FXCM is very old and reliable broker, with many licenses. But still it's a market maket that will always be against you. So i advise you to choose only true STP/ECN brokers where conflict of interest will not exist.
FXCM believes in providing traders with transparency regarding the execution options we offer, so you have all the information you need to make the right decision and have an excellent trading experience that meets your expectations: https://bit.ly/1Z9W5BR
For Standard accounts and Active Trader accounts, we provide No Dealing Desk (NDD) forex execution. On the NDD model, we offset each client order one-for-one with the best prices from competing liquidity providers.
That means, we don't take the market risk on the side of client trades. Therefore, we don't profit from client losses, or lose from client profits. Furthermore, we would never switch a client from NDD execution without informing them.*
For Mini accounts, we provide dealing desk (DD) execution. On the DD model, we will face market risk as a result of entering into trades with clients. Because of this risk, FXCM needs to implement certain restrictions during news events.^
Additionally, we may take steps to mitigate the risk arising from market making more effectively by transferring your underlying account to our NDD offering. That means, we don't have to resort to the dealer intervention practices (re-quotes and excessive spread widening particularly during news events) which can occur with DD-only brokers, and you can have confidence in trading your FXCM account regardless of the account type you choose.
* Mini accounts with equity greater than 20k are automatically converted to Standard accounts with NDD execution and a maximum of 100:1 leverage. Note that leverage magnifies gains and losses. For more information on how to use effective leverage, here's a DailyFX article: https://bit.ly/24EojEQ
^ The typical 2-5 pip minimum distance from current market rate for stop and limit orders on DD accounts could increase to upwards of 10 pips. Note that NDD accounts with FXCM have no such restrictions regarding order placement.