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

Jason Rogers,
FXCM,
May 30, 2011,
Guest

@Abdul:

Can you please contact me directly (jrogers@fxcm.com) with your account number, and I will bring your withdrawal to the attention of the director of operations. Withdrawals are typically processed within 1-2 business days. If there is a delay with your withdrawal, I do apologize, and will work to have this corrected immediately.

Jason Rogers
FXCM
 
john,
chicago,
Jul 1, 2007,
Guest

I guess i'm a newbee! I opened a mini acc. with fxcm about one month ago. So far there hasen't been any probloms My stops and limits have been met! But i have not been trading the news, so i have not delt with high vol. times.
 
john,
singapore,
Jan 19, 2010,
Guest

As for the widened spread. No one even dared to reply for more than one week now. i guess it is a hush hush thing. so beware of this broker. If u have an account check your rates before you trade. Try to stay away. Video capture and screen shot was taken.

2010-01-10 2 Stars Spreads widened to around 1 to 1.5 pips without you knowing. Have to check before you trade. Took a screenshot and videoshot. Bloomberg and Reuters screenshot could be provided (I just have to go to the historical data, provided they tell me who their rates providers are).
Only found out when i was about to start to trade for the day in asian session. So i went to investigate with other brokers and indeed the spread was increased without notification.
Market condition was normal.
I emailed them about this and waiting for their reply.
 
Lincolnppl,
Hungary, Hungary,
Feb 5, 2012,
Guest

Hello, i opened an account at them.
I investigated the details, and in spit eof they aren't ECN broker, very stable, and fair company.
They want and they can give us detailed investigation, and help us.
 
Alex Findlay,
Las vegas Nassau London Dubai,
Mar 24, 2009,
Guest

I read some customer complaints and then read the response about taking 30 minutes to close a trade

If you buy the following response you are NOT THINKING>>>> Alex Findlay Prove me wrong FXCM afindlay1@bloomberg.net

FXCM

--------------------------------------------------------------------------------

FXCM appreciates your concerns and would like to clarify a few of your questions.

This week we have large financial institutions fall due to what we believe was over exposure and taking on too much risk.

FXCM strives to limit unnecessary risk. FXCM operates under a No Dealing Desk Execution model. We provide you with streaming prices given to us directly from the banks and financial institutions. These are the prices you will see.

Brokers providing you with lower spreads may be tailoring the prices given to them by the banks and holding the risk on their end.

FXCM feels that it is in your best interest that we strive to limit our risk and will continue to provide you with the spreads and rollover rates we are receiving from the banks we work with.

In volatile market conditions like these that have caused multi-billion dollar entities to go under, we believe it would not require very many losses to wipe out a multi-million dollar entity. If they go bankrupt because of the risk they took on, you lose as well from having your funds frozen in bankruptcy litigation for years.

FXCM chose the no dealing desk execution model to avoid these conflicts and dilemmas with our clients.

We apologies for this inconvenience, but will continue to only stream you the prices and rollover that are given to us directly from banks and financial institutions
Thank you,
Jaclyn Sales

Public Relations Coordinator
FXCM / DailyFX.com
Financial Square
32 Old Slip, 10th Floor
New York, NY 10005
Dir (646) 432-2463
Tel (212) 897-7660
jsales@fxcm.com
___________________________________ ___________________________________ __
FXCM and its affiliates assume no responsibility for errors, inaccuracies or omissions in these materials. They do not warrant the accuracy or completeness of the information, text, graphics, links or other items contained within these materials. FXCM and its affiliates shall not be liable for any special, indirect, incidental, or consequential damages, including without limitation losses, lost revenues, or lost profits that may result from these materials. This email is not a solicitation to buy or sell currency. All information contained in this e-mail is strictly confidential and is only intended for use by the recipient. All e-mail sent to or from this address will be received by the FXCM corporate e-mail system and is subject to archival and review by someone other than the recipient.
 
PipReaper,
Cape Town, South Africa,
Sep 28, 2012,
Guest

Attention fellow traders you should be aware that FXCM has now partnered with BARXdirect the dealing desk of Barclays Bank. I chose BARXdirect after much research & have been a happy client of theirs for many years. I do remember the early years of FOREX & also recall my dealings with FXCM - back then they were a bucket shop - plain & simple! I will reserve my judgment at this time as this partnership consummates in October & I will make my assessment accordingly. I do believe my assessment, in my opinion, will be transparent & accurate as I have had the experience of Barclays Direct & now will soon experience this partnership. My first aggravation at this time is the increase in spreads across the board! Initially to enjoy the low spreads offered by Barclays one had to deposit a minimum of 20,000,00 pounds sterling. So time will tell.
 
Jolo,
Global,
Nov 29, 2008,
Guest

Very open, they even publish their balance sheet on their website.

Their platform is sweet to use so far.

It concerns me the level of advertising. If something is the best, it spreads by word of mouth. There is a high correlation in the finance world between advertising and fraud or mismanagement or both. They have a big advertising budget. Maybe it strokes the egos of their fattest clients who think if something isn't all over the media then they're not doing their job.

 
naji,
cyprus ,
Feb 10, 2011,
Guest

Morgan Business Trial Group Files Class Action Against Forex Capital Markets, LLC (FXCM)

http://businesstrialgroup.com/2011/02/08/morgan-business-trial-group-files-class-action-lawsuit-against-nation%E2%80%99s-largest-forex-dealer/
 
Andrew Schellhammer ,
Dallas, Tx, USA,
Jun 28, 2015,
Guest

FXCM stop loss hunts even when the market literally never hit that spot that they closed the trade at... often. I have irrefutable proof and would love to show the world my screen shots.
 
Reply by Jason Rogers submitted Jul 27, 2015:
Hi Andrew, FXCM does not "stop loss hunt" nor do we have any reason to on our No Dealing Desk (NDD) forex execution model. That's because we don't profit from your losses or lose from your profits. Instead, we offset each of your orders one-for-one with the best available prices from competing liquidity providers. Whether you win or lose on a trade, we make the make the same commission. FXCM makes money from your trading volume, not your losses. Therefore, we want you to be profitable, so you can continue trading with us. You mentioned that you have screen shots showing your stop loss price was never hit. However, it's possible you did not take into account the bid-ask spread when looking at the charts. Note that while most charts show you bid price or sell price in the market, it's the ask price or buy price that will trigger your stop loss order, if you are in a short (sell) position. That means you have to take into account the fact that the ask price is higher than the bid price you see on your chart due to the bid-ask spread. FXCM's Trading Station platform will let you view a chart of the ask price, if you click on the "Ask" button in your chart tool bar. If you still have questions about your trade after that, then I encourage you to file an inquiry with the Trade Services Team: http://www.fxcm.com/forms/trade-inquiry/ If there was any error in our Trade Execution, FXCM will make the appropriate correction to your account.
Steve,
USA,
Aug 30, 2007,
Guest

I've read through some of these post. Most of the "scam" post are from newbies making trading mistakes. Such,as a woman from Germany who got a margin call. She was trading with 50% margin. That kind of margin is suicide, I don't even do that with 100:1. I think you newwbies should trade demo accounts for at least one year, and establish some trading rules. Whether FXCM is a scam is regardless if they are rated by a newbie.
 

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.