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

Join live discussion of FXCM.com on our forum

Go to forums

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.

Video

Your company video here? Contact ad sales

2.494 · 581 REVIEWS
Forex Peace Army
DO YOU RECOMMEND THIS COMPANY?

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

Your feedback matters!

Traders Reviews

Palestinian Territory, Occupied,
Aug 6, 2017,
Registered user

complaint

I opened a trading account with FXCM, made a deposit of $ 1800 and then made a profit of approximately $ 2,700. After that I ordered the withdrawal of the principal capital ($ 1800) and the withdrawal was successful.
Then I asked to withdraw the profits of ($ 2715) and the amount was deducted from my trading account with notification that the transfer needs 3 to 5 working days to reach my bank account, but on the fourth day on 03/07/2017 the amount was returned to the trading account.
After that I was notified through email that your trading account has been temporarily suspended, and to this day the account is suspended and I can not trade or withdraw money, and whenever i communicate with them, they tell me that your account is under review.
They have been reviewing my account for more than a month without any updates, and I need to withdraw my money but they are preventing me from doing so under the pretext of reviewing the account.
(account no: 96053170 / name: EISA ALMASRY / broker: FXCM.COM)
Attachment: Account statement from the beginning to the day
  1 trader has found this review helpful
Reply by Jason Rogers submitted Aug 23, 2017:
Hello eisamasry,

Please understand that we are unable to publicly discuss any client account information due to our privacy policy. Our compliance department takes any reviews and complaints regarding trading and operations very seriously and will respond as soon as possible. In our business conduct, we must always be in compliance with applicable laws and regulations.

I apologize for any delays you have experienced, and we look forward to helping you in the timeframe that was communicated to you by our compliance department. Please note that for your privacy and security, I recommend that you please do not post your account information publicly.

Jason
Colombia,
Jun 14, 2017,
Registered user

some of my operations were closed before to reach the stop loss , I saw how after the market choose the way were my take profit was.
 
Reply by Jason Rogers submitted Jun 22, 2017:
Hello crg771406,

If your positions were closed automatically before reaching a stop or limit, it may have closed due to a Margin Call. If you run out of usable margin in your account, a margin call occurs and all trades are automatically closed, regardless of whether you have stops or limits on the trade.

Margins calls often occur due to overleveraging. Using more leverage can magnify your gains, but it can also magnify losses which will quickly deplete your usable margin. The more leverage you use, the faster your losses can accumulate.

The position size that you can hold in your account using leverage is determined by your account equity and the margin settings in your account. To track how close you are to the maximum position size for your account, FXCM provides real-time information on usable margin (the account equity available to take on new positions—USbl Mr) and used margin (the account equity needed to maintain open positions—Usd Mr). Together, used margin and usable margin equal account equity.

Our support team would be happy to review any trades if you can please contact us by phone, live chat, or email with trade details.
Ahmed Adel Khedr,
Kafr elshikh, Egypt,
Jun 14, 2017,
Guest

Problem with fxcm brokerage company

Gentlemen
After greeting

I will present a summary of the existing problem between me and FXCM
Brokerage

My speech may explain this problem to anyone viewing the files attached to this letter that containing the evidences supporting my claim to all my material and moral rights from FXCM

I would like to ask you to allow me to extend the length of the videos, but I wanted to clarify the evidence supporting my case in detail to help you make a fair judgment in this case

I’m a customer at this company several years ago , I did not expect what you will see in those videos of the excesses and errors in the lists sent by the company to customers through its platform known Trading Station 2 , which is always advising customers to use and depend on it

My ID at FXCM is : 2088157449

My total deposits over the years I spent with the company were : $ 28,477.93

It is known in the forex market and the most important factors of entry and exit from it less losses are places, models and forms of candles and it’s time

FXCM manipulates customers through what comes :

1 - The company manipulates the redrawing of candles on the chart and changing places to deceive customers at the points of entry and closure

An example of this is :

The customer can imagine when he sees the shapes, models and places of the candles that are drawn that these candles indicate a sign of buying or selling while the correct drawing is the opposite of that vision that the company has drawn through the chart

After the customer enters the deal and reopens the platform later, with view of the chart, especially the small frames, the customer finds a complete change in the shapes and models of the candles

Clearly, this deliberate and repeated error of the company happen when we see the entry candle of the trading and determined by the platform is marked with an upward arrow in the case of the purchase and a downwards arrow in the case of the sale does not pass essentially at the price of entering the deal from which the trading has already started

While at the beginning of the deal there were candles already drawn in this place and time or this trade will not be occurred here as long as the price did not pass

Note : The Company offers, through its platform, a chat for buying and another for selling .

* This means :

If we have activated the purchase transaction, it must pass the candle entry at the purchase price on the purchase chart and it is not necessary to pass the same candle at the price of entry on the selling one

And the opposite is true. If we have activated a sale transaction, the entry candle must pass at the price of entry on the sales chart and it is not necessary to pass the same candle at the purchase price on the purchase chart

* As long as there is a buyout and a chart for sale so there is no average price

2 - The company is drawing candles that do not exist on the chart in real

* The company draws some candles on the chart that makes the customer imagine the wrong direction of the price

An example of this is :

If we opened the chart and formed a reflective candle based on this we entered a deal to buy or sell either according to the location of the candle and then we open the same chart after a period of time and considering the place of the candle that was already drawn in it will not find it in place

3 - The company manipulates the candlestick time on the chart

* The importance of time is the time of entry and time of exit transactions and the time of opening and closing sessions in global stock exchanges such as the
Asian session and the European session and the American session

An example of this is :

If we opened the 15 minute chart (each candle represents 15 minutes of time) we will find two adjacent candles and the time difference between them 60 minutes

It is clear to us from the above errors that the company is working on the system
Dealing Disk and not the No Dealing Disk and does not apply what was agreed in the contracts with the client and this is a defect in the terms of the contract

I continued with the company when I discovered this incident happened on 13/03/2017 and sent them pictures and video clips online and after 11 days of procrastination and irrational speech I made a complaint in the complaints department of the company under # 00419732 on 25/03/2017 Three days later, the specialists in the department responded to the final complaint on 28/03/2017 and their response was that there are no problems and everything is correct
On 28/04/2017 I filed a complaint with the regulatory body subject to which the company (FCA)

On 03/05/2017, the final reply was received from the regulatory authority controlled by the company (FCA), stating that they did not find in the videos sent to them what the company owes

All the videos and attached pictures are all deals since the beginning of the discovery of the problem by pure coincidence and even send them the final reply, which deny any errors and errors still exist and this indicates that these errors exist since the beginning of dealing with the company and therefore I demand the company all material rights And moral

I ask what I get from FXCM :
1 - All my deposits with the company since the beginning of opening my account
2 - Full benefits of the amount
3 - Compensation for the time lost without any benefit
4 - Substitute moral compensation because of the psychological and material stress suffered due to successive losses that the company deliberately caused it with me

Attached is this video links links that prove my words :

https://www.youtube.com/playlist?list=PLur6FxGhITCYi0V90lPY8Yn-7580DmI3u

All thanks to you
  1 trader has found this review helpful
Reply by Jason Rogers submitted Jun 22, 2017:
Hello Ahmed,

While we understand you are not satisfied with the outcome of your audit, please understand that we are unable to discuss any client account information due to our privacy policy. In the event you are not satisfied with the outcome of your audit, you are able to escalate the audit to our regulators which I see you have done.

FXCM strives to build strong, long-lasting relationships with our clients, and we take all trade inquiries very seriously. Clients can file a trade inquiry at any time to have trades reviewed https://www.fxcm.com/uk/forms/trade-inquiry/ . We have a dedicated team of professionals that are trained to research and resolve trade inquiries. If there's ever an error in our trade execution or an error caused by a technical issue on our part, FXCM will make the appropriate correction to your account.

The satisfaction of our clients is very important to us. The fact that our team takes so much time from tech support, through trade audit investigation, and participation on the forum is evidence of this. We would not have become a leading global forex and CFD broker with over 128,000 active accounts as of May 2017 without providing quality execution in a fair and transparent trading environment.

We do wish you all the best with your future trading.
samir,
bruxelles, Belgium,
May 14, 2017,
Guest

NEVER TRADE WITH THEM ! They will ROB you too

i finaly know why my stoploss always get hit by night ,,, i checked other brokers charts and it's clear that the US financial authority Stoped FXCM from working in US for a goooood reason !!! because FXCM is a FRAUD and a Big Scam
  1 trader has found this review helpful
Reply by Jason Rogers submitted May 18, 2017:
Hello Samir,

We take trade disputes very seriously. If you believe there has been an error with the execution of a trade I would encourage you to submit a trade inquiry https://www.fxcm.com/uk/forms/trade-inquiry/ . We have a team dedicated to reviewing the elements specific to your query. If an error is found on our side, our team will take every effort to find a fair and equitable solution. Your satisfaction is very important to us.
Mnada,
Netherlands,
May 10, 2017,
Guest

FXCM Fraud!!

I have been scammed under the name of FXCM through a guy who represented himself as their representative and forged a contract with a my fake signature that illegally authorised FXCM to over charge me commission. Although I provided them with proofs and the acknowledge that they almost 70k worth of commission has been transfered to this guy. They still refuse to pay me back the commission! Absolute Fraud !
  1 trader has found this review helpful
Graceyo,
Manila, Philippines,
May 10, 2017,
Guest

No micro accounts. Approval is such a pain to gain for small traders

I have initially applied to open an account. Feel uncomfortable declaring my worth online as it was my first option to trade after some workshops. They will reject applications when declared low trading less than $100 usd. lol
  1 trader has found this review helpful
Reply by Jason Rogers submitted May 18, 2017:
Hello Graceyo,

I am sorry to hear that we were unable to accept your account application. FXCM is required to conduct due diligence on each client when opening an account in accordance with regulations. If all details cannot be confirmed then we will be unable to open the account. FXCM does not accept or reject accounts based on client trading volume. The minimum trade size available with FXCM is a micro lot size of 1k and the minimum deposit required to open a live mini account is £50 or $50 depending on your account currency denomination. We have to take the necessary steps to protect clients and ensure our account opening procedure is in accordance with regulatory requirements.
United Kingdom,
May 8, 2017,
Registered user

I fell to the same trap as JVC described in detail below and many other reviewers as well. I had opened an UK FXCM account in 2012 and funded with 100£, but the account was not LIVE, because was not verified by me (I did not send the proof of the documents ID, etc..), so I wasn't able to use it. I left the money in the account. In 2017 I decided to check my account and place with a new fund, to my surprise my account has been wiped away and my money has been Stolen!!! They Steal as they Can!!!
  1 trader has found this review helpful
Reply by Jason Rogers submitted May 11, 2017:
Hi interzeptor,

If there has been no activity in the account for more than 1 year an inactivity fee may be charged as outlined in the trading agreement. Clients are emailed in advance of the inactivity fee being charged for you to either withdraw the funds or continue trading. If you have any additional questions, our customer support team is available 24 hours a day to help.
Manama, Bahrain,
Apr 20, 2017,
Registered user

Excelent

Its 8 years since I first opened an account with FXCM. Excellent services in quires replies, withdrawals and homepage contents. Excellent 24/5 chat, you always get someone with knowledge helping you. I give them 5 stars and I am convinced with it.
 
Reply by Jason Rogers submitted Apr 28, 2017:
Thank you for trading with FXCM Husain. We appreciate your business!
Daniel,
Montteal, Canada,
Apr 1, 2017,
Guest

Loser you are.

I believe that FOREX trading is a nightmare... I have been reading about almost all the #1 rated FOREX trading platforms and they all suck... When money is involved in any type of business, you are intitled to getting your money stolen if you dont have first hand on your accountband with FORESX trading you are at the mercy of individuals you dont know... and the only res^ponse you will get is that FOREX trading is high risk and you are the loser.
 
JVC,
California, USA,
Mar 13, 2017,
Guest

FXCM Stole my Money

I had an account with FXCM in the past, I wanted to withdraw all of my funds in the account at the time, but I was told by Jason Rogers that I had to leave $50 so as to keep my account open just in case I changed my mind and want to come back with FXCM in the future. So I left $50 in the account. Today I decided I will put some money into my FXCM forex account. I logged in to FXCM back office and successfully did. To my surprise the balance shows $0.00, my $50.00 gone. My account stayed open alright, but my money was stolen by FXCM. Jason Rogers please respond.
  1 trader has found this review helpful
Reply by Jason Rogers submitted Mar 30, 2017:
Hi JVC,

In order for an account to remain active, there must be funds in the account. However, you should bear in mind if there has been no activity in the account for more than 1 year an inactivity fee may be charged as outlined in the trading agreement. Clients are emailed in advance of the inactivity fee being charged for you to either withdraw the funds or continue trading. If you have any additional questions, our customer support team is available 24 hours a day to help.

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.