Avoid Fxcm At All Cost.
- Thread starter bxptone
- Start date
Because if you had read on the other forum, it's a MINI account, and there is no phone support for mini accounts, and it takes forever for them to reply by email, and they didnt even bother to reply so you mind as well say there is no customer support for mini accounts.
And with GBPJPY gyrating at 30 pips every 10 minutes whats email support going to do.
FXCM frooze for like 7-10 minutes I had orders frozen, I was trying to close my long postion, so then I was like screw this and to short again, I tried to cancel the new short orders and when I pressed the cancle order button I only got some option to abort. I was triying to short the GBPJPY that instance on the way up at 146.70 and .80 and after the freeze up, I was filled at 146.56 while it was trading at 146.85 by the time I could trade again. Please you wouldn't be pissed??
I usually trade Forex with Interactive Brokers, which after getting used to hasn't given me any problems, just trying to play some different setups and wanted to keep so money different in the event of blow ups.
I had to edit this once or twice
Hey, what is the outcome with this whole deal?...what did FXCM officially say to you when you talked to them about this?...have you withdrawn your $$$ and shut your FXCm account?
are you serious?...what did you do in between the 10 days?///call them?etc.?
2 reasons. One because I was looking to open a small mini account to trade some set ups and to try a few things. And secondly because I had used them when I first started trying to trade the forex like 2-3 years ago and didn't recall it being anything like it is now.
And funny, most of the reviews I read were even more critical of FXCM a while back when I thought their service was ok, go figure.
And I hear the term bucket shop thrown around, really not sure what the true most people consider a bucket shop. But most of the problems I'm experiencing is very slow fills, RIDICULOUS spreads. The freeze up I posted about was for like almost 10 minutes, that I haven't experienced again so far. It's just that in a short few days, they had the Sunday outage, my fills were very very slow, slower then usual and then that freeze up. So I just about had it.
And in regards to the spreads. They advertise that can offer tighter spreads because they offer limited support with mini accounts. Like only email customer service and you can only withdraw buy check. Well I don't know what tight spreads their talking about lol.
But whatever, like I said this account is more of an experimental account more then anything. To me it seems more like a platform issue, more then anything. I hear other brokers that have their own issues too, so. I trade mostly with IB, just really amazed the kind of service, especially with them sponsoring the CNCB million dollar portfolio thing. Maybe the increase in traffic is responsible for some of these issues.
They didn't bother to reply to my email this time. But I didn't bother following up because the GBPJPY happen to fall pretty much right after this happend. So I was luckily able to close out the excess trades at break even and make a small profit on my other postions. I told them I was going to post the details of my experience on this forum so they can read about here i guess.
And I still have my mini account with them lol. Guess I'm a glutton for punishment.
This paragraph is pretty funny if you read it over a few times.
I don't get it. You said you wanted a mini account to try out some ideas. Why not use IDEAL? Why are you even at FXCM if you already have a broker through whom you can trade forex on an ECN model?