Is FXCM a scam?
It’s getting near the time that I plan to start trading the forex with real money. I have set a start date for Monday July 21st. Between now and then I will continue my forex trading lessons and also make every effort to ascertain that I do not open an account with a company that is fraudulent. To that end I am conducting some research and investigation into Forex Capital Market, otherwise known as FXCM because they are the company I am leaning towards as I did settle on their demo platform after testing out a few others.
I have sent an email to FXCM in which I’ve asked aboutall the customer complaints I keep finding all over the Internet on forex message boards and other forex websites, specifically asking about the accusations that they target people they with a higher likelihood of failing at forex trading. I will share their response if I ever receive one. Of course I will not be relying on their response to make my decision; but I wanted to hear how they would respond, although I suspect they’ll point me to a page on their website that provides their NFA and CFTC IDs along with information about how many accounts trade with them daily. That’s not exactly my idea of proof that they are not going to scam me out of my money though….
Update: I received a response from FXCM. As expected the response contained information about FXCM being registered with the NFA and regulated with the CFTC etcetera. But I was at least assured that FXCM wants all clients to make money because they only make money when their clients make money. So should I take FXCM’s word for it or heed all the warnings from so-called dissatisfied customers to stay away?
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