Is FXCM reliable or a scam?
FXCM is a very big Forex broker with plenty of thousand traders and with a high trafficked website. But you don’t hear only good things about FXCM. Quite the reverse: You hear a lot of bad things. Of course there are complaints about any (!) Forex broker but in the case of FXCM it does not look very good. We collected the trader opinions and experiences for you that you can judge whether FXCM is a scam or not.
One of the most common complaints is that everything works smoothly with FXCM as long as you lose. But if you’re trading profitably the story begins. They close positions or even your account for no real reasons. This is the most common way for a broker to cheat on its traders. Closing your trades is not possible for the following reasons: “Data not found”, “Waiting for Dealer”, “Your order didn’t execute because price moved”.
There are also complaints about the bad costumer support. They seem not to act in the traders favor and sometimes don’t even care about costumer complaints.
Of course there are traders that are happy with FXCM but there are not many of them. There was also a law suite against FXCM a few years ago.
Although it seems that there was no result that does not mean that FXCM is reliable. The complaints are very serious. Also it seems that there are differences between hourly and daily charts which is pretty strange. It seems that short term charts look different to “help” traders making the wrong decision.
Traders also talk about margin calls that should not be executed.
If you take a look at the websites of the NFA you can see that FXCM already had to pay a serious fine. You can read more about it here.
You can’t really prove that FXCM is a scam but you can say that there are a lot of strange things going on and it is not a reliable Forex broker at all.
Experiences with FXCM
Let’s take a look at other traders experiences with FXCM.
I opened a position and placed a stop loss. I left my PC afterwards for half an hour. After coming back the stop loss was executed although the chart did not even touch my stop loss. I tried to talk to their costumer support and they said that I closed the position myself a few minutes after openening it. Another employee told me to take a look at it but he never came back to me.
They changed my stop loss without any action from my part.
FXCM is a good and reliable broker. I’m trading every day and I’m earning every day.
My experiences with FXCM are good so far.
I can’t recommend FXCM. Rollover fees are way too high. You can’t execute a trade all the time when it does not work in the broker’s favor.
FXCM is a solid broker with a good platform.
ForexScams.org Recommends:
#1: www.plus500.com - listed on the London Stock Exchange, Welcome bonus of $/€25 (no deposit required). Your capital is at risk.
#2: www.avatrade.com - Reliable FX Broker with EU-offices and very high safety of funds.
#1: www.plus500.com - listed on the London Stock Exchange, Welcome bonus of $/€25 (no deposit required). Your capital is at risk.
#2: www.avatrade.com - Reliable FX Broker with EU-offices and very high safety of funds.
The Alternative - Social Trading:
#1: www.etoro.com - the world's leading social investment network. Just copy successful traders with a click of a button and profit.
#1: www.etoro.com - the world's leading social investment network. Just copy successful traders with a click of a button and profit.
Is FXCM reliable or a scam?,
In few words here is what happened:
Information that was then used not only to block and close all of our accounts with FXCM, but also to hold our funds indefinitely.
All we ask was the way for me to trade on my friend account without having any problems.
My new Broker advise me the way to do it is to open a “Join Account” which covers the legality of all parties involved, and any separate agreement between the “Join Members” is totally up to them and not of anyone’s business….In my book this is a Broker that knows how to do business and treat their clients.
I did ask about this option “Join Account” to Rodrigo Regi, and I was very surprise because he simply couldn’t give me a straight answer…..And that’s a Manager!…Just Imagine.
FXCM
55 Water Street, 50th Floor
New York, NY 10041
Complianceinfo@fxcm.com
Juan Ramirez
from: Michael Ohneck
to: xxxxxxxxxxxxx
date: Fri, Oct 2, 2015 at 12:36 PM
subject: FXCM Audit Complete – Case Number 00381322
Equity Post Margin Call: $539.90
Balance Post Margin Call: $581.69
Tickets Included in Liquidation: 19311607
Trade Services Representative
DON’T BELIEVE A WORD THIS “JASON ROGERS” PERSON IS SAYING,HOW COME HE NEVER SHOWS ANY PROOF FOR HIS DENIALS ????
INSTEAD OF HIM INSTANTLY DENYING ALL OF THE RETAIL TRADERS STATEMENTS ABOUT EVERY HORRIFIC EXPERIENCES RESULTED WITH SUFFERING HUGE LOSSES (financially, intellectually, emotionally ect.) DUE TO “PUBLICLY TRADED FX BUCKETSHOP” OPERATIONS OF FXCM,
” JASON ROGERS” MUST PROVE ALL OF HIS DENIALS BACKED BY ACCOUNT STATEMENTS , TRANSFER OF FUNDS TO THE OUTSIDE COUNTER PARTIES(since he claims FXCM doesnt benefit from retail traders loss of funds) ECT.
” Copper your customers & grow rich” Reminiscence of a Stock Broker Jessi L. Livermore(Edvin Lefevre)
October 12th 2015
Alexandra Goldstein
***************************************************************************************
Oct, 7th 2015
Reply By TraderFX
hi,Since, it began on 10/02/15. When will it be completed?All the information you need are in my earlier emails & my account statement, that i forwarded to other employees. Basically its my trading account statement from 10/02/2015. it simply shows everything down to the pennies & time of wrongful liquidation.i hope to receive a factual reply from you.Sincerely,
Reply By TraderFX
Hi,it has been 7 since the wrongful liquidation by FXCM & you havent refunded my account. WHAT IS THE HOLD UP ?????You should have had your proofs by now in 7 day, showing that wrongful liquidation was my fault.
Reply By TraderFX
FXCM HAS BEEN WRONGFULLY HOLDING MY FUNDS FOR 7 DAY & MY MONEY HAS TO BE PUT BACK INTO MY ACCOUNT ASAP!
Oct, 12th 2015
Reply By TraderFX
Hello,It has been 10 days since my Usd/Cad position was wrongfully liquidated at 9:01 am on 10/02/15 with $61.75 while i had sufficient funds to hold my position.I had forwarded FXCM my proof immediately after the wrongful liquidation by FXCM.I will wait until the end of the business day tomorrow 10/13/15 as a courtesy, if i dont hear from FXCM by then , as my next step, i will file complaints with CFTC, FSA, FINRA. I will forward them my proofs, communications with all of the FXCM Employees about this matter & your immediate denial email.
After i file complaint with Regulators, i will also post all of the issue on the various websites for victimized Traders & Where prospect new traders acquire knowledge about the Operational Style of various FX Brokers for them to judge FXCM’s dealings against retail traders, before they deposit any of their hard earned money with FXCM.
i am requesting my funds to be returned to my account where they belong immediately, since FXCM has been holding my funds wrongfully for a long time.
This is my final attempt resolve the matter directly with FXCM. i had send 4 other emails within last 10 days without a solution.
Sincerely,
Ticket # Symbol Volume Date Sold Bought Floating P/L Comm Dividends Rollover Net P/L Condition Created By
19315122 NZD/USD 30,000 10/2/15 9:29 AM 0.64140 -45.00 -1.80 0.00 0.00 -46.80 Mkt 77027927
10/2/15 10:08 AM 0.64290
19316453 NZD/USD 5,000 10/2/15 10:01 AM 0.64192 -4.90 -0.30 0.00 0.00 -5.20 Mkt 77027927
10/2/15 10:08 AM 0.64290
Total: -49.90 -2.10 0.00 0.00 -52.00 THIS IS WHAT THEY ARE LYING ABOUT(this NZD/USD possition is their proof for USD/CAD position?!?!) THAT BELONGS TO NZD/USD POSITION WHICH WAS OPENEND AT 9:29 AM AFTER THE WRONGFULL LIQUIDATION OF USD/CAD THAT WAS WRONGFULLY LIQUIDATED BY FXCM AT 9:01 AM ON 10/2/15 please read the denial email from DEALING DESK TRADER Michael Ohneck
fxcm
from: Michael Ohneck
to: xxxxxxxxxxxxx
date: Fri, Oct 2, 2015 at 12:36 PM
subject: FXCM Audit Complete – Case Number 00381322
Equity Post Margin Call: $539.90
Balance Post Margin Call: $581.69
Tickets Included in Liquidation: 19311607
Best regards,
Michael Ohneck
Sorry, what you are telling me verbally means nothing according to FXCM documentation and actually contradictions these very same documents? If FXCM and you say they are not a NDD broker they had better update their documents because they say they are. There is a huge lack of honesty here and the trading public is getting taken to the cleaners.
In ” The Report”…..There Is No record Of ENTRY, STOP, And LIMIT…..It Just Tells You…..
When ” THEY SAY ” You Bought and Sold….Need I Say More….Must Check Out other Stations….Steve
I`ve made some print-screens after my “unlucky” trades and compare with current charts – the size of candels, price levels are literally different (same broker, same platform so obviously charts has been altered over the time).
http://i61.tinypic.com/mctclh.jpg – today
Alex
january 14 2015 : Footsie (or UK100 at fxcm)
Close at every other broker is at 6412
Close at FXCM is at (Brase yourself) : 6148 !
“Please fill in Complaint and we will give explanation in about 8 weeks.”
Of course, no answer ever.
FXCM will tell you that if you read their clauses and conditons it says that during periods of volatility the spread will increase. My question is by how much. I have seen the spread on Gold go to 10 dollars before on a weekend close. They will also claim that it is happening by the Interbank Market Rate, but lets face it, when your positions are closed, the spread goes to them, nobody else. This is not even what I would call dubious practices, this is theft and fraud against their customers, the people who provide them with business every day. I have ran an account alongside Alpari before with exactly the same trades and margin available and been stopped out and margin called out of trades by FXCM where Alpari did not. They are a direct deal broker also. They only issue I have had with Alpari is that sometimes you cannot get in on the positon at your desired price but the don’t steal your money and use smoke and cloud excuses to cover the theft up.
i want to open legal auction against the FXCM in Dubai and London
so if any guy had as my experience with them replay me
BECAUSE WE CAN BLACK LIST CEO OF THIS COMPANY IN DUBAI AND GCC COUNTRY’S AND IF THEY DONT
COME TO COURT IN HERE WE GET THE POLICE WARRANT AGAINST THEM
On 20/11/2013 I had sell order of gold with ticket number 5947680 but when the gold price is shooting down they system can’t catch my order so I lost lots of money and all my capital as I talk to they audit team
First time they said you close this order automatically
Second time they accept they system close this order automatically because I had low margin
But as my calculation In that period of time I had around 20000$ Free. in my account the only reason they refuse to be responsible is because the order size is big is 2050 once of Gold and my sell stop rate was 1264$ and closing rate on that day was around 1200 so that’s why if they want to be clear they have to pay around 65000 $ to me as closeting rate of 20/11/2013 price and as of today 26/12/2013 they have to pay around 135000$ to me I have enough document and evidence to proof I’m right and get my right from them
so is there some 1 else had same this experience and do have better plan
Coud you tell me where you are with the Court action against FXCm in Dubai and/or UAE?
I would like to open an account but after reading your post about FXCM I am a bit nervous. Or if you have any company to recommend, just let me know.
Thanks n regards,
Tony Lima
I want as well take them to court
pleas reply to me
No futures at cme or any other broker has reached a high above 16200 !
This is obviously a stop chasing (or margin call) strategy on their part.
if you ask FXCM where they got their quote from, they will not tell you what signal provider of theirs provided this incredible High. This is obvious becauce it is THEM and Only THEM who jacked up this new high.
National Futures Association (NFA) has issued a Decision imposing a $2,000,000 monetary sanction against Forex Capital Markets LLC (FXCM) in settlement of a Complaint issued by NFA’s Business Conduct Committee on August 12, 2011 and orders refunds to customers