FXCM UK Reviews

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.

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 .

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

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,

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.