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
DO YOU RECOMMEND THIS COMPANY?

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

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Traders Reviews

MTY, Mexico,
Sep 14, 2020,
Registered user

I want my money back

Service use: Live

Length of use: 0-3 Months

I want my money back, you are terrible, you are a scam, its not even great money but people need to know that you dont work, the process are huge contentious, you are sud by MDD, always keep me out from my account even when im creating the orders that also are bad made.
 
asian, Viet Nam,
Sep 3, 2020,
Registered user

FXCM is a Scam

Service use: Live

Length of use: 0-3 Months

They have a lot of tricks with traders. I have to wait a lot of times for withdrawal my money. I think they should be closed to protect traders.
  1 trader has found this review helpful
conakry, Guinea,
Aug 8, 2020,
Registered user

Good broker

Service use: Live

Length of use: 0-3 Months

i didnt get any problem with them fast deposit and withdrawal and i alwasy get positive slipage

why 3 stars only ?

because they act as market maker so there is a dealing desk thats why trader may have conflict with broker interest
 
uk, United Kingdom,
May 3, 2020,
Registered user

Pretty good broker

Service use: Live

Length of use: over 1 Year

No complaints about this broker. Does what it says on the tin. Spreads are decent.
No deposit and withdrawal fees are always good to see and the customer service is very helpful.
 
Benjamin,
Budapest, Hungary,
Apr 14, 2020,
Guest

Never trust them

Service use: Live

Length of use: over 1 Year

I have an opened live account at This company but i dont know why, they asked for my bank account statement. They wrote in email i have 10business day to send the documents or my account will be locked. I sent all of required within 2 days.
They locked my account, closed all of opened trades... and now i can’t withdraw my money what is more than $3000....

They have really bad support too...

I will change broker...
Never trust that **** company
Thanks..
  5 traders have found this review helpful
Dhaka, Bangladesh,
Apr 12, 2020,
Registered user

Best for algo-trading

Service use: Live

Length of use: over 1 Year

I do algorithmic trading, like to use my own platform to trade, FXCM gives me full API support to do that, their support to fast, if I need any api help. their staff helped me in 5 minute ! I started Algorithmic trading using oanda, but in few month they deactivated my account and asked 50000 USD to continue.. FXCM is trusted platform for algo traders and stable for small balance traders ..Also they do my withdrawal in a day..
 
south sulawesi, Indonesia,
Feb 22, 2020,
Registered user

excellent broker

Service use: Live

Length of use: 6-12 Months

Excellent, I've never had problems withdrawing funds, everything works very well with its original Marketscope 2.0 platform, it's super complete and very efficient.
They don't have limitation for pending orders too. Excellent broker
 
Jakarta, Indonesia,
Feb 1, 2020,
Registered user

Very slow service

Service use: Live

Length of use: 0-3 Months

service to the promised bonus takes a very long time, 5 working days. withdrawal of funds 2-5 working days via skrill. and execution of trading reqoute.

wasting too much time trading on this broker.
  1 trader has found this review helpful
Essex, United Kingdom,
Jan 11, 2020,
Registered user

Disappointing, unprofessional

Service use: Live

Length of use: over 1 Year

I have traded with FXCM for almost 15 years and although there have been a few issues, overall they have been good. I have traded almost every day in that time and have not experienced the issue that happened on 2nd January 2019.

I placed a trade on the NZD/JPY at the price that was displaying on the FXCM trading station platform. I noticed nothing happened and it went into pending. I then check ed the charts to see that the price was vastly different to that which the trading station was reading, something like an 80 pip difference, I tried several times to cancel the trade whilst it was pending, but the system would not do that.

I contacted FXCM after and they declined to pay me back citing 'gapping'. That was not my understanding of this as the trading station [rice was frozen and I was not to know that this was not the current price.

Being such a long time client I was really disappointed with their attitude. I have recommended 6 others to the company over the years as I have always trusted them, but the way they dealt with this issue was really poor.
  5 traders have found this review helpful
Kuala Lumpur, Malaysia,
Nov 29, 2019,
Registered user

Bad Operations team and Customer Service

Service use: Live

Length of use: over 1 Year

Deposit money to this broker. Instantly deducted in my bank. But never appeared in my fxcm account. I ask many times to their customer service if I need to send a document since I’m not active with them approximately 1 year. They said No need.

After 3 days not appeared on my account. I send and email and also contact their team to cancel my deposit... almost 1 week. My money is not refunded.

Which authority should I report regarding this matter. I already open others broker which I already start to trade.
  3 traders have found this review helpful
Munich, Germany,
Nov 20, 2019,
Registered user

Good platform and quick execution

Service use: Live

Length of use: over 1 Year

I have been trading live with FXCM for about two years now. Execution is fine and platform very stable. There were also no issues with withdrawals or deposited. I only needed customer support a very few times. My questions have been answered within one day.
  1 trader has found this review helpful
burhan,
jakarta, Indonesia (Really FCXM's offices in the USA),
Oct 23, 2019,
Guest

Broker untuk orang indonesia yang berpengalaman trading

Service use: Live

Length of use: over 1 Year

Trading di FXCM sudah lama, dan merasakan kepuasaan yang berbeda dengan broker lain. Dimaa tdk batasan trading. Live chat, email semua dibales secepat mungkin dan professional sekali. Tidak banyak bonus yang engga engga.
 
Forex Peace Army
Review moderation team note
4 Star rating removed.  This review came from FXCM's offices in the USA.

Per FPA policy, the rating on this review has been set to Zero stars.
Gulf, Qatar,
Sep 16, 2019,
Registered user

very good broker and an excellent customer service

Service use: Live

Length of use: over 1 Year

dear all greeting,
i do respect all the opinions about this company even the negative ones, but in fact my experience was and still very good with them. my first account was in 2011 (UK Branch) and since then i leave for year or more and come back to the same company many times with ease. i lost money many time but it was my fault and lack of experience ( notice it was easy to blame them!!).
i even recommended this broker to many friends of mine and no one faced any difficulties to withdrawal or even close their accounts.
right now Sydney branch hold my account for almost one year ( because i live in Gulf Area )and they are very supportive, easy to deposit and withdrawal or transfer money between my accounts accounts.
i wish all of you good trading and thanx FXCM.
and
  1 trader has found this review helpful
Abd,
England, United Kingdom,
Sep 2, 2019,
Guest

Bad customer care service

Service use: Live

Length of use: 0-3 Months

very bad customer care service,,,, took them two weeks to reply to my email to switch my account to swap free account... so I decided not trade from the begining
  1 trader has found this review helpful
Evaton West, South Africa,
Jun 27, 2019,
Registered user

Very bad broker, actually a proffessional scammer

Service use: Live

Length of use: 0-3 Months

I deposited 300$ into fxcm, I opened one trade then it was closed once at profit, surprisingly my account decreased instead of increased balance. I tried to withdraw the rest of my balance which was above 200$ it declined then I was able to withdraw 110$ which they wrote me an email saying it's a pending approval from march until today.
I send them emails regarding my complaint thy didn't respond until today.

Very cruel broker
  4 traders have found this review helpful
Melbourne, Australia,
Jun 3, 2019,
Registered user

Deposit issue, terrible customer support, scam, stealing money system

I have made a deposit of $1000 when my usable margin dropped to 50% in order to avoid margin call by credit card. Normally it will appear in my account immediately due to FXCM website. However, this time it has never come. When I contacted FXCM customer support, they informed me that the new system will take few hours to 1 day for the fund to come, which hasn't been informed on the website nor email.

After that, they kept transferring me around and promised to ask the operation team to expedite my deposit. Firstly, it was 20 mins, then another 30 mins and by the time writing this complain, the fund has never showed in my account. They even lied to my that "the operations are doing the expedite for me manually" and "the fund will arrive now", but then saying they couldn't find my deposit in the system after several hours waiting. After all, no one knows where is my deposit and when it will arrive. This has led to the margin call and lost of $3000. If they didn't lie to me, I would have closed my trades earlier and limit my losses. Now I have lost nearly all my equity, the opportunity cost and been very frustrating with this unreliable service.
  1 trader has found this review helpful
Castro, Brazil,
Apr 2, 2019,
Registered user

Money stuck

My account is still locked since my first deposit, nobody replies my emails, I want my money back
  3 traders have found this review helpful
Pakistan,
Mar 22, 2019,
Registered user

$50K Stuck // Terrible Experience//

Terrible Experience, Terribly lazy support

I have over $50,000 ($50K) stuck with FXCM. Four issues here:

1- I made deposits via wire transfer and now upon withdrawal, they are refusing to send funds back to my bank account. They keep asking for docs and I have provided each and everything (bank statements, deposit receipts)

2- They forced me to take a withdrawal via Skrill. I had to make an internal transfer of funds from AUD account to USD account and they charged a fee of over $375. Why should I pay this fee, I don't even want to withdraw funds in Skrill as it's extremely expensive.

3 - My funds are stuck there for more than a month now and I can't trade them, I should have made over 10/15% profit on them. Who is responsible for this loss?

4- Their support is weird. Different guys call and ask the same info and then there's no progress on the issue.

Fellas, take this review seriously, it's over $50,000 we are speaking about right now no $50 or $500.

I hope they refund my funds and compensate me for the loss.
  4 traders have found this review helpful
France,
Feb 3, 2019,
Registered user

Don't trade EVER there

This coompany is as bad as its soound. I lost more than 40K with them they never refund me. Don't deposit or trde there you'll loose big time;
  3 traders have found this review helpful
India,
Jan 27, 2019,
Registered user

My account no is96067844 i opened account in mid 2017 and there are ups and downs in my trading and i do some withdrawal. I deposited through Skrill and withdraw through Skrill but now i deposited through Skrill 50$ because of Skrill not verified my account so that FXCM not accepting my deposit. And top of that fxcm asking me proof of my income and nature of my business, so as a seaman i given my seaman book and last ship sign on and sign off details, but they rejected this document because this is not proof of my business, And asking my utilities i have only electicity bill in my name but in my regional language, hello fxcm can u accept that? Instead of that I submitted my last month bank statement, Don’t you enough? And reply when I send email in clear way, oh my god online chat it is irritating those guys are half boil.....
  3 traders have found this review helpful
Caracas, Venezuela,
Jan 4, 2019,
Registered user

Excelente

Excellent, I've been a client for 6 years and I've never had problems withdrawing funds, everything works very well with its original Marketscope 2.0 platform, it's super complete and very efficient.

Excelente, soy cliente desde hace 6 años y nunca he tenido problemas para retirar fondos, todo funciona muy bien con su plataforma original Marketscope 2.0, es super completa y muy eficiente.
 
Reply by Jason Rogers submitted Jan 7, 2019:
Hello jcarmelos,

Happy new year and thank you for your continued support.

Jason
FXCM
Morocco,
Nov 12, 2018,
Registered user

Hi i trade with fxcm close to 1 year now ! everything good ! one thing i don't like with fxcm is withdrawal time take between 2 days and 5 days that just to much !
i hope fxcm make withdrawal time faster
 
Reply by Jason Rogers submitted Dec 14, 2018:
Hello rachidramhi,

Thanks for trading with FXCM and I'm happy to hear everything is going well.

Your feedback is also appreciated. Withdrawals are typically processed within 1-2 business days and the amount of time it takes to arrive in your account can vary by bank processing times. For example, domestic wires take approximately one to two business days and international wires can take three to five business days to arrive. However, I will relay this feedback to our management team as we are always looking to improve our services to make your experience even better.

Wishing you an early happy new year!

Jason
New Hampshire, USA,
Nov 5, 2018,
Registered user

Bad broker and has terrible trading conditions..
Stay away everybody is staying away from them here in the USA.
  1 trader has found this review helpful
Forex Peace Army
Review moderation team note
FXCM has not accepted US clients since February 2017.
Reply by Jason Rogers submitted Nov 12, 2018:
Hi eresic,

While you may not be familiar with FXCM's trading conditions, we release execution stats on a monthly basis. The latest was released on Friday which can be found here https://docs.fxcorporate.com/october-execution-release.pdf

Highlights from October 2018 indicate that
- 64.2% of orders executed at price requested
- 24.3% of orders executed with positive slippage
- 11.4% of orders executed with negative slippage

Client trades here cover stop, limit, “at market”, and entry orders. Certain non-direct clients are excluded from the data. Limit and limit entry orders would only execute at the requested price or better and cannot receive negative slippage. Price improvements are subject to available liquidity.

During the month of October, the SPX500 had an average effective spread of 0.3 and GER30 of 1.2 for active trader spreads. Spread data for additional symbols can be found in the October release https://docs.fxcorporate.com/october-execution-release.pdf. This data is compiled forex and CFD trading data from FXCM’s Active Traders for 1 October, 2018 to 31 October, 2018.
The data reflects the spread at which trades were executed by FXCM clients during all trading hours.

The trading experience at FXCM for our traders is a top priority for us which is why we are very transparent with the monthly data release.

Jason

78.58% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
Cambodia,
Oct 10, 2018,
Registered user

I place positions JPN225 for 100 on 9/24/2018 till 10/04/2018, I just realized fxcm charge me $140.04 for dividend, Uk100 for 20 on 08/03/3018 till 08/15/2018 they also charge me $50.49 for dividend, I contacted they, they said it charge from other JPN225 and UK100. i ask them, how can I know when and how much they will charge for it, They just told me they absolutely has no idea about this. That's really no responsibility.
  2 traders have found this review helpful
Reply by Jason Rogers submitted Oct 22, 2018:
Hello elviesjo,

Thank you for trading with FXCM, and we believe it is important that clients know beforehand when dividends will occur for stock indices and how significant the dividends may be. A dividend calendar is located on our website that lists when a dividend occurs for stock indices and if the dividend amount may be larger than normal. The dividend calendar is found here http://help.fxcm.com/uk/Product-Guide/Overview/CFD-Trading/889323311/What-are-the-upcoming-dividends-for-FXCM-s-Index-CFDs.htm . While the exact dividend amount cannot be listed ahead of time because it is proprietary information from a third party and cannot be released prior to the index issuing a dividend, we do provide you with a range based on the past 12 months of dividend data to help you decide whether you want to keep the positions open or close the positions to avoid earning or paying dividends.
Malaysia,
Sep 6, 2018,
Registered user

I had requesting an IB commission fee transfer to my trading account for few times, 92022107, but there is still no reply from FXCM site.
  2 traders have found this review helpful
Reply by Jason Rogers submitted Sep 11, 2018:
Hi jscheok,

Our support team is available by live chat 24 hours a day to help check the status of any requests http://bit.ly/FXCM_Live_Chat

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.