After trying out fxcm broker for a while i have come to these findings. I will try to paint a complete picture of my research.
“FXCM.com – 24 hour online forex trading with No Dealing Desk, spreads as low as 1 pip, trading from charts, and live support.“
My findings:
Pros – big company, I think they may be the biggest fx broker today for normal trader. Some people may find this to be more safe. Of course nothing is guaranteed to be safe after what we have seen in the last 1-2 years in financial companies. But for the present time fxcm has to be one of the safer companies to use as broker.
Cons – The platform is not the greatest. Although generally reliable.. there are some slow execution times. Spread is okay, but only certain types of accounts have really good spread.
I also read a lot of reviews from users to confirm other peoples experiences with my own. They seem fairly mixed, either people really like them, or really dislike them. Very few in between so I suppose for fxcm broker your experience will come down to your preferences for broker and how important trade execution is for your trading strategies. I believe overall I can only recommend this broker if trade execution is not vitally important to your trading strategy and that price slippage is not a major concern for you.
Here are some examples of reviews from fxcm customers.
| Wide spreads, always pricing away 2-3 pips more expensive than other brokers. Lets not forget this is the daughter of the late Refco ! The company that got more than 300 regulatory actions from NFA & CFTC. |
- Reviewed by ForeXPP, December 3, 2008. Rating = 1/10
| No Dealing Desk?? sometimes possibly. Have had an account for a few years with FXCM. last six months have traded Asian session a couple times and after entering the market watched the spread to go up to 10 or more on the GBP/USD. Recently, had a spread of 8 but was in 10 pips of profit (standard account) set a stop at break even and stepped away for about 2 min. came back and was closed out @ -15 pips. MY charts showed no more then 1 pip movement (dialed it down to a 1 min chart). Their excuse was that the stop order was hit and the order slipped 15 pips due to low liquidity at that time of day. (11:00PM ET) Again… No Dealing Desk? mmmmmm. |
- Reviewed by Mikey, November 13, 2008. Rating = 3/10
| FXCM has been fantastic so far. I have used FX Solutions, MB trading, and forex.com. They are before the best. Their platform is way more intuitive then the rest of these. Their customer service is topnotch. One of their agents even called me and asked me if their was anyway they could help me with my trading. I told them my biggest issue was managing risk and then sent me some free information with tips on such. I feel that with their separate news website, customer service, and classes they are doing everything they can to make successful traders. Who doesn’t want a broker like that? |
- Reviewed by classyguy83, October 7, 2008. Rating = 10/10
| I watch my stops being executed 2-3 pips away, even when the quotes/chart never get closer than 2-3 pips from the stop. The price I get is the price for the ordered stop, the difference is in fxcms pocket I guess, is that Fraud?? I’m moving on. |
- Reviewed by will change, August 27, 2008. Rating = 3/10
| People complain on reviews about losing their trades. Let’s be smart guys and gals, the majority of people lose money in the fx market. You can’t just open an account and expect to make money. Spend time trading a practice account and actually learn about techs and fundamentals. Learn to use them together and make money instead of blaming your loss on FXCM. FXCM does a great job and has good customer service! |
| - Reviewed by Jamison, July 19, 2008. Rating = 9/10 |
| All live account quotes suspended during news sessions, but live quotes hided! Creating DUAL quotes! FXCM will selectively execute those quotes against your interest! FXCM violates the true nature of Forex Markets! |
| - Reviewed by FXCM Scam, July 7, 2008. Rating = 1/10 |
| Awesome! |
| - Reviewed by 12, June 30, 2008. Rating = 10/10 |
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thanks this review has been very helpful for me, I was thinking about using fxcm prior to reading
Comment by WillM — August 28, 2009 @
Great reviews. Been reading about FXCM before, all of them said good thing about this broker. Plan to open an account with FXCM soon.
Comment by confusedgirl — September 12, 2009 @