FXCM – Is it scam or safe?

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The company is licensed in several countries and is regulated by the relevant financial supervision commissions. Licenses allow it to offer financial services, including forex.

However, the company’s US license has been revoked recently. That means FXCM had regulatory violations and was forced to withdraw its operations in the United States. Besides, the UK’s Financial Conduct Authority (FCA) fined FXCM to the amount of several million pounds due to asynchronous re-quoting of the customers.

So far, we haven’t received any complaints from clients of FXCM.

If you feel frustrated by FXCM and have something to share with us, please fill in the form below, describing your case:

6 Complains

  1. I opened my account with FXCM a month ago and deposited twice. I needed to withdraw the funds and I made a request. They explained me I could only get my money on the debit card, which I had deposited by. Then I wanted to link my account to TradingView but this could be possible only if I switched from Mini to a Standard account and this would cost USD10 monthly. I agreed and started waiting. Two days later my account was terminated. When I asked why they answered me that the reserved the right to terminate the Agreement for any reason. WTF. I still have no idea what wrong I’ve done. That made me to decide to move to a new broker. Life goes on!

  2. I have an account with FXCM and my account balance is USD76,000. I had one open position of 1M GBP/USD at 1.30949. My leverage is 1:50 and on October 6 th 2016 FXCM closed this position due to insufficient margin and realized a loss of USD66,000. My account balance was contracted to USD11,000. I called them several times and asked for a precise check of the situation. They told me everything was OK and this had happened due to some slippage. But that slippage cost me USD19,000 more than this position was supposed to be closed at. That was NOT fair at all. I already talked to my lawyer and we will sue FXCM to get my money back.

  3. I requested all my money back from my account with FXCM. Every time I tried to withdraw some money they gave an excuse that I had insufficient funds and/or open position(s). Then I had to submit my request again and again. Stay away from this broker. It is one of those companies that apply all possible ways to keep your money at them. When I read forex forums I understood they didn’t have pure history but had unethical business practices instead.

  4. I was attracted initially by FXCMs spreads, they looked seductive. However, their execution of stop loss orders is so poor that finally I decided to cancel my contract. Yes, spreads are tight but what is important that your stop loss orders are filled several pips worse. So, I assume slippage is a common practice in forex brokers but what slippage we are talking about when the pair is usd/jpy and there is no news? I was slipped in this pair many times and the market was quiet. This problem is getting worse and worse so I strongly recommend staying away from this broker. Once again – low spreads aren’t enough when you are flooded with slippage.

  5. Those were my worst memories ever. I started doing better but they closed other currency pair instead of that I wanted to close. This happened twice and I withdrew my money. There are many other brokers!

  6. I had an account with FXCM. I had to withdraw all my money in the account. Then the guys from FXCM told me I had to leave USD50 at least in my account. Why? Just in case I change my mind and come back again. OK, I left USD50. I decided to log into my account few years later and start trading again. And … surprise. The balance was USD0.00. My USD50 disappeared. FXCM stole it! Stay away!

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