Hi I am on the verge of opening my first live account and its with FXCM (U.K.). Everything is set up, all I have to do is transfer some money into the account. A few minutes ago I read that they are nothing more that crooks and that there MT platform is a joke. Can anyone tell me who is telling the truth here. Am I better of just giving up before I get ripped off. I would like if someone who has dealt with them could just give me the honest facts and no bull. I’m not looking for advice about trading in general, just the plane and simple facts. Thanks for reading. P.S. if there is anyone out there from Rep. of Ireland who can give me the heads up on getting started I would greatly appreciate it. Thanks again.
I’m from Ireland. I use Oanda myself as the spreads are a little better but you’ll be fine with FXCM. They’re a large broker and they’re regulated by the FSA in the UK. There’s always going to be some disgruntled people saying they were ripped off and probably 99+% of those are people with only themselves to blame for their trading losses. You should be fine with FXCM.
I agree with pipbandit you will be fine with FXCM. Yeah they got smacked by the CFTC but they are still here and probably wont do that again. There are big and publicly traded so they will treat you fairly. They dont want the bad press. The only issue I see with them is they really crap on there micro account holders. Witch I dont fully grasp.
Hi Mikey
I have my live micro account with FXCM and I’ve never had a problem with them. The analysis site they are married to (dailyfx) has always been a great help to me if I need any online questions answered by their real time chat help. I think the only issue with micro accounts is that you pay a bit more on the spreads.
I have heard, however, people complain about their MT4 platform, saying they had some kind of problem with it, but you don’t need to use their MT4 platform. I use their standard platform ( I think it’s called trading staion II ) and I’ve never ever had a problem with it. It gives me everything I need. I’ve never used a MT4 platform though so I don’t know what you get “extra” with one.
But I’m trying to concentrate my trades now based purely on price action and S&R levels, and the standard platform has all, ( and more ) that I need for that. If you download their demo account, (trading staion II) for free, you will see what it is like.
Hope this helps.
HoG
Thanks PipBandit Do you no of any Group of Irish Fx traders that I could contact for some advice. I have taught long and hard about this step from Demo to Live and know that it will not be easy. But I don’t know anyone who is a trader and it would be nice to talk to someone with experience in the field. Someone in the Cork area even.
Thanks for your reply HoG… I already a demo acc with them and I find it excellent, I suppose I am having last minute nerves about taking the step from Demo to Live, Thanks again (nothing ventured nothing gained)
Forgive me Mikey for using your quote above as I know your reply was directed at PipBandit, however…
I’ve traded live on a micro for 7 months and I know no-one in glasgow who does it, except Scratchfx, who I only know through this forum site. I also understand why you would maybe want to have a sit down chat with some-one about fx.
But that is precisely what this forum is for. I started a thread, (which I’ve now finished) called Beginner’s Disaster. And I’ve also just not long started a thread called The Trader’s Arms. And ANY time I have a question, or more than one question in fact, I’ve always found no shortage of people who are more than willing to answer it in a polite, informed manner, right here on this site.
It took me a long time to start doing a tour of this site, to look at other threads and get involved in them, but I would encourage you to do it sooner than I did. They really are a helpful bunch. Just remember, this is Newbie Island, there are NO stupid questions, I should know, I’ve asked what I would consider my fair share of them LOL !!
Sorry I don’t know of anybody. There’s a few threads around here where you can drop in and ask any questions as HoG mentioned above. Don’t fret the going live too much. Start small with just 100 quid even and build up a little confidence with real money before adding some more if it goes ok.
I’ve a micro account and a spread betting account with them and I’ve never had a problem either.also use their new iPad app aswell which is good …I’m in Ireland 2 but Not Cork afraid ,Dublin