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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(15)

breezy88

Casual Trader

Mini Accounts Are Good

3/5/2010

2 of 2 customers found this helpful (100%)

Pros:: Low spreads, Easy-to-use platform
Cons:: None
Bottom Line:: Yes, I would recommend this to a friend
Quote:: FXCM seems to get a bad wrap, but I have used there mini accounts which have pretty tight spreads and good execution. If your looking to open a really small account they aren't that bad.

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torino

Intermediate Trader

So So overall for me

2/21/2010

4 of 4 customers found this helpful (100%)

Pros:: Easy-to-use platform, Fixed spreads, Web-based platform, Mobile platform
Cons:: Poor customer support, Poor charting software, Unstable platform
Bottom Line:: Yes, I would recommend this to a friend
Quote:: I know this is probably not new material for most people out there. but i guess when something becomes so repeated it is probably for good reason no? anyway this is really not the worst broker to start with. in terms of platform innovation and overall service, it is probably in the middle of the pack. So using this broker will actually give you a clear differentiation for other brokers you use, both the better ones and the worse ones. You will be safe they are a big company and provides that security blanket somewhat, but for me and probably most people, you will find much better service with other bokers out there you just have to do some digging around. and a lot it can come down to personal preference. Again not a bad starting off broker, can do worse and can do better.

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Specul8tr

Expert Trader

One Of The Better Brokers

2/18/2010

3 of 3 customers found this helpful (100%)

Pros:: Low spreads, Easy-to-use platform, Solid trading platform
Cons:: None
Bottom Line:: Yes, I would recommend this to a friend
Quote:: The FXCM Trading Platform is stable, easy to use, and very customisable. FXCM as a broker have been reliable, with fairly low and consistent spreads. They also offer no dealing desk execution, which means that they are NOT the counterparty to your trades.

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Jocksmash

Intermediate Trader

FXCM biggest is not always best

11/9/2009

0 of 0 customers found this helpful (0%)

Pros:: Low spreads, Easy-to-use platform
Cons:: Poor customer support
Bottom Line:: No, I would not recommend this to a friend
Quote:: Customer service is lousy. They do a great job of making me feel small and insignificant.

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Alister

Expert Trader

not even worth mentioning

10/6/2009

1 of 1 customers found this helpful (100%)

Pros:: None
Cons:: None
Bottom Line:: No, I would not recommend this to a friend
Quote:: FXCM gave me the most harrowing trade of my life. It all started like any normal trading routine. I opened an order to long GBP/USD. After everything was set nicely, I expected to just watch and wait for â€˜normalâ€™ things to happen. When my pips were getting high, my TP got hit and the order process started. I panicked when the price started falling so I hit the cancel tab again and again. But no, the process didnâ€™t budge at all. It went on processing the sâ€”t order. I lost several hundreds! Did I file a complaint? Nope. Calling the untrained and insensitive people in FXCMâ€™s customer service had also been a harrowing experience for me when I was still a newbie. And I think that those kinds of people are not even worth mentioning.

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GTradr41

Intermediate Trader

a crooked broker

9/13/2009

3 of 3 customers found this helpful (100%)

Pros:: None
Cons:: None
Bottom Line:: No, I would not recommend this to a friend
Quote:: This broker, well-known as FXCM, is absolutely a crooked broker. Because of FXCMâ€™s price spikes, I was kicked out of position that had automatically closed when my usable margin got so low. At one time, my open order passed my T/P and reached 28 pips highâ€”but when the price started retracing down, my account was also starting to lose dollars. I frantically and repeatedly clicked the â€˜cancelâ€™ bar but nothing stopped the damned order process. The system even had the nerve to inform me that I cannot cancel an â€˜order in processâ€™! I donâ€™t think Iâ€™ll be using FXCM again. Terrible.

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Pippy

Expert Trader

Not as bad as expected

9/12/2009

1 of 4 customers found this helpful (25%)

Pros:: None
Cons:: None
Bottom Line:: Yes, I would recommend this to a friend
Quote:: Well... Yeah, I know (is he really leaving a decent review for FXCM?) and as it turns out "yes". Who knew. I've been broker bouncing to compare service, execution, etc... My clients want me to use a larger, well regulated broker. The only broker that is even close to FXCM in size, is Dukascopy. So, my report:

My trades are being filled within normal parameters. Meaning: don't trade around news and don't expect to get the very top or bottom of a price move. That is consistent with all of the other "legit" brokers that I've used.

Money is processed very fast and without issue. I crossed a critical threshold last month: I withdrew more money than I orginally deposited (that's usually when you start to have issues with a broker). So far so good.

I have a good friend that works in FXCM's CS department. He told me that FXCM get's reamed by the NFA on a regular basis, so their books have to be fairly clean.

Why not 5 stars? The ole, "If you fool me once, shame on you. If you fool me twice, shame on me". I have a "history" with FXCM, but my clients begged me to give them another chance, so I did. If everything goes well for 2 or 3 years, I'll consider a 5 star rating, lol...

Bottom line: At the end of the day this is still FXCM. We've all heard or know first hand the horror stories. Dip your toe in first!

Oh, and I'm using their MT4 service

Pippy

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Denust

Casual Trader

several orders that got frozen without my control.

9/12/2009

1 of 1 customers found this helpful (100%)

Pros:: None
Cons:: None
Bottom Line:: Yes, I would recommend this to a friend
Quote:: I have a strong suspicion that FXCM is using a software that â€˜stop-huntsâ€™. Several times, when my stops were closed, FXCM widened the spreads so that Iâ€™d be taken out. I had several orders that got frozen without my control. All those positions would have been profitable if they had been closed when they reached the â€˜stopâ€™ time. But despite my impression that FXCM is robbing money from naÃ¯ve and vulnerable traders like me, I still think FXCM is a good choice. You just have to be always alert and good record keeper. Always jot down the ticket numbers of all your transactions with themâ€¦ to be on the safe side.

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lingsbord

Expert Trader

FXCM Review

8/23/2009

1 of 1 customers found this helpful (100%)

Pros:: None
Cons:: None
Bottom Line:: No, I would not recommend this to a friend
Quote:: FXCM are the plain vanilla of retail FX. The platform, although a little bland, is functional enough (Deutsche Bank's retail offering DBFX is a white-label of the same one), the company is financially stable, support is OK, but execution is slow and often erratic, with too many rejections for my liking. One thing I would say is this: I like honesty from brokers wherever possible, and FXCM claims to offer a STP service with no dealing desk. This is simply not true, they DO trade against their clients and recently advertised a vacancy for a senior trader in which part of the job description was "to actively trade against clients". That isn't nice.

Overall if you want something that's just "OK", then FXCM will tick that box, but I think you'll get fed up of the rejections when the market's moving.

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farrag

Intermediate Trader

Excellent Platform

8/17/2009

0 of 0 customers found this helpful (0%)

Pros:: None
Cons:: None
Bottom Line:: Yes, I would recommend this to a friend
Quote:: One of the best aspect of their platform is chart trading and how customizable this is!

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