FXCM - noone loves them??

Discussion in 'Forex Brokers' started by shinny, Aug 14, 2007.

  1. shinny


    Hi guys,

    I am relatively new to trading forex, i have been trading for a living for 6 months, so i am doing ok. I have used fxcm from the start, and i must say i have had no problems with them.

    After reading peoples comments, on here and other places, i am getting a bit concerned about their reputation!!!!

    Would i be right in saying it seems to be news traders that have problems with them?? I trade very specific day conditions, with low pip limits (30) doing 7 or 8 £100k lots per day, and i do this quite well. I like them as the platform is very simple, because i only need to place orders!! I use the IntelliChart charting package, with the fxcm feed, so that again works well for me.

    I have never had problems with fills, but then again i trade small lots and tend not enter the market during big news events etc.

    I have never had stops moved or hunted, but I do place stops quite a way off.

    I have tried other demo accounts, but felt they didnt match up. Am i being stupid???!!!

    Your feedback would be greatly appreciated.

    Regards, Shinny
  2. forex162


    In a word, "no". Different traders have different needs. I don't personally trade with FXCM, but I see that they've made quite a few improvements to their business model/dealing through the past year or so. Anyone else care to shed light on the topic?
  3. I have traded with them for quite some time and have also had good experiences. Unfortunately, at least I have found this, there is a lot of incorrect information posted out there by either traders who don't know what they're doing or someone who has an agenda against them like another firm.

    I actually have a personal friend who used to trade with a smaller firm and much of his job was to post online against all of the bigger firms bascially, he says, because they have almost no marketing budget and can't go up against the big guys in a normal way. In a way it is very clever of them but unfortunately I think we end up suffering because finding unbiased information is so hard.

    Personally, I have learned to trust my own feelings about brokers and to make sure I do all the necessary factual research before testing a new one out - such as NFA data, etc. After that no one can really tell you how much you will like someone other than yourself.
  4. shinny


    Thanks, I think what you say is true.

    As fxcm get a lot of the new traders (like me) who tend to bloe there money, its seems easy to blame the broker.

    Like I said in my original post, i have never had a problem at all with them.

    There does seem to be an agenda against them, and if you look at what i would call the respected posters on here, they dont really slag off fxcm that much. Generally, its the loser trader placing the blame against the broker.

    In any business relationship i have, i always work on the relationship. with some of the posts on here, i could well understand why a broker wouldnt want there business!!!

    Please, sensible debate only. If youve lost money, take a good look at your self, like i did, and dont just blame fxcm!!!
  5. While the customer support @ FXCM is great, the spreads were too wide for me to justify continuing to trade w/them. I switched to MBTrading - smallest spreads in the industry that I've seen.
  6. Chood


    Virgin to hooker is possible, the other way round ain't. But, hey, why listen to me? Let FXCM say it, as in this recent press release from it (quoting its CEO): “In effect, we have now ended our dealing desk trading system, thereby removing any possible conflict of interest. With many other forex brokers, a client’s losses might be linked to a broker’s gains. FXCM hopes others follow our example to put the client’s interest first.” said Niv.

  7. forex162


    Well, the onus is clearly on FXCM's shoulders to prove that they've changed their previously maligned ways. That being said, their recent marketing certainly suggests that they're serious about becoming a true market leader in many aspects of their business.

    If it's not all marketing fluff, and if the recently positive reviews are any sign, FXCM could stand to win quite a bit more market share on the closing of many smaller rival firms.
  8. Wow, they're coming out of the wordwork.
  10. FXCM has been sued in federal court based on the complaints here described and many others.
    Those interested in joining please contact me:
    #10     Aug 24, 2007