FXCM, Oanda and forex.com, Which is best?

Ive never had a problem with Oanda in the past year i have been using them. Easy to deposit , easy to withdraw. Good spreads and decent customer support …

there is no a perfect broker, each broker has their own advantages, you need to know what you are looking for, the best way to check is to use some forex broker comparison websites, you may find some extra information about the broker which you can not see it from their website

Anybody ever use MIG and Dukascopy? They both seem to have compatitive spread, but what about the cust support and wihdrawal?

i havent used dukascopy but heard they are good. iv opened a account with oanda.com and im very happy so far. all my trades i have made a profit and unlike other brokers it hasnt gone to a loss when i trade.

using oanda and im very pleased. would reccomend to any person wanting to get into forex.

Well i heard Dukascopy is very good too and they are ECN broker, so their spread is small. But i don’t know about their execution and their support?

I suggest you Google “Dukascopy Scam”. I have found numerous reviews of Dukascopy this way. Most of the ones I’ve read alternate between 1 star (“it’s a scam”) and 5 stars (“they are the best”). My personal opinion - and I’ve talked to Dukascopy and to FINMA (the Swiss Financial Market Supervisory Authority) by phone - is that the first group of reviewers may be closer to the truth.

I would urge readers to wherever possible trade FX through a major bank - Citibank or similar. With the many smaller operations like Dukascopy you will not know how they actually operate or how good/bad they are until something unfortunate happens to your account. And it’s not difficult to open a bank in Switzerland - they have an awful lot of them for a small country.

I have been contacted by sales at FXCM several times to sign up. I reviewed their service on the forums. From what I have read the customer service is not good, but the platform is OK. So, I decided to give them a try.

I have been trying to start an account with FXCM since Thursday (4 days now). On Thursday night, I contacted the customer service via chat. I chatted with Shalom. He told me he was busy chatting with other customers and could not answer my questions, but he did send me the sign up information. He told me the process would take 2-3 days.

On Friday I tried to sign up, but their servers were down until Sunday night. I paid $2,000 USD on my credit card. My bank sent me confirmation that this amount was paid. I submitted my ID and Proof of Residence.

Then on Sunday night I receive an email from FXCM that my credit card could not be processed, because I didn’t fill out the application? The servers are online now (Monday morning), I fill out the application, and when I am asked for my Country of Residence, the United States is not available as a possible selection! So , I select the next closest country - The United Kingdom. Now, I am receiving emails for FXCM UK.

My sales rep, William Stamps, assures me he will have me up an running for trading Monday morning. So far four days of headaches and no opportunity to trade.

Jason Rogers at FXCM, I tried to email you directly. But, I am a newbie with less than 20 posts, so I cant send emails through this Forum at this time.

So today I received a phone call from my rep William at FXCM at 12:05 PM when he arrived in the office. He told me that he received my information. Then he told that I filled out the application wrong, by including my Country of Residence as The United Kingdom. I asked him if he read my email. He said “yes”.

In my emails I explained the FXCM online application would not allow The United States as a country of residence (this has now been fixed).

William explained to me that this problem has happened in the past. Then he explained to me that he “can’t promise me anything” about getting online today. I paid the deposit, filled out the applications, completed the verifications…and nothing.

I sent an email to Jason Rogers with FXCM from this site, but I have yet to receive a response.

I have invested approximately 8 hours going through the FXCM “sign up” process.

Hi Pipswoody,

I’m sorry to hear about the trouble you had this morning. It turns out, the reason you could not find the United States in the drop down menu for Country of Residence is because you initially completed the account application for FXCM UK, which does not accept US residents. My colleague David has informed me that since then, he spoke with you and helped you complete the account opening process with FXCM US. Please let me know if there is anything else I can do.

Jason

As I have been explaining in previous posts, The United States was not present in the drop down menus (the problem was confirmed by William at FXCM). As a result, I selected The United Kingdom, because the drop down menu has an Astrix (*) and I had to select a country or my application would not be submitted.

Now, you are telling me its my fault because I filled out the wrong application. :33:

The problem is that the FXCM did not properly Beta Test the application. Again, William confirmed that FXCM was having problems in this area. Unfortunately, neither you nor William understood the issue I was having despite having received my emails.

I am up and trading now. I am working with David, a Sales Manager at FXCM. He is on top of my account and I will be working with him exclusively to avoid any more issues in the future.

Hi Pipswoody,

There seems to be some confusion here as we are both saying the same thing :). I just wanted to explain to you the reason you could not see the United States in the drop down menu of the FXCM UK application in case you were wondering. I’m glad my colleague David was able to resolve the matter for you. Good trading!

Jason

So far the platform has performed well.

I’ve invested over 1.5 hours today trying to deposit money into my account at FXCM. I contacted my bank and they told me there are no problems on my end whatsoever. I told this to FXCM and they told me to try again. So three tries later, I am writing this post. I contacted my rep who is working on the issue. Apologies are nice, but TIME is MONEY. The last thing a Forex customer wants to do is sit on the phone all day with their broker wondering why the system doesn’t work properly.

What I don’t understand - AFTER ALL THE COMPLAINTS, WHY DOESN’T FXCM HAVE A BETTER CUSTOMER EXPERIENCE?

I just noticed this thread :3 I would like to say that I am a full time trader and my broker is forex.com, I have been with them since I started with $1000 and I cannot even begin to say how impressed I am, their customer service is the friendliest and most knowledgeable of any customer service for anything that I’ve ever tried, I’ve never had to hold, I’ve called all hours of the night (24/7 service), I’ve had several long conversations with the people answering the phones about what they think of the markets and how they trace, had a few laughs, and when you sign up they assign you a strategy advisor who gives you his personal email and phone number to contact him with any questions about forex, you can even ask him how he trades :smiley: the smallest account startup is $500 in the US, they have very low spreads and swears, offer mt4 and for those who don’t like the layout of mt4 they offer another platform they made that is awesome! It’s like comparing windows95 to a Mac, the only thing it doesn’t have on mt4 is custom indicators and ea’s with mlq4 :3

I just open a demo account, and they did offer competitive spreads, but their swap is extremely large, Audusd short -24 for 100.000 lot, the broker i use is -14

The company I hear the most positive feedback about is Oanda

Read more: 301 Moved Permanently

I’m Canadian and I would like to start forex but if I want to use Oanda I need 5 million net assets or I need a 200k income for 2 years. Wow I won’t be able to start forex soon lol.

Canadian need to sign a Accredited Investor before we can start :31:

I think fxcm is the best

The saga continues…

I have been experiencing numerous issues with FXCM and the “Mirror Platform”. I have remained silent for the most part. But, staying silent is not doing a service for my fellow forum readers.

I currently use FXDD and FXCM. My move to FXDD was prompted when I discovered FXCM was not executing my orders correctly. I trade the Asian, London, and NY Sessions. I contacted FXCM on Monday. I spoke with Gayla McGinnis. For over an hour I explained to her my issue during the NY Open. I could not make any trades during this time (opportunity cost). She didn’t understand why I was upset and told me they were going to run an audit.

Here is a portion of the audit from FXCM. This is just one example:

"Ticket 49285449
EURJPY 10k Buy

Limit entry created 6/12/12 08:59 at price of 99.483, price changed to 99.551 at 08:59:45. Entry order deleted at 09:06:32. Price was reached on Ask chart at 09:06:46 after order was deleted.

Your screenshots did indicate that your were looking at bid charts, instead of ask charts.

No adjustments warranted in this case as the limit prices were not reached.
As with all financial products, forex quotes include a “bid” and “ask” price - the difference between the quotes is the spread."

OK. Now I have attached both the Bid and Ask Prices for the EUR/JPY @ 6/12/12. You will see the FXCM Internal Audit is false. Both Bid and Ask prices were achieved with ease. According to the audit, I canceled my order at 09:06:46. As you can see from the screen shots, this was impossible as my order was executed at this time.

I complained because I placed a LONG order at 09:03 for 99.487 while the pair was increasing in value for a small scalp or break out (see charts). I sent Gayla the screen shot. The audit does not show this, but the screen shot did. My order did not execute for approximately 15 minutes later after the pair has started to trade down.

In short, FXCM did not execute my trade until it became a losing trade close to 15 minutes after I placed my order. As a result, I was stuck in a losing trade for 48 hours. In that time period, I was unable to use this margin to execute other profitable trades, costing me income.



I received an email from Gayla stating she would be out of the office until next week. Meanwhile, my problems persists so I called customer service.

I called during the London Session the next day, but I was denied access to a broker. Saud, my Customer Service Representative, could not confirm my identity. When I tried to rectify a non-executing order, I was not able to reach my broker. I asked a Manager to call me back.

15 minutes later I receive a call from Charles Graves. Charles was able to verify my identity within 20 seconds. Meanwhile, my order falls into the abyss. Charles told me he would “take care” of the trade. As you can see, no one has taken care of anything with regards to my account.

I spent over an hour on the phone with Charles explaining my issues for a total of 4+ hours on the phone with FXCM personnel this week. I explained that my time is being used to deal with issues, thus I cannot trade and make income. We agreed that he would talk to the FXCM people and they would contact me only when they have discussed a resolution to my issues .

So today I get a call from Technical Support at FXCM asking me what’s the problem…

Now I have sent an email to David Joseph at FXCM asking if he could please oversee Charles, Gayla, Saud, etc…

To be continued…