FXCM Broker Review
While the Forex trading provides a very lucrative option of earning more money by trading the different currencies of the world, it is very important to trade with a Forex Broker who provides not only multiple currency pairs but also has a stable trading platform so that your profits are maximized. The FXCM broker while rates very high on some of these things, has some other issues.
First of all, with more than 150,000 live accounts and more than 100,000,000 in form capital, this brokerage firm has branches in the United States, the United Kingdom and also in Hong Kong, Dubai, France, Germany and Italy which suggests that FXCM Brokers are a huge firm when it comes to the scale of their Forex trading.
For testing the services, FXCM provides a demo account where you can play with 50,000 dollars worth of practice money so that you can see how their platform behaves and how you can place entry, stop and limit orders in their MT4 trading solution. They also provide a large number of technical indicators and charts to help make the decision. Other than this they support a large number of currency pairs and have 10 banks to bring the best bargain rates of currency, which would make your deals more profitable.
However, the good things said and done, FXCM also has some issues with their platform. There are various people who have complained that sometimes owing to high load or some other technical issues, their orders do not get executed on time leading to losses. Other than this, the mobile platform provided by FXCM while is a great feature also boasts of a large number of bugs and these things make the otherwise feature rich FXCM trading corporation not that lucrative anymore. A lot of people who claim to have played bigger sums of money claim that the FXCM Traders are scam and the platform is tweaked to ensure that they do not earn bigger lots of money, but then there are people who say otherwise.
All in all, as is the case with all Forex Traders, even FXCM Brokers acknowledge that their platform may miss out a few transactions when the load is very high owing to specific rallies in certain currency pair, but they obviously do not buy the scam part. The best way to find out is sign up for the 50,000 dollar demo account and see for yourself.
Overall Rating
I have also heard bad things about them. I also had one of their sales guys chase me to open an account with them. Now, when a broker chases you, that tells you something. It told me something anyway – run away as fast as possible………………
FXCM is one of the biggest rackets ever to be listed on the stock exchange. Sure they’re one of the biggest brokers, and they are using that reputation to screw traders out of their money by quote/price manipulation to trigger your stops and limits to their advantage. I’ve traded with them for over a year, and if you want to deal with price spikes that screw you all the time, then their your best best. One time I lost $3500 dollars because of a glitch in their platform that closed out a large positions by mistake? When I confronted them with the issue, they insisted that i had placed a market order to sell out the position. I agrued that they were completely rediculous since I had a take profit limit to sell 50 pips higher than the price that it was sold at, and the price was moving in my favor, why would I all of a sudden bail out of my position. But what was I supposed to do, sue them for $3500?
Bottom line, I truly believe that FXCM is a unscrupulous company and it is only a matter of time before someone will exposes them for what them are, regardess of the cost to do so.