This was brought to my attention from one of our readers.  Effective, 12/13/2005, FXCM was fined $110,000 due to the following 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. 

See this complaint on the NFA Website

I know that Refco had a minority stake in FXCM before they went bankrupt.  Either way, this is disturbing news.  I may migrate off FXCM and just use my FOREX.COM account. 

Read or add comments about this item.

No. 1 :

Rich
Thanks for this artilcle; and info ! Somewhat new to the FGX market i am hesitiant on choosing a reliable/honest trading platform. I do know its good for a company to be registered-(NFA.CTC) ut its not a guarantee. Can you or anyone reading this tell me anything about the reputation OR HEARD anything of these companys--EFXGROUP(MBT),GFT,RJO,FOREX........
Thanks
David

Submitted by David • 2006-01-21 21:54:19

No. 2 :

David, I personally haven't heard of any of the brokers you mention. I have used FXCM in the past and started scaling down my account there. I'm now dealing mostly with forex.com (GAIN CAPITAL) and find them reliable.

Submitted by Rich • 2006-01-21 22:03:12

No. 3 :

Thanks Rich
I will look into the FOREX platform.
DAvid

Submitted by David • 2006-01-22 11:37:08

Please keep your comments brief and on topic, and remember that this is not a discussion thread.
Name :		Website :
Title :
Comment(s) :
Verify :		Answer this simple math question: 10 x 5 = ?