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.
Related sites include FXCM-Markets.com, FXCMBullion.com.
|Minimum Trade Size:||0.01|
|Minimum to Open Live:||$50|
|Address:||20 Gresham Street, 4th Floor, London EC2V 7JE, United Kingdom|
|Contact:||firstname.lastname@example.org, +44 20 7398 4050|
|Regulators:||ASIC #AFSL 309763, CySEC #392/20, FSCA #46534, FCA #217689|
|Prohibited countries:||Show all >>|
|Trading platforms:||MT4, NinjaTrader, FXCM Trading Station|
|Web Trading:||✅ Yes|
|Mobile Trading:||✅ Yes|
|Cryptocurrencies:||(3) Bitcoin, Litecoin, Ethereum|
|CFD:||(25+) Gold, Silver, Other Precious Metals, Stock Indexes, Oil, Other Commodities|
|News Trading:||✅ Yes|
|Deposit Methods:||Bank Wire (BankTransfer/SWIFT), VISA, MasterCard, Neteller, Skrill|
|Withdrawal Methods:||Bank Wire (BankTransfer/SWIFT), VISA, MasterCard, Neteller, Skrill|
Recent User Reviews of FXCM
FXCM CANCELLED ACCOUNT - NO REASON GIVEN! UK Based
When that came it was blunt to say the least, that they're cancelling and as their terms state they can for any reason at any time (No reason given).
Anyone else had this and find out why?
Does anyone know of software like Trading Station? It is good cause you can open multiple charts on multiple monitors not just in 1 window!!
Very good experience
They has very complicate system of registration and all others process, it is like 15 years ago.
But broker is very reliable and complex...
Winning trade...account locked!
There was no discussion or proof of any kind.
It seems that when you finally have a winning trade, they terminate the account.
If you make money, you have figured out how it works, but withdrawing is another beast.
They want losers.
I want my money back
FXCM is a Scam
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
Pretty good broker
No deposit and withdrawal fees are always good to see and the customer service is very helpful.
Never trust them
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
Best for algo-trading
They don't have limitation for pending orders too. Excellent broker
Very slow service
wasting too much time trading on this broker.
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.
Bad Operations team and Customer Service
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.
Good platform and quick execution
Broker untuk orang indonesia yang berpengalaman trading
Per FPA policy, the rating on this review has been set to Zero stars.
very good broker and an excellent customer service
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.
Bad customer care service
Very bad broker, actually a proffessional scammer
I send them emails regarding my complaint thy didn't respond until today.
Very cruel broker
Deposit issue, terrible customer support, scam, stealing money system
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.
Don't trade EVER there
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.
Happy new year and thank you for your continued support.
i hope fxcm make withdrawal time faster
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!
Stay away everybody is staying away from them here in the USA.
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.
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.
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.
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
What's the problem?
To sum up. Unless there is another FXCM I don’t know about, many of these reviews are very misleading…
SCAM , FXCM NOT PAY MY MONEY $5457 USD , WITHDRAWAL NOT PROCESSED
ACCOUNT METATRADER : 96085956
EMAIL : email@example.com
this screenshot metatrader me :
Thanks for your post. It is my understanding that our compliance department is handling any communications with you and I am therefore unable to help. As much as I would like to help and am able to in most situations, our compliance department will need to help with any inquiries about your account.
FXCM Markets is committed to maintaining the highest standards of ethical behaviour and professionalism as well as a high level of trust and confidence, all of which are pillars of FXCM's corporate culture. FXCM has earned a reputation for fairness, honesty, and integrity, and considers this to be our most valuable corporate asset. FXCM had over 109,000 active accounts as of our latest metrics release for June 2018 and it is our goal to process any deposit or withdrawals as quickly as possible. If there has been a delay on our side I do apologize, and we will do our best to resolve the situation as quickly as possible. There may be rare instances a delay has occurred due to the need for us to follow strict legal rules and regulations in regards to how we handles client’s funds and again I apologize if this is causing a delay. If you have any questions about this please feel free to reach out directly to our compliance team whose email address will be included in our recent email communication.
It is not correct and thay didn't give me even some kind of a code to help me track this mystirias transaction.
I apologize if there was an error in sending the bank wire, and our operations team is available to help whether it be supplying the wire confirmation details or helping with your bank to ensure your funds are returned. FXCM has over 110,000 active accounts as of May 2018, and ensuring all requests are processed properly is very important to us. Please send me an email directly at firstname.lastname@example.org so I can have our operations team help to get it resolved as quickly as possible.
New traders are to blame for thier losses, and FXCM is to blame for promoting accounts of $100.00
My name is Mohammed.
I've traded with FXCM in the past, I've won and lost many times in my trades. I'm an experienced trader now, trading since 2005.
If I wanted to give a review of FXCM, then yes, during my time with them I've experienced entering trades before the prices even reached my designated order price, while the market was not volatile, but not all my orders to be honest, and yes, some of my trades have been cancelled before prices even reached my Stop Loss order, which rarely happened. I believe that it was a technical issue, especially that I found that in the hourly chart it has reached my Stop Loss order, which didn't print out in the daily chart.
I'm not a day trader, my trades are based on the daily chart, and formulated my trades in the 4 hour chart as a minimum, I never did trades below the 4 hour chart. Any experienced trader knows that day trading (below the 4 hour chart) ended up losing trades 85% of the time, so, personally I don't recommend day trading especially in Forex due to the high volatility of prices.
I read many reviews in this website, and to be honest, I think that 90% of them are from new and inexperienced traders, who are actually day traders. No decent trader ever opens an account and funds it with $100.00 and expects to win largely by entering high amounts of contracts, you have to expect a margin call, especially with a tight account of a $100.00 fund. I blame FXCM for promoting the possibility of opening accounts of a $100.00 or less. I never funded my account below $1000.00, and with it I only traded 1 currency pair, just to be safe. In all my trades I never risked more than $100.00 per trade. Traders have to be disciplined, and eliminate greed and fear when trading.
So, to conclude, FXCM has technical issues with their platform, but wether it was on purpose or not, that's another issue. My take is, that most new traders, have no experience in the trading business, and all fell to the classic trading mistake (blame everyone else for my losses, except my own wrong doing).
Thank you. (March 6th, 2018)
We offer micro lots which is why users are able to fund with $100. Many traders fund with a small amount to test and then increase their account size depending on how comfortable they are trading. Each trader is different.
The most common reason a trader would see their stop loss execute without seeing the price reached on the chart is because they aren’t factoring the spread. There are two types of prices to pay attention to in trading. One is the bid price, which is the price you would sell at. The other prices are called the ask prices, which are the prices you buy at. You can view these by going to Trading Station and pulling up a chart. In the toolbar, there will be bid and ask buttons to flip between either chart. You can see what I mean here if you’d like: https://www.youtube.com/watch?v=bPqhq89JQfU
If there is ever a question about the execution of a trade, you can file a trade audit. At FXCM we take trade audits extremely seriously. We have a team dedicated to dealing with these specific situations.
Good to hear everything is going well with your trading!
FXCM Closing Account with No reason
FXCM is buying their "rating" to lure in unsuspecting Americans and fleecing them.
STAY AWAY IF YOU WANT TO TRADE FOREX AND NOT TO APPLY FOR A JOB WITH FXCM
I opened a live account with FXCM in September 2017, I deposited 120 USD from my debit card linked to my bank account. In November 2017, I made additional deposit of 60 USD with that same debit card. Then finally in December 2017 I deposited 50 USD in my account with that same debit card. Then all of the sudden I received an email from their operations department that since this is my initial deposit (which it wasn't), I should submit copy of my credit/debit card or debit card statement. So I submitted a copy of my debit card. After about a week, I received another email from their operations department in UK to submit my bank/debit card statement and employment details. Which I did without question. Then after almost a week, I received another email from their Chinese operations to explain the origin and details of some amounts in my bank statement . STAY AWAY FROM FXCM. I have replied for them to return the deposit to its source and Wil close my account when that is done then move to a different broker . Additionally, they once suspended my live account just because I opened another account and refused to submit additional documents to validate that account. STAY AWAY, FXCM is not for us. I will update as and when they reply.
FXCM WILL STEAL YOUR MONEY AND CALL IT TECH ISSUES.
I don’t recall any recent tech issues, but our support team is available 24 hours a day to help if you encounter any technical issues. We also maintain the site www.fxstatus.com with updates on any system issues.
FXCM VERY BAD
These crooks stole my money.
When I asked for a refund, they said my account was closed with a zero balance.
I was told all of my money went to fees charged by FXCM.
The dormant account administrative fee is charged on an account if there is no client-initiated activity in the 12 months preceding the charge date. In order to avoid the fee, you would simply need to deposit additional funds, place a trade, or withdraw the funds back to your bank account. We email clients beforehand notifying them of the upcoming fee and how to avoid it.
The dormant account fee is not charged for the sake of having a fee. We would be happy for the account to be open and funded for when you are ready to begin trading. The problem with having the account inactive for long periods of time is that we have to start dealing with dormant account laws in multiple jurisdictions. Therefore we would rather you either have the funds in your own bank account if you plan to let it sit there for years at a time, or use the trading account for trading.
I can look into the circumstances of your account if you would please email me directly at email@example.com from the email address on file with your account.
Glad to hear you are enjoying your trading with FXCM. All the best!
How FXCM cheat their customers
I lost around UK 55,000 pounds in two days last month. When I started, I made around 25,000 profit but when I was planning to withdraw my capital that time this had happened and I lost my capital and all profit in two days.
FXCM is a dodgy company and some times they create market volatility by them selves, for example if the USD/GBP is down by 10 pips, they create artificial extra volatility by another 90 or 100 pips down so that anyone who is not monitor their account 24 hrs they can loss 100% of their equity, even though if you have 90% margin still your money is at risk and anytime you can lose your money.
I don't think so anyone can make profit on FXCM platform as either they will intentionally fall you in margin calls or create artificial volatility. If you make any complain that will not help at all as their audit department will reply to you the same that we have reviewed your case and nothing wrong from our side etc.
I think we all who are the client of FXCM in the UK should be united and place our compliant to the FCA together so that this dodgy company is bound to payback our money which they have cheated us and taken from our pocket.
FXCM takes trade audits very seriously and our dedicated trade services team investigates any trade inquiries to determine whether there was an error in execution. if you are unhappy with the audit you received, you are able to file an official complaint: https://www.fxcm.com/uk/forms/compliance-inquiry-form/.
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
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.
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.
Problem with fxcm brokerage company
I will present a summary of the existing problem between me and FXCM
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 :
All thanks to you
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.
NEVER TRADE WITH THEM ! They will ROB you too
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.
No micro accounts. Approval is such a pain to gain for small traders
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.
Find Similar Brokers
Frequently Asked Questions
How good is FXCM?
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?
- 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?
Is FXCM regulated?
- 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?
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.