FXCM - Forex Broker Review

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FXCM (short for Forex Capital Markets) is one of the oldest online forex brokers out there and is registered by the NFA, in Canada, the UK and Hong Kong as a forex broker. They claim to have brokered some $700 million in client’s funds and over $95 million in capital assets as since their inception.

The different accounts on offer include the Standard Account which requires a $2000 initial deposit and offers leverage of up to 100:1. Trades are in 100k lots.

Then there is the Mini Account which equires a minimum deposit of $300 to start and offers leverage of up to 200:1. Trades are in 10k lots.

And finally the Micro Account which is the newest offering that allows for an initial deposit of $25 and lot sizes of 1k.

Their trading platform can be downloaded by users and besides placing orders, it also has a charting package with various indicators. This broker has also added forex trading signals should you wish to capitalize on their trading intelligence. Some of their trading signals include trend signals, range trading signals, breakout trading and carry trading.

Below is a screenshot of the trading platform:

1. Market Stability

Being one of the biggest forex brokers in the world, security of trader’s funds is of utmost importance. Even after the collapse of one of the independent brokers, Refco, FXCM managed to regain its name as one of the most stable forex brokers in the world.

2. Trading Courses

As a member you are given access to some of the best forex trading courses available at a very reasonable price. Some of their traders have websites containing a lot of top notch trading information and this knowledge-sharing incentive is probably one of the reasons why many new forex traders start with this company.

3. Customer Service

Unlike many brokers out there who outsource their customer service, and can’t answer a basic question to save their own lives, FXCM’s customer service representatives are very conversant with the forex market, and can help answer questions of any caliber, be it basic or advanced.

The Cons:

1. Platform Freezing

Some traders complain that the platform freezes regularly. To be honest I think their claims are hard to substantiate. I have rarely experienced this problem in the demo account, and did experience it mainly during times when markets were volatile, or after breaking news.

The platform can take up a lot of system resources and it is advisable to have a lot of computer memory if you plan to trade with it so as to not run out of virtual memory.

2. Customer Complaints

Whether it is due to the huge slippage during volatile market sessions or due to the high spreads, FXCM has some of the most vocal complaining former clients.

Perception is important in forex trading and for a forex broker that boasts of happy clients, they get pretty bad reviews in the many forex forums and forex websites. Two of the biggest complaints are: Frequent re-quotes, and terrible order execution.

Read User Comments:

I have had 2 issues with them

1- Rollover interest was not added to my account. I could not find it on the report but they wanted to convince me otherwise by beating around the bush. They would sometimes never give you a straight answer to your question. And my question was : show me show where the interst roll is added, I mean ticket number. I asked for a cut and paste from report. Nothing...

then suddenly the interest was added while i was trading. I saw it on the platform in front of me.

2- Frequent freezes and errors while trading if you happen to maintain your equity and make some profit. It may be a coincidence but seen it many times.

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