Regulated by: FCA, BaFin, ASIC
FXCM Review & Author's Comment
Being one of the first retail forex trading brokers and one of the biggest in the market, everything has started going down from the hill for FXCM after 2015 January. So what happened on January 2015? It is when Swiss Central Bank SNB decided to abandon defending 1.20 floor for EURCHF.
It was an easy trade for few years to go long EURCHF as it approaches to 1.20 since SNB has promised that they are not going to let it go below 1.20. This was the case until 15th January, 2015, when SNB abruptly backtracked on this policy and started a hell fire in the retail forex industry.
Many traders’ balance went to negative territory and thus the brokers that are holding those trader accounts suffered great losses. FXCM was one of them with more than $300 billion in red and turned around at the brink of bankruptcy by securing a bailout loan.
As if this was not bad news, FXCM got stripped off its licenses and barred from doing business in the US by Commodity Futures Trading Commission (CFTC) and National Futures Association (NFA) early this year.
FXCM is still one of the best known forex brokers in the industry however what happened in last few years makes me hesitant when it comes to recommending FXCM. They are still regulated by reputable regulators like FCA, BaFin and ASIC but the bankruptcy and US ban have collected enough antipathy for FXCM on my side. Besides, guys, I should tell you that spreads are very high even for VIP account. Absolutely, you are going to find better broker options when you go through my top 10 list.
Wide range of trading instruments. Regulated by reputable regulators like FCA, BaFin and ASIC but the bankruptcy and US ban have collected enough antipathy for FXCM. Spreads high.
|Adress:||Northern and Shell Building, 10 Lower Thames Street 8th Floor London EC3R 6AD, UK|
|Phone:||+44 (0) 207 398 4050|
|Regulator:||FCA (registration number 217689), BaFin (registration number 122556), ASIC (AFSL number 309763)|
|MAM / PAMM Account:|
|Funding Methods:||Wire Transfer, Debit Card|
|Withdrawal Methods:||Wire Transfer, Debit Card|
|24 Hours Support:|
|Languages:||Arabic, Chinese, English, French, German, Italian, Spanish|
|Spreads:||1.3 for EURUSD|
|Negative Balance Protection:|
|Accepts Clients from the US:|
|Supported Platforms:||MetaTrader 4, Trading Station|