FXCM UK

in Brokers / Forex, Spread Betting & CFDs


Country: United Kingdom

Ranked #14 of 56 Brokers

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Jun 07, 2016

Dont waste your time

i have tried maybe 5 different brokers, and FXCM are by far the worst. They advertise a leverage of 100:1 but never give you that amount, its all hidden in the small print how much they actually give you, as low as 50:1 at times for some pairs, so they are giving half of what they advertise.

go with someone who offers more margin, and who doesnt change their margin all the time, even if you think you dont need it. FXCM make it very difficult to plan trades, just today I recieved a call saying they were raising the UK stock market requirement by almost TEN times because of the EU referendum in the UK .... TEN times. So, the trade I already had open may now be subject to problems because they are changing the margin so much. It just isnt worth the hassle, go with someone offering decent margins, so you dont have to every worry about it.

There have been other issues I wont bore you with, but they are my most hated broker, always causing trouble.

Member (1 review, 49 posts)

1 of 1 members found this review helpful.

Apr 12, 2011

From the Traders Expo 2011

Went to a Traders Expo and spoke to a FXCM representative. They claim they have NO DEALING DESK on forex trades which means NO DEALER INTERVENTION.

That, they say, eliminates the conflict of interest between broker and trader and says that they make the same amount of revenue on your trade whether you win or lose. In addition, multiple banks compete to provide FXCM with tight spreads (don't know how much of this is true compared to others). So, anonymous execution from multiple global banks means banks can't see your stops or limits.

The rep was well spoken and not too pushy.

Member (16 reviews, 955 posts)

2 of 2 members found this review helpful.

Jan 20, 2011

Forex

I tried FXCM for a short time

pros : NYSE listed company , nice looking websites and software , active trader platform , good customer service .

cons : sluggish execution , hanging limit orders sometimes , high commission for the active trader platform .

Member (4 reviews, 9734 posts)

1 of 1 members found this review helpful.

Oct 04, 2005

FXCM

Generally good support form their staff and an easy to use platform however spreads are wide and prices don't follow the interbank market as accurately as they should

Member (1 review, 398 posts)

1 of 2 members found this review helpful.

Jul 01, 2005

not a good place for the serius fx trader

I have been with fxcm for two years but only now i have figured out why my stops has been hit many times, for example yestarday (Thursday 30-07-05) the best bid in the Inter bank market for Eurusd was 1,218 and with the fxcm was .2123, they knew very well that at .2120 were many buy and stop orders so they moved the sell price at .2123, even now while i'm writing the GBP quptes in the inter bank market offer have moved to .7697 and with the fxcm no chance to get that price the best buy price only 93,

Member (1 review, 97 posts)

5 of 5 members found this review helpful.

Mar 20, 2004

Review of FXCM Brokers

Now one of the largest FX operators, which doesnt normally always mean best?
However as a fan of America and Americans service is their favourite word including all those at FXCM. They have a 24/7 live chat help that I have never had to wait more than 30 seconds. I have been a client for 18 months. Their platform is easy to use and stable. Spreads have also improved to 4/5 pips for most pairs and hopefully we will see this narrowing more in the future?
I have had a couple of occasions in 18 months when their platform went down so always place a stop with your order!! Even when I didnt place a Limit and the market moved my way and they went down,I complained and they offered me $200.00!!

On the downside, and like all FOREX brokers I hear about through their clients FXCM don't always follow the market as closely as they should, especially on break outs where the Daytrader can often see a 30 to 60 second or sometimes more sustained spike of 50 pips or more not even being registered on the bid and offer rates.

I have asked they add a trailing stop, and the ability to hedge.

Member (1 review, 9 posts)

6 of 7 members found this review helpful.

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