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FXCM Review Scores


Overall score: 3.5 / 5

Total votes: 330
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FXCM Discussion

Dustin1772
Apr 03 2016 at 06:23
6 posts
This is mostly for US traders as we seem to have sooo few options thanks to wonderful regulations by govt. FXCM seems to get beat up quite frequently. Maybe it's fair? I hear on blogs that they are 'broke' & will file bankruptcy soon but aren't they the biggest in FX? That doesn't mean it can't happen I just don't know. I certainly can't comment on other ppls' experience but I've been with FXCM for 4yrs now and have over 1500 trades with them. Their platform stability has improved substantially the last few yrs so I have had very few glitches & can't remember any freezing in the past year or 2. I spend upwards of 4hrs a day on it. I really like their charting as it offers many different looks & tools & like being able to trade from the charts. If someone has a better platform for charting, let me know, plz. I can only remember one or 2 occurrences of 'slippage' in the past 50+ trades (one was quite a few pips, the other was negligible). I don't like that recently they have started charging $10 per month unless I keep $1500 in my acct. I could eliminate this by going with the dealing desk but who wants to do that & if I can't make $ on $500 why would I add another $1K. BTW, I just withdrew $100 yesterday and it is showing up in my bank today which is a plus. So, although I continue to look at other options, FXCM isn't so bad.

jasonrogers (jasonrogers)
Apr 06 2016 at 19:38
272 posts
Dustin1772 posted:
I certainly can't comment on other ppls' experience but I've been with FXCM for 4yrs now and have over 1500 trades with them. Their platform stability has improved substantially the last few yrs so I have had very few glitches & can't remember any freezing in the past year or 2. I spend upwards of 4hrs a day on it. I really like their charting as it offers many different looks & tools & like being able to trade from the charts. If someone has a better platform for charting, let me know, plz. I can only remember one or 2 occurrences of 'slippage' in the past 50+ trades (one was quite a few pips, the other was negligible).


Hi Dustin,

Thank you for being a client of FXCM for 4 years. We take great pride in the quality of our trade execution and Trading Station. I'm glad you're pleased. 😄

You mentioned slippage, so it's worth noting that slippage can be positive or negative with FXCM. Positive slippage is when orders are filled at a better price, and with FXCM, it occurs just as frequently as negative slippage: https://bit.ly/21hOZa5


Dustin1772 posted:
FXCM seems to get beat up quite frequently. Maybe it's fair?


It's important to keep in mind our size. The latest data from the CFTC show traders have more money on deposit with FXCM than any other US-regulated forex broker.



We take all client feedback seriously and strive to provide everyone with excellent service.


Dustin1772 posted:
I hear on blogs that they are 'broke' & will file bankruptcy soon but aren't they the biggest in FX? That doesn't mean it can't happen I just don't know.


The latest data audited by Ernst & Young prove our strong competitive position.

As of November 5, 2015:
    * Adjusted Q3/15 revenues of $59.6 million
    * Adjusted EBITDA from continuing and discontinued operations of $5.2 million
    * $254.3 million in operating cash
    * $713.2 million in customer equity
    * 178,273 active retail FX accounts
    * Regulatory capital surplus of $85.1 million

Since FXCM is a publicly-traded company, information regarding our financials is more readily available than for many forex brokers which are privately-held companies: https://bit.ly/ZOCB0Y


icarocisneros
Apr 26 2016 at 06:32
4 posts
He visto buenos comentarios acerca del broker fxcm, yo actualmente tengo cuenta en solidusfx y no tengo ninguna queja, todo correcto, espero que también pueda contar con una buena experiencia en fxcm, (diversificar es bueno), saludos.

AndrewVovk (AndrewVovk)
Jul 12 2016 at 13:29
3 posts
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.

jasonrogers (jasonrogers)
Jul 15 2016 at 21:54
272 posts
AndrewVovk posted:
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.


Hi Andrew,

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.

Arik68 (Arik68)
Jul 18 2016 at 04:46
11 posts
Nice, broker.Good spreads and execution. Had good experience with them.

voipexpert
Aug 02 2016 at 06:51
1 posts
Many orders been rejected.

jasonrogers (jasonrogers)
Aug 02 2016 at 19:25
272 posts
voipexpert posted:
Many orders been rejected.


@voipexpert what was your Maximum Deviation setting for these orders? If you find you are getting the 'Off quotes' message frequently, it could indicate your Maximum Deviation is set too low for the market conditions.

An 'Off quotes' message on your MT4 platform means the price that was available in the market was outside the Maximum Deviation range you specified for your order. Therefore, your order was canceled instead of executing at the available price to prevent you from receiving negative slippage outside your specified tolerance. Slippage is a risk of a trading in any market, with any broker, but FXCM's MT4 platform lets you control how much negative slippage you are willing to accept by adjusting your Maximum Deviation.

For example, suppose your Maximum Deviation is set to 15. That equates to 1.5 pips because each point on Max Dev represents 0.1 pips. With this Max Dev, setting lets suppose you place an order to buy EUR/USD at 1.0990[0]. That means your order can be filled if the available price in the market is 1.0991[5] or lower. If the price available in the market is 1.0991[6] or higher, then your order will be canceled and you will get an 'Off quotes' message. This message lets you know your order was canceled because the best price available to fill it would have resulted in negative slippage greater than your specified tolerance of 1.5 pips.

Note that the Maximum Deviation feature on FXCM's MT4 platform only limits your negative slippage, not your positive slippage. Positive slippage is when your order is filled at a better price than you requested. If best price available to filled your order was 1.0988[0] then your order would be executed at this price resulting in 2.0 pips of positive slippage.

You can see the latest FXCM execution stats on our website: https://bit.ly/21hOZa5

Highlights:
* 78.71% of all orders had NO SLIPPAGE.
* 12.77% of all orders received positive slippage.
* 8.52% of all orders received negative slippage.
* 50.02% of all limit and limit entry orders received positive slippage.
* 39.9% of all stop and stop entry orders received negative slippage.

bhzgold
Aug 16 2016 at 06:51
1 posts
any one have balance over $100.000 on FXCM ?
maybe you can share , so someone who want to deposit a large amount get a confidence.
thx

jasonrogers (jasonrogers)
Aug 19 2016 at 22:14
272 posts
bhzgold posted:
any one have balance over $100.000 on FXCM ?
maybe you can share , so someone who want to deposit a large amount get a confidence.
thx


@bhzgold where are you located? FXCM is regulated in major financial centers around the world, so I would be happy to discuss specifics with you based on your country of residence. For example, the latest CFTC data show traders have more money on deposit with FXCM than any other US-regulated forex broker.


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