FXCM

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BrokerFXCM
CompanyForex Capital Markets, LLC
Year since1999
HeadquartersNew York, United States
RegulationCanada – FXCM Canada Ltd. – PartyID # 182963
London – ForexCapitalMarketsLtd. – FSA # 217689
Hong Kong – FXCM Asia Ltd. – SFC CE # AIM232
ModelECN & STP & MM
US Clientsno
Min Deposit($)2000
ECN Account Min Deposit($)
ECN Commission($)/rtl(Round Turn Lot)
Offer Fixed Spreadno
Offer Variable Spreadyes
EURUSD Lowest spreads (pips)0.3
Account CurrencyUSD, EUR, GBP, CAD, AUD, JPY, NZD
Max Leverage200(50 – US)
Minimal Lot0.01
Deposit MethodBank Wire, Cheque, Credit Card, Debit Card
Withdrawal methodBank Wire, Cheque, Credit Card, Debit Card
Scalpingyes
Hedgingyes( US Account: No)
All EAs Allowedyes
Currency Pairs58
Goldyes(US Account:No)
Gold Spread(100oz)
Silveryes(US Account:No)
Silver Spread(5000oz)
Oil
CFDsyes
Other InstrumentsIndices, Energies, Spread Betting
MAM/PAMM AccountsPAMM
Managed Accountsno
Swap-free accountsno
Segregated Accountsyes
Interest on Marginno
Bonuses & Rewardsyes
Trading contestsyes
Trading platformMT4, TradingStation , Ninja Trader,
Platform Execution
Platform Time ZoneEST (GMT-5)
Trailing stopsyes
OCO ordersyes
One-click executionyes
Trade with mobilephoneyes
Trade in browseryes
APIyes

Company: Forex Capital Markets, LLC

FXCM1.29166666666676

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9 thoughts on “FXCM

  1. […] FXCM UK(Visit) […]

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  2. JOHNATHON says:

    I’ve closed my accounts with FXCM due to the high spreads, high commissions and slippage.

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  3. FCA (UK) Fine FXCM(UK) £4,000,000 says:

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    FCA – 217689 – Forex Capital Markets Limited
    Date: 11/03/2014 Type of action: Fines

    On the 24 February 2014 the Financial Conduct Authority (the “FCA”) imposed on Forex Capital Markets Limited and FXCM Securities Limited (together “FXCM Ltd”) a financial penalty of £4,000,000 in respect of Breaches of Principle 6 and Principle 11 of the FCA’s Principles for Businesses.

    FXCM Limited settled at an early stage of the Authority’s investigation and therefore qualified for a 20% (Stage 2) discount under the Authority’s executive settlement procedures. Were it not for the discount, the Authority would have imposed a fine of £5,000,000.
    Principle 6 breach
    Between 1 August 2006 and 17 December 2010, FXCM Ltd treated its customers unfairly as it failed to pass on favourable price movements to its customers and instead the FXCM group retained the benefit, reducing the customers’ ability to profit from trading in rolling spot forex trades.
    Principle 11 breach
    Between July 2010 and August 2011, FXCM Ltd failed to be sufficiently open and co-operative and disclose to the Authority information of which it would reasonably expect notice, namely:
    1. the fact that in July 2010 US authorities had begun to investigate FXCM Group company in relation FXCM LLC’s (US sister company) order execution policies; and
    2. the subsequent decision by the FXCM Group company to settle with the US authorities and pay redress to its US customers who had suffered detriment due to asymmetric pricing.
    A copy of the Final Notice, which sets out the reason for the action, is displayed on the FCA’s web site and can be accessed using the following link:
    http://www.fca.org.uk/your-fca/documents/final-notices/2014/forex-capital-markets-limited.

    https://www.fca.org.uk/news/fca-fines-fxcm-uk-4-million-for-making-unfair-profits-and-not-being-open-with-the-fca

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  4. NFA FINE FXCM(US)$200000(07/18/2014) says:

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    COMPLAINT:

    On July 18, 2014, NFA issued a Complaint charging FXCM with doing business with an unregistered entity which was required to be registered as a CPO NFA Member and failing to submit trade data to NFA through FORTRESS.

    DECISION:

    On July 18, 2014, pursuant to a settlement offer submitted by FXCM, the firm was ordered to pay a $200,000 fine.

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  5. CFTC FINE FXCM(US) $6000000 (10/03/2011) says:

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    Narrative for 0308179 – FOREX CAPITAL MARKETS LLC
    October 3, 2011

    Forex Capital Markets LLC Ordered to Pay More Than $14.2 Million to Settle CFTC Charges Relating to Its Failure to Supervise Customer Accounts

    Firm also sanctioned for failing to promptly produce certain records to the CFTC’s Division of Enforcement.

    Washington, DC – The U.S. Commodity Futures Trading Commission (CFTC) today issued an order filing and simultaneously settling charges that Forex Capital Markets LLC (FXCM) failed to supervise diligently its personnel’s handling of more than 57,000 customer accounts that traded on FXCM’s forex trading platforms. FXCM is a registered retail foreign exchange dealer and futures commission merchant headquartered in New York, N.Y. The order also settles charges that FXCM failed to produce certain records promptly to the CFTC’s Division of Enforcement during its investigation.

    The CFTC order requires FXCM to pay a $6 million civil monetary penalty and restitution of $8,261,937 to its customers and former customers. In addition, the CFTC order requires FXCM to retain, at its own expense, a monitor to review for three years: (1) its trade execution practices and policies as they relate to the change in price between the time the customer places the order and the time the order is executed by FXCM; and (2) its compliance with its restitution obligation.

    According to the CFTC order, from at least June 18, 2008 until December 17, 2010, FXCM failed to supervise diligently the handling of customer accounts traded on the FXCM platforms by its officers, employees, and agents with respect to changes in price between order placement and execution on both market orders and margin liquidation orders. The order finds that FXCM’s failure prevented its customers from receiving the benefit of price movements in customers’ favor, but allowed its customers to suffer detrimental price movements. The CFTC order finds that had FXCM diligently supervised its personnel, FXCM would have discovered these problems with its trade integrity and would have had the opportunity to correct them before its customers were deprived of, and FXCM benefitted by, approximately $8,261,937.

    Further, the CFTC order finds that FXCM failed to produce certain records promptly in its capacity as a CFTC registrant and thereby required the CFTC to issue a subpoena to attempt to obtain required records from FXCM.

    The CFTC thanks the National Futures Association (NFA) for its assistance. On August 12, 2011, the NFA issued a Decision imposing a $2 million monetary sanction against FXCM in settlement of an NFA action (NFA Case No. 11-BCC-016) involving some of the same practices identified in the CFTC order.

    CFTC Division of Enforcement staff members responsible for this case are Charles Marvine, Christopher Reed, Rachel Hayes, Stephen Turley, Rick Glaser, and Richard Wagner.

    Media Contacts

    Dennis Holden

    202-418-5088

    Last Updated: October 3, 2011

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  6. NFA FINE FXCM(US) $2000000 (08/26/2011) says:

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    Case#:11BCC00016
    COMPLAINT:

    On August 12, 2011, NFA issued a Complaint charging FXCM with retaining gains derived from positive price slippage; failing to adopt or carry out adequate procedures to ensure the efficient execution of all customer orders; failing to treat all customers equally when giving price adjustments; and failing to adequately investigate suspicious activity in all customers’ accounts. The Complaint charged FXCM and Niv with failing to supervise.

    DECISION:

    On August 12, 2011, pursuant to a settlement offer submitted by FXCM and Niv, FXCM was ordered, within 30 days of the effective date of the Decision, to make a good faith effort to credit the accounts of its customers the amount of positive slippage which its customers experienced on their trades from and after June 18, 2008. FXCM shall provide verification to NFA of these credits. In addition, FXCM was ordered to pay $2,000,000 to NFA as a monetary sanction. In the future, FXCM will not engage in price slippage or margin liquidation practices; and, in the future, when FXCM voluntarily gives a customer a price adjustment, it shall also determine whether or not it is appropriate to make the same price adjustment for other similarly situated customers.

    Finally, within 30 days of the effective date of the Decision, FXCM was ordered to adopt and implement adequate procedures – or enhance existing procedures – to ensure the efficient execution of customer orders and to ensure compliance with NFA’s AML requirements.

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  7. NFA FINE FXCM(US) $175000 (10/12/2007) says:

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    Case # 06BCC00046

    COMPLAINT:

    On December 8, 2006, NFA issued a Complaint charging FXCM with using deficient promotional material and failing to uphold high standards of commercial honor and just and equitable principles of trade; and failing to establish and implement an adequate anti-money laundering program. The Complaint also charged FXCM and Niv with failure to supervise.

    ANSWER:

    On January 22, 2007, FXCM and Niv filed an Answer to the Complaint in which they denied the material allegations contained therein.

    DECISION:

    On September 27, 2007, FXCM was ordered to pay a $175,000 fine. The charges against Niv were dismissed, with prejudice.

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  8. CFTC INJUNCTIVE ACTION (05/30/2006) says:

    NFA ID Respondent Action Types
    0009973 CLANCY, THOMAS JAMES • CFTC INJUNCTIVE ACTION
    0308179 FOREX CAPITAL MARKETS LLC • CFTC INJUNCTIVE ACTION
    0030720 FREMER, CHARLES IRA • CFTC INJUNCTIVE ACTION
    0340833 GIBRALTAR MONETARY CORP INC • CFTC INJUNCTIVE ACTION
    0296248 JOHNSON, EDWARD T • CFTC INJUNCTIVE ACTION
    0207051 KLINE, JAYSON SCOTT • CFTC INJUNCTIVE ACTION
    Read More:
    http://www.nfa.futures.org/basicnet/Case.aspx?entityid=0308179&case=04-80132&contrib=CFTC

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  9. NFA FINE $110000 (12/13/2005) says:

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    Case# 05BCC00025
    COMPLAINT –
    On November 28, 2005, NFA issued a Complaint charging FXCM with using deficient promotional material. To view Complaint, go to Case Documents. For a copy of Complaint, contact NFA.

    DECISION –

    On November 28, 2005, FXCM was fined $110,000. To view Decision, go to Case Documents. For a copy of the Decision, contact NFA.

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