FXCM Review

2.494 · 581 REVIEWS
Updated: Oct 15, 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

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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

MTY, Mexico,
Sep 14, 2020,
Registered user

I want my money back

Service use: Live

Length of use: 0-3 Months

I want my money back, you are terrible, you are a scam, its not even great money but people need to know that you dont work, the process are huge contentious, you are sud by MDD, always keep me out from my account even when im creating the orders that also are bad made.
 
asian, Viet Nam,
Sep 3, 2020,
Registered user

FXCM is a Scam

Service use: Live

Length of use: 0-3 Months

They have a lot of tricks with traders. I have to wait a lot of times for withdrawal my money. I think they should be closed to protect traders.
 
conakry, Guinea,
Aug 8, 2020,
Registered user

Good broker

Service use: Live

Length of use: 0-3 Months

i didnt get any problem with them fast deposit and withdrawal and i alwasy get positive slipage

why 3 stars only ?

because they act as market maker so there is a dealing desk thats why trader may have conflict with broker interest
 
uk, United Kingdom,
May 3, 2020,
Registered user

Pretty good broker

Service use: Live

Length of use: over 1 Year

No complaints about this broker. Does what it says on the tin. Spreads are decent.
No deposit and withdrawal fees are always good to see and the customer service is very helpful.
 
Benjamin,
Budapest, Hungary,
Apr 14, 2020,
Guest

Never trust them

Service use: Live

Length of use: over 1 Year

I have an opened live account at This company but i dont know why, they asked for my bank account statement. They wrote in email i have 10business day to send the documents or my account will be locked. I sent all of required within 2 days.
They locked my account, closed all of opened trades... and now i can’t withdraw my money what is more than $3000....

They have really bad support too...

I will change broker...
Never trust that **** company
Thanks..
  4 traders have found this review helpful
Dhaka, Bangladesh,
Apr 12, 2020,
Registered user

Best for algo-trading

Service use: Live

Length of use: over 1 Year

I do algorithmic trading, like to use my own platform to trade, FXCM gives me full API support to do that, their support to fast, if I need any api help. their staff helped me in 5 minute ! I started Algorithmic trading using oanda, but in few month they deactivated my account and asked 50000 USD to continue.. FXCM is trusted platform for algo traders and stable for small balance traders ..Also they do my withdrawal in a day..
 
south sulawesi, Indonesia,
Feb 22, 2020,
Registered user

excellent broker

Service use: Live

Length of use: 6-12 Months

Excellent, I've never had problems withdrawing funds, everything works very well with its original Marketscope 2.0 platform, it's super complete and very efficient.
They don't have limitation for pending orders too. Excellent broker
 
Jakarta, Indonesia,
Feb 1, 2020,
Registered user

Very slow service

Service use: Live

Length of use: 0-3 Months

service to the promised bonus takes a very long time, 5 working days. withdrawal of funds 2-5 working days via skrill. and execution of trading reqoute.

wasting too much time trading on this broker.
  1 trader has found this review helpful
Essex, United Kingdom,
Jan 11, 2020,
Registered user

Disappointing, unprofessional

Service use: Live

Length of use: over 1 Year

I have traded with FXCM for almost 15 years and although there have been a few issues, overall they have been good. I have traded almost every day in that time and have not experienced the issue that happened on 2nd January 2019.

I placed a trade on the NZD/JPY at the price that was displaying on the FXCM trading station platform. I noticed nothing happened and it went into pending. I then check ed the charts to see that the price was vastly different to that which the trading station was reading, something like an 80 pip difference, I tried several times to cancel the trade whilst it was pending, but the system would not do that.

I contacted FXCM after and they declined to pay me back citing 'gapping'. That was not my understanding of this as the trading station [rice was frozen and I was not to know that this was not the current price.

Being such a long time client I was really disappointed with their attitude. I have recommended 6 others to the company over the years as I have always trusted them, but the way they dealt with this issue was really poor.
  4 traders have found this review helpful
Kuala Lumpur, Malaysia,
Nov 29, 2019,
Registered user

Bad Operations team and Customer Service

Service use: Live

Length of use: over 1 Year

Deposit money to this broker. Instantly deducted in my bank. But never appeared in my fxcm account. I ask many times to their customer service if I need to send a document since I’m not active with them approximately 1 year. They said No need.

After 3 days not appeared on my account. I send and email and also contact their team to cancel my deposit... almost 1 week. My money is not refunded.

Which authority should I report regarding this matter. I already open others broker which I already start to trade.
  3 traders have found this review helpful

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.