2007-07-18 14:54:21
Forex Capital Markets (FXCM, www.fxcm.com) Review
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Forex Capital Markets is probably one of the most controversial forex brokers out there. There are very mixed opinions regarding FXCM; half of the people you talk to will love them, and half of the people will tell you that they closed their accounts down and can't stand Forex Capital Markets. I mean, just go to Elitetrader.com and you will see that literally half of the reviews are positive, and half are negative.
The positive comments list the company as one of the best in the industry in terms of customer service and technical support from its employees. FXCM offers 24/7 customer service, and they have some of the most knowledgable customer service reps in the business (I should know, I have talked to them many times.) Not only that, but the company has 7 full-time forex research analysts on staff.
The other big positive that people list is the fact that the company has a long-standing reputation in the business, as evidenced by the fact that they currently have 90,000 live accounts and over $120 million dollars in trading capital. Word of mouth travels fast in the business, and with so many competitors out there, FXCM would have a hard time keeping their clients without a positive experience for their customers.
The negatives regarding FXCM seem to swirl around around technical problems with their software, and problems with orders and the execution of orders. Like I said, half of the reviews on Elitetrader are glowing, and the half that are negative are negative because of poor experiences with their software and order fills.
Personally I have been using FXCM for a long while now and have never had any problems, and no, FXCM is not paying me to say this (you see any FXCM banners on this site?) With any financial market brokerage, whether it be stocks, options or forex, you are going to have glitches with software and order fills. It is the restitution that the company makes for these problems, whether monetary or in terms of software upgrades, that determines whether or not the broker is a good one. Like I said, FXCM has always done right by me, but do your own research before decided whether or not you should sign up.
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