To use chat, please login.
Back to contacts

FXCM Review Scores


Overall score: 3.5 / 5

Total votes: 330
Platform
1
Pricing
1
Customer service
1
Features
1
1 - worst 5 - best

FXCM Discussion

mirusevxs33
Aug 01 2011 at 12:23
123 posts
here are final counts: (it is about slippage on entries)

Total : -756.4
Average : -1.85 (all trades)
Average : -2.52 (only slipped trades)

Min : 2.1 (good surprise - there is a positive slippage as well :) - true ECN behavior)
Max : -32.4
# of trades: 409
# of trades with slippage 300
% of trades with slippage % 73.34

Average lot size 11.6
Avg lotsize*Total Slippage ($) = -87742.40 (assuming a pip is equal to $10 for a lot)

In the calculations: Counted slippage only on entries. Does not counted on exits. The limits (on trades) are usually 4-8 pips. Slippage leads to SL...

And these small facts are only about demoing FXCM

unholy_ghost
Aug 27 2011 at 13:43
10 posts
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.

Give me your pips!
unholy_ghost
Aug 27 2011 at 13:43
10 posts
oh and by the way, ECN does not imply STP.

Give me your pips!
unholy_ghost
Aug 31 2011 at 11:22
10 posts
it just came to my attention that the NFA ruled against FXCM and fined them to the tune of USD 2,000,000. you can read all about it here:

https://www.forexpeacearmy.com/forex-forum/forex-articles/16467-fxcm-slipage-accountability-good-news-us.html

(forexpeacearmy.com, notwithstanding the cheesy name, is an excellent site for retail traders who want to learn how to trade, find out more about which brokers are scams and which are not, and so on)

and from the NFA site:

the case summary: https://www.nfa.futures.org/basicnet/Case.aspx?entityid=0308179&case=11BCC00016&contrib=NFA

scroll all the way down to find the case documents.


it is truly unbelievable that these guys are still at it. after all these years they don't learn their lesson it seems because people keep giving them their business unfortunately. they sure don't deserve it.


Give me your pips!
ghi001
Jan 15 2012 at 16:40
45 posts
Fxcm is back with a new MT4 Impelmentation without BRIDGE any more, and they claim NO DEALING Desk.
Any body as NEW experience with this ?

GedeonFx
Aug 10 2012 at 07:53
3 posts
Great platform, i love it.
Still,
I do not think any of us would be happy to mess around with the FOS and NFA, hope they stopped cheating.

Veraart82 (Veraart82)
Aug 10 2012 at 13:24
3 posts
As many others have said thair customer service is just excellent, fund transfer is usually fast. I also loved the platform, execution speed was alright. All in all they're a good broker, but you can find better if you look around little.

Gareth365 (Gareth365)
Dec 03 2012 at 20:37
2 posts
I have only been with them for 3 months and have only got good things to say....I usually trade during london session and more at the longer time frames so slippage etc is not a real issue to me. I prefer thier platform to the other 3 I have tried (including MT4) and have found thier knowledge and training very helpful!

JOEYPOLK (JOEYPOLK)
Jan 16 2013 at 08:07
1 posts
I traded with these guys for about 5 years. During the time i traded with them I only experienced a problem when I switched to an MT 4 account. The trade station II and the new and much improved market scope charts is the best way to trade with this broker. In my experience not a bad broker....I do currently trade with Oanda due to the smaller pip spread on the eurusd pair. The one thing I do miss about trading with fxcm is the ability to trade in or around news time without the spread widening much.

Anoter Day In Paradise Baby
Dlucky1
Mar 08 2013 at 09:35
1 posts
I too am using FXCM, I find them knowledgable, friendly and extreemly helpful, What you really need. As for slipage and pricing ,I don't really know! Partly because I am new, and partly because I am too involved with my Entries and Exits to be bother, afteral it's a cost that we have to pay, if not to them to someone else, at least they take the money of you with charm and smile. Generally and so far I am happy.

Please login to comment .
Compare Forex spreads in real time Forex Spreads