FXCM Broker Review

[scarface]

Re: All About FXCM

 

Hi noplan88,

 

Good day,

 

Thanks a lot for the valuable info.

 

And I gotta say =)) They force traders to trade so they can suck their money faster :))

 

They make you happy giving a VPS :) and then get you mad losing all your money =)) after giving a stupid excuse.

 

I hope It is clear for everyone now so you are ware of the fact that FXCM is a market maker only. They are not honest, but greedy monster that is looking for money to steal especially from newbie.

 

Best wishes,

[noplan88]

Re: All About FXCM

 

Hi scarface,

 

Good day to you too.

 

Yes we keep emphasized on how dangerous fxcm was so that our forum members can avoid this broker.

 

Keep in mind dear traders, we have have fxcm account before. We are not just browsing and get those info for you.

 

I hope this is very clear to all of you, apart from that my recent research through live chat found out that they are trying to give 2 free courses to traders, claiming that you can learn faster with live trading as well + course.

 

My advise don't get tempted by all of this, this is just marketing TRICKS to get your money. In fact they are asking you to give them money.

[hyperdimension]

Re: All About FXCM

 

When did you guys last use FXCM? I'm wondering whether all the negativity is out-of-date.

 

Did you use the Micro account?

How are the STP accounts (i.e. no dealing desk)?

 

MetaQuotes developed the Virtual Dealer plugin, not Boston Technologies. MetaQuotes are the bad guys.

MetaTrader itself was basically designed to take money from traders, like rigged slot machines.

[noplan88]

Re: All About FXCM

 

Definitely what we post here are not OUTDATED.

 

Does micro account have this message --> TRADE CONTEXT BUSY? This is MT4

 

http://indo-investasi.com/viewtopic.php?f=7&t=2164&start=10

This your post showing how these plugins in action, it doesn't matter who develop or resell. They are still in the chain of getting money from live clients.

 

Download the following mt4 business model

http://indo-investasi.com/viewtopic.php?f=7&t=5136

 

They can send your account to liquidity provider or keep in house. In fact boston teach who wanna be a broker how to steal money from you. Just read what's inside the business plan. They have confidence 95% will lose money.

 

I hope this is clear and I DO NOT want to repeat what I have said before, why not read what I posted earlier instead keep questioning it.

[scarface]

Re: All About FXCM

 

When did you guys last use FXCM? I'm wondering whether all the negativity is out-of-date.

 

Did you use the Micro account?

How are the STP accounts (i.e. no dealing desk)?

 

MetaQuotes developed the Virtual Dealer plugin, not Boston Technologies. MetaQuotes are the bad guys.

MetaTrader itself was basically designed to take money from traders, like rigged slot machines.

 

Hi,

 

Good day,

 

Let me tell you something since you are not convinced about what we have said so far.

 

If I can post my latest results here, I would do that, but because of privacy and security reasons, I can't.

 

Besides, if you don't believe in any of this, go ahead and open a micro account or even mini account and see how horrible their platform is, also if you decided to use MT4 with mini account, you will see how high their spreads are and how many time a re-quote you will get ???!!!

 

Try to prove us wrong then by doing that.

 

Besides, you can see the review at forex peace army and compare it to what we've said.

 

There is no benefit for me I get if I inform you this or that broker is good or bad. It is only for our members benefits in this forum. we want to clear this market from scammers. And that's that.

 

I think my point of view is very clear :)

 

Best wishes,

[hyperdimension]

Re: All About FXCM

 

I am usually quite skeptical and critical about a lot of things in this industry. I also like to play "devil's advocate" and question everything in order to get a wider, deeper and balanced view.

 

I have read a lot of negative things about FXCM. But if you consider that they have between 100K and 150K clients, and then count how many clients have posted negative things on the internet, it would be a tiny percentage. e.g. 1% of 100K is 1000. Usually it's only when people have had a bad experience that they feel compelled to write (i.e. complain), otherwise, when things are Ok, they don't bother. That may be why there are so many bad reviews compared with good reviews.

 

Also, in each of the reviews it's often not clear which account type they are talking about - Micro or STP; they are totally different to each other: Micro has dealing desk and can requote. Also, many of the old reviews could be back when FXCM was primarily a market maker. They did get into trouble and have had to change the way that they operate. Now they are largely an STP broker and don't play with your trades (except maybe in the micro account for which there is a dealing desk).

 

I haven't seen much convincing evidence of all the negative claims. Screen or video captures and logs would help to make the claims more convincing. I'm not saying that all the claims are untrue, as some probably are; I have experienced a lot of similar things (and much worse) at other brokers. But claims without much evidence lack weight.

 

Do their STP platforms actually requote? I thought it's Market Execution, so it should execute at the best available price and not requote. So when you talk of requotes, maybe you are referring to the Micro account or back when FXCM was primarily a market maker. I am not interested in either. I want to know about their STP accounts, especially Active Trader.

 

I have watched the spreads on their standard account and agree that they are crap.

 

I am quite sure that there are much worse brokers than FXCM. Try Global Clearing Group, Sigma Forex and CMC Markets if you want to have a clearer understanding of what truely bad brokers are. The worst brokers that I have had live funded accounts with are CMC Markets, E-Global, Prime4x (and for horrible slippage: OneCorp, and The Colective FX). I was going to open an account with Global Clearing Group but didn't after being lied to by their live chat support. I then fully understood why they won't give login details to their live account until after depositing funds; I don't think FXCM belong to this lowest category of scum brokers as you guys seem to portray.

[scarface]

Re: All About FXCM

 

Hi hyperdimension,

 

Good day,

 

After reading your post, It seems you really have had lived among scams only. You've never see the light to true brokers yet.

 

O.k, Look I wish you a good luck with FXCM STP. I wasn't talking about Micro or Mini, but all. The crappy broker is crappy no matter what good things they have.

 

We don't need to show you any evidence at all because we know some FXCM representatives or dealers are here in the forum.

 

I can say one last thing, it is our mission to show what is good and what is bad ones, but it is your choice to who you go to and open an account with.

 

If you want some good brokers, here is few of them: FxPro, FxSolution AU

 

That's just in my opinion.

 

I wish you and all the best of luck.

[hyperdimension]

Re: All About FXCM

 

Ok thanks scarface. I've just opened a real STP FXCM account & will deposit 2K soon. I'm looking forward to finally see the light. Thanks a lot for the suggestion!

[Cyrillic]

Re: All About FXCM

 

I made a small account with fxcm mt4 to test the broker + i have a micro account with them (for the contest) I would not say that they are particularly as bad as people say since there are much worse brokers out there. I like their main trading software, its interface really goes along well with my manual trading style. However i've had problems with their mt 4 platform where i would not get fills on the orders my ea tried to place (bank did respond in time..) Other than that they are a decent broker, not the best by all means, but manageable. If you want average, Fxcm is the way to go for you :))

[rstr]

Re: All About FXCM

 

Hi guys,

 

seems they have a lot of server problems since some days...

they had been offline several times for a longer period...

other brokers stil work here, while they had been offline.

so its a problem of them.

 

anybody made same experience in the last 4 weeks with them?

[Cyrillic]

Re: All About FXCM

 

Their live servers went down on a sunday two weeks ago when I got a stuck in a seriously large scalping trade which could have wiped my whole account(by mistake mind you) I called and talked with them, they said if i loose anything they'll refound it, I asked if my trade hit tp will they refound my tp they said no. Basically trade got closed out at a moderate loss and they reimbersed about 90% of it. Im not happy but, all thats said and done, i encounterd same problem with my live mb trading account once, those things happen. Regardless FXCM would not be my primary choice of a broker, but at least they covered my loss which was their fault.

Hope this helps.

[crushbeat]

Re: All About FXCM

 

hello guys,

 

im running with FXCM MICRO account rite now.. so far so good BUT they have increased the spread to wat they said standard account spread.

 

im quite disappoint with this and they want to change MICRO acc from MM to NDD.

i dont wat it means.. can it be good or bad?

[Heavenforex]

no deal desk is definitely the best for all traders as the quotes come directly from the banks. If your broker is price maker then you have to beware of stop hunting because they earn money when you lose. For non dealing desk, yr brokers earn from your spread regardless you win or lose thus there is no conflict in interest.

[pipdat]

Because I really appreciate this forum and the members that participate, and because I have no expert technical knowledge to give, I can only relate to you my experience over several years on brokers.

I have tested probably 15 or so Brokers simultaniously on line against each other, on demo accounts and it is very suprising what you can find.

Tops have been Nord Brokers, & MBT, MRC and to a lesser extent IBFX, Finotech, & Divisa. Some others had only minor irritations that have precluded me from adding them, such as FXPro but reinforce my support for the three that I have specified.

I am currently testing performance of Go Markets and would also look at Vantage except for the fact that they give a poor time period for demo testing.

Hot Spot is worth looking at, but they have stiff criteria for opening new accounts.

Currently on test is Alpari.

All aspects are considered, ie, spread,fills, online connection, absence of requotes etc, query time etc, and are of personal experience so its NOT cast in stone.

Anyway, maybe I save you grat people some time,

regards to all,

[soundfx]

Hi pipdat,

 

My view is that comparing demo account performance is totally worthless. Normally demo servers give instant fills with zero slippage. Spreads can be much better on demo servers too and not subject to the same levels of fluctuation as live servers. Demo servers are not A1 priority and most brokers wouldn't care too much about any "down time" on these servers. In fact demo servers will be "bounced" regularly to test out installing new software, upgrades to operating systems etc. which will be put in live later.

 

Here's my experience...

 

I see "Nord Brokers" coming out at the top. Shouldn't this be NordMarkets? and if so, I'm amazed to see them anywhere near the top. I used to have a live ECN account with them and you'll find that commission on the demo system is half the standard commission on the live system. If you trade large volumes then you get this discount, but the average trader doesn't - so that will skew your results for starters. Also, I found Nordmarkets to be bad for slippage at times and overall exection in live wasn't that great either.

 

MBT does seem to get some good press these days, however when they started out with their ECN offering on MT4, the comms. were a bit too high compared to others, though these are quite competitive now. I had an ECN account with ATC brokers which was pretty good and comms. were ok, though it seemed as though their system was a bit ropey, occassionally odd errors could happen with trades getting "stuck" etc., though this was some time ago and the problems are no doubt fixed by now.

 

HotSpot has "Stiff Criteria" lol - I'll say they do. They used to accept retail traders for a modest min. account balance of around $10K and their live accounts were excellent, though they didn't offer MT4. However, from what I can see now, the lowest level account requires a min. balance of $1million.

 

I've used GoMarkets live and they were ok, though spreads weren't always the best. Anyone in the US should note that they no longer accept US customers.

 

Alpari UK has always worked well for me with fast execution and reasonable spreads. FxPro has better spreads than Alpari though execution can be slow sometimes and their servers are more prone to "bouncing". Again neither of these accept US customers any more.

 

IBFX (and FXCM) have had so much bad press in a variety of forms in the past, I wouldn't go anywhere near either of them and all the rest the brokers you mention I've never heard of, so can't comment.

[Klimov]

I read in the economic news that the French regulator fined FXCM for 200 thousand euros. It seems there were problems with the regulation. It is a heavy burden for the broker. I wonder whether this had affected the broker.

[SBlack]

I read in the economic news that the French regulator fined FXCM for 200 thousand euros. It seems there were problems with the regulation. It is a heavy burden for the broker. I wonder whether this had affected the broker.

 

As I can see, it didn't affect much. FXCM is quite a big broker, so it can pay even a huge fee without problems. But still, for its reputation this fee wasn't a good thing.