FXCM Reviews | Glassdoor

FXCM Reviews

Updated June 19, 2017
208 reviews

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Full-time Part-time

3.5
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Brendan Callan
7 Ratings

208 Employee Reviews

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Pros
  • Everyone was laid back and nice to talk to and you can learn a lot here as a fresher (in 10 reviews)

  • Flexible schedule, overtime when you want it, good work life balance (in 10 reviews)

Cons
  • most people not part of "the group" are unhappy and try to leave which results in high turnover (in 9 reviews)

  • unreasonable request from senior management (in 8 reviews)

More Pros and Cons

  1. Helpful (2)

    "Good place to learn and take skills to a firm that will pay more."

    Star Star Star Star Star
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Marketing Project Manager in New York, NY
    Former Employee - Marketing Project Manager in New York, NY
    Doesn't Recommend
    Disapproves of CEO

    Pros

    Good place to grow, learn and try new roles to take elsewhere. Good health benefits.

    Cons

    Poor internal communication, most departments never interact. Ruled by CEO dictatorship, upper management is at the mercy of the CEO for compensation decisions and promotions. College grads promoted to managers with no experience. Most managers want the title of manager but don't want to actually manage employee's. Overhead manager tell new hire, "don't smile, you laugh too much, no one will take you serious". Reluctant to spend money on any resources. Employee's are overworked with some doing three full time jobs, compensation is terrible for a Financial Services firm. Most Wall Street firms want to retain talent with compensation, FXCM just wants them to leave when they get fed up not getting adequate bonus or raises.

    Advice to Management

    CEO needs to let go and have faith in upper management to make decisions.


  2. Helpful (3)

    "Burn and churn"

    Star Star Star Star Star
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Marketing, Product Launch in New York, NY
    Former Employee - Marketing, Product Launch in New York, NY
    Doesn't Recommend
    Disapproves of CEO

    Pros

    Good health insurance. Exposure and experience to different facets of business.

    Cons

    Compensation is absolutely much to low for the amount of work people are doing for this firm. If you look at compensation alone do not apply to this company. Unfortunately, I was very green when I was right of college and accepted the offer because it was my first financial firm to work for. Almost 5 years later I am still complaining. So beware of getting over worked and WAY WAY underpaid.

    Communication between management and employees. Poor morale in the office. Everyone is a drone on their computer and forgot what it is like to be human. In addition work space is very cramped. There is no place to move around and therefore you are confined to your desk that you most likely share with someone. For example if you want to talk to a fellow co-worker who sits closely next to you most times they have head phones on and you will have to resort to an IM conversation instead of speaking out loud to that person. People are more comfortable behind their computer screens than to be a real person and actually communicate. This all stems down from the CEO. If I saw him in the hallway and said hi it was the most awkward of situations. He is a poor leader and unfortunately that trickles down throughout the firm.

    Advice to Management

    Start investing in your employees. Provide them the proper compensation and bonus that they deserve instead of being a burn and churn company. You have to think long term instead of how much money you can squeeze out of everyone so they get tired, have a bad attitude about work and eventually leave.

  3. Helpful (5)

    "Do not work here. It is a terrible organization!"

    Star Star Star Star Star
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Compliance in New York, NY
    Current Employee - Compliance in New York, NY
    Doesn't Recommend
    Disapproves of CEO

    Pros

    There is great potential learning opportunity working here.

    Cons

    My manager does not respect his subordinates or appreciate what they do. He looks down on them and criticizes them more than anything else. He is very intimidating and unapproachable. They do not offer any employee development/ growth support or help for you. Instead everyone is left by themself and its a very dog eat dog world. Promotions came to those who are most liked and favored. Hard work, motivation and ambition is not properly rewarded and often overlooked if you aren't one of the "favorites." Starting compensation is terrible! It can get better if you stick it out and get promoted but this isn't the right way to attract and keep talent. Also no one keeps their word at this place and you can't trust anyone from HR to management. Do not work at this place if you can help it! There is a reason why their turnover rate is so high.

    Advice to Management

    Purge middle management and get rid of arrogant, unapproachable managers. Criticism and intimidation is not way the encourage and develop employees. Learn how to treat your employees better.


  4. Helpful (4)

    "If you have other opportunities, take them."

    Star Star Star Star Star
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Client Service Associate in New York, NY
    Current Employee - Client Service Associate in New York, NY
    Doesn't Recommend
    Disapproves of CEO

    Pros

    good benefits
    learn a ton about FX/CFD's
    exposure to very knowledgeable and motivated people (just not management)

    Cons

    nonexistent upward movement
    no bonus structure
    unclear goals
    lack of corporate structure
    inability to provide feedback for improvement
    disconnect between management and the front-line
    zero management experience

    Advice to Management

    make sure you know what is going on, understand what you are suppose to do and let your teams do what they are supposed to do. provide clear guidelines for hitting goals and pay bonus when goals are hit. setup systems for feedback to easily get from the front-lines upward. avoid promoting incompetent people.


  5. Helpful (7)

    "beware"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - NA! in New York, NY
    Current Employee - NA! in New York, NY
    Doesn't Recommend
    Neutral Outlook
    Disapproves of CEO

    I have been working at FXCM full-time (More than 5 years)

    Pros

    you will learn the basics of financial markets, multi task, basic sales skills

    Cons

    wow, where do I begin
    1. 40k/year with "quarterly bonuses"...you can't live on that if you're in New York or San Francisco.
    (I put quarterly bonuses in quotes because management did everything they could to keep any employee from getting any kind of decent bonus. I could have got more donating plasma for a quarter)

    2. The minute they found out that the company had terrible reviews on glassdoor, we had a meeting with the head of the department. This person asked us to go onto Glassdoor and give FXCM a "great" rating. If you go through some of the comments you can totally tell which ones were fabricated.

    3. If you take anymore than 20 minutes for lunch, you get the stink eye from every manager within 10 feet of you.

    4. The head of our department has never been on the phones before, and yet this person is the head of the department...your head should be exploding right now.

    5. They say you can advance within 2 years of solid service, but the problem is that they can't keep people...over 60% turnover in the department I'm in.

    6. So much micro managing...

    7. They say its about "Meritocracy" i call it meritocrazy....you have to play the "game" if you want to get ahead....

    8. Company culture is non existent.

    Advice to Management

    The company big wigs seem very set on keeping the stock price as high as possible...well, if that's what you want, outsource the jobs to India or something.


  6. Helpful (5)

    "Not a company you would want to work for ....you will be looking for a new job with in the year"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    I have been working at FXCM full-time (More than 3 years)

    Pros

    good place to learn basic currency trading
    launch pad to better and more advanced FX companies

    Cons

    The company is corrupt-- if you do your proper research you will discover it for yourself
    There is no company goals or team work basically its like a sweat shop " come to work do your job then go home"
    management is very untrustworthy and will yell at you for taking 31 minutes in your 30 minute lunch
    most employees are very unhappy there except if you are apart of the click or in crowd
    pay is very low, no 401k matching and long hours

    Advice to Management

    value your employees you cant possibly think you can be a admired company by treating your employees like you do

    FXCM Response

    Mar 7, 2013 – Human 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


  7. Helpful (7)

    "An extremely Dysfunctional and Disillusioned organization."

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    I worked at FXCM full-time

    Pros

    There 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 Management

    The 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.

    FXCM Response

    Mar 7, 2013 – Human 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

  8. Helpful (6)

    "Total Unprofessional Employees Work Here"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    I have been working at FXCM full-time

    Pros

    Nothing positive to say about this company or its employees

    Cons

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

    Advice to Management

    Take some lessons in professionalism and respect.


  9. Helpful (6)

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

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    Pros

    Some 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.

    Cons

    Nepotism/ 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 Management

    You 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!


  10. Helpful (8)

    "Very Unprofessional Environment with Unbelievable Micromanagement"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Disgruntled Employee in New York, NY
    Current Employee - Disgruntled Employee in New York, NY
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    I have been working at FXCM full-time (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 Management

    Listen 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.


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