Hi everyone am new to currency trading and wanted to find out other peoples experience with fxcm I’ve been reading other review sites and some people are happy and others say they are scammers. Can anyone who has experience with this broker tell me a little more. thanks for the help.
I would also like to know peoples� experience with this company; I was thinking of opening a Managed Account with them.
I’ve had a live account with FXCM for over 12 months and had no problems, their service is good in respect of answering any queries I’ve had. I think the scamming allegations are from the usual types that want to blame anyone, rather than themselves, for their failings.
I noticed, over the Xmas period, that “forex bastards” was exposed as a scam. Apparently the owner was arranging illegal marriages in the USA as well as running all sorts of forex scams.This is a risky business in respect of attracting the usual fraudsters, system sellers, bucket shops etc so dealing with big reputable companies is often the best idea.
[QUOTE=mustang;35076]
I noticed, over the Xmas period, that “forex bastards” was exposed as a scam. Apparently the owner was arranging illegal marriages in the USA as well as running all sorts of forex scams.QUOTE]
There is no evidence to support the contentions about the forexbastards site and the associated fx services Mustang and I think one has to be very careful about such accusations and hidden agendas that may be being played out. I have been, and continue to be a paying member of various products associated with Felix and have no evidence whatsoever of a scam. Jimmy Young (who I respect enormously and who is well thought of in professional circles) is very clear that he considers Felix to be an ethical Forex trader and operator. I took a trade out of the forexdiamonds room tonight (rare for me to trade the news) that returned 5R and the performance that they report is achievable in real time as I have my MB Trading platform open at the time they enter and exit trades (which are based on the MB platform) so I have no doubt about whether the price was available or not. I have been in that room 15 months and just renewed for another year.
Tony,You make a fair point but I’m not making the allegation just quoting what I saw on a television news article.
I have been with FXCM for about six months. Their service seems to be good.
Their trading platform is straight forward and easy to use. They do have good education program for newbies, web courses and other training materials.
Customer service is good, with quick response. They are well captialize and with offices around the world. One of the few large FX brokers / dealers in this industry. That’s one reason why I went with them.
Two things I like to see from them…
- Be able to offer fix spreads on currency pairs like some other brokers.
- Offer micro lots…for newbie. I think mini lot is the lowest they go.
i dunno… some say this some say that… the thing is… if they are scam… they wont be for long… and they are still here… but because of their size…alot things can be unheard of… so the best is ask someone you know who have trading experience with them… and the someone will tell you… stay off trading and go get a job… and because losers wont exposed themselves… they might not be actual losers but instead victim of legitimate organized skimming operation… hahaha… so in the end who knows…?? those who knows have a part of it… who cares… they are making money… you are giving it… u lose u say youre no good… u give up… everyone else do the same… and forget about it… so thats another day…
But i’m getting in too…
I am a news trader. Sometimes I try to chase after a big news announcement. I was using FXCM at one point and I quited using it.
Why?
Because FXCM’s platform freezes when the market is in fast motion. If you try to put a market order in during that time, you will get the worst execution.
I agree with batman.I have been with FXCM for 6 months and never had any problems.Their service level is of a very high standard in my opinion.They have recently upgraded thair trading platform and it works like a dream for me.Hope that answers some questions…
ta
Im Using fxcm from last couple of years no problem with them so far …Maybe they have some slippage problem during news coz its a critical time far any broker … im not a news trader even i like to stay away before and after the half hour of any important news announcement… im a day trader… I think they are best so far for me…
I also noticed that they lowered spreads…got an email about it and I saw EUR/USD at 0.7 pips although for only a few seconds. Either way they are obviously trying and with metatrader coming out soon I’m excited!
Yes, once FXCM adopts MT4 they will likely get a spike in traders.
As far as their spreads, yes, they have been lowered significantly, even though they only last for very short periods of time, it gives traders a good chance to capitalize.
And for news traders – if you are a news trader you should know that you should have accounts with a few different ECN brokers. FXCM has no desk, so they are definitely an option, as well as MB Trading.
I am just wondering if there is any merit of opening a segregated account with FXCM UK. Although it is UK financial regulations, does it mean that US-based account is less secure.
Any thoughts on this? 
let me say something about comments…
People in general will criticised if they are unhappy… but when they are happy somehow they wont bother to give compliment purposely…
Anyone understands ?
I am very doubtful about FXCM as I heard too many criticism on them… given the probabilities, even 80% of them are fake criticism… that 20% is enough to scare me…
Anyway, i’m still doing my research on forex…I’ve still not yet traded a single cent on it… I’ve been in gambling industry for years… If I’m not certain to myself I will never step a toe on it… This is a lesson which cost much my life to learn…
Up until now… pricing is no longer a trouble to be considered because we cannot do anything about it anyway… the solution to it is have a strategy which decrease the burden on us…
My concerns now are on software risk… risk of attack… lagging… internet connection broke down ( which happen last year when cables affected by earthquakes)… this is potential disaster trading online…
Anyone has comments on all these? I admit that I have learned so much from forums eventhough I also admit that forums are places to trap innocent traders as well…but because of this, make one to be always aware of potential risk around…
Dont banned me for this… it is what it is… 
Dear Traders:
There have been several questions regarding FXCM�s launch of the Metatrader 4 software on this forum. FXCM had planned to release the MetaTrader software at the end of 2007. Since then several challenges have arisen that we had not previously anticipated. As Director of the MT4 initiative I would like to address them here.
In 2006 FXCM moved from a Dealing Desk to a No Dealing Desk execution model. We did this to eliminate a conflict of interest between the broker and the trader, to promote greater price stability during volatile markets, and to lower the potential for market manipulation by increasing the competition amongst price providers. In the last 12 months, we have rolled out the following software upgrades:
- Trading From Integrated Charts
- One Click Trading
- Fractional Pip Pricing
- Partial Order Fill Capabilities
We have experienced delays with our launch for MT4 because several of these upgrades have clashed with the limitations of the MetaTrader software. For example, the MetaTrader software was originally designed for a Dealing Desk model. For this reason, the main challenge we have faced is integrating our no-dealing desk execution into MetaTrader. While there are existing third party programs that allow Dealing Desks to easily integrate MT4, such options are not as feasible when integrating MT4 into our highly sophisticated order routing system.
We recognize the value that the Expert Advisors and its back testing capabilities hold for many clients. With that said, we take the testing of our products seriously. Currently, we are testing how the latest software upgrades for the integration. Until these test results meet our standards, we will not be able to launch MT4. Like you, we certainly hope to offer MT4 sooner than later.
Please sign up at the following link if you would like to be notified when we launch the MT4 software. We will send an email to all traders once we have a firm date.
MetaTrader 4 - Forex Trading Platforms - FXCM UK.
I thank you all for your patience and look forward to a working relationship moving forward. In the mean time, we strongly encourage you to try out our primary trading platform � The FX Trading Station 2.0, which now provides the ability to analyze charts, place orders and track positions directly from charts.
Eliseo Agas
<[email protected]>
Jaclyn Sales
Public Relations Coordinator
FXCM
Financial Square
32 Old Slip, 10th Floor
New York, NY 10005
Dir (646) 432-2463
Tel (212) 897-7660
<[email protected]>
i just paid 10 aud/cad, 15 eurcad spread at FXCM , 1st time, so shock me
so high,
I have negative experience with FXCM. Wire transfer going very long time. Mostly 5 days. When money arrived they are getting 1-2 business days to place them into trading account. If you make them request they are getting 1-2 business days for answer. Before trading account there was opened I asked their Live Support specialist: “How long does it take to close order ?”. They answered they have not requotes at all. Practice is completely different. I got more then 10 times requote when wanted close profitable order. There was impossible to close order at all - “off quote” more than 10 times I got in MT4 platform. I made screenshots of this phenomena and can public here if somebody don’t trust me. Order was closed only by trailing stop I placed.
Several days before I got instant error In MT4 “Trade is prohibited” or something other with the same content.
Their Demo accounts and Live accounts are very and very different. I’m scientist and have a robot I made which capable produce up 100% income per day on their (fxcm) Demo account. But only 1%-2% per day with fxcm Real account… Robot use the same computer, the same VPS, the same… all the same only account are different Demo and Real.
I completely not understand why they provide for people their Demo acounts if results and optimization of EA with this Demo absolutely have zero value for real trading.
If I had such problems with close order, but my business parter have not we can say that this broker have real possibility PROVIDE FOR EACH TRADER SPECIAL MARKET CONDITIONS AND ABLE REGULATE PROFIT/LOSS RATIO of anybody’s trade based on his own view point…
I’m sure instead of Dealing Desk they are using automatic software which make the same job, but at more high level more quick, more fast, based on modern approaches of market price adjustment, modification, filtration, deformation on tick level etc.
I found nothing confirmation in my personal research that they are at least on 5% interested in profitable traders. We are not newbies and saw very much something like this among others brokers especially from Eastern European countries.
I have a mico account with them for the last 8 months and in the process of closing my account with them and opening with oanda. I find there spread high especially on Sunday on major pairs as much as 8 and even higher. And the other more important factor is customer service they are very very bad I question anybody here the tell me I am wrong. You cannot call them if you have a micro account so you have to rely to emails and every time I sent an email it took them at least 3 days, when I asked about the responce time he told they don’t make money with mico account so they don’t care about the small guy. If that is true they should not offer that service to the public. The only good thin they have is they do have a good platform. but now Oanda is getting mt4 so i see no reason to stay with a broker who has high spread and bad customer service. I hope this help you
FXCM is an not a trust worthy broker and takes advantage of retail traders that are not savvy within the fx market. They do not use STP and will manually hold orders because of " no available orders". They are the biggest retail broker, so that’s is a lie.
If you want a true broker find a broker that uses ECN’s with currenx Tier 1 or Tier 2a. Avoid Tier 2b brokers that offer currenex unless you want your broker taking the opposite side of your position
Hi fxbum,
FXCM uses No Dealing Desk forex execution, also known as straight through processing. What you are describing is not correct.
Every trade you place on FXCM’s platform using NDD forex execution is executed back to back with one of multiple banks or financial institutions. Each and every trade is immediately offset which means FXCM does not profit when our traders lose or lose when our traders profit. All of FXCM’s forex prices come from the best prices offered by the multiple banks providing liquidity. The price gets a markup from FXCM (essentially a commission), and the result is displayed to you in the dealing rates window. So, when you click on a price to make an order, you are actually clicking on the best price being offered by one of the bank’s with our set markup on top. FXCM is not making its own forex prices.
I know conceptually, it can sometimes be difficult to understand how execution is working on the back-end with a straight through processing system and how it compares to a dealing desk broker which is why we created two videos to walk you through the process.
Please feel free to let me know if you have any questions.
-Jason