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

Lebohang Molise,
Bloemfontein, South Africa,
Jun 24, 2016,
Guest

I'm gonna be straight to the point, DO NOT TRADE WITH THIS BROKER!!! On monday I closed my account, was told my funds request will be processed within two business days, they kept quiet until I sent an email on friday and it was only then they told me my request has been "finally approved"! I did not even receive my full amount! I emailed them asking them to explain and tell me about their hidden fees policy cause clearly there's one here, but of course, no response! I noticed they're very slow on withdrawals but very quick to act when one cancels a withdrawal request! STAY AWAY FROM THESE GUYS!
 
Reply by Jason Rogers submitted Jun 29, 2016:
Hi Lebohang, There seems to be some confusion. FXCM does not charge any hidden fees when you make a withdrawal from your trading account. In fact, we offer several deposit and withdrawal options including some which are free. Furthermore, while most transfer requests are processed by our Operations staff within 1 or 2 business days, it may take longer for you to receive the funds in your account depending on the specific transfer option you select. You mentioned you have already closed your trading account. I'm sorry to hear that, but for future reference, information about our various transfer options including transfer times and any fees is available in the deposit and withdrawal FAQ section of our website. - Jason Rogers FXCM Ambassador
Rorik,
London, United Kingdom,
Jul 6, 2014,
Guest

I have traded with a FXCM for a few weeks. I have several accounts with different brokers in order to spread my risk. People here need to understand that the cost of running a biz like FXCM is very expensive and they can not do it merely by charging a small commission. Its either market making, something the regulators of recent have began frowning upon or big commissions on trades and large volumes. FXCM is hard pressed to stop its market making activities hence this No Dealing Desk thing that they have now. The trouble with it is they cant make enough money and thats why they are forced to do what they can to compensate for it with large spreads and possibly some other activates for which they were recently fined. They are between the hammer and the anvil and its tough! Plus they are publicly traded and need to deliver ever rising returns to the shareholders and expected to increase evaluations and grow every quarter!

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!
 
Reply by Jason Rogers submitted Oct 16, 2014:
Hi Rorik, We appreciate your feedback and are happy to announce that we have rolled out a new raw spread + commission pricing model. In our previous model, we streamed pricing directly from our liquidity providers plus a fixed pip mark-up. Our compensation was included as a part of the spread on our No Dealing Desk forex execution. The new raw spread + commission model allows you to trade on the raw pricing from 10+ liquidity providers and a separate commission is charged. The overall transaction cost is now up to 50% lower compared to previous pricing for major currency pairs. This gives even greater execution transparency for our traders in addition to the financial transparency as a part of being a publicly traded company on the New York Stock Exchange (NYSE: FXCM). Jason Rogers FXCM
Bojan,
Serbia,
Aug 15, 2011,
Guest

I'm not customer of FXCM and I don't know much about them,
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.
 
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
 
no name,
nyc,
May 10, 2008,
Guest

2008-05-23 We have removed the name from this post. We have received information that this post was placed under a fake name in order to discredit another person.

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 dniv@fxcm.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.

 
Oregon, USA,
Feb 5, 2018,
Registered user

FXCM is buying their "rating" to lure in unsuspecting Americans and fleecing them.

FXCM is a "highly rated" broker for US clients. This "rating" pops up in a wide variety of different places. To "back this up" they "offer" two different "bonus programs". These bonuses look pretty good on the surface, however, when you actually get right down to it, the company has absolutely no intention of ever paying them. I have confirmed this through their own technical support departments. The "bonuses" are particularly dangerous because they hook into the key fears and desires of novice and intermediate traders. The first is a "Phoenix" bonus to "help you rise again", and the second is a "100% deposit match bonus" that you lose if you ever withdraw your deposit or any profits.
 
Forex Peace Army
Review moderation team note
FXCM stopped accepting US clients about a year ago.
Brendan Callan,
Forex Capital Markets LLC ,
Sep 22, 2009,
Guest

A lot of FX traders are frustrated with the amounts that are earned and charged for rolling over positions. I wanted to post on this thread today to help assure traders that FXCM is a no dealing desk operation. We simply pass on the cost of rolling a position to the client that holds that position.

In the current credit crisis, banks are hoarding cash. Proof of that can be found by looking at the overnight LIBOR rate. While the Fed Funds target rate is now at 1.5%, and the discount window is at 2%, the overnight LIBOR rate is above 5%, and has been as high as 6.8%. Banks that have cash to lend are gouging the banks that need to borrow cash. This affects FX traders directly as roll rates are based on shot term LIBOR rates. Roll rates are not based on the central bank target rates.
Simply put, banks that have cash to lend are telling the market they are going to charge a lot if you want to borrow it, and pay very little to those that should be earning.

Here are links good links to reference what LIBOR is at
http://www.cnbc.com/id/26905693/
http://www.bloomberg.com/apps/quote?ticker=US00O/N:IND

Until things settle back down banks that have cash will continue to charge very high premiums when lending that cash out. In light of the bankruptcies and failures banks are extremely risk averse, so the cash that they do have they would much rather keep on hand.

Rest assured though, things will settle back down. Roll rates have moved to extreme levels in the past and this won't be the last time it happens either. History has shown that is only a matter of time until LIBOR rates fall back to the targeted levels set by the central banks.

Now to address why some of the other Forex Brokers have not adjusted their rolls as much as FXCM. The answer is simple, they are not offsetting your trades. When a brokerage firm holds the other side of your trade, they can pay you or charge you what ever they want when the position needs to be rolled over. As a client of theirs though trading with a Dealing Desk firm puts them in a direct conflict of interest. They now need you to lose for them to earn.
Even more importantly, Dealing Desk firms trade proprietarily. This means they take speculative positions themselves.
Lehman Brothers, Bear Stearns and AIG had speculative positions in the mortgage market. Those positions turned against them and caused their demise. These were multi billion dollar firms trading in the home mortgage market. Some of the dealing desk firms have $20 million or less on their books and are trading in the highly volatile, highly leveraged FX market. I'm sure you can imagine that a few wrong trades could wipe them out fairly quickly and could possibly tie up your deposits during a bankruptcy litigation.
If the current market conditions can wipe out large firms like Bear and Lehman, the same could certainly happen to a relatively small firm trading FX.

Lastly, another point to keep in mind, the single biggest factor in determining the value of a currency is the interest rate of that currency. If a dealing desk firm is showing you an off-market roll rate, they are doing you a huge disservice. Knowing accurate roll rates are paramount to any trading strategy, and are a big part of gauging the spot market direction.

If you have follow up questions on the issue of rollover, please contact my sales and support desk 24/7 to get the answers you need.
http://www.fxcm.com/contact-fxcm.jsp

Brendan Callan
Managing Director
FX Sales and Client Services
Forex Capital Markets LLC
 
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.
 
Jason Rogers,
New York, NY,
Apr 13, 2011,
Guest

@Ric

Stops and limits can still be set through the Marketscope chart. The stop/limit can be added when creating the market order by clicking on the Advanced button in the market order window. Or the stop/limit can be added to trade by right clicking on the order information on the chart and selecting Stop/Limit from the menu. If you need help, please contact customer support and we can help with it.

Jason Rogers
FXCM
 
Jason Rogers,
New York, NY,
Apr 13, 2011,
Guest

@Nicola,

As Roschanda and Jessica mentioned in your chat with FXCM, we are unable to activate an MT4 account until the funds for the account have been received.

I understand that you wanted to run your EA to monitor the spreads for a week. You can do this with a demo account since the demo uses the same price feed as the live accounts. The spreads in both the demo and live account will be the same. This is why a demo was offered for you to run your EA.

Jason Rogers
FXCM
 
Abulfotouh,
Madina, Saudi Arabia,
Aug 19, 2012,
Guest

I am Abulfotouh, Saudi Arabia. I am so sorry because for my bad evaluation rating of XFOREX I wrote FXCM (by mistake) instead of XFOREX which is a bad company and I had a bad history during trading thruogh XFOREX platform with errors during withdrawal of money. The main aim of XFOREX is only to make their victim to deposit his money which will be lost for ever,this is about XFOREX. But about FXCM, I did not really deal with it at all but I know that it is a big company. So, please kindly, I want to delete my false rating comment about FXCM on 7/7/2012 which written by me wrongly. Thank you and sorry for FXCM which is one of the very good top brokers.

2012-07-25 01Star It is better to be away from this broker. This is my advice. because there is a difficulty in withdrawal techniq in their system.
there main issue is how to make you do deposits

Comment: Added by Jason Rogers on 2012-07-26 11:38
Hi Abulfotouh,

I'm sorry to hear that you've had difficulty making a transfer. Since you live in Saudi Arabia, it's important to keep in mind that the regulations in your country are a bit different than in other countries when it comes to sending money. My colleagues in the FXCM Arabic department would be happy to advise you on the most efficient methods to transfer funds and will resolve any problems you have faced. You can email them at arabic@fxcm.com

Jason
 
Reply by Jason Rogers submitted Aug 20, 2012:
Hi Abulfotouh, Thanks for taking the time to clear up this misunderstanding. While I'm glad to hear that it was not FXCM you had problems with, I'm sorry to hear you had problems with that other broker. A I mentioned in my previous comment to you, if you have any questions regarding our services to clients in Saudi Arabia, feel free to contact our FXCM Arabic department at arabic@fxcm.com Jason
Cristian,
Romania,
Mar 28, 2011,
Guest

http://www.kaplanfox.com/cases/caseinvestigations/466-fxcm.html?gclid=CM742vKh7acCFcEv2god9iOWaw

February 17, 2011
 
A GOOD TRADER ( in the Top 5 percent.),
U.S.A.,
Dec 4, 2007,
Guest

Tonight, as the jpy is tanking, FXCM, Freeze my trading platform as usual, not allowing to take profit. FXCM is Mostly Dishonest with clients. While my FXCM demo worked fine @ $2,500 profit, my SAXO BANK trade station demo worked real well, my NORTH FINANCE META TRADER.4 & TradersChoice did good, my OANDA demo was OK, and my special AUTOROBOT trading software worked superbly, but my Real account with FXCM was the ONLY ONE who would NOT close positions IN PROFITS, without any error message...I had to argue with New York desk before closing, as the market turned around and FXCM KEPT MY MONEY. Determind to recover losses at FXCM..The Bastards!
Please feel free to share your experiences with me: orangeboomerang@hotmail.com
Why would Long Ridge & Lehman Brothers invest 35% in ownership of FXCM? Are they Blind or Missed doing Due Diligence?

2007-11-01 No rating Bad news for me on my FXCM trade station today.
After closing lots, I expect a proper adjustment on my usable margin and reduction of liability in Gross/Pl.

FXCM station does it only for a few minutes, then the figures on FXCM trade station GOING
BACK to prior numbers, before transaction settings.
ALSO, FXCM REQUOTES one lot on the
gbpjpy for 40 points loss to me, gain to them.
Inquiries for phone communications remained
unanswered..!!!

Glad I found the link for this website on SCAM.com, cause the page could not be opened on FOREXBASTARDS.com.

GOOD IDEA;BECOME AN ACTIVIST TO REGULATE THE FOREX INDUSTRY AND PUT ALL THE FOREXBASTARDS
IN THEIR PLACE, FAR AWAY OUT OF THE FOREX
MARKET AND YOUR MONEY...!!!
Good People atINVESTOOLS know about entities who are doing foreground work to these efforts.
 
Doug West,
Belgium,
Jan 11, 2010,
Guest

DO NOT USE THE BT BRIDGE MT4 PLATFORM WITH FXCM IS DOESN'T WORK!

Last night I had 2 trades which both hit their profit targets but FXCM didn't close the trades. I had to manually close one 20 pips below the TP which had been hit during the night.

The second was even worse! I opened a trade on the EURUSD at 1.44476 with a TP at 1.44889 The price well exceeded this target but the trade still didn't close after 8 hours. Finally they closed the trade at 09.36 at a price of 1.44160 when the price at the time was 1.45200 a difference of 102 pips!!

This must be some sort of record

I have reported both of these to FXCM but their people on chat say they can't see the problem !!!! I have had to report these to their audit committee. This is the 6th tyrade in the last 4 weeks I have had to report to their committee. It is just totally unacceptable and I am finished with them for good.

Maybe their trade station product is better but their MT4 platform is the worst out there. DO NOT USE IT
 
JC,
Malaysia,
Aug 18, 2010,
Guest

I put a pending buystop at certain price but this buy order was executed at 20 pips higher than my original buystop order price.
 
Bill,
Houston, Texas, USA,
Mar 5, 2015,
Guest

FXCM, post GAIN Capital... I have tried 9 brokers so far, some with demo's and some with real accounts. I'm about to fund a new FXCM account with 5k as a starter, as I've been kicking the tires on their demo account. Just today I completed a comparison of 4 various popular online retail brokers and their subsequent charts; and after testing and checking and retesting for 6 months, I find that FXCM has a very easy to use interface with decent charting. Their spreads are nominal to good across a broad spectrum of brokers and their customer service and funding options are excellent. Is there slippage? Of course, this exists everywhere and i'm sure they acknowledge that. They claim to have NDD (no dealing desk) and fair executions. I've read thousands of reviews on over 3 dozen forex brokers, including DD, NDD, and ECN brokers. Would I recommend FXCM? Don't know yet, time will tell. I've been trading for a decade and am very confident in my strategies and trading plans, so I will give a second review in a few months after the live account has been opened and traded, along with specific pros/cons and a short detail of winning/losing trades and a final p/l since the time of opening. Bill...
 
Jason Rogers at FXCM,
New York, USA,
Apr 24, 2012,
Guest

Dear Tim from Kuala Lumpur, Malaysia:

I’m sorry to hear that your matter was not solved to your satisfaction. I want to help if I can. If you could, please email me at jrogers@fxcm.com with details about the problem. I would appreciate any feedback you have, so that we can correct any problems you encountered.

Jason Rogers
 
A Trader,
Dubai,
May 11, 2007,
Guest

Hi I am with FXCM for one year and not happy with them. Problems with FXCM are : you won't get what you click during news releases, Sudden spikes which will lead to margin calls, Extra loss of 10/12 pips during margin calls and Hanging of the system some times. Only one positive thing with them is : User Friendly Platform. Please suggest any better platform Thanks
 
chris,
germany, Germany,
Mar 30, 2015,
Guest

fxcm got me interested with their advertisement of their new indices cfd products that require margins like 6 dollars or so. so i went to their site opened an account, their system asked me with what amount i want capitalize my acc and the smallest option listed was 50usd . i chose 100usd, the system swallowed it without complaints. account opened so i deposited 100 usd. next
day my acc was suspended and they emailed me demanding i come up with another 1900usd stating traders with smaller accounts arent statistically profitable. (yeah sure most newbies would blow those 2000e in 5 days) thats ridiculous because why are they even advertising cfds with margins like 6
euros when new clients need to deposit 2k to be able to trade those products. (it all seems like baiting to me, lure clients in first then pressure for a high deposit theyll most likely lose within days) i mean if i were ready to open an account of 2k i certainly would envision higher margins in my trading than 6 euros and actually at that stage id rather sign up with a futures broker for security reasons, especially now as many brokers including fxcm took a huge hit during the CHF fiasco.intuitively i ignored their "know your customer" call as ive been thru that with other german speaking support teams of other brokers and sportsbooks and it has always been harassment. germany is not a service
nation and most service staff here has severe communication deficits which was also reflected in my email correspondence with fxcm's robotic and brainless german "support" team later on. generally ive made 100 times better experiences with english speaking support staff no matter what company. the issue with fxcm is tho that as a german they dont even want you
to browse their english website, after every single click they ask you again if you want to be forwarded to their german site, ignoring the fact that some ppl dont want to be 2nd class clients having to deal with untrained incompetent german staff
 
Asia Trader,
Asia,
Jan 30, 2007,
Guest

Not the best in fact far from it,....i have 3 platforms running and FXCM produce prices x amount of points out of the market at important support/resistance levels, hence fooling traders to trade ouside the market, in fact where the market hasn't even been. Dont even think about trading on News with these guys, the platform is to slow and will hang and only give you the deals that are totally comfortable for FXCM,.....lost a good amount of funds on 1 trade that by my calculation was still WELL in margin, ....but not by FXCM gauge !!! in fact the $ cost Average trade i was in was just getting back into profit, so explain that one,....ummm FXCM couldn't. SUPRISE. Now i have the platform open but dont use them as i cant be sure that the prices they display are true,...in fact y'day there was a clear 3-5 point difference on more than one occasion. like i say i have 3 platfroms running and see with my own eyes these dodgy prices they quote.....try it if your a client and see.
 
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.
 

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.