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FXCM Broker

#1 User is offline   EugeneO17 

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Posted 30 October 2006 - 22:26

I have live account in FXCM about year.
FXCM is one of the largest Forex Dealer Members (according to the financial data posted on the CFTC website). In addition, FXCM has been awarded Best Retail Platform by FX Week in 2004, and also recognized as Best Currency Broker by both Shares and T2W Member Choice Awards in 2004, and also Best FX Specialist by Stocks & Commodities in 2002, 2003, and 2004.

With substantial operations around the world, the FXCM Group has serviced over 78,000 accounts to date and in addition, services over 400 institutional clients from more than 80 countries. FXCM has a proven track record of reliability and success with over 1,500,000 trades executed each month via the FX Trading Station

Advantages and Disadvantages of FXCM:

What I Liked About FXCM:
One of the best aspects to FXCM is that there are no differences between their demo and live accounts. What you see in the demo account is what you will get in the live account. In fact all you need once you have a live account is to simply flick the switch on your login entry screen from “demo” to “live”. That’s probably the only difference!

Once upon a time the best feature at FXCM was its ability to honor stops. Unfortunately those days of guaranteeing stops are no longer around especially around volatile announcements such as the Non Farm Payrolls.

But what we do like about FXCM is its ability to offer 18 different currency pairs with the 4 majors having 5 pip spreads bar the EURUSD which has 3 pip spreads which remain fixed regardless of the underlying market conditions.

FXCM also offer mini accounts ($10k contract sizes) with leverage of 200:1 alongside their standard accounts ($100k contract sizes) with leverage of 100:1.

What I Didn’t Like About FXCM:
Some of the restrictions recently imposed by FXCM weigh on the negative side for FXCM. As FXCM seem hell bent on maintaining a no slippage policy they have resorted to these restrictive measures to help the “client”. These measures deny any stop or limit orders being placed 5-15 minutes prior to a major announcement, and deny any stop entry orders being filled if the currency never trades at your stop entry price! This makes designing a forex system very difficult if your forex system utilizes stop entry orders, because now you have to wonder if FXCM would have been able to enter you into your hypothetical back testing trades… and if they wouldn’t have then you’ll have to reanalyze your back testing data!

Another problem we found was that you can only open an account in USD. This is fine for the majority of forex traders that live inside the US, but can be a little annoying for our international partners who have a currency that is appreciating against the USD and thereby has to lose capital while the US dollar continues to depreciate. Of course this can work the other way too. I think it would be great if FXCM could offer the ability to have multiple currency denominated accounts so that the customer can have their capital appreciate over the long-term by transferring funds into the currency that will appreciate the best in the long-term. The client receives the income from their trading activities, plus the appreciation of their capital. Other forex firms have this capability with Oanda being the smoothest.

We also particularly didn’t like FXCM’s news and charting platforms - two clunky programs that need a LOT of polishing.

Lastly, we found that mini positions do not accumulate interest during rollover. This is only a minor issue, but other forex brokers pay interest regardless of what the position is, one notable forex broker that pays rollover interest on mini positions is CMS.

In summary then…

FXCM Advantages:

One of the largest forex brokerage firms in the world (has partnered with the Refco Group)
Excellent platform, easy to use
100:1 leverage
Good 24/7 Support
3 pip spreads on some majors

FXCM Disadvantages:

FXCM’s entry order restrictions
Charting and news packages could be better
No rollover interest received on mini positions
Platform fairly basic and featureless

#2 User is offline   Pomotisi 

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Posted 07 February 2008 - 23:23

What would u excpect from a broker who will never answer your emails.??
Besides , FXCm is all about marketing and that's it. Also high pip spread to rip you off.

#3 User is offline   Grandfx 

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Posted 18 July 2011 - 11:18

I think that Fxcm is better now than 2 years ago I have a small account with them. My second account is opened in AAAFX, a broker who has a platform integrated with zulutrade. I mean this is the basic reason for using them. Receive very fast execution in my incoming signals.

#4 User is offline   Joanna01 

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Posted 22 December 2011 - 09:15

I used few brokers in the past few years and for placing orders FXCM is one of the best brokers with no requote. Try their micro account with very little deposit if you are not sure.
There are few hopeless brokers I tried but will not list them here.
I suggest you also try Easy Forex and eToro. Not just because I am promoting them but they are also the popular ones among hundreds of forex brokers. They are also great for people new to forex trading because of the tools and support they provide.
More than happy to help you if you have any question about these brokers.

#5 User is offline   DavidD 

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Posted 23 March 2016 - 10:40

Hi EugeneO17

In order to overcome this problem you should trust on such brokers who reply.I am trading under them since 4 years and every time when i have a query,they used to reply instantly!!

This post has been edited by DavidD: 23 May 2016 - 10:31


#6 User is offline   kannonskyler 

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Posted 12 December 2016 - 07:28

A binary options broker will be able to help you manage your binaries more efficiently, so you do not just blindly trade. If you are new to binary options, then you can ask your broker for a demo account. Here, you can see how binaries work and what kind of investments you need to make, to get the returns. You can understand how the upward and downward movement affects the returns, so that you can make better choices later.The key for success in binary options trading will depend a lot on choosing the right brokers.


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