i read all over the internet its scam
and if i buy currency and do limit profit they will stop it before the profit
is it scam
and if i buy currency and do limit profit they will stop it before the profit
is it scam
is fxcm a scam
- Thread starter sam martin
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FXCM is for sure not a scam broker. However, their trading and spread conditions are not very good and i dont understand how it is possible that this broker is so popular.
Some time ago i a had a live account with them. First they disabled usage from expert advisors on my account, then i had to deal with lots of requotes and last but not least the order execution increased by a few times.
I switched then to FXPRO and so far i am really happy with them. Tight spreads, almost no requotes and execution time is good as well.
Some time ago i a had a live account with them. First they disabled usage from expert advisors on my account, then i had to deal with lots of requotes and last but not least the order execution increased by a few times.
I switched then to FXPRO and so far i am really happy with them. Tight spreads, almost no requotes and execution time is good as well.
Fxcm is one of the biggest brokers on the internet, but I don't believe they got to be a big broker by providing quality. Their drive is volume which is what makes them a large broker, staying away from them is more profitable in the short run unless you have a large amount to trade with.
1.3 for EURUSD and 1 for USDJPY is their minimum spreads. Don't forget to check out their maximum spreads too. They are also regulated on Cyprus, not in US like FXCM. That closes their doors to all law-abiding US residents.
Yes, that's better than FXCM, but FXCM has high spreads. It's still worse than Oanda or Dukascopy spreads.Traders Trust Broker seem to update the forex spreads page, they advertising average spreads Still seem better then fxcm do not you agree? EURUSD=1.8.
As far as I see on the site: both companies are STP Brokers.
judge for yourself
FXCM recently got a juicy fine from the NFA
http://www.nfa.futures.org/basicnet/CaseDocument.aspx?seqnum=2961
for slippage and other malpractices. I do not thing this is about being honest, rather about who has the best technology.
FXCM recently got a juicy fine from the NFA
http://www.nfa.futures.org/basicnet/CaseDocument.aspx?seqnum=2961
for slippage and other malpractices. I do not thing this is about being honest, rather about who has the best technology.
Not a scam anymore
There may of been questionable activity in the past however I highly doubt they would be acting inappropriately today given their fine. They would have definitely cleaned up their activity in question. I couldn't imagine a large broker like FXCM being fined to that degree again. It would be corporate suicide. Plus NFA would be going over operations at FXCM with a fine tooth comb.
There may of been questionable activity in the past however I highly doubt they would be acting inappropriately today given their fine. They would have definitely cleaned up their activity in question. I couldn't imagine a large broker like FXCM being fined to that degree again. It would be corporate suicide. Plus NFA would be going over operations at FXCM with a fine tooth comb.
Hello Leo,
The fine by the NFA does not concern "inserting slippage". The action from the NFA that occurred August 12th primarily concerns positive slippage, and I would like to shed more light on how positive slippage with FXCM's NDD forex execution system used to work prior to August 2010 and how it has worked since then.
FXCM’s platforms display the best bid/ask spread streamed from the firm’s liquidity providers plus FXCM’s mark-up. Every FXCM NDD forex trade is automatically offset in a two-step process, designed to ensure that FXCM does not profit from a trader’s losses. In the first step of the execution process, a trader clicks on the price and the order is sent to FXCM. In the second step, FXCM automatically sends the client’s order to one of its liquidity providers to offset the trade.
FXCM’s execution system prior to August 2010 only offered price improvements to clients in the first step of the process. If a better price became available on FXCM’s platform in the fraction of a second after the client submitted the order but before the order was received by FXCM, the client would benefit from the price improvement. However, FXCM’s previous execution system did not provide clients with price improvements in the second step of the execution process, even if FXCM was able to offset the order at a better price, excluding FXCM’s markup. FXCM enhanced the execution system in 2010 so that clients now benefit from price improvements in both steps of a transaction for all order types.
It is important to note: By the end of 2010 FXCM enhanced its execution system to offer price improvements on all trades. You may remember from my forum posts last August that I announced positive slippage for limit and limit entry orders on this thread. All orders now eligible to receive positive slippage, and all price improvements are subject to available liquidity.
The settlement amount and the client price improvement credit will have no negative impact on FXCM's financial balance sheet because several founding partners of FXCM have reimbursed the company for the credit and the fines. As of June 30, 2011, FXCM Inc. had over $200 million in cash and no debt.
FXCM's goal is to have a fair and transparent system, and we are proud to offer an execution system that passes on any price improvements. FXCM has compiled statistics from July 1, 2010 until now to display the percentage of orders positive slipped and negatively slipped, and which orders most frequently experience each. The percentage of orders between positive and negative slippage has been roughly equal.
And we have broken this down even further to display the number of orders on a monthly basis positively and negatively slipped:
Limit and limit entry orders are the most likely to experience positive slippage which is why we highlight using limit and limit entry orders in the execution center on our website. You can find even more data on slippage broken down per order type in the complete report here: Slippage Statistics
Please let me know if you have any additional questions. I will do my best to answer them as thoroughly as possible.
Jason
FXCM
FXCM, ETORO ARE ALL SCAMS!
@<a href="#comment-3490">Jim</a>: I just spent 3 days trading on FXCM trading platform. I have woken up every day, and studied where the market is posibly adhering to, then with my knowledge i logged into my fxcm account and started trading. No matter how calculated you are prepared and have confidence that you will earn money trading on the fxcm trading platform, YOU WILL LOSE. FXCM IS A SCAM, try it for yourself, but i warned you. I had 24/7 access for 3 days, i traded on every hour, they have a system deviced to work against you, you will gain only 2% and then later even that 2% you will not reap, they will steal your money. Dont, Dont even try it. The only people who make money are brokers and they are the real people behind FXCM, and if you have a broker i give you a good advice, fire that scammer. They are all gonna lie to you, they are stealing your money.
@<a href="#comment-3490">Jim</a>: I just spent 3 days trading on FXCM trading platform. I have woken up every day, and studied where the market is posibly adhering to, then with my knowledge i logged into my fxcm account and started trading. No matter how calculated you are prepared and have confidence that you will earn money trading on the fxcm trading platform, YOU WILL LOSE. FXCM IS A SCAM, try it for yourself, but i warned you. I had 24/7 access for 3 days, i traded on every hour, they have a system deviced to work against you, you will gain only 2% and then later even that 2% you will not reap, they will steal your money. Dont, Dont even try it. The only people who make money are brokers and they are the real people behind FXCM, and if you have a broker i give you a good advice, fire that scammer. They are all gonna lie to you, they are stealing your money.
With such accusations you better have some proof available to show us.
I'm sorry to hear you have not had success in your 3 days of trading with us, but that is not a reflection on FXCM's trade execution. On our No Dealing Desk (NDD) forex execution model, we take the best bid and best ask prices from all of our liquidity providers, add a small, fixed mark-up, and stream those prices to the platforms we provide. That means we make our money off of client trading volume, not client losses. Therefore we want our clients to be profitable, so that they will continue to trade with us for years to come. For that reason, our trading instructors at DailyFX.com have conducted several studies on trader profitability in order to help our clients better understand the factors that can be keys to success. You mentioned that you've been trading with us for 3 days. I hope you can find the DailyFX trader profitability studies useful. To access the complete studies on DailyFX.com search the keyword "profitability". Below is an introduction from one of the reports:
"Trading is like many other things in life, where the more we do it, the more experience we gain – the better we can become. We can continue to learn from our mistakes until, eventually, we perform well enough to get what it is that we want. Unfortunately, there are few shortcuts that can get a trader from point A to point D without going through points B and C."
Best of luck and good trading!
Jason
Hi,
Definitely FXCM is one of the most well regulated brokers with strong background and reputation. I would also recommend to check Win Forex Trade website. They have a partnership with AVAFX and FXCM Markets (some countries). AVAFX have some special offers such as: Up tp $1000 Cash Bonus, Mini iPad…
When you open an account with AVAFX or FXCM through Win Forex Trade, You may also receive high quality Forex Trade Signals directly from a leading economic forecaster depending on your deposit. Visit Win Forex Trade Signals.
Hope this helps,
All the best,
Definitely FXCM is one of the most well regulated brokers with strong background and reputation. I would also recommend to check Win Forex Trade website. They have a partnership with AVAFX and FXCM Markets (some countries). AVAFX have some special offers such as: Up tp $1000 Cash Bonus, Mini iPad…
When you open an account with AVAFX or FXCM through Win Forex Trade, You may also receive high quality Forex Trade Signals directly from a leading economic forecaster depending on your deposit. Visit Win Forex Trade Signals.
Hope this helps,
All the best,
