Broker Details
Minimum Trade Size: | 0.01 |
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Maximum Leverage: | 30:1 |
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Minimum to Open Live: | $50 |
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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 |
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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Traders Reviews
SHAME IMHO that the CFTC is shutting them down to US traders. Nothing but good service in the two years with them. Oh well.

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.
Keep searching - I am!
Don't be fooled by low spreads!
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.
Stay Away from FXCM
"-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.
FXCM top notch
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.
FAKE SLIPPAGES ALLLLL THE TIME !
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.
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.
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.
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
Money Losing machine, and they enjoy it
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...
its an ok broker i guess, i'm paranoid now tho
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.

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.
the WORST BROKER EVER

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

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

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.
FXCM is a good FX Broekr
Best broker for me.
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.

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
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.
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.
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

They even gave a super lousy offer of the spread and commission.

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


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.


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.

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
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

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
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.

-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.
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!

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.

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.

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
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
- Pinoy Trader
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 :(
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.
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.
Alot of trades closed after my stop loss .
TOTALLY BAD

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.
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.
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.