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
My advice is this: If you are serious about trading forex, you need to come up with the $20k-$30k needed to trade via a true ECN. If you cant afford that, then you should either stop trading altogether or understand that you will most likely end up losing your money!
but I find this, not very good news about FXCM.
"Word just came down today (August 13, 2011) that FXCM is being fined $2 million by the NFA and they must also provide refunds for slippage orders going back to 2008. This is massive news. The refunds are going to hurt - that's a TON of orders to go back through.
Direct link to NFA case: http://www.nfa.futures.org/basicnet/Case.aspx?entityid=0308179&case=11BCC00016&contrib=NFA ".
I hope this will help someone.
TRADE WITH FXCM AT YOUR OWN RISK!!!!! I used to be a manager at FXCM and can provide you several inside gems that the trading public should know.
First, their customer service is good as it is 24/7 but all their people do not trade a single dime of their own money. Most of the people they hire have no trading experience but are trained fx lingo to entice newbies to sign up - my favorite was "leverage is a double edged sword" and "you lost money because you are overtrading your account."
Their operation is really a massive call center with main locations in Ny, San Fran and Dallas. What most people do not know is that FXCM and Refco FX, which went bankrupt were one and the same company. The call center reps sat on the same row of desks. When Refco's parent company went bankrupt bc of their CEO, FXCM's CEO Drew Niv first claimed that he would make all refco accounts good. I am not sure that he did as I left around that time. From what I gather he has not. To be clear, FXCM was Refco FX - they paid Refco a small royalty on profits for using the Refco brand.
FXCM is now doing the same thing with Deutsche Bank FX. Anyone who thinks they are dealing with DB is mistaken. FXCM pays DB a small royalty to use DB's name.
Now you are wondering why all these larger banks are lining up to partner with FXCM to get into retail FX? It is because of you - FXCM has perfected the art of scamming the small retail traders.
There are several disadvantages that you have trading with FXCM. First you do not have the time or money to pursue legal action against them when they scam you through paltforms freezing, slippage etc. FXCM puts all larger account holders on Currenex platform bc they then do not have any liability for trades going wrong as currenex platform is linked to interbank market and there are no guarantees of banks offering a quote both ways when markets are volatile - any trader knows that you do not want to be stuck in a trade when it goes against you but that can happen here and FXCM tells larger clients that they are just the middle guy providing the platform so client cannot go after them.
Many posters on this forum complain about freezing of platform - I can guarantee you that is NOT intentional on FXCM's part. The reason they freeze is because their servers cannot handle the volume come NFP, trade numbers, etc. I can guarantee you that FXCM does not care about making trades good with traders who lost money as a result. Believe me when I say that we used to give the newbie $300 mini account holder credits to make sure he keeps trading down the road so we could fleece him over and over.
Other posters have complained about stop hunting and dealing desks trading against them. Stop hunting does happen but only during those price spikes that other market makers do not show. For all those complaining about spikes - well your stop has just been hunted down.
FXCM's desk does trade against you - the trades you place are not offset with large banks on interbank market as I used to tell clients. Rather your trades is pooled with all other trades and FXCM knows that most traders are wrong and actively hold the position against you and wait for you to eventuallly be margin called. If you end up being right often enough then they will eventually put you on manual execution which means that a guy on dealing desk is making sure that your trading becomes so difficult that you lose money back to them. If you still make money at this point they close your account.
I could go on and on about this company - I actually have nothing against them as they paid me close to 6 figures a year to perpetuate their scam but the truth is that FXCM and most market makers are all the same - bucket shops. They are set up to make sure they get your money.
If you do not believe the above then ask if the following guys still work at FXCM and DBFX -
Brendan Callahan - GM of the call center
Drew Niv - CEO, email him at email@example.com, not so honest when it comes to your money
Dan and Sameer Bhopale - shift managers
Sanjiv - not sure I got his name right, guy who manages San Fran office, guy drives a BMW 7 series but lives with parents
David - guy who manages their IB's and prop trading
Francoise - manages London office
Adam Toro - manages spanish desk
PS If you like Kathy and Boris you are an idiot. They are paid to sensationalize fx news and trading - they have no idea about real trading, in fact they do not have their own trading accounts which is true for most people who work there.
All you guys complaining are making Drew and the rest of the FXCM board very rich. I think Drew's net was approaching 30 mil when I was there and he is still getting richer no doubt.
Review moderation note: We had to edit this review to remove personal attacks and racist comments. rating was removed.
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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.