FXCM Review

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

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

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

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

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

Broker Details

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

Live discussion

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

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

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2.494 · 581 REVIEWS
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Traders Reviews

Gregory - Fort Lauderdale,
FL,
Mar 21, 2006,
Guest

I started the FXCM one month $499 class. I ended up canceling after 8 days and getting my money back, which they didn't seem to have a problem with and did promptly. I didn't get the feel that what they where teaching was going to help make me money in the forex market. I felt what they where teaching was very basic, and could be obtained by doing a search on the internet. Though if you wanted to try it for yourself, they do honor their money back guarantee and as long as you don't pass the half way point in the class they will refund your money, if you ask them to.
 
Nikki,
Mississippi,
Mar 21, 2006,
Guest

Hello! I took FXCM's abbreviated course. I think it was about $300. It might have been the $169. I'm not sure it was while back. Anyway, the course was okay. They did focus quite a bit on the fundamentals. I'm a university student and I've taken econ classes so it was kinda easy to understand. But when they started talking about their technical analysis, it threw me for a loop. I'm a beginning trader and I suppose I could have asked the instructor questions, but I just felt like it was over my head. Then I went to one of there free seminars in Dallas. One of the people in audience (not one of the presenters) said you really need to take the full course before the abbreviated one or you just won't understand what's going on. That made me a little upset. I had to buy a plane ticket to get to the seminar. And now I have to pay almost $600 for a course I probably won't! have time to take within their timeframe (college student, remember?). That's another negative. You can't access their course anymore after a certain amount of time. So then stumbled across Peter Bain's system. I typed his name into Google and typed "scam" after it. Everything I read about him was positive. So I coughed up the money to buy the course. I love it! He breaks it down so that even a beginner doesn't have to ask questions. I have 6 months access to everything on his site including those wonderful AM reviews. And since his course is on DVD/CD, I can review it over and over again whenever I want! So in my opinion FXCM may or may not be a scam. But you will get more value for your money if you purchase Peter Bain's system. If I never make a dime, I won't be able to blame it on Peter because he gives you almost EVERYTHING you need to become a successful trader.
 
Bob Edison,
USA,
May 14, 2006,
Guest

I took the full course last year up to the point where I could get my money back. Which I did. The lessons are incredibly short and offer nothing more than what you can get on internet for free. In fact the support is limited to a forum where you wait to hear back from the instructor usually in a day or so. The information is very basic, focusing on simple technical analysis techniques and has no real depth. How anyone can take this course and make money trading forex is hard to believe.

2006-05-20 update After several FX courses over the period of a year I decided to take the FXCM power course for $499. This was a 30 day course and required a lot of work and lot of assignments and a lot of feedback from the instructors. The course helped me straighten out a lot of misinformation I had gotten from other courses, i.e. cfgtrading. No one ever promised that I would make money, only that I would become a better trader and get a diploma if I passed. I did, and my diploma hangs in my office. I'm still trading real money and use many of the indicators learned in the course. Could I have dug out the information free elsewhere? Of course but then I wouldn't have a diploma.
 
Taqi Khan,
Toronto,
May 14, 2006,
Guest

I have done 2 online courses by FXCM. 1.FX Powercourse 2. EURO Strategy Workshop. Both of them are all theory. Material covered in their courses, you can learn free of cost by surfing different forex sites. After FXPower course I took EURO STRATEGY WORK SHOP, again all theoretical lesson with some technical indicators video clips and 3 euro strategies which is not really powerful. One of their 'slingshot' strategy when we applied in our assignment work, 10 losing trade in a row came out. I learnt a lot just by surfing free stuff and Peter Bain course plus his AM review and his video library has lots of good stuff from his members. I liked members are come up with solid stuff and peter is sharing with us.
 
Tommy Hiett,
Texas,
Jun 8, 2006,
Guest

This was a good course, especially at the point in my trading development when I took it. For $169.00 there is a ton of info and the ability to ask the instructors questions is invaluable. It is VERY rigorous for two weeks though, so you would really want to make sure that you had the time to devote to it. It is an excellent overview of trading strategies and the assignments that involve placing trades based on certain indicators are good for beginning traders.
 
Amar Sydney,
Australia,
Jun 8, 2006,
Guest

Have done the Eur and the GBP courses the $169 ones i think, its really for beginners they go over everything you need to trade, the bonus is they give u three systems that work pretty well and have been backtested for 2yrs .. it is 100% worth it.. i hate fxcm and their platform and for the way they work but the course is great and AWESOME support afterwards my email questions get answered within 1hrs, and its free support for life i thinks for members
 
Nouman,
Pakistan,
Aug 1, 2006,
Guest

I did this course about 4 months ago. Its mostly about Technical Analysis, the things taught in this course are basic that every trader should know. You cannot compare there course with free material on the web. They are professional. By strictly followings things which they taught in the course, one can easily make profit. but Technical Analysis is a thing which takes time for one to be perfect and feel of the market. The things taught fails when there is a news event. Great Course.
 
HD,
Michigan, USA,
Aug 13, 2006,
Guest

I took their 8 day and the EURO strategy course (it was free due to a promotion as I was already doing live trading hence I took it). Waste of time, you can get better stuff from other places. They actually do not go into specifics even in the rules of the systems they tout. When asked about probable losses and money management, if one were to follow their philosophy one would not be trading for long. They would be bust and out of business. Would not recommend their training. You would be better off actually buying some books and learning yourself.
 
Novice,
in Fla,
Oct 14, 2006,
Guest

SCAM. Your being taught by people who don't/can't trade for a living. The apprentice will generally be a reflection of the mentor.
 
William,
Malaysia,
Oct 21, 2006,
Guest

I took FXCM course some time ago, If you are a new to forex it is ok but don't think that after you taking FXCM course you are going to make money, they teaching by using forum very difficult to learn , i think they are very poor that can not afford to give video presentation. may be these people got ugly face that do not want to show their face, better go to Amazon.com and buy some Forex book better still
 

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.