From what I see, there are a LOT of bad reviews out there esp at forexbastards. However, I've found their systems to be one of the easiest and their brokerage to be one of the most helpful ones out there. So is it just me or are the people who are complaining amateurs who have lost money due to their own mistakes? I'm thinking of setting up a mini account with them, so I'd be glad to hear your opinions of them.
I'm sure I could get a more informed review here than from forexbastards. My other option is forex. Their systems seem quite easy to use as well. Not to mention the great phone support However, I've heard that they don't have a "no-dealing desk" option. So, any reviews here would be great as well. I've only had fair dealings with them, not those horror stories like you hear on forexbastards. I was stopped out one time on a trade and when I checked my charts, I saw the price never even reached that level.
So I contacted them, within a few hours I was called and told it was due to a bad tick, and to reopen my position at market, and I will be credited the difference to my account to make it as if I was never stopped out. I placed the trade and was promptly credited back. I agree with you on that it is a bunch of whiners on there who feel like every broker is making them an unprofitable trader.
The main reason I don't use them anymore is they don't have all the currency pairs I would like to trade and they don't pay interest on your deposit. I was told they're looking to have more currency pairs, including NOK, in the near future. I'm currently with Oanda and they are pretty good, I do wish they had trailing stops and a bit more order type options.
They are very helpful when I've chatted with them online chat support. I took one of their courses that offered to give back my money after 10 trades, and I didn't have any problems with that either.
FXCM platform is superior to Forex. But there something going on with them trading agains their clients and not allowing you to take or exit trades at critical times. These are not good guys, stay away from them. This blog was probably started by one of their cohorts on this site.: I've been demo trading with FXCM since and like their platform and service.
But, I've been bothered by reports on this forum that they are corrupt. I don't know if these original reports are from people who didn't know what they were doing and simply lost money or are legit complaints. The no dealing desk option is where your spreads vary widely based on bank rates. This is what I'm demo trading now. This is supposed to be good and bad as you can potentially get better rates.
I demo traded both the fixed option and the no dealing desk. Initially, all demo accounts were at the fixed option, then for some reason they moved everyone to no dealing desk.
While the no dealing desk was supposed to offer other unique features like hedging ability , for what I was using it for, I actually found the spreads to be better most of the time using the fixed option. What concerns me though is the execution of the fixed option or whether they don't honor your stops and limits or closes. This is because I remember them having some kind of disclaimer about news events or unusual conditions affecting the spread.
I've never experienced a problem demo trading. PS, I went to the site and I couldn't find the fixed option info anymore. Do they not offer this anymore, or perhaps I just didn't look in the right place? In any case, what I would like to see in this forum is hard evidence that they are corrupt complete with setups, charts and stops. I would also like to hear from professionals who are trading successfully with FXCM. If there isn't anybody, than I guess I know my answer. I've been using the desktop trading platform the demo version.
I tried using a web based terminal with another broker not FXCM and hated it. It was so slow and clunky and I have a fast bandwidth connection. I didn't feel comfortable with a web-based system. But some people swear by it. I don't know if FXCM offers a web-based system.
I don't remember seeing it if they did. I never had any success with their signals but the news plug-in on their platform carries a lot of useable info on order flow, stop levels and market sentiment. It's an aquired skill to use it profitably though. I'd stay away from the signals if I were you and look to develop your own trading style.
At least that way you can improve. Take a look at my site click on my user name for info. Do you know of an inexpensive charting package that works well with FXCM that allows you to program it to alert you when your system indicators line up via pda or mobile? Sorry, don't know of any auto-alerts that link up with FXCM. My only suggestion would be to customise an indicator or get someone to do it for you in Metatrader simply for the alerts and then act on it through your FXCM account.
Or else open an account with a metatrader broker. I think theyre fair enough. I got my live account with forex. I got the demo of FCMX and its a lot more detailed yet easier to understand. FCMX get news from squawk which is mostly always right on the money. Who knows I maybe switching broker soon. I've spent four days trying to sign up with FXCM. I have contacted customer service, which were too busy to assist me.
I filled out the FXCM application twice, which they admit has errors from time to time. They promised to have me up and running today. They have my money, but I can't trade. So, has anyone used FXCM here? I'm sure I could get a more informed review here than from forexbastards My other option is forex. So, any reviews here would be great as well Thanks, antler.
I used to use FXCM. I like their platform a lot, more then any other platform I've ever used. I've not tried any other, but curious about those that let you use MetaTrader. Wanted to eat venison, so he shot a few bucks. Now i"m planning to try Interbank FX's mobile platform What kind of trading platform fxcm and forex. Hi Alex, I've been using the desktop trading platform the demo version.
Hi Michael, Do you know of an inexpensive charting package that works well with FXCM that allows you to program it to alert you when your system indicators line up via pda or mobile?More...