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
Forex Peace Army
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Traders Reviews

Caracas, Venezuela,
Jan 4, 2019,
Registered user

Excelente

Excellent, I've been a client for 6 years and I've never had problems withdrawing funds, everything works very well with its original Marketscope 2.0 platform, it's super complete and very efficient.

Excelente, soy cliente desde hace 6 años y nunca he tenido problemas para retirar fondos, todo funciona muy bien con su plataforma original Marketscope 2.0, es super completa y muy eficiente.
 
Reply by Jason Rogers submitted Jan 7, 2019:
Hello jcarmelos,

Happy new year and thank you for your continued support.

Jason
FXCM
Morocco,
Nov 12, 2018,
Registered user

Hi i trade with fxcm close to 1 year now ! everything good ! one thing i don't like with fxcm is withdrawal time take between 2 days and 5 days that just to much !
i hope fxcm make withdrawal time faster
 
Reply by Jason Rogers submitted Dec 14, 2018:
Hello rachidramhi,

Thanks for trading with FXCM and I'm happy to hear everything is going well.

Your feedback is also appreciated. Withdrawals are typically processed within 1-2 business days and the amount of time it takes to arrive in your account can vary by bank processing times. For example, domestic wires take approximately one to two business days and international wires can take three to five business days to arrive. However, I will relay this feedback to our management team as we are always looking to improve our services to make your experience even better.

Wishing you an early happy new year!

Jason
New Hampshire, USA,
Nov 5, 2018,
Registered user

Bad broker and has terrible trading conditions..
Stay away everybody is staying away from them here in the USA.
  1 trader has found this review helpful
Forex Peace Army
Review moderation team note
FXCM has not accepted US clients since February 2017.
Reply by Jason Rogers submitted Nov 12, 2018:
Hi eresic,

While you may not be familiar with FXCM's trading conditions, we release execution stats on a monthly basis. The latest was released on Friday which can be found here https://docs.fxcorporate.com/october-execution-release.pdf

Highlights from October 2018 indicate that
- 64.2% of orders executed at price requested
- 24.3% of orders executed with positive slippage
- 11.4% of orders executed with negative slippage

Client trades here cover stop, limit, “at market”, and entry orders. Certain non-direct clients are excluded from the data. Limit and limit entry orders would only execute at the requested price or better and cannot receive negative slippage. Price improvements are subject to available liquidity.

During the month of October, the SPX500 had an average effective spread of 0.3 and GER30 of 1.2 for active trader spreads. Spread data for additional symbols can be found in the October release https://docs.fxcorporate.com/october-execution-release.pdf. This data is compiled forex and CFD trading data from FXCM’s Active Traders for 1 October, 2018 to 31 October, 2018.
The data reflects the spread at which trades were executed by FXCM clients during all trading hours.

The trading experience at FXCM for our traders is a top priority for us which is why we are very transparent with the monthly data release.

Jason

78.58% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
Cambodia,
Oct 10, 2018,
Registered user

I place positions JPN225 for 100 on 9/24/2018 till 10/04/2018, I just realized fxcm charge me $140.04 for dividend, Uk100 for 20 on 08/03/3018 till 08/15/2018 they also charge me $50.49 for dividend, I contacted they, they said it charge from other JPN225 and UK100. i ask them, how can I know when and how much they will charge for it, They just told me they absolutely has no idea about this. That's really no responsibility.
  2 traders have found this review helpful
Reply by Jason Rogers submitted Oct 22, 2018:
Hello elviesjo,

Thank you for trading with FXCM, and we believe it is important that clients know beforehand when dividends will occur for stock indices and how significant the dividends may be. A dividend calendar is located on our website that lists when a dividend occurs for stock indices and if the dividend amount may be larger than normal. The dividend calendar is found here http://help.fxcm.com/uk/Product-Guide/Overview/CFD-Trading/889323311/What-are-the-upcoming-dividends-for-FXCM-s-Index-CFDs.htm . While the exact dividend amount cannot be listed ahead of time because it is proprietary information from a third party and cannot be released prior to the index issuing a dividend, we do provide you with a range based on the past 12 months of dividend data to help you decide whether you want to keep the positions open or close the positions to avoid earning or paying dividends.
Malaysia,
Sep 6, 2018,
Registered user

I had requesting an IB commission fee transfer to my trading account for few times, 92022107, but there is still no reply from FXCM site.
  2 traders have found this review helpful
Reply by Jason Rogers submitted Sep 11, 2018:
Hi jscheok,

Our support team is available by live chat 24 hours a day to help check the status of any requests http://bit.ly/FXCM_Live_Chat

Jason
Obediah,
North Enland, United Kingdom,
Aug 20, 2018,
Guest

What's the problem?

Every once in a while I check out other brokers just for curiosity and their review's always make bad reading. I've been with this broker for the best part of a decade, so as a kind of control I come back here for comparison just to give some perspective from a broker I have had nothing but good service from. After dozens of in/out transactions without a glitch I honestly cannot see the basis for all these complaints. I suspect that a lot of these - I was stopped out unfairly stories - relate to people leveraging large % of their accounts to steal a few pips. We all know (or should) that spreads can and do momentarily widen quickly and without warning, experience shows that this style of close to the edge trading usually ends in tears. When losing money, the hardest person to blame is yourself. A longer term style whilst not giving that instant gratification usually works overall.
To sum up. Unless there is another FXCM I don’t know about, many of these reviews are very misleading…
 
Reply by Jason Rogers submitted Sep 7, 2018:
Thanks for trading with FXCM. Our goal is to provide the best forex and CFD services in the industry, and your feedback is very important to us!
Dubai, United Arab Emirates,
Aug 15, 2018,
Registered user

Spreads

Good spreads withdrawl little delayed though, But got an apology call for the same so Its ok :)
 
Reply by Jason Rogers submitted Aug 20, 2018:
Thank you for your review Md. Asad. Spreads, execution, and a positive trading experience are a top priority for FXCM. We apologize for any delay in the withdrawal, and your feedback is very important so we can continue to improve our services.
INDONESIA, Indonesia,
Jun 21, 2018,
Registered user

SCAM , FXCM NOT PAY MY MONEY $5457 USD , WITHDRAWAL NOT PROCESSED

hello all, if anyone can help me, fxcm not pay my money $ 5457 usd, i deposit $ 2800 usd , then i have profit $ 2657 usd and my balance become $ 5457 usd, then i do withdrawal request, but after i do withdrawal my account instantly become locked up, and I've sent an email to: admin@fxcm.com, jrogers@fxcm.com to inquire about my withdrawal, but they all nobody ever replied, which means fxcm does not want to pay me $ 5457 usd, so I ask anybody who can help me please help withdrawal me so that can in pay by fxcm

ACCOUNT METATRADER : 96085956
EMAIL : djokosatrio@hotmail.com

this screenshot metatrader me :
[URL=http://s1356.photobucket.com/user/DJOKOSATRIO/media/screenshot%20metatrader%20djoko%20satrio_zpsyc7bw5cs.jpg.html][IMG]http://i1356.photobucket.com/albums/q738/DJOKOSATRIO/screenshot%20metatrader%20djoko%20satrio_zpsyc7bw5cs.jpg[/IMG][/URL]

http://i1356.photobucket.com/albums/q738/DJOKOSATRIO/screenshot%20metatrader%20djoko%20satrio_zpsyc7bw5cs.jpg
  1 trader has found this review helpful
Reply by Jason Rogers submitted Jul 9, 2018:
Hello djokosatrio,

Thanks for your post. It is my understanding that our compliance department is handling any communications with you and I am therefore unable to help. As much as I would like to help and am able to in most situations, our compliance department will need to help with any inquiries about your account.

FXCM Markets is committed to maintaining the highest standards of ethical behaviour and professionalism as well as a high level of trust and confidence, all of which are pillars of FXCM's corporate culture. FXCM has earned a reputation for fairness, honesty, and integrity, and considers this to be our most valuable corporate asset. FXCM had over 109,000 active accounts as of our latest metrics release for June 2018 and it is our goal to process any deposit or withdrawals as quickly as possible. If there has been a delay on our side I do apologize, and we will do our best to resolve the situation as quickly as possible. There may be rare instances a delay has occurred due to the need for us to follow strict legal rules and regulations in regards to how we handles client’s funds and again I apologize if this is causing a delay. If you have any questions about this please feel free to reach out directly to our compliance team whose email address will be included in our recent email communication.

Jason
London, United Kingdom,
Jun 3, 2018,
Registered user

SCAM

I didn't think I will be have any problems with big broker firm like FXCM but it is happened... I did withdraw into my old account by mistake. Keep in mind that this account is closed and switched half a year ago. Some how thay approved the transaction and start to blaming the bank how explained to me that this is simple possible. Can you imagine your employer to sand you tour salary on your old long time ago closed account and instead of tells you "it was declines give me a valid account" , he tells you "there is no problems, the money are there, you keep looking." Well that is my expiriance with this guys.
It is not correct and thay didn't give me even some kind of a code to help me track this mystirias transaction.
  1 trader has found this review helpful
Reply by Jason Rogers submitted Jun 11, 2018:
Hi v1ctor90,

I apologize if there was an error in sending the bank wire, and our operations team is available to help whether it be supplying the wire confirmation details or helping with your bank to ensure your funds are returned. FXCM has over 110,000 active accounts as of May 2018, and ensuring all requests are processed properly is very important to us. Please send me an email directly at jrogers@fxcm.com so I can have our operations team help to get it resolved as quickly as possible.

Jason
Mohammed,
Bahrain, Bahrain,
Mar 6, 2018,
Guest

New traders are to blame for thier losses, and FXCM is to blame for promoting accounts of $100.00

Hi
My name is Mohammed.

I've traded with FXCM in the past, I've won and lost many times in my trades. I'm an experienced trader now, trading since 2005.

If I wanted to give a review of FXCM, then yes, during my time with them I've experienced entering trades before the prices even reached my designated order price, while the market was not volatile, but not all my orders to be honest, and yes, some of my trades have been cancelled before prices even reached my Stop Loss order, which rarely happened. I believe that it was a technical issue, especially that I found that in the hourly chart it has reached my Stop Loss order, which didn't print out in the daily chart.

I'm not a day trader, my trades are based on the daily chart, and formulated my trades in the 4 hour chart as a minimum, I never did trades below the 4 hour chart. Any experienced trader knows that day trading (below the 4 hour chart) ended up losing trades 85% of the time, so, personally I don't recommend day trading especially in Forex due to the high volatility of prices.

I read many reviews in this website, and to be honest, I think that 90% of them are from new and inexperienced traders, who are actually day traders. No decent trader ever opens an account and funds it with $100.00 and expects to win largely by entering high amounts of contracts, you have to expect a margin call, especially with a tight account of a $100.00 fund. I blame FXCM for promoting the possibility of opening accounts of a $100.00 or less. I never funded my account below $1000.00, and with it I only traded 1 currency pair, just to be safe. In all my trades I never risked more than $100.00 per trade. Traders have to be disciplined, and eliminate greed and fear when trading.

So, to conclude, FXCM has technical issues with their platform, but wether it was on purpose or not, that's another issue. My take is, that most new traders, have no experience in the trading business, and all fell to the classic trading mistake (blame everyone else for my losses, except my own wrong doing).

Thank you. (March 6th, 2018)
 
Reply by Jason Rogers submitted Mar 15, 2018:
Hello Mohammed,

We offer micro lots which is why users are able to fund with $100. Many traders fund with a small amount to test and then increase their account size depending on how comfortable they are trading. Each trader is different.

The most common reason a trader would see their stop loss execute without seeing the price reached on the chart is because they aren’t factoring the spread. There are two types of prices to pay attention to in trading. One is the bid price, which is the price you would sell at. The other prices are called the ask prices, which are the prices you buy at. You can view these by going to Trading Station and pulling up a chart. In the toolbar, there will be bid and ask buttons to flip between either chart. You can see what I mean here if you’d like: https://www.youtube.com/watch?v=bPqhq89JQfU

If there is ever a question about the execution of a trade, you can file a trade audit. At FXCM we take trade audits extremely seriously. We have a team dedicated to dealing with these specific situations.

Jason

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.