FXCM Reviews - Forex All Brokers - Forex Brokers

Average Customer Rating: (based on 53 reviews)

(2.9 stars vs. 3.4 category average)

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DannyB

Expert Trader

FXCM was ordered to pay 2000000 to NFA

9/8/2011

0 of 0 customers found this helpful (0%)

Pros:: None
Cons:: Spread widens frequently, Poor customer support, Unstable platform
Bottom Line:: No, I would not recommend this to a friend
Quote:: On August 12, 2011, pursuant to a settlement offer submitted by FXCM and Niv, FXCM was ordered, within 30 days of the effective date of the Decision, to make a good faith effort to credit the accounts of its customers the amount of positive slippage which its customers experienced on their trades from and after June 18, 2008. FXCM shall provide verification to NFA of these credits. In addition, FXCM was ordered to pay $2,000,000 to NFA as a monetary sanction. In the future, FXCM will not engage in price slippage or margin liquidation practices; and, in the future, when FXCM voluntarily gives a customer a price adjustment, it shall also determine whether or not it is appropriate to make the same price adjustment for other similarly situated customers.

http://www.nfa.futures.org/basicnet/Case.aspx?entityid=0308179&case=11BCC00016&contrib=NFA

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Istvan

Intermediate Trader

Shines as gold but really not that!

2/23/2011

0 of 0 customers found this helpful (0%)

Pros:: Easy-to-use platform
Cons:: None
Bottom Line:: No, I would not recommend this to a friend
Quote:: I am a private trader. Tried a lot brokers, platforms. FXCM platform looks something "the best" but actually it is a sophisticated loss maker system which serves only the broker and not you! I would say FXCM is a white collar "scammer" gang. A system of a vast of hardly seen tricks which I would call "scam". You can only loose with them. I suggest Alpari Direct.

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AlanF

Casual Trader

BAD Experience

1/23/2011

0 of 0 customers found this helpful (0%)

Pros:: None
Cons:: Poor customer support
Bottom Line:: No, I would not recommend this to a friend
Quote:: Would not recommend. Bad customer support, seems all they want is more and more money.

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Ricky87

Casual Trader

overall good

11/21/2010

0 of 0 customers found this helpful (0%)

Pros:: Easy-to-use platform, Solid trading platform, Good transaction reporting
Cons:: Slow cash withdrawal process
Bottom Line:: Yes, I would recommend this to a friend
Quote:: I would recommend FXCM to a friend, overall it is a good broker

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markoc

Intermediate Trader

definitely worth to try

11/16/2010

0 of 0 customers found this helpful (0%)

Pros:: None
Cons:: None
Bottom Line:: Yes, I would recommend this to a friend
Quote:: opened micro account with fxcm uk (parallel with alpari mt4).
us$ only micro accounts disappointed a bit. micro trading station feels weird after 1.5 years of mt4, but figured it quickly.
closing a part of the position is great and closing positions in various ways (ie: all for symbol) is also nice. charting (marketscope) is ok, but i still use alpari mt4 because of my custom templates. trade execution is ok. symbiosis with dailyfx, especially dailyfx+ is great.
reports come in few formats, but it looks messy to me. really annoying thing is a daily rollover. with alpari you pay fee on trade close, while fxcm charges daily. especially frustrating if i don't close any positions that day, and my balance gets smaller.
a minus is that micro accounts can't withdraw to credit card. still haven't tried wire transfer, but i don't expect problems.
spreads are dynamic, wider then alpari (e/u around 2.3-2.5, g/u 3, ...).
overall impression is really good (except damn daily rollover).

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rayrazz

Expert Trader

Good for a micro start up account

8/20/2010

0 of 0 customers found this helpful (0%)

Pros:: Low spreads, Easy-to-use platform, Good customer support
Cons:: None
Bottom Line:: Yes, I would recommend this to a friend
Quote:: I used a micro account with them to test some stuff. I only gave them 4 stars because I have never tried a standard account with them. The micro account spreads and fill were good in my opinion.

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fmonera

Intermediate Trader

Horrible broker

6/22/2010

1 of 1 customers found this helpful (100%)

Pros:: None
Cons:: Poor customer support, Unstable platform
Bottom Line:: No, I would not recommend this to a friend
Quote:: I am having a very bad experience with FXCM.

I have had hanging orders for days that I could not close or modify, and stop-looses didn't work while orders were hung.

Almost everyday the server suffers execution lag, so forget about correct entries.

But the worst is what is happening to me now. The server seems to have synchronization errors, so sometimes it sees only a few of the transactions.

The problem with this is when it sees only the negative transactions. Yesterday the server closed all my positions (margin call) while I had a lot of margin available.

It left my account with -441 euros (it should be impossible) :) But when the syncronization errors were corrected (some hours after) the account was in positive.

A week ago, I had a similar experience but that time I lost a lot of my account.

Still no answer from the tech support from any of the incidents.

So, in essence, a VERY VERY VERY BAD experience with FXCM.

Thanks god I am working with three more Brokers.

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CPfx1

Casual Trader

Not all true

5/19/2010

5 of 5 customers found this helpful (100%)

Pros:: Easy-to-use platform, Good transaction reporting, Web-based platform
Cons:: Poor customer support
Bottom Line:: No, I would not recommend this to a friend
Quote:: I began my FX trading experience with FXCM.
My first uneasy experience (over 2 years ago btw) was with their customer support. The guy I had was hell bent on getting me to fund an account asap, even though he knew I had no prior experience and was still very uneasy with trading. I let myself get railroaded by him, I opened a $2k account and quickly saw it disappear, whenever I tried to contact him he never replied me and, surprise surprise, when my account was at $0 he calls me and asks how quickly can top up my account...and maybe I should consider making it $10k to avoid being marged out so easily!!
I was introduced to ACM by a friend after a few months with FXCM, compared them side by side with the exact same trades and found the Swiss broker offered me an overall far superior trading experience...all without the pushiness. needless to say I terminated my relationship with FXCM (USA)...
FXCM, Not my best experience!

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wretched_hag40

Intermediate Trader

Unstable Platform with Good Customer Support

5/11/2010

10 of 10 customers found this helpful (100%)

Pros:: Good customer support
Cons:: Hard to-use platform, Spread widens frequently, Unstable platform
Bottom Line:: No, I would not recommend this to a friend
Quote:: Their system is real slow, I am running other trading platforms on the same PC, and never experiences any stability issues. This scenario makes for an unpleasant trading experience.

A bright side however is their good customer service.

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moneychick

Intermediate Trader

Gets the job done

5/10/2010

6 of 6 customers found this helpful (100%)

Pros:: Easy-to-use platform, Good customer support, Solid trading platform, Good transaction reporting
Cons:: None
Bottom Line:: Yes, I would recommend this to a friend
Quote:: FXCM is a large broker with many clients and I find it easy to see why. They have a stable, easy to use and comprehensive platform and they back it up with very good customer support. Everything you need to trade effectively is available to you through FXCM. They provide news updates and trading advice from professionals through their Dailyfx website. They offer a user support forum for their micro account holders and phone support for their standard account holders. They are a "no dealing desk" broker. Their spreads are reasonable and after a few months of trading with them I haven't had any problems to speak of whatsoever. I am satisfied with FXCM and recommend them to anyone interested in trading forex.

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