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FXCM (Forex Capital Markets)

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www.fxcm.com..
Category: Brokers
Forex Capital Markets LLC (FXCM) is regulated as a Forex Dealer Member by the National Futures Association. Forex Dealer Members are U.S. registered Futures Commission Merchants that have greater than 35% of revenue from foreign exchange.
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Displaying 1-10 of 13 Total Reviews
Tools and Technology are the Best
FXCM app is really a great help to still be able to get my feel for the market and trade no matter where I am. A simple and easy to use platform that links all charts to 3 separate websites with good execution and the money is processed very fast without issues. Service could use a little work though. Anytime I called in for help, which wasn't often, I was greated but not the smartest people.

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Fined for withholding profits from clients
It's also worth noting they were fined in 2014 by the Financial Conduct Authority for withholding profits of £6 million from UK clients and failing to tell the FCA that the US authorities are investigating another part of FXCM for the same misconduct. http://www.fca.org.uk/news/fca-fines-fxcm-uk-4-million-for-making-unfair-profits-and-not-being-open-with-the-fca

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watch out
One of the worst and unfortunately the biggest forex broker. Trades against clients and spreads blow out to take you out. They got sued for passing bad slippage to clients and pocketing the good slippage. Just avoid forex all together.

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1 of 2 people have found this review helpful.
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Not as bad as expected
Trades are filled just fine, unless your trade around news which is consistent with all of the other brokers that I've used. Money is processed very fast and without issue.

Overall if you want something that's just "OK", then FXCM will tick that box.

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2 of 2 people have found this review helpful.
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DavidC Scottsdale, AZ

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frauds
tendency to blow out spreads up to 100 pips - they are dealing against you - you will lose

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1 of 2 people have found this review helpful.
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I didn't care for them much
FXCM was exactly what you would expect out of a huge broker/dealer. Their softwares were good and their mobile trading was great but they definitely didn't care about you as a person or your success. I had a couple bad fills that happened away from the bid/ask and they basically told me that's the market and our system works fine. I can't say they are terrible...they just are what they are.

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3 of 3 people have found this review helpful.
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RanceM Chicago, Il

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Please read before investing with FXCM
FXCM has a class action suit against them for allegedly systematically bilking clients out of their account money through an elaborate scheme of fraudulent tricks. Please read the full details at the below link. The original legal document is also available to download. Comments on the below page suggest that a suit like this could arise only if the plaintiff has connections to people who used to work at the company. The allegations at this point have not been substantiated in a court of law but I think any investor should be aware of this before investing with the company.

http://forexmagnates.com/full-details-of-fxcms-class-action-suit/

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1 of 1 people have found this review helpful.
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Straight and to the point.
So I decided to test out my stock strategies on the charts of different currency pairs. Took about 15 minutes to open an account, sign a crap load of disclosures, and finally got it funded. Started very small to test the waters (FXCM Micro accounts only need a $25 deposit), after 2-3 days the money cleared and I installed the software. I think the software is neat and well organized, allowing you to trade straight from the chart, which is perfect for anyone who always makes their decision based on the candle stick patterns. Many indicators available and different color schemes. Haven't used their customer service yet, but there is also a chat feature you can use to talk to someone, although you might have to have an actual $2500 full FXCM acct not a Micro acct. Experience after 2-weeks is ok I guess, although I might have to take some lessons in trading currencies, because I am used to having a choice of hundreds of stocks, rather than a small list of currency pairs. Otherwise FXCM is a good way to go if you want to start small, there is money to be made here, as recently as September the global currency trading has reached 4Trillion $$$ in DAILY liquidity.

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Ilovestocks85 Brooklyn, NY

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Looks OK, Annoying Customer Service
Signed up for their trial software in anticipation as using them for my forex trading. Shortly there after they increased the minimum deposit. I still get calls and emails from them trying to sign me up, pretty annoying after a few months. The platform looks okay and is pretty easy to use, but a bit flashy and heavy looking. They provide good leverage and that may be a reason to go with these guys. Their staff (sales at least) is quite nice and congenial, just a bit excessive I've found.

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13 of 13 people have found this review helpful.
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Horrible Withdrawal Experience - Beware!!
I have been a loyal FXCM trader for oevr a year and oevrall I was pretty content (even though there were some shady practices such as giving me alimit price of 100 pips when gap up in my favor occured at 190 pips while two days later stopping me out at a full gap up price of 90 pips while my stop loss was at 30 pips- no explanation on the double standard).

I have been profiting and didnt have any problems withdrawing up to $15k at a time. However, last week I had very large profits and requested withdrawal totaling $288k (I am an US citizen requesting withdrawal to an US bank) and after stalling for two days, they locked my account and sent me the following email:

Dear Tamim Khan,

Currently a number of trades in your account are under investigation by FXCM. When that invesigation has concluded we will share our findings with you and/or release any available funds in the account for withdrawal.

Thank you for your understanding. If you have any further questions regarding this matter please feel free to contact FXCM’s Compliance Department at compliance@fxcm.com .



Kindest Regards,

FXCM Compliance

Compliance

Compliance Department

Forex Capital Markets LLC

32 Old Slip, 10th Floor

New York, New York 10005

USA

Telephone: (212) 897-7660

Toll free (US & Canada): (888) 503-6739

Fax: (212) 897-7669

Email: compliance@fxcm.com



I had been doing some research on websites such as Forexfactory.com and forexjustice.com and learned of their horrible practices when it comes to withdrawal such as going back to try and take away tardes by claiming the dealing rates at the time were incorrect, disputing trades executed, and may other tactics. FXCM is regulated by NFS/FSA and I have contacted both regulatory bodies with prinouts of my executed trades at prices I have received and the prices taht were being shown by primary dealers on Think or Swim platforms at the time. I have also contacted the CEO Mr. Drew Niv and will pursue this in courts in UK and USA until its fully resolved to my satisfaction. I wanted you guys considering oepning accounts at FXCM to be aware of this.

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Displaying 1-10 of 13 Total Reviews
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