5 to 6 years ago i started FX trading with REFCO before they went bust. at the time, FXCM was REFCO's daughter company (if i remember correctly). it was a market maker, i.e. deal desk, i.e. bucket shop. i didn't know any of this at the time as i was green behind the ears. after REFCO i switched to FXCM until i realized what was going on. same problems as mentioned here: horrendous slippage, feed manipulation, spikes taking out stops and so on. at the time they didn't offer MT4, so all trades were entered with their TradeStation, which goes to show that MT4 is not the only piece of software that can be tweaked to scam retail traders.
but that's beside the point. the point is: from being a bucket shop FXCM suddenly sees the light and becomes an ECN with 'true' STP. and yet, we keep hearing all the same issues occurring again, and this more than 5 years later. now what does that tell you?
what i can't understand is why do people keep giving their business to them. it's unreal.
its just funny... with their competition/contest now I may prove via myfxbook how good are they :) you may say on every trade in the contest how 'no slippage' - on every trade look at the comment field. that is the price requested! and these are *only* on entries, in the expert's log are the slippages on close just can't believe that funniest broker on the world! (but stay on demo only pls...)
FXCM MT4 impelmentation is not good, with this BT bridge. a lot of out of Sync that can conduct to very very bad effect on large volatile period. For the rest the broker is good, good support. fees to put and get money back is OK.
FXCM Metatrader is a joke. Off quotes- old ticks- Unhonored TakeProfits and Stoploss. Servers failed
FXCM UK MICRO 2009 - Server issues a few times, but their spreads and platform were far better than most brokers. However, all good things have to come to an end. They changed their Raw ECN data feed in the beginning of 2010 to STD account Spreads. which are 2.4 pips on EURUSD. I stopped using their proprietary trading platform after the spread increase and tried out their MetaTrader version and I was honestly shocked at all the issues that I had. I wouldn't even give them 1 star out of 10.
And after hearing about the Active trader Price delay/slippage, and how FXCM responded to the ordeal put a sour taste in my mouth. Also Currensee.com started to promote FXCM all over their website, and now FXCM offers a referral system.. haha.. truly going down in the history books as a big rip off artist.
I don't know what happened to FXCM. They were a good FCM back in 2004, but after being away for a while, I opened up a new Boston Technology account with them. The account opening was somewhere from strange to smooth. One person would tell me I did not have an account with them and another would find the old account. Transferring from the old account to the new account took a few days. Now, trying to sign up for their free VPS has become an ordeal. After two weeks, I am about to ask them to send my money back.
What you just described is quite common with FXCM. I just cannot see why FXCM is charging 2.5-7 pips for EURUSD, but ATC that uses them as liquidity provider charges 0.7 pip + 0.8 pip commission... And they do not have this 'notorious' BT bridge that keeps stalling...
The dealing desk brokers are rude, I had an MT4 that closed trades and the server didn't and this guy gets mad at me and transfers my call talking to me like I'm his 5 year old kid...But that was just one guy, the rest of costumer service has been good so far. Spreads are terrible with GBPCHF shooting to 11 on Asian trade. If you're using Megadroid or any other EA trading the Asian market, take your business somewhere else...I'm about to do just that. If anyone can suggest a Broker, please PM me.
I do not know about the way FXCM with Trading Station works, but FXCM + MT4 provides me with constant stream of surprises... Starting from spikes that obliterate my account for a day or two and ending on small positions disappearing without hitting SL/TP. Customer service is good, but I would prefer if I did not need to have to use it so often.
...trying to remember the exact wording of that non-disclosure agreement, but the details escape me...
That being said... I think that I'm within my rights to say that I hate it when people lie to me -- 'all 12 of our liquidity providers were offline for 5 minutes after the NFP, blah, blah, blah...' 'You have a really good point sir!, I'll take it up with my manager, blah, blah, blah...'
I used this broker somewhere around last year, through a Malaysian IB, he tought me how to trade forex in, but it was CRAP. That was a different story. So here is about FXCM. The Customer service is very friendly and deposit/withdrawal is quite fast. But my problem is the slippage, which for example GBPJPY usually charge me around 5-6 pips, but sometimes it slips me up to 16 pips. How much left do i have to make a profit? My friend even suggest me not to use this broker and im glad Im out, especially under that IB who suggest to trade over leverage.
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