FXCM

FXCM



Positive
  • Have used FXCM the longest among my current set of primary brokers. Previously used GFT and IBFX. However, since those brokers have left the U.S., FXCM has become my longest tenured broker.
  • The Trading Station is very good. It has a lot of functionality and is has a good user interface. Personally, I prefer the Trading Station over MetaTrader. Trading Station seems to be easier to use for trading where MT4 seems clunky.
Negative
  • FXCM nearly went under when the Swiss bank removed the CHF peg with the Euro. FXCM took an emergency loan, which does not have the best terms. I believe the company will have to do some things to survive that may not be in the best interest of traders. FXCM seems to making progress in paying the loan. Business appears to be improving. I believe FXCM will survive. The CEO seems to really know how to manage the company.
Broker Tricks
  • Broker used to have a reputation for various broker tricks but their reputation has been fairly good.
  • And then this happens... The CFTC has served FXCM a death sentence in U.S. by accusing FXCM of not disclosing FXCM's financial interest in a Liquidity Provider. This went on for years where FXCM was claiming not to have a dealing desk and thus no conflict of interest with clients. The CFTC determined that FXCM did indeed have an indirect conflict of interest by getting payments from the LP that was created by FXCM.
Notes
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