FXCM Reviews

Updated August 23, 2014
Updated August 23, 2014
124 Reviews
3.0
124 Reviews
Rating Trends

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FXCM CEO and Director Drew Niv
Drew Niv
69 Ratings

Review Highlights

Pros
  • You'll learn a lot and the opportunity for exposure and hands on experience exceeds those top positions at big banks (in 7 reviews)

  • Good place to start, you can gain valuable experience (in 7 reviews)


Cons
  • High turnover, poor handling of bad staffing choices (in 6 reviews)

  • The company is corrupt, especially on the upper management level; lacks ethics and integrity; (in 6 reviews)

More Highlights

26 Employee Reviews Back to all reviews

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  1. 1 person found this helpful  

    Great Experience, Terrible Middle Management

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Operations
    Former Employee - Operations

    I worked at FXCM full-time for more than 3 years

    Pros

    + Great exposure to the forex industry.
    + Looks positive on your resume, can leverage experience
    + Small company, so you get personal face time with senior management and the executive team right away
    + Your peers are very friendly and do their best to make it a great place to work
    + Senior Management has put the company in a good position to succeed going forward. Every interaction I had with the executive team was positive. It's too bad that can't seem to filter down to the lower levels.

    Cons

    + Pay is well below industry average, especially after they eliminated the generous bonus structure. The Sales side of things seemed to be more on par with the industry average.
    + Middle management is awful, with no leadership in place. No feel for their employees and fail to get buy in.
    + Micromanagement - down to the number of bathroom breaks you take. This will come up in your quarterly evaluation.
    + Little to no real advancement opportunities within the United States, despite what they advertise to new employees. I hope you enjoy Bulgaria. Pretty much told to do your job and go home, no development.
    + Nepotism is rampant when promotions and bonuses become available. You are allowed to have an opinion... as long as it agrees with theirs. Don't speak out in opposition of something if you want to keep your promotion opportunities alive.
    + High employee turnover - indicative of the terrible management that occurs at the lowest levels.

    Advice to ManagementAdvice

    Get back to your roots and take care of your employees. If you want to have productive employees, then treat them like human beings. You are still a small company and should be able to have a great corporate culture, but you have managed to have all the cons of being a public company (red tape, nepotism, unhappy employees) without any of the public company benefits (higher compensation, etc.)

    You have lost a significant number of talented employees over the past two years. Each one of them that I have talked to since they left is much happier at their new company. I have never been around a group of lower-level employees that is more miserable than during my time at FXCM.

    Doesn't Recommend
    Neutral Outlook
    Approves of CEO
  2. 2 people found this helpful  

    Interesting work

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee

    I worked at FXCM full-time

    Pros

    Great coworkers
    Normal hours
    Workload was never crazy
    Interesting work

    Cons

    Shady business ethics / senior management

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  3. 1 person found this helpful  

    Forgot What Made Them Great

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee

    I worked at FXCM

    Pros

    Opportunities to learn different aspects of the forex market.
    Ability to gain many new skills just based on the nature of how each department works.

    Cons

    Pay is less than industry standard.
    Slowly outsourcing jobs to other countries.
    Wasteful spending that results in people getting fired to make the bottom line look good to investors.
    Promotions and job security based on cronyism and nepotism, if you don't fall into those 2 categories, you have to sacrifice your personal life and happiness before you see benefits (if they don't fire you first).
    Managers are clueless in how to develop people but remain in power because of the points listed above.

    Advice to ManagementAdvice

    Actually learn how to manage. You always say that things should change for the better but the management model seems to be exempt from that. Management doesn't seem able to see their own shortcomings and constantly assign their failures to other people under. This is the vicious cycle of FXCM.

    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO
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  5. 1 person found this helpful  

    A good place to start your career but not really any room for advancement.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee

    I worked at FXCM

    Pros

    You will enjoy working with your colleagues on the same level as you. You will gain some great experience in the FX markets as well as with interacting with people on the phone.

    Cons

    Management is terrible. They do not value their employees at all. There is extremely little room for advancement within the firm and they are just fine with that, as they consider the majority of their employees to be a dime a dozen.

    Advice to ManagementAdvice

    If you want your employees to excel, show them you care about them. It will speak volumes for the company.

    Doesn't Recommend
    Neutral Outlook
    Disapproves of CEO
  6. 1 person found this helpful  

    It is very easy to get in to the company. The bar is not very high. Which is reflected in pay.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Employee  in  New York, NY
    Current Employee - Employee in New York, NY

    I have been working at FXCM full-time for more than 5 years

    Pros

    - Easy environment.
    - Not much of a rush to get anything done.
    - The experience you have will really depends on the manager you get. Some are decent, others are not.

    Cons

    - If you're ambitious, this is a wrong place to be or it should be a stop along the way - very brief stop.
    - Management has been in place forever. These few people who joined the company a while back have held the spot and control the information going to upper management to keep it that way.
    - Along the same chain of thought - politics is fostered in the company from the highest level. Managers fighting among each other about what they control and how they control it even if it is detrimental to the business or general operations. Example of this is: If something goes wrong, rather than fixing it, every email is dissected to find out who to blame among the many departments working on the project.
    - A lot of employees have recently described the company as a sinking ship. Bonuses are cut, no raises are given. Most of the fault for that goes to the partners who have not diversified the business. They keep thinking of acquiring other FX firms rather than branch in to other markets. This is what it seems to me as an employee of many years. I'm not privy to their future plans.
    - Quality of people is not high. No go-getters... people just going with the flow to earn a living. I'm among them.

    Advice to ManagementAdvice

    - Top management should start firing or laying off managers when politics is being used within the company. Although there will be a vacuum as to who fills those spots. No real leaders all around.
    - Keep an open mind and listen to bottom level employees. Don't just listen to managers you've appointed while back.
    - How is seniority a qualification or requirement for promotion? Wake up.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  7. 2 people found this helpful  

    Great first time experience. Learned a lot about forex.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Senior Relationship Manager  in  Plano, TX
    Former Employee - Senior Relationship Manager in Plano, TX

    I worked at FXCM full-time for more than a year

    Pros

    Great hands on work experience. So great people on the entry level who will work with you and support you.

    Cons

    Internal promotion of management leads to a cycle of nepotism and lack of quality management. Lack of possible growth in movement upward.

    Doesn't Recommend
    Negative Outlook
    Approves of CEO
  8. 3 people found this helpful  

    Disappointing career move

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Operations Associate  in  Dallas, TX
    Current Employee - Operations Associate in Dallas, TX

    I have been working at FXCM full-time for less than a year

    Pros

    -Team members are friendly enough
    -They offer the opportunity for people with little to no experience to get their foot in the door of the financial industry

    Cons

    -There is no opportunity for growth
    -Productivity matrix puts extreme pressure on employees and causes them to make mistakes... then the errors are reported and used against the employees
    -Management can't be bothered to even talk to the employees, much less guide them
    -Salaries are much lower than the industry standard and bonuses are held over employees' heads
    -Quarterly performance reviews for associates that include review of errors and anonymous peer feedback

    Doesn't Recommend
    Negative Outlook
    No opinion of CEO
  9. 6 people found this helpful  

    Take a position at your own risk....Be careful before selecting this company as a long-term employer

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee

    I worked at FXCM full-time for more than 5 years

    Pros

    *A good place to learn some basics as a new college graduate;
    *If you were a quality student, you will likely have more experience than your manager;
    *Based on your department and manager, an opportunity to obtain information quickly over a short period of time prior to moving on to a more professional company;
    *There are some good people working for the company, very few, but some;
    *The medical and dental plans are okay, but you will never see matching 401K! Forget it!

    Cons

    *The company is corrupt, especially on the upper management level; lacks ethics and integrity;
    *The management staff lacks experience and does not have the opportunity to train with other professionals to know that their experience level is below average;
    *The inexperience trains the inexperienced, a combination that does not produce top talent that is competitive outside the company;
    *The culture and vision is poor, as nepotism is extremely, extremely, high....meaning, mostly all persons in top level positions are related to the partners, friends of the partners, possibly intimate with upper management, in the partner's religion group, or connected to the partners;
    *Over 90% of employees will never reach their true goals/potential while working for this company; if you accept a position, only remain for 1-2 years at max for resume purposes and move on to a company that will compensate you fairly, treat you fairly and respect you professionally;
    *The best advise, do not trust anyone in this company, not even legal, as there is no real camaraderie....whenever a company is corrupt from top down, you should only trust people as far as you can see them; as soon as your back is turned, your trust level should be at 0;

    Advice to ManagementAdvice

    *In most cases, the management at FXCM are in denial and they have requested for employees to list positive feedback on this site; and they are in denial about the posts on Glassdoor, but from personal experience, almost 100% of the posts have some or all true statements....learn from the feedback, make improvements, and actually care about the employees working for your company. In most cases, upper management could care less about the people working for them, but remember, the people are the company, a company's greatest asset, and without them, FXCM is nothing!

    *In addition, to those that believe they are really upper level management (meaning not promoted by a family member), unless you take measures to inhance your career outside of FXCM, (ie. networking, outside training, upper level degree, etc.), your career path outside of FXCM will be very limited, as you are being fooled to think that you are actually VP's/MD's, while you are really, maybe, supervisors, managers, customer service supervisors, and in some cases, regular employees that need additional guidance. If anything, access yourselves and ask yourselves, did I really have enough experience/education to be in this role? In most cases, you will not be truthful because FXCM's management tend to be full arrogance and deceit, so maybe a true 360 assessment done by an outsourced company (someone not related/friends with the partners or employees) will allow you to gain a true insight.

    Advise to the employees....if you hear a little voice in your head telling you something is wrong, you cannot trust it, and you feel that you should start looking for another career/company...well, you are 6 months behind and should start looking immediately. This means that you have a conscious, ethics and values and FXCM is certainly not the company for a person that possess those characteristics!

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    FXCM Response

    Mar 7, 2013Human Resources

    Thank you for taking the time to provide feedback on your experience working at FXCM. We greatly value the opportunity to utilize this information constructively so that we may capitalize on the ... More

  10. 4 people found this helpful  

    Inevitable learning curve for the young management / firm, as result everybody below must suffer along

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Anonymous Employee  in  New York, NY
    Current Employee - Anonymous Employee in New York, NY

    I have been working at FXCM full-time for more than 3 years

    Pros

    - if you are a good boy and can show competency, opportunities be opened to work across departments/roles of your interest

    Cons

    - unable to speak your mind and have some kind of satisfactory of candit conversation before a young manager shoot u down for erratic behavior
    - lower your expectations, there is already too many mouths to feed so don't expect a raise for increased responsibilities/expertise work, at least communication wise....i never get this!
    - throws around title promotions like its out of style, result: lower credibility of that title
    - micromanage practices: either a)management is not confident of the subordinate b)manager is arrogant and need to feel good about him self
    - both is true: a)if you are not confident why is that subordinate working there for 4 years already and still asking the same question b) I know you think u are not getting paid fairly because this is the first job you've had out of college and you are at senior management already
    - rather hires a stupid one than a smarter one to save on money i suppose, result: a chronic culture of feeling of injustice whereby standards always seem to come short, not just relative to perceived industry standards but specially within the departments and ranks
    - not much of a culture, low morale, and you wonder why! we all like to think that everyone could just get along. but the truth is professionally there is little room for those who don't meet the standards. hey it is a business right
    - so if you demand high standards and discipline, you will have hard time reconciling with yourself there
    - compensation is not just compared to industry, but also prominently compared within the firm and ranks. you have those get paid too much, and those not enough based on the work they do

    Advice to ManagementAdvice

    Lets look back at all the decisive changes made recently. Deliberate changes happen because the current form is not fitting, as you would agree. Your business model, no dealing desk, has not change that much overall. That leads to the presumtion that most changes made are for existing operating conditions. Lets keep working on those conditions.

    FXCM Response

    Mar 7, 2013HR Generalist

    Thank you for taking the time to provide feedback on your experience working at FXCM. We greatly value the opportunity to utilize this information constructively so that we may capitalize on the ... More

  11. 2 people found this helpful  

    Keep Jobs in America

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Anonymous Employee  in  Plano, TX
    Former Employee - Anonymous Employee in Plano, TX

    I worked at FXCM full-time for less than a year

    Pros

    Variety of hours available. Met some life long friends there.

    Cons

    Low pay, management team is inexperienced, laid off to send my job over seas, micro-managers, people are treated as numbers not humans.

    Advice to ManagementAdvice

    Higher positions should work their way up not just get a position bc of seniority. Many of upper management didn't know how to do the job they were supervising for. Don't micro-manage, trust the people that have been hired.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

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