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

Bulumko,
Cape Town, South Africa,
Feb 13, 2018,
Guest

I traded for a week with 50 dollars, I got scared and I requested my money a profit back. I never found any problems. I re activated my account and I'm trading .I'm not finding anything wrong.
 
Reply by Jason Rogers submitted Feb 22, 2018:
Hello Bulumko,

Good to hear everything is going well with your trading!

Jason
Sydney, Australia,
Feb 11, 2018,
Registered user

FXCM Closing Account with No reason

They scammed me. They took a decision to suspend my account and gave me 30 days notice to close it with no valid reason. The answer I got was we have made a decision to suspend trading with you. I have had an account with them for 9 years and will lose of $80k due to this action from them. Totally unprofessional. Others please be careful. (this is FXCM Sydney which is registered under ASIC)
 
Reply by Jason Rogers submitted Feb 28, 2018:
Thank you for choosing FXCM, and I am sorry we are no longer able to service your account. As a regulated broker, we may be unable to provide services for some individuals. Our compliance department can be reached at compliance@fxcm.com with questions

Jason
Oregon, USA,
Feb 5, 2018,
Registered user

FXCM is buying their "rating" to lure in unsuspecting Americans and fleecing them.

FXCM is a "highly rated" broker for US clients. This "rating" pops up in a wide variety of different places. To "back this up" they "offer" two different "bonus programs". These bonuses look pretty good on the surface, however, when you actually get right down to it, the company has absolutely no intention of ever paying them. I have confirmed this through their own technical support departments. The "bonuses" are particularly dangerous because they hook into the key fears and desires of novice and intermediate traders. The first is a "Phoenix" bonus to "help you rise again", and the second is a "100% deposit match bonus" that you lose if you ever withdraw your deposit or any profits.
 
Forex Peace Army
Review moderation team note
FXCM stopped accepting US clients about a year ago.
Torino, Italy,
Jan 29, 2018,
Registered user

SCAM

they scammed me. I have 11k not possibile to withdrawal because my account is locked and nobody know why. Nobody reply me since 3 weeks
  1 trader has found this review helpful
Reply by Jason Rogers submitted Feb 6, 2018:
You can withdraw from a locked account by emailing admin@fxcm.com. I would be happy to investigate the issue if you can please email me at jrogers@fxcm.com.

Jason
Ghana,
Jan 8, 2018,
Registered user

STAY AWAY IF YOU WANT TO TRADE FOREX AND NOT TO APPLY FOR A JOB WITH FXCM

SNEAKY ACTIVITIES BY FXCM.
I opened a live account with FXCM in September 2017, I deposited 120 USD from my debit card linked to my bank account. In November 2017, I made additional deposit of 60 USD with that same debit card. Then finally in December 2017 I deposited 50 USD in my account with that same debit card. Then all of the sudden I received an email from their operations department that since this is my initial deposit (which it wasn't), I should submit copy of my credit/debit card or debit card statement. So I submitted a copy of my debit card. After about a week, I received another email from their operations department in UK to submit my bank/debit card statement and employment details. Which I did without question. Then after almost a week, I received another email from their Chinese operations to explain the origin and details of some amounts in my bank statement . STAY AWAY FROM FXCM. I have replied for them to return the deposit to its source and Wil close my account when that is done then move to a different broker . Additionally, they once suspended my live account just because I opened another account and refused to submit additional documents to validate that account. STAY AWAY, FXCM is not for us.  I will update as and when they reply.
  1 trader has found this review helpful
Reply by Jason Rogers submitted Feb 6, 2018:
FXCM has very strict regulatory requirements in regards to deposits and withdrawals and must in all situations verify that deposits are in the name of the account holder. I apologize if this caused you any inconvenience.

Jason
USA,
Jan 1, 2018,
Registered user

FXCM WILL STEAL YOUR MONEY AND CALL IT TECH ISSUES.

I have been calling out FXCM's thievery for years!!! NEVER trade with them or believed the bs they post on here! They straight up lie and steal your money. Any time I was profitable with them all of a sudden TECH ISSUES!!! HAHAHAHAHA what a joke. Luckily i only deposited small amounts because I never trusted them! You're thieves FXCM and ya got what ya deserved!! HAHAHAHAHAHAHAAH LUV IT!!!!!!!
  1 trader has found this review helpful
Reply by Jason Rogers submitted Feb 6, 2018:
Hello hillo,

I don’t recall any recent tech issues, but our support team is available 24 hours a day to help if you encounter any technical issues. We also maintain the site www.fxstatus.com with updates on any system issues.

Jason
SYDNEY, Australia,
Dec 19, 2017,
Registered user

FXCM VERY BAD

VERY BAD FXCM BEEN 4 MONTHS USING YOU, NOW MY ACC BEEN SUSPENDED FOR 4 WEEKS ALREADY WITHOUT CLEAR REASONS. AND I HAVENT GOT ANY EMAIL OR ANYTHING ABOUT MY ACC UNTIL NOW.YOU SAID BEFORE ON EMAIL JUST 2- BUSINESS DAYS. AND IF I DONT WANNA WAIT FOR REVIEW I CAN CLOSE MY ACCOUNT, I SENT EMAIL TO YOU SO MANY TIMES ABOUT TO CLOSE MY CCOUNT AND NO REPLAY AT ALL. ILL GO TO FAIR TRADING IN FEW DAYS, 
  1 trader has found this review helpful
Reply by Jason Rogers submitted Feb 6, 2018:
I apologize if there were any delays in communication from our operations team. Please email me directly at jrogers@fxcm.com so I can investigate any problems that may have occurred and address it with our management.

Jason
John,
Michigan, USA,
Dec 9, 2017,
Guest

These crooks stole my money.

These crooks stole my money. I deposited $100.00 USD to open an account.
When I asked for a refund, they said my account was closed with a zero balance.
I was told all of my money went to fees charged by FXCM.
WHAT FEES?
  1 trader has found this review helpful
Reply by Jason Rogers submitted Feb 6, 2018:
Hello John,

The dormant account administrative fee is charged on an account if there is no client-initiated activity in the 12 months preceding the charge date. In order to avoid the fee, you would simply need to deposit additional funds, place a trade, or withdraw the funds back to your bank account. We email clients beforehand notifying them of the upcoming fee and how to avoid it.

The dormant account fee is not charged for the sake of having a fee. We would be happy for the account to be open and funded for when you are ready to begin trading. The problem with having the account inactive for long periods of time is that we have to start dealing with dormant account laws in multiple jurisdictions. Therefore we would rather you either have the funds in your own bank account if you plan to let it sit there for years at a time, or use the trading account for trading.

I can look into the circumstances of your account if you would please email me directly at jrogers@fxcm.com from the email address on file with your account.

Jason
Ganesan,
Chennai, India,
Nov 17, 2017,
Guest

Excellent Service

I am in india, am open FXCM new account Wonder full customer services with supporting ... Thank you.
 
Reply by Jason Rogers submitted Feb 6, 2018:
Hello Ganesan,

Glad to hear you are enjoying your trading with FXCM. All the best!

Jason
FAME,
London, United Kingdom,
Oct 20, 2017,
Guest

How FXCM cheat their customers

Hi,
I lost around UK 55,000 pounds in two days last month. When I started, I made around 25,000 profit but when I was planning to withdraw my capital that time this had happened and I lost my capital and all profit in two days.
FXCM is a dodgy company and some times they create market volatility by them selves, for example if the USD/GBP is down by 10 pips, they create artificial extra volatility by another 90 or 100 pips down so that anyone who is not monitor their account 24 hrs they can loss 100% of their equity, even though if you have 90% margin still your money is at risk and anytime you can lose your money.
I don't think so anyone can make profit on FXCM platform as either they will intentionally fall you in margin calls or create artificial volatility. If you make any complain that will not help at all as their audit department will reply to you the same that we have reviewed your case and nothing wrong from our side etc.
I think we all who are the client of FXCM in the UK should be united and place our compliant to the FCA together so that this dodgy company is bound to payback our money which they have cheated us and taken from our pocket. 
  1 trader has found this review helpful
Reply by Jason Rogers submitted Feb 6, 2018:
We’re sorry to hear you didn’t find success with your trading; however, FXCM does not ‘create extra volatility’. Forex pricing is set by price competition from multiple liquidity providers. Each liquidity provider streams through a direct feed of indicative buy and sell prices to FXCM. FXCM's No Dealing Desk Price Engine selects the best buy price and the best sell price, which result in the best available spread. Generally, there is no markup added to FXCM's Standard No Dealing Desk account type, making our spreads transparent and some of the lowest in the industry.

FXCM takes trade audits very seriously and our dedicated trade services team investigates any trade inquiries to determine whether there was an error in execution. if you are unhappy with the audit you received, you are able to file an official complaint: https://www.fxcm.com/uk/forms/compliance-inquiry-form/.

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.