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FXCM
FXCM is an award-winning broker founded in 1999. It is a Leucadia Company which is the former name of Jefferies Financial Group Inc. FXCM offers Spread Betting*, CFD and Forex Trading accounts to trade on a range of markets including Forex, Shares, Indices, Commodities, Crypto**, Forex Baskets and Stock Baskets across its flagship Trading Station Platform for Desktop, Web and Mobile as well as the MetaTrader 4, NinjaTrader and ZuluTrade platforms.

* FXCM UK offers tax exempt spread betting accounts exclusively to UK residents. Residents of other countries are NOT eligible. Spread betting is not intended for distribution to, or use by any person in any country and jurisdiction where such distribution or use would be contrary to local law or regulation. The UK tax treatment of your financial betting activities depends on your individual circumstances and may be subject to change. Spread Betting accounts offer spread plus mark-up pricing only. Spreads are variable and are subject to delay.

** Cryptocurrency products are only available to Professional and Eligible Counterparty Clients.

Active Trader accounts offers spreads plus mark-up pricing or spreads plus commission pricing depending on your equity level and trading volume.

When executing customers’ trades, FXCM can be compensated in several ways, which include, but are not limited to: spreads, charging fixed lot-based commissions at the open and close of a trade, adding a markup to the spreads it receives from its liquidity providers for certain account types, and adding a markup to rollover, etc.

The UK tax treatment of your financial betting activities depends on your individual circumstances and may be subject to change in the future, or may differ in other jurisdictions.

Leverage is a double-edged sword and can dramatically amplify your profits. It can also just as dramatically amplify your losses. Trading foreign exchange/CFDs with any level of leverage may not be suitable for all investors.

The Trading Signals do not constitute and should not be regarded as an investment advice. You act on the signals entirely at your own risk.

Spreads are variable and are subject to delay. The spread figures are for informational purposes only. FXCM is not liable for errors, omissions or delays for actions relying on this information.
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Review Score

Platform
Pricing
Customer service
Features

Live Spreads

FXCM

Minimum deposit ($)
300.0
Maximal leverage (1:?)
30
Commission
0.0
Broker Name
FXCM
Broker type
Dealing Desk, Market Maker
Broker status
Broker
Accepting US clients?
Demo Accounts
Mobile trading
Address
20 Gresham Street, 4th Floor, EC2V 7JE, London, United Kingdom.
Regulation
FCA (UK), CySEC (Cyprus), ASIC (Australia), FSCA (South Africa)
Funding/Withdrawal methods
Wire Transfer, Credit Card, Debit Card, Neteller, Skrill
Trading Platforms
MetaTrader 4, FX Trading Station, Web Platform, Mobile Platform
Country
Australia, Germany, Greece, Hong Kong, South Africa, United Kingdom, United States
Account Currency
USD, GBP, EUR
Trading platform(s) timezone
(GMT) Western Europe Time, London, Lisbon, Casablanca
FXCM User Reviews
Member Since May 01, 2014   9 posts
Feb 14 at 06:51
I think that Its okay
Member Since May 19, 2020   1 posts
Aug 29, 2022 at 11:41
Real easy setup, low commissions and great customer service!
Member Since Jul 01, 2021   1 posts
Mar 15, 2022 at 13:29
Buen broker
Member Since Feb 14, 2022   1 posts
Feb 15, 2022 at 04:26
Rất tốt..............
Member Since Dec 09, 2021   3 posts
Jan 04, 2022 at 04:18
Great platform to use. There are plenty of tools you can use to assist your trading system
Member Since Jun 16, 2011   34 posts
Dec 19, 2021 at 10:31
very good and reputable broker, with best history in FX industry
Member Since Dec 15, 2021   1 posts
Dec 16, 2021 at 07:51
Best of best
Member Since Aug 28, 2018   3 posts
Aug 28, 2018 at 08:50
I was trading with FXCM for quite some time now. The only complain to FXCM is the time they transfer our withdrawal, it took about a week for the money to be deposited into my bank account. Other than that, its a wonderful experience. And great trading platform. Thumbs up!
Member Since May 17, 2017   2 posts
May 17, 2017 at 11:43
When I started I was lost about 450 USD and I keep learning about trading in forex, then 3 months I got 320 USD and I`m very happy with my tradings, spreads are very good and withdrawal also great.
I`m very happy with them and I according me they are best broker there.
Member Since Jan 12, 2017   1 posts
Feb 12, 2017 at 12:07
hi Guys,
any experience with this broker and autotrade?
faragobalazs
Member Since Feb 25, 2012   2 posts
Feb 07, 2017 at 12:29
I haven't got any experience with this broker, I just found this article: FXCM banned by CFTC after taking positions against clients ( https://www.marketwatch.com/story/fxcm-banned-by-cftc-after-taking-positions-against-clients-2017-02-06?mod=mw_share_twitter )
Member Since Dec 21, 2015   28 posts
Jan 29, 2017 at 07:54
jasonrogers posted:
Drolph posted:
I want to share my experience with FXCM as well.

Been trading with them for approx. half a year now. The overall experience is more or less disappointing.

I am running a scalping approach, which is identically running on several other brokers (all DMA!) in parallel, and although Jason is not getting tired of repeating the large amount of liquidity providers, the execution and filling at FXCM is far from competitive, despite which numbers he is presenting.

Average slippage of 1-2 pips is regular and as I can see, that others can do better, it is somehow disillusioning - especially as FXCM is charging a comparable high amount of commission for that unsatisfactory liquidity!

Next to that I am using a rebate service for the account, where delays caused by FXCM are happening almost every month.

All in all I am thinking about switching my deposit to one of my other brokers, as there are better alternatives out there.

Sorry, but especially for scalping not recommended.

Thanks for your feedback, Drolph

You mention that you see 1 to 2 pips slippage regularly. As of the latest publicly available data from December 31, 2016, FXCM has 178,782 active accounts. It would be hard for us to have client base of this size if slippage was as large or as frequent as you have seen, so I would like to troubleshoot three possible causes with you.

1. Is it possible you are counting tenths of a pip, and not full pips? Note that if you are using the MT4 platform, then FXCM quotes prices to five digits past the decimal point. The MT4 platform may refer to the last digit automatically as 1 full pip, but the fifth decimal is actually only one tenth of one pip.

2. Is this slippage you experience on all types or orders or only stop orders? FXCM compiled stats on over 127 million orders execution through our platforms between January 1, 2015 and March 31, 2016. Furthermore, please note that US regulations require us to provide our execution data (for US accounts, however we apply the same execution standards worldwide) to the NFA including where client orders were filled and details regarding any slippage. Our execution stats show the following: https://bit.ly/2aK4ogm

* 78.71% of all orders had NO SLIPPAGE.
* 12.77% of all orders received positive slippage.
* 8.52% of all orders received negative slippage.
* 50.2% of all limit and limit entry orders received positive slippage.
* 39.9% of all stop and stop entry orders received negative slippage.

Note that while 78.71% of all orders had no slippage, 39.9% of stop orders received negative slippage. By contrast, 50.2% of limit orders receive positive slippage (price improvements). This is due to the momentum of price movement when such order types are triggered. The key point is that more FXCM client orders overall received positive slippage than negative slippage, and most orders received no slippage at all.

3. Are you placing orders during news events or other fast moving markets? Please note that at such times, slippage is more likely, but again this can be either positive or negative. Furthermore, FXCM provides clients with special order features (Market Range for Market Orders, and Range Entry for Entry Orders) that allow you to set a limit on how much negative slippage you are willing to accept. If the best available price in the market is beyond your slippage tolerance, then your order will be canceled instead of being filled with unwanted negative slippage. The beauty of these order features is they only limit your negative slippage, not your positive slippage: https://bit.ly/2bC2Md8

Please let me know if any of these three possible causes explain the slippage you witnessed. If not, please let me know that too, as I would be happy to have our tech support team investigate if there is some other cause, because again, what you describe is not in line with the experience of the vast majority of our clients, and our goal is to provide you with excellent service and execution.

Thanks again,
Jason

Hey Jason,

I appreciate your detailed statement, however I am a bit shocked about your proposals - at least partly.
I am trading for several years (profitable) and know the difference between pips and points very well. So when I am talking about 1-2 pips on average, I mean it.

Indeed, I am owning a very extensive comparison between several brokers with perfect comparison conditions, as the same strategy is (was) running for an adequate amount of several month on all brokers in parallel.
I have to admit, that this particular trading approach relies on stop orders, so I am not complaining about slippage in general, but as the strategy trades during all trading sessions, including low and high liquidity times, quiet and news market phases, I have access to sufficient average values which in the end can be compared to the ones of your competitors. And here you unfortunately can not catch up to better ones considering the high commission on top.

To be fair, there are other brokers which have to deal with even higher average slippage values, but they charge less commission for example.

Having 'you get what you pay for' in mind, it is the hard truth, that there are better alternatives out there in regard slippage+commission (but still well regulated of course!). I am not going to promote specific brokers at this point, but want to give my honest opinion here, as I had pretty high expectations at first.

Thank you for your offer of having a deeper 'investigation', but there is nothing wrong technically, as two friends of mine using the same strategy had the same experience! It is you insufficient liquidity, matter of fact. I already did a pretty heavy effort by myself.
As a conclusion I already transferred the deposit to one competitor now.

Withdrawal went without any issues and especially your input and kind help in public forums is exceptional, which also has to be mentioned - but in the end only money counts. ;)

Cheers,
Drolph
Member Since Aug 12, 2009   272 posts
Jan 27, 2017 at 09:03
apockfx posted:
jasonrogers posted:
apockfx posted:
Mirror Trader feature will close at end of January, a bad news for active users of this plataform. 😭

@apockfx is there a particular strategy or strategies you want to continue using from platform?

Indeed, I had a portfolio with good results and an acceptable draw down.

Here is the list:
 - QuickShift for EURGBP, GBPAUD and GBPJPY
 - WaveRider for USDJPY and EURJPY

Thanks for your reply. I'm taking note of the strategies people request to see if the signal providers want to consider offering them as automated strategies to run either on Trading Station or perhaps MT4. I'll let you know if I have any news regarding these particular strategies.
Member Since Aug 12, 2009   272 posts
Jan 27, 2017 at 09:03
Drolph posted:
I want to share my experience with FXCM as well.

Been trading with them for approx. half a year now. The overall experience is more or less disappointing.

I am running a scalping approach, which is identically running on several other brokers (all DMA!) in parallel, and although Jason is not getting tired of repeating the large amount of liquidity providers, the execution and filling at FXCM is far from competitive, despite which numbers he is presenting.

Average slippage of 1-2 pips is regular and as I can see, that others can do better, it is somehow disillusioning - especially as FXCM is charging a comparable high amount of commission for that unsatisfactory liquidity!

Next to that I am using a rebate service for the account, where delays caused by FXCM are happening almost every month.

All in all I am thinking about switching my deposit to one of my other brokers, as there are better alternatives out there.

Sorry, but especially for scalping not recommended.

Thanks for your feedback, Drolph

You mention that you see 1 to 2 pips slippage regularly. As of the latest publicly available data from December 31, 2016, FXCM has 178,782 active accounts. It would be hard for us to have client base of this size if slippage was as large or as frequent as you have seen, so I would like to troubleshoot three possible causes with you.

1. Is it possible you are counting tenths of a pip, and not full pips? Note that if you are using the MT4 platform, then FXCM quotes prices to five digits past the decimal point. The MT4 platform may refer to the last digit automatically as 1 full pip, but the fifth decimal is actually only one tenth of one pip.

2. Is this slippage you experience on all types or orders or only stop orders? FXCM compiled stats on over 127 million orders execution through our platforms between January 1, 2015 and March 31, 2016. Furthermore, please note that US regulations require us to provide our execution data (for US accounts, however we apply the same execution standards worldwide) to the NFA including where client orders were filled and details regarding any slippage. Our execution stats show the following: https://bit.ly/2aK4ogm

* 78.71% of all orders had NO SLIPPAGE.
* 12.77% of all orders received positive slippage.
* 8.52% of all orders received negative slippage.
* 50.2% of all limit and limit entry orders received positive slippage.
* 39.9% of all stop and stop entry orders received negative slippage.

Note that while 78.71% of all orders had no slippage, 39.9% of stop orders received negative slippage. By contrast, 50.2% of limit orders receive positive slippage (price improvements). This is due to the momentum of price movement when such order types are triggered. The key point is that more FXCM client orders overall received positive slippage than negative slippage, and most orders received no slippage at all.

3. Are you placing orders during news events or other fast moving markets? Please note that at such times, slippage is more likely, but again this can be either positive or negative. Furthermore, FXCM provides clients with special order features (Market Range for Market Orders, and Range Entry for Entry Orders) that allow you to set a limit on how much negative slippage you are willing to accept. If the best available price in the market is beyond your slippage tolerance, then your order will be canceled instead of being filled with unwanted negative slippage. The beauty of these order features is they only limit your negative slippage, not your positive slippage: https://bit.ly/2bC2Md8

Please let me know if any of these three possible causes explain the slippage you witnessed. If not, please let me know that too, as I would be happy to have our tech support team investigate if there is some other cause, because again, what you describe is not in line with the experience of the vast majority of our clients, and our goal is to provide you with excellent service and execution.

Thanks again,
Jason
Member Since Nov 12, 2015   2 posts
Jan 26, 2017 at 08:33
jasonrogers posted:
apockfx posted:
Mirror Trader feature will close at end of January, a bad news for active users of this plataform. 😭

@apockfx is there a particular strategy or strategies you want to continue using from platform?

Indeed, I had a portfolio with good results and an acceptable draw down.

Here is the list:
 - QuickShift for EURGBP, GBPAUD and GBPJPY
 - WaveRider for USDJPY and EURJPY
Member Since Dec 21, 2015   28 posts
Jan 25, 2017 at 15:44
I want to share my experience with FXCM as well.

Been trading with them for approx. half a year now. The overall experience is more or less disappointing.

I am running a scalping approach, which is identically running on several other brokers (all DMA!) in parallel, and although Jason is not getting tired of repeating the large amount of liquidity providers, the execution and filling at FXCM is far from competitive, despite which numbers he is presenting.

Average slippage of 1-2 pips is regular and as I can see, that others can do better, it is somehow disillusioning - especially as FXCM is charging a comparable high amount of commission for that unsatisfactory liquidity!

Next to that I am using a rebate service for the account, where delays caused by FXCM are happening almost every month.

All in all I am thinking about switching my deposit to one of my other brokers, as there are better alternatives out there.

Sorry, but especially for scalping not recommended.
Member Since Aug 12, 2009   272 posts
Jan 25, 2017 at 07:50
apockfx posted:
Mirror Trader feature will close at end of January, a bad news for active users of this plataform. 😭

@apockfx is there a particular strategy or strategies you want to continue using from platform?
Member Since Nov 12, 2015   2 posts
Jan 18, 2017 at 07:55
Mirror Trader feature will close at end of January, a bad news for active users of this plataform. 😭
Member Since Aug 12, 2009   272 posts
Nov 04, 2016 at 22:40 (edited Nov 04, 2016 at 22:45)
fstillrich posted:

The spread in the night is a joke !!! grab stoploss I call !!!

@fstillrich welcome to the forum!

I would be happy to look into this for you. Are you referring to the spread on a specific currency pair? Also, what time of night did this occur exactly? For reference, you can look at our historical spreads which you will find are competitive with other brokers: https://bit.ly/2emMd1B

The No Dealing Desk (NDD) forex execution FXCM provides to all Standard and Active Trader accounts offsets each client order one-for-one with the best bid and ask prices from multiple liquidity providers:



On the NDD model, FXCM does not profit from client losses, or lose from client profits. Therefore, we have no reason to want your stop loss to be triggered as opposed to your take profit/limit order. In fact, since we make money from your trading volume, we want you to be profitable, so you will trade more. 😄

Furthermore, it's worth noting that we use the same base price for DD execution on Mini accounts (before adding the spread markup) as the base price we use for our NDD execution (before adding the commission). That's a key reason you can have confidence trading with FXCM regardless of the account type you choose.
Member Since May 19, 2016   1 posts
Nov 02, 2016 at 11:29

The spread in the night is a joke !!! grab stoploss I call !!!

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