FXCM Review

2.494 · 581 REVIEWS
Updated: Oct 28, 2020 · FXCM.com  · Is this your company?

FXCM is a forex broker. FXCM offers the MetaTrader4, Trading Station, Ninja Trader, and Zulu Trade top forex trading platforms. FXCM.com offers over 35 forex currency pairs, cfds, index, gold, silver, oil, bitcoin and other cryptocurrencies for your personal investment and trading options.

FXCM
February 6, 2017:  FXCM was fined $7 million by the CFTC for defrauding retail forex customers.  FXCM to deregister from the CFTC. CLICK HERE to read and discuss the CFTC announcement.
August 18th, 2016.  The CFTC has filed charges against FXCM related to undercapitalization during the SNB-CHF crisis of January 2015.  One of the charges is that FXCM guanteed client accounts against negative balances.  Evidently, this form of client protection is against CFTC rules. CLICK HERE to verify.

February 26, 2014:  FXCM.uk fined by the FCA. Click here to read about it in the FPA's forums, along with FXCM's response.

October 3rd, 2011:  FXCM fined by the CFTC. Click here to read about it in the FPA's forums, along with FXCM's response.

Broker Details

Minimum Trade Size: 0.01
Maximum Leverage: 30:1
Minimum to Open Live: $50
Established: 1999
Address: 20 Gresham Street, 4th Floor, London EC2V 7JE, United Kingdom
Contact: info@fxcm.co.uk, +44 20 7398 4050
Regional offices:
Regulators: ASIC #AFSL 309763, FSCA #46534, FCA #217689
Prohibited countries:
Trading platforms: MT4, NinjaTrader, FXCM Trading Station
Web Trading: Yes
Mobile Trading: Yes
ECN: Yes
Currencies: (35+)
Cryptocurrencies: (3) Bitcoin, Litecoin, Ethereum
CFD: (25+) Gold, Silver, Other Precious Metals, Stock Indexes, Oil, Other Commodities
EAs/Robots: Yes
News Spike Trading: Yes
Scalping: Yes
ZuluTrade: Yes
Deposit Methods: Bank Wire, VISA, MasterCard, Neteller, Skrill
Withdrawal Methods: Bank Wire, VISA, MasterCard, Neteller, Skrill

Live discussion

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FXCM.com profile provided by FXCMAffiliate, Mar 20, 2020

FXCM is a leading provider of online foreign exchange (FX) trading, CFD trading, spread betting and related services. Founded in 1999, the company's mission is to provide global traders with access to the world's largest and most liquid market by offering innovative trading tools, hiring excellent trading educators, meeting strict financial standards and striving for the best online trading experience in the market. Clients have the advantage of mobile trading, one-click order execution and trading from real-time charts. In addition, FXCM offers educational courses on FX trading and provides trading tools, proprietary data and premium resources. FXCM Pro provides retail brokers, small hedge funds and emerging market banks access to wholesale execution and liquidity, while providing high and medium frequency funds access to prime brokerage services via FXCM Prime. FXCM is a Leucadia Company.

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2.494 · 581 REVIEWS
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Traders Reviews

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
BPlazimpat,
sydney,
Apr 23, 2010,
Guest

I have an standard account with FXCM and I use MT4. there were like few trades where i couldn't close a position when it was in profit. everytime i tried to close it said "off quote". it was closed manually after many days in huge loss. they refunded my loss a month later but the profits were gone.
I just want to know if they trade against you?
 
Xavier,
Indonesia,
Jul 3, 2009,
Guest

A couple of days ago i received an email from FXCM like this :

Dear Client:

A major new National Futures Association (NFA) rule goes into effect on August 1, 2009. This rule affects all U.S. regulated Forex Dealer Members. Forex traders will no longer have the ability to place stop-loss or limit orders. Nor will traders be able to modify or close trades from the
 
Freddie Freeman,
Canada,
Mar 12, 2011,
Guest

I cannot review and post to this thread as yet. I am doing a study and would like the esteemed opinions of all the traders who are adtive on this Bpoard and the help of the Moderators also.

1) Here is FXCM conditions for opening an account.
http://www.fxcm.co.uk/terms-and-conditions.jsp

2) Here is what they want to do and change. After reading please tell me what it is that they want to do now.
Dear Client:

FXCM LTD (FXCM) has amended its Terms of Business (Terms). Please click here to review the sections of the Terms which have been amended. It is important that you familiarise yourself with these changes as you will be bound by the amended Terms unless you expressly reject the amended Terms by providing written notice admin@fxcm.co.uk and close out your account before March 31, 2011.

If you have any questions, please call one of our currency specialists, who are available 24 hours a day at +0808 234 8789, or e-mail us at info@fxcm.co.uk.

Best regards,

Forex Capital Markets Ltd.
Northern & Shell Building
10 Lower Thames Street, 8th Floor
London EC3R 6AD

Are they saying "The money in my account is no longer mine? Is it pooled together with their resources and will be released to the trading account asd when it calls for??

Thanks for your response.

Freddie.
 
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
Beleric,
Europe,
Nov 15, 2007,
Guest

Recently got caught on a EUR/CAD trade where the price fell quickly upon a news release and just went past my stop and waved goodbye. FXCM then closed my position around 58 pips below the actual stop loss. In my view there is no point trading with a company that fails to execute orders that have been accepted by their platform. It must be illegal to close out trading positions at a price chosen by the broker, where clients suffer a loss far greater than they should have. FXCM appears to me to be a company for the novices and less initiated and subsequnetly they have a high turnover of clients. They should not be used by professional traders or anyone managing funds on behalf of someone else. They are like a Google in that they operate on a 'customer is always wrong' philosophy. Not to be trusted.

As for their DailyFx site and so-called experts. If Kathy Lien is a real expert, I'm the Prince of Wales. And she has even written books that some unsuspecting people bought. Ouch!
 
Maria,
Phoenix, AZ,
May 20, 2007,
Guest

No stars from me. Although they have very easy execution and using them for demos is ok, a live account with them is terrible. You might as well say, here is my money, just take it. They are a casino that stacks the deck in their favor 99% of the time. My friend lost too much $ with them because they spiked and hit his stop. Also I have noticed many times when entering market orders they really pack on the pips against you.
 
HANIF AKBAR MARWAT,
KARACHI, Pakistan,
Jun 26, 2012,
Guest

Received payment.

2012-06-22 No Rating HELLO READERS

I had made a withdrawal request with FXCM on 15-06-2012 and they said to me that It will reflect in my account on 22-06-2012.
Here is there email

Dear Hanif Akbar Marwat,

Thank you for your continued interest in FXCM and your recent inquiry regarding your withdrawal.

Please note that withdrawals via credit/ debit card often take between 3-5 business days for the funds to reflect in your account balance. Since your withdrawal was processed on 6/15, kindly allow until 6/22 for the funds to reflect back in your account.

If you have any questions or concerns, please do not hesitate to contact our offices via Live Chat, or by phone at (212) 897-7660/ +44 20 7398 4050.

FXCM offers excellent execution and easy accessibility to our clients. We provide live support 24 hours a day, seven days a week.

Kindest regards,

Mazy Goldman
International Fax Number: +1 212 897 7669
Email address: admin@fxcm.com

FXCM Inc. is headquartered at 55 Water Street, 50th Floor, New York, NY 10041 USA.

Today 22-06-2012 has passed and no money in my account, so I am writing this for you.

I will update you tomorrow if anything happens.
 
Kostadin,
Sofia, Bulgaria,
Jul 30, 2012,
Guest

I cant belive how many redicilous questions are being asked in this forum.... Traders, begginers please before depositing money just learn how to do the basic, the mechanical actions... PPl are depositing cash and they dont know what a bid and an ask prices are.. Yes FXCM is not the most reliable broker but think before you deposit and dont blame it all on them... There is so much hate in these forums because FXCM are the most popular brand in the world and when ppl lose money they blame it on the broker!!!
If you expect to make 1000$ with 50$ deposit you better snap out that dream people!!
 
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.