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

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Traders Reviews

Aussie,
Perth, Australia,
Nov 15, 2013,
Guest

It's coming up to 1 year since I joined FXCM. Couldn't be happier with FXCM. Signing up was straight forward, (I called first to talk to someone at a local FXCM office and ask about it).

Once you're signed up you get free access to Daily FX Plus. Don't know how many hours I've spent at the live webinars (many of them every week) and great tools like Speculative Sentiment Index and the auto-trader. You can get a free trial for Daily FX plus before you sign up, which I did.

The platform itself is very nice and smooth. Love the charts and the tools. The spreads don't seem big to me. Overall very happy with FXCM and plan to stay with them for the rest of my trading career.
 
SHERIF ABDUL MONIEM,
CAIRO, Egypt,
Nov 13, 2013,
Guest

TERRIBLE SERVICE AND I BELEIVE STRONGLY THEM HUNT STOP LOSSES ... I ALREADY AM PREPARING A STRONG CASE AGAINST THEM AT FCA ...THEY PROVIDED ME WITH A REIMBURSMENT OFFER ON A LOSING TRADE THAT HAD QUESTION MARKS ON CLOSING REASONS AND METHODS ...BUT WHEN I FILED A COMPLAIN ,... THEY DREW BACK THEIR OFFER ... TOTALLY UNTRUSTABLE IN MY OPINION

FXCM is a stop loss hunter company ... in one day the on 7th november specifically ,,,, they closed 3 trades for me ( which i pressed close all on the mt4 to close ) with a close price of 14 pips difference between close prices making them all losers ...
in the same day they closed 2 tardes for me at stop losses ... one had the stop loss originally never achieved on the chart ... and the secong on the days low for eurusd by the pip.... i must be a saint to get 2 trades closed on days low by the pip .. putting in mind that eur usd moved up and down in a 500 pip range almost that day ... THEY ARE STOP LOSS HUNTERS ... SURE OF IT ... ALL TRADES WHO WHERE FOLLOWING THE SAME EA I FOLLWED BUT WITH DIFFERENT BROKERS CLOSED ON WINS .. BUT I LOST AS FXCM IS A SCAM IN MY OPINION AND ALSO ALL EAs WHIM I KNOW OPINION TOO

2013-11-12 1Star dear all,,
i have been a victim of fxcm (IN MY OPINION SO FAR ) ... i swear .. stay away .. they activated my stop loss on 3 trades on the same day al though the stop loss was never reached during all the time the trades was open according to their charts on mt4 .... when contacting them .. they said it has been reached on the ask price only... very funny on 3 different curriency pairs . i get stop loss on ask price in same day.. i must be a saint then.. i guess i am going to fca and court ,,, just waiting for their useless reply on my final complain and lets see what happens .. but PLEASE AN HONEST ADVICE AVOID AVOID AVOID AS I BELIEVE THEY ARE NOT FAIR ...
THIS ALSO SHOULD BE ADDED UP TO THE LONGGGGGGGGGGG WAITING TIME FOR ONLINE SUPPORT WHO WILL NOT GIVE U ANY PROPER ANSWERS ... TELEPHONE LINES BUSY 24/7 ....
NEVER CONSIDERING URGENCY OF COMPLAINS....
A REPLY TO MY LAST COMPLAIN WAS A TUTORIAL ON BID/ASK PRICES :-)
VERY FUNNNNNNYYYYYYYYYYYY
 
Reply by Jason Rogers submitted Nov 14, 2013:
Hi Sherif, Please see the response to the trade details you posted on Forex Peace Army http://www.forexpeacearmy.com/forex-forum/scam-alerts-folder/28762-i-believe-fxcm-scammed-me-2.html#post144701. FXCM takes all trade inquiries very seriously, and our audit team will investigate any requested trades to determine if there was an error with trade execution. If there is a technical issues caused by our system then an adjustment will be made. We understand you are not happy with the results of your trades, but you will see from the chart screenshots I provided that the price you set in your orders (described by the information you posted) was reached on the chart. Again you can find details here http://www.forexpeacearmy.com/forex-forum/scam-alerts-folder/28762-i-believe-fxcm-scammed-me-2.html#post144701 Kind Regards, Jason
seb,
uk, United Kingdom,
Oct 28, 2013,
Guest

there are a lot worse out there.

I wouldn't want to use them again because I had a margin call with 30% to go, tried to top up enough to cover me to a reasonable point but their servers wouldn't accept the payment and then my whole account crashed.
I believe I could have called them, but for personal reasons I didn't.

I don't need extra stress of having to jump through hoops to fund my account under extreme circumstances.
Spreads were quite wide which also made it hard for me to trade, but for some it will work. I believe they can 'make their money' (as another reviewer stated) on the pips they don't quote you that others will. Good for when you are only trading a few contracts.

Positives are the educational material, they really are useful when you're a beginner.
Choice of instruments is ok on the spreadbet account.
 
Reply by Jason Rogers submitted Oct 30, 2013:
Hi Seb, First, thank you for your feedback. I'm glad you found our educational material to be useful. You mentioned wanting to be able to top up your account quickly. FXCM offers many deposit options including bank wire, check and credit/debit card. The fastest method is credit/debit card, and funds deposited in this way appear in your trading account immediately. If you ever need help making a deposit, our live customer support team is available by phone 24 hours a day, 7 days a week. Our toll-free number in the UK is 0808 234 8789. You also mentioned that you got "a margin call with 30% to go". When trading with FXCM, if your usable margin falls to 0%, then your trades will automatically be closed out by the margin watch feature . This safety measure ensures that your account balance never goes negative, so your risk is limited to the money in your trading account, and you will never owe money due to trading losses. If you still have questions about why a particular trade was closed out by the margin watch feature, the Trade Audit Committee can look into this for you: http://www.fxcm.co.uk/forms/trade-inquiry/ Jason Rogers FXCM Representative
Sanjay Radia,
London, United Kingdom,
Sep 7, 2013,
Guest

I have used many brokers and FXCM Rock (I use NDD platform) Why...here is why:

1. Great website, can do most things there.
2. Great customer service when I have called in.
3. Nice GUI/App, it's even better when using Trade Interceptor as front end.
4. Withdrawal process pretty painless and effective (does take a few days though).
5. Most important which I rarely found with other brokers, when I execute I more often get price improvement, I guess this is due to their NDD platform, it's only a pip or so but every little helps.

A bit limited on commodities and NDD spreads are a little wider but hey they have to make money somewhere..I think the extra spread is well worth it and often is compensated on price improvement. Often my mates have been stopped out on other platforms by a pip over stop and I haven't because I was fed the best price from multiple feeds which was just under.


 
Brian,
, USA,
Jul 27, 2013,
Guest

Sent three withdrawal requests and nothing happen. Possibly going on the fourth withdrawal if nothing happens. Wow, I'm speechless...............
 
Reply by Jason Rogers submitted Jul 29, 2013:
Hi Brian, This sounds highly unusual. You can submit withdrawal requests from the MyFXCM.com website anytime 24 hours a day and most are processed automatically. You should have received an email confirmation the instant your withdrawal request was received. We would have tried contacting you if your withdrawal instructions were incomplete or did not match the details we have on file for your account. The messages might have been blocked by your spam filter. Please email me at jrogers@fxcm.com with your account details and I'll be happy to follow up on your request for you. Jason Rogers FXCM Representative
Peter,
UK, United Kingdom,
Jul 25, 2013,
Guest

I opened up an MT4 account because they are a well-known broker

Their MT4 platform is untradeable on the lower time frames -
wide spread and repeatedly frozen platform if their is a hint of volatility.

This experience is on their 'new, improved platform'.

I've moved to MT5/ECN with another broker. Problem solved.
 
Reply by Jason Rogers submitted Jul 29, 2013:
Hi Peter, What you've described is possibly an issue with the connection between your computer and our servers in the US. Volatility tends to increase during news events. At such times prices also update more frequently which means more data is being sent to your platform every second. Since you live outside the US, you might find that running MT4 on a Virtual Private Server (VPS) can improve your connection speed. Our website includes information on VPS providers that are co-located with our US servers, so it's like connecting from a computer right next door, no matter where you are located in the world. Using a VPS normally costs $30 per month, but you can get it for free if your account has a balance of at least $5000: http://www.fxcm.co.uk/products/metatrader-4/free-mt4-vps/ In regards to the spreads, it's important to keep in mind that they will vary based on market conditions. During news events, even banks will widen their spreads. On our No Dealing Desk execution model, we simply pass on the best prices we receive from our liquidity providers and add a fixed markup to the transaction which acts as a commission. An advantage of this setup is that there are no re-quotes, and no restrictions on stops and limits. Jason Rogers FXCM Representative
Leo,
, Kuwait,
Jul 10, 2013,
Guest

More than 2 years me and my friends are with FXCM and enjoying the platform and services and we are using our owned strategy,
but from middle of 2012 we felt our SL always touch and trade will continue our directions ( im not a beginner and i know things how it works :) )
so we start to change our strategy and we are not using SL anymore ( means how much we love FXCM and platform )

but few month ago we found this info from NFA which was very shocked
http://www.nfa.futures.org/basicnet/CaseInfo.aspx?entityid=0308179&type=reg

maybe we found our answer for SL problem !

i dont know whats happening with FXCM but we moved our accounts to swiss broker ( BANK ) for more safety
and we keep small amount in FXCM till be clear whats happening !!!

i hope FXCM keep doing what it was named for and was trusted between the traders .

i give 5 star for FXCM platform

cheers

LEO
 
Reply by Jason Rogers submitted Jul 12, 2013:
Hi Leo, I'm glad that you're a fan of our Trading Station platform. In regards to the NFA action action you mentioned, that concerned positive slippage not being passed on in full when transactions were offset with liquidity providers. I posted a detailed explanation here: http://www.forexpeacearmy.com/forex-forum/forex-brokers/1125-fxcm-com-10.html#post70117 On FXCM's No Dealing Desk (NDD) forex execution model, FXCM acts as a price aggregator. We take the best available bid and best ask prices from our liquidity providers, add a mark-up, and stream those prices to the platforms we provide. That's the price you see. FXCM's liquidity providers include global banks, financial institutions, and other market makers. This large, diverse group of liquidity providers is one of the things that make this model special. When you trade with a standard Dealing Desk, you may not know where the prices are coming from or if they actually reflect prices in the broader market. FXCM's deep and diverse pool of liquidity providers helps to ensure that NDD prices are reliable - not set by a single provider - and that they do reflect the broader forex market. Also, through competition, the NDD model ensures that prices are market-driven and fair. FXCM rewards liquidity providers with order flow when they provide the best bid or ask prices. The more advantageous their prices are the more order flow the liquidity provider will receive. The less advantageous, the less order flow they will receive. This efficient selection method keeps a single liquidity provider from adversely affecting your price. FXCM does not take a market position, eliminating a major trading conflict of interest. Dealing Desk brokers may actively trade against your positions. They can profit when you lose. Alternatively, they may lose when you profit. Because of this, Dealing Desk brokers are incentivized to manipulate your orders. They may for example place restrictions on stops and limits or re-quote your orders. FXCM's NDD execution model does none of this. Your orders automatically fill from the NDD price feed, which is the best available bid and best ask prices from all of our liquidity providers plus FXCM's mark-up. Additionally, your orders are anonymous to the liquidity providers. They cannot see your stops, limits, or entry orders; they only see market orders coming from FXCM. That means if your stop loss (SL) was hit, it means the best available price from all the competing liquidity providers triggered your stop level. For example, suppose you you were long EUR/USD at 1.3064 with a stop at 1.2964. If all but one of our liquidity providers was quoting a bid price at or below 1.2964, but the last one was providing us with a bid price at 1.2965 or higher, then your stop would still not trigger. If you have any follow up questions, please feel free to ask me in the FXCM discussion thread on this forum: http://www.forexpeacearmy.com/forex-forum/forex-brokers/1125-fxcm-com-20.html Jason Rogers FXCM Ambassador to Online Communities
Jonathan Weaver,
Texas, USA,
Jul 5, 2013,
Guest

Another good company, lots of training, excellent software and good at crediting your account.
 
NzWarrior,
Sydney, Australia,
Jun 30, 2013,
Guest

look, tbh, other having to wait an upwards of a week for a withdrawal, fxcm isn't that bad. I trade frequently and haven't found a problem with them or their system. however their customer service is a bit lacking... the product, as in their trading platform, is excellent. With all these bad reviews though sometimes I wonder if im either lucky or if fxcm just hasn't hit me yet. oh and btw I trade with a 25k account and make roughly 4k a week. small chips now....but one day ...lol
 
Angus,
, United Kingdom,
Jun 20, 2013,
Guest

We have had a horrid experience getting our funds out of this company - we were lead to believe it would be 2 days when we signed up - the withdrawal was requested Monday morning - on Wednesday spent ages on the web chat - then told it was 2-3 days now today (Thursday) have been told 3-5 days - maybe Monday) - I asked for evidence the funds have been sent - they are running a report which will take 2 days. It's a UK company and a UK bank account - also they charge $25 for the privilege.

For reference the first time I tried talking to them they kept asking why I was leaving - and lied about their fees and margins being better than futures contracts - they pushed us to do an example - and this is how it stacks up....

1 futures yen contract $100,000 Futures cost ; $2.12 per side Futures overnight margin $375

Equivalent FXCM trade cost 1 pip @ $10 margin @ $2000

Boy what a racket these guys are making an absolute killing - sorry it took so long to find out about futures I could have been profitable by now.
 
Reply by Jason Rogers submitted Jun 26, 2013:
Hi Angus, There seems to be some confusion here. FXCM clients can make withdrawal requests anytime 24 hours a day via the MyFXCM.com website. We typically process these requests within 1 to 2 business days. There is a fee for bank wires, but we also offer free withdrawal options via check and credit/debit card. In regards to your comments about futures contracts, you are only counting the commission you pay, when you also need to factor in the bid/ask spread as an additional transaction cost. When you take this into account, you will realize that our spreads are favorable. Also, you are not looking at similar trade sizes when comparing the margin requirements. If you did, you would again find that our margin requirements to be competitive. Furthermore, unlike with futures contracts, we require no additional margin for overnight positions. I encourage you to speak with one of our specialists who are available 24 hours a day via phone and online chat, so you can make an informed comparison. Jason Rogers FXCM Ambassador
Alexander,
New York, Israel,
Jun 14, 2013,
Guest

How can anyone say anything wrong about the only company that doesn't bet against you. They don't use the Casino model like Markets.com or half of these other brokers with "regulated" images. The minute FXCM became listed in the NYSE it showed a lot about their role in this industry. I have been trading with FXCM from my time in New York to my life here in Tel Aviv
 
Adil,
Toronto, Canada,
May 8, 2013,
Guest

I have been with FXCM for about 4 years now,and I am very unhappy that they are ending their service in Canada. They want me to transfer my account to some company I have never heard of (friedburg something). They only offer 1:50 margin when I used to have 1:400. They also dont have hedging. Who knows what else they dont have because I stopped reading their site when I saw that. Anyways I have been loyal to FXCM for several years and they have returned the favour by being disloyal to me. Last year or so they forced me totransfer my account to their UK office just to maintain my leverage and hedging. Enough is enough. After alot of research, I am going to join EXNESS. Bye bye fxcm I will never join you again even if you come back to Canada. And for all you out there, your country may be next!
 
Reply by Jason Rogers submitted May 9, 2013:
Hi Adil, There seems to be some confusion here. First, let me begin by saying that we greatly appreciate your being a client of FXCM for 4 years. Just to clarify, there are new regulations in Canada that now prohibit anyone except for brokers regulated in Canada from offering trading services to Canadian residents. Since FXCM is not regulated in Canada, we can no longer offer you trading services directly. However, we have a solution for traders in Canada. Friedberg Direct (www.fxcm.ca) is regulated in Canada and offers trading services to Canadian residents on FXCM's platform. The No Dealing Desk (NDD) forex execution and spreads are the same as what's available to FXCM clients worldwide. One big advantage of having your account with a Canadian firm like Friedberg is that your funds are protected by the Canadian Investor Protection Fund (www.cipf.ca) for up to $1 million. In fact, hedging is available with Friedberg. Also, leverage works differently in Canada. While the initial margin level is higher than you were used to with FXCM UK, the liquidation margin level is actually lower. This video explains it in more detail: www.brainshark.com/fxcm/FDintro It's important to note that transferring to Friedberg Direct is entirely optional for our existing clients from Canada. If you do not wish to transfer to Friedberg to continue trading your account on FXCM's platform, you can close your account if you prefer. Also, we never forced you to transfer to FXCM UK. We offered you the option to transfer from FXCM US to FXCM UK, because US regulations changed to prohibit hedging and leverage higher than 50:1. Jason
Derek,
Johannesburg, South Africa,
Apr 28, 2013,
Guest

I don't often send reviews, but in this case I feel compelled as there seem to be lots of people complaining about FXCM, which I find overly harsh. I have had good service from them with MT4 running fine, deposit and withdrawals are efficient. Their spreads may be high, buy this is offset against the fact that they do not charge withdrawal or deposit fees or commissions. I recommend them.
 
Ken Tan,
Kuala lumpur, Malaysia,
Apr 11, 2013,
Guest

I've been having a live account with FXCM for the last 3 years.

You can search on the Internet and find that out that they're one of the biggest bucket shops. They try to win and make you lose. I can't say that their service is that good either. Their live chat personnel is slow in their response.

There's better brokers out there for you to open an account.
 
Reply by Jason Rogers submitted Apr 19, 2013:
Hi Ken Tan, Regarding your comment "The try to win and make you lose", we respectfully disagree. As an publicly trade company on the New York Stock Exchange, we seek to provide the best trading environment possible for our traders. That's why we offer No Dealing Desk forex trading whereby pricing is set by competition from 10+ liquidity providers and not by FXCM. These liquidity providers stream prices to FXCM and the best bid/ask price is then displayed on the trading platform with FXCM's pip mark-up. Whenever you place a trade, the trade is then offset one-for-one with the liquidity providers. FXCM recently launched a dealing desk offering for traders whose primary concern is spread and understand how execution differs. Even in this case, the price feed is from the highly efficient No Dealing Desk (NDD) price feed and not arbitrarily created as you may have with most market makers. Full details about each can be found on our website http://www.fxcm.com/advantages/forex-execution/compare-execution-types/ Customer support is available 24 hours a day by phone, live chat, or email. If you experienced a delay in chat service, I do apologize for any issues that may have occurred, and I would like to hear your direct feedback on what exactly happened. Making sure customer support is prompt, no matter what hour of the day you contact us, is a very important concern for us. My direct email is jrogers@fxcm.com if you would like to send more information for me to investigate any problems you encountered. Jason Rogers FXCM
Goat Rider,
, Netherlands,
Mar 24, 2013,
Guest

FXCM or whatever broker is a FreeMason scam based on the 7sins.
99% is Owned bij 1%,they hope to lure in as many desperate people as they can in these artificial hard times.
 
Andrea Federico,
Italy, Italy,
Mar 20, 2013,
Guest

First I'm trading FXCM from a micro account, wich except from the high spread, compared with all the firms out there is not very problematic. The true, and say true problem is their MT4 implementation, ridicolous at best: first they claim with pompous words and very in depth descriptions the absence of requotes, slippages, freezings..then when you begin trading, even in demo (thats self explicative) you will experience instead Invalid Price, or "error 129" for the EAs users (which I am) on 60% of trades in the high o mid volatility spikes. I would stay here describing every single glitch I had with their MT4 for a day. But in the end they are a extremely serious broker, but stay away if you are a EA programmer or user.
 
Reply by Jason Rogers submitted Mar 25, 2013:
Hi Andrea, You mentioned that you received error messages on the MT4 platform even when using a demo account. Real orders are not sent to the live market when you use a demo account, so the errors messages you received were most likely the result of a technical issue, perhaps with your internet connection or with how MT4 is set up on your computer. I would like to have one of our tech specialists troubleshoot this problem with you to determine the actual cause. Our live customer support team is available 24 hours a day by phone and online chat to help you: http://www.fxcm.com/support/contact-client-support/ In regards to your comment about our spreads, you might like to know that we recently introduced new spreads that are 1 pip lower for the most popular currency pairs: http://www.fxcm.com/advantages/forex-spreads-pricing/ Jason Rogers FXCM Ambassador
Rui,
Porto, Portugal,
Mar 6, 2013,
Guest

FXCM is the only broker I have ever used and has exceeded my expectations. Everything is great, from the Trading Station, support, execution, etc. Been jotting down all my trades and even the slippage and I must say it is minimal. I also always use the market range option for minimum slippage. Because of all the misinformed reviews one keeps reading it took me half a year to chosse a broker. Heavy regulation was also a must for me. Every time I lose money is by personal mistakes, especially when I do not stick to my plan. But never, I stress, never because of FXCM. Thumbs up for you guys for doing a good job.
 
andrew patrick,
harrogate, United Kingdom,
Feb 24, 2013,
Guest

I find that the 5 minute option does not update - you can be watching a chart while you are losing your money because it is static. I only have a demo account and am reluctant to transfer funds to what seems like an unreliable system. I just placed a trade it started with a minus £750 then without any tick movement knocked me out at a £1400 loss. I did make £10,400 in one week two weeks ago, but have lost the majority of it since & these reliability issues send my already high loss stress levels to heart attack point.
 
Reply by Jason Rogers submitted Mar 7, 2013:
Hi Andrew, I'm sorry to hear that your demo account trading has caused you such stress. The situation you describe with your 5 minute charts not updating point to a possible tech issue regarding your connection to us. Since our other clients have not reported having such a problem, I would like to have our tech support specialists take a look at your demo account to see what exactly is happening on your computer. Please feel free to contact our live support team anytime 24 hours a day by phone to get this tech issue resolved. Our toll-free number that you can use in the UK is 0808 234 8789. Jason
omar lutfi alnatour,
sydney, Australia,
Feb 19, 2013,
Guest

guys i DON'T recommend any one to trade with FXCM.COM they are tricky boys the put a specific spread on the screen and once you execute your trade they charge you something different.
i executed my trade on the basis of that they are going to charge me 5.1 pips with GBP/JPY but after i have entered they trade i discovered they charged me 12.8 pips which mean more than the double of the spread.

another problem

i made a NZD/USD pending execution @0.8420 and the price hit 0.8404 but my pending execution didn't got execute and i missed more than 50 pips just in less than 1 minute.

and now im trying to sort these problems out with them.
i will keep you update guys regarding what will happen and how they gonna solve these problems.
 
Reply by Jason Rogers submitted Feb 26, 2013:
Hi Omar, Thanks for your feedback. In regards to your NZD/USD trade, it sounds like you might not be taking into account the fact that, by default, the charts will show you the bid price, which is the price where you can sell. If you have an order to buy, it?s important to note that it is the ask price that will determine whether or not your order can be executed. The ask price is higher than the bid price you see on the chart, because of the spread. You also mentioned that right after your NZD/USD trade wasn?t executed, the currency pair moved 50 pips. That would seem to indicate that this trade occurred during a news event. Keep in mind that spreads can often widen during news events as I?ll explain further below. With a wider spread the ask price would be even higher than the bid price you see on a chart, which could further explain why a buy order for a specific price was not executed. Regarding your GBP/JPY trade, it?s important to keep in mind that spreads are variable and are most likely to increase during periods of market volatility such as news events. Every trader should be aware that this can occur, and that it is not out of the ordinary. On FXCM?s No Dealing Desk forex execution, we simply pass on the best bid and ask prices we receive from 10+ liquidity providers and add a fixed pip markup for our profit which acts as a commission. That means FXCM makes the same amount of money whether your trade gets executed on a 5.1 pip spread or a 12.8 pip spread. When you see the spreads widen, it?s because the banks quoting us prices have widened their spreads. Prices and spreads can change rapidly, especially if you trade during news events. You might like to know that we have a built-in feature on our platform called Market Range that will let you specify how many pips of slippage you are willing to tolerate on an order. You can even set Market Range to zero if you want no slippage. Then your order will only execute if that exact price is available: http://www.fxcm.com/resources/video-library/order-types/market-range-vs-at-best-orders/ FXCM's audit team is available to review any positions you have questions about, so you have taken the right step in following up with us. While I can't discuss specifics of your trades due to FXCM's privacy policy, I welcome you to visit our FXCM thread to let me know about the time period these trades occurred and we can look at the charts including the bid and ask prices together. There is a way on the Trading Station platform to view both, and everyone will be welcome to view along so we can have a conversation about how spreads work. You can post a chart or provide more information regarding the times of these trades in the FXCM thread here: www.forexpeacearmy.com/forex-forum/forex-brokers/1125-fxcm-com-new-post.html Jason Rogers FXCM
allan,
kuala lumpur, Malaysia,
Feb 13, 2013,
Guest

i send my all documents deposit time he say ok with draw time fuc**** fxcm.

Best fuc**** sit is FXCM Don't join my dear frineds.Whay you vast yur Time
 
Reply by Jason Rogers submitted Feb 18, 2013:
Hi Allan, For the security of our client funds, we may ask for additional documents as verification, if a withdrawal request is made to send funds to a new bank account that was not originally on file. This is standard procedure with most financial institutions. Our goal is to make sure that client funds are only sent to the bank account of the rightful account holder. Jason Rogers FXCM
Maintain,
, Turkey,
Feb 6, 2013,
Guest

Hi, although I sent/uploaded my required documents one year ago. I received a mail last week saying that my positions will be closed I do not send them asap. I replied to that mail and suddenly my positions were closed which ended with loss. The funny thing is I have been funding and withdrawing my accound more than 1 year. I am sending emails since that time may 10 times forwarding my email from one year ago. But did not receive an answer. I called but the line was busy. My account is no locked and I cannot do trading or get my money back. Is this acceptable? They keep my money, closed my positions in a loss and I cannot even trade. I will get out of FXCM asap and already opened an account from another platform. Although I like the platform be carefull!!!
 
Reply by Jason Rogers submitted Feb 18, 2013:
Hi Maintain, First, I wanted to address some possible confusion. FXCM would never keep you from withdrawing your money. Even if you did not submit the documents required by government regulations in order for you to continue trading with us, you could still withdraw your funds back to the bank account you used to make your original deposit. Keep in mind that on FXCM's No Dealing Desk forex execution model, we make money from client trading volume, not client losses. We want nothing more than for you to be trading on our platform, and for you to enjoy your experience with us. We would only have locked your account from trading as a last resort, if you did not respond to our requests to submit the needed documentation within the grace period provided. We would have sent you numerous notifications, so that you could send in the required documents and continue trading uninterrupted. Government regulations require us to ask for these documents to verify the identity of clients trading with us. These regulations apply to all brokers. I'm glad to hear that you like our platform and hope you can continue trading with us. All that is required is for you to submit the documents asked for by our Operations department. You can scan and email the documents to admin@fxcm.com, or fax them to +1 212 897 7669. Jason Rogers FXCM
Lee,
Kuala Lumpur, Malaysia,
Jan 11, 2013,
Guest

I don't know why so many people are rating FXCM poorly, after trading for nearly two years on its Trading Station platform, I'm still highly satisfied.
1) Deposit is almost immediate (in most cases), you will see your account balance increase in just matter of seconds.
2) Withdrawal is fast (last time I tried, it took three working days to reach my account).
3) As long as you have a fast internet connection, trades are executed almost instantly, quotes are up-to-date, minimal slippage. (Don't blame FXCM for delayed quotes or trades if you have a slow internet connection).
4) Support is awesome! I have a micro account, hence no phone support, only thru email. They still prove their service by replying me within the same or next working day.
5) Dailyfx provides good support to those who knows how to use it, especially the free forex education that comes with it. I learnt so much in technical analysis from the website.
Of course, to be fair, I won't say their signals or recommendations are wholly accurate. If they are 100% accurate, why don't they just call their website HolyGrailFX.com? Whether the signals are profitable comes down to how long have you been following the analyst, sometimes its just a matter of temporary drawdown. In fact, my win/loss ratio is lower than 50%, and I'm still banking handsome profits. Finally, no one asks you to follow dailyfx's signals, if you aren't satisfy with dailyfx, just stop using it as your trading reference.
At the end, when judging how well is FXCM, dailyfx is just their secondary service, and you can choose not to use it. Just rate their core service, i.e. being a forex broker. For their reliability and user-friendliness of trading station, I'm rating a solid five star.
 
Adam,
Oxfordshire, United Kingdom,
Jan 8, 2013,
Guest

FXCM have been my main broker for two years and I'm very happy with their service. The spreads are reasonable for an NDD broker - they widen as you'd expect during low liquidity but tighten again during London & US sessions - and their customer support is excellent.

The only downside is the length of time it can take to withdraw funds - 5 to 7 working days. There's no good reason for such as delay, particularly when you're transferring money to the funding account.

All in all though, my experience with FXCM is excellent and I'll be using them for a long time yet.
 
kashif,
usa, USA,
Dec 26, 2012,
Guest

fxcm is a scam they own or related to daily fx the guys on daily fx are clueless with 90 percent fall picks....thier spreads are terrible...they robbed me of a lottta money be very carefull when dealing with FXCM i think they are under investigation by NFA
 
Seth Tan,
, Singapore,
Dec 18, 2012,
Guest

FXCM owns Dailyfx and set it up to feed false info so that suckers like me can believe and then lose all my money. Their spread is also very lousy and increase like crazy. If you got money to lose, then sign up with them. When you lose, means they gain... Go think about it.
 
Reply by Jason Rogers submitted Dec 21, 2012:
Dear Seth Tan, I'm sorry to hear that you had a bad experience with your trading success. Our DailyFX website is set up to provide you with news impacting the forex market and trading ideas from analysts who have vary viewpoints and analytical methods. If you are looking for the holy grail of trading, then your search may continue for a long time. There is no guaranteed method for success, but DailyFX is not setup to provide false information we can assure you. There can be conflicting viewpoints from each analyst, but the goal is to provide you with analysis which you can then use to formulate your own trading decision. I have run into many traders over the years which follow one analyst exclusively believing that they have provide the best viewpoint, but that is for each trader to decide. FXCM offers two execution options, dealing desk and no dealing desk, for traders to choose from based on the type of execution and spread they would like to receive. Our No Dealing Desk forex execution offsets every transaction one for one with the liquidity provider. Our compensation is a pip mark-up added to the spread which essentially acts as a commission. FXCM does not gain from trader losses in this execution setup. The Dealing Desk option provides lower spreads on average 1 pip tighter than NDD, but FXCM does make the market on this execution setup. So the choice is there for traders whose only concern is spread. Even on our dealing desk option, the pricing is based completely off of the NDD feed so there is no manipulation. For traders that trade in excess of 10 million notional volume per month or have an account balance of at least $25,000, we have the active trader program available which offers the tight spreads with a commission to lower the total transaction cost. We wish you all the best with your forex journey. Jason Rogers FXCM
Muhammad ashraf,
Kuala lumpur, Malaysia,
Nov 30, 2012,
Guest

Im in this game almost 10 years. Im only use fxcm untul now. For those a play forex and lost money...... Dont blame the brokers. Forex are very very high risk . For me, fxcm..... No 1 realiable broker in this planet. Your money are safe, withdraw and deposit money on time by this broker. Excellent. This broker ..... 5star services rating. For those in forex...... You must... Learn....learn.....and learn..... A lot. Thank you.
 
Baha' Hamad,
Amman, Jordan,
Nov 1, 2012,
Guest

Although I lost 70% of my money, but it is good company, have very cooperative staff in Lebanon for middle east, fast debit and withdrowal, only the point that the stock trading not allowed.
 
javier,
SPAIN, Spain,
Oct 26, 2012,
Guest

FXCM platform is a scam. After a mandatory update, I tried to make a transaction, and then you click buy, you ran a sale. Thus several times. When I contacted the chat support (as there was no support available in Spanish), they informed me that it was a PLATFORM ERROR IN SPANISH, and I recommended him to use the English version, and incredibly, the English version worked fine.
However, despite my complaints, nobody contacted me to return my money.
It is the only platform I know who has an ambassador. Trash.
 
Hank,
, USA,
Oct 25, 2012,
Guest

I used FXCM for a bit. They trade against you. If you go to DAILY FX those guys are in league with FXCM (probably owned by FXCM) and give you bad info than trade against you. Its a scam. Its set up so you lose.
 
Andy,
Connecticut, USA,
Oct 19, 2012,
Guest

I've been trading FX for just over a year, and have tried several major US brokers--OEC, MBTrading, Forex.com, and FXCM. I have never had a problem with fills, excessive slippage, deposits or withdrawals. Spreads may not the best but are consistently very good, and I have found that paying a few tenths of a pip more for a reliable broker saves a lot more money (not to mention aggravation) in the long run.
 
Reply by Jason Rogers submitted Oct 22, 2012:
Hi Andy, Glad to hear that you're happy with our service overall. Since you mentioned spreads, I thought you might like to know that FXCM recently launched new lower spreads that are a pip lower on the major currency pairs. You can click here for details: http://www.fxcm.com/advantages/forex-spreads-pricing/ Jason Rogers FXCM Ambassador to Online Communities
ocf pilot,
, Dominican Republic,
Oct 2, 2012,
Guest

I have been using their new MT4 platform for the last few months live and demo. I get a bunch of "off quotes" and "invalid price" messages when trying to get in and out of trades. I don't use the max deviation price option. I have removed and re-installed platforms with no change. No other broker MT4 gives me the problem.

I have emailed them several times seeking info and get unrelated vague responses from them.

A couple months ago they showed the E/U pair 10-12 pips higher in price than every other source. Daily fx, bloomberg, yahoo, other brokers. All others were about the same. An hour or so later their price spiked down to equal the others. Got another lame excuse from them.
 
Reply by Jason Rogers submitted Oct 12, 2012:
Hi Ocf Pilot, I'm sorry to hear that you've been having trouble with your platform. The error messages you describe could indicate a delay in the prices reaching you caused by a connection issue. Your last comment about EUR/USD prices not updating for an hour seems to confirm this. You also mentioned that you don't use the max deviation price option, but it's set to a value by default. You might have had a max deviation setting that was too low and not known it. One thing to keep in mind is that FXCM quotes prices out to 5 digits after the decimal point while others might only quote to 4 digits. That means a max deviation setting of 3 is not 3 pips but only 3 tenths of a pip. To set a max deviation of 3 pips, you would have to type 30 in the max deviation field on your platform. If you've already tried that and still have tech issues, I would encourage you to speak with one of our tech specialists who are available by phone 24 hours a day. You mentioned that you sent emails, but sometimes a live phone conversation can work much better when troubleshooting a tech issue. Our tech specialists can ask you questions and have you test solutions while you're on the phone with them, so they can get your feedback on how the system responds. I notice from your post that you live in the Dominican Republic. You can call us toll-free by dialing 1 888 751 8159. Jason Rogers FXCM Ambassador to Online Communities
PipReaper,
Cape Town, South Africa,
Sep 28, 2012,
Guest

Attention fellow traders you should be aware that FXCM has now partnered with BARXdirect the dealing desk of Barclays Bank. I chose BARXdirect after much research & have been a happy client of theirs for many years. I do remember the early years of FOREX & also recall my dealings with FXCM - back then they were a bucket shop - plain & simple! I will reserve my judgment at this time as this partnership consummates in October & I will make my assessment accordingly. I do believe my assessment, in my opinion, will be transparent & accurate as I have had the experience of Barclays Direct & now will soon experience this partnership. My first aggravation at this time is the increase in spreads across the board! Initially to enjoy the low spreads offered by Barclays one had to deposit a minimum of 20,000,00 pounds sterling. So time will tell.
 
harrysdog,
bedroom, United Kingdom,
Sep 10, 2012,
Guest

Nice enough trading platform.
Main gripe is on the indices, when there is volatility, such as ECB Draghi speaking...they increase the spread. Seems a tad unfair to say the least.
 
Trader Gaz,
London, United Kingdom,
Aug 25, 2012,
Guest

I had a past experience with FXCM of a 'Margin Call' which was really only triggered as they changed margin levels per currency pair without notice and then when applied retrospectively to my open trades took me into margin default. Only applying them to new trades post margin change would have saved the account. When asked, I was told it was my job to check FXCM's website and they are under no obligation to inform of margin change.

So this was generally acknowledged as a crafty retrospective scam tactic of FXCM to trigger margin calls and harvest your funds.

'You be warned you will hopefully avoid'

2012-08-20 2Star Hi FPA Readers

I wonder if anyone out there has also suffered my fate with this FXCM scam? Basically I had been trading for a few years with FXCM – intermittently and I do not profess to be a good trader, but my own trading was always at acceptable risk levels. I was in some trades recently when market went against me and I went into some losing positions, but well within my account size and then out f the blue I suddenly get the emails below from FXCM. So they waited while I was in drawdown to close my account and close my positions while negative to take my funds. Funds were not lost in trading but through what is said to be a legitimate FXCM business action.

No explanation was offered when I kindly asked to wait until I got my trades into a positive position before my account was closed, albeit obviously FXCM would not have made any money in this instance. Had they have let me, I would have been less inclined to see this as a scam.

Is this common in this lightly broker regulated market?

To me, I feel it is a deliberate and very underhand scam and perhaps this is a subject for the Traders Court, but I simply put it here to see if it is a normal or regular action of this or any other large broker or see if anyone can explain a rationale for their actions?
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Fri 10/08/2012 08:50
Dear xxxxxxxxx (name removed)

Thank you for contacting FXCM Securities. At this time your positions have been closed on account xxxxxxxx, per the resent email you were sent. In order for the funds to be returned, please provide bank details. The details should include, the banks name, sort code ,and the account number. You can email service@fxcm.com with the details. Once the details are received please allow one to two business days for your withdrawal to be processed.

If you have any questions, please do not hesitate to contact us. FXCM Securities Limited is committed to offering clients excellent execution, easy accessibility, and exceptional service. We provide full client service, with live support 24 hours a day, seven days a week.

Kindest regards,

Xxxxxx(name removed)
Operations Associate
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Fri 10/08/2012 08:50
Dear xxxxxxx (name removed)

Thank you for your continued interest in Forex Capital Markets (“FXCM”). As outlined in the Client Agreement (“Agreement”), FXCM reserves the right to terminate the Agreement for any reason it deems necessary.

FXCM frequently reviews its client account database and after a thorough review of your account, we regret to inform you that we will be unable to maintain an account with you at this time. Termination decisions are not intended to be personal in any way.

We ask that you provide us with instructions as to the withdrawal of the remaining balance in your accounts. Please submit a withdrawal request through www.myfxcm.com at your earliest convenience and we will process it for you according to the timeline set forth on the withdrawal request.

Kindest Regards,

xxxxxxxxx (name removed)
 
Reply by Jason Rogers submitted Sep 3, 2012:
Hi Trader Gaz, I cannot comment on the specifics of your case in a public forum, but rest assured that if you lodged a formal complaint with us then you will receive a formal response from our Compliance department. If you have any follow questions regarding this, you can email them directly at compliance@fxcm.com. However, I can speak generally and say that FXCM would never close an account for being profitable. Our on No Dealing Desk forex execution model we immediately offset the risk on the other side of client orders with 10+ liquidity providers. That means we don't stand to lose from client profits or profit from client losses. We want our clients to be profitable, so they will keep trading with us and we can keep making money off the trading volume they generate. Jason Rogers FXCM Ambassador to Online Communities
kris,
poland, Poland,
Aug 22, 2012,
Guest

This broker is good for nothing. After few days of earning money in FXCM, they gave me without notice dealer(Virtual Dealer). Every time I wanted to enter the market I had slippage or they just didnt let me do it. They do change rules without any information for example they have lowered maximum transaction on DAX from 1000 to 100, saying that they want to improve liquidity. Noce platform but all in all they are not honest. Check how many times SEC examined their actions.
 
walkOnIce,
Beijing, China,
Aug 20, 2012,
Guest

Just one thing to mention, FXCM, they EVEN don't provide trace history of trading to customer side. In other words, if you want to check something, the only source log is at the broker's will. No transparency at all, at least from my point of view.
 
Reply by Jason Rogers submitted Sep 11, 2012:
Hi WalkOnIce, FXCM clients have access to online statements that provide the details on all the transactions in their accounts. You can see reports for any time frame since your account was opened to pull up information on any trade. Click on the Report button at the top of the Trading Station, or go to www.MyFXCM.com and load a Combined Account Statement or Statement Summary. If you would like help in viewing these reports, you can contact our 24-hour live support team, and they will be happy to assist you: http://www.fxcm.co.uk//contact-fxcm.jsp Jason
Abulfotouh,
Madina, Saudi Arabia,
Aug 19, 2012,
Guest

I am Abulfotouh, Saudi Arabia. I am so sorry because for my bad evaluation rating of XFOREX I wrote FXCM (by mistake) instead of XFOREX which is a bad company and I had a bad history during trading thruogh XFOREX platform with errors during withdrawal of money. The main aim of XFOREX is only to make their victim to deposit his money which will be lost for ever,this is about XFOREX. But about FXCM, I did not really deal with it at all but I know that it is a big company. So, please kindly, I want to delete my false rating comment about FXCM on 7/7/2012 which written by me wrongly. Thank you and sorry for FXCM which is one of the very good top brokers.

2012-07-25 01Star It is better to be away from this broker. This is my advice. because there is a difficulty in withdrawal techniq in their system.
there main issue is how to make you do deposits

Comment: Added by Jason Rogers on 2012-07-26 11:38
Hi Abulfotouh,

I'm sorry to hear that you've had difficulty making a transfer. Since you live in Saudi Arabia, it's important to keep in mind that the regulations in your country are a bit different than in other countries when it comes to sending money. My colleagues in the FXCM Arabic department would be happy to advise you on the most efficient methods to transfer funds and will resolve any problems you have faced. You can email them at arabic@fxcm.com

Jason
 
Reply by Jason Rogers submitted Aug 20, 2012:
Hi Abulfotouh, Thanks for taking the time to clear up this misunderstanding. While I'm glad to hear that it was not FXCM you had problems with, I'm sorry to hear you had problems with that other broker. A I mentioned in my previous comment to you, if you have any questions regarding our services to clients in Saudi Arabia, feel free to contact our FXCM Arabic department at arabic@fxcm.com Jason
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!!
 
Kurt Pfost,
Houston, TX, USA,
Jul 23, 2012,
Guest

I just sold 10K when I clicked sell the 5 minute chart was 0.78122, I noticed I was already down 3.88 when I looked at what FXCM had my sale it was 0.78098 so you automatically are at a loss.
Is there a broker out there that will sell or buy at the price you click on/
 
Reply by Jason Rogers submitted Jul 26, 2012:
Hi Kurt, I think there might be a misunderstanding here. It sounds to me like you are talking about the bid/ask spread. That is the difference between the sell price (AKA the bid price) and the buy price (AKA the ask price) that you see on the Trading Station. This spread represents your transaction cost for placing a trade. The reason that your P/L was negative by a few pips the moment you place your trade is the fact that you pay the spread to open a position in the forex market. That would be the case regardless of what broker you choose. I think it would help at this point, if I explained how the bid/ask spread cost works when trading in the forex market. The bid price is the price that you can sell at in the market. The ask price is the price at which you can buy. It?s important to note that the Trading Station charts can be set to display either the ask price or the bid price, but not both. Taking your example where you saw a price of 0.78122 on the chart, it sounds to me like you were trading NZD/USD, and were looking at the ask price. That?s why the moment you entered the trade, you noticed that your trade was opened at a bid price of 0.78098. That difference in prices reflects not only the spread you paid, but any movement in the market price after your trade opened. That?s because, if you sold to open the trade (at the bid price), then you must buy to close the trade (at the ask price). I hope my explanation clears things up for you, but if you would like to discuss more about how the bid/ask spread works, I?m always happy to help answer any questions. Feel free to post on FXCM?s discussion thread: www.forexpeacearmy.com/forex-forum/forex-brokers/1125-fxcm-com-new-post.html Jason
Mark,
Florida, USA,
Jul 12, 2012,
Guest

I have 4 large accounts with FXCM and everything seems to be OK so far.I do have a large concern though.
As we all know by now PFG Best was supposed to have about $240 mil in customer segregated funds,but in actuality NFA found only $ 5 mil.
I can not seem to be able to get a confirmation from FXCM that the amount that they are supposed to have in customer segregated funds is actually there and not missing.This is a big concern
 
Reply by Jason Rogers submitted Jul 13, 2012:
Hi Mark, I understand your concerns, and safety of funds is on top of everyone?s mind at the moment. Clearly some major oversights were made in monitoring what was going on at PFG. FXCM has often taken steps to increase transparency regarding our finances for example by publishing our quarterly balance sheet before we were a publicly traded company. FXCM is now one of the few publicly traded forex brokers in the US (NYSE: FXCM) which means you can view our audited financial statements to get a better look at our financial health: http://finance.yahoo.com/q?s=fxcm&ql=1. This gives you a better view of our finances rather than CFTC FCM data you have to gauge most forex brokers by. That said FXCM is regulated not just in the US, but by several regulating bodies worldwide including in the UK, Japan, Hong Kong and Australia. That means that our company is subject to a greater level of scrutiny than a company that?s only regulated in one jurisdiction. The safety of our clients? funds is of utmost importance to FXCM. If you have not spoken to your FXCM account rep about these questions, it would be good to reach out to them, so they can provide you with more details to address any specific questions you have regarding your 4 accounts. Alternatively, you can email me at jrogers@fxcm.com, and I will be happy to put you in touch with a senior account executive. Jason
Adam Richardson,
NSW, Australia,
Jul 1, 2012,
Guest

*scratches head*
everyone complaining is talking about getting margin called, so these guys are not trading with stops. If there were comments that said "25% of my trades are getting closed out 5pips further than I placed my stop", i would be concerned. But all I am hearing is "Im not using stops and getting margin called". What a shocker!
Slippage is a part of trading, if this is causing you to loose money then learn how to trade properly. I use 20-40 pip stops and if i get stopped out with slippage i deserve it. Slippage has never been a problem for me. Ive been with FXCM for 2 years.
Customer service AAAAAAA+++++++++
Money transactions AAAAAAA+++++++++
I must be one of the preffered clients, Ha!
 
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.
 
Pete,
Eindhoven, Netherlands,
Jun 22, 2012,
Guest

Been trading with FXCM's UK branch for about a year now and trade both FX and index + commodity cfd's. For FX they claim to be NDD and for CFD's they are counterparty which means you trade against them.

As time wnet by I started to notice that they slip me negatively on a near constant basis, both when I open a ticket at market and when I close at market. I think somewhere around 90% of the time I get slipped it is negative for me, so nothing to do anymore with chance. Complaints have led to nothing but overly friendly e-mails pointing to disclaimers and other general information. Basically saying up yours my friend. Have made a formal complaint now with the NFA and the (UK) FOS. Apparently they gain mkore from the fraud then they have to pay in fines which you see a lot these days.

I can recommend anyone trading there to keep a close watch on every ticket to see if the prices and profits are correct and how many times you get slipped pos and neg. It will not be a nice picture I can guarantee you that. Also, if you experience the deliberate slippage, please complain towards authorities. It's good to move your account away from them if you are being fleeced but let your voice be heard. If enough of us file complaints there might actually be some compensation and fines in the future.
Doing nothing will only hurt you and other traders who come behind you.

Sincerely,
Pete
 
Reply by Jason Rogers submitted Jun 25, 2012:
Hi Pete, Orders executed via NDD forex execution are filled dependent on liquidity. We?ve collected detailed stats regarding positive and negative slippage and the percentages are just over 60% for both: http://www.fxcm.co.uk/forex-price-improvements.jsp When placing a market order, you always have the option of using the Market Range feature to control how much slippage you are willing to tolerate. If you or anyone else wanted a demonstration of how to use this feature as part of your trading, a detailed explanation is provided on our website: http://www.fxcm.co.uk/order-types.jsp I?m sorry that you feel this way. FXCM makes its execution policy very transparent as listed on the website: http://www.fxcm.co.uk/trading-execution-risks.jsp Jason
thomas,
, China,
Jun 9, 2012,
Guest

Although known as the ECN platform, but the transaction has smooth point, an average of 10points. In addition to transfer into gold, need to pay attention to, much collect some money, or in gold will be ignored. I've wired $50, actually remitted successfully, but did not reach the capital account (2011March happened, then forget it, using credit card into gold ).
 
Jason Rogers at FXCM,
New York, USA,
Jun 7, 2012,
Guest

Hi Denden,

I am not familiar with the orders on your account, but the most common reason a position would automatically be closed for a loss is due to a margin call. You are trading a leveraged position in your account on margin, and a margin call protects your account from going into a debit balance. If you run a report on your trading account, it will display the order type that closed the trade. If you have any questions about this, or would like me to review and confirm what happened on your account, please feel free to contact me at jrogers@fxcm.com and I would be happy to help.

Jason
 
denden tagle,
cebu city, Philippines,
Jun 7, 2012,
Guest

Something is really wrong with FXCM system... it closes again my position at a loss, it happened 2 times already after my first post here. I did not set stop loss for it. It automatically sells my position at a loss. Its crazy, if someone wants to earn profit never use FXCM as a broker.

2012-06-06 1Star This forex broker is crazy, I order EUD/USD after my order is matched they sold it at lower price immediately. And the time stamp of my buying and selling is the same.
Very bad experience with this broker. If it is possible to ill provide the snapshot
 
Black Bird,
London, United Kingdom,
May 9, 2012,
Guest

I have been spread betting with FXCM for the past 2 years with no problems at all. What I like most is that I can set a trade to buy/sell even 1 pip away from the current price plus the spread of course. Other sp brokers I know would not allow you less than 15-20 pips away from the current price. Furthermore I can trade micro, mini and standard lots on the same account where the minimum stake with my previous 2 brokers was a pound. The only drawback I can think of is that the spreads are slightly wider than on their forex platform but, then again, profits are tax free in the UK, if you make profits that is..lol… :))

I found the customer service very helpful and no problems with withdrawals. Out of all the sp brokers I have tried FXCM is my number one so far.
 
Karon Lewis,
Kissimmee, USA,
Apr 27, 2012,
Guest

This is from a class action lawsuit at fxcm

Defendant’s dishonest trading practices include, but are not limited to, the following:

a. Slow Server Command: When a customer is engaged in profitable trading activity, Defendant routes the customer’s account to a “slow server,” causing trade execution to be slowed down, and allowing Defendant the time to hijack any potential profit in the trade by buying and selling in-between the customer’s order and the real market, with Defendant’s taking any profit and leaving the customer victimized with no money for his or her effort;

b. False “Error” Messages: Defendant uses its administrative back-end software to prevent the customer from closing out a profitable trade and instead causes the trading system to generate any one of a series of “error” messages to the customer, blocking the customer’s efforts to finalize what would have been a profitable order;

c. Flash Trades: Defendant, in a practice known as “stop hunting,” manipulates the market price of the traded currency, including printing bogus “flash trades” which move the “market” to trigger the customer’s stop order for a given trade, essentially closing the customer out of that trade;

d. Arbitrary Margin Rules: Defendant arbitrarily changes the margin rules on Fridays for an ensuing week without any notice to the customer, which results in the customer’s being deprived of any trading advantages or leverage opportunities they may have, and again causing the customer’s account to be closed out in favor of Defendant;

e. Abuse of “Slippage”: Defendant, in a practice known as “slipping a trade,” takes advantage of “slippage” in a given trade. “Slippage” is the change in price between the time when a price is quoted and a market order is placed. It is customarily caused by market movement while the trade is being executed. The incidence of “slippage” should roughly be equal in favor of the customer and the broker. Defying all laws of probability, in almost every case, Defendant’s customers suffer losses as a result of “slippage” at grossly greater percentages than Defendant does, which can only be explained by Defendant’s manipulation of pricing; and

“Slow Fill” and “No Fill” Commands: Defendant often fails to execute valid and profitable trade orders entered by the customer and instead causes the trading system to generate a “slow fill” or “no fill” message to the customer as the customer attempts to close out a profitable trade, preventing the customer from making a profit while generating illicit profits for Defendant.

Note i never actually traded with them i had a $50 account but closed after rash of lawsuits. a few years back but im amazed how many people still open accounts with them simply google FXCM fraud and read away on thousands of websites.

2011-10-13 I highly recommend this broker

Sure they are being sued by at least 200 clients

And sure the CTFC has found them guilty on 10 different occassion for scamming customers

http://online.wsj.com/article/BT-CO-20111003-712195.html

But if FPA wont mention any of there lawsuits and charges by the CTFC i see no reson no to do business with them

FXCM just settles a $15 million dollar fraud lawsuit so u know they have money

http://online.wsj.com/article/BT-CO-20111003-712195.html

Review Moderation Team Note: Obviously, Karon again failed to notice that the FPA sent a mailing to all members pointing to this article in the forums...

Forex Capital Markets LLC Ordered to Pay More Than $14.2 Million to Settle CFTC Charges

We also added a link to that article to Karon's review left on 2011-10-03. We don't understand why Karon thinks the FPA is trying to conceal information that the FPA brought to the attention of all its members.


2011-10-03 These Criminals were just fined 14 million from the nfa and ctfc for fraud and manipulation of forex prices in their favor and yet somehow FPA has not labeled them a fraud company yet

http://online.wsj.com/article/BT-CO-20111003-714007.html

Review Moderation Team Note: You can see a forums discussion about that subject by clicking here.
 
Jason Rogers at FXCM,
New York, USA,
Apr 24, 2012,
Guest

Dear Tim from Kuala Lumpur, Malaysia:

I’m sorry to hear that your matter was not solved to your satisfaction. I want to help if I can. If you could, please email me at jrogers@fxcm.com with details about the problem. I would appreciate any feedback you have, so that we can correct any problems you encountered.

Jason Rogers
 
Ben Foster,
Wyoming, USA,
Apr 23, 2012,
Guest

I really like their tools and their iPhone app. It allows me to get the trades in quickly and view them logically. (I'm a newer trader). However, sometimes I do find their support team to be a little slow in response. So I'm giving them 3 stars.
 

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.