Below is my review of FXCM...
What I like about FXCM...
Their bespoke platform is great
FXCM offer one of the best bespoke trading platforms. The platform provides quick execution and is very user friendly. The charts are very well presented and I have never had any technical issues. FXCM also offer NinjaTrader, ZuluTrade and MetaTrader.
Their spreads are tight
FXCM offer ECN services (they also offer spread betting), so they charge a commission rather than relying on spread revenue. This helps FXCM to offer some of the tightest spreads available to retail traders. Spreads of 0.2 pips on EURUSD, 0.7 pips on GBPUSD and 0.4 pips on USDJPY are the norm.
They have a global presence
FXCM are highly regulated and have offices worldwide. They are also listed on the New York Stock Exchange. They are a trusted broker and have over 220,000 client accounts.
What I don't like about FXCM...
They only offer a small number of currency pairs
FXCM only offer the most traded currency pairs. If you like to trade crosses, exotics and other less traded instruments, you are better off with a broker like Darwinex or Oanda.
They were hit hard during the SNB and CHF incident
Apart from Alpari, FXCM were one of the biggest broker victims of the SNB and CHF incident. They held onto clients funds and refused to release them. Going broke was a possibility during this time of uncertainty (the FCA compensation scheme would have "guaranteed" some funds being returned). One would hope that it was a great learning experience for FXCM but who knows...
If you want to trade through a broker that offers ECN and are only interested in trading major currency pairs, FXCM could be for you. Personally, I believe there are much better brokers available.
If you would like to open an account with FXCM, please use this link