I have mixed feelings with the broker. I like that they don't have a dealing desk and direct your orders via banks. But there have been a significant amount of bad reviews that would make me caucious. I think that you would have to test them out for yourself. There are people that love them and people who hate them.
I have wasted thousands of pounds on FXCM. Like probably close to 12,000 lost over the last year and a half. You'd think with throwing that much money down the toilet, they would try to help you be successful, but they don't. I think technology wise they are good, the spreads are good, the trading platform is ok - but whats the point of all that. This is a company that encourages you to fund your account with as much as as you can. And when you're 50% down.... 40% down.... 30% down.... and your savings are bleeding away before your eyes they just let it happen. It feels like they don't care if you win or lose. I even asked my rep if there's anything they could do to help me or any advice they could give or courses they could recommend to help me be successful - but nothing. It feels like they really don't care about their customers, I guess they're too big. Maybe my 12k down the toilet is nothing for them but its a damn big deal to me. So I don't recommend FXCM, I would find a broker that's going to help you be successful. That is not FXCM.
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.
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.
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.