Is FXCM reliable or a scam?
FXCM is a very big Forex broker with plenty of thousand traders and with a high trafficked website. But you don’t hear only good things about FXCM. Quite the reverse: You hear a lot of bad things. Of course there are complaints about any (!) Forex broker but in the case of FXCM it does not look very good. We collected the trader opinions and experiences for you that you can judge whether FXCM is a scam or not.
One of the most common complaints is that everything works smoothly with FXCM as long as you lose. But if you’re trading profitably the story begins. They close positions or even your account for no real reasons. This is the most common way for a broker to cheat on its traders. Closing your trades is not possible for the following reasons: “Data not found”, “Waiting for Dealer”, “Your order didn’t execute because price moved”.
There are also complaints about the bad costumer support. They seem not to act in the traders favor and sometimes don’t even care about costumer complaints.
Of course there are traders that are happy with FXCM but there are not many of them. There was also a law suite against FXCM a few years ago.
Although it seems that there was no result that does not mean that FXCM is reliable. The complaints are very serious. Also it seems that there are differences between hourly and daily charts which is pretty strange. It seems that short term charts look different to “help” traders making the wrong decision.
Traders also talk about margin calls that should not be executed.
If you take a look at the websites of the NFA you can see that FXCM already had to pay a serious fine. You can read more about it here.
You can’t really prove that FXCM is a scam but you can say that there are a lot of strange things going on and it is not a reliable Forex broker at all.
Experiences with FXCM
Let’s take a look at other traders experiences with FXCM.
I opened a position and placed a stop loss. I left my PC afterwards for half an hour. After coming back the stop loss was executed although the chart did not even touch my stop loss. I tried to talk to their costumer support and they said that I closed the position myself a few minutes after openening it. Another employee told me to take a look at it but he never came back to me.
They changed my stop loss without any action from my part.
FXCM is a good and reliable broker. I’m trading every day and I’m earning every day.
My experiences with FXCM are good so far.
I can’t recommend FXCM. Rollover fees are way too high. You can’t execute a trade all the time when it does not work in the broker’s favor.
FXCM is a solid broker with a good platform.