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.