Reviews

Revealing the Scam Broker - FXCM review
Rated: Good [3/10]

As we know Forex Capital Markets represents Broker FXCM, which is recognised as the largest Forex Dealer Member. The forex dealer members are commonly described as financial services that specialises in forex retail. In other words, forex dealer members provide online trading services for the speculators of retail by providing its so-called speculative skills in what is known as the forex market. 

On the whole, the actual company has over seventy eight thousand clients and also four hundred institutional customers that are located in more than eighty countries. FXCM averages around five hundred employees spread all over developed as well as fast-developing countries of world.

A forex scam is nothing but a confidence game played in the context of the foreign exchange market against fairly unsophisticated "retail speculators." The U.S. Commodity Futures Trading Commission (CFTC) which leniently regulates the foreign exchange market in the United States, is noticing increase in the number of these scams recently. It is proved beyond doubt that FXCM has moved away from customer service and their motto remains SCAM business.

FXCM have secured license in successfully fighting CFTC complaints by arguing that the CFTC has no jurisdiction over the FX SPOT market. Owing to this liberty, they have been empowered to snatch money of the innocent people as they know 95 out of 100 accounts will be gone in 3 months.

Before indulging in forex market, one must understand tricks employed by FXCM. Broker is being considered as an agent who assists the investor for better returns on his investment. But, unfortunately, a broker is here for making money for himself, not yours.

FXCM have managed to cheat people for no fear of infringement. When someone starts earning profits at his own, FXCM tends to change his/her account without any intimation. In turn, when they are being requested for changing back the account, their replies comes in negative. Everything is wrong with them slippage, freezing, time wasting when you call the helpdesk and every other manipulative method to run you down.

When dealing with scammers, retail speculators suffer from at least 5 additional disadvantages:

• They have no competitive prices to trade against, i.e. they must accept their broker\'s price or not trade.

• The broker may show them actual prices from the forex market, but only with several minutes delay. Thus the broker has better information to trade on.

• They are sometimes encouraged to over-leverage their trades, thus almost insuring that they will "receive a margin call" allowing the broker to close any open trade immediately, at the broker\'s price.

• The brokers work as a team of several people as the forex market trades 24 hours a day. An individual trader will not be able to monitor his trades (and his broker\'s actions) for 24 hours a day. In some cases, the brokers may be aided by computer programs, which have near-instant reaction times and never make mistakes or take breaks.

• They look to the brokers for training in the foreign exchange market and may actually buy their trading advice.

they are the cheaters. i had a big loss with them.If you have money to burn, it is the place for you. They are Worst broker. They liquidate your position when they see you winning.

Comment by dany — 19/06/2009 05:43:02

their demo moves very slow, so you think this forex shit is so easy. but just open a live account and you´ll see the devil, they open their spreads during news and then just freeze . If you complaint they´ll scream in your face.

Comment by anndy — 23/06/2009 00:26:07

Wake up traders, this platform is a complete scam, you'll lose all your money,if you're currently trading with FXCM I strongly suggest to withdraw your money. Numerous time my stopped loss order was hit 10,15 pips away from the printed,charted quotes and all I ever get in response is "we're a no dealing desk service,during high peak trading there will be slippage" Close YOUR accounts with FXCM and give it to charities, you'll be much better served.

Comment by albert — 25/06/2009 01:50:23

I consistently had trouble closing out winning trades when there was high market volatility and Tech support always said they were working on it.

Comment by george — 28/07/2009 05:52:45 , Tag: fxcm scam

FXCM is definitely the worst broker ever tried! They really STOLE money by closing positions by themselves, by not respecting stop losses, by making disappear opened positions (yes it really happened, look what they emailed to me after that: "Your trade ##### never opened in FXCM. We closed this trade manually in MT4 at the open price, as it had no corresponding trade at FXCM. We apologize for any inconvenience, this is a rare occurrence, please let us know if you have any questions". Of course I was earning in this position otherwise they wouldn't have done that), and so on...

IN SUMMARY: AVOID AS HELL

Comment by charly — 12/08/2009 16:21:01

they are scam i lost 1000$ with them after i took short on the G/y , they didnt want to close my trade on win , so everytime i close they shut down the system

such ass holes dont work with them

Comment by Ahmed — 07/09/2009 15:27:47 , Tag: fxcm scam

People all around the globe have lost millions with FXCM, The Monster Forex Broker of our nation. FXCM holds the NFA in their back pocket. When are we going to organize a Class Action Suit for 800 million dollar, against FXCM, with proper collections of compiled documents, video interviews from Fear Strickened Victims?...guys, if you'r ready, I'm willing!

Comment by DiDi — 24/10/2009 18:51:37 , Tag: fxcm scam

Guys Thankyou for these comments.
I read their book, I looked at their program and something does not seem right.
There are way to many different sections I have to look into.Read here, read there. Now that I know all of your experiences I will tell them I am not interested. Thankyou.

Comment by Alex — 01/11/2009 04:44:51 , Tag: fxcm scam

This is strange. There are so many SCAM complaints against FXCM. I had been trading on demo account for a while and it till now looks fine to me. I like their trading platform. I am too novice to curently state that they are scam but its strange because I am profiting on demo account and wanted to open live with them but now I will investigate

Comment by pilled — 01/11/2009 14:06:38

I have an account with FXCM, and there are problems...
1. Stops get closed-out when they are not hit (i've even checked the tick graphs!)
2. Hanging orders - that would have made money, but timeout after several!
3. Can't close profitable trades (and the spread has not changed dramatically)
4. Widening spreads that preventing opening a potentially successful trade

There is something not right here.

Comment by Greg — 23/11/2009 09:29:34

Has anyone any live experience using the automated trades from the system selector?

Comment by James — 09/12/2009 10:04:04

Yes I have a system selector account. After two weeks and around 60 trades, seemed fine until I cross referenced the pips gained on each trade with the pips gained for those trades reported in the historical section for system performance. Most of the trade performances matched but there were some that my account took a loss of pips for those trades, yet the same trades are reported as winners in the historical section. I am not talking about a few pips difference (which can normally be expected from small differences in closing times) but 30 or even as much as 100 pips (some in my favor but most of the time not in my favor), with hours or even a day or two difference in close time. I reported this to fxcm and they are auditing those trades, so I will see in the next week if they make things right, (either by refunding me for the mismatched trades, or changing the historical performance section to match the actual performance that was similar to the trades on my account). I see this as unfair if I am making judgments on selecting a system to trade yet the historical performance does not match what would have taken place on my account. I know that past performance doesn't indicate future results, but inaccurate reporting of past performance is not fair. I will fill you in on what happens with the audit.

Comment by Kevin — 18/12/2009 10:43:56

if every body say fxcm scam it bring bad name in forex trading should be black listed, safe ur hard earn money.

Comment by matt — 20/12/2009 21:17:27 , Tag: fxcm review

I am looking for co-operants to take class action against FXCM in Australia, I have lost an accumulated $30'000 due to "market gaps" and severe slippage, which I only experienced on FXCM, not on any other platforms i had been trading at the same time. Please contact me through signing under this thread. Cheers!

Comment by Mike — 27/01/2010 18:40:24

FXCM collects interest but doesn't pay it out in reverse situations. They do margin calls way before you're even close to a margin call forcing me out of trades that would have been succesful. The platform locks you out of trades during a run, but it lets you in when the run is over, this prevents profits and enhances losses. They steal your money, penny by penny. They are thieves.

Comment by Sean Coast — 27/01/2010 21:47:22

does anyone know a good forex trading site online that is legit? I would like to learn the trade but they all seem to be scams. very much appreciated,

John G.


Comment by john — 07/02/2010 11:37:37

Just a couple questions to everyone out there...

Why would a company that is a supposed "scam" decide to hire over 500 employees on something that they should hypothetically be able to just do with machines? Why even have procedures in place to check clients for fraud and other issues? Why not just have an application that is all automated and never asks questions, accept money from anyone, anywhere, and just have a trading desk of guys?

There would appear to be no need for any more employees. They shouldn't service you guys who open accounts at all, but they appear to be there with over 500 employees. Someone please explain why everyone has such a negative attitude about things they really know nothing about?

Just thinking logically...

Oh, and if you decide not to post this because it may actually question all of the negative comments everyone has, I will just post my post and all other posts on this site on all of the other scam sites to show that this website is a fraud, not necessarily any company.

Comment by JJ — 08/02/2010 00:50:16

This comment is a reply to what JJ wrote.
We here at ForexScamBuster.com, we publish all comments and reviews that are published by users unless they are against TOS.

We personally never traded with FXCM.
All commemts here are legit comments posted by real FXCM customers.



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