Very bad customer service.

Comparison FXCM

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Forex Broker Comparison

Company Name:fxcm
Regulated by: NFA(US), CFTC(US), FSA(UK), SFC(HK), BCSC(BC), ASIC(AU)
Leverage: 200:1*
Commissions: Bid /Ask Max
Pip spread on majors: 1 to 3 pips
Trading Platform: FX Trading Station

More info

FXCM -* Forex Capital Markets, LLC (FXCM)


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i couldnt amagine was something like that, huh..what a shame!... i'm still thinking to move on to another broker ....errr ..eerrr do u think InterbankFX is better than FXCM .. help me to solved the puzzled?

regards,

MANSTIR

Hi everyone,

Have you heard about this trading competition at FXCM? It is called "King of Micro" and it has already started (on 1 Feb). The finish line is on Feb 28.

Anyway, there will be 3 winners - top traders - who will be honored with these cool prizes:

1st Prize of $25,000

2nd Prize of $10,000

3rd Prize of $5,000

pretty cool, huh?

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I just started trading on there version of metatrader4 platform.
I am very surprised and disapointed with my start being down 1100 usd the first trading day. leverage is 200-1 and i have traded for over a year on various other mt4's. today is thursday 2-12-2009 9:20am It just seem's like they made it very difficult to beat the bank. .1 pip is my lot size and it freaks me out it moves so fast and will go against you very quickly. I have to look for a 90% probability before i'll get into a trade. and then only one trade at .1 lot size. it's a mini account but doesn't let me trade a micro lot .01.
Does anyone else have the same experience or am I one of the dumb sheep being led to slaughter.
This may be my last chance with the forex. Instatrader seems to be leaps and bounds above FXCM trader 4. Does tading a 500:1 leverage make that much difference?I may be dumb but I'm NOT getting any dumber. Maybe it was the choice of pair i was trading EURJPY? Your input or thoughts will be appreciated. alspicer

man, ur not the only one facing this with FXCM, actually today early US session their platform freezed for 15 mn +, and later all what you can see is gaps on the chart.anyway, you can trade 0.1 lot as 10k, this is their minimum, and until now they have not update their platform still running on buil 218, so lot ex4 file will not work . considering another broker will be a good idea, in fact today i was thinking the same.

thanks for that rabi
thursday 2-12-2009 this thing froze up three times
instatrader is running great in the background

Ugh, you're all scaring me. I'll admit, I never post, mainly because I have nothing really to add. But I've been studying FX for many months now, created my own EA's (I know how to program luckily) and trying out all of your EA's and 100's of indicators.

I've lucked out and found a method that works in backtesting and live trading manually so far, I have so many rules I would need to program, and I haven't liked the EA way of backtesting so I've been doing it all manually.

My problem is that I figured FXCM would be a great place to start as a broker, but they do not offer one of the indicators I need (Heiken Ashi). I can program the rest, despite that, Metatrader 4 offers this indicator thank goodness, can you trade FXCM using their charting system and use Metatrader 4 with your account as well?

Thanks for any help on this ! Though my method works in live and manual backtesting, only time will tell if I'm as lucky as ElectricSavant. BTW, congrats ElectricSavant, I feel like I'm starting to have the same problem since realizing how well my system has been working in testing.

~Ody

FXCM forex broker launched unique forex trading platform - Active Trader. Active Trader platform displays an ECN type view of total liquidity available through the platform, providing two major advantages:

1) Transparency in Execution - Before trading, you should know the exact price at which a market order can be filled based on available liquidity
2) Short-Term Market Direction Indicator - If the amount of liquidity is heavily tilted towards either the bid or ask side, this indicates that short-term prices may be moving towards the side with less liquidity

Has anyone tried it yet??

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Some interesting news from the FXCM camp...

"Regulation Fear Rises as FXCM-CFTC Bang Heads"


$17,014 may not be a large amount of money, but fears are growing that a dispute involving retail FX broker FXCM and the US Commodities and Futures Trading Commission (CFTC) over just that amount may have repercussions for the wider FX market.

FXCM has been accused by a client, Robert Dickten, of “arbitrarily setting prices without any correlation to the prevailing spot prices on the interbank market; setting arbitrary and unreasonably wide bid-ask spreads; arbitrarily "spiking" prices to trigger stop orders and margin calls; and filling market orders that routinely suffered from substantial and unjustifiable slippage.”

The CFTC has fined FXCM $2,425 having found it guilty of “defrauding” the client during the initial solicitation for his business although other charges were dropped. Dickten told the CFTC that he continued to trade with FXCM in spite of growing doubts over the firm’s practices in order to gather sufficient evidence for a complaint.

Market sources tell Squawkbox that disputes between liquidity providers and clients in the retail space are “nothing new” but there is an acceptance that allegations by Dickten that FXCM’s platform arbitrarily quoted spreads of “double and triple-digits”, do the industry no good.

Banking sources spoken to by Squawkbox agree that spreads on the bank platforms – which FXCM uses on occasions to lay off risk – went to double digits during the height of the credit crunch, but apart from markets that are already quoted on a wide basis – typically emerging markets – at no time did spreads hit three digits.

The CFTC states that: “Dickten has established that FXCM's website misrepresented and omitted various material facts. FXCM's claim that customer funds were "safe" because FXCM was "regulated" distorted the fact that forex dealers are lightly regulated. Thus, the funds of forex customers are not legally required to be subject to segregation and may be subject to claims by the creditors of a forex dealer. FXCM's guarantee that trading was slippage-free was deceptive because forex dealers such as FXCM have not proven the capability, during inevitable volatile market conditions, to consistently fill stop and limit orders at or near the stop or limit price.

“More importantly, FXCM's website did not clearly disclose the conflct that arose from the fact that FXCM made money on the mark-up or pip-spread on trades, and did not clearly disclose the size of the mark-up or its detrimental effect on profitability,” the CFTC adds. “Finally, the disclosures in FXCM's account-opening package were sufficiently weak and misleading that they failed to correct the website deceptions. FXCM's disclosures similarly failed to cure the misleading nature of the trading forex with FXCM, because the contest featured narrower bid-ask spreads than those imposed by FXCM. The recklessness of FXCM's various misrepresentations and omissions was underscored by their blatantly baseless and deceptive nature.”

There is a degree of disquiet in the foreign exchange industry over the case because FXCM is questioning the authority of the CFTC to pass judgement. The firm says that as the trades in question are spot OTC deals they are outside of the CFTC’s jurisdiction – a claim the CFTC refutes. Should the CFTC succeed in establishing its jurisdiction in this case, industry sources believe that the wider foreign exchange market is one step closer to regulation.

“We have seen the lines blur between retail and wholesale over the past couple of years,” says a banking source. “If the authorities can establish themselves as a regulator of the OTC retail FX market – as opposed to the FCMs which are futures shops – the market may face a choice. Accept it is only a matter of time before the wholesale market is subject to the same oversight, or establish definable barriers between retail and wholesale FX markets.”