take the risk at the next flash crash or news event or unpredictable event or movement against you in your trading.

For example:
a. You trade a 1.000 EUR account with 1.000 pips "slippage" means in 1 lot "flash crash" = -10.000 EUR but your maximum risk is 1.000 EUR
b. You trade a 10.000 EUR account with 1.000 pips "slippage" means in 1 lot "flash crash" = -10.000 EUR and your maximum risk is 10.000 EUR

This is just an example you could change in any variables (position size + leverage + account size + volatility), but at the end you'll find out what it means one day in live trading or you learn to survive by split the accounts in FXCM.

Hopefully FXCM shows fairness and goodwill in my case. Let's see if we get a fair professional response.
 
Hillmin,
London , United Kingdom,
Nov 7, 2016,
Guest

FXCM Account Termination
I had the Email (below) and my account terminated without any prior warning, The money that was in the FXCM account has as of yet not been paid into the nominated account,

Dear Client
This letter is to inform you that as of 11/4/2016, Forex Capital Markets (“FXCM”), will be terminating the Client Trading Agreement signed between FXCM and me as well as any other agreement and any other title signed between said parties (collectively, the “Agreement”).
Pursuant to the Agreement, this termination shall be effective immediately.
If you have any queries or comments, please feel free to contact the Compliance Department.
Sincerely,
FXCM Compliance
 
Selangor, Malaysia,
Nov 1, 2016,
Registered user

Money Losing machine, and they enjoy it

Just be prepared to lose a lot of money with FXCM, especially if you're beginning small. As I started with a small amount of only $100 ($97 actually, as Skrill ate my $3 as fees while depositing), I wanted to test the waters initially. With some learning and trying, I was able to make a profit of around $14 on the 1st day, while some open positions were going into big losses of around $47 cumulative. So I decided to leave them open, with a hope that the market might reverse for them. I also noticed that there was still around $27-30 something as usable margin in my account.
However, all of a sudden, they gave a popup of margin call and closed all of my loss making positions (7 of them) immediately, without even giving me a chance to close a few myself, to make the margin alright.
All of a sudden I lost $48 without my control. Having already read about such horrific behavior of these ppl, I decided to immediately close the F***ing account with them. And when I wanted to withdraw all my money, there's no option of Skrill! And withdrawing to bank, they charge a whopping $40 as admin fees.
So within 2 days of trying them out, I lost $88 straight, with FXCM, while made $14 profit.
DO NOT trade with FXCM, if you like to make any real profits...
 
Joey Joe Joe Jr,
Shabadoo, USA,
Oct 24, 2016,
Guest

its an ok broker i guess, i'm paranoid now tho

Fees are really high and i get a sneaking suspicion that my placed trades are watched (idk if they're traded against, i have no proof). I did some random placement of stop entries some with 100k, some with 1MM and watched as as i place the trade, the movement of the market would gravitate toward that stop entry. Once entry is hit, the market would retrace almost immediately.

I'm sure it's not the broker's fault, maybe i'm just a crummy trader as i am a newb in forex (i've been thoroughly humbled in my brief forex trading career and i have no problem saying its my fault that i lost money).

Though, i can't help but feel someone watches my trades and sideswipes entries and hunts stops (even though i have the high frequency trader account above $20k so I qualify for no-dealing desk account privilege). Again, this is just my opinion, i don't have any proof of this and it could just be I'm a newb.
 
Reply by Jason Rogers submitted Oct 26, 2016:
Hi Joey,
You mentioned you are a "newb in forex" so I want to take this opportunity to welcome you to trading in this market and thank you for choosing FXCM as your broker. I would also like to address your concerns about the quality of trade execution and pricing you receive from us. As you have noted, FXCM provides you with No Dealing Desk (NDD) forex execution where we offset each of your orders one-for-one with the best prices from sourced from multiple liquidity providers. This results in two key benefits to you as a trader.
First, NDD makes FXCM spreads tight and competitive with other brokers in the industry which is why I surprised by your comment suggesting otherwise. Perhaps you were trading during a news event which could have resulted in wider than normal spreads. For confirmation, you can check our website for historical spreads: https://www.fxcm.com/why-fxcm/forex-execution/historical-spreads/?CMP=SFS-70160000000MusRAAS
Second, NDD means we don't take the market risk on the other side of your trades, so FXCM doesn't profit from your losses or lose from your profits. Instead, we make money from your trading volume. Therefore, we don't "hunt stops" or "sideswipe entries" and have no incentive to do so. In fact, we want you to be profitable, so you can trade with us more! For this reason, I encourage you to check out our free guide on the Traits of Successful Traders which highlights best practices you can look to emulate: https://landing.fxcm.com/traits-of-successful-traders/?CMP=SFS-70160000000MusRAAS
Lastly, your forum profile mentions you live in the US, so it's worth noting that FXCM US is regulated by the CFTC and NFA, the same two bodies that oversee futures trading on the CME. Furthermore, in compliance with rules regarding price slippage and price re-quoting that were finalized in 2012, FXCM US provides daily trade reports to the NFA which monitors and supervises FXCM US's activity including information on the price where all client orders are filled and the corresponding price where those orders are offset with our liquidity providers. All of FXCM's global trading entities including FXCM Australia and FXCM UK execute client rolling spot forex transactions as a riskless principal with FXCM US, so the same execution standards are applied for all of our clients worldwide: https://www.fxcm.com/uk/why-fxcm/execution/?CMP=SFS-70160000000MusRAAS
There are no re-quotes with FXCM and the latest execution stats from January 2015 through March 2016 showed the following:
- 78.71% of all orders had NO SLIPPAGE.
- 12.77% of all orders received positive slippage.
- 8.52% of all orders received negative slippage.
- 50.2% of all limit and limit entry orders received positive slippage.
- 39.9% of all stop and stop entry orders received negative slippage.
punjab, Pakistan,
Oct 14, 2016,
Registered user

the WORST BROKER EVER

the most worst broker in forex its looks like a scam broker when i talk to technical support of fxcm and ask did fxcm charge any fees on deposit with skrill they said its free and when i deposit 14,300$ from skrill they charged about 2000$ as a commission when i ask them again you said skrill deposit is free they give me link and told as because skrill charge fee to fxcm that why we charge from our clients they are such liars and they are very bad they ate my 2000$ and they spreads are also worst then instaforex and fxcm mt4 is also very bad its like a freezer and they freez your trades also every time when my deal is in profit and when i am going to close time out again and again very bad broker spreads are very high eurusd 3.2 gbpusd 4.0 and on gbpjpy its 5.2 oh my GOD they called there self they are best i used exness ,xm , instaforex, and i realize one think these brokers are much better then fxcm it is most worst broker please stay away form it if you still want FCA regulated broker then you can choose some one else good bye fxcm you lost another client
 
Reply by Jason Rogers submitted Oct 19, 2016:
Hi Muhammad Zain,
Unfortunately, there seems to be some confusion. First, it's important to note FXCM does not make any money from Skrill deposits. We make money when you trade, so it's in our best interest for you to have more funds in your FXCM account with which to trade.
It is Skrill, not FXCM, that charged you deposit fees, and these fees are clearly stated on the webpage where you made your Skrill deposit into your trading account: https://skrillfxcmuk.fxcorporate.com/en/index.html
Specifically, that webpage states the following: "Deposits initiated via Skrill to Forex Capital Markets Limited [FXCM UK] are subject to a 1.6% plus 0.29 USD processing fee which will be assessed to the deposit amount upon receipt of funds. (Additional charges may apply for certain countries: https://docs.fxcorporate.com/skrill_surcharge_fee.pdf)"
In that PDF document, Pakistan is listed as one of the countries where Skrill adds a 0.5% surcharge on deposits. That means funds received from a Skrill User resident in Pakistan will be assessed at 2.1% plus 0.29 USD processing fee.
You mentioned you deposited $14,300. That should have resulted in $300.59 in deposit fees from Skrill, so the $2000 amount you mentioned does not sound accurate. Please email admin AT fxcm DOT com and CC me at jrogers AT fxcm DOT com referencing your account number and Skrill deposit. We can reach out to Skrill together and verify the exact amount you were charged and why.
It is important for us that you have confidence FXCM's deposit options. Also, for future reference, you may find it is cheaper to send deposits of this size via bank wire transfer, since Skrill charges you a percentage fee, and bank wire fees are usually a flat rate.
Khan ,
London , United Kingdom,
Oct 10, 2016,
Guest

I've been trading with FXCM on and off for about 5 years. I've never had any issues with them. The withdrawal process was always a concern for me with a forex broker, but with FXCM the withdrawals are very quick. The iPhone trading platform is also a very efficient way of trading and has never let me down when I'm on the road.
 
Martin,
USA,
Oct 3, 2016,
Guest

I do not trust FXCM. They manipulate the prices against you when you're winning!

Trading in demo--was up $2000 in hedge position--would not let me take profit. CHEATERS.
 
Reply by Jason Rogers submitted Oct 10, 2016:
Hi Martin,
Unfortunately, there seems to be some confusion.
With a demo account, there is no real money at risk, therefore FXCM does not make or lose money from your demo trading. How would it benefit us for you to have a poor demo experience? Would it make you more likely to open a real account where we could profit from your real trading volume?
That should confirm for you that any issue you encountered on your demo account was nothing deliberate on our part.
For this reason, I hope you will reach out to our customer support team which is available to you live 24 hours a day, 7 days a week. We would be happy to investigate what happened on your demo account for you and provide a solution: https://www.fxcm.com/trading-services/contact-client-support/?CMP=SFS-70160000000MusRAAS
Please keep in mind that if demo trading was as bad for everyone as you described, then no one would open a real account with us. It's precisely because we provide traders with an excellent experience (demo and real) that the latest CFTC data show FXCM accounts for more than one-third of all retail forex client funds on deposit in the US: http://i.imgur.com/1P1n3GK.png
Utah, USA,
Oct 1, 2016,
Registered user

Rock Solid

I still have an account with FXCM after many years. Our money is surely safe in my opinion. You can also withdraw and deposit money on time with them. There is always a scandal in Forex but FXCM has been around for years and will continue to stay strong.
 
T,
London, United Kingdom,
Sep 15, 2016,
Guest

Maybe you need to dump £1000s in an account to get away with a £1 per pip trade?

The problem is with FXCM is that it closes your trades too soon. All the money I have lost is from FXCM closing my trades early. Trading is about going being in a trade and being well under, this site does not allow you to ride out a trade at all. It gives off a quick alarm, no chance to even top your account either and closes your trade. Only twice out of the many trades FXCM has closed would I have been in trouble without closing it myself, all the other trades recovered. IMO the only losing trade in trading is a closed one, the way FXCM goes about closing a trade within a matter of 5 minutes reminds me of Binary Options. I have had longer Binary Options open than I have had trades opened with FXCM.
 
Reply by Jason Rogers submitted Sep 28, 2016:
Hi T,
There seems to be some confusion. When you say FXCM closes out your trades, it sounds like you are referring to the automatic trade liquidation that occurs when your account falls below the minimum margin requirement needed to maintain your open positions. This automatic trade liquidation is a safety measure designed to protect your account from even greater losses.
You live in the UK which means you have access to up to 200:1 leverage on your FXCM account. That lets you open trades with as little as 0.5% margin. You can find detailed information on the margin requirements for each trading instrument on our website: https://www.fxcm.com/uk/forex/trading-details/?CMP=SFS-70160000000MusRAAS
If you have difficulty maintaining adequate margin in your account at these levels, it is possible you may be overleveraging your trades. Note that it's not enough to have only the bare minimum in your account needed to open a trade. You should plan to have enough usable margin above the minimum required so you can withstand market moves against your open positions without running out of necessary margin.
Sri Lanka,
Aug 12, 2016,
Registered user

FXCM is a good FX Broekr

FXCM is another good company. they have been leasers in the FX industry an their track record speaks for itself.
 
Qatar,
Aug 12, 2016,
Registered user

Best broker for me.

I have been trading with FXCM just 4 months back and suffered extreme losses on my 1st, 2nd and 3rd month. I started to become profitable just before the brexit. I have already recovered my loses and even started to see my profit. I could say that FXCM for me at the moment is a good broker in terms of CS and platforms. There are slippage most of the times but I do understand it.

So far I have not tried to withdraw any amount from my account. But I want to keep my trust with FXCM. Hopefully this trust will not be wasted.

Let us not blame others for our mistakes.

 
Reply by Jason Rogers submitted Aug 25, 2016:
Hi Romell,
Congratulations on recovering from your early losses and becoming profitable with your trading!
While slippage is a risk of trading in any market with any broker, it's worth noting that slippage with FXCM can be either positive or negative. The latest execution data show the following: https://www.fxcm.com/advantages/forex-execution/price-improvements/
- 78.71% of all orders had NO SLIPPAGE.
- 12.77% of all orders received positive slippage.
- 8.52% of all orders received negative slippage.
- 50.02% of all limit and limit entry orders received positive slippage.
- 39.9% of all stop and stop entry orders received negative slippage.
Note how positive slippage is more common with limit orders while negative slippage is more common with stop orders. This is due to the momentum of price movement when such order types are triggered.
FXCM's Trading Station platform has order features called Market Range and Range Entry which limit your negative slippage, but not your positive slippage, on Market Orders and Entry Orders respectively: https://www.youtube.com/watch?v=bYR4td-Lza8
Yol,
thailand, Thailand,
Aug 11, 2016,
Guest

FXCM IB Partner staff bad support.

I think many Broker they want IB partner for join and work with them right? but i get many questions from FXCM staff IB. and i replied every thing true and frankly. We are analysis signalling service provider and we have many trader more than 1000 traders in my website. we really want to support and good service for our trader customer to deal become IB partner which customer they want to join. but right now, we change plan and ban FXCM due our internal Criteria same like them.
This is FXCM replied
"
Unfortunately we are unable to proceed your application further due to our internal criteria.

Kindest Regards
Bxxxxx Cxx
Institutional Client Group "

I just share and feeling bad with bad staff mind of this broker.

thank you.
 
Damian,
Melbourne, Australia,
Aug 4, 2016,
Guest

I had been a customer of FXCM for 6 years or so. On August 1st I received an email from their compliance department telling me my account had been terminated. There was no reason given. This was the worst case of customer service I had ever encountered in any form of business. No forewarning, just cut, bang, see you in the next life.

I requested the Australian manager's phone number to get an understanding of why, without notice, my account was terminated. It was not forthcoming. I still do not know why after a number of requests to FXCM compliance to explain their decision.

Very angry and with a great sense of insult I did some research and found that I was not alone in my feelings.

Refer: https://www.compareforexbrokers.com.au/australian-forex-brokers/

Scroll down to 'Customer Service and Reputation' and you will see FXCM sit very much at the bottom of the list.

So Jason don't try and fluff up FXCM for being a great organisation.
 
Frank L,
Tampa,Fl, USA,
Jul 18, 2016,
Guest

Update, Received an Email from FXCM July 18th stating my ACH deposit has been returned. Please allow 4-6 weeks for funds to post.FXCM is a joke,I am also filing a NFA complaint

2016-07-15 No Rating Had a mini account with FXCM for about a year, deposited $20,000 on July 10. Received a Termination email the following day and on July 12th they cashed my ach deposit and told me I can arrange for a withdrawl when it clears into my account on the 18th. Stay Away
 
Reply by Jason Rogers submitted Jul 22, 2016:
After thorough review, it was determined that FXCM was unable to maintain your account. The return of your account balance may vary based on the depositing method(s) used. FXCM makes all efforts to return funds as quickly as possible.
wilson,
malaysia, Malaysia,
Jul 17, 2016,
Guest

FXCM service is become worst and worst. now they separate our asia clients and western, even force us to use fxcm market, which is a broker that is under fxcm but not regulated. how can a broker refer to client to use a broker that cannot secure our money ?
They even gave a super lousy offer of the spread and commission.
 
Reply by Jason Rogers submitted Jul 21, 2016:
Hi Wilson, Unfortunately, there seems to be some confusion. FXCM maintains trading entities around the world to provide our clients with more choices including the option of local customer support multiple languages and the benefit of regulation in the US, UK and Australia: http://bit.ly/2ac3ifm Contrary to what you have heard, we do not force clients in Asia to trade through a specific FXCM entity. As a resident of Malaysia, you have the option of trading through FXCM UK, FXCM US or FXCM Australia which are regulated by the FCA, CFTC and ASIC respectively. In fact, as a trader in Asia, you have more choice in this matter than our clients living in the US, UK and Australia. That's because we require US residents to trade through FXCM US, UK residents to trade through FXCM UK, and Australian residents to trade through FXCM Australia due to our local regulation in these countries. If you would like to trade through one of FXCM's globally-regulated entities, I am happy to put you in touch with one of my colleagues in the appropriate office. Simply email me at jrogers AT fxcm DOT com with your contact details, and I will arrange a follow up for you. - Jason Rogers FXCM Ambassador
Blue Marlin,
Frankfurt, Germany,
Jul 11, 2016,
Guest

Jason, you suggest (but you should KNOW) : "it seems you were connecting to an MT4 server displaying our Standard account spreads on charts..."

Not true, Jason !

I was connected to an MT4 which showed "no commission" spreads which were already artificially inflated compared to ECN spreads. So there is no "misunderstanding" on my part.
Also I was on the phone with your support team before closing my account and if what you are suggesting were true, your support team could correct my "misunderstanding". Nothing of that sort was mentioned.

I will definitely NOT re-open any account with FXCM.

Bye bye


2016-07-08 2 StarsThis is about the mini account only !

I wanted to test the conditions on their mini account because those are participating in their monthly trading contest.

My experience :

I opened the account last week and funded it with the minimum amount. I closed the account after about of 30 minutes of trading.

The good :

5 stars for the German support team. Jascha Harders was helpful and responded very quickly.

5 stars for the speed of deposit and withdrawal.

The bad :

ZERO stars for the trading environment at FXCM.

I only do manual trading. For that test I entered only market orders on EUR and GBP.
From the start I got bad fillings of 2 pips. The price I got was ALWAYS 2 pip worse than the actual spread shown in the MT4. No matter buy or sell or closing the position.
This was NOT due to slippage or fast moving market. The trades I did happened all during a quiet time when the prices stood still for a moment. Only then you can see if the broker is cheating on you. And the cheating happened on EVERY trade.
Also stops were triggered before the shown market price reached my stop level.

Conclusion > their MT4 runs with a hidden additional 2 pip spread.

This experience I had once with OctaFX and now the same experience with FXCM.

For this reason > only 2 stars

I don't understand why a broker does this cheating when they set a huge spread for that kind of "no commissions" account. That artificially high spread should be enough for them.

I imediately closed my account.
Bye bye FXCM

Added by Jason Rogers on 2016-07-11
Hi Blue Marlin,

Unfortunately, you closed your FXCM account due to a misunderstanding.

If you use Trading Station, then the spreads you see on your charts depend on your account type: Mini or Standard. However, if you use MT4, then the spreads you see on your charts depend on the MT4 server to which you are connected. While the charts on some of our MT4 servers reflect the raw FX spreads available to Standard accounts, the FX charts on our other MT4 servers reflect the all-inclusive spreads (with no separate commissions) available to Mini accounts.

From what you have described, it seems you were connecting to an MT4 server displaying our Standard account spreads on charts. However, by your own admission, you were trading on a Mini account. Note that while the prices your trades were executed at might have been slightly different from the raw FX spreads you saw on the MT4 chart, this would have been offset by the fact that you were not being charged commissions on these trades the way Standard accounts are.

It's not too late for you to reactivate your Mini account, so you can see for yourself that what I say is true. I'm happy to help you get started again and can make sure you are connecting to one of our MT4 servers reflecting the all-inclusive spreads (with no separate commissions) available to your Mini account: http://bit.ly/1YFzng9


- Jason Rogers
FXCM Ambassador

 
Reply by Jason Rogers submitted Jul 12, 2016:
Hi again Blue Marlin, If you can please take a moment now to check your MT4 platform (you still have access even though you closed your account) you will see that what I have told you is true. As I mentioned in my response to you yesterday, if you use MT4, then the spreads you see on your charts depend on the MT4 server to which you are connected. While the charts on some of our MT4 servers reflect the raw FX spreads available to Standard accounts, the FX charts on our other MT4 servers reflect the all-inclusive spreads (with no separate commissions) available to Mini accounts. When you are logged into MT4, please compare the prices you see in the Market Watch window to the prices you see on the charts. Notice that while the Bid and Ask prices in Market Watch reflect the all-inclusive spreads available on your Mini account, the prices on the MT4 charts reflect the raw FX spreads available to Standard accounts which pay a separate commission. The reason why your trades executed at prices that were slightly different from what you saw on the MT4 charts is because your trades were executed using the all-inclusive Mini account spreads. Those spreads are wider than the raw FX spreads available to Standard accounts, because unlike Standard accounts, Mini accounts pay no separate commissions for these trades and the all-inclusive spread is your only transaction cost. If you have any additional questions or concerns about this, please let me know. - Jason Rogers FXCM Ambassador
Lebohang Molise,
Bloemfontein, South Africa,
Jun 24, 2016,
Guest

I'm gonna be straight to the point, DO NOT TRADE WITH THIS BROKER!!! On monday I closed my account, was told my funds request will be processed within two business days, they kept quiet until I sent an email on friday and it was only then they told me my request has been "finally approved"! I did not even receive my full amount! I emailed them asking them to explain and tell me about their hidden fees policy cause clearly there's one here, but of course, no response! I noticed they're very slow on withdrawals but very quick to act when one cancels a withdrawal request! STAY AWAY FROM THESE GUYS!
 
Reply by Jason Rogers submitted Jun 29, 2016:
Hi Lebohang, There seems to be some confusion. FXCM does not charge any hidden fees when you make a withdrawal from your trading account. In fact, we offer several deposit and withdrawal options including some which are free. Furthermore, while most transfer requests are processed by our Operations staff within 1 or 2 business days, it may take longer for you to receive the funds in your account depending on the specific transfer option you select. You mentioned you have already closed your trading account. I'm sorry to hear that, but for future reference, information about our various transfer options including transfer times and any fees is available in the deposit and withdrawal FAQ section of our website. - Jason Rogers FXCM Ambassador
Tim H.,
Ottawa, Canada,
Jun 24, 2016,
Guest

They are terrible in every way. During Brexit, they've arbitrarily changed their margins from 10% requirement to 50% requirement, increased the maintenance margin and increased the spreads.

You must call their desk whenever your maintenance margin goes back into positive.

I would strongly advise you to consider something else. Despite having large sum of money in my account, it is mostly useless as I can't trade with 50% margin. This limit has been placed now for 3 days+ . I question their liquidity if they have to place such high margin limit for a long period of time.
 
Reply by Jason Rogers submitted Jun 29, 2016:
Hi Tim, There seems to be some confusion. You mention above that you live in Canada. That means the margin requirements for your account are governed by the Investment Industry Regulatory Organization of Canada (IIROC) which has higher margin requirements than other jurisdictions where FXCM operates. You should have received an email from us informing you of the updated margin requirements prior to the Brexit vote in the UK last Thursday. Since then, you should have received another email informing you that margin requirements have been lowered back down again. If you are not receiving our emails, please check your junk mail filter and make sure our @fxcm.com domain is added to your safe senders list. In regards to your question about our liquidity, FXCM's liquidity providers include global banks, financial institutions, prime brokers, and other market makers. FXCM LLC currently has 16 liquidity providers: Bank of America N.A. ? Barclays Bank, PLC ? BNP Paribas ? Nomura International, PLC - Citadel Securities LLC ? Citibank N.A. - Morgan Stanley & Co., LLC - UBS AG - Deutsche Bank AG ? Effex Capital, LLC ? Goldman Sachs International ? and Commerzbank AG. Liquidity providers that stream pricing through the FastMatch Electronic Communication Network include: The Royal Bank of Scotland plc ? RBC Capital Markets - Société Générale Corporate & Investment Banking ? Credit Suisse Group AG. source: https://www.fxcm.com/uk/about/liquidity-providers/?CMP=SFS-70160000000MusRAAS - Jason Rogers FXCM Ambassador to Online Communities
numan hussain,
gujranwala, Pakistan,
Jun 21, 2016,
Guest

there live chat is very bad they dont want to help you they even did not reply i want to open ECN account with them i tried many time to chat with them i want yo ask same question before open live account but no one answer my question there service is very bad please dont open account with them
 
Reply by Jason Rogers submitted Jun 23, 2016:
Hi Numan, There seems to be some confusion. Our records show my colleague Daniel emailed you a copy of the account opening instructions you requested earlier this week. If you did not receive his email, please check your junk mail folder and make sure our @fxcm.com domain is added to your list of safe senders. Daniel will try to give you another follow up call. Please come back on live chat if you need to update the email address or phone number we have on file for you. - Jason Rogers FXCM Ambassador
nader hoville,
USA and, France,
Jun 18, 2016,
Guest

also in HAWAII. I AM VERY UPSET. I THOUGHT THEY WERE THE GREATEST BROKER
EVER.....until I got a TERMINATION LETTER! I have been with them as a loser for over 7 years. Recently I was winning finally hoping to get it all back. They refuse to tell me why. It could only be two reasons : either they dont like people like me scalping at all times of days or they dont like me profiting from it. I read some others here who also got terminated. They claim that they would not terminate because we made profit....cause "non dealing desk" well what if thjey earn more with client that loose? ...It make no sense at all .
PLEASE CONTACT ME I AM GOING TO ORGANIZE A CLASS ACTION SUIT AGAINTS THEM...if they terminated for not good reason please contact me ASAP nhoville@aol.com
HOWEVER I want to say the good things...EVERYTHING ELSE IS GREAT WITH THEM....they pay fast., client service is the best and platform I adore.
 
Reply by Jason Rogers submitted Jun 23, 2016:
Hi Nader, Please note FXCM doesn't close accounts for being profitable. I don't know the specifics regarding your account, but if your strategy is effective, you can move funds to another FX broker and continue trading in the market profitably. However, if closing your account with FXCM means you will realize losses, this means your open trades are floating losses. Equity is the cash value of an account, so if you are floating losses, then your equity is lower than your balance, and this means the account is at a loss and not a profit. - Jason Rogers FXCM Ambassador
victor,
west sussex, United Kingdom,
May 26, 2016,
Guest

Since I joined FXCM I had no problems excellent service. Any time I request withdrawal it was in my bank account within 3 days. Well done guys.
 
Empirical Perspective,
US, USA,
May 26, 2016,
Guest

The only thing misleading about FOREX trading is the success rate. Its very low. People write about it being a scam or how FXCMs customers are being ripped off, but their not aware of how the game works. I chart with an independent brokerage and their pricing is within 3 ticks of FXCMs.
 
Shiv M,
Perth, Australia,
May 10, 2016,
Guest

+Jason.

Sorry..Got it cleared. It was a confusion about my residence. Thanks to Murielle and Mark of FXCM's support that helped. Still angry with Compliance/Ops for the misunderstanding. Murielle esp. deserves a reward. She was very patient, and owned the problem as if it were hers. It is because of people like Murielle and Mark that FXCM continues to thrive!

2016-05-03 1Star
Have no complaints about FXCM Australia. They are pretty good. It is FXCM USA, esp. operations people who are people without sense. CIting stupid excuses from compliance,they can "lock" your account when you are winning. I hope FXCM has some sensible people in their compliance team.

Added by Jason Rogers on 2016-05-06
Hi Shiv,

First, I'm glad you're pleased with your trading account with FXCM Australia. It's worth noting the only difference between an FXCM Australia account, an FXCM UK account and an FXCM US account is the local regulator.

While FXCM Australia is regulated by the Australian Securities and Investments Commission (ASIC), your trade execution and our staff providing your with supportare the same as for FXCM US and FXCM UK accounts.

There seems to be a misunderstanding about why your trading account was locked. I don't know your details beyond what you have posted here, but in my experience, accounts are typically locked from trading due to missing information.

I encourage you to reach out to our Operations team by emailing admin@fxcm.com for clarification on why your account was locked so you can resume trading.


Kind regards,
Jason Rogers
FXCM Ambassador to Online Communities
 
Reply by Jason Rogers submitted May 13, 2016:
Thanks for the update, Shiv! I'm glad Murielle and Mark were able to help you. I will share your feedback with them and the rest of our customer support team.
Obediah,
KINGSTON, Jamaica,
Apr 27, 2016,
Guest

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. retiring@live.co.uk

Sep 2, 2015 - 5 Stars Update: Decided to try again staying away from ger30 as it can be a bit jumpy; am working spx500 and have to say the Marketscope platform works as smooth as silk. Steady profits to date no further issues, am glad I stuck with it.

2015-08-11 No Rating Have just had a 61 pip slippage loss on GER30 and been told that nothing can be done about it. Have traded many platforms over a decade, been trying this one for little over a week and this happens. Something is not right here. I'm not prepared to take the chance of trading any further with this platform.

Added by Jason Rogers on 2015-08-24
Content: Hi Obediah,

If there's ever an error in our trade execution, then FXCM will make the appropriate correction to your account.

It's important to note that slippage, in and of itself, does not mean there was an error in trade execution. There's no sugar coating this. Slippage is one of the risks you assume when trading in any market whether it's equities, futures, forex or CFDs.

However, unlike with some other brokers, slippage at FXCM works both ways. If you have a limit or take profit order, and the price gaps in favor of your trade, then you will get filled at the more favorable price which is trading in the market. This is called positive slippage or price improvement.

A study of over 43 million orders executed through FXCM over a 12-month period from September 2013 through August 2014 found that 52% of all stop and stop entry orders received negative slippage. However, the same study showed that over 58% of all limit and limit entry orders received positive slippage.

That's due to the momentum of price movement when such order types are triggered. Stop orders are triggered when the price is moving against your trade, while limit orders are triggered when the price is moving in favor of your trade.

The year-long study of trades executed through FXCM also revealed the following:

- 76.2% of all orders had no slippage.
- 13.5% of all orders received positive slippage.
- 10.2% of all orders received negative slippage.

Over the course of that year, FXCM clients benefited from over $21 million in positive slippage: http://bit.ly/P6lUzX

It's worth noting that the Market Range feature on our Trading Station platform and the Enhanced* Maximum Deviation feature on our MT4 platform allow FXCM clients to limit the amount of negative slippage they receive, while still enjoying the full benefits of any positive slippage that's available.

* On the MT4 platforms of some other brokers, the Max Dev feature is unavailable, or if it is available, then it will limit both your negative slippage and your positive slippage equally. By contrast, FXCM enhanced how Max Dev works on our MT4 platform allowing you to limit your negative slippage while still enjoying the full benefits of any positive slippage.
 
Carlos,
Madrid, Spain,
Apr 25, 2016,
Guest

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.
 
Reply by Jason Rogers submitted May 2, 2016:
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: https://www.fxcm.com/uk/advantages/mini-account/trading-contest/?CMP=SFS-70160000000MusRAAS
John,
FL, USA,
Apr 13, 2016,
Guest

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,
Mar 23, 2016,
Guest

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!
 
Reply by Jason Rogers submitted Mar 25, 2016:
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: http://bit.ly/1mbpmtH 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: http://bit.ly/1pBGBpS
Vugar Rahimov,
baku, Azerbaijan,
Feb 10, 2016,
Guest

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 else.it means they are just liers when they say about 1 pip spread.
 
Andrei ,
Arizona, USA,
Feb 2, 2016,
Guest

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,
Jan 25, 2016,
Guest

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.
 
Reply by Jason Rogers submitted Jan 28, 2016:
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,
Jan 15, 2016,
Guest

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.
 
Reply by Jason Rogers submitted Jan 18, 2016:
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: http://bit.ly/1RPQnks - Jason Rogers, FXCM Ambassador to Online Communities
DC,
, New Zealand,
Jan 14, 2016,
Guest

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 jrogers@fxcm.com 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: http://ir.fxcm.com/releasedetail.cfm?ReleaseID=934649

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: http://bit.ly/10Pq5FJ

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: http://i.imgur.com/DTfLu3b.jpg

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: http://ir.fxcm.com/releasedetail.cfm?ReleaseID=931388

- Jason Rogers, FXCM Ambassador to Online Communities
 
Alex Findlay,
, USA,
Oct 25, 2015,
Guest

I have had an account with FXCM for over 9 years. I had some issues with them prior till 2009 and even received reparations ordered by the NFA...FXCM changed after 2009 for the better ... For the last 6 years from 2009 till 2015 I would highly recommend FXCM. Alex Findlay
 
Aaron,
Manila, Philippines,
Oct 23, 2015,
Guest

They do not have the best spread out there but their platform is one of the best in my opinion.

- Pinoy Trader
 
bayaraa,
UB, Mongolia,
Oct 19, 2015,
Guest

Customer service is terrible FXCM doesn't like to reply their client email. I sent email to admin@fxcm.co.uk 2 weeks ago and forward it info@fxcm.co.uk until now there is no reply from FXCM. Live chat is always offline and doesn't respond email I wonder how they connect their customers solve their problem. My account is not big enough just micro, maybe they don't like to serve traders who have micro account like me. Totally disappointed

2014-11-24 2Star FXCM's customer service is so bad. Live charts is always offline. I am trying to open account with FXCM. So I'd like to know whether they approve my documentation and sent email about it to admin@fxcm.co.uk several times. Within 4 days there was no reply from FXCM.
I totally wonder that the live chart is offline, they don't reply email. How do FXCM communicate with costumers. Just for opening account. Maybe FXCM don't like to accept small traders like me :(
 
Jerry B,
Oroville, Ca, USA,
Oct 16, 2015,
Guest

Utter chagrin at fxcm, they took over my IBFX acct then after a few months they now renig and are going to not allow EAs on small accts under $1,500 and if you wish to continue with small acct its $10 monthly fee and only manual! So in chagrin I departed and found nice treating Belforfx in NZ which allows me 1 micro trading on auto and allow USA client! Very nice helpful support too!
If you wish to give them a short tell them Jerry B referred you, ok? You will be surprised at the pleasant service, fxcm was a crock.
 
Sony,
Canberra, Australia,
Sep 25, 2015,
Guest

FxCm has a dozen of services providers to provide prices to FxCm. FxCm has own software team and build own distribution server, which selects prices from the providers. However due to the limitations of their servers, hardware and software, which cause the process responses very slow, especially at news time or the price at top or at bottom, more people do trades. Therefore it comes out re-quotes, off-quotes, and invalid price very often, regardless how much deviation you have put. When I have used 450 pips or at the quite time, the errors still come. At top or at bottom of the price the spreads go widen and very hard to execute an order. I have lost lots of money due to the errors. You have to execute the order half dozen of time. The re-quotes error is horrible, MT4 comes a pop-up window, it request you to confirm New price is ok or not. It is quite often the pop-up window goes back of the main window, so that the system has locked. You cannot bring the pop-up window to the front. You cannot do any thing at main window but you can watch the price change. With so many re-quotes, off-quotes, and invalid price errors, it is not reliable to trade.
 
Tarvold,
Melbourne, Australia,
Sep 25, 2015,
Guest

Recently, FXCM automatically changed all their accounts under a certain deposit size to their new Mini account. They advertise in an email to their clients that this new account will have "up to 400:1 leverage".

What they don't tell you is that they will be changing your account's leverage to 400:1, AND they will be taking away your ability to change back to your prior account leverage settings from their web portal.

If you want a broker that will, "at their absolute discretion", transform themselves into a casino and mess around with your risk profile, then FXCM is perfect for you. If you are looking for a broker that you can trust with your money, then FXCM isn't it.
 
smart,
Nigeria, Nigeria,
Sep 23, 2015,
Guest

This broker is the worst have traded with.They froze their platform on my account times without number.
 
Diego lopez,
barcelona, Spain,
Sep 15, 2015,
Guest

after 4 successful trades my platform freezes i have opened a new trade. It is frozen all trade that is more than 20 hours. Surprisingly in the demo version it works perfectly and this happens only in the pair that I am trading. Curious right? after closing the running trade i will never ever trade this broker.
 
Moamen Elrwiny,
, Egypt,
Sep 7, 2015,
Guest

Slippage Slippage Slipage..
Alot of trades closed after my stop loss .
TOTALLY BAD
 
Reply by Jason Rogers submitted Sep 8, 2015:
Hi Moamen, If there's ever an error in our trade execution, then FXCM will make the appropriate correction to your account. However, it's important to note that slippage, in and of itself, does not mean there was any error in trade execution. There's no sugar coating this. Slippage is one of the risks you assume when trading in any market whether it's equities, futures, forex or CFDs. The advantage with FXCM is that, unlike with some other brokers, slippage works both ways. If you have a limit or take profit order with FXCM, and the price gaps in favor of your trade, then you will get filled at the more favorable price which is trading in the market. This is called positive slippage or price improvement. A study of over 43 million orders executed through FXCM over a 12-month period from September 2013 through August 2014 found that 52% of all stop and stop entry orders received negative slippage. However, the same study showed that over 58% of all limit and limit entry orders received positive slippage. That's due to the momentum of price movement when such order types are triggered. Stop orders are triggered when the price is moving against your trade, while limit orders are triggered when the price is moving in favor of your trade. The year-long study of trades executed through FXCM also revealed the following: - 76.2% of all orders had no slippage. - 13.5% of all orders received positive slippage. - 10.2% of all orders received negative slippage. Over the course of that year, FXCM clients benefited from over $21 million in positive slippage: http://bit.ly/P6lUzX It's worth noting that the Market Range feature on our Trading Station platform and the Enhanced* Maximum Deviation feature on our MT4 platform allow FXCM clients to limit the amount of negative slippage they receive, while still enjoying the full benefits of any positive slippage that's available. * On the MT4 platforms of some other brokers, the Max Dev feature is unavailable, or if it is available, then it will limit both your negative slippage and your positive slippage equally. By contrast, FXCM enhanced how Max Dev works on our MT4 platform allowing you to limit your negative slippage while still enjoying the full benefits of any positive slippage.
Rohin Knight,
Wellington, New Zealand,
Sep 5, 2015,
Guest

Be careful with any apps they offer you and make sure you test them thoroughly! Especially their close-all-orders app (https://www.fxcmapps.com/apps/close-all-orders/). I had this app fail on my automated account and I lost everything.
 

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.