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.

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

Let other traders know if this service is worth checking or should be avoided.

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Traders Reviews

Apr 13, 2007,

If you still dont belive that fxcm is a scam then you are a very stupid person. Look at all the reveiws here. Why arent you seeing these bad reveiws on other brokerages, thats because fxcm are bastards. Just because 90% of traders loose money doesnt mean they are all dumping it on fxcm. You dont see other brokerages getting dump on like this. Well thats because fxcm are a scam. most of the problems that people are having are the same how can so manny people be having same problems. Because fxcm likes to take your money. so all of you who still trade with them please be our geust. But believe me when i tell you, your day will come, and when it does you'll come running here posting your little review. But hey its all good the important thing is im making money now. And when i was with them i was loosing. So all the loosers loosing money from them, switch to an honest broker and see what happens, then come here and post your expirience. Your expirience will state that FXCM IS A SCAM.
Apr 14, 2007,

I am a professional trader, as a professional trader, if I do not trade FXCM or ACM the larger brokers out there, may be, which one am I going to trade? and don't say those small ones which no one knows about them. I am an FXCM client so far and I am a news trader, as I have been in the business of trading news for a while I understand that you cannot ask for anyone to respect a price of an order when the price never touched it so the only thing I am watching is the spread during news events... as for now FXCM spread have not been horrible during those times. I stay with them but plan to open an account with ACM hoping to get better spreads during news announcements, should I do it? should I try another one?
MIck Booth,
Apr 16, 2007,

If all you want to do is put on a trade or two they're fine, but don't even think about them for news trading....as they will never let you get filled.
Robert Gelinas,
Apr 19, 2007,

Impossible to trade on news. I highly suggest you stay away from them for news trading.
Harandeo Bisram,
New York,
Apr 21, 2007,

Scammers, thieves without guns, cut-throats. I have lost over 50K because when I went to lose my positions they will not allow me. Several times I went to get my profits and I was unable to. I ended trying to hold on to losing positions. Nobody should dela with them. I am waiting to close my account next week and move to a thrustworthy broker.
we were averaging 4 to 5K profit a week and was on our 3 rd week when we discovered they do not want us to succeed. Wish I had found Felix's site before we began trading. THESE PEOPLE WANT YOU TO LOOSE.
Sweden, Europe,
Apr 23, 2007,

This one is easy . the FXCM courses are really not good. When I signed up, I had my hopes up, but that was fixes quickly. Most of the material was really on a la-la level, like "this is a moving average". The three strategies presented as backtested moneymaking strategies were hilarious, and totally worthless. I was really surprised that a large firm like FXCM would give out those things in the way they did, and charge for it. I find it hard not to label this SCAM, but I'll settle for one star.
A Trader,
Apr 25, 2007,

I am currently an FXCM Client, and have been for 4 years now. My trading has sucked basically, but there have been several times I would have had a profitable trade had FXCM not pulled some stunt. I have seen them hunt my stops. I mean I have seen it with my own eyes. I suspected it for some time, and once I watched them move the quotes 45 pips from the market and other feeds (I was watching 2 others at the time) just to take me out of a position that would have made me 100 pips plus. It was so freaking obvious, there is no way they can deny it now. I have watched them mess around with my price feed when I learned how to trade the news. I was getting pretty good and then they started blocking me from getting filled, giving me requotes while the price moved 30, 50, even 100 pips. They are Bastards. Once I had my account at around $300 US and had made several good trades and moved it back up to around $700. Then I get a call from someone wanting to know how my trading was going and could he help me trade better. Now I never get a call from them. When I lose $1000 they don't call but when I make $400 they call. Shit man, they are snakes. I've had a revenge feeling about them for 2 years now. My feeling is that I will win back all I have lost and then leave them. They have taken, and I have lost, $4000 or more so far. When I make it back, or they kick me off, I will make some withdrawls. I would like to take some of their money before I leave. They lie, and they have an easy scapegoat, "The Market". I have seen too much now, with my own eyes, to know they are crooked. If I didn't have an account with them I would give my real name.
Sydney, Australia,
Apr 25, 2007,

The following review is actually in email format, because I basically explained my entire beef in my reply email to this bloke and I could not be bothered typing up a review, but I wanna help out anyway because I genuinely feel disgusted with how Ive been treated by these forex basterds. Read on

----- Original Message -----
From: "Youssef Khayat"
Sent: Thursday, April 26, 2007 5:56 AM
Subject: FXCM Account Information

Dear [My name],

Thank you for your continued interest in FXCM. We regret to inform you that this moment we may not be able to open/maintain an account for you.

Thank you for your understanding.
Youssef Khayat

You obviously did not read my email! - if you would have, you wouldve realised that that was NOT my question! If you wish to not allow me an account that is FINE, YOU have lost a genuine paying customer not ME there are PLENTY of brokers out there. I have been trading FXCM for a while now after a 10 MONTH abscence from it. I wouldve thought that BY NOW I wouldve been taken off the blacklist, but I was obviously placed there permanently and NO REASON put against my name.

I was ONLY banned because when I tried to open up a live account with FXCM I said I didnt want them to ring my home within 1 business day only because I live in Australia and the time zones are extremely obscure and the house I live in is not owned by me. WHY IS THAT SO SUSPICIOUS??? unbelievable, Im sick of being treated like im a CONVICTED CRIMINAL, you will NOT be receiving ANY BUSINESS from me or from a load of other people interested in currency trading that I know that I can AND WILL be able to inform.

Then I changed my mind and said that I will ring them and that was fine. So I ended up ringing them and sorting everything out with my partners credit card number any EVERYTHING was sorted out. Then I was emailed by someone that I didnt speak to over the phone or live chat that I will NOT be able to open a live account and that was that. I then told them that I had my own credit card number and that I wont be opening up a joint account anymore but a single account with my OWN CREDIT CARD NUMBER, BUT STILL I WAS TOLD NO. KEEP IN MIND THIS WAS ALL 10 MONTHS AGO. Why hasnt anything changed!? ALL THATS RECORDED IS A BLACKLIST AGAINST MY EMAIL ADDRESS, NO REASON, NO EXPLINATION.

Thank you for your continued interest in me, I hope you can work through the Bureaucratical nonsense and find out that I and people like me are innocent and dont deserve this sort of treatment. I may not be able to open an account with you guys. You are the ones who should be BEGGIN FOR ME TO JOIN, but Im genuinely sick of trying. I dont know how else to prove myself 'WORTHY' of your services. I can only say that Im a genuine, responsible customer who got caught up on the wrong side of the policy WITHOUT EVEN KNOWING IT, BUT NOT GIVEN A SECOND CHANCE.

Oh btw I probably wont be needing a second chance, chances are I wont have any after this email. Did you know there is a website called http://www.forexbastards.com/ where forex users can explain and report their bad expirienced indescriminately about any brokerage website. You guys, last time I checked, were on 1 star (out of 5) and this expirience for me, is obviously not going to help your cause.

Thank you for your understanding

[my name]
Apr 28, 2007,

Traded with them for about six months and didn't have a lot of problems. The system shut down a couple of times but that was it.
Apr 28, 2007,

I have traded with FXCM for about 4 months on their no dealing desk.Their trading platform is very user friendly and they have a good information (trading ideas) web site Daily FX. Please do not spend money with these guys though. You are quoted 2 prices when you enter into a Trade (buy and sell) as usual which is fine. Be warned the Buy –Sell price shown may not be the price you pay which I understand is common practice and I am ok with it. My problem is once you have entered the trade you are still trading against the same two Buy –Sell prices which can fluctuate and you can not see at times. For instance I had a trade open near some news announcement .I had a stop 20 pips away from the price. I watched the price on their platform and it went in my favour and came no where near my stop, yet I was stopped out with a loss. When I contacted FXCM they sent me a report which showed a 50 pip spread for about 1 second. Do you think if the spread widened in my favour a limit would be triggered? The point is they can say anything and in this instance they took $200 from me rather than paying me $2000. I now trade with Barclays in England. When I open a trade they give another price in the middle of the spread which you trade against so your stops can not be triggered without the price you see reaching there.

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.