Forex Capital Markets (FXCM, www.fxcm.com) Review
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.
Filed under: Company Reviews
2 COMMENTS - What Say You?
Comment by Tommy on March 07, 2009 @ 8:36 pm
I've used them for three years now and have not had problems with their software until very recently. The client loses it's connection every few minutes and I have to kill it's process and log in again. Rinse, repeat. Because I am a very short term trader (Scalper) this performance is unacceptable. The fix that their live chat operator suggested did not help at all. I get the same problem on both my laptop and and desktop. On the positive side of things I have never had problems with order fills and execution.
Their live chat operators can be utterly clueless at times.
They are scalper friendly.
All in all I guess it's a mixed bag. Final verdict:
If they don't figure out why their software doesn't work properly on my computers I WILL be taking my money elsewhere. I should not be the one trying to figure this out.
Comment by asd on November 03, 2009 @ 12:51 am
I am demo practicing. Very satisfying. But with new NFA changes, iam troubled. I use UK account but the problem is that they were still giving me the new leverage account. Why's that? How can i contact them? it really is a problem. It is good but when these problems along with negative comments comeup, you lose faith. Now I am really troubled if I should use the same or another to open a live account, I like this broker, if these glitches are not worked upon then its really discouraging.
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