Peter I recommend GFT. They have excellent customer service, and their platform (Dealbook 360) is awesome. I have a live and demo account with them and I have no problems ever.
Is this still true?
Hi Brolin,
In 2010 all FXCM Micro accounts were upgraded to No Dealing Desk execution. Before then banks were unable to offset microlot trades for our clients to make NDD possible. Now all FXCM accounts types offer No Dealing Desk forex execution.
Jason
Brolin I can verify what Jason states there are a stand up company. I have some issues with them that I will not go into. In the end your money is safe and they are a great broker. I will say after reading this thread (since it got bumped up to the top) the original poster seems to be a fraud and got busted by a reputable broker that did there homework. I know you only quoted one question here. But I can see how this thread could leave a bad taste in someone mouth about FXCM and I will not put words in Jasons mouth but I will say what I can tell he wanted to but has to be professional. That guy was full of it. Not he was a scam but I can say after dealing with many brokers that beyond a shadow of a doubt his names and addresses on his docs did not match. There is no other reason they would look for credit card statements other than to verify an address. Similar happened to me not long ago when I tried to withdraw funds from my broker. I had changed my address not long before and not only was my withdraw denied but my account was but on hold. When I asked why all they asked for was new prof of address (electric bill). Credit cards are not needed ever not even by FXCM (trust me I was approved for an account but never set it up). I dont own a credit card as I dont believe in debt or the fact that I need something if I cant pay cash. But I still could open an account with my bank account (yes I have a debit card) but if you can verify you exist to your broker then if they are reputable then you dont exist to them and for good reason. And if the fact of whether you exist or not does not matter to your broker then they are a bigger scam than you are. I don got to say good job keeping your professionalism here Jason but I had to comment. I may have not opened an account with you guys due to my issues but wow this is a load of crap and someone has to nip it in the butt since it is on the top of your page
I hope so, because that’s very suspicious and I will refuse to do it.
I wonder what’s the criteria to approve an account.
Thanks for your comments bobmaninc. I’m interested in FXCM and your opinions are always considered by me.
Hi Brolin,
In order to open an account with FXCM, you would need a photocopy of a government-issued ID (such as a driver’s license or passport) and a proof of residence (such as a utility bill or bank statement) dated within six months for the address indicated on the application.
Jason
But on your website and Terms of Businnes you mention stuff like contacting Credit Agencies, like if it was a loan. Can you please explain on that?
Hi Brolin,
If you have any questions regarding our Terms of Business, your best resource is our Compliance Department. You can email them at <[email protected]>.
Jason
Okay. Thanks for pointing that out. I will contact them.
I have to say that I am very annoyed and disgusted, I sold my my stuff iphones game set so as to start trading and today fxcm told me that they denied me an account.
I am shocked. I called the compliance department and they gaveme no reson or whatsoever…
Hi Freeze4real,
An application could be rejected for any number of reasons, for example if an applicant is under 18, or resides in a country that is restricted by regulations from opening an account, or is on a government list of individuals suspected of being involved in illicit activities. FXCM abides by the regulations set by government bodies in the US, UK, Australia and Hong Kong.
Jason
Im from the EU and I’m over 18.
Hi Freeze4real,
I can’t discuss the specifics of anyone’s application on a public forum. You’re welcome to email our Compliance department at <[email protected]> if you have further questions about this.
Jason
If an account is rejected and they don’t tell you the reason, then I guess it cannot be called transparency.
what do you mean ?
That they should give you the reason.
Hello,
Seems like a dormant thread. Had a query.
How long does the Audit department take to release funds to an account in case it is established that a stop loss was triggered due to a bad tick resulting in a loss on a profitable deal?
They have admitted that there was a bad tick and that funds would be credited to client account. But that was 3 or 4 days back. So far the funds have not been credited. (initially the stop loss was hit with the actual market quite a distance from the stoploss level. This seems is a regular thing as they explained it was a bad tick. Tehy took a few days to confirm it was a bad tick. And confirmed that they would reverse the loss and actually credit the amount of profit,if the deal had run i’s course the TP would have been hit shortly, to the client account.
Would like to know how long it normally takes. And would a separate email be sent to the client once the credit to the account has been affected…
Would be great if I got a reply today.
By the way in case there are any concerns regarding withdrawals from your FXCM account. I recently applied for a withdrawal of funds and got it quite promptly. The amount was a major portion of my account. No hesitation. Funds into my account smooth as can be.
Cheers
DD
Hi DD,
From the time you get notification from the Audit committee that your account will receive a credit, it can typically take 3 to 5 business days for the funds to appear in your account. When the credit has been made, you will receive another email from our Operations department as confirmation. I would be to follow up for you regarding the status of your account credit, if you send me a private message with the details.
Jason
I actually thought the thread was dormant.
Thanks but my account was credited with the profit amount the very same day that I posted here.
But they have not credited back the loss amount that was debited due to the bad tick. I have sent them a email asking them to rectify this error as well. So I am still out approximately 33 pips worth that was debited due to the bad tick.
Now again the waiting starts.
Maybe 2-3 days?
DD
Shoot me a PM with your details, and I’ll try to get this expedited for you.