why this forum is promoting most forex scaMMNERS often Exness.com is one of them also
How do you know that Exness is a scam. Do you have any proof/cases/your negative experience?
yeah, how about Interactive Brokers? how about LMAX over in the UK? how about GAIN GTX? how about DukasCopy? how about Baxter-FX over in Australia (but that’s a prime broker; nonetheless, with 50K/USD you are in business, and Australian law has your back way more than in the states or even the UK)?
or how about RJOBrien, the oldest founding member of the CME? let’s see… RJO vs FXCM? mmhh… i wonder… which one has the better record? mmhhh… yeah, i thought so.
the fact that FXCM clients still have issues, to this freakin’ day, is not only unacceptable but downright disgusting. with today’s technology, there is absolutely not a single reason why retail clients should not have DMA (Direct Market Access) to institutional LPs. the only reason most retail brokers still fight this is because the retail clients they have penned in generate too little volume and hence the fees they would be charged by LPs would be higher and they neither want to pay them nor pass the cost on to their clients because the retail crowd would start howling ‘why is it so expensive compared to this other crapy broker?’.
what FXCM and all the rest should do is to finally educate their client base about the market structure and how this business works from the broker’s side. once people understand that, i bet a lot of the useless whining will evaporate and who knows, you might even not lose customers if you give them the access and execution quality you afford the 50K+/USD so-called ‘pro’ accounts.
personally, i would pay higher commissions fees if it meant i could get filled on institutional grade ESPs with my orders optimally routed to the best price across any and all of the major ECNs, both institutional and retail.
by institutional, my definition is: BATS Global Markets’s HotSpot, Currenex, Integral, FXAll, EBS, LMAX Pro and LMAX Institutional, SolidFX, FastMatch, GTX, XCDE, FCStone, FXSpotStream, SWFX (DukasCopy), to name a few.
and if in fact average ticket volume doesn’t come close to, i believe the minimum ticket size that is accepted even on an institutional ECN such as the one provided by EBS is 100K/base ccy, then why not route orders onto an internal EXN (not a typo, EXN not ECN) and have that match orders to other FXCM retail client orders, and even better should other FXCM client liquidity be lacking, then why not source it from other retail ECNs such as Dukascopy etc… why not integrate all this fragmented retail ECNs into 1 global marketplace if the institutional ECNs will remain off-limit?
i mean, there are quite a few ways to provide such a marketplace with no execution issues. just take a look at what LMAX built in-house. their engine tech is even open sourced. it’s stellar. i personally never had an issue execution wise, not even during this year’s SNB black swan event. how much did that end up costing FXCM? almost 300M/USD? jesus! one would think some IT overhaul is in order.
anyway… just my 2-cents.
There is no doubt you need to confirm few things before making statements like this about FXCM. Obviously, I cant see your charts but these may be possible reasons.
On Sunday candles often open with a large gap. Most brokers are closed for the weekend and liquidity is very low, so it can be difficult to open or close a position. Though, I don’t trade with FXCM, What I’ve heard from some people is that, trading days after sundays tend to have such messes
That claim is related to the period 2006-2010 and was related to managed accounts. FXCM had some companies manage their clients money, but after te effect those trading companies were not as good as was thought and the clients had to pay a lot of commission to those companies. It was said that FXCM should have been more careful in selecting such trading companies. It was not considered scam, just poor judgement in selecting counterparties on behalf of those managed accounts clients.
Differenct playing field and not direct related to giving us retail traders a hard time.
Did you actually read the case or did you just copied that they had a fine?
So you have no a problem with waiting for execution until the whole lot is filled with micro-lots by the retail traders? Poeh, when I think of it it already makes my head tumble. When that lot is filled the price is already invalid, so it needs to be requoted. Than all the traders need to agree on that new price, by that time the quote os already invalid. and so on. 
But I do agree with the rest of your mail.
Jason,
is that indeed ALL retail trades, so including the non-ECN style accounts?
Although, FXCM resolved this case, I am still quite skeptic about them. If they could deal with an unregistered firm, and then fail to report their financial data, it means they could be doing even more out there!
Hi Fred,
I apologize for not following up with you sooner about this, but I was out of the office during Christmas when you made this post and didn’t notice it until now. Your friend may have received his withdrawal by now, but if not, please have him send me a private message with his details, and I’ll be happy to follow up. 
It’s worth noting that the latest publicly available data from the CFTC show that retail traders have entrusted more client funds with FXCM than any other retail forex broker in the US. In fact, the amount on deposit with FXCM is over 36% greater than for the number two broker.
The execution stats mentioned above are for all orders executed between September 2013 to August 2014 on our No Dealing Desk (NDD) forex execution model. Back then all FXCM accounts were on NDD, and we continue to offer NDD execution on all standard accounts.
In 2015, in response to demand from traders with smaller account balances, we introduced a new mini account option that provides DD execution and up to 400:1 leverage* for accounts with starting balances as low as $50.
We haven’t posted new stats since then, but if we do I can let you know.
[I]* CFTC regulations limit the leverage available to US residents to 50:1.[/I]
Thanks, that would be awesome.
Is there someone that can summarize this thread. Are we still of the opinion that FXCM is a scam or can we move along?
I think also noted with interest someday back that FXCM spreads did widen from0.6 to 20+ and back to below 1 in seconds. there is no doubt most people never so it, but I am waiting for FXCM to report their data to find out more. Its no wonder FXCM was fined for failing to report financial data by NFA
Lots of brokers do this, especially in times of poor liquidity. It’s not a scam, its a fact of trading.
Nothing to do with old, historic fines. Learn how fx works and study the facts before posting
FXCM may did some scams and that did paid for it!
https://www.fca.org.uk/news/fca-fines-fxcm-uk-4-million-for-making-unfair-profits-and-not-being-open-with-the-fca
It’s says that they made a bigger slippage on favor of company then the clients, that’s why they paid 4 mil pounds …
Who knows maybe they still making some scams which no one is till know, even FCA or USA authorities …
Again, old news referring to 2006-2010
Who knows maybe they still making some scams which no one is till know, even FCA or USA authorities …
What a stupid comment, you could say that about any company in any industry.
Don’t get me wrong, I owe FXCM no favours, but it gets my goat when ill-informed posts appear accusing ANY broker of scammimg appear here. They’re almost always from newbies who are looking for anyone to blame for their own failings. Either that or newbies who have been scammed because they signed up to a broker offering bonuses without carrying out due diligence on them
Yea, you do not read the article and you wrote a comment, because you saw i have few coomments and its look like I am a newbie…
FXCM made the scam between 2006-2010 yes, but FCA got suspicious and start the investigation at end of 2013… and at 2014 there is a final notice…
So FXCM made the scam [B]4 years long [/B] against its own clients making million dolars profit… they got the penalty at 2014…
So now one more time "Who knows maybe they still making some scams which no one is till know, even FCA or USA authorities … “” and there will be a penalty after 2-3 years for their scam from yesterday!
I am concentrated in Turkish Forex Brokerleri , as I see the for the same reason FXCM got fine, the turkish SPK mouth ago made fine to turkish broker ALB broker but not a million dolar fine just 8500 USD.
Mutludali
Well, if we’re going to use your logic we shouldn’t trade with any brokers as they may all be doing something illegal that they haven’t been caught doing yet.
P.S. I never said you were a newbie, you’ve been a member here since 2011 so why would I say that? I said its almost always newbies who complain about scam brokers.q
Hi Mutludeli,
It’s important to understand that as an industry leader, FXCM is subject to a greater level of scrutiny than smaller, less-regulated forex brokers. We are one of the only retail forex brokers in the world that’s regulated on three continents and a publicly-traded company (NYSE ticker: FXCM) averaging $16.5 billion per day* in retail customer trading volume. We welcome this position of responsibility, and our retail clients who place 689,635 trades through us per day* are glad we do.
FXCM takes regulations very seriously and believe it is in the best interest of our clients for us to have regulatory oversight and transparency. That’s why we have over 80 employees in our compliance department as mentioned by our CEO Drew Niv in a recent earnings call. That’s not to excuse previous regulatory actions, but rather to emphasize how we actively work with our regulators to resolve issues and ensure the best trading environment possible for our clients.
The FCA action for positive slippage not being passed on prior to 2010 is a case in point. Perhaps you were unaware that FXCM reimbursed current and former clients in full for any positive slippage that was not passed on prior to 2010. Furthermore, the improvements we made to made to our platform back then mean that FXCM is now one of the only firms in the industry to pass on positive slippage to our clients in full for all order types and to make our execution statistics proving this fact freely available to all traders: Positive Slippage and Price Improvements - FXCM
[B]How do you feel about brokers that withhold positive slippage from their clients and slippage stats from the public to this day?[/B]
[I]* As of the latest publicly available data from January 2016[/I]
Hi Priscaha,
You can review FXCM’s historical spreads anytime you like by looking at a tick chart on Trading Station. The platform will also show you our live spreads, but you can see them here if you don’t have an FXCM account: Spreads Plus Commissions - FXCM
It’s important to note that on our No Dealing Desk (NDD) forex execution, FXCM offsets each client order one-for-one with the best prices quoted from competing liquidity providers. That results in tight competitive spreads. When spreads widen, it means the liquidity providers have widened their spreads, most likely due to a news event or trade rollover which occurs every weekday at 5pm New York time.
You can use the DailyFX Economic Calendar so you know when there is a scheduled news event: Forex Economic Calendar