FXCM
2.9 of 5 106 reviews
www.fxcm.com New York, NY 500 to 999 Employees

FXCM Reviews

Updated Apr 15, 2014
All Employees Current Employees Only

2.9 106 reviews

                             

44% Approve of the CEO

FXCM CEO and Director Drew Niv

Drew Niv

(57 ratings)

47% of employees recommend this company to a friend
106 Employee Reviews
in

Review Highlights

Pros:
  • "Good place to start, you can gain valuable experience"
    in 7 reviews
  • "Opportunity to learn if you demonstrate intelligence to the right people"
    in 7 reviews
Cons:
  • "High turnover and lack of stability"
    in 5 reviews
  • "The company is corrupt, especially on the upper management level; lacks ethics and integrity;"
    in 5 reviews
  • Show more review highlights

Reviews

  • Culture & Values
         
  • Work/Life Balance
         
  • Senior Management
         
  • Comp & Benefits
         
  • Career Opportunities
         
  • Disapproves of CEO

 

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Financial Service Representative (Former Employee)
Tel Aviv-Yafo (Israel)

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

ProsIt was good starting at the same time as other new joiners so we could support each other, it was not helpful after a few months when they all resigned.

ConsThe job is advertised as a Financial Services Representative, but it should be renamed Online Internet Chat Specialist. They had 10+ people leave the position within the last year. The office is really short staffed compared to other offices, the current FSR staff are depressed. There is a very small team of 3 or 4 and 2 team leaders, you do the math.
They got some sort of operational "support" in Jerusalem who do not really provide much assistance, usually just to cause fight and friction instead of getting the job done.

Advice to Senior ManagementWhatever you are doing with this office, it isnt working. If you have a look at these glassdoor reviews you should read them, take note and act or you are in total and complete denial about your own ineffectiveness and failures.

No, I would not recommend this company to a friend – I'm not optimistic about the outlook for this company

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1 person found this helpful  

Horrible Company

Financial Service Representative (Current Employee)
Tel Aviv-Yafo (Israel)

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

ProsNice and friendly coworkers; good friends

ConsWhere to begin...
-Serious lack of leadership from upper management;
- Ridiculous micro-management (There are these awful goal check-ins every other day, just to make sure these so-called vice presidents look important);
-Many, if not all, of these vice presidents do not even have an advanced degree, in fact, their undergraduate degrees are substandard at best;
-At any other company or organization, these vice presidents will be laughed out of the building due to their lack of any real advanced education;
-Bathroom breaks must be cleared by a Team Lead or Manager and there are times when they are denied!;
-Instead of concentrating on these time wasting goal check-ins, the vice presidents should be more concerned about the serious turn over;
-While we were told that the employees may get a free trip to a different office to bring up morale, it is quite evident that due to this employee turn over, this trip will not take place - another management half truth;
- Employees get yelled at on the floor.

Advice to Senior Management-Stop the micro managing;
-Hire and/ or educate upper management at quality universities (being home-grown has limitations);
-Explain our goal matrix!! We are told to hit these numbers, yet no one tells us how these numbers work.

No, I would not recommend this company to a friend

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FXCM Human Resources responded to this review

Dec 3, 2013

Thank you for your feedback. FXCM strives to ensure a positive work environment for all of its employees and takes your constructive criticism very seriously. That said, we would like to address a ... More

  • Culture & Values
         
  • Work/Life Balance
         
  • Senior Management
         
  • Comp & Benefits
         
  • Career Opportunities
         
  • Disapproves of CEO

 

Terrible place to work

Financial Service Representative (Former Employee)
Tel Aviv-Yafo (Israel)

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

ProsFriendly, hardworking and intelligent colleagues.

ConsLive chat support.
Micro management
Senior management check ins every 3 days at times.
Serious lack of operational support from our back office at crucial times when dealing front line with clients.
High turn around of staff.
Atrocious salary.

Advice to Senior ManagementEnough with the micro management.

No, I would not recommend this company to a friend – I'm not optimistic about the outlook for this company

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FXCM Human Resources responded to this review

Nov 26, 2013

Thank you for your feedback regarding your position at FXCM. We’re sorry to see that you would not recommend this company to a friend and your one star rating.

We would like to address a few of ... More

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3 people found this helpful  

Micro-managed underpaid sweatshop.

Financial Service Representative (Former Employee)
New York, NY

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

ProsListed comany, does look good on resume.
You do learn a lot about trading Forex.
Colleagues are nice.

ConsBeing abused by clients but they are always right.
Things can change within days, new systems and products to learn, clients want immediate answers to everything and RIGHT NOW, management call this 'dynamic and fast moving', in reality its a mess but an FSR is the first port of call and they are all deemed as the experts.
Live chat support, hours and hours a day, everyday on live chat. If a client is angry or leaves bad chat feedback, you have to call that angry client and see what else can be done for them and get more abuse.
Supporting clients that have no clue how to trade and we shouldnt even onboard them.
Micromanagement, even a bathroom break has to be cleared by a team leader. Management want to know what you are doing all the time.
Pointless metrics and goals.
Personal opinions from colleagues used against you in the quarterly review.
Your job is most likely being outsourced over to the middle east.

Advice to Senior ManagementBack off a little, the role of an FSR can be very stressful. A little less of the micro management and advising on matters that you have never really dealt with ever before or ever will. Dont they have important 'management' things to do rather than care so much what the 'bottom feeders' whom they have never met before are doing? Try and not hire your family members as senior management, hire externally. I've never seen anything like it before and I hope I never will again.

No, I would not recommend this company to a friend

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FXCM Human Resources responded to this review

Oct 21, 2013

Thank you for your feedback. We regret to receive 1 out of 5 stars and an overall outlook of “not the place to be.”

We agree with you in that there is a lot to learn in this position and that ... More

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  • Disapproves of CEO

2 people found this helpful  

Not recommended, unless you are desperate for experience

Operations Management (Former Employee)

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

ProsEasy to get an entry-level position, which can help to move forward in the industry

ConsPunitive work environment. Employees have been yelled at on the floor by managers. Unrealistic productivity goals without adequate focus on quality of work. Management is like a highschool clique.

Advice to Senior ManagementHire external, experienced managers.

No, I would not recommend this company to a friend

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Not the place to be

Anonymous Employee (Current Employee)

I have been working at FXCM full-time

ProsThe office has a nice view.

ConsToo many to list, just marking my time.

Advice to Senior ManagementListen to your employees and put qualified people in senior roles

No, I would not recommend this company to a friend

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7 people found this helpful  

Very Unprofessional Environment with Unbelievable Micromanagement

Disgruntled Employee (Current Employee)
New York, NY

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

Pros- It's a good resume builder. But as soon as you have 2 years in, RUN!

Cons- Favoritism/Nepotism exists at such a high degree that it is an impediment to those who actually try to give input and constructive criticism as to how to improve the product.

- Speaking of Nepotism, you'll find that almost everyone at higher positions are either friends or relatives with the partners.

- Sometimes, the partners actually bring their kids to work! Not that bringing kids to work is a problem but their kids actually run around the desks and near the other employees, becoming a distraction. Kind of funny that we're supposed to maintain a professional environment but I guess company policy does not apply to the partners.

- The company does not realize that what they have of value is the employees. It is the employees, disillusioned as they may be, that make FXCM. How are they treated? With very low salaries.

- Don't even think about asking for a raise because you probably won't get one. Not unless you threaten to quit, which should never have to be the case in the first place.

- Interns get paid $10 an hour and will keep you an intern for as long as you don't bring up the topic of going full time. Start ruffling some feathers about going full time and you're met with a lot of resistance. And most of the time, they won't give you the full time position unless someone else from your team quits. Management are notoriously cheap.

- The company's iPO might be doing well but I want you to understand that in order for the company to create some type of "profit" to appease the investors, they have to maintain this illusion by keeping salaries very low and cutting out things such as holiday parties and outings. Things that keep morale high.

- After Hurricane Sandy, FXCM decided to not have a holiday party citing "costs" brought upon by the hurricane. Funny thing is that they received federal aid through FEMA. So of course the excuse that FXCM gave was bull****. It is just another plot devised by FXCM to not spend any money on its employees.

- MICROMANAGEMENT is really bad here. Everyone and their dogs like to make decisions that honestly, should not be made by them because they lack the expertise. But because they are managers, they think they know what's best. I'm not going to make a decision about something that I have no knowledge of. Trust the experts in their fields!

- Lack of communication throughout all parties. Not everyone is on the same page because management likes to exclude people from what's going on with projects. This makes it very hard to know what initiative we're undertaking as a whole department.

- Brown nosing. If you want to make it to the top, then you will have to suck up. It is unfortunate because there are many talented individuals at FXCM who don't reach the top by their own merit which is how it should be. Rather, you get to the top by how much butt kissing you do. Gloss your lips and pucker them up!

- Company morale is extremely low. If you were to walk in into our offices, it's like a sea of zombies. People just trying to get by and do what is asked of them rather than having the enthusiasm to make a difference. Blame it on the employees? No. Blame it on management. Management have their heads so far up their asses, they cannot see things for what they really are.

- FXCM actually tells people to write dishonest great reviews on this website. Can you believe that? Management is actually aware of all the negative reviews here and rather than take the negatives and improve on them, they tell employees to essentially bull**** on here. If that doesn't discourage you from working here, I don't know what will.

- Employees are becoming more aware of how bad the situation is at FXCM and are leaving at an astonishing high rate. The turn over is really high. Departments are smaller than what they used to be about 3 years ago. Of course, this is great for the partners who have to spend less on salaries. But the work load gets heaved by the employees who are still here. They work more but still get paid the same amount.

Advice to Senior ManagementListen to your employees and have some respect for them! Stop taking advantage of them because they're the ones who are making you rich. Karma will come to bite you.

No, I would not recommend this company to a friend – I'm not optimistic about the outlook for this company

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5 people found this helpful  

You will feel like you are back in high school...and NOT in a good way!!!

Anonymous Employee (Former Employee)

I worked at FXCM

ProsSome flexibility to work in different departments/ locations - employees are able to apply to/ change departments relatively easily and some also have the opportunity to travel/ transfer to different office locations.

ConsNepotism/ favoritism will determine your $/ promotions not how hard you work or your actual productivity.
Salary VERY low for industry, dental & medical plans are mediocre at best, 401K here will NEVER be matched.
Arrogant managers that are usually a few years out of college, they would barely be qualified to work at staff level positions at other companies.
MD/VP level positions are allowed to laterally transfer to other departments so in many cases entry level staff has more knowledge of that area of business than their manager.
Co-workers are miserable and act like zombies, most would not even speak to each other in breakrooms or elevator and live w/ their ipod headphones on - employee morale is non-existant!!!
Very dog eat dog, no one here can be trusted, every employee out for themselves not a unified working environment.
HUGE turnover in the past few months of long time employees (6+ years w/ company)
The only employees who have any job security here are related to the partners...
Disconnect between departments since they are managed by many different partners - feels like seperate businesses not a unified company.

Advice to Senior ManagementYou once prided yourselves on being a "mom & pop/ family oriented" company, since the IPO that has ALL gone out the window, maybe focusing on those beliefs and realizing that your employees ARE your company will help resolve some of these issues - although most managers are too busy micromanaging to notice the bigger picture!

No, I would not recommend this company to a friend – I'm not optimistic about the outlook for this company

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6 people found this helpful  

Total Unprofessional Employees Work Here

Anonymous Employee (Current Employee)

I have been working at FXCM full-time

ProsNothing positive to say about this company or its employees

ConsContentious, arrogant and rude management. Would discourage anyone from doing business with this company. Is not truthful and like to disparage people.

Advice to Senior ManagementTake some lessons in professionalism and respect.

No, I would not recommend this company to a friend – I'm not optimistic about the outlook for this company

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6 people found this helpful  

An extremely Dysfunctional and Disillusioned organization.

Anonymous Employee (Former Employee)

I worked at FXCM full-time

ProsThere are no positives about working for this company. At one time they had an HR team that would try to help employees but since they fired the entire team and hired a replica of themselves, there is no reason to take a job with this company other than padding for your resume.

Cons-Nepotism runs rampant in this company i.e. family members report to each other.
-Promotions are based upon how much kissing up you choose to do.
-Management team is inexperienced with no business skills other than what they learned from the partners. In other words...the blind leading the blind.
-Management is through intimidation and threats of termination.
-Ownership refuses to see that there are internal problems that start with the partners.
-Management is out of touch with compensation (salary, bonus, benefits) in the industry. Starting salary for certain positions hasn't changed in years.
-They want the "cream of the crop" but pay "bottom of the barrel" wages.

Advice to Senior ManagementThe board members should remove the partners/senior management and replace them with competent and experienced professionals to lead the company so it can become successful.

Help develop employees who actually have true management qualities and get rid of your "yes" men. Pay attention to the comments posted on Glassdoor and other sites that critique the company and try to address some of the points raised by your employees. You have overly inflated egos and don't want to believe there are problems with your company. If so many people are saying the same thing, everyone can't be wrong. Accept that your company is severely flawed and you need to take some measures to correct them.

No, I would not recommend this company to a friend – I'm not optimistic about the outlook for this company

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FXCM Human Resources responded to this review

Mar 7, 2013

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
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Glassdoor is your free inside look at FXCM reviews and ratings — including employee satisfaction and approval rating for FXCM CEO Drew Niv. All 106 reviews posted anonymously by FXCM employees.