Hi please forgive my writing skills. I want to start with what made me open a micro account with them, i like the platform a lot but hear my issues with them. The worst mistake you make is open a micro account, you can never pick up the phone and talk to customer service and if you try email they will get back to you after a day or so. Their answer for this issue is because they do not make money on micro account. FXCM spread has been going up lately it use to be little above 2pips on eur/usa to an average of 3 on regular bases. I believe anybody who want to trade currency should start with a micro account because some of you traders are really good at this. I really want a forex broker similar to cmsfx they had great platform and low spread wish a broker would pick up vt trader I would open account in a heart beat. My other option is to attend trader expo this Feburary in New York and hopefully find that one broker that fit what I am looking for.
I would say 3 pips is higher than regular base for EURUSD, especially for scalping is too much!
3 pips is high. You shouldn’t be paying more than 2 pips for EURUSD.
Try fxopen, better spreads.
yeah, better try fxopen it has better spreads.
how long u been with fxopen btw?
6 months and think I after new year going to change to fxopen it is very sad that fxcm giving up on the new guys.
I am upset with FXCM too. I am using MT4 platform and have a lot of problems with them.
During news my slippage goes up to 30-50 PIPS (It made my news EA ineffective).
I accept that and I do not trade news and I am still with FXCM .
FXCM have a pretty good support re. talking to technical expert but their whole system at least for MT4 users stink. Even during the quite time (today Dec. 30) my stop loss was not executed as I put but with 5 pips slippage and of course always against me.
Please will someone with more experience (with brokers) explain to me how this can be possible /allowed/ . I am decently intelligent person mathematician and this kind of broker handling completely destroyed my strategy planning. Thanks
you don’t have to close fxcm account. you can always have fxopen with fxcm. I’m sure they’ll improve.
I disagree with you if a lot of people leave they will get the massage we should help each other finding better broker that care about their clients, they got so big because of charging higher pips then other brokers. in short i hope soon a lot of people will leave them and use honest brokers who want to help there clients grow and they will grow as well Happy new year to all 
Simple. They use a plugin in their server which spikes prices momentarily in their favor, which is called stop hunting. The plugin is an automated version of what’s termed a “dealing desk.” Remember with a bucketshop you’re not trading FOREX , but simply against your broker using FOREX quotes as a reality check from time to time. Your trades are aggregated and don’t reach the intrabank network as would an ECN.
Fxopen spreads aren’t any better and they are not properly regularized… Can you suggest a better broker??
Hi dk,
It’s not uncommon for spreads to increase during holiday periods whenever liquidity has decreased. Now that we are exiting the holiday period, you will most likely see spreads returning to their typical levels. In general spreads are tightest during the major trading sessions outlined in the BabyPips School Trading Sessions | When Can You Trade Forex? | Learn Forex Trading .
FXCM’s no dealing desk forex execution receives prices from multiple financial institutions. The best bid and ask price being quoted from the financial institutions is then displayed onto the platform with a small markup, which is generally one pip for a major currency pair. This markup acts as the commission on the trade. When a customer clicks on a price, they are actually clicking on a price from the bank that currently has the best bid or offer, plus our markup. So the pricing you are seeing is dependent on the pricing being quoted directly by banks and financial institutions and not arbitrarily being set by FXCM.
FXCM Micro is a good option if you’re new to forex trading and want to practice and learn forex trading starting with a small balance as low as $50. All support for the micro accounts is held online through the support forum and by email. Once you’re ready to take the next step, you can upgrade to the standard 10k account which has 24 hour full customer support including phone and chat. If live support is crucial to your trading, then I would certainly suggest going with the standard 10k account instead. It just depends on what level of service you need.
If you’re trading with a dealing desk, then you’re trading against your broker. A dealing desk broker is making the market and can profit from your losing trades. Clearly a conflict of interest.
FXCM uses No Dealing Desk forex execution. Every trade is executed back to back with one of multiple banks or financial institutions, which compete to provide FXCM with bid and ask prices. Yes, slippage is possible because your order is being filled dependent on where liquidity is available. The advantage with FXCM is that your limit and limit entry orders can also experience price improvement, meaning the order is slipped in your favor.
Please let me know if you have any additional questions.
-Jason