I have had an account with FXCM for over 9 years. I had some issues with them prior till 2009 and even received reparations ordered by the NFA...FXCM changed after 2009 for the better ... For the last 6 years from 2009 till 2015 I would highly recommend FXCM. Alex Findlay
They do not have the best spread out there but their platform is one of the best in my opinion.
Utter chagrin at fxcm, they took over my IBFX acct then after a few months they now renig and are going to not allow EAs on small accts under $1,500 and if you wish to continue with small acct its $10 monthly fee and only manual! So in chagrin I departed and found nice treating Belforfx in NZ which allows me 1 micro trading on auto and allow USA client! Very nice helpful support too!
If you wish to give them a short tell them Jerry B referred you, ok? You will be surprised at the pleasant service, fxcm was a crock.
Recently, FXCM automatically changed all their accounts under a certain deposit size to their new Mini account. They advertise in an email to their clients that this new account will have "up to 400:1 leverage".
What they don't tell you is that they will be changing your account's leverage to 400:1, AND they will be taking away your ability to change back to your prior account leverage settings from their web portal.
If you want a broker that will, "at their absolute discretion", transform themselves into a casino and mess around with your risk profile, then FXCM is perfect for you. If you are looking for a broker that you can trust with your money, then FXCM isn't it.
This broker is the worst have traded with.They froze their platform on my account times without number.
after 4 successful trades my platform freezes i have opened a new trade. It is frozen all trade that is more than 20 hours. Surprisingly in the demo version it works perfectly and this happens only in the pair that I am trading. Curious right? after closing the running trade i will never ever trade this broker.
I would give FXCM five stars before 22-06-2015 because of their professionalism, excellent customer support, and very fast withdrawal execution.
Nevertheless, if you ask me today I will give them just one star. All of the good things I have mentioned earlier are not exist anymore.
They locked my accounts without telling me or inform me in advance. I sent them many emails to my account manger and no response shown from FXCM, also I sent to the admin and no response either.
Until one day I remember one guy he used to be my accounts manger I sent him an email; he advised me to send an email to compliance department and then I did and they responded to me.
I asked him why you did lock my accounts!! He said we do investigation some time.
My question is when you have to do investigation why you didn't at least inform your clients that they accounts are going to be locked and even when you need your money you can't withdraw them, so you should prepare yourselves. In my situation they locked my accounts over two weeks.
One of the compliance department responded to me telling we have the right to lock your account 8 weeks.
Let's say I agreed with you , should not I have the right to know what is going on?
Should not have to know at least when this is going to be end ?
They left it vague.
When this issue over I will leave this broker. If they are dealing with me like this. How can be assured that they will not do it again.
Finally , I hope the one who respond here in this from (Jason) to respond to my complaint.
I switched from another broker after their spreads kept widening and have been on FXCM's spread and commission model. Very happy so far. Took some getting used to factor in the spread but it's saved me money overall. Much lower cost of trading and better platform. Deposit and withdrawals were fast for debit card deposit. Have not tried a bank wire yet.
Only thing missing for me is push notifications on the mobile app. There's an alert system on the downloaded platform but that means the platform always has to be running for me to get the notification.
Yesterday ive got pending orders setup for GBPNZD Buy @ 2.1650 Today i woke up, just after the RBNZ interest rate cut and found that my pendings wasnt executed properly, it teleported around 2.1941!
Not much of a big issue, other orders are fine NZDUSD executed fine. But i think il be changing broker...Goodbye FXCM
I did not have much problem with FXCM until recently where they suddenly increased their margin while my trade was open and I got a margin call.
People give FXCM a bad rep a lot of the time and it bothers me because the support and platform choice they offer is so second to none.
I have both a Trading Station and MT4 account. Never had issues.
But my favorite part about them is you can call them even over the weekend for help. I travel for a living so this is VERY important to me!!