|SCAM||If you want to see if these people are honest simply go to their website, look at the updated spreads, then open your platform and compare.|
The spread for the EUR/USD on the website is .2 pips. On the platform its 1.5 pips.
The EUR/GPB spread on the website is .7 pips. On the platform its 1.8 pips.
Who thinks this is honest?
I believe every favorable review is posted by people paid by FXCM.
|The problem with the brokers is that, it is not they who are dishonest, it is the liquidity providers who are dishonest, these brokers are actually in bed with market makers by providing your trading positions, your cash balance, and how much cash you can sustain through loses for the trade, through the trading platforms, and then market makers take out your positions, by enforcing margin calls.||moiz banani||18.11.18|
|SCAM||They are scam. My friend and I traded with them. He makes lots of money on gold. What they did I just close the opening of trades. They said some mt4 traders have problems.., pile of crap.. He couldn't open or close positions for 3 hours after he banked 1200$ from a starting capital of 2k (total 3.2k). He withdrew his funds leaving 100$ and turning it to 350$... That's when they started manipulating their system.. In my own personal account using the trading station 2, even worst! Stop outs are ridiculous.. Anyone who likes fxcm either works there and comments here. Or has no idea what he or she is talking about!!! Stay away like staying away from fire... Legal mafia! Pssshhhh||Roy||19.10.18|
|SCAM||FXCM Gain Capital Fraud scam !|
In Aug 13th, fxcm stop loss all my orders !
|fxcm is a scam||17.09.18|
|Really, I have great experience with this trading broker. It is very good broker and also number one broker in my country. In addition, I get all kind of trading opportunity from this regulated platform.||Papiya||30.07.18|
|Yep, If you want to hear silence,, just tell them you wish to close your account.... they cant figure out that this is part of the business and they have to be as GOOD as they are at grabbing your money.. I believe they have some college boy running the business who has never really had to show a penny's worth of character, so he has no clue that what he is doing is not really businss, its the lack of it.||Alex||18.04.18|
|SCAM||i open order on hauusd. i have 192 usd enough usable margin but they are closed my position. message: margin call. so bad||Trader||03.04.18|
|You closed my account. Please let me know why and open it again. I talked to one of your reps. and he said everything was in order. i gave him my credit card number that i have had for at least a year. Ted Kuipers||ted kuipers||11.03.18|
|SCAM||They won't respond to my queries. They probably have no proper support to answer the questions regarding their service.||Jeffrey Weber||13.02.18|
|SCAM||On the surface, FXCM is excellent. They have a friendly staff that always patiently answers your questions. They offer good educational material. There was no hassles adding or removing funds. I had no problems with the trading platform, no unexplained slippage while buying and selling.|
The problem starts where it really matters, the price action. Movements against you always travel much faster and further than any movements in your favor.
Getting prices from multiple banks seems a good thing, but it is how the scam is accomplished. You start the trade from a bank with a competitive price. Once in the trade the broker can legally switch your price to what any one of their associated banks is offering. With a wink and a nod you are switched to the pricing of a bank highly unfavorable to you. Now that same bank will give a wink and a nod to the brokers trades with exceptionally favorable pricing on other pairs, making it much easier for them to profit.
FXCM's 23% of traders who have profited should say it all, their number, not mine. It is found at the end of their agreement. Test my words for yourself, but not on a practice account cause it didn't happen there. It looks like they didn't learn from getting sued.
|I share the same feelings with others, I thought I am just the only one experiencing these. When I open a demo account with FXCM it is seems the trend is friendly with me and easy to get profit, I am convinced to open live account the trend is always against me, I had a hard time to make profits, I felt there is someone trading against me, whatever position I enter it eventually reverses by position and price gap is too wide, but in practice it looks good. Also their broker agents are very persistent to make you open live account even when you are just practicing new, when you loss they advice to deposit again until you got broke, after that they are not so concern with you anymore.||Ninzki#@&||17.12.17|
|I have not yet used this trading platform but it seems to me that for every 5 bad reviews there will be one good one telling you how good they are and to invest money. i hear that people have had trouble in getting there money and positions being closed this is just legall roberrey||Theboss||15.12.17|
|I've been with them for about 3 years and they have been very good. I had problems when I was using MT4 though them so I changed to their Trading Station platform (which is heaps better anyway). I wouldnt completely trust any broker so have in the account what you need for margin and keep the rest in the bank.||Jakey||09.12.17|
|SCAM||Thought MB Trading was bad until I tried FXCM. Phantom trades , impossible execution during heavy trading hours , not allowing to close out my trade and lock in my profits. Frozen platform, getting stopped out matter which direction I went, in other words watching the chart mysteriously gravitate towards my stop every time, and then make an abrupt reversal. Coincidence? They're laughing their sick heads while robbing unsuspecting traders. Stay clear of this Broker , it is positively a Scam and any good reviews about them are an inside job. |
Traders beware of this Broker! God only knows how many people they've scammed .This is coming not only from me , but from some expert talent in the business.
|March 2007 Opend an account in FXCM with 2.000$|
December 2010 My account has more than 80.000$
I make a withdrawal after 4 years working every day
And FXCM says is not possible because you have a demo account ....
|I don't suggest anyone doing business with this company! They're horrible. I live in Japan but don't read/write Japanese just like most of the foreigners living in Japan. When I signed up with them they opened a US account for me- they moved me over to FXCM UK couple years later due to different legal formalities. On October 30th, 2011 they CLOSED my account because they wanted me to move my account to FXCM Tokyo. I lost close to $40K because of them going into my account and liquidating all my positions. When I called them they said- we emailed you about this. I went thru my Trash box- there was a letter in JAPANESE, that started with "Dear Customer," in Japanese. It looked like simple SPAM e-mail. They automatically assumed that since I live in Japan I read/write Japanese. If you're going to CLOSE/LOCK someones account- a phone call or a private email is necessary. I have communicated with FXCM in English from day one. When they wanted to close my account they tried to communicate with me in Japanese. Pure Non-Sense! I have requested them to compensate me- they IGNORE my emails and tell me to go complain to the Financial Ombudsman Service. |
They throw you around like a bean bag when they are wrong. Really horrible customer service.
|Had a number of experts running on their MT4 platform. One of them made quite a bit of money so FXCM disabled my account. They said I was manually trading and exploiting some MT4 bug. As I never manually traded, I was puzzled by their action. Have sent all expert receipts to them but they never return my emails or $$$.||Account disabled, money seized||29.11.17|
|4000 EUR profit disappeared over night when Metatrader and FXCM became unsynchronized. I called FXCM and the help closong the orders took exactly the time it needed to reduce all profit to zero.||Eric||21.11.17|
|i played on demo for about 2 weeks and now open a real account. so far it's been great . I have never done this before. I really don't understand how do you lose i haven't had any lose postions but had made little bit. everything is really easy to figure out. the key is that try from small. don't try to jump into big deals||new to fxcm||20.11.17|
|Ive just lost $23k with FXCM.|
I dont know whether they scammed me but I do know that the system freezes just when you dont want it to and that the slippage is horrendous when you dont want it to be becuase I am using another live feed to check prices. Also, I could swear I was being bet against especially on high leverage trades!
Again I dont know if all this is down to my inexperience but I seem to have much better luck on their demo account.
|Forex Capital Markets LLC Ordered to Pay More Than $14.2 Million to Settle CFTC Charges Relating to Its Failure to Supervise Customer Accounts |
According to the CFTC order, from at least June 18, 2008 until December 17, 2010, FXCM failed to supervise diligently the handling of customer accounts traded on the FXCM platforms by its officers, employees, and agents with respect to changes in price between order placement and execution on both market orders and margin liquidation orders. The order finds that FXCM%u2019s failure prevented its customers from receiving the benefit of price movements in customers%u2019 favor, but allowed its customers to suffer detrimental price movements. The CFTC order finds that had FXCM diligently supervised its personnel, FXCM would have discovered these problems with its trade integrity and would have had the opportunity to correct them before its customers were deprived of, and FXCM benefitted by, approximately $8,261,937.
|What are this for reviews? FXCM Service is very good. The call back in seconds, they answer to every Email within minutes! The software ist very good, spreads are low... so i could not understand these reviews! These reviews are scam, not FXCM!||Chris||25.09.17|
|that's hard to trade with this broker because of the constant requotes||13.09.17|
|FXCM is a good broker I've ever know.|
The most losers have the same problems:
- you don't have enough Risk Management & Money Management skills.
- You don't have STOP LOST & PROFIT TARGET on position(s).
Now, try use STOP LOST & PROFIT TARGET, you'll see FXCM system ALWAYS close your position(s) on STOP LOST & PROFIT TARGET ;)
|SCAM||full time trader and must admit that many of the scam reviews posted here are what I have experienced with fxcm. The worst being that the price charts are simply not accurate at all. And FXCM does indeed hit your stops and margin limit from as far away as 20 pips on a regular basis. The price never reaches these points on any other data service (I have several on at all times) but fxcm shows up to 20 pip one second moves-thats 20pips down and then 20pips back in a few seconds. I would have to conclude based on a year of trading that fxcm is a scam, sorry.||dave||13.09.17|
|Back in early days of 2003, BOM started to shut me out due to my success. When I used them, you would either win or lose, then they change to you had to beat them and their spread too. No more higher or lower, but higher or lower within limits. |
They like to take and not give back. Throwing your money away and how fast? Fast as Hell!
|I love how everyone says FXCM is so bad. They are only the biggest name going in FOREX, with about 200 million dollars in capital. All you people who say FXCM is a scam, "oh, they took all my money", they stop hunt, trade against you, you are all a joke. Can you say NOOBS? This is FOREX. This is the biggest market in the world, it is the most unregulated market in the world, it is also the most leveraged and volatile market in the world. This is the wild west of investing, and if you can't handle it, maybe you go hide under the covers of your bed where its nice and safe and warm. My advice: get a second job, it's not safe out here and it's not for the faint of heart. It's not for the quick-buck artist, or those who want to "get rich quick". I have pesonally both made and lost money doing the forex thing, mainly with FXCM, and a little with CMS Forex before FXCM came out with their mobile version. Nothing I've seen in my few years of trading had led me to believe either of these companys are scams in any way. In fact, FXCM gives out free advice and training if you have a live account with them. Not bad. Forex is very similar to stocks in that you don't go looking for trading oppurtunities, you wait for them to come to you. Example: The BP oil spill. As all the sheep were busy dumping their stock, I was scooping it up at a bargain price. There is a reason that these companies trade against their customers, why shouldn't they, when the majority is always wrong? FXCM will be the first to tell you, too. It's called the Speculative Sentiment Index or SSI. They update it twice a day, and even advise you which direction to trade. Is it their fault people go against their advice? I thought it was a free country. I'm with Oanda now, as their ability to trade any unit size gives unparalelled flexibilty.||Chad Kruger||14.08.17|
|I have been averaging 20m trades for the last 3 months and they deny me active trader status. I called them many times asking why. they will decide if I qualify next week! although in the phone they confirmed that I already qualify with the volume I make. 10m is active trader according to their web site. Also, I just noticed, by not making me active trader, they can charge my smartphone trades .10 cents per 1K. I ran queries and noticed 60% of the losses are because of this bull shit. This is theft! If I qualify for active trader status, why I must fight for it is beyond me. This status must automatically appear in my account as soon as I qualify for it. Active Trader means lower commissions and free smartphone trades.||newforextrader||30.07.17|
|don't believe these newbies complaining, try yourself $1 starting, tightest spread, good costumer service, always live and good execution||Av||27.07.17|
|SCAM||This is a last part of my 40 minutes chat coversation with help desk where Im was complaining about 7 days delay with withdrawal:|
FXCM - Yosef: may I just ask
FXCM - Yosef: aside from the withdrawal
FXCM - Yosef: how do you feel about trading with FXCM?
FXCM - Yosef: have you been satisfied?
you: Look, MIG bank can close my SL or TP order exactly. You not. Why? Again and again +0,3 pips or more offten -0,1 to -1,0 against me. And after again and again "Auto acc. sync." plus/minus something... It bothering me... You can see my complain somewhere. By the way, I was waiting 2 (!!!) weeks for answer on it and somebody call me in Saturday at 9:30 PM!!! Crazy... :-(
FXCM - Yosef: I am sorry
FXCM - Yosef: when you place a stop with us we are sending it to the open market
FXCM - Yosef: MIG will be happy to fill your stop at any price since when you get stopped out they are booking a profit
FXCM - Yosef: since they are trading against you they are able to see where your stops on and they have control of the price you are seeing
FXCM - Yosef: doesn't that strike you a bit of a conflict of interest?
you: You are filling my stops LATER then I want and TP earlier then I want. With you I have less profit any more lost. Are you a trader? Do you have your personal experience with trading? Or you just repeating what you learned on the training???
FXCM - Yosef: I trade
FXCM - Yosef: I can assure you we are filling your trades at the best available price
FXCM - Yosef: if your stop or tp are hit we fill them at the best rate
FXCM - Yosef: no one is hunting for your stops or limits
FXCM - Yosef: and it is in our interest for you to be a profitable trader
FXCM - Yosef: so if your stop or limit is getting hit it is a result of valid price movement in the market
FXCM - Yosef: and not some arbitrary price being set by a dealer trading against you
you: OK, i spending my time with unproductive chating and I have meeting in a minute, so I have to go. Sorry. Thank you for your time.
FXCM - Yosef: thank you for chatting
FXCM - Yosef: and I will log your complaints
FXCM - Yosef: and I do hope you continue trading with us
FXCM - Yosef: it has been great chatting
|SCAM||FXCM Micro is a scam company - exctracted from me all personal information during sign up process and then didn't allow me to make payment, rejecting my country when trying to make deposit, though country was allowed on the beginning of sign up process and if it wpouldn't be ok they could stop sign up at beginning. Means all this "sign up" was meant only to gather my personal information for some dark purposes. Now need to worry what dark purposes they had on their sleep when collecting all my personal info :(||rasa||25.07.17|
|Hai guys i'll trade in FXCM it's good trading platform and time frame fast responsibility low commission compare to all withdrawal every easy......go for it....||uthayakumar||23.07.17|
|I'm not trading demo nor live, but have a managed account that the 'experts' are trading for me since the first of March. This is via a trading company that works for FXCM. I pay a 25% performance fee a month on new earnings. June has been the only good month. I was able to w/d $1,500 in profits. Thank you. This means that March, April, May and July have sucked. They've made more money for the broker than for me. |
Initially, I deposited $2k. The highest my account went up to was to $5400. In April, it nearly bottomed out at $500 before going back up and only after I questioned them. As of this writing, I'm back down to $2k.
We had another short talk last week and this is the answer I received: '...when we add a new client to the pot, the broker closes out the short position and reopens it at the price the new account posts at. If this were not the case, you'd still be seeing the balance remaining the same while the trade was open. Also in the brokers eyes, once they reopen the position at the price the new accounts enters at, then if it continues in our direction we will gain those losses back...'
They've given $1500 to the broker this month alone, losing another $200 yesterday on 3 bad trades. So, was this from poor trading or did new clients get added to the pot? I was told that everyone with a managed account is traded from the same pot of money.
If this reasoning makes sense to anyone, please clue me in.
I'm looking for another place with managed accounts, but pickins are slim.
Is anyone out there happy with their managed account? Please and thank you for your feedback.
|had a spread of 12 liquidated my hedged positions. CAD retail sales. lost $4,600. I accounted for maybe a widening spread of 5-7 from the normal 2.5-2.8 but nope it had to go further. I also had a negative slippage. it's called something else when there's a price that doesn't exist and they liquidate it. I got back $60 from the $4,600 I lost, because it's my first time placing the audit. I originally deposited $2,000 to prevent this margin call, but requested three times to be expedited because the money was taken from my bank already. didn't work and now faced a margin call b/c of a spread of 12. FXCM offers you the best competitive spreads, but be knowledgeable that there's no spread maximum it can hypothetically go to ~100||No broker is your friend||29.06.17|
|I have been with FXCM for about 4 months now. I have not experienced ANY of the negative items listed on this page. I don't get the complaints made here ... i.e. the platform opening up trades or not closing expediently. This has never happened to me and I have made hundreds.|
Granted my account is lower than when I opened with 20K but that is my fault. Not the platforms.
Good luck all...
|I read the bad reviews and thought to myself that the people that post these reviews just need to make excuses for their short comings. So I went ahead and opened an account with FXCM and quickly realized that they scam you and you can not do anything about it. I have had the exact same things happen to me as all the other posts mention, and have kept the tick chart open and watched the spread get widened to hit my stop and then on the other side watched it get widened so it would not hit my profit order, I quickly removed the profit order and the spread went back to normal, add the order back and the spread again widens by twice its normal.|
They are SCAMMERS and after one week my account is being closed.
And just for the record I have been trading FX for 5 years and never have I posted on blogs but I had to this time.
UNBELIEVABLE, they should be shut down.
|As there is a lot of mention of newbies, and I am a newbie, I thought I would rate FXCM.|
Firstly, Overall I have made a small profit.Initially i doubled my money and then lost it all.It was my fault and nothing to do with getting scammed. I risked too much and "played" FXCM a little like roulette.
When I did make a little money, and I am only talking about 2000, I was able to withdraw it quickly and easily.
I have been using the new mobile version which I have found very useful. It has many bugs and is only at the testing stage, but I have found it pretty reliable. When I did have a problem with not being able to use access my orders through my phone, I was able to call FXCM and they helped me out, even though I have a micro account and am not entitled to telephone or online assistance.
I am not sure whether FXCM does scam people, and I guess if they were going to they would try to scam bigger fish than me, after all, why scam a small fish and make $300 when you can scam a big fish and make $3000 or $30000.
If I was a bigger fish I would be concerned if I thought FXCM was taking positions rather than just filling orders. I would hope they were just acting as an agent between buyers and sellers and not a buyer or seller themselves. BUt I have no idea what they do.
Basically, I do all my trading online and i can see if an order is fille d or not. I don't think FXCM could scam me very easily. If they locked me out, it could just as easily help me as hurt me, so I don't think it would help them to lock me out. I think they are quite happy to let me and people like me trade freely-they make plenty from the commissions.
|SCAM||"Experienced Day trader, Swing Trader, Scalper, and beginning Automation.|
I've used FXCM MARKET SCOPE platform for over 3 years.
I have experienced Lock ups, delayed executions, Stoploss and Take Profits REMOVED FROM THE PLATFORM Windows during big selloffs.
And, thats what you get with FXCM.
Is this being Dishonest? Yes, I would have to say so.
Is this Uncommon? No, be aware that these situations. This can Happen so be prepared.
How can I prepare for a Platform Lockup? It is a horrible feeling, and comments in this forum can barter the emotional feelings, But we cant do anything. Brokers will always blame it on our computer or Internet connection.
How can I prepare for delayed execution? Don't scalp at market opens, News, Or try to get in on Big movements. Fxcm will not let you get in on the MONEY at that Moment. You will have to LEARN how to get in on these trades before the Momentum kicks in.
How can I prepare for FXCM not accepting my Stoploss and Take Profit?
If you are using Boston acoustics mt4 FXCM (not recommended)you can ""CODE"" an EA to handle this scenario. IF you are using their MarketScope trading Platform, You can Try to use a HEDGE order at TP levels and Or SL,(FXCM UK ONLY) but then you will be subjected to order execution.
I personally stopped using FXCM about 3 months ago.
Why 2 Stars? Because its Not a Bucket Shop or a One man Show, and FXCM will send you a Check in the Mail, when you do make money! We have used FXCM for over two years. Were we ever a Victim? Yes we were. And, we documented it. http://schaarrand.blogetery.com and go to Scams!
We were locked out of our platform, Stoploss and TakeProfits were not honored, and delayed execution which froze 2 orders from being present within the trading platform. This has happened several times in London Session. We no longer use FXCM."
|I'm a trader and today my client lost more than 10,000 EUR with FXCM on the trades we never made. Stay away from FXCM or you will lose your money.||Pablo||17.06.17|
|Ok, I've been with these guys for a few months after paper trading for a few months. Mixed results but starting to see some weird "coincidents". Like, every time I open a trade the price action stalls around my open. Ok, If I was opening huge postions..maybe..but a few K?? wierd. Then, there is a tendency for trades to gravitate towards any stop I place but this seems to be limited to a "unnoticable" pip level. For example, I just had a small trade in USD/CAD move in my favor, then come right down to the stop I had arbitrarily placed (on purpose) and then move back up and well clear of my profit objective. Hmmm. Maybe lightning does strike twice but it seems weird. I get the general sense that these guys are building a platform for profit versus a platform for market making. Sad cause it doesn't take much thought to realize that you make money on both sides of the deal as a market maker. And, in fact, make more money if your clients also make money. Sad and stupid.||V||08.06.17|
|ive been trading for 5 yrs i blewup my account due to rookie mistakes not fxcm dealings itake full responablites iam the one to blame not fxcm||cleanup||27.05.17|
|I really didnt want to have to do this, but as of now losing $5000 with them, granted SOME of it was my fault and im more then willing to take responsibility for my stupidity but this company really stacks the odds against you!|
I agree with all the complaints other have had about them.
1. the demo is not the same as the real account. i was making good money on the demo consistently, not the case with the live account.
2. the spreads are way to high
3. the slippage is shockingly bad! ive been up $200 and by the time it cashed out i was down -80!
4. the live data feed IS NOT ACCURATE
5. margin calls called when adequate money was in account to cover the trade.
i feel like ive been ripped off and i truly am upset. please dont waste your money and time with this company, just because they are the biggest, to them that just means more people to rip off!
And now im trapped, i dont have any money left to move to another trader.
this really sucks :(
|When I started trading with FXCM, I at first was losing money left and right. But then I figured out what I was doing as far as forex goes, and to date am doing extremely well. I don't know. All of my trades have closed and opened with out a hitch. I've never had a server problem, and all of my emails to them have been answered within a single business day. So to me, anyone who thinks FXCM is a scam shouldn't be trading Forex in the first place. It is a high risk game, by the way!||Kurt||17.05.17|
I opened an account two months ago and I am going to close right now.
Overnight STOPS don't work! I left stops that were not triggerd causing me a 120 pips loss. It has happened to me twice. I not going to trade anything knowing that stops are uselees.
When markets are calm, platform is fne, but if volatility surges like the last week, there is massive slippage. I hit a bid on usd CAD at market and the trade was executed 8 pips over the price displayed on the platform.
i do not recomend at all this broker.
Well after NFP.............to be exact, at 9:45 AM est I was looking a EUR/JPY and placed a short trade at 117.25
and had an instant execution ..........but...........it immediately read MINUS 33 pips!!!!!!!!!!!!!!!!!!!
Ticket number 33722163
How on earth could that be???????????/
Then looked closer and saw that fxcm had TOTALLY different quoted prices for EUR/JPY from the rest of the world!
I opened my account statement and saw that the trade was recorded to be taken at 9:41 and NOT as per my trade journal 9:45 !!!!!!!
further more, FXCM thought it "wise" to open me at 116.858................instead of 117.25 !!!!!!!!!!!!!!!
I was on a live trading room at the time..........FXTactics.com and all the rest of the guys said they had similar problems with FXCM !
Well, all I can say is that we are losing all faith in the mighty FXCM.........so we closed our trade as soon as it showed a plus, at 2 pips!
Instead of 45 pips plus............why? Because what could we think at that stage? Will FXCM just do it even worse and go to the extreme
and take us out at minus 50 or more pips????????????
FXCM can spend in excess of $100,000 on exhibitions and marketing at a time, but us small traders are left to foot those bills??????
not happy - and searching for some broker that could promise not to do that to us in future.
| I read this forum over and over reading the bad reviews of FXCM expecting it to really be a scam. Here is some food for thought. 95% of individual traders lose all their money. I see where those 95% end up. Right here on this forum. They come here to point their fingers because they can't except responsibilty for their own actions. |
Half the people talking about errors with the platform are probably using a mac with the beta software in which FXCM does not support and they clearly disclose that on their website. The other half are either demo traders or micro traders scalping for a few pips. Your wasting your time!!
I use FXCM everyday and make a living on my PROFITS I get from using their trading station. I have never had a hanging order or problematic errors with the platform. I don't email them for issues when I can call them almost everday of the week and speak to a real person. Better yet, I can chat with them very promptly given certain market hours and you can even request that particular person to call you immediately. I trade millions of dollars in notational volume every month and still, no problems.
I can tell most these people their problems.. If your scalping, your wasting your time and your going to lose. If your trading the news, prices gap and you can't get in on the pairs as it happens and it's a terrible idea anyway. If your trading with a micro account, you obviously shouldn't be trading forex anyway... Is a few dollars really worth your time or even a brokers? Forex is not a hobby and isn't for the weak minded.
Given my experience with FXCM, I find them to be exceptional. Their spreads are generally low(given at least a standard account). All my orders are executed almost instantly. Customer service good, but can improve. Love their mobile platform. Best of all, THEY PAY! Everytime. I request funds and the transaction is completed usually less than a day.
I highly recommend new traders stay away from forex and try the equities market first. I give FXCM 4 stars because they can improve like everyone. These allegations are bogus and this is where you'll find those 95% you hear about. If anyone would of had a problem with FXCM, it would have been me, considering the amount of trading I've done with them.
|I must say that it is the easiest thing to point your finger at the broker when you lose money. Sometimes I even feel like "the man behind the curtain" that controls Forex is watching my trades only and flips the switch as soon as I enter. Yes, this man that controls all the currencies in the world has it out for me for some reason. He sends the market in one direction just to tempt me to enter the trade and as soon as I do, he reverses it. I don't know why my $16 stop loss is so important to him but, he sure wants MY money.|
I know that sounds ridiculous but that's how I felt at the beginning. I knew this wasn't really happening but that's what it feels like when your losing money. When you switch from demo account to a live account, you trade different. There's real money at stake and you just trade differently. I had an issue with a different broker on the charting software so that's why I switched to FXCM. It sucks that so many of these brokers only make trading platforms for Windows when I use Mac. Even with Parallels, I seem to notice a big difference in functionality of the platform when running in Coherence Mode vs. Window mode. I have not noticed this with FXCM's MarketScope 2.0. Also, I just stopped running Parallels in Coherence Mode. BIG Difference!!! I'm kind of starting to think that was the problem with my previous broker. Well, not the broker's problem. Now I feel like a tool. I really like what FXCM has to offer though.
To all new traders, beware of any Forex Insider news that you may get. It's kind of like the Enquirer of Forex. They hear rumors and print them. You just have to learn to take the info with a grain of salt. Some is true and some isn't. Even if FXCM does trade opposite of some of their customers, the only man that's been known to "move the market" is Soros. 95% of traders lose! That's a lot of people! You will most likely lose. I've read about people that consistently lost money for 5 years until they started making money. Do you have that level of commitment? Start small. Don't chase your losses. Proper Money Management. These are things to keep in mind.
|The below is just an example there are so many errors...|
auto shift in amount lots/ not able to change entry points or stops/limits
no response for questions asked on errors faced..
No support, return email/ph when you want to discuss problem but when you want to put your money in they return call very punctually.
Worst customer supprt manager I have ever came across. He is least bothered of your problems or what you are trying to say. He say do what ever you want its closed here from my side as I don't see any problem.
Please wait for a site operator to respond.
All operators are currently assisting others. An operator will be with you shortly. You are number 1 in the queue. Your wait time will be approximately 0 minute(s) and 18 seconds. Thank you for your patience.
You are now chatting with 'FXCM - Peter Y'
FXCM - Peter Y: Welcome to FXCM's Live Chat Feature. How may I help you?
Neha: Hi Peter
FXCM - Peter Y: Hello Neha how are today?
Neha: I have written to the compliance departent about issue i have
Neha: and I didn't received any acknowledgement mail
FXCM - Peter Y: I apologize for the inconvenience Neha.
Neha: from last 2 weeks i am hearing only that
Neha: let me know why I received the margin call on 21/04/2010
Neha: I want to know the reason
Neha: and if I received a wrong margin call how will u guys be taking care of it
FXCM - Peter Y: Neha I see that one of our reps
Neha: u apologize to me even before I say someone that means there are many with complainets and its a habbit
FXCM - Peter Y: Neha
Neha: I see that there is manipulations
Neha: and frauds done
Neha: and I see that there is no way FXCM will let us win trades
FXCM - Peter Y: our compliance will review your inquiry and they will get back to you.
Neha: I had just no errors till time I lost
Neha: but now when I win trades i am full of errors
Neha: and with no support
Neha: before I got fantastic support over my losses
Neha: and i feel now that I have not closing investigated them may be they were also a smart move of FXCM
Neha: when will complaince team get back to me
Neha: Why can't I from my side make a call to them now and speak to them
FXCM - Peter Y: Neha your conversations have been noted
FXCM - Peter Y: and they will get back to you once they have made a resolution
Neha: and I repeat
FXCM - Peter Y: and they will call you directly
Neha: I repeat
Neha: let me know why I received the margin call on 21/04/2010
Neha: and if it was a due to error
Neha: then I am due 1582 pis equivalent Euro amount from FXCM
Neha: I emailed them why I didnt received any aknowledgement
Neha: how will I know when will they call me
Neha: is there any time frame
Neha: and why I can't call them as I can call other customer service department
FXCM - Peter Y: Neha I truly do apologize for your frustration
Neha: What is going on
FXCM - Peter Y: however you have to understand
Neha: What are u guys up to
FXCM - Peter Y: that compliance has your inquiry under review
FXCM - Peter Y: there is nothing else I can do from my side
Neha: what will I do if FXCM say to me we have nothing to do with your errors
Neha: and dissatisfactions
Neha: u can choose to stop trading with us
Neha: and why errors r only when trade is in favourable direction
Neha: and not otherwise
FXCM - Peter Y: We are regulated by the National Futures Association.
FXCM - Peter Y: we have to meet strict guidelines to operate as a company
Neha: then reply me
FXCM - Peter Y: we do take your inquiry VERY serious
Neha: why I received the margin call on 21/04/2010
Neha: Now i am sure that I can never earn from u guys
Neha: but loose
Neha: to get back whetever I lost I need to run around court rooms
Neha: and wait till court decides
Neha: and invest my time and energy in sueing u guys
FXCM - Peter Y: Neha it is the hands of our compliance department
FXCM - Peter Y: and they will get back to you with a resolution.
Neha: Mr. James Munkittrick who claims to me manager of Sales department have refused to even listen me and he have no interest in my problem and errors I am facing... may be because he is used to receive them from many
FXCM - Peter Y: Neha I am sorry you feel that way. Certainly our compliance department will review your case and make sure that if there was an issue on our end you get your account adjusted accordingly. Keep in mind due to our business model it is not in FXCM's interest to have our clients loose money on their accounts, but rather to be profitable
Neha: when will they get back
Neha: how will I knw
Neha: I have not received any mail confirmation of my writing to them
Neha: and still my question is intact
Neha: why I received the margin call on 21/04/2010
Neha: Can no one else then compliance committee can answer it
Neha: why can't u answer it
FXCM - Peter Y: Neha it is at our highest level of investigation within our company
FXCM - Peter Y: the compliance department has opened a case for your inquiry and once they reach a resolution, a representative will give you a call as well as send you an email with their findings. This procedure usually takes about 2-3 business days.
Neha: now how do i ensure this complaince committee work in customers favour
Neha: its ur company's committee it work for company's favour
Neha: and as till now I have enouch proofs to be sure of that how you people are in business
Neha: I have also read reviews in internet
Neha: and open cases against FXCM
Neha: unfortunately I didnt do that before putting my money in FXCM
FXCM - Peter Y: Actually the regulators due that for you Neha. Keep in mind that FXCM is regulated with the CFTC and the NFA, which are entities that work to ensure that the correct business guidelines are being followed. If at any point FXCM was not providing accurate information or working against you, we would be penalized by them.
Neha: this compliance committee have any one from CFTC and NFA
Neha: Do I need to contact these entities to inform them about how I am being treated
FXCM - Peter Y: The CFTC and the NFA are separate entities. They overlook and regulate licensed firms like ourselves.
Neha: compliance committee is made up of FXCM people
FXCM - Peter Y: Neha that is why our compliance department will get back to you.
Neha: is there anyone from CFTC and NFA in ur comlaince committee to make sure they do right
Neha: I dont trust u guys nw
FXCM - Peter Y: The CFTC and the NFA are separate entities.
Neha: and tell me how should I trust ur comlaince committee
Neha: I heard that
FXCM - Peter Y: Your case is under review with compliance
FXCM - Peter Y: once the compliance department has provided a final response
Neha: But I still feel you should be able to tell me why I received margin call on 21/04/2010
FXCM - Peter Y: and if you are still unhappy your next step is the FSA ombudsman
Neha: what is that
FXCM - Peter Y: financial services authority
Neha: also NFAand CFTC
Neha: I should contact them too
FXCM - Peter Y: If you have a UK based account the account is regulated under the FSA ombudsman.
FXCM - Peter Y: If you have a US based account it is regulated by the NFA and CFTC.
Neha: and to fight case against FXCM I have to come UK
Neha: I will do everything
Neha: but this is just not acceptable
Neha: cheating people
FXCM - Peter Y: Our compliance department will get back to you.
|I have traded with them , I have my team traded with FXCM on MT 4 Account >THEY CHEAT when you make Money. They will Lock you from closing the trades .|
That means if you are using robot , it cannot close. it happen so many times . if youmake money the close button will be LOCKED . They will not allow you to close. So you have to call their support to close. ADIOS .,..
|I retract my previous comment about FXCM being a SCAM, they are quite good brokers. My only problem is with the iPhone app. |
Whenever there is news or higt network traffic, it is impossible to connect with the mobile app. This does not happen in the trading station, and from now, I will use the mobile app only to check on my trades if I'm away from my workstation. These guys are not a SCAM, they are good brokers, and their software is amazing. A lot of the people who complain here either dont know what they are doing, dont know how to trade, or have poor risk management, end up losing their money. My biggest problem, which I have since overcome was the psychology and money management. I'd find that I am in a losing trade, and the market would go against me. I'd start to get anxious, and after losing more than I should since I didn't have a stop loss, I'd double down, either place an even bigger order to recover my losses, and lose even more. My other problem was I was over leveraging, and would often get a margin call.
First problem resolved by placing a stop loss on all trades, I can move it towards my open price but not away (that is one of my rules) and also for the psychology, I now if I lose 2 trades in a row, I stop trading for that day. These 2 rules have really helped.
|My experience with FXCM has been, overall, very favorable. I have been a client since mid-2006, beginning with a small $300 investment as a micro/mini-trader. Trading almost daily on a part-time basis in the evenings and early mornings (PST and Hawaii Time), I have finally reached the point where I am ready to quit my "real" day job and trade full-time.|
Having surfed and studied other broker sites from time to time, I feel overall that FXCM's educational and news sources are exceptional. Their customer service? I was once refunded in full for a $1,000 loss with a simple phone call to customer service,after a spike on non-farm payroll morning, when my stop was overrun (looking back, I realize I should have never made the trade in the first place). Otherwise, my calls to customer service are generally answered within 10 seconds to one minute, and the one time out of many when my withdrawal request was not honored within 1-3 business days, two e-mails and a phone call settled the problem without any trouble.
I too have had trouble with slippage issues with FXCM during volatile news release periods, but I am willing to accept this in exchange for their exceptional reserves and comparatively broad menu of services. In sum, I have successfully ,worked for a number of employers over the past 30 years, including within the public and private sector, small businesses and Fortune 500 companies alike, and I have found the relationship I have with FXCM to be superior than with the great majority of these other employers, in terms of reliability, adaptability, and opportunity.
|SCAM||I started to doubt about fxcm. I have double my account in demo in two weeks but why is it very hard in real account?.honestly, I have lost in real account but won in demo account. I just dont understand. I do have experienced technical errors like I have reached margin call which means my account should have been closed. but, why was it continue to deduct my account till I got negative usble margin. I thought that was horrible.( I did this in real account.)|
entry function in demo is not the same with an entry function in real account. I mean in terms of pips. in demo, it takes .01 pip then the market is automatically executed but in real it takes five pips. why is that? I just thought is FXCM a fraud. I am pissed off.
|You can contact me at firstname.lastname@example.org for more information. Stay away from them!|
20 years trading & 6 doing FOREX. FXCM has moved away from customer service and into the SCAM business. They've been given the license (2004-2008) in successfully fighting CFTC complaints by arguing that the CFTC has no jurisdiction over the FX SPOT market. This being done they now make their money by adding outrageous chop to the swap rates (both sides) and marketing to the general public knowing full well that 9 out 10 accounts will be gone in 90 days. They have no scruples and I am filing a law suit. Even if you're bound by the arbitration agreement
|Very very good, API Support 5 Stars !||Marc||18.03.17|
|"Another favourite Cliche used as damage control by fxcm is - someone is venting his anger at losing in the game. That would in reality read someone is venting his anger at being mugged in broad daylight and then being asked ""What can you do about it"". Fancy name of ""Audit committee "" for a bunch of muggers from the Ghettos.Some genuine chartist are around as a front to give verisimilitude to the claims of an institution. Paying millions to attorneys? That is a laugh. These guys are small scale penny pickpockets who probably only fix the local police. =============== About the feeling that someone is betting against you particularly when you are heavily leveraged, it is my impression that this is achieved by transferring your live trading account into a sub script in the Server of the Trading Station in FXCM. They play games like Cat and mouse and muggers club and some time transfer you back to the main program. But even in the main program the argument that you are in some way dealing in foreign exchange as the rates fluctuate all over the world is fallacious. The fact is that exchange rates vary over a small range in a day. This range is broken down into pips and your bets are leveraged on the pips. Within the range FXCM can move the rate in any direction at any given time of the day to their advantage. When you try to balance this out by a bidirectional play, they just nuke you by changing your bets on your behalf. The ever chanted excuse is that the customer anyway comes to them driven by greed. Does that justify the criminality of the operation? That is a matter of opinion %u2013 Probably they have fixed the London Bobbies to shut their eyes on this Computer scam. ================== Wish I had come across these coluns before falling for the fxcm sting. Sure efficient Money management is the trick. The best way of efficient Money management is to keep clear of the bandits in fxcm. Sure you can appeal to the Ombudsman- only when I did - pat came the reply that they do not deal with fxcms - only with Insurance and banks. Don't touch fxcm with a barge pole unless you are in the US and an attorney.Online computer fraud about describes fxcm. They brazenly take over you account on the computer - operate and manipulate on your behalf to run you into the ground.Famous Ciches as a sop after robbery : Efficient money management, unanticipated volatility, nature of forex markets is sudden rainfall and so on. Nothing about how they can operate your account. You are anyway powerless particularly if you are a total foreigner to the US & UK"||Gullible||16.03.17|
March 2011Fxcm just amended the 'terms of business' read it carefully then you will know that your money it's no longer protected in any way
If you're over leveraging with FXCM (funds are low in your account) you will get hit every time, prices will reach the level of your margin call
|save your money||12.03.17|
|Dosent make since. I make perfect trades for 30 days straight and as soon as i trade live account funds i suck somethings up. Not to mention stops and limit orders magically get opened without my knowledge||PISSED||11.03.17|
i saw ur post on whirlpool forum about fx trading...I've recently opened up an account with FXCM after trading for couple of weeks in demo account.
I got the confidence to trade after studying many books about it then earning 25K in just couple of weeks on FXCM's demo account.
But unfortunately, i've lost all my money on FXCM's live account. And now after going thru numerous posts on internet about scams from FXCM and other brokering firms, i kind of see no point in trading any more.
Just wanted to get your thoughts on it. Do you recommend any Fx firm in australia that is safe to deal with. Any tips will be helpful.
Thanks in advance!!
this happened on 8 February 2011.
I did not believe the SCUM rating on FXCM and I went on to open a real live account.
the trading application automatically closed positions three times in three different days. I send an email complaints and I chat with the live support. they all said nothing is wrong with the system
when the positions were closed I was not at home, i was at work. I do not have any pets so I can not find a reason.
my final verdict is that FXCM is SCUM. see the log below for the live chat that I had with fxcm. this is ridiculous.
Chat InformationThank you for your patience. An operator will be with you shortly. While you are waiting, feel free to view our Trading Platform Help page to find fast answers to common questions.
Chat InformationYou are now chatting with 'FXCM - Imad K'
FXCM - Imad K: Welcome to FXCM's Live Chat Support. Please give me a moment to review your first question.
FXCM - Imad K: Hello ******************
FXCM - Imad K: how are you doing today?
customer name hiden: hello
customer name hiden: the trading platform is automatically closing my positions
customer name hiden: is this part of the feature
customer name hiden: because I enter into a position and I plan to close the position myself
FXCM - Imad K: I see
customer name hiden: but before my planned time
FXCM - Imad K: If I may ask, which platform are you using?
customer name hiden: the platform automatically closes my positions
customer name hiden: this has happened in three deferent days
customer name hiden: and each time the system automatically closes my positions I get a loss in my account
customer name hiden: .
customer name hiden: I can give you my account number
customer name hiden: **********************
customer name hiden: I have sent two trade complains
customer name hiden: and I have not received a response
customer name hiden: i sent the requests last week
FXCM - Imad K: I will be more than happy to take a look into this for you
FXCM - Imad K: and I do apologize for the delay
customer name hiden: ok
FXCM - Imad K: In order to go into further detail I will need to verify some account information with you for security reasons. Can I please have your physical address, date of birth, phone number please, and your email address.
customer name hiden: ************************
customer name hiden: **********************
customer name hiden: *************************
customer name hiden: ***********************
customer name hiden: that's it
customer name hiden: are you still there
FXCM - Imad K: yes I am still with you
customer name hiden: ok
FXCM - Imad K: give me a moment while I look into this for you please
FXCM - Imad K: If I may ask, did you receive an email today regarding this issue?
customer name hiden: let me open my email
FXCM - Imad K: I do apologize for the inconvenience but I must log off chat so I will be passing you to my associate
Chat InformationPlease wait while I transfer the chat to the best suited site operator.
Chat InformationYou are now chatting with 'Edward'
Edward: Hello *************
customer name hiden: hi
Edward: Did my associate Imad answer your questions regarding this case?
customer name hiden: did you get the details of my compain
customer name hiden: no
customer name hiden: I did not get an answer yet
customer name hiden: the last message I received was that I will be transfered to a
customer name hiden: suited operator
customer name hiden: I think you are the one he was talking about
Edward: Ok normally, micro questions would be answered through email
Edward: But I can check on this for you
Edward: one moment
customer name hiden: but I did send two email last week
customer name hiden: compaining about the same feature of the trading platform
customer name hiden: the same problem occured again today
Edward: So the first issue was in regarding a 1k EUR/USD sell trade
Edward: but a total of 3 of them
Edward: My associate Michael Lucia sent you an email on them
customer name hiden: yes
customer name hiden: the problem is
customer name hiden: the trading platform closes
customer name hiden: my position
customer name hiden: I did not touch or click anything
customer name hiden: I was waiting to close the position later on in the day
customer name hiden: but I was suprised that the position is already closed
Edward: I see. Well we checked the IP that the signal was coming from and it mathces the same on the closing end as well.
customer name hiden: there was no stop loss
customer name hiden: there was no limit
customer name hiden: the only observation that I can see which is commono for all three case is that the marketed moved
customer name hiden: and the platforms closes my position
customer name hiden: when the problemed occured for the first time last week
customer name hiden: I turned off the hedging feature
customer name hiden: because I thought maybe it caused by the hedging
customer name hiden: but when the problem occured again today the hedging was already turned off
customer name hiden: I leave the trading application running when I go to work
customer name hiden: I do not have any pets in the house that can move the mouse
customer name hiden: it's strange to me
Edward: Well, at this point it doesnt seem to be any sort of server error. The IP stamp indicates that it came from the same computer used to open the trade
customer name hiden: Is this a type of a cut loss feature or safe guard
customer name hiden: because if it is
customer name hiden: then I don't want this feature
customer name hiden: can you take it out of my account
Edward: There was not a margin call on the trades
customer name hiden: it is costing me money each time
Edward: We cannot disable the margin call feature
Edward: But these trades were not margin called
Edward: They were simply closed
customer name hiden: do you have a newer version
customer name hiden: maybe then this version has a bug
customer name hiden: because I am certainly sure that I was not in the house
Edward: I understand
customer name hiden: I was at work the whole day
Edward: I would recommend an uninstall and reinstall
customer name hiden: is there a way to put extra logging for this kind of behavior
customer name hiden: I would like to try and put orders, then when I go to work i want to switch off the computer. will this keep my order alive in the market
Edward: Yes it would
customer name hiden: ok I will try that
customer name hiden: is there a web
customer name hiden: interface where I can monitor the orders
Edward: You can monitor your trades(not in real time) from myfxcm.com
customer name hiden: but then can I close the trades or open positions
customer name hiden: if I see this problem again in future
customer name hiden: how can I refer back to these conversations
Edward: This chat will be emailed to you
customer name hiden: ok thanks
customer name hiden: I will try what you have told me
customer name hiden: but i am not happy
customer name hiden: because this happened in three different times
customer name hiden: in different days
Edward: I understand
customer name hiden: the first time I thought it's the auto hedging
Edward: If you dont mind me asking, what type of cell phone do you have?
customer name hiden: then I thought it was the margin
customer name hiden: but now I have no idea why the platform
customer name hiden: closes my positions
customer name hiden: mobile phone
customer name hiden: from the Netherlands
customer name hiden: NL
Edward: is it a smart phone?
customer name hiden: I don't use smart phone
customer name hiden: i use laptop for FXCM
customer name hiden: hp
Edward: ok I understand
Edward: Well you could only place and close trades from the FXCM Trading Station
customer name hiden: ok thanks
customer name hiden: i will try again
Edward: If you do have further questions, be sure to notify the micro team
customer name hiden: will do
customer name hiden: thanks
Edward: Thank you for chatting! Join Course Instructor Richard Krivo in the Trading Room at 9 PM ET (02:00 GMT) Eastern time for a session on Stochastics. All clients with live accounts can log in using the log details from their live account.
Chat InformationChat session has ended.
|customer name hidden||08.03.17|
|Email support: 1.|
Price manipulation: 5+ ;-). Too seldom but very effective ;-).
Execution: 5 (when software works without errors).
Software stability: 1."Compare the hourly charts to the daily charts in the marketscope 2.0 provided by FXCM. In many cases you will find discrepancies. These discrepancies invalidate all indicators and all support and resistance.
This intentional bogus information is designed to misinform you into making poor trade decisions and eliminates any possibilty of trading most systems. If you aren't trading for the long term, I highy suggest that you do not use this platform. Read this risk warning very carefully!!!! Especially the second paragraph!!!"
I have noticed it many times. Personally i think that they have very bad and stupid programmers. I am a programmer and can not imagine such bugs in a software written by the good teams.
|I also have used FXCM since I started with Forex. I have lost money, but it is not because the company is a scam, it's because I will admit that I am a noob and suck at trading. Their customer support is always friendly and helpful, even when you're only dealing with hundreds of dollars. Their trading platform is also awesome for being completely free. I will say that I'm disappointed with the removal of Stop-Loss, etc... But they can't help that. It's the regulators' fault. |
All you people complaining and saying this is a scam are idiots. You're just mad that you lost money that you couldn't afford to lose. Rule number one in currency trading- if you're going to bitch about losing money, you're in the wrong industry. Stop giving a great company a bad name.
|SCAM||"These people are total thieves. I only started trading this month, but have been going on a demo account for the last year.|
I didn't start with much, I only put $5000 in my account, and trade 50K lots.
First experience, there was news that moved the market in my favor, I had a limit of 40pips, but wanted to remove it, kept trying to send order, but, kept returning an error message. I called FXCM, so maybe they can do it from their end as it wasn't working, I tried about 10 times. about 15 minutes later, my position closed, but the market moved about 30 more pips, which I missed out on.
Second and current experience, I opened a buy order for EUR/USD, and again market moved in my favor, there must have been news or something, but the move about 55Pips. I didn't put in a limit order, and now I want to close my position, but cant log in. I've been trying to log in for the last 45minutes and still cant get in. The market has now retraced back 28pips, and I still cant get in. Keep getting Time out error.
BTW - I use a web chart and trade through the FXCM mobile app. Maybe the trading station is better, but I dont have it where I am now.
It appears that the market is moving up again, so maybe I can get out soon. Maybe I will call them and ask they close my position for me! I just got in to my account, and lo and behold, I am now sitting on a losing trade. while watching it, it moved up, and became positive again. I wanted to just close it and not trade from the mobile app again, but just as I was about to send a close order, I refreshed, and my trade moved in my favor, and I was positve again.
The app then crashed, and I am unable to log in again.
I dont care anymore, I will call and have the trade closed by their trading desk, but I am not going to trade through the app again, and may even start searching for a new broker."
|I have been trading with them them for a number of years now and they are a good solid company. There have been a few admin problems but they were sorted out fairly quickly. |
I get really annoyed at the accusations of stop hunting simply because a stop is hit.The only way to confirm this activity is by comparing price against other reliable brokers. In the years I have dealt with them I have seen no evidence of this sort of activity. Their pricing is always identical or within a pip of other brokers.
If three or 4 brokers prices all go to a certain point then THAT IS THE CORRECT MARKET PRICE, confirm pricing against other brokers prices before making accusations.
As for margin calls, probably for nubies who unfortunatley know nothing about money management and allow greed to dictate their actions.
Rather take heed of the risk warnings and be grateful you were closed out on margin or you might have lost more than you deposited.
Spend some money on educating yourself specially "Money Management" and a person with mediocre trading skills can make money in this industry.
I do agree that they can buck up on their admin side, but their trade execution is good and I have never had a position added that I never placed or a trade closed for no rhyme or reason.
I note with a bit of dismay that all the larger brokers, who also happen to be the most regulated and adhere to the rules are all branded scams, this all seems like a bit of a joke.
Any further regulation in this industry will kill it for all of us.
I was interested in opening another account with a different broker simply to diversify and decided to do some homework as I did not know the broker when I came across this site.
Maybe a simple questionair will cut out a lot of the bogus accusations from inexperienced traders.eg. Years or months of trading experience? gearing used on trade? did you confirm pricing on another platform. Was there a fundamental at the time.
I am aware that there are some crooked brokers out there and maybe even some justified criticism on this review site, but to brand every second broker a scam because some ill advised, greedy, ignorant traders lose their money. This is a bit of a joke and certainly not a fair reflection of all the brokers branded scam artists.
Whilst I am all for freedom of expression maybe a few pertinent questions posed before a comment can be made will give a fairer more balanced view.
I am an independent forex trader with 12 years full time trading experience not affiliated to or working for any Forex broker; and find that I really cannot use the reviews found here as a reliable barometer to review any particular broke.
|I traded with FXCM for several months. First, their customer support was very fast and efficient. Always a nice, knowledgable person on the othe end of the line. I got money out with no problem whatsoever. The funny thing was I had errors when I tried to exit trades from time to time and it ended up being why I quit them. Never knew if I was getting "played". It doesn't make sence for a broker to try to drain your account. Anyway, too many of these losing trades where I knew what to do, did it, and got errored into a loss. I'm in the USA and the trading takes place in the UK. That may have had something to do with the errors, I don't know. I'm not ready to say they were scamming me.||Wheelo||17.02.17|
|I have been using FXCM for 3 months by now and I was mostly losing money. This was fine until I started improving my trading. after a couple of good winning trades they stopped executing my stop losses and only take me out after I lose aroud 30-extra points.|
On two other occasions my stop losses were executed by suspecious spikes in the rate which didn't really exist in the price on other charts.
I was clear they were not involved with my trades when I was losing money but once I had some wins they started working against me.
I just stopped trading for now and searching for an honest broker. it seems hard to find one ...
|Horrible service. No response to questions. Platform always shutting down. Slow buy/sell orders. Very displeased. Leaving ASAP||J||02.02.17|
|With FXCM when the market starts to move and I try to enter a trade I get locked out until the market stops moving. They have cost me a lot of money. Another problem is that FXCM will do a margin call and close a trade even though your not even close to using the limit. They've closed trades I would have made good money on otherwise. Don't use them. Go elsewhere before they steal your money as they stole mine. I almost forgot to mention that at roll over time FXCM will collect interest but they don't pay interest at roll over time.||Sean Coast||28.01.17|
|heavy slippages and prices differs from other platforms. high spreads. and somehow, my trade always miraculously changes e trend with FXCM. lol.||tom||26.01.17|
|Two, years + Have seen some slippage, but only when the markets are moving fast. Great service, fast wire-transfers, 8 out of 10, taking 2 off cause the spreads get wider just as the markets close, and you cannot start trading the gaps Sunday evening.. Late starts... Active Trader is great for scalping.. 50K + account balance...|
Other brokers, IB, MB, and Alpari, where horride...
Onanda, is next... Great I Pad software
|SCAM||Do not use this broker. I agree that the spreads are unusually high. I often run trades in more than one account (at least in a demo and a live account) and can make considerable profit in a demo account long before a trade with FXCM will turn profitable. I found that when placing about 4 VERY small trades on a $5,000 account I had to worry constantly about the available margin. Something is wrong with this. A number of times I was forced to close trades that would have become profitable over concerns about the margin. I was carefully avoiding over-trading at this time and had set up a limit for myself of 3 or 4 very small trades. The margin available in my account did not really allow me to trade successfully. I'd call this a total scam.||Pamela||22.01.17|
|SCAM||absolutely SCAM, they freeze my account when market began to move against me, SL didn't work, neither Margin Call, result: i losed all my money, I'm talking about micro accounts, if you open a micro account with them they will steal all your money, be aware of this broker||trad3r||16.01.17|
|the usoil thursday was very volatile, i went short at 82.09, it spiked to 82.37 in a second, the candle stick on the minute chart and the hourly was reflecting not more than 82.38 bid price,on other famous websites the price on all the charts i vewed for comparison showed the same, i was margin bust at 82.89,the spread is always 8 pip, or 8 cents if you like,when i was stopped the spread was 20 pip to reach my margin limit, during the next hour they changed all the candle stick painting to reflect 82.69 bid price, an increase of 32 pip,(how do they have the right to change the past...) but all the other websites didnt change the price, so in other words they will just take ur money whenever they want, that move cost me 1000$, i told them about it and file a complaint but they just told me price reached ur margin limit, so weird that the price reached 82.89 not more not less, at 82.88 i would have been ok and making good money, if i dont get my money back, and i am sure i wont, then you can judge for yourself.||Fxcm client||11.01.17|
|FXCM didn't close my account after all. my funds are below $36 but the account is still open for trading even after 6 months.|
You obversely didn't know what you were doing then!
Its your buy and sell choices that are to blame, not the broker. FXCM don't make up the prices its done by the market.
Let me give you a free tip. Set up a single "Moving avarage" red line. Buy only when low is higher than the line, sell only when high is lower than that line. do this on a Day chart. But look to see what the H4 chart is doing and to back up your dissioin look at the W1 chart to catch your cock up.
|I tried to open an account with them, money was sent (25K) - money was from a joint account so not accepted, now two weeks later, they have not opened my account or sent my money back. (despite reassurances to the contrary). So what happens if you make a lot of money? do they ever give it back to you. I have lost my trust now. Has anybody else had this problem? thank you.||ben van dyke||03.01.17|
|I have had trading platform freezes in live trades, when price was good to sell while scalping. |
Demo works realy good but live account has some issues.
Staff at FXCM keep calling me to invest large amounts of money, no thanks!
FXCM never resolved my withdrawl request for $45, even after i faxed the forms to the london depote twice! According to their rules ive lost my funds due to the time limit below an agreed amount held in one account.
There are some great secretes to make money with forex by FXCM do not tell you these. Scalping on 1 or 5 min charts is not one of them.
|SCAM||I have been trying to withdraw some money from my micro account, it has been six weeks since I made my initial request and I have been still not got the money. They have a terrible service, I now believe that their whole system is a big scam.||Ary||17.12.16|
|I\'ve a micro and I loose my money. OK. At 2008-12-11 there was a very strange situation, I\'ve got a pop-up message that they had a problem with bank and had a false peak on ALL CURRENCY PAIRS. They asked to not place a new order from about 16 to 24 hour.|
In this time, I had open long position with stop loss. Market went down and my stop loss didn\'t act! That was horrible to see growing losses! I tried to close position by hand - this didn\'t work too. On chat they told me that they can\'t close my position because of it is micro (!). Chat support is only for normal account, this is bad. Finally, about at 24 o\'clock the position was closed with price as my stop loss. This was good.
I\'ve got an email with info, that I can claim on all position open between 16 and 24 and my account will be bring back to state before 16. This was good.
As somebody here say (I see it too), if you open your position, they add 0,5-1,5 pips to price. It is important to me, because I try to be a day trader. I changed trading option in station, and now it is ok. The worse problem is with spread (on eur/usd I see sometimes up to 7 pips). Sincerely.
They manipulate your orders and change the order time to prevent you form executing a winning trade. They put it a later date/time.
If you do not believe me open an account and record your trades date/time.
They are crooks to the bone.
Wide spreads unbeleivably wide when there i snews.
But the important thing is there is no trust.
What else can I say?
|Robbed me 80 pips once, and the second time filled my limit order, at a price of 30 pips below the market price.|
Filed NFA reports
|They are a good brokerage in my experience. Don\'t believe all you read below it sounds like sour grapes to me. As for the chap who wasted that poor customer service persons time with a massive diatribe about a DEMO account!! Get over it, they are never going to an Audit committee about a DEMO account, they are making absolutely no money out of it and you are just wasting their time - punt with real cash fella!!!||rascaller||06.12.16|
|Their claim of no dealing desk execution is a lie. When price movement becomes volatile, they often jack up the spread for their own benefit. For example, they quite often raise the spread on GBP/USD spread from 3 pips during normal condition to 7 or 11 pips when market began to move due to news or no reason at all. They employ this tactic, most often during the down market, by holding the SELL price steady while boost up the BUY price. So, if you have short position and want to take profit, you are force to take less profit than would otherwise. By doing so, they can make easy money by getting cheap spread from banks and charge you the difference. Any professional trader can tell you that this is their tactic to corner the market onto their customers.||Dave C,||06.12.16|
|I have been unable to close any trade when even a few pennies into profit. The software is unresponsive and the charts very slow. I honestly think thy bet against their own clients. I would recommend flushing cash down the toilet to save time and headaches. Can I give a negative star rating?||Lori||03.12.16|
|I am with them since 2006 February on real and longer than that on demo. Yes, I have seen difficulty in feeding data to the platform, and I\'ve seen my profit growing before I\'ve heard the closing trade sound, probably my computer took time to load the wav file. I had a 512k ADSL connection with some not so reliable service before 2007, but the only available in the area where I was at that time. Now I have the best ADSL I could get, a quite good up to now 3G wireless connection as a point 1 failure backup, the phone ready for phone trading in case required as a point 2 failure backup. But as a general rule the stop losses are hardly touched, and I\'m doing this outside work hours, so no worries. The other borkers that I could have opted for had disadvantages in comparison to FXCM, but that is 80% objective adalysis and 20% subjective. I am content with the FXCM service and have not intention of stopping a relationship which is profitable for me. You do not need advice, you may however need a good menthor and time. Remember you\'ll be like those you follow.||Andre Ian||24.11.16|
|See JDTrader\'s comments. I agree completely. FXCM is awesome and a true pioneer that opened currency markets to the small trader. As far as all the complaining about taking out stops etc. The market makers have no idea where your stop is. Let me repeat, they do not know and are not \"playing you\". This is just market reality, period. Any questions on price level just follow other market makers and you will see that FXCM is completely in line with world markets. |
I\'ve made a lot of money trading with FXCM. If you loose it is because you still have much to learn. It is not FXCM\'s fault, it\'s yours. And thank you for helping me fund my account. JCTrader is dead on in my opinion.
I NEVER trade big news. Go out take a walk have breakfast but stay away from your computer in fast markets. That is lesson #1.
Oh....I\'ve been trading for ten years. FXCM is the real deal and they\'re ethical. Great customer service, I\'ve never been failed. When an order didn\'t execute for me FXCM made good and they were pleasant to work with.
And no, I work for myself, not FXCM. I appreciate FXCM sending me my profits once a month. No way would I ever divuldge my methods for consistently bringing home $20,000+ per month. You new people...please keep trading and complaining.
|What else is a person suppose to think? I have had an awful time getting in today and would like to get in and get my money out! So many different unrelated error messages, they do not make any sense. The support for a Micro acct. is awful. I would like to get to the bottom of this in maybe one or two at the most contacts with Tech Supp. but they fish you along with things already tried (tried them ALL.) In my case it is obviously something wrong with their server/station but they make you believe it is your connection, etc... Now, I understand sometimes they are dealing with brainless people that have no idea what they are doing on their computer let alone trading. And, yes we are dealing with small potatoes in Micro accts. (I am, They really are not!). Most intelligent people would start out using a Micro acct. and then maybe work up to a standard. But hey, cut to the chase and fix it! When I get my $ out I will go elsewhere. Meeting with friends/bus. owners in a few days and they are quite curious to learn of forex trading. I have learned a lot from FXCM that I will pass on. But, more importantly I will share the trouble I have had, and to NOT use their brokerage, unless something is done here quickly. To those that might respond that I should do my due diligence, been there and done that. Thanks for allowing me to vent!||JP||22.11.16|
I have read all the threads here and I do understand why there are different opinions.
Yes true you can make money. But they make it difficult for you and they
try to provoke you and wear you down.
They change the order timing as to not execute your trade and it changes on the platform but the order stays the same in the fx report.
When you try to inquire by sending screen shots they always beat around the bush. They hate winners.
I have plenty of proof already.
if someone is not convinced yet that they are not honest 100%, try making money consistently and check your orders properly and you see what I am talking about.
i AM SURE 100 % OF WHAT i AM SAYING HERE AND I HAVE PROOF.
good luck to all.
|Although i posted previously a good review of this broker when i was trading with them I experienced very little hang ups and problems. My money was always wired to me on time. |
The current issue I can report to you all about them right now is that they are no long able to conduct business in Canada! This screams to me that they are violating Canadian trade rules and have been kicked out of the country. That is cause for concern for me now.
I retract some of the good things said about them previously based on this removal from Canadian market.
Also Spreads are crazy wide in the most opportune times - I have pictures of spreads as wide as 100 pips! if you want to see them contact me @ fx_mentor - at - yahoo.com -
I will gladly send these pictures to anyone who wants confirmation of wide spreads
Unfortunately for me I have to retract a few things I said that were good. Execution is surely not good with these brokers any more. and spreads widening after your deal is placed that spread affects your trade made last week! this is probably why they can't do business in Canada any longer.
I have to detract my star rating from a 4 or 5 to a 1 now.
|Fxcm is very good broker. Funds Transfers within 24 hours. very good customer supports.|
|It is amazing to read some of these reviews, it is obvious that all those negative comments came from those who have lost all their money,which is true for forex trading, that is 90% of traders lose their money. I have been with them for three years, amazing customer service, great platform, and very quick withdrawals, I mean I had one withdrawal done by wire and I recevied it the same day...trading forex is not a game so if you worry about one pip or ten pips slippage then you are day trading and all I can say is good luck with that...of course they are not perfect, they do have problems like every other broker, but in general they are great....||RA||10.11.16|
|I ASK ALL SMART TRADERS TRADING THROUGH FXCM. CAN ANY ONE OF THE TRADERS CLAIM HE HAS MADE FORTUNE TRADING THROUGH FXCM? IF ANY ONE OUT THERE I WOULD LIKE TO SEE A PROOF. I BELIEVE TRADING IS A PROFESSION BUT AS LONG AS YOUR BROKER IS WORKING AS A BROKER NOT AS YOUR COMPETITOR. I BELIEVE FXCM MAKES SURE NOBODY WALKS AWAY WITH PROFIT. YOU EITHER CAN BREAK EVEN OR END THE AVERAGE TRADE IN LOSS. THEY CAN MANAGE TO GIVE YOU MARGIN CALL EVEN ON HEDGED TRADE! THEY WIDEN THE SPREAD AS MUCH AS 60 T0 70 PIPS. |
AS I SAID IF SOMEONE OUT THERE CAN PROVE ME WRONG WITH EVIDENCES AND NOT SWEAR WORDS I WILL BE OBLIGED.
|I\'ve only been using they\'re demo platform but I was making about 21 pips per day on other trading platforms but with them the same technique is actually losing money. It\'s like they\'re running my stops intentionally. I\'ve also seen fills at prices that don\'t exist. Not going to trade live with these guys. It\'s a shame because I love the trading platform.||big pippin||01.11.16|
|ok now i know why 90% traders burn their account. ok here\'s an explanation on brokers. They make money when YOU LOSE YOUR TRADE. Every fx broker is like that. That\'s how they make profit. But here\'s another sad story. it is LEGAL for them to make you lose a trade. How to they do that?..Well their primary mission is stop-loss hunting. That\'s where they burn individuals account. So how do we overcome typical scenarios? Well, for me, I NEVER USE STOP LOSS especially when the currencies are trending. FXCM has a high reputation of being one of the best brokers at the same time the best cheaters but c \'mon how on earth are they suppose to make profits? Second way on how they burn your account is manipulating their spreads. So you have to be very carefull in fx trading and use metatrader instead of their marketscope. For me FXCM is NOT a SCAM but they just have a smart way of making profits for their company. So i assume everyone who says FXCM SCAMMERS are newbies and do not a thing about how the fx markets works with brokers.||SuccessfulTrader||01.11.16|
|I was in here checking out another broker and I was really shocked to see my favorite broker, FXCM, rated as a scam. I have been using them for over a year now and have had no problems at all. They allways pay, have good spreads. I usually just trade either eur/usd or gbp/usd, and never had a spread higher than 3 pip.|
if I was going to say something negative is that the trading software is requires a bit of power from the computer, and tends to hang a bit if you have a slow prosessor. But this is a typical problem I have had on my old computer with any system e.g metatrader, fxnet and others.
So if your going to have your computer on studying the market, get a good computer and a good internet connection.
And the most st*pid thing i have ever read is that the broker makes more money if you lose? The broker isn't making any money on losing trades, it's just losing the money you deposited and traded on Bad trades! the only thing they make money on is the pip spread + interest on bad trades. but if your trade is a winner you get interest on the good trades.
That is one of the main reasons I use fxcm, because they give people a fair deal.
So i guess i'm moving on to another site sinces these ratings can't be trusted at all!!!!
|FXCM is a good broker. The platform is solid. I believe most of the problems here are with the traders, not the company. Let me put it this way, if you are trading micros or minis and getting in and out of the market several times a day, you are going to lose your money, period.||trader guy||07.10.16|
|SCAM||It\'s a scam. Although I\'m still using it. I trade GBP/JPY in a sell position. At 10.27am I close my position with the price around 165.6++. Somehow it was closed at 165.81+. I try to check the tick chart on 10.27pm, unfortunately the highest it goes is 165.725. How the hell it closed at 165.81+? There\'s been a few times things like this happen. But I guess I got to comfortable using FXCM platform. :)||Aron||19.09.16|
|I just open an FXCM micro account few days ago because of their advertisement the lower spread. I fund the account with $50 as i thought to give it a try first. |
When i open the trading station, I found most of the time the spread are way higher than other broker charge. E/U spread is 3.5 sometime even 4. G/J spread is ard 13-14 pips while on their website it wrote 4 pips. When I send an email to ask abt it they told me was due to market uncertainty. Now 3 days after that the lowest GJ spread i ever see was 7.3 and that also for the split second before going back above 10.
The reason I still maintain the account is to withdraw the money, I need to pay $40 administrative fee. WTF... by the time minus $40 and few dollar for wire, I might only get cents in my account without any trading...
|I"m a new trader and I've tested close to 30 different platforms the past month trying to find the right broker and platform for me. Unfortunately I'm learning more about how the brokers make money off of their clients than a broker providing a reliable platform for their clients and charging a reasonable rate for it. |
I've tested the FXCM platform now for only a few days. As a user friendly platform I really like it but I've noticed a few things about it that have already been reported here.
Stop hunting - I really didn't know the term before reading about it here as I really don't understand how a broker could make money off of my loses. However I was in a trade on my demo account with a 30pip stop loss and the rate spiked 40 pips taking me out. I was already in a loss but the spike was very unusual as there was no real volitility in the market to explain this.
US FXCM platform vs. the UK FXCM platform. I was first using the US platform and noticed that it had no capabilities for any stop loss or trailing stops. I called the customer server dept. and they sent me a link for the UK version which had this. I thought that this was odd but didn't question it. After reading here I now understand. I checked a few links on this page regarding FXCM and they have been fined close to $500,000 in the past few years for inappropriate behavior. As a newbie to the markets I'm totally appauled at what I'm seeing in the forex market with brokers and I can completely understand why people are losing money. With so many fees, ie. spreads, commissions, "technical difficulties', it's really tough for the best of traders to make money. Anyone who is a border line trader is going to lose their money to the brokers.
So the big question is where do we go from here because the biggest question that I'm finding here deals with trust. If you don't have a good broker who can provide half descent service for your trading then what do you do then?
|Dave from Toronto||15.09.16|
|I happen to think that FXCM is a good broker. It makes me wonder when many of the people on this review board are very emotionally charged and use caps and slander FXCM with the word scam. These scam posts are littered with misspellings, and it makes me think that there is a reason that all of these uneducated people are losing money in the Foreign Exchange market. It is not a market for the inexperienced; take caution with leverage when you deal with any broker in this market. I think that is the root of the problem here.||Jeff Nellans||14.09.16|
|I opened a micro account a \"MICRO\" and when the market took off in my favor on Nfp this pass friday they wouldnot let me close my positions until it retraced and then they had the nerv to give me a margin call..lol wow!!!!||Eric||09.09.16|
|I opened an account at FXCM recommended by one of my forex friends, around one month ago. As I was testing the system, I waited until my account was 100+ and went to try withdrawal but unfortunately, I need to submit a copy of my ID and a proof of address. It says "FXCM Ltd will contact you within 2-3 business days with your account status" but it after around a week i received nothing and when I contacted the support I got a reply that my proof of address was not accepted and that I need to submit a bank statement. |
I resubmitted my documents along with an official bank statment copy (cost me 10$) and got a receipt confirmation from the admin. Now after a week nothing changed. This was a bad experience and now i'm more suspicious of fxcm being a sCAM more than anything else.
1- High level of slippage.
2- Big rollover or overnight fees.
3- Poor execution if the costumer order is not favorable to the company interest. Some times fill out is more than 2 minutes or till you're loosing money (even in low demand times).
4- Bad costumer service including no product knowledge. Notice what you could expect, when the head of compliance, Walter Zuck have no knowledge of meaning of what usable margin and usable margin percentage are.
5- Other big issues not to discuss here, but if you want to know more, I\'m giving you permission to ask for MY CONTACT information to this website owner\'s. If you want to destroy those bad guys with your own claims, let's do it together.
|I've been with FXCM for just over a month now. I trade actively throughout the day. So far, all of my trades have been executed as expected. I like FXCM's trading platform. Customer service has been very responsive in addressing my administrative questions. The other comments on here are very different from my experience, maybe they were from before they implemented the "no dealing desk" ?||Joel||01.09.16|
|For me, I never have problem with FXCM. They are very constant, good account managing. I\'ve open mini account and got well supported 24Hrs either from Hongkong office, Dubai Office or from their head quarters. |
Withdrawal also get well as promised. My withdraw USD1000; USD500 and others was smooth.
This forex investment was very challenged and dangerous placed.
up to yours to make decision.
|Seriously, having had a demo account for two weeks, I would never give these jokers my money. Before some *diot from FXCM says I don\'t know how to trade, the account is very profitable despite the problems I\'ve encountered with their software.|
Stop hunters, you bet they do. You\'ll be amazed how far off the actual price they will go to stop you out. Taking that into consideration,they won\'t fill your limit orders.
Also, try closing out a profitable trade on a profitable account. It\'s almost impossible as all manner of pop ups you\'ve never seen before stop you closing your position. What a joke.
These people are such scammers they\'ve been ripping off my paper account lol. Don\'t give them your money!
|For me, FXCM is very reliable. I never trade for 20-30 pips, so I don\'t bother to look if I was jacked for 2-3pips. I am after 100-1000 on daily, weekly or monthly trends. If you are trying to scalp 20-30 pips profit on $500 for the day - get a job, it would be easier. This is stressful and not worth the effort. |
I have never been delayed on EUR/US trades. GBP/US has been slower, especially on a big event. But that\'s life. I usually have my position set long before any news anyway.
Software crashes frequently (2-3 per day), especially when I have too many charts going, but it relaunches itself within 10 seconds. Big deal, if you are trading every 10 seconds - good luck with that. Microsoft crashes 5X per day for me, so its an improvement.
Just about every on-line stock broker has the same complaints. Stop loss problems, slow execution, spread problems, front running. Why would they want your measly $500 by nefarious means when you will lose it to me anyway.
Start reading the global news, watch the trends and stop trying to bag 20 pips by luck. Its a job. I spend 16 hrs per day and then some. But I make great money at it.
|I compared these guys with EFX and they have a stall on the pip movement , which occours just before you are about to make money, whic makes it really difficult for scalping, I am only a beginner but I have made money consistantley on EFX, there apppears to be no problem with the pip movement no stalling, FXCM on the other hand have larger spreads and the pip movement stalls just as you are about to make money, if I make ten pips on EFX then I am breaking even on FXCM, sounds outrageous, but with FXCM's large spread taken into consideration, you will soon see this is exactly whats happening, and the staff appear to have no idea, they say there is no dealing desk if this is the case then it must be built into the system, therefore maybe only the people at the top are aware of this, I told the chat dude to not take my word for it make the comparison for himself and that he was probadly a nice person, and if he had money in FXCM to check it out, he cut off the chat, which is like hanging on me, sorry dude if ya read this I didn't mean to insult you ! BUt I lost 35 000 us dollars||911'isj'||02.08.16|
|This review page is worthless, FXCM a scam broker? that's just plain st*pid, and people who have lost money through no ones fault but their own are the most bitter folk you are ever likely to meet.|
If you want to know about this company go and talk to them, I've found them to be very professional, open and informative. I have been invited to their offices in Paris (I live in France), offered free seminars with guest speakers, if your a newbie their online starter course is incredible value with tutor back-up 24hrs a day.
I'm not telling you go open an account with FXCM, I'm saying go and investigate yourself, these type of review pages are meaningless, be smart be wise and ask the right questions, you'll soon find out who the scammers are.
P.S if you believe that you can't make money because your brokers spread on the EUR/USD is 2.5 then go find another business.
|I am surprised to see these reviews about FXCM and think it might be a little biased. I have had a solid trading experience with them including their great customer service etc. I recommend that everyone at least call them to find this info out themselves. I even went to their office, very legitimate operations in a NYC highrise...not exactly what one would expect from a bucketshop.||Mike||27.07.16|
|I felt I needed to give FXCM a fair review. I use the Micro Trading Platform as I like that particular platform.|
So if your new to FX Trading don't open a live account without trying the demo for at least a couple of months. Understand what drives the market and use the market data.
I've never done forex trading before so I got a book about it and worked the demo for a couple of months. I still use the demo as I'm trying to get the Japanese Yen understood and I still struggle.
I don't bet on anything that I don't understand.
Here's reality. FXCM's trading platform's are not the best. They mess up. However using the stop loss and profit limit will get you what money you want and give you some security. I agree that the programs need to be better but FXCM seem to be working on updates and in the last three months I have noticed that it is getting better.
FXCM is definitely not a scam. I have received over $250,000 in many transactions and the longest I have had to wait for it is 4 days.
Do not listen to bad reviews on here. Chances are that people are not very sensible and just bet whatever way they want. I do this full time and I make an extremely comfortable living out of this.
Surely if this was a scam someone would have reported it to the NFA and the SEC who would have done something. Yes the pips aren't the greatest but they're trying to make a living to.
|SCAM||"The worst broker out there... Here is what happened to me recently. (July 12, 2009). I entered in EUR/USD short 50K trade as Market Order. I traded right from the candle chart. When I hit OK button the dialog box disappeared and nothing happened. I checked the Action tab and my account tab it seems as if the trade didn't go through I wait for almost 10 minute b/c I've had issues with them in the past when the trade would take almost a minute to execute... so this was not the case this time... it appeared as if trade didn't go through... so listen to this now.. when next day on Monday (July 14, 2009) when I logged out of my account and logged back in their system put me into the trade that I had tried almost 24 hours ago and obviouly it was going against me... so I called them up and they told me they would look into it and someone will contact me within 24 hours asked me if I wanted to come out of that trade... obviously since it was going against me to I told them to close this trade... to cut the long story short a woman calls me next day and tell me that she cannot do anything about that trade b/c her system shows that they execusted trade right away and I'm just basically making it up that it didn't show on my terminal... so I lost $50 USD just b/c their st*pid system didn't show up the trade on my terminal. Oh, not to mention that every time their system enters me 2 to 3 pips against my trade on top of spread which is never less that 2.9 pips... also their system is hitting stops almost 6 pips earliar and limits 4 to 6 pips after the market value... all in all stay away from these crooks... they will tell you it's your Internet connection and make other excuses that I initially thought was the case but after throughly testing them on live account for more than 6 months came to the conclusion that their terminal software is written to go against clients trades... slippage is never in your favor... fxcm.com is a frigging scam. Especially for scalper... forget scalping if you intend to use fxcm.com. Yes, it's good if you stay in your trade for a week or so b/c you won't feel the ""slippage"" of 10 pips or so... Oh, when you complain them about it they'll blame it on your bad Internet connection.... this slippage is NEVER ever in your favor. It's always in their favor... they will enter you in trade 2 to 3 pips against your trade and when you come out they will again take out 2 to three pips... so forget about 1 to 2 pips spread that they advertise... it's actually never below 6 to 8 pips and I'm talking EUR/USD... if you trade some odd pairs then forget about it... it's redonkyless... time to find new broker... bye bye FXCM.com"||Nas||15.07.16|
|I have been using FXCM for about 3 years now. I am not a regular trader, nor do I have any really great methods, but I have been trading for for 3 years. My experience with FXCM has not been all bad. But I did have some issues back in 2007 where my order was not executed when a limit or stop was reached. Since then I have not experienced any of those type of issues. Now 2009, I use a signal provider. I went to a signal provider after FXCM's charting software had too many bugs in it on the daily chart. The last manual trade I did before I switched to a signal provider cost me a few hundred because I used the chart to set my entry point. The chart was wrong, and then after a few days the chart corrected itself!!! I complained to FXCM support but they basically said they are not responsible for any "Information" they provide, I made the entry point and it executed so it was my fault. I have been having problems with the signal provider and FXCM today. FXCM is again blowing me off when it comes to the money I lost. |
My Analysis. When it comes to support, FXCM s*cks. Execution of my order with my signal provider is flaky, works one week and not the next, this s*cks. When it comes to them being at fault for money loss, they s*ck, they do not want to give you a dime for their mistakes and they will do everything in their power to keep from giving you any refunds. I expect that there are a lot of other brokers out there like this. I am not too pleased with FXCM.
|Some time ago I opened an account in FXCM. Sent all needed document scans. Wait one week, two|
weeks... Account is still locked. I thought scans were lost and sent again from other email.
No reply. I wrote a question to online support. No reply. I wrote a request to info@fxcmmicro.
No reply. I wrote a request to admin@fxcmmicro. No reply. I repeat my letters from different
email service. No reply. I want to write a question to FXCM forum... I cannot register,
It is more than 3 month with no single reply, only automatic advertisement and automatic
reminders to send a document scans for account unlock!
My opinion: It is extreme disrespect to clients. Moreover, now it is very easy to imagine
what problems can occur to all of you if you want to withdraw your funds. Company, considered
suitable this manner - do not reply to their clients - is very suspicious company.
Make your conclusion....
|I have had accounts with many different brokers. Don't ever think you won't eventually get scammed by fxcm. Sooner or later, you'll try to close a trade, it will get stuck 'pending' for 9 minutes, the trading desk will say they can't do anything, and you will get screwed. I'm not talking about in times of news, I'm talking regular time. If the trade was in your favor, it won't be, if it wasn't, it will be worse. Don't do it!!||10 years trading||19.06.16|
|Overall good experience. Some slippage and ok spreads. Excellent|
|"Some of these comments are so lame they border on humorous. If you find that you cannot deal with the market on news days, why do you trade on news days? Just Google ""forex news days, April"" (or whatever appropriate month). Those are superb days for new, thinly-funded traders to go picnic or play with their kids. |
Stick with good pairs. USD/GBP and/or USD/EURO. You can make as much money as you like with just those currencies. Trade into the 4 hour trend during the OVERLAP between the London and New York markets, which will be roughly 0700 to 1200 hours Eastern. If you are trading into the trend during this overlap window, you are in the game with the biggest banks and corporations on the planet. Just do what they're doing. Do not turn something simple into an unmanageable, complicated process. When you have these huge institutions shoveling 40 and 50 million dollars (or much more) at a time into the market, just follow along. Hitch a ride on the trend.
Stay the hell away from news trading. Then you won't be posting hateful sob stories about your broker in a forum like this. YOU DON'T NEED TO TRADE CURRENCY ON NEWS TO MAKE SERIOUS MONEY.
================ Why do 95% of retail currency traders lose all their money? Is it all because FXCM is a big ripoff? Is it because FXCM is one of the classic \""bucket shops\""? Is it possible there\'s any more of an issue than this?
If I sit in front of my computer and \""day trade\"" currency with a slot machine mentality, I\'m gonna lose money. And if I must do this on so called \""news days\"", using 100 to 1 leverage, I\'m gonna lose lots of money much faster. My choice of a broker is not the core issue.
Forget your news trading. Do what the banks do. Model the world\'s biggest corporations. Trade at low leverage and enter a TREND. Ride that trend like a surfer rides a wave with a 20 pip stop loss until your preferred software tells you the trend is finished. That could be 24 hours, or as long as 2 to 3 DAYS.
At least until you\'ve proven to yourself that you consistently make small amounts of money trading at very low leverage, DO NOT TRADE at high leverage. Start with very LOW leverage and come up slowly. Really slowly. If you are trading at low leverage with proper account management AND you enter a trend, there\'s no reason to sit in front of your computer. Let the trading platform do it\'s work and go about your daily routine . Go grocery shopping. Or go play.
And to head-off my many critics at the pass, NO, I do NOT work for FXCM. But I know that forex will take all your money and smile about it ...if you come to the table with that \""slot machine mentality\"".
============= Back again with another morsel of hopefully helpful insight. There will be some who'll vehemently disagree, but IMO, an IB can be most helpful to newbies. Plain English, an ""introducing broker"". Do your due diligence and find one you like by Googling. IMO, the real bucket shops tend not to be listed by prominent IBs.
Apparently, the TV infomercials love to preach that forex is a 'round the clock rockin' money machine. Poppycock. First, don't trade on news days unless you have a really high tolerance for loss, no matter which broker you use. Next, come to the sandbox to play on Tuesdays, Wednesdays and Thursdays. Exceptions, NEWSDAYS. Use your preferred software that alerts you to TRENDS. Trade ONLY into a trend. It's the least risky, most profitable strategy you can employ. Set your trailing stop and ride that trend 'till it ain't no more!
Wanna get rich in forex? Go lightly on your leverage, heavy on your account compounding ...and get good at spotting trends.
|I think People are slandering all the firms of Forex in this website there is no firm left so we can trust and make our trades so all are scams no more trading 1.8 trillion business per day is now going to stop only banks and interbanks will be doing trading Guys I thought that these people are rainbow chasers and posting their unsuccessful ideas here no one is here having any payment issue all are having some technical faults by their ends and by trading stations.|
Do not Trust on these people they are Newbies.
|SCAM||fxcm is scam...dont trade with them...|
i just lose my money...i was buy in eur/usd and at the same time i was sell in gbp/usd...when i look the chart,i found that eur/usd is not moving.but gbp/usd was very active until margin call.the chart was moving up very fast until hit the high price.then MARGIN call.it is suppose moving together with eur/usd..but they lock the eur/usd from moving, then let the gbp/usd hit the high price until MARGIN call.
when i check after 2 hour,the high price is different with price before.
when i look the eur/usd chart,the chart is going up.and i assume that i was suppose can make profit from eur/usd.but they lock it....beware of fxcm
|its fairly simple if you want to make money just do this exact thing |
using this equation 1 hour X 5 trades per hour X 8 points per trade X $1.5 per point thats 60 an hour and i trade 4 hours a day after work quickly in and out and thats it avoid these so called spikes and what not and the equation can be changed according to your risk level and time frames but if you set an easy to use method making money shouldnt be a problem
also heres another simple idea....
20 trades..... this of course after covering your spreads
each ranging from $1 - $20
1+2+3+4+5+6+7+8+9+10+11+12+13+14+15+16+17+18+19+20 shockingly enough adds to $210 and this can be achieved in in a hour easily
also one more a $1250 starting investment at 25% a week 5% a day in 8 weeks would turn to $7140 or $5890 in profit
and another example of how to very simply make money
1400 a week / 5 days in a week / 4 hours a day / 5 trades per hour / at $1.50
285 a day 71 an hour ...5 trades per hour at $14.25 a trade in profit ...at $1.50 a point mean 9.3 points per trade
now reverse 9.3 points in profit that means covering your spread X $1.50 a point x 5 trades per hour x 4 hours
now im 20 with no college education and i figured out the most simple beautiful equation to trade by luckily im not greedy and feel the wealth should be spread so ive shared this information now if you disagree that this is possible to do or that this wouldnt apply to any trading platform so if you felt this was useful i'd appreiate your emails thank you - justin
email@example.com thank you
p.s. i dont need spam or arguments so unless its positive dont bother =)
|The first broker I dealt with was Refco. While with them, they had a partnership with FXCM in helping people to learn to trade. I've take several courses through FXCM and had first a mini account and now a micro account. From time to time when I called customer service at FXCM, I spoke with someone who knew what they were talking about. The others made me more confused when I got off the phone and thought,"oy vay" I love their trading platform. I have had minor issues with it, but they were only minor. Aside from not liking the lack of phone support, which may be a good thing lol, is the service fee when you withdraw from the micro account. My feeling is you never have to pay for a withdrawl unless the funds are being wired. I have voiced my concern on several occasions with them and strongly suggest others who have micro accounts with them, do the same.|
As for making money. Early on in my forex career, I overleveraged my account which resulted in several margin calls. I learned my lesson and now trade a small % of my balance. I prefer to enter and exit quickly, but if I have to leave the trade open, I feel confident, I can leave my computer and let it do it's thing. I trade the EURO/GBP pair. It's up to you. You can trade the most active pair,mildest or any inbetween. Just make sure you dont overleverage or you'll surely lose your money.
|SCAM||FXCM is S*ck and SCAM..i trade 2 mini lots and set stop loss 25 pips..but suddenly stop loss change to 45 pips..Why?||malaysian forex newbie||18.05.16|
|If you loose with them they are sweet to you , as soon as you start gaining it back they will freeze your account, platform doesn't work on news, and slippage is out of control||Leo||13.05.16|
|SCAM||How do i know FXCM is a scam? I have experienced it myself. If you leave your trades open for too long, you will experience these "mystery spikes" that will force you into a margin call. Also if you have noticed the prices change much more often on the fxcm platform. Do a quick search before you open a live account with this company....type in "fxcm scam" or "fxcm fraud" and you should get LOTS and LOTS of information about this scam cunt. All the negative reviews on this company are true...|
PS: FXCM has been sued many times in the past for all kinds of dodgy and unethical conducts. You will lose money trading through this scam c*nt.
|SCAM||I opened a "Forex System Selector" account with an initial deposit of $2500. I selected their best system and within a month the account was depleted.|
|Don't try to scam people when you're a scammer yourself.|
You guys who post that FXCM scam, are in fact scammers.
"The scammers are complaining scam."
Here's a professional reasoning. Try taking it down, see if you can.
1. If FXCM is a scam, why don't you file a complaint with NFA?
2. If FXCM scam so many times, what on earth is the NFA doing listing them?
3. If FXCM scam, why so many people use them?
4. FXCM is one of the top dealer. They're too big to be scamming.
5. FXCM, FXDD, Interbank FX, FxPro, Alpari UK, Alpari US are all regulated.
6. You lost money? Prove it...
7. Demo? Don't complaint. Live? Complaint. Not resolved? File with NFA.
8. Every market maker earned alot from spreads. Why scam?
9. File a lawsuit? Sure, go ahead. You're going to lose.
10. Which scammer would "play fire" with a regulatory body?
11. Scammer would never register themselves with ANY regulator.
12. Any lawsuits are welcomed. You'd be welcome into the jail.
End of talk. Now let's see, who can fight my statement?
I have back off almost everyone. Here's what I wanted to say. I've kept it for a very long time. Here goes:
WHO'S NEXT??!! I'LL MAKE SURE YOU GO DOWN IN A FIRE BALL !!
|Please read this copy of the chat I just had with FXCM:|
What else can you add...
FXCM!29: Welcome to FXCM's Live Chat Feature. So that we may better serve you, feel free to provide me with your name and email address. How may I help you?
User: Hi, How are you?
User: WHY My CHF Order was not executed?
User: ticket #: 17629241
FXCM!29: What are the specifics of the order?
User: The Entry (Sell) level was reached but it was not executed
FXCM!29: what was the sell level?
FXCM!29: what is your account number?
FXCM!29: what was the currency pair?
FXCM!29: Is this a live account?
FXCM!29: what is the live account number?
FXCM!29: was this an order to buy or sell?
FXCM!29: when did you place the order?
User: 20 minutes ago
User: RIGHT NOW it hit this level again
User: and the order is still there...
FXCM!29: Have you refreshed the trading station?
User: Yes I did Many times
User: Now it is even higher 1.2044
User: and the order is still there
User: not executed
FXCM!29: If what you are saying is true your order should have been executed.
FXCM!29: If this were a live account we would turn this over to our audit committee to review and make an adjustment if necessary.
User: Why I can not see it on Open Positions panel?
User: Actually it happens VERY often
FXCM!29: You will only see your open trades when the order has been executed.
User: That is what I am telling you IT WAS NOT EXECUTED
User: What should I do?
User: I can not continue trading like that...
FXCM!29: What kind of internet connection are you using?
FXCM!29: Is it wireless?
User: no. cable
FXCM!29: You may need to unistall and reinstall the trading station.
FXCM!29: If your orders are not executing properly there could be an issue with the way the software was downloaded.
User: The actuall execution runs on the Server... right?
User: what TS has to do with this?
FXCM!29: Yes, but if your orders are not showing up correctly it could be an issue with the trading station.
FXCM!29: You are the only one to report such issues.
User: Not really
User: Your comments ?
FXCM!29: Those forums are breeding grounds for market makers that can't compare to our size.
User: Well... WHY I have the same problems?
FXCM!29: We have serviced over 90,000 accounts. Obviously, not all 90,000 will be successful.
User: WHY I have
FXCM!29: I don't see anyone with the same issue as you.
User: But I had it on my REAL Account many times
User: and review commitee several times admitted that you system was wrong
User: Real TS installed on different computer
FXCM!29: Obviously technical issues do arise in a technical market.
FXCM!29: We are one of the only firms that has an audit committee to look into trade inquiries.
User: ok. NOw the CHF is at 1..2050 level and the order is still there... CAN YOU SEE IT?
FXCM!29: i cannot see your account, no
FXCM!29: because i can't log into your demo account.
FXCM!29: I do not have the login information.
User: last time the support told me that they can see EVERY button press I do
User: I gave you me email
FXCM!29: you didnt give me your email
FXCM!29: it was lost.
User: account # is FXRxxxxxxxx
FXCM!29: i see it now
FXCM!29: but in order to login to your demo i need the login and the password
User: Pwd XXX
FXCM!29: Logging in now
User: PLEASE read my Email above
FXCM!29: Please be patient
FXCM!29: i have to look at the account.
User: I mean can you see the CHF order?
FXCM!29: It appears that it should have been executed at 18:12
FXCM!29: three minutes after you placed the order
User: Can you see it on the Open Positions list?
FXCM!29: It is still in the orders window
FXCM!29: like i said, it should hav been executed.
FXCM!29: We execute live accounts before demos
User: Now can you see the problem?
FXCM!29: and it looked like this order slipped through the cracks
FXCM!29: I have always seen the problem
FXCM!29: I understand what you are saying
User: Ah... OK.
FXCM!29: I'm saying it should have been executed, we apologize that it wasnt, and if this were a live account you could log an audit and we would fix the situation.
User: and now tell me how should I trade to avoid these problems?
User: or wait till you fix it?
FXCM!29: Execution will never be perfect.
|I posted this same message on all three boards for FXCM, Oanda, and Forex.com as it relates to all three.|
I trade two services and make my living full time with FX. These ratings are now useless. They are filled by people who lost their *ss with st*pid trades and can't accept that.
I use FXCM and Oanda. But my two friends who also trade full time use Forex.Com
I have personally taken 300K out of FXCM over the last 6 months in profit. Thats net withdrawels. These three services are not scams. They make a lot of money on the spread and interest and its to their advantage for you to make money and make more trades. Remember, when you make money, they hope its from other services and leads to more trades. I have other 1400 trades on the sites. I looked at my spread and commisions (FXCM has a commision for gold members, but ultra low spreads), it was over 30K last year. No wonder they like me. But my profit was over 500K.
It's not a scam and not impossible, but its a full time job for me. I spend 12 hrs per day 6 days per week studying. I read every paper in the world and spend hours on my charts.
So ignore these fools. But treat it as a job and do your homework. If you treat it like Vegas, then you will lose just like Vegas. This is my career. No different than being an banker, doctor or lawyer. I get paid very well, but I have lots of stress, many sleepless nights trading the London market and days where I lose 10-20K. But the days I make 20-50K, they make up for it. From what I see, FX trading is very binary. Either you can do it or you can't. So most either lose their money or make a ton of it. Luckily, I fall into the latter.
I use the different sites for diversity and each does have something unique. My friends like Forex.com becasue it has the web platform and hand held platform. I like Oanda because it has unique trades such as trading Gold versus USD at 50:1 and also you can vary leverage for each trade. I really like FXCM becasue of the simple interface and the daily news and trade forum they have. FXCM.com has also now added a web platform. Its nice for trading on your vacation when you promised the wife to not trade and do it anyway on the hotel computer. I don't have another job, but I could see it being useful for trading at work.
I am definitely proof that they are not scams with my withdrawels. I remember reading this forum after I had made my first 200K using FXCM.com. The next day I took out 100K because I was paranoid. No problem, was in my account in three days. After I become a gold member with 10 Million in trades per month, the next wire xfer was one day. Gold members get preferred treatment.
So if you want to trade forex, any of the three are great. I realize that not every site is legit. But I think you can trust the biggest outfits as they are making more money on the spread and don't need to scam you. Maybe all of Wall St. is a scam, but these brokers are no different than Schwab or Merrill Lynch. You can lose your *ss if you don't be careful.
I also like the interest rollover of Oanda and FXCM (I don't know the Forex.com rules) versus some other brokers. FXCM charges or pays a simple interest per day the trade is open. Some brokers use a different system and it seems to penalize carry traders. But I am used to the Oanda and FXCM way, maybe the others are fine once you understand the way they do the rollover interest.
|I wish to make known the dishonest practices of 'FXCM', the currency trading brokerage. I had a small 'mini account' of about $500. On April 16,2008, @ about 8:50 AM EST, I shorted 1 lot GBP/USD. This trade was placed shortly after a news release, which after the usual initial volatility would have been a great short to ride down. After some upside retracement, followed by positive downside movement, which took more than 10 minutes, I placed a 'stop/limit' order @ 1.97858, just above the last lower high on the minute chart. The GBP/USD was moving to the downside when I went back to bed (I live on the West coast). When I came back about 25 minutes later, my position was closed out. However, looking at the same minute chart, the GBP/USD AT NO TIME CAME CLOSE TO MY STOP/LIMIT ORDER. I called 'FXCM' and the broker LIED and claimed I was stopped out 4 minutes after I entered the trade. I have asked 'FXCM' for records for that day and they do not comply. Later that day, when I had cooled down, another person @ 'FXCM' whose name is 'Mike', listened to me and said he would get back to me with more information. He never did. To which, I must conclude that 'FXCM' is a crooked boiler room bunch of slimeballs, who have no compunction about ripping off the 'little guy' trying to reach a part of the American dream. GODDAMN FXCM!!!||Jim Johnson||22.04.16|
|Ok let's take this from the top started with a $5000.00 deposit 100k account after blowing up the demo I talking dedecation like mad, I use to work at NYMEX and traded stock online using the over night news and data for a while made some money but a friend called me and said he had gone live trading forex so come on buy and see if we can combind minds on this ok so here we go .When I started there were no hedgeing yet so you had to know how to manage risk so we both were tradind two different companies same goal in 9 day I was up $9600.00 he was trading a smaller account with other company he up $700-$800 in same time frame at this time I starting to get calls from Fxcm about on my appilication I put that I was a novice trader but I was I never did this professionally so the next ? was we are looking for beta chart testers oh I forgot at that time I was using prophetnet chart I liked it tried to get me to use netdainia but I refused call came in everyday about my stragedy and if I would be interested in the testing all of a sudden prophetnet charts didn't work anymore ok so I used netdania same results now it 2wks and I'm at $13,400+ felling good so on the 3rd request I said yes just to see if other charts had any added avantage charts were proRealtime,intellicharts & marketscope so herewe go didn'tlike Procharts & marketscope did intellicharts made 23 straight succesful trade no losses then all hell broke loose chart freeze tradestation lockups loss started I felt suspicious but money is buliding up now at $17,000+ almost $20,000, my wife said you always pick things up quick but whoa here go the twist I was talking to my friend about the EUR/USD and what happen that morning they had caught those guy in a house in Fl. training for alqeeda,that morning I had left a buy position before I went to sleep which was about 4:00 am I did really good on that one then the phone call! my wife says it fxcm it for you so I answered it's their new offer can I could come down to their trading office in Manhattan NY and trade with them with $25,000 and they would match it and we would split the profits but I thought I need isolation to excecute couldn't trade in a room full of people so I said I can't my wife was pregnant and it would make my life difficult with my other son in school 2nd grade she was persisten but I said I couldn't man things weren't looking good after that limits falling short by 1-2pips gains of $300-$700 would be in negative I would look at charts it would show it should have hit but not, I would go to sites like fxstreet call my friend ask him where is highs for the day was and we were right on point now remember he's using another platform and charting but three different source would make things all more conclusive I had to actually close all trade manually, now a box would come up with that yellow triangle no close for me a lot of slippage so I called my cable company to check for work in area none fxcm our systems fine now what! I had turn them down and that was the price I paid they did't know I was using two computers always kept a demo to cross reference and I caught them now we argue but always told me trade was hypothetical which means take that lost I can write about many situations like when heging came available switch me without asking me plus guarantee fills is why I choose them to start was no more gone and what they were pushing you had to take I got stuck because I had learn and mastered their platform that was my fault for staying made & lost money but when their wrong like the time I started taping all my trades on video camera and caught an un balance hedging position which cost me thousands GBP/JPY 100k vs 50k tryin to get me a margin call that day I lost over $10,000 because I knew I had to deal with the exterminator and landscapers so I hedge my positions three to be exact without the camera I would have thought I made the mistake they said they don't know how that would happen because I use cable connect just remember you can be manipulated.. trust me||I See thru it||20.04.16|
|SCAM||I agree with the issues lot of people have complained abt and this is not about those issues. They have come up with a new scam. I got an email that my account is being "upgraded" from mini to micro. I do not want this but they say since my balance is less than 2K i have to move to micro. The only way to avoid this is to bring my balance up to 2K. I then asked them what if losses bring my balance less than 2K. They said i have to maintain 2K at all times.|
This sounds like they are forcing me to micro just to make me part with my money. In the case of micro, from what i understand, they ARE trading against you. So, they seem to have figured this is more profitable to them, at their clients' expense. So this ends my 4-yr trading history with FXCM.
I have been recently investigating getting into FX trading and so have looked at a few different brokers over the past couple of weeks,
I had an ALMOST EXACT same chat exchange with FXCM as was [Submitted by: AndyS (26.04.2007 03:11) *see below] while using their demo account.
The responses from their side were virtually identical to what they told Andy. The FXCM chat person actually got a bit snippy with me in the end so I ended the chat.
I have uninstalled their software and will NOT consider using them. i-TradeFX has been a little better experience, except I have already run into software errors with both their demo tools (MetaTrader 4 and WinTrader). I'm beginning to wonder if you can trust ANY of these guys?
|I had demo account with FXCM active trader, as you know this is a web based platform and it does not come with built in charts, so you got to open their mico platform to view charts or any meta trader software. After a while of demo trading I noticed a lag in quote between FXCM and the charts, which could be up to 10 seconds long even on a fast internet connection. I began to take advantage of this lag and I was seeing 10 seconds into the future, all my trades were profitable, even though I had few margin calls I was everytime quickly up on my feet and winning again, untill the point when hundreds of 100 mil orders in one direction could hardly affect my gigantic margin.|
A friend of mine was watching my demo play and viewed my entire report, immediately opened a multi thousand live account at FXCM, he lost half his money in volatile day when EUR/USD jumped 4 cents in one minute after US quantitive easing news release. Few days later he deposited more thousands into his account, but this time he lost due to FXCM delayed quotes, which was helpful to me in my demo account and helped make over 400 mils in few days
The point is that demo account do not replicate the real world, no matter how convincing it seems, a demo account will find no dificulty filling your 100 mill order, while in real world this is not possible especially with FXCM.
Another thing about FXCM a beginner should know is that a margin call will eat up all your money, because once usble margin runs out all open positions will be closed and only the money laid out for these positions will be returned, So in case you get a margin call in micro account you will loose all your money except $2.50 per thousand for the open positions will be returned.
In case of active trader you would get $5 back per thousand, this like the Arabic old saying: You get from the camel its ears !
Other Brokers have much better margin call policies designed to protect their customers not destroy them. You Should stay a way from FXCM for this very reason.
FXCM also has outragous spreads somtimes as high as 20 pips at market open and news breaks. This will affect all open positions hen it happens. and a lot of slippage during news time.
Also bear in mind what I read on FXCM website about getting a false margin call when wrong data is fed to trading stations, A margin call can be trigguired by software and wipe an entire account and actualy close open position and who will fix that !
I hope you guys who tried other brokers in live accounts write about them and I would like to hear from people who had any withdrawal troubles with any broker to tell us about it here. after all it is our money !
|im ve been certainly lucky coz im not experiencing these issues-in my early days i certainly felt everyting thats being described in the scam columns-hope they all find some light in there trading.||shudi||29.03.16|
|I traded FXCM for 2 weeks . I started winning as much as 21 out of 25 trades the first wekk. Going from $100 to $622. Then the following week. All my skills seem to disappear. I found that if I put in a stop... It was met with a spike that took me out. If I started to exit a bad trade and hit cancel instead, the market seemed to change direction. I averaged 60 pip a day and then they started playing me. One guy even called and asked for my strategy, like he had been monitoring my trade?||Chris||28.03.16|
|The spreads are very good. I trade the EUR/JPY usually around 1.2 pips on the micro account. Generally good reaction from the platform except after news. After news, the system may in fact lock you out as has been reported on this board. I did not have this problem at forex^com but I dont like their spreads as much. Forex^com also had the advantage of a wireless trading protocol which FXCM does not have.||Mark||28.03.16|
|i tried fxcm microlot and i lost all of my money because i was gambling !|
i think fxcm is ok
|What would u excpect from a broker who will never answer your emails.??|
Besides , FXCm is all about marketing and that's it. Also high pip spread to rip you off
|SCAM||Another th*ef in the market:- Create their own FX pricing.|
Create their own charts, with spikes.
Create their own lows & highs
Stop Losses are a guaranteed STOP OUT, due to their increase band of spread widening, btwn bid/ask.
New Limit Orders - if touched 2-5 points below your price and bounce back up in your favor, will SURELY not be done, due to their favorite line, LOW LIQUIDITY - SOORY SIR< YOUR ORDER COULD NOT BE DONE !!
STAY AWAY - DESTRUCTION OF WEALTH, RIGHT BEFORE YOUR EYES !!!
|I'm new to forex and have only been trading for a few months. I've lost money and made money as I figure out what the heck I'm doing. I'm confused about a lot of these scam posts. Is it not true that forex brokers make money on each trade (the spread) and not the result of the trade? The more trades I make - good or bad - the more money they make. If I lose all my money, I cannot trade anymore and they will not make any more money off me. I've made scores, if not hundreds of trades and my net earnings are up. I don't care that FXCM makes money off each of my trades - that's what a broker does, that's what keeps them from going out of business. As far as the occasional hickup, if anyone knows of a system out there with no glitches, please share that information with Microsoft.||Tom N.||15.03.16|
|I find it impossible to believe that each and every trade I make could be on the wrong side of the market. Lets be clear I AM a newbie, however, I've been trading on this website off and on for 2 years. No big money, but I find it odd that if I'm putting in a sell or buy, the currency would do the opposite and my money is gone. I've even placed buy and sell on the same currency, and the currency will remain flat. I do my research, look at economic indicators, etc. but Jesus, even statistically, the law of large numbers should say that I'd get it right at least once out of the hundreds of trades and dollars I've placed with this company.||Jake||06.03.16|
|yeah, I have trade with them for few months. it happened in 2006 when I monitoring my trade. the usd spike up and eat my stop and I was left with $50.00 I won't recommed them to anyone.|
I think most forex brokers re scam. Can one tell me which is good or fair in their trainig.
|I believe anyone regarding fxcm as scam is a newbie.|
FXCM is a very good broker.
The fact is simple, if you believe that fxcm is ripping you off ur money, why dont you try comparing their chart with another other reputable brokers (interbank, fxsol, etc), if its different, then you can make your conclusion.
Besides have never heard anyone saying something about withdrawal problem. They always pay, no matter the amount and this I believe is a characteristic of a good broker.
FXCM is simply one of the best.
How many brokers will you see their contact address?
Lets be fair in our judgement and pls dont misguide people.
Scam is not good.
|I am a professional trader and I also advise over 1,000 other traders with entry exit orders. I am actually shocked and surprised to read most of these posts about FXCM.|
Please email me specific details of the problems you have had firstname.lastname@example.org
I do not endorse any trading house but I personally use FXCM for the accounts I trade and over 95% of my readers are using FXCM or ForEX.com
I have never heard a single complaint from anyone about either of the companies. If there is a real problem I would seriously like to know about it.
|I am extremely surprised by the problems people are having. I have been using the FXCM Micro trading platform since late October 2008. I have not had any problems with real trades not executing. I have always found the deposits to be very prompt(usually processed within an hour). I have made withdrawals totaling $2,550 and have recieved the checks in a timely fashion(usually within 8 business days). I do not know why people think this is a scam. But, I do have one issue I am not 100% pleased with--I do not think there should be a $10 withdrawal fee. But, I guess thats how it goes. As far as thge spreads, they change. I see negative spreads sometimes... Does that mean it is a reverse scam? Then again after hours trading spreads can get up to 4.5 pips on EUR/USD. If anyone has specific questions please feel free to email me. I am only an individual and do not give advice. for recommendations, I suggest reading DailyFX.|
|so far so good! deposited 100$ last month and now it\'s 152$, after 1 1/2 month. i\'m a conservative trader. more on scalping 10 to 20 pips. why trade for 50 to 100pips when u r not sure it\'s going there. if i see a good signal, i\'m sure it\'s going to hit 10 to 20 pips. better than placing tight stops. I had some disconnections upon closing my position, but i guess it was ok because i had the same problem with my previous broker. could be happening to all brokers. Haven\'t tried withdrawal yet. i\'m trying to reach at least 700$ before i withdraw. so far so good... i just hope the lehman brothers issue won\'t get in the way of the business operation. btw, does anybody know fxcm\'s stand on lehman?||malie||14.02.16|
|SCAM||Wake up traders, this platform is a complete scam, you'll lose all your money,if you're currently trading with FXCM I strongly suggest to withdraw your money. Numerous time my stopped loss order was hit 10,15 pips away from the printed,charted quotes and all I ever get in response is "we're a no dealing desk service,during high peak trading there will be slippage" Close YOUR accounts with FXCM and give it to charities, you'll be much better served.||jason||01.02.16|
|I been reading a lot about FXCM and tested there platform for around 2 months, yes its true that before the platform wasn\'t good and had many errors, but now its consider to be the #1 FX broker, Support like no other, best and easiest plat form that really help you to make money and daily recommendation and outlook on the pairs.|
My advice go with FXCM and dont worry about what wrote above its mostly old posts!
|i deposited 100 dollars to test with this fxcm. I have experience trading the forex for almost 15 yrs. I tested their platform and it worked good. I turned 100 dollars into 994 dollars in 4 hours.|
Next day when i traded, it just started to drop and drop and drop more. Margin calls were hit, spikes out of nowhere. I used my other broker and it was going 4-3-8-10 pips with fxcm it was 20-30-10-4-2-40 pips at once.
Beware traders from this broker.
|It is scandalous when the platform freeze for 1hour in the news.||anyone||26.01.16|
|I\'ve been trading with FXCM for about two months now. They have been very good with answering my questions. Trades executed well with no noticeable slippage. Their response to executing withdrawls has been great, I recieve my checks within a week or so by mail. I generally don\'t use market orders but limit orders to enter a trade so my trading techniques differ from most of the posts here. The spreads are acceptable considering the cost per round-turn on commisioned based trading. Most of the people posting here are just venting their emotions. Some trade planning in advance may prove helpful especially on when to enter a market.||RJD||25.01.16|
|This broker does not allow me to close the trade at market price if price is moving against them. I get 'Data not found', 'Waiting for dealer', 'Your order didn't execute 'cause price moved' kind of messages, though the FXCM platform keeps on showing the same price.||maxtrader||23.01.16|
|They really act in their own interests but not in the interests of their clients. I suggest newbies to forget about FXCM and go find a better broker.||Mark Antony||09.01.16|
|Most of the reviews here on FXCM are extremely negative. A few positive reviews are made by people who seems to be very arrogant e.g. \"I am PRO, I make thousands everyday - You newbies forget forex and start flippin burgers\" etc etc.|
Most people blame others for anything that goes wrong in their life but I don\'t understand why forex \"GURUs\" are using abusive language.
Is anyone over here a real trader? Some have said that they always made money on demo account but always lost money on their real account.
I have traded on a demo account for 3 months, I have made money and I have lost money also.
So based on my experience I can safely say that the claim of always making money on demo account is totally false and is probably made by people who ended up losing and are angry.
Seems like the only way to test is by opening a real account with them.