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!!!

- Reviewed by mr jimmy, April 22, 2008. Rating = 1/10

No problems so far.

- Reviewed by Chris, April 11, 2008. Rating = 10/10

Fast execution and good customer service, reasonable spread. The only advice, don't trade news it will eat up your money.

- Reviewed by matfx, March 29, 2008. Rating = 8/10

Meant to be the market leaders but upon opening an account could not get any service from them. Price slippage and spreads that change on a regular basis. I dont trust these guys.

- Reviewed by FX Guru, February 25, 2008. Rating = 1/10

I have opened a mini account with these guys. Trading FX for a while now and no matter what broker I try I always start with a low deposit mini to see how good they are...Ya their customer service is good but I hate not being able to trade on the weekends!!!! Weekends add up to a huge pile of cash for me so that is a big MINUS! 24/7 does not apply here yet on their informations it's 24/7 all over the pages!!!

Spreads are lousy and I can't stand the fluctuating spreads either. It seems that when I enter a trade with a spread of say 4 that spread still fluctuates when I go to sell it?? hmmm.... I wonder some of the spreads are 20pips high!!!! That is crazy!!!

All in all not too bad but the no activity on weekends is just the killer... I HATE THAT!!! I hate even more the fact that they don't tell you this anywhere during signing up!!!

Cheers

- Reviewed by chicomangh, January 28, 2008. Rating = 4/10

You know, when someone tries something and loses money at it, it's easy to post a complaint and call the company a scammer... but let's be real here... If these guys were scammers, they would be posted all over the media and also be shut down within seconds... The truth is, if you don't do your due diligence, and you invest your money "THINKING YOU KNOW IT ALL", and you lose... you're going to leave a bad mark for this company... but you're the one that lost your money and you know it. I am not associated with this company other than I opened an account, lost some money, then studied the numbers and made my money back. We all know there is money to be made here, but if you buy or sell at the wrong time THINKING ITS THE RIGHT TIME... why are you calling this company a scam? HECK, they are on TV. They have agencies monitoring their every move and they are well known throughout the states. So quit being so sore hearted because you lost a buck or two... or even a thousand or more. It's your fault and you know it. This company has made millionaires and billionaires out of people that just started with a couple hundred dollars... so stop with your hate lashes because you made a wrong decision. This company will make you money just as fast as it will lose you money. It's all up to you. They are only a middle man that takes a small percent out of each transaction for letting you use their platform software.

If I made alot of money from this company I could praise it over and over again all over these boards... and on the other hand, if I lost alot of money using this companies platform I could talk the company down over and over again all over these boards... so if your planning to invest in this company, I'd say, learn how to trade first, then when your comfortable, invest and make money. DONT spill your money into trading thinking its easy!!! Heck, people have been studying this market for years and years and maybe even before you were born... Don't think you can walk into this knowing everything right away. You will lose your a**. Get real. Get out of fantasy land, and learn this art before you blow all the money you worked all your life for. I lost $25,000 in one evening when I first started because I thought I knew it all right away... Then after that wake-up call, I studied and learned how to make money right. Don't make the same mistake I did. Study it first. Take as many courses as you can and practice as long as you can until you know it like you know your brother, sister, mother, or father. ONLY INVEST when you truly know what you are doing. Otherwise you are going to lose everything in ignorance and you will be a victim of making the rich richer because they know what they are doing. People will easily post complaints but not many people will face their faults.

- Reviewed by just a guy, January 6, 2008. Rating = 10/10

You read a lot of rubbish about fxcm, but I have never had a problem. Great cust service, decent spreads and good execution. I have set slippage to 1 pip, and 90% time get filled at order price. I'm in UK, and they seem to be very regulated, also now with new regulations. I would vouch for them, but not to trade the news.

- Reviewed by shingles, November 5, 2007. Rating = 8/10

No problems encountered. Good customer service and execution.

- Reviewed by terminex, October 24, 2007. Rating = 10/10

These people are really trying to get there **** together assuring people there not on the nfa's black list. The crack house of forex if you ask me! Although its possible to hedge here at the price of a buy or sell. Don't forget the positive and negative roll though when you go into an investment here you could lose out on this part. Poor leverage both on investments and charting. But, great ideas none the less!

- Reviewed by rainbowconceptions, October 13, 2007. Rating = 6/10

Worst euro/dollar pip spread out there!

- Reviewed by carrija, August 18, 2007. Rating = 1/10

They are bad but better than before with the No dealing desk. Spread is big. But I made big money with them. So I like FXCM. Compared with Interactivebrokers(IB), FXCM is worse. But I always lost money with IB, bcs they have too many things to trade. At FXCM, currency is only thing you can trade.

- Reviewed by od, August 7, 2007. Rating = 10/10

Great experience with these guys. I would definitely recommend them to anyone who trades. Many of my friends also trade forex through them and they too are all happy.

- Reviewed by NJ, July 28, 2007. Rating = 10/10

I opened an account here in the UK about a year ago and am very happy at this time. They just told me that my account is now segregated which is nice. I also really like the new improvements they have made over the last year even though they definitely had some rough patches earlier in the year. I definitely considered going with another broker but none of them offer the same amount of security in terms of regulation. Some of my mates also trade with them and they seem to have had a similar experience.

- Reviewed by Trevor, June 21, 2007. Rating = 8/10

The spreads on this are ok, some slippage does occur but it is normal for some of the market conditions I have traded in. I love their Gold Client customer service and that is one big reason why I won't consider someone else.

- Reviewed by Jessica, June 13, 2007. Rating = 7/10

Excellent broker. Have been with them for many years and am very happy with the results. I moved to no dealing desk last year and although I had some small problems at the beginning, their execution has been good since then. Good spreads and I have heard they are making more improvements on their system very soon.

- Reviewed by Max, May 22, 2007. Rating = 10/10

Well I have had accounts with Man Financial in Canada and FXCM for a number of years; both utilizing same platforms and entry/execution. NDD is no dealing desk platform - fairly new; no intervention of trading basically. I trade news 90% of the time with trigger software. I have been able to get in certain news spikes with NDD though I do have to increase the 'at market' deviation in order to broaden my chance of entry at these volatile times. Say eur/usd is 1.3500 just before US ISM, I allow at market to be 14 which means if the result comes out with big spike I can get in 1.3514 or 1.3486. It does get you in at times, though also not at others. No one click execution which is set back. Easy to use platform and not overly complicated. No broker is perfect; worth a try with these guys. Good, polite customer service.

- Reviewed by Andy, May 21, 2007. Rating = 5/10

Market Orders sucks when the market is volatile or during important news time. Lot of slips on the entry order during the news. I used to like them when the order goes through their dealing desk.

- Reviewed by Pratap, May 20, 2007. Rating = 3/10

Had a great experience in the year I have been with them...couple of issues while trading news but I read on their forum they have something in the pipeline to fix even the small issues still left...Based on their service, free resources, etc I still think these guys deserve a 10!

- Reviewed by Charles, May 19, 2007. Rating = 10/10

I tried these guys about the same time I started trading with other brokers...at first I liked their service a lot but I was not happy with their execution. They put me on the no dealing desk station and it didn't really work but they told me it would get better. Since the past 2 months it has been really good. Liquidity seems to be greater, slips smaller and I like that the spreads are tighter on a lot of pairs than they used to be. If they keep going like this, I may begin to trade with them exclusively.

- Reviewed by TSC, May 11, 2007. Rating = 8/10

I will not use it any more!!!

- Reviewed by Hisham, May 6, 2007. Rating = 1/10

Used for robotic trading. Wide stops and limits. Good fills and reasonable spreads using the Non Dealing desk.

- Reviewed by hafnium, May 3, 2007. Rating = 10/10

Note: As of July 5, 2007, 99% of all FXCM clients are trading on the no dealing desk trading platform.

Rate & Review FXCM No Dealing Desk
2007/08 FXCM No Dealing Desk Ratings
More Broker Reviews

Never had any problems with execution. Trading platform very easy to use. But the spreads are too high and they trade against you.

- Reviewed by VT, May 26, 2007. Rating = 8/10

Nice people. Execution slow. Stops are guidelines...Here is a conversation with the help desk...

FXCM)9: Welcome to FXCM's Live Chat ?
greg .: I am watching the dealing rates change. It is 15:51 cental standard time. The close price is above my stop price on a sell position, but my order did not stop out. What is happening?
FXCM)9: We're updating the prices currently for when the market opens.
greg .: Also, on my intellechart, the time is updating, but the actual prices are not reflected on the chart.
greg .: It looks to me that the market is open, but FXCM is not. Are you going to honor my stop price?
FXCM)9: Your stop is subject to the next best available price.
greg .: THen you do not honor stop prices!
FXCM)9: I didn't say that.
FXCM)9: that's worse-case scenario
FXCM)9: we want to honor that stop if we can, but if the market doesn't trade there,
FXCM)9: we have no choice
greg .: I was just stopped out 7 pips higher than my stop price.
greg .: It appears that the market opens at 3 PM central time and you open at 4 PM central time. Is this accurate?
FXCM)9: FXCM officially opens at 4PM Central.
FXCM)9: before that, yes, you will see the prices update to any change over the weekend
greg .: Do you know what time the market opens world wide? Or who is placing orders before FXCM officially opens?
FXCM)9: when you see that it is large banks trading amongst themselves internationally or it is like when stocks gap up or down
FXCM)9: there is news in the market that has caused a bias one way or another
FXCM)9: it's not FXCM, we wish we had that kind of pull but we do not
FXCM)9: we move where they move
greg .: Are the large banks trading on the weekend when the market is closed?
FXCM)9: I don't know. They don't disclose that.
greg .: Would you suggest trying to close out postions before the weekend for a short term trader?
FXCM)9: Yes, or don't use stops over the weekend to be perfectly frank with you.
greg .: Thanks for your time.

- Reviewed by Greg, May 7, 2007. Rating = 6/10

Trading terms are the worst. Their trading advice is even worse.

- Reviewed by GeorgEverett, May 3, 2007. Rating = 1/10

Rate & Review FXCM
2007/08 FXCM Ratings
More Broker Reviews

2006/07 FXCM Reviews

Basic experience...not good not bad.

- Reviewed by JimFX, April 17, 2007. Rating = 5/10

Hi, I had been trading with FXCM for a while back and always noticed my stops being hit, and waiting for dealing desk messages also.

Long story short I went back with them when I found out there is no dealing desk execution.

After placing a couple of succesful trades, on one of trade my limit got moved UP 100 pips and was hence stopped out 3hours later. I was told that that is how I entered it, but since I ALWAYS use 10 pip limit that is highly unlikely. There is also no way to manually view this with their system, unlike Oanda, and you have to request a special report from their help desk which is the only proof they will accept of the trade.

I plan trade until they pull this again, hopefully more than once, so I can take some screenshots of the before, and print them out. Hopefully I can prove in a court of law with a digital image expert's witness testimony that the screenshot, after being analyzed by special software, is a non manipulated digital image. I feel this is the ONLY way that you can prove your limit, since FXCM leaves no other way for the user to keep track of it. A printout probably wouldn't hold up in court as much since it could be more easily faked, but I will still have one to match every entry order.

Stops and limits for orders aren't even in the reports.

Stay away from these guys, I am only trading with them until I amass enough evidence to take them to court, on entry order manipulation.

- Reviewed by groovur, April 4, 2007. Rating = 1/10

Takes Long Time and Very Difficult to withdraw money. Thumbs Down!

- Reviewed by disappointed, March 31, 2007. Rating = 1/10

FXCM doesn't want professional traders. Their trading station is so lousy and they keep it like this to keep professionals off their way. They are looking only for beginners and the easy to fool.

- Reviewed by Omar, March 30, 2007. Rating = 1/10

Great for beginners, as they truly hold your hand and patiently answer every question, however serious and professional traders will find their plaforms and spreads highly limiting.

- Reviewed by Andrei, March 23, 2007. Rating = 2/10

Their no dealer trade station just SUCKS. You can not sell or buy while the market is moving. It keeps giving errors that the market has already moved. Sh*t!!! They call it inter-bank rates. They used to be good. Not any more.

- Reviewed by T Henkley, March 16, 2007. Rating = 1/10

Horrible trading platform especially during the news. Prices regularly off from other services.

- Reviewed by tathlynq, March 12, 2007. Rating = 2/10

Average broker. It's tough avoiding slippage with any trading system.

- Reviewed by Mike, February 23, 2007. Rating = 7/10

WATCH OUT. This company is pretty bad. They make money from their clients loss. Trust me on this. The currency industry is not regulated. If you like to try, buy 100K pairs and see what happens to you stop loss.

- Reviewed by John K, February 14, 2007. Rating = 1/10

I really can't say anything bad about them. I am trading the no dealing desk platform and even if something goes wrong with it, they can always take care of it and help me out. Awesome service. True 24/7 support with real people.

- Reviewed by Leena, January 29, 2007. Rating = 10/10

A below average broker. Poor trade execution.

- Reviewed by Clemt, January 21, 2007. Rating = 3/10

FXCM rips off their clients money. They always go opposite to the news and execute their limits. Their no dealer trading station just sucks. The only way is to lose your money with them. It is a big scam.

- Reviewed by Debbie, December 21, 2006. Rating = 1/10

I've traded for over 2 years w FXCM and I've to agree that since past 6 months, they have stopped offering the same level of service (i.e. instantaneous execution, no slippage in all markets).

No dealing desk option is no better...it freezes as well. The limit orders show executed, but won't allow closure till the market settles down (which makes scalping impossible).

I was thinking of opening the PropFX acct, but have now decided to try other brokers...two in my mind..SaxoBank and Oanda..will keep you folks posted...

- Reviewed by Maratha, December 19, 2006. Rating = 2/10

The FXCM dealer is a bunch of people who are mobs with high tech. I have lost $15K with them. Every time I have limit, it get executed and then the market reverse the other way. I have been with them for over two years now. I have tried others and they are much better. I can make money now.

- Reviewed by Rami, December 18, 2006. Rating = 1/10

Almost a year w/them. Using a MINI acct. Small equity so perhaps that's why I don't seem to experience the bad stuff larger acct holders have been reporting. That being said, so far execution is solid for Entry Orders (which are orders you program ahead of time to be executed when the price hits your entry point). Manual entry, that is, Market Orders, that can get a little dicey when the market becomes more volatile. W/ a volatile market I find it next to impossible to enter an order manually b/c of the lag involved due to internet and heavy server traffic once a currency starts to rocket. All stops, limits, always executed. Haven't got any nasty spikes yet to take out my stops. Definitely no slippage and that in itself is great. Spreads could be better. No hedging, unless you have 2 accts (on 1 acct you go long, and on the other short). Excellent news feed.

HOWEVER: recently I started noticing some weird platform behavior: it would freeze at crucial moments and I wouldn't be able to exit a trade (for ex. just when the price falls short of a limit and starts reversing, at which point you want to close the trade ASAP to lock in your profit, especially if your stop loss is too wide). But if the UI freezes (and it did it for at least 2 mins), then guess what? I lost money on a trade that was very profitable.

It is true though that cust. serv. is excellent.

Now I am waiting to see what will happen once I move to a REGULAR acct and start making 5-digit profits on a regular basis. Will they manipulate the spread? the stops? play against my position? etc... if it happens I'll come back and let you guys know. Godspeed all! and may the grand Nagus be w/ you!

- Reviewed by a_smith, December 1, 2006. Rating = 7/10

I'm a regular tech trader. I don't scalp, I don't trade news. FXCM put me on some kind of platform that eats away about 5 pips from my entry orders, in the beginning it wasn't like that...After 2 months of trading with them they've put me on this "no dealing desk" platform, and EVERY single entry/stop order slips 5 to 10 pips...never happened with a limit order :) ridiculous

- Reviewed by peter_m, December 1, 2006. Rating = 1/10

I have accounts with a lot of different brokers in this market, and i have to admit that as far as service goes, I think these guys are the best. I have traded long enough in other markets to know that slippage is part of trading, and it does not happen as often here as it does with other brokers. The platform is relatively easy to use, although I would like some additional features with regards to charts, but overall, right now I think they are probably the best in the group.

- Reviewed by Cuso, November 29, 2006. Rating = 9/10

Slippage all the time.

- Reviewed by Chris, November 24, 2006. Rating = 3/10

I've tried multiple brokers, but FXCM was by far the most professional. Their 24 hour support staff is very knowledgeable and you get the feeling that their people actually know what they are talking about. Everything is very easy to use and I really haven't had any problems. The 1 time I had an issue with execution, their audit team looked into it right away and made a good faith adjustment. I highly recommend this broker.

- Reviewed by jasonkd, November 22, 2006. Rating = 10/10

I have had accounts with a few FX dealers. FXCM has provided good service and support for my carry trading account (Great rollover rates). Only recently I moved my more active account, which I had at Oanda, back to FXCM. I have always used this account primarily for scalping and news trading, which became impossible first at FXCM then at Oanda. I decided to try FXCM's no dealing desk platform out and have been pleasently surprised so far. It has good spreads during news, no dealer confirmation, no order restrictions and anonymous stops.

- Reviewed by Rufus, November 21, 2006. Rating = 8/10

It is bad.

- Reviewed by Tom, November 16, 2006. Rating = 1/10

I have been trading with FXCM since March and have never had any problems. Most of these people are not real traders and don't understand how a market works so they just come and complain everytime there stop gets taken out and then the market reverses. Learn the market before you complain. FXCM's customer service is awesome too. Take it from an experienced trader who knows the difference between and market maker and a broker, FXCM's service is second to none. And if you are a prof. trader like me they have a special platform that is geared towards your needs. Just ask them about their pro trader platform.

- Reviewed by FXTrader, November 11, 2006. Rating = 10/10

I have been with them for just over a year losing more than I make, I finally change the way I trade and started making profits then FXCM decided to change my account without informing me and when I called them to change it back they said they can't. Everything is wrong with them slippage, freezing, time wasting when you call the helpdesk and every other manipulative method to run you down. 0/10

- Reviewed by kay, November 9, 2006. Rating = 1/10

Trading with them has been great. Great customer service and spreads have held.

- Reviewed by ADAR, November 6, 2006. Rating = 10/10

One of the best companies out there. Tight spreads, excellent platform, great staff. The platform as well as the news features and charts are very user friendly. Everything is very easy to understand like reports and the platform.

- Reviewed by euroswiss2003, October 27, 2006. Rating = 10/10

They tell you one thing and do the complete opposite. As soon as the market gets busy their system is useless, they go after your stops all the time which should be against the law. You all know that read this board that we have been taken in the forex market. It would be nice if we got kissed before we got f-ed. I closed my acc!

- Reviewed by snook, October 19, 2006. Rating = 1/10

Meant to be a worldclass company, absolutely nonsense, I asked to transfer funds back to the UK 2 MONTHS AGO!! Still no funds their excuse was that they will now have to recall my funds back to their account in the USA which will take another month and then try and send them again. Whatever you do, do not have FXCM as your broker as their staff are just idiots!!

- Reviewed by buddyboy, October 19, 2006. Rating = 1/10

Appear to: 1. spike stops and limits; 2. trade against the client, even based on liquidating the client's account of funds and then the client's currency pair suddenly 'reverses direction (i.e. a margin call to close out clients and then the market 'magically' reverses; closes or locks accounts without notice or without any adequate explanation, with the most likely explanation that a client was beginning to move from unprofitability to profitability'.

- Reviewed by ewriter, October 12, 2006. Rating = 1/10

Poor overall platform and obnoxious people to deal with.

- Reviewed by dly, October 4, 2006. Rating = 1/10

Was recommended to this broker by a well known 4X speaker on TV who gave a conference in my city. The spreads are horrible, the execution and slippage will cause you to lose money, AND the suggested trades provided I wouldn't trade for my dog. Just spoke with another trader two weeks ago who had a similiar experience. Have to be honest on this one....RUN!

- Reviewed by Stiletto3, October 3, 2006. Rating = 1/10

I was making 100% on my capital in less than a year of trading. I mainly used scalping techniques, until they manipulated my trades way off the rates I see on their screen. When I called them up they put it back on. After a while, all my stop losses got hit with spikes. I realised they were aiming for my stops, and closed my accounts.

- Reviewed by Ned, September 26, 2006. Rating = 1/10

After 3 month of trading I began to have a message "Waiting for dealer answer" then a reqoute and usually this requote is not existing in the market yet. I closed my account with them after they recommend Propfx platform with min. $10000 deposit.

- Reviewed by Mr. Trader, August 23, 2006. Rating = 1/10

I know newcomers may not get my point but please please do not waste your money here. Even if others are bad, then better than the WORST! I can't explain the details...& I dont recommend another one. Just dont do it with them!

- Reviewed by F.F., August 23, 2006. Rating = 1/10

I've been trading with FXCM for 7 months. Horrible manipulation, "waiting for answer from dealing desk" Closing my account!

- Reviewed by Gfuller, August 21, 2006. Rating = 3/10

Bunch of W****** ! Take it from someone who had over $50 K with them - so u know im serious. Lost 10 K in 2 weeks and then made over 25K in following 5 weeks-- they put me on manual and didnt have balls to give a decent reason why and kept on shoving propfx on my face-- and i told the to stick that platform up their a***. email me for more detail- vkmms@hotmail.com

- Reviewed by pipoverdose, August 21, 2006. Rating = 1/10

Everything was fine when I was losing money...and after I learned how to trade and I started to make alot of money FXCM put me on manual execution and you know the end of my story right...they forced me to close my account!!!!

Bunch of Robbers!!!

- Reviewed by eambrausa, July 29, 2006. Rating = 1/10

They make u think u in control when u losing money...........once u start making money they do everything to make u hate yourself.......as far as changing ur excecution process to something horrible.

- Reviewed by tee, July 26, 2006. Rating = 1/10

I share the sentiments of many here. After a few weeks of making money, the dealer desk stepped in and took control of how I should trade. I am now ascertaining which brokers do not do this and there are several. I strongly advise against opening an account with these guys.

- Reviewed by Andy, July 20, 2006. Rating = 1/10

The lowlifes of forex trading. Nothing is beneath them to get money off you, they exist to fleece your account. Slippage, stop hunting, changing limits and stops, freezing platform in fast markets, placing you on manual execution when you start making profit, locking you out, not allowing trades to close with profit, price delays and skewing, incessant requoting... you name it. I'm surprised that such blatant swindlers and con artists can operate legally.

- Reviewed by iznogud, July 8, 2006. Rating = 1/10

Execution has been good so far and spreads are tight.

- Reviewed by cambist, July 8, 2006. Rating = 8/10

What most people say here is true, slippage is horrible.

- Reviewed by Krystek, July 1, 2006. Rating = 3/10

Won't let you in or won't let you out in fast moving markets. Accounts on dealer hold because they can't off set the trades fast enough. In really moving markets platform freezes up.

- Reviewed by 2wheel, June 17, 2006. Rating = 2/10

Only thing good about FXCM is their trading platform...they are the worst at abuse, bouncing back a trade, locking up quotes in fast moving market etc

- Reviewed by Rainman, June 15, 2006. Rating = 1/10

Please, horrible execution after 2 months with them.

- Reviewed by FXMaster, June 15, 2006. Rating = 1/10

Bad slippage, slow trading, stopped out when not possible. And Refco deal.

- Reviewed by sam, June 14, 2006. Rating = 2/10

Pros: On a big plus note - their trading platform does offer a news squak box - and the news coming out is excellent and helpful in understaning what is causing market movement. Although their spreads are not the lowest, FXCM does provide phone service.

Cons: Beware that their related charting service from FXTrek and thier charts on DailyFX DO NOT provide accurate real time data during heavy trading periods (e.g. after a major economic release) and this, quite frankly, is unacceptable at times - especially if you trade off charts. Also, during heavy trading periods, or with a slow internet connection, trades often do not go through when the price moves.

- Reviewed by camarora, June 14, 2006. Rating = 5/10

FXCM is very customer service friendly. They have free webinars to help your trading. They are an excellent broker.

- Reviewed by PJM, June 14, 2006. Rating = 10/10

Scammers to the max. Changing margins, slippage, frozen trading platforms, do not answer questions, send you in a phone circle to the other rude teenagers. Money dissappears unrelated to transactions. There is more, they do not care.

- Reviewed by gideon, May 22, 2006. Rating = 1/10

Not recommended. Slippage, dealing desk and constant platform freezes.

- Reviewed by King of the Hill, May 1, 2006. Rating = 1/10

Rate & Review FXCM
2006/07 FXCM Ratings
More Broker Reviews

2005/06 FXCM Reviews

FXCM does offer a broader package in terms of customer service. The greatest difficulty with FXCM is that even with a high speed internet connection, market orders are often rejected when the market is moving. If Oanda can do it, so should FXCM!

Rating = 6/10 - April 11, 2006

Technically and customer service, perfect. But horrible spreads.

Rating = 7/10 - February 14, 2006

Very good fast support.

Rating = 10/10 - February 11, 2006

I should have closed my FXCM account months ago. 200:1 leverage is too high for the mini account and leads to trouble if you're a novice FX trader.

Rating = 1/10 - December 11, 2005

Tired of FXCM dealers picking off my stops. I'm moving my account. Had the same problem with Refco. Pretty low class to trade against your own customers!

Rating = 1/10 - December 4, 2005

Pros: credit card deposit, easy-to-use software, NZD-JPY available
cons: swap only for above 50:1 leverage, easy dealer check, slow price update

Rating = 1/10 - December 4, 2005

FXCM executes well, but has a dealing desk. On a few occasions I have seen FXCM produce price spikes to blow out stop orders in FXCM's favor. These price spikes do not appear with other data feeds. They advertise no slippage. However, the price they choose to feed you is sometimes not in tune with the market and is biased in FXCM's favor.

Rating = 1/10 - November 10, 2005

My only gripe with FXCM and REFCO are their spreads. Other than this, they are fine, although I have noticed some tricky price spikes on FXCM and have heard of bad practices from others who have accounts there. With the recent problems at REFCO, I would be wary of FXCM.

Rating = 3/10 - November 8, 2005

FXCM had daily breakdowns and dealer manipulation.

Rating = 2/10 - October 25, 2005

The price quotes do not seem to match the market, that I am seeing with my charting software. Many times they will be off as many as 4-5 pips.

Rating = 5/10 - Oct 8, 2005

Frequent large slippage (2 - 5 pips) or order rejection (about 50% of the time with my trading style. They have an "At Market" field which is supposed to guarantee that if my market order can't be filled at the quoted price, then the order is not executed. It didn't work at all for me. I often got slippage anyway. This amounts to false advertising.

Rating = 2/10 - Oct 1, 2005

Both these brokers (FXCM & RefcoFX) lure you in with excellent execution on their demo account and switch you to manual execution once you go live and start to turn a profit.

Rating = 1/10 - August 21, 2005

The software very good and the execution fast.

Rating = 10/10 - July 18, 2005

I found FXCM a complete rip off, and cannot in any way recommend it.

Rating = 1/10 - June 29, 2005

They charge negative interest on all open positions regardless of currency or direction of trade, on accounts that are leveraged greater than 50:1. It's just another commission in disguise.

Rating = 1/10 - May 5, 2005

The platform is good, the execution time is very good and orders are respected as well as stops and limits. The only thing I don't like very much is the news plugin, because even though it's good I dont feel news arrive very fast.

Rating = 9/10 - May 4, 2005

Rate & Review FXCM
2005/06 FXCM Ratings
More Broker Reviews

2004/05 FXCM Reviews

The only thing I don't like about FXCM are the large spreads on GBPUSD and USDCHF.

Rating = 5/10 - Jan 2, 2005

I have traded with many brokers (FX in particular) and FXCM has bar-none provided the best customer service and execution I have ever seen. This market has gaps, and at least I know FXCM will deal with market gaps as fairly as possible, while other brokers simply turn off their platforms or refuse to make you a price. In addition to being backed by Refco, I also know that they are the largest FX firm out there and my funds are safe when I trade with them.

Rating = 10/10 - Nov 30, 2004

Horrible customer service; hidden fees and lot of delays & excuses when trying to withdraw funds. Stay away.

- Oct 19, 2004

Very good PR, but huge spread, and you are forced to trade only 10000 or more. It will wipe out your account. You can't do money management, can't scalp, can't trade GBP/CHF 15 pips spread!!!

- Aug 17, 2004

Rate & Review FXCM
2004/05 FXCM Ratings
More Broker Reviews

advertisement*

Bookmark this page | Email this page