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.


Rate:
Comments »
they will not allow u to close profitable trades, u will get error message

i lost $2000 with them

SCAMMERS!!!!

Comment by alicia — 24/04/2009 23:14:19 , Tag: fxcm broker
everything was great until i started earning money. they closed my account withuot explaining, i tried to contact them but they never answered

F.....g scammers!!!

Comment by johny — 25/04/2009 14:49:13 , Tag: fxcm broker
When i buy they had give me promises of not being get to loose my money. but after 2 months when I ask for money they not response. Also not giving my money back

Comment by shaun michael — 05/05/2009 03:16:38 , Tag: fxcm broker
I heard of this forex dealer FXCM thats it is the best company in the trading for money. So I buy it, but certainly after some days, I had been cheated by not getting back my money.

Comment by kevin — 06/05/2009 01:48:02 , Tag: fxcm scam
FXCM is recognised as the largest Forex Dealer Member. So, I want to try it, but after using it seems to be useless broker, nothing to earn, only to loose.

Comment by Michael — 07/05/2009 02:33:59 , Tag: fxcm review
It is not so goodthey have cheated me.. When i was using demo account iwas seeing myself in profit but as soon as i started
live account i saw a loss in very less time. it is not trustworthy.

Comment by michal — 19/06/2009 05:07:30
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.



Comment by admin — 08/02/2010 02:44:27 , Tag: fxcm scam
Well your comments do surprise me I had a personal account with FXCM Capital Markets for about 6 years now trading a "Standard" account. I recently opened an MT4 account and that is well in profit with my two robots churning $'s in no problem??? NOT a SCAM as far as I am aware.

Comment by David — 15/02/2010 05:50:46 , Tag: fxcm scam
Reply to JJ,
Buddy ever heard of Madoff.Well he had employees so did enron, BCCI. NOt every soul working in a fraud company is a fraud. Only a few people on the top are making money.So don't be peurile.That is no guarentee that the company is honest because they have 500 people.
I still have an acc with them. I have heard the same complaints loads of times what others have written. It is sad but true. What is also sad that it is not only them most of the others are using the same tricks and lies. So it is difficult to find an honest broker if your are a small to mediumm investor.

Comment by habib — 08/03/2010 03:01:29
well " JJ " i can answer this for you reaal simple after having worked sales for 14 years... people will only open a account with a little bit to see if account is real but once they see actual humans " working " they feel better and deposit more money into accounts and also just because you go and buy a cheap replica of lets say " a watch " doesnt mean it wont copy the real thing, in other words people feel safer when they see these "fraud features " in place but hey thanks and if you decide not to post maybe its because you no longer work there

Comment by kk — 11/03/2010 14:23:38
TO ALL TRADERS:

You will regret every deposit you made with this scam company.

Pending market orders/ cannot close profitable orders/ Freezes/ limit order manipulation/ stops tripped without th e market reaching there.

You want proof? I need your email and I will send you proof..

Enough said.

Comment by C A — 19/03/2010 16:18:55
20 years trading - never saw anything like what FXCM has been able to pull off!
You can contact me at marproserv@yahoo.com for more information. Stay away from them!

20 years trading & 6 doing FOREX. FXCM has moved away from customer service and into the SCAM business. They’ve been given the license (2004-2008) in successfully fighting CFTC complaints by arguing that the CFTC has no jurisdiction over the FX SPOT market. This being done they now make their money by adding outrageous chop to the swap rates (both sides) and marketing to the general public knowing full well that 9 out 10 accounts will be gone in 90 days. They have no scruples and I am filing a law suit. Even if you’re bound by the arbitration agreement – you still have options. You can contact me at marproserv@yahoo.com for more information. Stay away from them!

Now they employ huge numbers of internet aficionados to infiltrate sites and post positive reviews and rebuke the public’s complaints.

And to answer that fool above - the NFA is a MEMBERSHIP DRIVEN self regulating "ASSOCIATION". FXCM is their biggest member, provides them the most revenue and has the most influence over them. The NFA is a JOKE!


Comment by John Carter — 24/03/2010 04:10:31 , Tag: fxcm review
Hi Mike from Australia,
I have bad experience with FXCM as well, looking for cooperation. If you see my notice, please respond.

below original message from Mike:
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

Comment by marie — 07/05/2010 00:03:29
I have been using FXCM for a while now and i havent had any issues with it.

Comment by Ahmed — 27/05/2010 17:27:19
Fxcm just stole $368,500 usd from me by claiming trades that were executed to earn the profits were done at prices that were different than market prices even though tick by tick charts show my prices are correct. I also was fully hedge with trailing stop loss and limit prices. I am suing tHem with Eric Berry a big time securities lawyer and getting media attention to this through a family friend who is an investigative journalist for cnbc. All are welcome to contact me tkhan@ ascottcap.com to join tHis class action and for proof

Comment by Tamim khan — 09/07/2010 06:05:22
I am saying this, not from frustration that I lost all of my account,but looking clear why I lost it.....must say scam scam scam.... If you thinking to open account with fxcm you are fool...no chances.....1...scam is of quotes not good inaf 2 scam increasing spread to 30 pips to initiate margin call mt4 trading st II 3 scam calculate your profits you will see it your self.. 4 opening trade without you knowing ....happened only once but nice one too...if you think that you are trading think again....they are trading for you 100%...if you wining take your money and run fast!!!

Comment by Sal — 11/08/2010 06:57:39 , Tag: fxcm scam
Mike,

I'm from Australia and FXCM has also scammed me. I would love to take them to court. Please contact me at: cashnet101 at gmail.com

I live in Sydney.

Comment by Malcolm — 22/02/2011 00:57:41
Guys,

Just felt i needed to write something after reading all your comments.

In reality, 70% of all trades get matched off and 30% will be left unhedged.

Face it, all online brokers make $$$ via spreads and money making. That is the reason for them to go into this business in the first place.

I have been trading FX for 10 years... i switched to FXCM after they implemented non dealing desk model and have been satisfied with them ever since. In trading, sometimes you make make and other times you lose. Face it, that's trading... no point being sore about losing and scam others unneccessarily...

cheers.




Comment by djforex — 23/02/2011 01:52:00
Everybody stay away from finexo and thing dat has finexo attached. They are criminal cheats and th

Comment by moses oguche — 11/03/2011 00:26:00
My Experience today.
I use the Trading station usually, and dont have any problems with it. The application works fine - so far, and I have had much success with it.
On the mobile (iPhone app version), I use this at work sometimes, and only if there is a great opportunity.
Recently, I was a work, and I have the chart open, so I sort of just have it in the background. I saw what I thought was a breakout, a good opportunity, so I tried to place a sell order on the iPhone app, I tried several times, and kept getting "Request timed out". eventually I gave up. after a few minutes, the trade went against my position, and I thanked god the app failed on me. Later I was checking my account balance, and found that all positions had opened, and I was down huge! I dont recommend using the iPhone app whatsoever, unless it's only for quick monitor of your positions.

Comment by E.S — 15/03/2011 09:01:58
FXCM fined $2000000 by NFA !!!

On August 12, 2011, pursuant to a settlement offer submitted by FXCM and Niv, FXCM was ordered, within 30 days of the effective date of the Decision, to make a good faith effort to credit the accounts of its customers the amount of positive slippage which its customers experienced on their trades from and after June 18, 2008. FXCM shall provide verification to NFA of these credits. In addition, FXCM was ordered to pay $2,000,000 to NFA as a monetary sanction. In the future, FXCM will not engage in price slippage or margin liquidation practices; and, in the future, when FXCM voluntarily gives a customer a price adjustment, it shall also determine whether or not it is appropriate to make the same price adjustment for other similarly situated customers.

http://www.nfa.futures.org/basicnet/Case.aspx?entityid=0308179&case=11BCC00016&contrib=NFA

Comment by Day trader — 08/09/2011 16:04:17
I'm not sure if have all heard of this or not, but the CFTC fined FXCM (the largest retail currency brokerage in the world) $14 Million this week...

Comment by Stephen — 04/10/2011 06:18:46 , Tag: fxcm review
I have an account with FXCM and now wish to withdraw some funds and the only way you can do it online is by check when they say you can do it also by wire transfer. I corresponded about getting funds wired, and still no reply. They lack good customer service and are allowing false advertising. I will follow up here if and when I get withdrawal form from them. Wish me luck.

Comment by J. GALLAGHER — 24/10/2011 18:45:50 , Tag: fxcm broker
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