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.
 
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.
 
Ghana,
Jan 8, 2018,
Registered user

STAY AWAY IF YOU WANT TO TRADE FOREX AND NOT TO APPLY FOR A JOB WITH FXCM

SNEAKY ACTIVITIES BY 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.
  1 trader has found this review helpful
Reply by Jason Rogers submitted Feb 6, 2018:
FXCM has very strict regulatory requirements in regards to deposits and withdrawals and must in all situations verify that deposits are in the name of the account holder. I apologize if this caused you any inconvenience.

Jason
BPlazimpat,
sydney,
Apr 23, 2010,
Guest

I have an standard account with FXCM and I use MT4. there were like few trades where i couldn't close a position when it was in profit. everytime i tried to close it said "off quote". it was closed manually after many days in huge loss. they refunded my loss a month later but the profits were gone.
I just want to know if they trade against you?
 
Xavier,
Indonesia,
Jul 3, 2009,
Guest

A couple of days ago i received an email from FXCM like this :

Dear Client:

A major new National Futures Association (NFA) rule goes into effect on August 1, 2009. This rule affects all U.S. regulated Forex Dealer Members. Forex traders will no longer have the ability to place stop-loss or limit orders. Nor will traders be able to modify or close trades from the
 
Freddie Freeman,
Canada,
Mar 12, 2011,
Guest

I cannot review and post to this thread as yet. I am doing a study and would like the esteemed opinions of all the traders who are adtive on this Bpoard and the help of the Moderators also.

1) Here is FXCM conditions for opening an account.
http://www.fxcm.co.uk/terms-and-conditions.jsp

2) Here is what they want to do and change. After reading please tell me what it is that they want to do now.
Dear Client:

FXCM LTD (FXCM) has amended its Terms of Business (Terms). Please click here to review the sections of the Terms which have been amended. It is important that you familiarise yourself with these changes as you will be bound by the amended Terms unless you expressly reject the amended Terms by providing written notice admin@fxcm.co.uk and close out your account before March 31, 2011.

If you have any questions, please call one of our currency specialists, who are available 24 hours a day at +0808 234 8789, or e-mail us at info@fxcm.co.uk.

Best regards,

Forex Capital Markets Ltd.
Northern & Shell Building
10 Lower Thames Street, 8th Floor
London EC3R 6AD

Are they saying "The money in my account is no longer mine? Is it pooled together with their resources and will be released to the trading account asd when it calls for??

Thanks for your response.

Freddie.
 
FAME,
London, United Kingdom,
Oct 20, 2017,
Guest

How FXCM cheat their customers

Hi,
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. 
  1 trader has found this review helpful
Reply by Jason Rogers submitted Feb 6, 2018:
We’re sorry to hear you didn’t find success with your trading; however, FXCM does not ‘create extra volatility’. Forex pricing is set by price competition from multiple liquidity providers. Each liquidity provider streams through a direct feed of indicative buy and sell prices to FXCM. FXCM's No Dealing Desk Price Engine selects the best buy price and the best sell price, which result in the best available spread. Generally, there is no markup added to FXCM's Standard No Dealing Desk account type, making our spreads transparent and some of the lowest in the industry.

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/.

Jason
Beleric,
Europe,
Nov 15, 2007,
Guest

Recently got caught on a EUR/CAD trade where the price fell quickly upon a news release and just went past my stop and waved goodbye. FXCM then closed my position around 58 pips below the actual stop loss. In my view there is no point trading with a company that fails to execute orders that have been accepted by their platform. It must be illegal to close out trading positions at a price chosen by the broker, where clients suffer a loss far greater than they should have. FXCM appears to me to be a company for the novices and less initiated and subsequnetly they have a high turnover of clients. They should not be used by professional traders or anyone managing funds on behalf of someone else. They are like a Google in that they operate on a 'customer is always wrong' philosophy. Not to be trusted.

As for their DailyFx site and so-called experts. If Kathy Lien is a real expert, I'm the Prince of Wales. And she has even written books that some unsuspecting people bought. Ouch!
 
Maria,
Phoenix, AZ,
May 20, 2007,
Guest

No stars from me. Although they have very easy execution and using them for demos is ok, a live account with them is terrible. You might as well say, here is my money, just take it. They are a casino that stacks the deck in their favor 99% of the time. My friend lost too much $ with them because they spiked and hit his stop. Also I have noticed many times when entering market orders they really pack on the pips against you.
 
HANIF AKBAR MARWAT,
KARACHI, Pakistan,
Jun 26, 2012,
Guest

Received payment.

2012-06-22 No Rating HELLO READERS

I had made a withdrawal request with FXCM on 15-06-2012 and they said to me that It will reflect in my account on 22-06-2012.
Here is there email

Dear Hanif Akbar Marwat,

Thank you for your continued interest in FXCM and your recent inquiry regarding your withdrawal.

Please note that withdrawals via credit/ debit card often take between 3-5 business days for the funds to reflect in your account balance. Since your withdrawal was processed on 6/15, kindly allow until 6/22 for the funds to reflect back in your account.

If you have any questions or concerns, please do not hesitate to contact our offices via Live Chat, or by phone at (212) 897-7660/ +44 20 7398 4050.

FXCM offers excellent execution and easy accessibility to our clients. We provide live support 24 hours a day, seven days a week.

Kindest regards,

Mazy Goldman
International Fax Number: +1 212 897 7669
Email address: admin@fxcm.com

FXCM Inc. is headquartered at 55 Water Street, 50th Floor, New York, NY 10041 USA.

Today 22-06-2012 has passed and no money in my account, so I am writing this for you.

I will update you tomorrow if anything happens.
 
Kostadin,
Sofia, Bulgaria,
Jul 30, 2012,
Guest

I cant belive how many redicilous questions are being asked in this forum.... Traders, begginers please before depositing money just learn how to do the basic, the mechanical actions... PPl are depositing cash and they dont know what a bid and an ask prices are.. Yes FXCM is not the most reliable broker but think before you deposit and dont blame it all on them... There is so much hate in these forums because FXCM are the most popular brand in the world and when ppl lose money they blame it on the broker!!!
If you expect to make 1000$ with 50$ deposit you better snap out that dream people!!
 
Mohammed,
Bahrain, Bahrain,
Mar 6, 2018,
Guest

New traders are to blame for thier losses, and FXCM is to blame for promoting accounts of $100.00

Hi
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)
 
Reply by Jason Rogers submitted Mar 15, 2018:
Hello Mohammed,

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.

Jason
Peter Babalola,
Lagos, Nigeria,
Jul 7, 2007,
Guest

I did open a standard account with FXCM last month. I was a victim of the wide spreads that occur on my favourite pair at certain times of the day, and during very active price action. I get stoped out a few times in a manner I couldn't explain. I also got stopped out durring the Asian session after gaining 2pips on a move that would have given me about 70 pips in less than 1 hour. Very saddening. I read a lot of wonderful things o their websites; I thought the No Dealing Desk was something that'll be really nice. Now, I really wonder what it'll be with dealing desk.
 
Paulo,
London,
Jul 3, 2008,
Guest

They are dangerous in the news releases. They take the opportunity when you are in during the news to suck most of your money.I closed my mini account with them 2 weeks ago. As i am a news trader, since 2006, may be most of people will say because o do not know how to trade on news, this is not truth, i developped my own strategies during the news, as i have made most of my profits scalping the news, brokers like fxcm dont like that. my history is: a couple of weeks ago i woke up from my bed at 2:20am london time, i set up my strategy for aud/usd and after i got in to the position with a limit 20pips, i saw the position going over my limit with 27 profits, and i was amazed w/that, because it was supposed to close at 20pips as per my limit, and after that it closed wit 11pips profit only. Well, not too bad, at least it was no loss. But it is strange is not it? I think may be i was sleeping yet. After a couple of days London time in the morning, I was on again and set up my news scalping strategy for gbp/usd, i got in with buy, i put my limit 20pips profit and after 3 minuts i saw my position over my limit with 35 pips profit, it did not close at my 20 pips limit!!! I tryed to close manually, but i could not close.it was runing during 5minuts after release, i was desperate, looking my position in profit and i could not close, i talked to fxcm at same time, and i asked to close my position, they delay for a couple of minutes suddenly i saw my position closed only with 1pip profit, i felt BAD VERY BAD, i spoke with them and the excuse was because of volatility deuring London release. my conclusion, fxcm are completely scammers. PLEASE TAKE OUT YOUR MONEY, STAY WAY FROM THEM. at the same day i took out my money and closed my account. Now i am just looking for a honest broker i can trade during the news. i am tryng to train in a DEMO account with Barclays/UK, they looks like serious i do not know yet, because i didnot open a real account with them. If anyone knows any honest broker who is possible to trade on news, and accept fund with credit card, please tel me at marcobaptistasucesso@yahoo.com ,please. But fxcm never stay away from them.
 
ernest8fingers,
USA,
Nov 3, 2008,
Guest

Paul-that may have been your last chance to get out while in the "black". Giving a Broker a 2nd chance to fail is more risky for your bottom line than trading w/dart board . 1 good deed does not an honest Broker make. Good luck!
 
Karon Lewis,
Kissimmee, USA,
Apr 27, 2012,
Guest

This is from a class action lawsuit at fxcm

Defendant’s dishonest trading practices include, but are not limited to, the following:

a. Slow Server Command: When a customer is engaged in profitable trading activity, Defendant routes the customer’s account to a “slow server,” causing trade execution to be slowed down, and allowing Defendant the time to hijack any potential profit in the trade by buying and selling in-between the customer’s order and the real market, with Defendant’s taking any profit and leaving the customer victimized with no money for his or her effort;

b. False “Error” Messages: Defendant uses its administrative back-end software to prevent the customer from closing out a profitable trade and instead causes the trading system to generate any one of a series of “error” messages to the customer, blocking the customer’s efforts to finalize what would have been a profitable order;

c. Flash Trades: Defendant, in a practice known as “stop hunting,” manipulates the market price of the traded currency, including printing bogus “flash trades” which move the “market” to trigger the customer’s stop order for a given trade, essentially closing the customer out of that trade;

d. Arbitrary Margin Rules: Defendant arbitrarily changes the margin rules on Fridays for an ensuing week without any notice to the customer, which results in the customer’s being deprived of any trading advantages or leverage opportunities they may have, and again causing the customer’s account to be closed out in favor of Defendant;

e. Abuse of “Slippage”: Defendant, in a practice known as “slipping a trade,” takes advantage of “slippage” in a given trade. “Slippage” is the change in price between the time when a price is quoted and a market order is placed. It is customarily caused by market movement while the trade is being executed. The incidence of “slippage” should roughly be equal in favor of the customer and the broker. Defying all laws of probability, in almost every case, Defendant’s customers suffer losses as a result of “slippage” at grossly greater percentages than Defendant does, which can only be explained by Defendant’s manipulation of pricing; and

“Slow Fill” and “No Fill” Commands: Defendant often fails to execute valid and profitable trade orders entered by the customer and instead causes the trading system to generate a “slow fill” or “no fill” message to the customer as the customer attempts to close out a profitable trade, preventing the customer from making a profit while generating illicit profits for Defendant.

Note i never actually traded with them i had a $50 account but closed after rash of lawsuits. a few years back but im amazed how many people still open accounts with them simply google FXCM fraud and read away on thousands of websites.

2011-10-13 I highly recommend this broker

Sure they are being sued by at least 200 clients

And sure the CTFC has found them guilty on 10 different occassion for scamming customers

http://online.wsj.com/article/BT-CO-20111003-712195.html

But if FPA wont mention any of there lawsuits and charges by the CTFC i see no reson no to do business with them

FXCM just settles a $15 million dollar fraud lawsuit so u know they have money

http://online.wsj.com/article/BT-CO-20111003-712195.html

Review Moderation Team Note: Obviously, Karon again failed to notice that the FPA sent a mailing to all members pointing to this article in the forums...

Forex Capital Markets LLC Ordered to Pay More Than $14.2 Million to Settle CFTC Charges

We also added a link to that article to Karon's review left on 2011-10-03. We don't understand why Karon thinks the FPA is trying to conceal information that the FPA brought to the attention of all its members.


2011-10-03 These Criminals were just fined 14 million from the nfa and ctfc for fraud and manipulation of forex prices in their favor and yet somehow FPA has not labeled them a fraud company yet

http://online.wsj.com/article/BT-CO-20111003-714007.html

Review Moderation Team Note: You can see a forums discussion about that subject by clicking here.
 
Lee ,
Malaysia,
Aug 9, 2007,
Guest

For New novice please check with NFA website before open an account with them.
They have 5 cases against them.Very Bad

http://www.nfa.futures.org/BasicNet/Case.aspx?entityid=0308179&case=04-80132&contrib=CFTC
 
MidnightRun,
Canada,
Jul 31, 2008,
Guest

Today I sent the following letter to FXCM's Compliance Department:

"Dear Sirs,

I am hereby asking you to look into the following problem:

On Feb 2, 2008, I opened a short AUD/USD position:

ticket 11943187, AUD/USD, 10K, 2/7/08 8:41 AM at 0.88940

which was closed by FXCM without my knowledge or any action on my part on 7/29/08 at 8:56 PM at 0.95000 with a loss of -$606.000 WHEN THE MARKET WAS MOVING IN THAT POSITION
 
Jason Rogers at FXCM,
New York, NY,
Aug 11, 2011,
Guest

@Camille in Qatar:

A margin call may occur even when an account is fully "hedged" due to either diminishing margin, rollover costs, or exchange rate fluctuations (pip costs). 1) Usable Margin may diminish if the spreads widen since this would decrease the profit and/or increase the loss on the hedged positions. 2) Rollover costs will eat into usable margin since the rollover you earn will not necessarily be equal to the rollover amount being paid. 3) Pip cost fluctuations. If the pip value has to be converted back into the denomination of your account, then the pip value can fluctuate as the exchange rate itself fluctuates. If trading a USD denominated account, then AUD/USD would not be impacted since the profit/loss on each pip is already in USD. However, for a currency pair such as USD/JPY the profit/loss for each pip is in JPY and has to be converted back into USD at the current USD/JPY exchange rate.

Regarding margin calls...Although the margin call feature is designed to close positions when account equity falls below the margin requirements, there may be instances when liquidity does not exist at the exact margin call rate. As a result, account equity can fall below margin requirements at the time orders are filled, even to the point where equity account becomes negative. This is especially true during market gaps or volatile periods. FXCM will not hold traders responsible for deficit balances in this scenario, but clients should be cognizant that all funds on deposit in an account are subject to loss.

Please do not hesitate to contact me directly (jrogers@fxcm.com) if you have additional questions.

Kind Regards,

Jason Rogers
 
Farhad,
Toronto,
Aug 19, 2011,
Guest

FXCM hit with largest ever fine: $2 million

I'm surprised this type of lawsuit didn't happen years ago. I posted info in this group a while back about Virtual Dealer which is the Metatrader software plugin brokers use to stop hunt, manipulate pricing, disconnect, etc (Google it)... What's sad is this software is not some proprietary one-off software created by one individual broker, it's an actual plug-in that is marketed and sold specifially to brokers for the purpose of cheating customers. That's a smoking gun if I've ever seen it!

Any broker using this software should be subject to the same lawsuit that FXCM is going through, which is most likely most dealing desk brokers. Nice to see someone finally fighting back. Hopefully with more lawsuits like this, it will eventually level the playing field for those using dealing desk brokers...

The Plaintiff, William H. Sanders, claims to have lost over $150,000 to FXCM over the years due. Two main topics the lawsuit deals with is the Demo accounts which serve to attract clients while not simulating real market conditions and when clients do switch to live they receive completely different execution and the execution itself where it is claimed that FXCM is in fact a market maker which actively goes after profitable clients. The main excerpts are below:
Plaintiff, William H. Sanders, just like thousands of other customers, was lured into transacting business with Defendant, FXCM, buying and selling foreign currencies in what is known as the foreign exchange (“Forex”) market, but little did Sanders, or any of the others, know that FXCM intended to, and did, systematically bilk them out of their account money through an elaborate scheme of fraudulent tricks, devices, and artifices. What was represented to Sanders and others as a foreign currency trading platform developed upon professed principles of “fairness, honesty, and integrity,” which was supposedly rooted in providing customers with a true market trading experience, totally devoid of dealer intervention and market manipulation, was in truth a platform predicated upon deceit and trickery that systematically looted the accounts of customers who, like Sanders, placed their trust in FXCM.
The scheme deployed by FXCM was complex and varied, utilizing aggressive and pervasive marketing and advertising campaigns, including television, internet, seminars, webinars, and other media, portraying FXCM as a foreign currency trading platform where investors could trade foreign currencies in a true market environment. The advertisements were specifically targeted to convey a sense of trust and transparency to potential FXCM customers and to gain the customers’ confidence in FXCM’s trading platform. To further bolster customers’ confidence in its platform, FXCM enticed customers to use FXCM’s practice or demo account (hereinafter, the “Demo Account”) to simulate an FXCM trading experience. But the Demo Account, just like the myriad advertisements, misled customers about the true nature, functionality, and performance of the platform. Once lured into opening an account, customers were subjected to a staggering array of stratagems and ploys, some using extremely sophisticated computer software based upon complex algorithms and high-speed computers, to deceive the customers into believing that their trading was being affected by normal market forces, while in reality FXCM traded against its own customers.
And the so-called “Demo Account” – which was held out by FXCM as the sine qua non to persuade prospective customers to trade with FXCM – was the most cunning and crippling canard of all. By trading through the “Demo Account” without being at financial risk, the customer was allowed to experience direct market pricing, free from FXCM dealer interference or manipulation. The switch pulled by FXCM on how trading occurs once the customer opens a “live” account and starts trading with real money, is nothing short of a modern-day equivalent of the classic street con game known as “Three-card Monte.” Once “live” trading began, direct market pricing was replaced by profound dealer interference and trade manipulation.
To further its fraudulent practices, FXCM associated with software developers and programmers to create and deploy one of the most sinister software applications ever imagined, the central component of which included a back-end administrative console that provided FXCM an arsenal of system commands to facilitate FXCM’s fraud on customers. For example, through this console, FXCM can prevent the customer from closing out a profitable trade; hold up a trade so that FXCM can pirate the profit by trading against the customer; or manipulate the price of the market by utilizing “flash” trades to artificially move a market to close out a customer’s “stop order.” FXCM deployed these technological tricks to separate customers, like Sanders, from their money.
Defendant further deceives customers by failing to disclose its dishonest practices in its disclaimers contained in Defendant’s customer agreements. Buried in the fine print of Defendant’s lengthy, misleading, contradictory, and largely incoherent computer-generated customer agreement, Defendant purports to innocuously “disclose” and “disclaim” to the customer that, at times, the Defendant may act as a “principal” in transactions, which may result in the customer’s not getting the “best price” on certain trades. In fact, Defendant does not act as a “principal” in a “market” at all; rather, the Defendant acts as a well-armed and unscrupulous adversary to its customer, with superior knowledge, a technological advantage, one which ignores its own Code of Conduct, and which intentionally defrauds unwitting customers.
Defendant has worked with software companies and individual software programmers to modify its back-end systems and middleware to enable it to engage in the dishonest trading practices described below. Defendant has modified its trading platform so that many of these dishonest trading practices are applied to a customer’s account by automated computerized algorithms. Through this association, Defendant has also modified its trading platform to include a sophisticated back-end administrative console which provides Defendant and its employees a series of system commands designed, each accessible through a drop down menu, to execute many of the dishonest trading practices described below. All of these software modifications have been implemented by Defendant to prevent customers from making money and to cause customers to lose money to Defendant.
Defendant’s dishonest trading practices include, but are not limited to, the following:
a. Slow Server Command: When a customer is engaged in profitable trading activity, Defendant routes the customer’s account to a “slow server,” causing trade execution to be slowed down, and allowing Defendant the time to hijack any potential profit in the trade by buying and selling in-between the customer’s order and the real market, with Defendant’s taking any profit and leaving the customer victimized with no money for his or her effort;
b. False “Error” Messages: Defendant uses its administrative back-end software to prevent the customer from closing out a profitable trade and instead causes the trading system to generate any one of a series of “error” messages to the customer, blocking the customer’s efforts to finalize what would have been a profitable order;
c. Flash Trades: Defendant, in a practice known as “stop hunting,” manipulates the market price of the traded currency, including printing bogus “flash trades” which move the “market” to trigger the customer’s stop order for a given trade, essentially closing the customer out of that trade;
d. Arbitrary Margin Rules: Defendant arbitrarily changes the margin rules on Fridays for an ensuing week without any notice to the customer, which results in the customer’s being deprived of any trading advantages or leverage opportunities they may have, and again causing the customer’s account to be closed out in favor of Defendant;
e. Abuse of “Slippage”: Defendant, in a practice known as “slipping a trade,” takes advantage of “slippage” in a given trade. “Slippage” is the change in price between the time when a price is quoted and a market order is placed. It is customarily caused by market movement while the trade is being executed. The incidence of “slippage” should roughly be equal in favor of the customer and the broker. Defying all laws of probability, in almost every case, Defendant’s customers suffer losses as a result of “slippage” at grossly greater percentages than Defendant does, which can only be explained by Defendant’s manipulation of pricing; and
“Slow Fill” and “No Fill” Commands: Defendant often fails to execute valid and profitable trade orders entered by the customer and instead causes the trading system to generate a “slow fill” or “no fill” message to the customer as the customer attempts to close out a profitable trade, preventing the customer from making a profit while generating illicit profits for Defendant.
 
Gary Wright,
London, United Kingdom,
May 28, 2014,
Guest

Can anyone comment on resent events that FXCM is in financial difficulty ?

I have been lead to believe that they have recently had bankruptcy proceeding filed against them for the non return of traded funds. This is understood to be due to criminal misappropriation of client accounts for purposes other than trading.

Any further comments on this matter would be appreciated.
 
Reply by Jason Rogers submitted Jun 5, 2014:
Hi Gary, One of the biggest advantages of trading with FXCM is our financial transparency. Most other retail forex brokers are privately held companies, so it can be hard to get details information regarding their finances. Are they profitable, or are they barely staying afloat? How can you know whether they are safe place to keep your money? All traders need to ask their brokers the following questions regarding their financial stability: 1. What are your revenues? 2. How profitable is your firm? 3. Do you have a top-tier third party accounting firm auditing your financials? Since we are are a publicly-traded company (NYSE ticker: FXCM), details regarding our financials are readily available: http://www.fxcm.com/about/financials-performance/ As you can see from the link provided above, the latest publicly available data, confirms FXCM's strong financial position with $218.9 million in our own net cash. The rumors you heard are false. In fact, if it's not too much trouble, I would appreciate if you could please tell me where you heard them. If it's an online forum, I would like the opportunity to address the concerns raised at the source. You can email me at jrogers@fxcm.com Thanks, Jason Rogers FXCM Ambassador to Online Communities
Jerry Mathews,
Hartford,
Oct 8, 2008,
Guest

I think FXCM are into fraudlent practices, today 80CT 2008 , the rollover rate for EUR/USD as on 11 am EST was Roll S 0 and Roll B -20.00.
and to my utter dismay and shock when i checked aroun 2 pm the rollover rates were Roll S -4.00 and Roll B -32.00.
I have a miniaccount btw.

Can any of you confirm this sudden change of rollover rates in matter of 2-3 hrs, I sense fxcm is playin with our money charging this over the sky rollover rates.And everytime i ask them, they give me stupid explanation . I want to lodge a complain, whom should i approach??
 

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.