BrokAIr Reviews

FXCM Review

"FXCM has been accused of using questionable tactics to gain an edge in the online brokerage market - but is it really doing enough to protect its customers?"

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FXCM Overview

FXCM is an online brokerage founded in 1999 by two former professional traders, brothers Dror and Rafael Naim, and they have since grown to become one of the world’s largest forex brokers. Based in London, they are regulated by the Financial Conduct Authority (FCA) in the UK. The company provides access to a global marketplace of financial markets and offers a range of services including Forex, CFD, spread betting and share dealing.

Pros of FXCM

Cons of FXCM

Public Opinion

Overall, FXCM has a good reputation among traders. The majority of reviews from users suggest that the company provides good customer service, reliable trading platforms and competitive spreads. There have been some reports of slow withdrawal processing times, but generally speaking FXCM has a positive public opinion.

Newsworthy Events

In 2018, FXCM was fined by the Financial Conduct Authority (FCA) for failing to meet its obligations to its customers. The company was fined £4 million for inadequate internal controls, treatment of customers and management of conflicts of interest. In 2019, FXCM was also fined $7 million by the US Commodity Futures Trading Commission (CFTC) for failing to properly disclose its relationship with its market maker partners.