i read all over the internet its scam
and if i buy currency and do limit profit they will stop it before the profit
is it scam
No. Simple enough.
I’ve used them for 4 months.
Their software is really nice and their spreads are good (in my opinion).
I don’t know where the scam complains come from since I never had a problem with them yet.
The people that are calling it a scam have lost money due to their lack of knowledge on trading. They just won’t admit that.
I’d imagine the vast majority of complaints are from people who’ve lost money and want to blame anybody but themselves.
Its coming up for a year since I opened my live account with them, 99% of the time they have been fine (even reimbursed me when my stop didn’t get triggered and I ended up losing another 2%) but there was once when I got stopped out, looking at the tick chart it hit my SL to the pipette and then went back to its regular price.
But as a whole, they have been pretty decent (And do spreadbetting :D)
been trading with fxcm since last Christmas, no problems at all, i would guess also that most of the people complaining about brokers are not trading properly. in fact i have been with 4 brokers and have had no issues, except 1 time i could not get out of a trade that was in profit, but in the end it actually worked in my favour.
getting stopped out is not the brokers fault, at least not normally…
Well said.
Being a newbie myself, I have also been looking to choose my ‘go live’ broker. I have decided on FXCM but like yourself have also noticed a lot of reviews saying ‘Scam’. Like the previous posts, I am putting this down in majority to traders/gamblers losing money…
im not sure if they are a scam or not, but as rhodytrader is a very experienced and regarded member on here im happy to take his word on it.
but i will say that they took over ODL markets a while ago, and i have had nothing but problems with their demo platform (it was fine when it was run by odl)
also i spoke to guy who used to work for fxcm and he did not speak very highly about them at all. (this could just be sour grapes from an old employee but personally i dont believe it was)
from my convo with him i took it they they arent the most honest bunch around, but then in forex who is!
Hi, im considering joining FXCM soon. Have found a few posts regarding the broker to be a scam. I also found on wiki that the company received a few complaints in the past wherein they’ve been fined by CFTC and NFA. Are there any FXCM members who can share more about their experience… Thanks in advance!
I have been trading with FXCM more than 3 years and I’m really please with their services.
- Their price execution is wonderful no slippages.
- Platform is great, especially the trading station.
- withdrawal process is about 3 business day for money in your bank account or credit cards.
yeah, so far I’m satisfied with their services, 6 stars.
Hi,
i have a live account with FXCM and i can’t complain…spreads are ok, never had a problem filling orders or getting out of trades and their trading station is by far the best software on the market (my personal opinion, of course)…and they are one of the biggest forex brokers, in my opinion much safer than small broker…
They recieved record fines for defrauding clients. The US clients where compensated, but everyone else still lost out. However you look at it, it was deliberate theft, they where caught and punished, but they profited from their actions, and if they thought they could get away with it, they’d do it again.
They are trading on the ignorance of their clients, the terms and conditions regarding minimum lot sizes is a great example of how they exploit the inexperienced. Its not illegal, but its highly unethical.
As a company they are not particularly transparent, and information they provide is often misleading and plain wrong, which can only be due to either absolutely appalling customer support services, or deliberate lies.
Pribably not the worst broker out there, but personally I’d avoid them like the plague.
I won’t open any more FXCM accounts. I’ve had duplicate trades running across different brokers and the FXCM trades always seem to get stopped out first. One trade incurred a 10 pip slippage in a very slow moving market. I didn’t complain as the values were small, but I take my business elsewhere.
Hahaha,but sadly true.Many newbies just lose because of inproper risk management or overleverage…
I know some bucket shops but clearly fxcm such a large company, + its regulated, i can’t imagine how they can cheat and why should they ruin their reputation for a small extra cash,when they probably have a 50 B $ + capital.
Heck I even saw a guy who had 80 000 € accounts at a broker and opened a 10.000 € position and the market moved only a few pips against them and lost 50.000 € in 15 minutes, and then filed a police report against the broker because of cheating them or some sort of fraud :18::18:
yep, and FXCM is a listed public company in states.
brokers hunting stoploss of indi trader with 5000aud account is most insane and ridiculous thing ever. And we see it so often in fx Discussion. And even EAs that say ‘hides yur stops from your broker!’ ha ha.
I wish this would have ever happened to me. Be like winning a jackpot. Would be sooooo easy to prove with history data and compare to 200 other broker histories. All cause they want to hunt a minilot stop and pocket 80aud.
Also if they were constantly moving price out of whack, well then set a trap. Would be awesome. Get them to come after yur stops then instanly bet big or set stop or limit(in case momentary spike0 the opposite way.Easy arbitrage using 500:1 leverage. they would eventually have to move back in line. eventually
Hmm so far i’ve seen more negative feedback regarding the company. Probably consider other brokers like TD. Thanks guys!
Blame the broker for all your troubles. Make sure that you read the fine print that cautions you in advance that slippage will occur, anyway Jason is the right person to intervene on this topic.
grix
TD and FXCM is apples to oranges.
Arent going to be able to trade spot with TD Ameri. or if you can, i assume commission is prohibitive for apples to apples.
I truly believe coming to your conclusion about FXCM based on what you’ve just read here is a mistake. FXCM, along with OANDA have been the biggest for a long time. So like GRIX FX just said, FXCM will get negative reviews on ALL FX forums by default. 90% of all new traders will go broke quick, and there is maybe a 0.05% chance it is the result of any broker.
If TD had been around offering spot FX as long as FXCM and 400:1 leverage (back in the day), and allowing $25minimum account ctreations – you would see the same number of negative reviews for them - by default.