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I personally used FXCM as my forex broker for a while live when I was just starting trading. I didn't have any problems with them at that time, but I wasn't trading that much, and didn't really know what I was doing.
If you have any experience trading forex with FXCM, please share it with us and post a review.
Larry Riegert, Ontario, Canada
Rating:
Date of Post:
2008-11-17
Review:
I had been with FXCM for about a year - news trading. Then on 3Nov of this year, they closed out a news trade on margin at a price that did not occur on the 1 minute candle on their platform nor IBFX, FXDD, ITFX or Gain. The one minute candle on the AUD at 2230 when the trade occurred opened at .6712 and .6714 at FXDD and ITFX, respectively. With a 10 pip market range, I got entered at .6676 on a sell and was closed out on a margin call at .67351 within that one minute candle. The market never went to .6735. Their spread was 12 to 15 pips. The high was .6712 and .6714 at FXDD and ITFX, respectively. Someone manipulated my trade.
When I called, I basically got a song and dance about the banks having exercised that price - not them. They would not cancel the trade. Watch out!!
Reopn, Victoria
Rating:
Date of Post:
2008-11-11
Review:
This is a horrible scam of a broker. One wonders why the authorities would allow such a group of people to operate with such impunity. They misuse technology and anything within their reach to kick out people with trading aptitude. You can only trade with them if they want you to.
What are authorities doing? Although all complaints are not genuine, the way this broker operates should be thoroughly probed.
J. Shine , Korea
Rating:
Date of Post:
2008-11-07
Review:
Beware of this Scammers! Very Scary !!!
This company goes shoulder to shoulder with big fraudster. Thinking one step further, this company seems to be the forefathers of all fraudulent activities that came into existence since inception of forex trading.
This company just falls tad-short of great Satan in forex world.
Once you open your account, it becomes instantly impossible to withdraw your money out of your account which is why they allow you to fund your account way in advance before they request photo ID and proof of residence.
However, once your account is open and you have funded your money to the account, they show up with their real face, as lazy as 2-3 weeks later since your email, and say "We haven't received your documentation yet. Please email them as requested."
You have no choice but email them those documentations over and over as per their absurd claim that they haven't received yet, only to see your account still locked. Very frustrating.
They are second to none swindlers.
I emailed them so-called required documentations as many as four times with the docu attached as two files therewith, one photo ID and another proof of residence. But nothing changed ever since. You get same answer that they haven't received docus and thereby you get the same request that you send them via email or fax.
I entered my email zone and checked if they opened my emails.
Yes !!----they opened two of my four emails not with automatic response but with manual opening for sure.
Nonetheless they insist that they have not.......over and over again.
I am now happy that I didn't deposit more than small amount.
I had wanted to test their system before depositing main portion of my funds. It was a wise decision. All I have to do is just abandon a small amount of money that doesn't affect my lifestyle without.
P.S. One of my friends told me a year ago that he quit trading with FXCM because their quote spread was so wide that he as a professional trader with winning ratio as excellent as 5 to 1 on records, cannot maintain his performance like before.
It was so silly and dummy of me trying to open an account with same company only after a year of hearing my friend's complaint.
(Somebody told? The mankind is an animal of forgetfulness?)
P.S. After this post, some posts will likely appear on this forum telling all the fake-goodies about fxcm as they recently does, especially about how swift their withdrawal process was, etc.
Your life is yours, not mine. I don't care how torturous and painful you will get just for choosing a wrong broker.
But one thing for sure is you cannot choose anything without having to pay the price in future, sooner or later.
Bless good luck on every trader whoever read this article.
Thank you.
jbmaverick, winston salem, NC USA
Rating:
Date of Post:
2008-11-06
Review:
After reading about FXCM here and elsewhere, I was reluctant to try them, but I did, and so far I am very happy with them. Even when the market is flying, I've never had more than a couple of pips slippage on a market entry order, and - again, even in a zooming market - my stops have always been filled right on the money - much to my pleasant surprise.
I don't care for their charting software too much, and use someone else's for that.
Overall though, I'd have to rate them excellent at this point.
zudiman, malaysia
Rating:
Date of Post:
2008-11-06
Review:
i really don't like this broker. their services very bad. take very long time to reply an email. withdrawal also take until 5 days. live chat also so suck. always no respond. i recommend don't use this broker
ernest8fingers, USA
Rating:
No Rating
Date of Post:
2008-11-03
Review:
Paul-that may have been your last chance to get out while in the "black". Giving a Broker a 2nd chance to fail is more risky for your bottom line than trading w/dart board . 1 good deed does not an honest Broker make. Good luck!
Paul, UK
Rating:
Date of Post:
2008-11-02
Review:
I have to eat a humble pie here, and give credit where credit is due (re my review of FXCM of 30-Oct-2008).
FXCM came up good, they rectified the errors quickly and put the money back into my account, even the profits.
I am stunned, I really didn't expect this.
If that is the new standard FXCM is following, I am more than happy to trade with them.
To ballance things up, as I was only too quick to post a negative review, I have to admit I was wrong for generalisations I made in the previous review.
I spoke too soon, I should have give them a reasonable amount of time to see if they will fix the issues I complained about. They did, quickly and professionally.
My bad. FXCM 1, me 0.
2008-10-30 1 Star They are going mad for money, stealing it every which way they can. I have a mini account with them which I didn't trade for a few months. Tonight I decided to play a little, bought 1 mini lot USD/CHF... and got burned 81 pips! No, I wasn't on the wrong side of the market, with any half decent trader it would be a profit of 30 pips, with FXCM I ended with loss of 51 pips!
How?
Easy - they open and close your trades at whatever price they want, no relation to the actual quote they are showing in a trade window.
I bought USD/CHF when the quote was 1.1401. When the new position showed, the opening price was 1.1428... 27 pips above the price that was STILL displayed on their platform! That was the first step of the robbery.
When I decided to close the trade with a small loss, just to get out, the quote was 1.1426, or 2 pips loss. So I clicked the close button, the trade closed, and my ballance showed 2 pips loss. I thought oh good, small loss, lucky escape from thieves. But...
30 seconds later my ballance suddenly CHANGES, showing that my trade was closed at 1.1372 - or 54 pips BELOW the market! Their platform however, the quote board, is STILL showing the price I was QUOTED and that I THOUGHT I closed the trade at. There was no spike down, not on charts and not on quote board, bo other dealer (and I have 3 other brokers) showed that "spike down", exactly the opposite, the price continues to go up - even FXCM shows it is going up (now that my trade is closed, of course).
I have screenshots of thier prices and trading platform, I have transcript of my conversation with the bulls***ter on call in their "support" center who of course is telling me that it all because "markets are very volatile etc, etc... but there is no point wasting time discussing the mugging and theft with the ones who mugged you in the first place. They know what they are stealing and robbing (they are not doing it in their sleep, you know...) and they are quite happy with the results. Doing it openly, knowing that you can't touch them. They can always put some low-skill low-IQ "support" moron on the phone to bulls*** you until you go blue and tell you to "manage your trades accordingly".
The only way you "manage" FXCM way of trading is to get your money and go away from thieves and muggers with fancy websites. They don't like people who make profits, they are desperate to steal as much as they can as quick as they can, and they are quick to demonstrate that they mean it - money paid to FXCM is on a one way trip.
Suad, Spain
Rating:
Date of Post:
2008-11-02
Review:
They charged interest rates so high on both of my positions (sell and buy) that I had a margin call. Lost 15k and 2h later things were back to normal. Now what I am supposed to think.
ernest8fingers, CA usa
Rating:
Date of Post:
2008-11-01
Review:
Paul u r one of thousands that know what douchebags these thieves are. Only a matter of time before someone goes "postal" . FXCM is a soulless company bent on bleeding the common trader into poverty. What I cant understand is y anyone would Trade with them? I used them for 2 years (my 1st 2 years) and was about to throw in the towel. I went with another broker and my fortunes improved at once. Broker choice is now the #1 most important trading decision u can make. Boris and Kathy bailed on them because they were privy to the real workings there . and if u visit the NFA website and see the principle owners-it reads like a list of russian mafia members. Good luck to all u FXCM traders-you're gonna need it!
2008-03-10 2 Stars good luck Davo u will need it! I was a loyal FXCM account holder-not anymore! Y does their software freeze up only during important news releases? This happens EVERY time an Important event is released.Ill tell u y- they freeze their feed so traders miss entry or exit points.I have had my FXCM account since 2004 and have noticed this FREEZE since then! I dont trade NEWS but I do have 2 other Brokers - EFX - InterbankFx- they havnt froze once-not 1 time that i have been logged on to their software.Fxcm does have great Calendar and lots of free goodies which is commendable but doesnt make up for their Feed manipulations!
2007-10-27 5 Stars Say what u want ( they freeze their feed-go manual-turn their server off-whatever?) I have had few troubles w/FXCM - been with them since 2004 on a mini and have made money.Losing money is painful but poor trading habits are the most common cause of account liquidation. FXCM's free Economic Calendar is still the best out there.I also have 2 accounts with other Brokers and they are all the same.Same software/Feed problems and the like. I will be touring their NYC offices in November(at my request)and cant wait to see this operation 1st hand. I like them and will stand by them.
2007-09-29 5 Stars I love this company. Excellent customer service and have never failed to address my concerns,ever!Many if not all these scam ratings seem to be emotionally driven(lost money!)I used to be a Forex loser then I found FXCM - now Im a winner ! Long live FXCM !
Risk Warning. Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all
investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in
foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite.
The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you
should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign
exchange trading, and seek advice from an independent financial advisor if you have any doubts.
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Spam Notice. To secure your privacy FPA mailing list is maintained and all emails to FPA members are sent through AWeber Communications, Inc. with world stringent Zero Spam Tolerance policy. One click unsubscribe option is included in every email.