FXCM vs forex.com

So, has anyone used FXCM here?

From what I see, there are a LOT of bad reviews out there (esp at forexbastards.com). However, I’ve found their systems to be one of the easiest and their brokerage to be one of the most helpful ones out there. So is it just me or are the people who are complaining amateurs who have lost money due to their own mistakes?

I’m thinking of setting up a mini account with them, so I’d be glad to hear your opinions of them. I’m sure I could get a more informed review here than from forexbastards :slight_smile:

My other option is forex.com. The great thing about them is that they allow for multiple credit cards (each up to $5000). Their systems seem quite easy to use as well. Not to mention the great phone support :slight_smile: However, I’ve heard that they don’t have a “no-dealing desk” option. So, any reviews here would be great as well :slight_smile:

Thanks,
antler

I used to use FXCM. I like their platform a lot, more then any other platform I’ve ever used.

I’ve only had fair dealings with them, not those horror stories like you hear on forexbastards. I was stopped out one time on a trade and when I checked my charts, I saw the price never even reached that level. So I contacted them, within a few hours I was called and told it was due to a bad tick, and to reopen my position at market, and I will be credited the difference to my account to make it as if I was never stopped out. I placed the trade and was promptly credited back.

I agree with you on that it is a bunch of whiners on there who feel like every broker is making them an unprofitable trader.

The main reason I don’t use them anymore is they don’t have all the currency pairs I would like to trade and they don’t pay interest on your deposit. If they had Gold and NOK, I would consider switching back to them. I was told they’re looking to have more currency pairs, including NOK, in the near future. I’m currently with Oanda and they are pretty good, I do wish they had trailing stops and a bit more order type options.

I’m starting with FXCM, and so far I’ve not had any problem with them. They are very helpful when I’ve chatted with them (online chat support). I took one of their courses that offered to give back my money after 10 trades, and I didn’t have any problems with that either. So far, they have an A+ in my book.

I’ve not tried any other, but curious about those that let you use MetaTrader.

i am happy with fxcm – i know of people trading in access of 4 years that are happy with them –

Wanted to eat venison, so he shot a few bucks.

FXCM platform is superior to Forex.com along with their service. But there something going on with them trading agains their clients and not allowing you to take or exit trades at critical times.

These are not good guys, stay away from them. Period. This blog was probably started by one of their cohorts on this site.:eek:

hey guys, i’m fairly a newbie & have been trading with fxcm since Jan 07…and to be honest Iven’t had any trouble with them so far. I must say I’m on the No Dealing Desk account & I think one would trade against them or fxcm against their clients only if its a Dealing Desk.

From what I know, No Dealing Desk means they just pass ur orders to other banks & they make their money from the spread. With Dealing desk account, u’d be trading against their traders who have control over the spreads(can widen how much ever they want & whenever) & can also fill everyone at their stops.

Now i"m planning to try Interbank FX’s mobile platform…still researching a good pda/mobile

hope that helps.

I’ve been demo trading with FXCM since 2006 and like their platform and service. But, I’ve been bothered by reports on this forum that they are corrupt. I don’t know if these original reports are from people who didn’t know what they were doing and simply lost money or are legit complaints.

But last I checked, FXCM offered “no dealing desk” and “fixed spreads.” Take this with a grain of salt, but I think you might have some of it backwards. The no dealing desk option is where your spreads vary widely based on bank rates. This is what I’m demo trading now. This is supposed to be good and bad as you can potentially get better rates. I demo traded both the fixed option and the no dealing desk. Initially, all demo accounts were at the fixed option, then for some reason they moved everyone to no dealing desk.

While the no dealing desk was supposed to offer other unique features (like hedging ability), for what I was using it for, I actually found the spreads to be better most of the time using the fixed option. What concerns me though is the execution of the fixed option or whether they don’t honor your stops and limits or closes. This is because I remember them having some kind of disclaimer about news events or unusual conditions affecting the spread.

I’ve never experienced a problem demo trading. PS, I went to the site and I couldn’t find the fixed option info anymore. Do they not offer this anymore, or perhaps I just didn’t look in the right place?

In any case, what I would like to see in this forum is hard evidence that they are corrupt complete with setups, charts and stops. I would also like to hear from professionals who are trading successfully with FXCM. If there isn’t anybody, than I guess I know my answer.

what a coincidence that i found this post, i’m looking at these two brokers as well…

fxcm offers buy/sell signals to anyone with a funded account. does anyone take these signals, how do they perform?

What kind of trading platform fxcm and forex.com use, is it a VT trading or something else?

Hi Alex,

I’ve been using the desktop trading platform (the demo version). I tried using a web based terminal with another broker (not FXCM) and hated it. It was so slow and clunky and I have a fast bandwidth connection. I didn’t feel comfortable with a web-based system. But some people swear by it. I don’t know if FXCM offers a web-based system. I don’t remember seeing it if they did.

FXCH and FXCM, I always get confused between the two :slight_smile:

I never had any success with their signals but the news plug-in on their platform carries a lot of useable info on order flow, stop levels and market sentiment. It’s an aquired skill to use it profitably though.

I’d stay away from the signals if I were you and look to develop your own trading style. At least that way you can improve.

If anyone is signing up with FXCM or Forex.com (Gain) then you can receive no-strings cashback on all trades, like airmiles. Take a look at my site (click on my user name) for info.

Michael

Hi Michael,

Do you know of an inexpensive charting package that works well with FXCM that allows you to program it to alert you when your system indicators line up via pda or mobile?

Sorry, don’t know of any auto-alerts that link up with FXCM. My only suggestion would be to customise an indicator (or get someone to do it for you) in Metatrader simply for the alerts and then act on it through your FXCM account. Or else open an account with a metatrader broker.

I have used FXCM, but I think forex.com is the simplest and easiest to use. I think theyre fair enough. No complains.

1Paris

I got my live account with forex.com I only like them for fixed spreads , simple to use and no monthly fees. but Their info and everything thing is worthless. I got the demo of FCMX and its a lot more detailed yet easier to understand. Forex.com always posts something is going to happen, like way after the fact has already occured resulting in delays and loosing trades, since then i use several forex websites to gather info and make a trading decision. FCMX get news from squawk which is mostly always right on the money. Who knows I maybe switching broker soon.

Funny thing is FCMX gave me a $50,000 demo account so I’ve been trying to loose money to a more realistic level that i want to work with, but ended up making $9000 in an hour…these demo account are a trip!

I’ve spent four days trying to sign up with FXCM. I have contacted customer service, which were too busy to assist me. I filled out the FXCM application twice, which they admit has errors from time to time. They promised to have me up and running today. They have my money, but I can’t trade.