Millennium FX Review is Mlnfx.com Scam or Legit Broker

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Contents

FX Trading Corp Review: Ponzi Scam or Legit Investment?

Welcome to my FX Trading Corp Review.

Most of you have gotten introduced to this money making opportunity through Facebook and it probably wasn’t easy.

You saw a post of some sort, requested information, and had the link sent to your email.

That’s usually the process needed in order to obtain a link that isn’t allowed on social media.

Does this mean you are getting involved with some kind of scam or is this just how it has to be done?

I have a very unique opinion on FX Trading Corp as I have been apart of this kind of stuff in the past.

I am no longer involved with this as I have finally found the best way to make money online but that doesn’t change the way I feel about programs like this.

What I do have for you is the facts on how this whole operation works as well as the honesty that most other reviews won’t reveal.

So before you join this or any other money making opportunity for that matter, let me give you the ins and outs of what you are about to get involved with.

Table of Contents

FX Trading Corp Review – Product Overview

Name: FX Trading Corp

Type of Business: Revshare

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Price: $100

Overall Rating: 1.9/5 stars

FX Trading Corp claims to share the revenue it brings in through the trading done by its experts.

Just invest and let them do the work for you.

FX Trading Corp is what is known as a revenue sharing program which is funded by its members.

Although they mention that there is some trading going on behind the scenes, that is very typical with sites like this and is usually not happening.

The company is completely funded by its members, so as long as new members keep coming in, you can bet that they will pay you what is owed.

Now once the joining stops, no one will make any money and that’s all there is to it.

This is not going to last, which is why I always recommend you take a look at my top recommended program before joining any make money from home program.

What is FX Trading Corp?

FX Trading Corp is a trading platform that shares its revenue with its members.

That’s what they come off as but that’s not really what is going on.

They do share the money coming in but as far as a product or service is concerned, that’s where the company falls short on.

They are based out of South Korea and the owners are Young Min Oh, Joon Park, and Yang Jae Seok.

When it comes to money making opportunities, having the owners come forward is always a good sign.

Now the way this whole operation works is something that might not sit well with others.

How it Works

I’m sure you were presented with FX Trading Corp as a way to make money online, trading in the Forex markets or with Crypto Currency.

The first thing I would like you to know is that there is no trading going on whatsoever and no one can show you proof.

This is nothing but a way to seem like you are providing some kind of service or you can bet that this is not going to be a legit stunt.

Every other revenue sharing company is using the same kind of “service”, which is not actually happening.

So how are you able to make money?

Through the constant flow of new members joining FX Trading Corp.

In the world of “revshares”, there is usually a huge following of members that jump from one program to the next.

This all started with owners using advertising as its product, until the FTC stepped in and slammed these companies.

Now FX Trading Corp is based out of South Korea, so getting the FTC involved is not going to do much.

Being that advertising was out of the question, Crypto Currency became the next best thing.

Once that got exposed, we have what FX Trading Corp provides.

That is the “product” and it is all fueled by this thing called recruiting.

With a unique software, the numbers are able to be calculated, allowing each investor to get a share based on what they invested.

That’s all there is to it and it what you make will all depend on what you put in.

The Price and How You Will Make Money

Make X amount of dollars daily by investing X amount of dollars.

That’s what happens when you get involved with any revshare.

Put in the smallest amount of $100 and you can expect a return of investment (ROI) of 2.5% a day.

Come 200 days and you should receive about 400% back.

That is a whopping $300 on top of that $100 you put in.

Invest in one of the bigger Bots and you of course will make more.

And if this isn’t enough, how about playing the good old recruiting game?

Because that is what you are able to do and can possibly have you rolling around in a Lamborghini or a Ferrari.

The Compensation Plan (Recruiting)

Without this very part of the program, there is no way this company or any other revshare will last.

Not to say that it will (because none will ever last), but at the very least, this is how they are able to pay some of its members.

By getting someone to join at the first level, you can make a whopping $6.

This might sound little but just imagine if they were to put in a couple thousand dollars?

That can add up and guess what else they have here?

They have multiple levels that you can make money from, which is another reason why its members are promoting this like crazy.

Not bad for a company that has no real products or even a service of some sort.

Bonuses

Being a revsharer myself in the past, I was actually wondering if there were still any of them around.

All that wondering was going on until I came across a post on Facebook about some dude winning a car.

After inquiring (because that’s what these marketers want you to do), I was told that they got it by building their team with FX Trading Corp.

Building a team from some trading bot that makes you money through the finest traders of all Korea?

Get right outta town.

These bonuses are the same things that keep FX Trading Corp going and it is why its members will do whatever it takes to get you to join.

Now just like the compensation plan, I’m not going to get into all this as I’m sure you can see the image above that explains it in a nutshell.

Just know that you can get some bonuses if you were to recruit like crazy.

That’s about all you need to know.

Will FX Trading Corp Pay?

As long as new members are coming in, you will receive whatever it is that you have made.

Paydays are Monday – Friday and will go by South Korean standard time.

Do keep in mind that you need to meet the minimum threshold of at least $50 and you can not exceed the total amount of packages that you have invested in.

So if you have $500 invested, you can’t withdraw more than that amount.

But before any money making is done, you need to understand several things.

If there’s one part of this review that you should remember, this is it.

Before You Join FX Trading Corp

Now there are several things that you need to understand before you get involved with this or any other revshare.

I don’t want you to be like those that join and fail to understand how everything really works.

It happens too often and there is no working around it once you put your money in.

1. There are NO Refunds

I don’t care what excuse you have, there is no way you will get your money back.

The software is designed to take and distribute at will and it is impossible to take even just a penny out.

And even if they were able to issue you a refund, they wouldn’t allow it.

Unless you want complete chaos and a bunch of unhappy campers that aren’t making any money.

So before you make any kinds of deposits, just know that there is no turning back.

2. There are NO Guarantees

And just because you put money in does not mean that you will make any or even get your initial investment.

When it comes to programs like this, it’s usually those in the know that will cash in on the big bucks.

They will throw in thousands of dollars and bank on newer members to fill their wallets.

That’s just how it is and if you know nothing about this kind of stuff, you need to make sure that you are joining at the right time.

And if you are joining without willing to take a risk, you might want to hold on to your money.

3. You Need to Invest a Decent Amount

If you plan on going for the lowest package, you’re best off not even joining.

Unless you can recruit like a mad man, you will need to invest a pretty good chunk of change to make it worth anything.

There’s no point in waiting 200 days to get back a couple hundred dollars.

It just doesn’t make sense.

4. This is Very Risky

I know I mention that you need to invest a good amount of money, which is what makes this a big risk.

If for some reason people stop joining or the company gets shutdown, whatever you put in will not come back.

Unless these guys get sued or have some legal action taken, you can kiss your money goodbye.

I’ve tried putting in a couple thousand dollars into a revshare that didn’t even last a month.

That was the risk I was willing to take and it is something you need to be willing to take as well.

5. This Will Not Last

I don’t care what anyone tells you, it is only a matter of time before people stop joining.

Once that happens, current members will get scared and everyone will start to withdraw whatever they can.

This panic will cause promotions to slow down, which will then lead to the many excuses as to why they aren’t able to pay.

It happens all the time and as much as the owners would love for this to last, it is literally impossible.

So before you go telling your boss you can’t stand them, just remember what I just told you.

Others have made that same mistake and that’s because they didn’t know any better.

Pros & Cons

  • Can make you money
  • Is still growing
  • Does not involve any trading
  • Is pay to play (buy a plan before you earn through recruiting)
  • Does require recruiting
  • Is extremely risky
  • No guarantees
  • Will not last

So is FX Trading Corp a Scam?

In the world of making money online, having a product or service or some sort along with an income disclaimer is about all you need.

So no, I wouldn’t say this is necessarily a scam but rather along the lines of a Ponzi scheme.

Now I’m also fairly confident that the owners are not here to take your money but the nature of the biz is what makes this fall on the not so legal side of things.

But with what I have shared with you in this review, I’m sure you can make an adult decision on your own.

Final Verdict: Proceed With Caution

The final decision is of course going to be on you.

Are you willing to take the risk?

Do you have the kind of money needed to take that risk?

If you can answer some questions with confidence, then hey, this might just work for you.

As long as you understand everything else I just mentioned in this review then it’s on you to join or not.

My Recommendation

Making money online is great and I understand that you want to be apart of that.

I can promise you that there are hundreds of other revenue sharing type programs out there and they offer the same trading nonsense.

For those of you that aren’t looking to take such iffy risks, I think you might enjoy something like affiliate marketing instead.

If selling actual products that you don’t even own sounds interesting to you, that is something you should at least try.

It’s what I do for a living and thanks to programs like Wealthy Affiliate, the internet can be a full-time gig if you really wanted it to be.

Besides that, you can bet that there are many other programs like FX Trading Corp that you can fiddle around with.

It’s all on you to join or save it for the next best thing.

Thanks for reading my FX Trading Corp review and I hope that I have given you the best information you could possibly find on the web.

If you have any questions about this or any other opportunity for that matter, feel free to leave them in the comments section below.

Until next time, be scam smart and always do your research.

About John

I hope you enjoyed that post. I’m John and I am the owner of this site. I like to think I’m a normal dude just like everyone else but that wouldn’t make me unique. I do have 4 kids and I have gone through the hardest of times, most especially financially. With some learning and growing, I have managed to get back on my feet and live the laptop lifestyle most people only dream of. With that knowledge, I hope to align you with a real and legit way to make money online.

Reader Interactions

Comments

Is Fx Review the same as Fx trading

Never heard of FX Review Mick. Can you send me a link?

Here: https://www.fxreview.com/about-us/our-company/ I can’t find anything about them on internet. The only thing that exist is their web page. Can you please look into this. Many thanks

FXreview is a completely different company Suzana. Are you looking into FXreview or FXTradingcorp?

I come from China! I was cheated by this liar company for about $50,000! Don’t believe in it! FX Trading Corp and FX2 Trading Corp both are downright liar companies. FX1.0 said that the rebate was 400%, and then suddenly fell to 200% in June 2020. The withdrawal time was limited to one month from the original one; FX later suddenly reduced the rebate to 100% in July 2020. And it is stipulated that it can be withdrawn on the 20th of each month. After a month or two, five or six times, FX will not return the customer’s principal for various reasons. FX2.0 and FX1.0 are exactly the same, definitely a liar company. Don’t be fooled by this junk company.

That’s how it is my friend. Once people stop joining, they will always come up with different reasons as to why no one is getting paid. Once people stop joining, panic sets in and everyone starts withdrawing. NONE of these revshare type programs will EVER last and that’s how it is. Although you can make some money, that is the risk you need to be willing to take. Sorry for your loss as that is not chump change but I would do everything I can to get my money back if I were you.

Which MLM online company or otherwise would you recommend that could be a going concern? It’s seems most MLM organisations are up to just swindle people.

Go with an MLM that has actual products Christopher. You are right about most MLMs just using people to push their project and it is really sad. Have you tried something like Wealthy Affiliate?

thank you dude,you saved my life
I owe you
you are great
we are facing economical drop downs about our national currency because of us sanctions,I was going to invest all my money but now,I wont
greetings from Iran-Tabriz

Hi may i know how were you able to prove that there is no actual trading happening? I heard from a friend that one of his colleagues confirmed the trading sessions are real (probably some IT or what). But based on your review, have you done some checking on their website, or live trading posted on their dashboard and confirmed it on the trading platforms they use like binance, bittrex, etc? Thank you and more power.

Well, I have been apart of revenue sharing since it first started. Back in the day, advertising was used as its product. It then shifted to crypto currency and now it is mining. Every single revenue sharing program is now using “mining” as its product but that is all just a way to provide some kind of product and/or service.

If they were really mining, do you think they would need your money to make more money? They would take what they win and reinvest it to make more. Mining requires a lot of work and these days it is not easy to turn a profit. You will see that once new members stop coming in, they will come up with a reason as to why no one is getting paid. But for now, everything is going the way it should.

Now you can bet that people are making money as this is the hottest revshare on the market. There are many that are trying to do good but they can’t get others to join like how FX Trading Corps affiliates are doing. But can you please tell me how this trading was confirmed? And even if there was any trading, how can it provide that daily percent and why is it set at such a precise percentage? Shouldn’t everyone make more if there was more winning?

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Millennium FX Review: is Mlnfx.com Scam or Legit Broker?

FXCM is a very big Forex broker with plenty of thousand traders and with a high trafficked website. But you don’t hear only good things about FXCM. Quite the reverse: You hear a lot of bad things. Of course there are complaints about any (!) Forex broker but in the case of FXCM it does not look very good. We collected the trader opinions and experiences for you that you can judge whether FXCM is a scam or not.

One of the most common complaints is that everything works smoothly with FXCM as long as you lose. But if you’re trading profitably the story begins. They close positions or even your account for no real reasons. This is the most common way for a broker to cheat on its traders. Closing your trades is not possible for the following reasons: “Data not found”, “Waiting for Dealer”, “Your order didn’t execute because price moved”.

There are also complaints about the bad costumer support. They seem not to act in the traders favor and sometimes don’t even care about costumer complaints.

Of course there are traders that are happy with FXCM but there are not many of them. There was also a law suite against FXCM a few years ago.

Although it seems that there was no result that does not mean that FXCM is reliable. The complaints are very serious. Also it seems that there are differences between hourly and daily charts which is pretty strange. It seems that short term charts look different to “help” traders making the wrong decision.

Traders also talk about margin calls that should not be executed.

If you take a look at the websites of the NFA you can see that FXCM already had to pay a serious fine. You can read more about it here.

You can’t really prove that FXCM is a scam but you can say that there are a lot of strange things going on and it is not a reliable Forex broker at all.

Experiences with FXCM

Let’s take a look at other traders experiences with FXCM.

I opened a position and placed a stop loss. I left my PC afterwards for half an hour. After coming back the stop loss was executed although the chart did not even touch my stop loss. I tried to talk to their costumer support and they said that I closed the position myself a few minutes after openening it. Another employee told me to take a look at it but he never came back to me.

They changed my stop loss without any action from my part.

FXCM is a good and reliable broker. I’m trading every day and I’m earning every day.

My experiences with FXCM are good so far.

I can’t recommend FXCM. Rollover fees are way too high. You can’t execute a trade all the time when it does not work in the broker’s favor.

FXCM is a solid broker with a good platform.

ForexScams.org Recommends:

#1: www.plus500.com – Millions of traders use this reliable and simple platform. Get your free demo account. Your capital is at risk.
#2: www.avatrade.com – Reliable FX Broker with EU-offices and very high safety of funds.

The Alternative – Social Trading:

#1: www.etoro.com – the world’s leading social investment network. Just copy successful traders with a click of a button and profit. Risk warning: 62% of retail investor accounts lose money when trading CFDs with eToro.

72 opinions and experiences

Hi, the same thing is happening to me. i was not losing money so they locked my account it has been under review for 4 months now, if your account is put under review consider it closed.

If you have a choice do not use this broker they do not play by the rules

this is a scammer.. i had four positions opened and when i checked in the morning, two positions were closed redcing my capital to -90%

This fxcm is a criminal band,

i too had bad thoughts about this company. if you successfully win small they’ll leave u alone but if u trade big they seem to work against you with massive open/close price. the volatility is just unlikely. place $1000 and withdrawing $270 to fxpro.
the fact that they’re trading against they own customer base just show how underhand they are. why would any successful company want to watch their own customer fall?

please guys wisen up and leave them. and to mr Niv who pretends like hes the innocent honcho, watch bashar alassad. leaders who eat and kick on their own kind always end badly. would i recommend this shady firm? HELL NO.

i was looking into this forex broker but all this coments got me really thinking . well in this case any forex that you guys work and is real please let me know

Im also.looking for legitimate platform

I don’t really support FXCM, but it seems that you’re trading without any understanding of how things work, which will make your fall whatever broker you use.

FXCM has FX in its name, implying lots of CFD trading. CFD is a bet against the broker. ANY CFD TRADING is a trade against the broker. So yeah, if you’re a CFD broker there’s pretty much a lot to win from having your customers slowly lose because what they lose is FXCM earnings (I mean, other than the spreads who already make a ton of money together, they usually make more money on your cumulated spreads than you’ll ever make with your same trades)

It is a fake broker and full of scams who takes customers money by creating artificial volatility on their platform. I lost 55k in two days, they just took my money, although I made complaint with evidences however, it was the same answer from their audit department. When you need to deposit money to maintain your margin, you find that their system doesn’t work or even though you were successful after several tries but you may find that the amount was not added in to your account or equity. Often they create artificial votality on thier platform to put customers money in to risk, i mean they put you in margin calls. No way that you can make any money from FXCM , moreover you will lose your total capital. When they close the trading on friday at 9;55pm UK time afte then they continue another 5 minutes to reduce your margin and equity (in this 5 minutes you have no access to your opening positions but you can observe what and how they do dodgy thing).
I think customers who are serious about making profit or already made profit, ofthen they targeted those customers and put them in troubles in future tading so that customers never wins…

I think if we all come together and complaint to FCA directly that might work and we may able to prevent thousands of innocent traders from their scams.

Hi all! Do you recommend this broker?

how you soing britney. have you find any broker yet? im looking for one i was just wondering if you already find a real one?

I have compared FX spreads quoted by Plus500 (website) with FXCM (platform) at the same time and see that the spreads on Plus500 seem rather wide. Plus500 is definitely not for me. I have found spreads on FXCM remain variable, but narrower than competitors and do not increase once profits are made. I have withdrawn thousands of pounds from my FXCM account and have had no problems.

i agree.fxcm has made mistakes in the past but is transparent now with excellent leadership and i predict they will become the champion of old again.i think many complainers dont know enough about trading the markets at all.

FXCM may give a better deal than similar platforms for some FX trades. For example, I left some long positions on AUD/USD open on FXCM and my account received some small overnight financing CREDITS. In contrast, my account was DEBITED somewhat larger amounts by CMC Markets for AUD/USD long financing. The various platforms do not have comparable pricing structures and I find the best outcome is achieved by using one platform for, say, index futures and another for, say, FX pairs. There are differences between providers that are difficult to compare unless accounts are opened. I note some providers list their overnight financing per instrument in a readily accessible table, whereas others provide the information primarily in the transaction record after the event. Perhaps this has its origins in different standards prevailing across territories.

FXCM Australia is operating like a casino! they have openly admitted to trading against its retail customers so if i went buy they would go sell for the same contract size.

“You are betting against FXCM not the market”

FXCM founder Drew Niv has openly said he would be surprised if 15% of the customers make money the system to designed to lose , We don’t like your trading strategy and they make there own rules.

They also have the ability to change the equity margin at any time to favor themselves for profitability!! and have pre-market information.

FXCM Australia have removed the payment gateway system so you cant TOP up your accounts with a credit card to avoid a margin call at any time. payments can be done via Bpay so wouyldtake up to 72 hours to hit your account also as per discretion by FXCM they make the rules.

FXCM Australia is flying under the radar and has been reported to ASIC , ACCC , Financial Ombudsman for defrauding its retail customers and breach of TPA in Australia.

I have been using FXCM Trading Station (UK) for 2 years come November. I withdraw up to £1,000 per month and providing I am using BACS, my cheque account is credited often the next working day, or the day after at the latest. Card refunds take a long time, since the funds are removed only after a couple of days and take a long time to reach the bank. I can see no satisfactory reason for this. However, I have never had a problem with withdrawing funds, except for the wait.
Spreads are perhaps not that good and rollover seems high. However, I avoid trading instruments with excessive rollover charges. If I want to keep a long position open and a future is available on, say, City Index, I will use that in preference to FXCM.
I feel some of the comments on this website are not comparable to my experience with FXCM, but there may be variations between countries.
This website feel rather like an advert for Plus500, but I will take a look.

FXCM is absolutely reliable forex partner. I’m trading with them over a Year and have no problem at all. Withdrawal is as easy as deposit funds. I withrawed my wins I withdrawed my funds I deposited when needed etc. I have no any problem at all. I read complains and do not have any ideas about what they talk about. Is it some type of gossip or some rivalry. FXCM is reliable. Completely. No doubt. Even with my poor english.

Hi Peeter,
Please can you give a guide on how to get started.
Thanks

I opened a trading account with FXCM, made a deposit of $ 1800 and then made a profit of approximately $ 2,700. After that I ordered the withdrawal of the principal capital ($ 1800) and the withdrawal was successful.
Then I asked to withdraw the profits of ($ 2715) and the amount was deducted from my trading account with notification that the transfer needs 3 to 5 working days to reach my bank account, but on the fourth day on 03/07/2020 the amount was returned to the trading account.
After that I was notified through email that your trading account has been temporarily suspended, and to this day the account is suspended and I can not trade or withdraw money, and whenever i communicate with them, they tell me that your account is under review.
They have been reviewing my account for more than a month without any updates, and I need to withdraw my money but they are preventing me from doing so under the pretext of reviewing the account.
(account no: 96053170 / name: EISA ALMASRY / broker: FXCM.COM)
Attachment: Account statement from the beginning to the day

Hi, have you received your money since then?

hey did they already fix your issue ??

Real company with good platform, but they don’t care about you, beside they can create problem for you even if you have enough money for your floating position. They can lock your account, you will not able to trade until they solve problem what they create, you will lose more money. Disorganised company who really don’t know about what’s going on. They lost my id few times, it is ready crime. I am talking about Canadian branch FXCM Friedberg Mercantile Group Ltd. Thing before, do better research before trade with them.

Thanks to Alfredwood …..i can’t believe that i would be able to make money online with first experience in binary trade with $500 invested on it,on till i experience my first withdrawal of $7200 profit paid directly to my account through a honest man who was recommended to me,now am a full time binary investor with him

Can you give me more info?

you are a SCAMMER. Pathetic you should be ashamed of yourself

No one is even going to jail, nothing is happening worth while, except them being shut down in USA, they still have operations all over the world! Do you think they will not do the same in other countries where they are? 7 million fine from CFTC, not even NFA because they had someone in their pocket there. This is the fucking injustice in our society. You steal $20 from a store, or you take that $20 from a person, you go to jail, and for a month if you cant pay the ticket. Hey, but if you try to defraud your customers and steal from them, and set up situations where you (the customer) should loose money by purposely by their own doing, its ok no big deal right! If you try to hide 77 million dollars from the government, then they will just shut you down, and you can open another place, don’t worry! On top of this, they made lawless action to try to defraud their customers, and its OK. But if someone walked into their offices and took a computer from their desk, you better believe your going to jail!

This system of ours is shit, it will not survive! Everything is done with injustices, and our system created to deal with these injustices. Just more and more government! We are letting go of our selves to let others do better for us, when in reality all they want to do is fuck you and take everything that you have! WTF is going on! I came to America to run away from all this shit, by the way, i came here as a baby @ 2 years old, I am now 40 years old (just little background) but in reality where is the justice. What, the shutting down of FXCM that,s justice! Oh wait the CFTC got 7 million out of it for them selves, that’s probably justice!

Did the same, I tried different brokers that seems legit and trustworthy in the eyes, but, many broker are yes of course LEGIT, but how much are they LEGIT? not all,, I found one, its the best that I found, some downsides are manageable, but as of money or capital loss, there is none, I do the Math by calculators and it matched to the Statements of your account, you can always request whenever you want, not another downside is the spreads are not as tight as the others, but, for a broker to operate efficiently, you must provide them also from what you are trading, in exchange also for — the security, stability , efficiency of the broker,, you found one with tighter spread, you think you gained, haha, but goodluck with those buggy, technical error, stop loss.

MARCH 2020, dollar is strong, gold is weak and other currencies, fed hike coming, BREXIT. massive selling

I am currently with FXCM. I have been making losses often enough that i had to remove my stop loss because those stop losses are like 50 pips away and when it touches, automatically the trades goes the other way. I was thinking, wow this thing just came to take my stop loss and continues the other way. So i refuse to use a stop loss.

I have had some profits but small. According to many friends i have who have an account with FXCM, withdrawing amounts larger the $1000 is like taking forever so i was inform to withdraw small amounts of $200 to $400 as this is small.

Anyone going for scalping will be at a serious disadvantages because of the spreads. My trades normally are very small at about $0.10 to $0.30 per pip. I wouldnt go beyond than that because at these sort of trades, i would say it will be under Market Maker, not direct.

A lot of my friends do get scam by FXCM however FXCM do have large accounts from companies and thats where they make their big commissions. Retail traders like us is a pocket change for them. Losing traders like us is not important.

The most i can make in a month to stay under the radar is about $200 based on my $100 account. Previous my account size was $2,000 but its just so easy to lose money. Sometimes i get the impression that we are trading against a programmed computer where each traders see difference in their charts. Anyhow moving to other brokers soon. PS. I am doing this for full time

Thank you for this serious review. But i have heard an information about FXCM problems with USA regulators. How will it influence on costumers? Is it possible to save your account and money in case of? For example its possible to transfer your account to FxPro. I dont know mechanics of it. Maybe you know the truth?

Oh thank you for the awareness yesterday I was in their presentation for the first time in sandton I will no longer join

I don’t have a problem with FXCM. I think they are alright. Everybody in this forum seems to get a little finicky about a couple of losses here and there. Nobody’s perfect.

What I am interested to know is whether FXCM is allowing their “liquidity providers” to cancel orders AFTER said liquidity providers have been matched with a retail client. This means that retail trader sends an order, liquidity provider who has already put out a trade is matched and the order is routed, the liquidity provider is allowed to cancel the trade even after being chosen to be the counterparty. To be clear, with a central exchange, or in my opinion “fair” decentralized exchange facilitation business, both parties take a RISK of putting out an order, not just one side. If you are in the queue, and someone wants to hit/take your order – you are not asked again when you want to accept the trade. It seems that with fxcm their retail clients have to “put up or shut up” but their liquidity providers are able to cancel trades as “last look”. I am not making accusations, but am interested to know – and interested to know if this could affect stop order fill prices during market events due to the cycle / latency which you occur when being passed around.

Last Look is usually an advantage banks get when they are the LP. That is why LPs like Citi give FXCM good rates. But the last look that they get is not used so often in the institutional environment, and it is extremely rare for them to do it to a retail client since the volume is that much lower. The only broker who won’t allow last look are market makers, and there you have issues with requotes. Most likely there wasn’t enough liquidity to fill orders which caused people to think FXCM was manipulating prices.

Hi, just want to ask if you have more reliable forex broker that is recommendable?

Hello ken, you can email me for that at [email protected]

ha ha ha, how about now, do you have a problem with FXCM now!

I think not ha, you still think they are the greatest

They are crooks!

They make thier own rules. The margins/spreads are fixed to suit them and they change in a moments eyeblink. The buy sell link buttons are rigged to change volitility just by crossing the mouse over the sell/buy button. I watched a trade go from 25 to 19 just because I moved the mouse over the sell button. It is rigged. The indexes are not in line with any other trading platform. Now I am being told it will take me up to a month to get my money back!

Thanks for your orientation. I would like to know ¿how much did you lose?

They are crooks Kristy! But it is not a scam. They openly admit to it on their website if you take the time to read their documentation.
They say that with small accounts they will work against you, they offer different prices to different people, they take the other side of ALL trades. And finally they admit that their interests are in direct conflict to the clients. They say that if you make any money they will move your account to a NDD account.

All of this is on their website.

I’ve been using FXCM just on demo account. When i try to trade AUDCAD on low volume 0.01 the buttons don’t work unless i increase the volume to 1.0

Their support admitted it’s nothing to do with my equity etc and told me it’s a bug with my demo account, so i opened another account and still having the same problem.

Not sure which broker is reliable enough to test a strategy on

I have been trading professionally for 30 years, 26 with a major bank and the last 3 with FXCM. I have closed my account because the platform and technology is not reliable AT ALL. My personal and professional opinion is to avoid this broker. If you live outside the US, I like SaxoBank and inside the states, Interactive Broker. Both are tops in the field with great service and technology. I have even gone so far as to notify both the NFA and CFTC about FXCM’s false advertising about their technology.

Hope this helps.

I open whit fxcm not a big money , but he stolen a pip (commision), volatity , is a big scammer , i m a novice , but look a techniq analysed , he was a big and great scam , don t go do fxcm

People just trade directly with the exchanges and not the FXCM or other brokers they are all scammers

Hello Simon who i do that?

yeah Simon i fully agree with you ,FXCM is not a reliable broker ,i wouldn’t recommend it for someone , #scam…i placed a position with 15 pips stop loss it didn’t even reach there but i woke up with 28.1 loss (according to them it hit the stop loss). So people please ,try another brokers that are reliable because fxcm is NOT.

FXCM IS A PURE RIP OFF

I opened an account last year to trade equity indices (mainly CAC40 and DAX)
In few words here is what happened:

– The sales guy was very aggressive. Once the account was opened he replied to my emails very late.

– Many times I sent emails to help desk for help and they answered very late

– THE WORST –> I placed some orders with stoploss levels the day before opening (when the market is closed you cant place anything with fxcm). for example if I was short and the index was down on opening, the equivalent fxcm index was going up on opening so that it hit my stop loss and cancel my position. I should have made money but instead I lost. this is totally true story.

I sent many emails with BBG screenshots showing differences and they were not able to answer me properly (the only thing they said is that volatility can go both ways…)

It drove me made. Basically you are just trading on biased prices.

Last fall I was swamped with work and neglected my trading with FXCM. I missed a deadline for keeping my account open, in December last year.

My attempts to get in touch with FXCM customer support in reopening my account – that has outstanding funds! – has resulted in ZERO response. For all intents, my deposit with FCXM has now been confiscated.

Having alot of issues with fxcm most notably stop losses and buy sell stops being activated before they even get touched. i’ve suffered alot of losses because of this. sent in a screenshot yesterday of the latest fxcm theft when a stop loss was triggered 10 pips away and let me say it wasn’t the first time i’ve had stop losses taken out even though the market wasn’t even close. there is no consistency in it either. other losses include buy stops getting triggered but market never reaching that mark. spreads are outrageously high at 2 pips+

i have traded with fxcm for 5 years,no problems. when i did have a problem on a trade that filled incorrectly and i had the proof,screenshots ect,they promptly funded back the discrepancy.

This is the letter I receive from FXCM Compliance Department after I was provide with misleading information by two of their incompetent associates (Jason Matos And Rodrigo Regi), who intentionally gave us the wrong Information.
Information that was then used not only to block and close all of our accounts with FXCM, but also to hold our funds indefinitely.
All we ask was the way for me to trade on my friend account without having any problems.
My new Broker advise me the way to do it is to open a “Join Account” which covers the legality of all parties involved, and any separate agreement between the “Join Members” is totally up to them and not of anyone’s business….In my book this is a Broker that knows how to do business and treat their clients.
I did ask about this option “Join Account” to Rodrigo Regi, and I was very surprise because he simply couldn’t give me a straight answer…..And that’s a Manager!…Just Imagine.

Dear Juan Ramirez,

Thank you for your continued interest in Forex Capital Markets (“FXCM”). As outlined in the Client Agreement (“Agreement”), FXCM reserves the right to terminate the Agreement for any reason it deems necessary.

FXCM frequently reviews its client account database and after a thorough review of your account, we regret to inform you that we will be unable to maintain an account with you at this time. Termination decisions are not intended to be personal in any way.

We will be initiating a full balance withdraw to be returned to the originating source. Thank you.

FXCM Compliance
FXCM
55 Water Street, 50th Floor
New York, NY 10041
[email protected]

MY RESPOND TO FXCM

To: Compliance Dept.

Thank you for your respond, I appreciate the fact that you will initiate the balance withdraw to be returned to the original source.

Referring to the first paragraph let me tell you that you are totally wrong, I do not intend or have any continued Interest whatsoever in Forex Capital Markets,or the (Agreement).

I also do understand that FXCM reserves the right to terminate any (Agreement) or account. What It’s inconceivable is the incompetent action of Jason Matos, and Rodrigo Regi, to waste my valuable time by providing the wrong information, All they had to do was to tell me from the very beginning that what we intend to do, was simply not possible.

Please don’t regret or feel bad to inform that I am unable to maintain an account with FXCM, since I can be more pleased by the decision, not only for wasting my time and treat me like a liar, but also because my new broker advise me of the financial trouble your company is going thru, information that I have confirmed. Not to mention the amount of unsatisfied customers and complaints I found on the internet after my research.

Again I appreciate the fact you are initiating a full balance withdraw to be returned to the originating source, hopefully this can be done as soon as possible since I would like to be done and over with FXCM.

Best Regards
Juan Ramirez

I haven’t receive my funds as of yet, and it’s being almost two weeks.

SPECIAL THANKS FOR ALL THESE COMMENTS. I WILL CLOSE MY ACCOUNT WITH FXCM VERY SOON AFTER I FINISH MY WORK.

FXCM PICK POCKETS UNSUSPECTING RETAIL TRADERS ACCOUNT

FXCM closed my position with losses (wrongfully took my money out of my account) & refuses to refund my money. At the time of wrongful liquidation by FXCM which resulted in $61.78 losses in my account on 10/2/15 9:01 am i had a open position of 27 lots of USD/CAD 27×200=$540. Before, during & after wrongful liquidation, my available margin funds were more than sufficient & not below $581.69 in my trading account. Please see below the attached daily combined account statement. while i had more then enough funds to hold my position. My account was wrongfully liquidated when i was monitoring my position , everything happened in front of me. I immediately contacted FXCM within a few minutes of the wrongful liquidation for refund of my losses & shortly after I contacted them, fxcm DEALING DESK TRADER Michael Ohneck denied refunding my money .

THERE HASNT BEEN ANY PROOF NOR ANY DOCUMENTATION SHOWN TO SUBSTANTIATE FXCM DENIAL OF WRONGFUL LIQUIDATION – STATEMENT BELOW IS THE ONLY THING I RECEIVED FROM FXCM after this denial by Dealing Desk Trader Michael Ohneck, i escalated the case to compliance department & only thing i received from Compliance Department so far in 23 days was the acknowledgement email nothing else .

Please read below for my complete documentations, proofs & correspondences .

FXCM Audit Complete – Case Number 00381322
from: Michael Ohneck
to: xxxxxxxxxxxxx
date: Fri, Oct 2, 2020 at 12:36 PM
subject: FXCM Audit Complete – Case Number 00381322

Thank you for contacting us. FXCM’s trade audit team has completed the review of your complaint fully and the details of the matter are as follows:Margin Call at: 10/2/15 1:01 PM

( he sends an email to me at 12:36 pm on 10/2/15 about liquidation time of 1:01 pm on 10/2/15 which hadnt even occured yet. The truth is wrongful liquidation happened at 9:01 am not at 1:01 pm See below my account statement for detail transaction history)

Margin Requirement: $540.00
Equity Post Margin Call: $539.90
Balance Post Margin Call: $581.69
Tickets Included in Liquidation: 19311607

(above numbers that DEALING DESK TRADER Michael Ohneck is talking about are belong to NZD/USD position that was opened at 9:19 am AFTER fxcm’s wrongfully liquidated USD/CAD position at 9:01 am on 10/2/15 See below account statement for detail transaction history)

Due to the fact that this margin call executed correctly, no adjustment is warranted in this case.

Michael Ohneck
Trade Services Representative

* ANYONE WHO READS THIS SITE !
DON’T BELIEVE A WORD THIS “JASON ROGERS” PERSON IS SAYING,HOW COME HE NEVER SHOWS ANY PROOF FOR HIS DENIALS .
INSTEAD OF HIM INSTANTLY DENYING ALL OF THE RETAIL TRADERS STATEMENTS ABOUT EVERY HORRIFIC EXPERIENCES RESULTED WITH SUFFERING HUGE LOSSES (financially, intellectually, emotionally ect.) DUE TO “PUBLICLY TRADED FX BUCKETSHOP” OPERATIONS OF FXCM,
” JASON ROGERS” MUST PROVE ALL OF HIS DENIALS BACKED BY ACCOUNT STATEMENTS , TRANSFER OF FUNDS TO THE OUTSIDE COUNTER PARTIES(since he claims FXCM doesnt benefit from retail traders loss of funds) ECT.

FXCM COMPLIANCE DEPARTMENT ONLY COMPLYS STRICTLY WITH BUCKETSHOP RULES & REGULATIONS.
” Copper your customers & grow rich” Reminiscence of a Stock Broker Jessi L. Livermore(Edvin Lefevre)

The FXCM Compliance Department is in receipt of the complaint you recently submitted.

We understand your disappointment with respect to the matter you have brought to our attention. Please be advised that FXCM takes these matters very seriously. We have initiated an internal investigation of this matter and we will contact you upon conclusion of our audit.

If you have any further questions regarding this matter, please feel free to contact FXCM’s Compliance Department at [email protected]

Kindest Regards,
Alexandra Goldstein
***************************************************************************************
Oct, 7th 2020
Reply By TraderFX
hi,Since, it began on 10/02/15. When will it be completed?All the information you need are in my earlier emails & my account statement, that i forwarded to other employees. Basically its my trading account statement from 10/02/2020. it simply shows everything down to the pennies & time of wrongful liquidation.i hope to receive a factual reply from you.Sincerely,

Oct, 9th 2020
Reply By TraderFX
Hi,it has been 7 since the wrongful liquidation by FXCM & you havent refunded my account. WHAT IS THE HOLD UP . You should have had your proofs by now in 7 day, showing that wrongful liquidation was my fault.

Oct, 9th 2020
Reply By TraderFX
FXCM HAS BEEN WRONGFULLY HOLDING MY FUNDS FOR 7 DAY & MY MONEY HAS TO BE PUT BACK INTO MY ACCOUNT ASAP!
Oct, 12th 2020
Reply By TraderFX
Hello,It has been 10 days since my Usd/Cad position was wrongfully liquidated at 9:01 am on 10/02/15 with $61.75 while i had sufficient funds to hold my position.I had forwarded FXCM my proof immediately after the wrongful liquidation by FXCM.I will wait until the end of the business day tomorrow 10/13/15 as a courtesy, if i dont hear from FXCM by then , as my next step, i will file complaints with CFTC, FSA, FINRA. I will forward them my proofs, communications with all of the FXCM Employees about this matter & your immediate denial email.
After i file complaint with Regulators, i will also post all of the issue on the various websites for victimized Traders & Where prospect new traders acquire knowledge about the Operational Style of various FX Brokers for them to judge FXCM’s dealings against retail traders, before they deposit any of their hard earned money with FXCM.
i am requesting my funds to be returned to my account where they belong immediately, since FXCM has been holding my funds wrongfully for a long time.

FXCM HAD AMPLE AMOUNT OF TIME SINCE 10/02/15 TO SEND ME THEIR PROOFS SHOWING HARD FACTS & DOCUMENTATION , 10 DAYS HAVE PASSED I HAVENT RECEIVED ANY PROOF CLEARLY SHOWING WHY WAS MY USD/CAD POSITION WAS LIQUIDATED & WHY FXCM IS WITHOLDING MY FUNDS SINCE 9:01 AM ON 10/02/15. IT ONLY TAKES MINUTES TO PROVE MONEY MATTERS, JUST AS I HAD DONE IMMEDIATELY AFTER THE WRONGFUL LIQUIDATION, I FORWARDED FXCM DETAILS OF MY ACCOUNT STATEMENT CLEARLY HIGHLIGHTED THE TIMES OF LIQUIDATION, AVAILABLE FUNDS ECT.
This is my final attempt resolve the matter directly with FXCM. i had send 4 other emails within last 10 days without a solution.
Sincerely,

THIS IS WHAT & HOW EXACTLY THE WRONGFUL LIQUIDATION & INSTANT DENIAL OCCURRED BY FXCM

OPEN/FLOATING POSITIONS
Ticket # Symbol Volume Date Sold Bought Floating P/L Comm Dividends Rollover Net P/L Condition Created By
19315122 NZD/USD 30,000 10/2/15 9:29 AM 0.64140 -45.00 -1.80 0.00 0.00 -46.80 Mkt 77027927
10/2/15 10:08 AM 0.64290
19316453 NZD/USD 5,000 10/2/15 10:01 AM 0.64192 -4.90 -0.30 0.00 0.00 -5.20 Mkt 77027927
10/2/15 10:08 AM 0.64290
Total: -49.90 -2.10 0.00 0.00 -52.00 THIS IS WHAT THEY ARE LYING ABOUT(this NZD/USD possition is their proof for USD/CAD position. ) THAT BELONGS TO NZD/USD POSITION WHICH WAS OPENEND AT 9:29 AM AFTER THE WRONGFULL LIQUIDATION OF USD/CAD THAT WAS WRONGFULLY LIQUIDATED BY FXCM AT 9:01 AM ON 10/2/15 please read the denial email from DEALING DESK TRADER Michael Ohneck

FXCM Audit Complete – Case Number 00381322
fxcm
from: Michael Ohneck
to: xxxxxxxxxxxxx
date: Fri, Oct 2, 2020 at 12:36 PM
subject: FXCM Audit Complete – Case Number 00381322

Thank you for contacting us. FXCM’s trade audit team has completed the review of your complaint fully and the details of the matter are as follows:Margin Call at: 10/2/15 1:01 PM

Margin Requirement: $540.00
Equity Post Margin Call: $539.90
Balance Post Margin Call: $581.69
Tickets Included in Liquidation: 19311607

Margin calls are triggered when your usable margin reaches zero. This occurs when your floating losses reduce your account equity(not balance) to a level that is less than or equal to your margin requirement. During the margin call in question your account balance was $581.69. Your account balance does not reflect floating losses, at the time of your margin call you had floating losses of $41.79. This floating losses reduced your equity to $539.90, which is less than your margin call.

The result of any margin call is subsequent liquidation unless otherwise specified. When a margin call is triggered on the account individual positions will be liquidated until the remaining equity is sufficient to support existing position(s). In deciding what positions will be individually liquidated the largest loosing position will be closed first during liquidation. This process is entirely electronic.

The idea of margin trading is that your margin acts as a good faith deposit to secure the larger notional value of your position. Margin trading allows traders to hold a position much larger than the actual account value. FXCM’s Trading platform has margin management capabilities, which allow for the use of leverage. Of course, trading on margin comes with risk as leverage may work against you as much as it works for you.

Due to the fact that this margin call executed correctly, no adjustment is warranted in this case.

Per FXCM’s complaint procedure, if you are dissatisfied with the explanation above, you have the option to escalate this matter to our Trade Audit Appeals Board. You may issue your complaint in writing to http://www.fxcm.com/compliance-form.jsp

Once again, we are sorry for the inconvenience caused and hope you will find that the points above offer a fair resolution.
Best regards,
Michael Ohneck

I am doing simulations right now with my winning model with FXCM data and the yield is very poor : first of all prices differ a lot from other brokers, and volatility is higher. btw I am looking for a trustworthy hedge fund to buy my system (20%-50% yield/year depending on the broker of course) – I am gonna publish my trading results on my blog.

Was considering opening an acct. The rep said they were STP broker and never traded against their clients. After reading the fine print this is one of many emails sent back and forth, him saying one thing and the FXCM documents saying the complete contrary. Every one has to do their own research and READ ALL the FINE PRINT!

Dear sir,
Sorry, what you are telling me verbally means nothing according to FXCM documentation and actually contradictions these very same documents? If FXCM and you say they are not a NDD broker they had better update their documents because they say they are. There is a huge lack of honesty here and the trading public is getting taken to the cleaners.

The regulations you speak of have nothing to do with how you handle orders or the contradictions in your statements or the FCXM documents themselves. All I have to do is sign them and open an account and you can do what you claim you don’t, but your document say you can and will at your discretion. How can you claim to be a trustworthy and honest broker with this kind of confusion and lack of transparency for your potential and current clients?

I would like to do business with you, but if your statements don’t jive with your documents I would be a fool to give you my money.

You also failed to answer several of my questions.

I’m really not a bastard. I just want a fair opportunity to work with an honest broker that truly takes only spread or other fair commissions and clearly outlines this in their documentation. FXCM doesn’t!

If you like refer me to Mr. Niv and I will personally explain to him my beliefs about his flawed business model and how he is just like all the other Wall Street participants and cares only about lining his own pockets.

Thank you for your time.

Yes…..I Was ” Knocked Out” of many Trades….That i Had Stops and Limits On…..And The Straw That Broke The Camels Back was When It Knocked Me Out And Moved Liked Lightning Against Me For $5000 In Less Than A Minute …While I wasn’t Looking!….Because I Had My Trade in The Hour…… This is All Demo Account….But I Know What I’m Doing……And FXCM Conveniently makes Sure….
In ” The Report”…..There Is No record Of ENTRY, STOP, And LIMIT…..It Just Tells You…..
When ” THEY SAY ” You Bought and Sold….Need I Say More….Must Check Out other Stations….Steve

Undoubtedly scam. I`ve traded (tried to) with FXCM for about two years. Soon after you make some profit you`ll notice yours stop-losses being crossed by one, two pips – price never reached same levels compare with charts from another broker.
I`ve made some print-screens after my “unlucky” trades and compare with current charts – the size of candels, price levels are literally different (same broker, same platform so obviously charts has been altered over the time).

Avoid them at all cost!!

This is to inform many of you who have attempted Forex trading with a system through your favourite choice of brokers out there on the market. Many of them are scams they are not your friends sadly. They are their to take your hard earned money and make you suffer for it, your loss is their gain.

My experience with FXCM has been terrible, I started my $50K demo account and turned it into $70K in the period of 4 months. So then I made a transition into a live account with $2k, first 2 trades went greet I doubled my money and made a grand total of $4k in 2 weeks.

Third week into trading I noticed my PC was hacked mysterious by some anonymous person. This is when things went downhill for me and lost all my money in the live account from placing trades that I kept loosing every time after being hacked.

Furthermore their so called specialized in house trades who run webinars provide misleading information to their clients when to buy and sell. FXCM business does not operate ethical and moral to their clients, they are in it for themselves.

I here them all the time say we wished all our clients were millionaires from trading with us so we can make more commission of them. Sounds to me a bit like the movie “Wolf of Wall Street”.

All I can say with many brokers out their, the day you start a live account you become a main target to be taken down. The vulnerable become the weakest pray to feed on, I know one guy who lost everything over forex trading and now lives on the streets after losing his house, wife and 2 young children’s. Forex trading can really break peoples lives losing their money and their loved ones, in the end of the day is it worth it?

Best regards
Alex

You turned 2k into 4k in 2 weeks? I mean if you had half a brain you would understand this is not a healthy account growth and to earn such large amounts of money in such a short time from a small account requires a lot of risk, so I can only come to the conclusion you lost your money simply because you took to many risks.

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Finding the Best Forex Broker – FAQ

Finding the best forex broker for your needs takes some research. Hundreds of online brokerage firms now compete for your account, so plenty exist to choose from. Check out our recommended top list above, or read our FAQ below with excellent points to consider before choosing your broker, or see this extensive five step guide on how to choose a forex broker.

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In the end of this page you will find many more brokers that did not make the top list, you can still read our reviews of them and give your comments on them or share your experience from them.

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Regulation

Most reputable online forex brokers take the step of submitting to regulation by one of the main financial regulatory agencies operating in their home country. Sometimes, they will even be regulated by more than one agency. Such regulation provides you with the security of knowing the broker’s operations are being overseen by an independent authority with the goal of keeping the business honest.

Is there a benefit to where a broker is located?

Location can make a big difference, especially if the regulatory regime in the country is top of the line. The most advantageous location has to be reserved for UK brokers, since London is the center of the foreign exchange business.

Forex Trading in the UK

Early in the last century, nearly 50% of the world’s foreign exchange was conducted using the Pound Sterling. Today, daily forex trading turnover in the London market represents 41% of the world, more than double that of the United States at 19%. If you choose a reputable UK broker, then you can be assured that the firm can draw upon a broad pool of experienced and professional staff in the UK.

From a regulatory perspective, UK forex brokers must also comply with one of the strictest regulatory bodies around, the Financial Conduct Authority (FCA). Once again, the pool of UK staff will be very aware of best business practices and related compliance issues, another reason to choose a UK broker, if at all possible. One must, however, be due diligent when choosing a broker that claims to have offices in London, since the marketing aspect of this location has caused many overseas brokers to set up a “shell” presence in the UK to gain your trust, but without the benefits listed above. If you prefer a UK broker, then make sure that they are headquartered in London and have a significant presence there.

Forex Trading in Australia

The Australian Forex/CFD/Cryptocurrency landscape is an intricate one, where at least three different types of brokerages peddle their services. There are unlicensed, unregulated brokerages with a global reach, whose services may indeed be accessible to Australian traders too. Then, there are financial service providers who are not based in Australia, but who are licensed by ASIC to peddle their products there. Finally, there are Australian born-and-bred operations, firmly under the authority of ASIC.

If you are looking for a forex broker in Australia or that offers services for Australians then make sure to go here.

Data Security

When you either enter or store vital personal information online, it can be subject to falling into unfriendly hands that may use it for their own personal gain. Accordingly, a top priority when choosing a broker is that they encrypt all data entered into online forms using industry standard SSL-encryption or better.

Another key issue involves the safe storage of data so that it will not be lost in case of disaster. Many online forex brokers use duplicate data farms with high security to assure the safety of your account information.

Dealing Spreads

Many day trading strategies become unsuccessful over the long term if your account does not have access to competitive dealing spreads. The spread is simply the difference between the bid price and the offer price for a particular currency pair and should be no greater than five pips in the majors and major crosses, with wider spreads often seen in the minor crosses and exotic currencies.

Commissions and Fees

Sometimes brokers are not content just to have you dealing on their spreads. In this case, they might charge a commission or fee for each transaction. Sometimes these are calculated on a per transaction basis or on a volume dealt basis. Additional fees might be involves in making withdrawals or deposits, so be sure to check that information to minimize your transaction costs.

Order Types

Most forex brokers handle the basic market, stop and limit order types. Nevertheless, some brokers also offer support for OCO (one-cancels-the-other) and trailing stops. If either of these more specialized order types would be suitable for your trading plan, then be sure that your chosen broker supports them and make sure that you fully understand the limitiation of these different order types.

Currency Pairs

Since more currency pairs often means more opportunities to profit, you will want to make sure that your forex brokers offers all of the pairs you might be interested in trading. Some traders also like to have access to precious metals like Gold and Silver, in addition to oil, especially if they will be trading the commodity currencies like AUD and CAD whose exchange rates can depend on commodity price fluctuations.

Deposit Required

Unless you are just interested in opening up a demo or practice account with the forex broker, they will usually require a minimum deposit to be made for you to get started trading forex. Often, the more money you place on deposit, the more features you have access to or the tighter your dealing spreads become. Make sure that you research the broker thoroughly before sending a deposit.

Account Types

Account types vary considerably between brokers, but most offer demo accounts for practice trading, mini accounts for newer traders with a low minimum initial deposit, standard accounts for more experienced traders with a moderate deposit, and finally VIP accounts for larger initial deposits. Here is a list of forex brokers that offers demo accounts.

Also, the features offered with each account type vary quite a bit among the various forex brokers, so be sure to see which reputable broker will offer you the best deal for the initial deposit you have available to you.

Leverage

Leverage refers to how much of a position you can control with a certain amount of funds allocated to it. Forex brokers currently offer leverage rates of as high as 500 to 1. What this means is that you can control a $50,000 trading position with just $100 allocated from your portfolio. Note that in the U.S. the maximum leverage is 50:1 for majors and 20:1 for minors.

Naturally, amplifying your risk by using leverage can result in larger gains, as well as larger losses, so be sure to use leverage wisely and avoid trading beyond your means.

Margin Requirements

Even though forex transactions are exchanges and not purchases of an asset like a stock or commodity, when the exchange rate moves, it creates credit risk for the counterparty showing a gain on the transaction. As a result, most forex brokers require that their clients place a certain amount of funds on deposit to cover such potential losses. This is known as the broker’s margin requirement.

Since margin requirements vary among brokers, you will want to make sure that the broker you choose has guidelines you can live with. Also, some brokers automatically close out trading positions when the amount of margin in your account is exceeded by trading losses, or according to other criteria, so be sure to understand such the implications of such policies for your trading business.

Trading Platforms

Most of the better forex brokers offer their own proprietary trading platforms for you to use to execute forex transactions with and to keep track of the market. These usually either take the form of web-based platforms that use access via your Internet browser or client-side platforms that you download to, install and run on your personal computer.

In addition, some brokers support independent trading platforms like the popular MetaTrader 4 platform that can be obtained free of charge and which many commercial forex trading robots are designed for.

Mobile Trading

Some forex traders require the convenience of trading and keeping in touch with the forex market via their mobile phone or other mobile device. Many brokers provide such services, so if this is important to you, check out what each broker offers in this regard and whether their software will work with your device.

Algorithmic Trading

Forex traders increasingly wish to automate their trading plans or algorithms to free up their time for other endeavors. They often do this by using a programming language to write down their decision process in an algorithmic format that can then automatically be executed by forex trading platforms that support this capability.

If you think you might want to automate your trading plan, check to see with brokers you are considering to see if they support this type of trading and how they do so.

ECN Brokers

ECN Brokers are brokers who use an Electronic Communications Network to provide price quotations and trading opportunities to their clients. The best way to picture an ECN is as an Exchange. Through an ECN, the broker puts various market participants into touch, directly. What that means is that it matches up trades so a seller will always find a buyer and vice-versa.

CFDs – Contracts for Differences

These days, CFDs are all the rage as far as online trading is concerned. These Contracts for Differences offer traders (and brokers) several advantages, which make the setup a very attractive one indeed.

A CFD is in essence a futures contract arrangement, between a broker (the CFD provider) and a trader (the client), the object of which is the difference between the current value of a traded asset (which can be just about anything, given the impressive market coverage of this financial derivative) and its value at the end of the contract. Find more information about CFD brokers here.

Market Alerts

Many brokers offers SMS or other types of market alerts to their customers. If you think this might be important to your trading business, look for this feature.

Support

Those new to forex trading will want to have better access to both dealing support and technical support. See what services each broker under consideration provides and whether it will suffice for your purposes.

Information Resources

Newer traders often require educational materials about the forex market and trading in general to get started trading forex on the right foot. If this is important to you, research what the brokers you are considering have to offer in this regard.

Also, many brokers provide sophisticated news feeds, like Reuters for example, as well as proprietary market commentary and other timely information.

Dealing Desk Access

Some traders like to speak to a personal dealer or advisor at the broker in order to obtain inside market information and advice. Others like to be able to make transactions over the telephone in a pinch. If either of these options makes sense for you, inquire with your potential brokers whether dealing desk access will be available to someone with your anticipated initial deposit.

Managed Forex Accounts

There are three types of managed forex accounts, Individual, Pooled and PAMM accounts. Here is a list of recommended managed forex accounts that offers this kind of forex accounts.

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