Newbie here (6 months into my forex experience). I have a question, hopefully, a simple answer.
I’ve used a multitude of different brokers, Oanda, IG, Plus500, LCG, FXPRO etc. I used the demo accounts and traded for real with a small budget on each. Finally, I’ve got round to trying out FXCM UK. I opened a demo account and had a few goes on it to see if this could be the one. Then I decided to check the history and reviews and was disappointed to see that FXCM has been banned in the US for a number of reasons.
FXCM internationally is still operating but my question is, can they be trusted to not be continuing the bad practices they used in the American market? If they were doing those things in the US couldn’t they have been doing across all the markets internationally?
Have you seen their historical international regulatory record?!
No broker has been fined more often, in more different countries, or bigger amounts of money, or for a longer succession of unethical, sharp, deceptive and dishonest practices than FXCM.
I don’t believe that many people, anywhere in the world, who are aware of their regulatory record will be using their “services”.
Many regulators’ opinions and findings have been made clear repeatedly.
It’s personal opinion only, but I wouldn’t touch them, myself.
I’ve been reading more into FXCM and the shrug your shoulders and oh well attitude they have. As I’ve already mentioned it seems more likely that their practices were not just limited to the US. Would it also make traders outside the US wonder if they were doing the same thing to them?
Yup, the big 3 all offer accounts in the UK. forex.com, interactive, and oanda. They are all regulated by the FCA. So look at the FCA site and see if they have had any shenanigans lately.
Absolutely right Trendswithbenefits. The more I read about FXCM the more I can’t understand why they wouldn’t be losing more clients. I think the thing that strikes me the most is the attitude of FXCM and the US market. It really seems like they had no problem dumping the US side because it wasn’t worth their time. Maybe the FCA might do the same here.
Please don’t bother them to open a live account for your own good, Because in the demo account and of course its not a real money, they don’t do unscrupulous thing in your account, But in the real in the live account I had an experience before I have a live account with this FXCM and also I open in IG market with little amount of money to try these Brokers. You know what happen I open Sell position in AUD/USD in FXCM, at the same time I open the chart of IG market platform too, What happen was the level above the very recent tip I put my stop loss, I had notice the FXCM had a very long wick which touches my stop loss & resume the trend going down for a very short period of time, When I compared to IG Market Chart there’s no wick in them. So from that time I close my trading account with this FXCM. And when I read the forex report in Forex Peace Army.com It was a Market maker Broker and also there were bad report on this broker. So please don’t continue with them I sorry your money, theres a lot out there a good broker like the ECN Brokers, in this kind they can’t huntdown your stop loss because your open position is not seen by your broker it goes straight to the Banks.
I’m not going to bother with FXCM, there are too many cons and not enough pros. I’ve been using Oanda for awhile but I’m getting cheesed off with stop loss hunting, disconnections (i use a pc and laptop) and them being market maker to boot. Exactly whats happened to you erazon.
