FXCM – feedback and broker overview with the ability to trade micro CFDs

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Contents

FXCM – feedback and broker overview with the ability to trade micro CFDs

✅ This Trading Platform is available in United States

Overview of prospective financial brokers: FXCM

Recently, many users of the World Wide Web have been witnessing a rapid growth in the number of brokers offering mutually beneficial cooperation in online trading to their clients. Anyone who has even initial knowledge in this area of ​​commercial activity understands that as long as there is a demand for forex brokers, one can bravely engage in the creation of new trading platforms. But this, only superficial observations, about these companies. Information about the main participants of the world financial markets, it is not difficult to find in the network, on TV, or in print media. Of course, these well-prepared descriptions strongly raise the broker’s rating, on which the attitude of potential traders depends, and, of course, the profit of the presented web resource. Therefore, serious brokers never spare money for creative advertising, which can interest the representatives of the target audience. In this case, sometimes funny situations occur.

Numerous reviews of “users” and allegedly authoritative “analysts”, in which a broker is called unfair, unfair to his clients, and sometimes – a common rascal, instead of intimidating the user, do not achieve their goal. Future traders start looking for information about “scammers” using authoritative sources, and very often register on this trading floor, not regretting their choice. The FXCM broker also got into similar situations, but the resource administration categorically refused to pay for such methods of fighting competitors, considering them dishonest and unworthy for representatives of any business.

Features of FXCM

A very important point for any company is the presence in the list of its clients of traders from the United States. Practical people who know how to make money, and will never engage in dubious projects, well know with which broker it is worth working, and when it is necessary to refuse cooperation so as not to become a victim of pseudobrokers. Many economists are convinced that this “flair” and knowledge of financial disciplines helped the famous dynasties of American billionaires to stay afloat in the 1930s. of the last century, and then, even badly to earn, despite poverty, ruin and unemployment in territory of all American states.

Security

The company very carefully checks the biography and personal data of its potential customers. Work on the resource is available only from the age of 18. Note! Since 2020, the broker under consideration (thanks to a series of transactions) entered the international holding company Leucadia, significantly strengthening its position in the world financial markets. Given the multidirectional activities of the company, users can not be afraid of force majeure in any direction. For example, an increase in oil prices may under certain circumstances damage the broker (but the availability of own wells and processing plants very quickly compensate for the broker’s losses, which allows him to fulfill his obligations to traders).

An additional plus of the company is the warning of traders that no one guarantees them huge wealth after several months of bidding on the submitted resource. The fact that it is pleased (especially the users who finally decided to work on this site), the presence of MetaTrader 4 (the product used by the most advanced online trading specialists), its own platform, and also specially created for FXCM applications. All of them will help beginners to understand the algorithm of earnings faster, and to understand which of the listed platforms are best suited personally for each trader.

By registering to the FXCM login, the user gets direct access to Forex, which allows him to earn much more than on other trading floors. In this case Non Dealing Desk technology is used, which allows the clients of this company to conclude deals at the most favorable prices, without fear of accusations from the Antimonopoly committees of those countries where the broker operates.

To protect investments and personal information of its users, the best specialists of the company use the latest equipment and software, use encrypted communication channels.

Among the authoritative organizations involved in controlling the activity of brokers, we can distinguish the following:

But, one of the most serious agencies that regulate the activities of a broker is the American organization CFTC. The listed regulators are well-deservedly considered the most reliable in the world, and for experienced traders, only the above points are enough to safely register an account on the considered trading floor.

Educational materials

The broker under consideration pays much attention to training materials for its users. In addition to the standard:

● Examples of successful strategies

This participant of the global financial market periodically uploads the most interesting news of this activity to YouTube, as well as an annual conference on the Forex currency market. On the official website of the broker, lessons are conducted for beginners, which help quickly master the algorithm of working with authoritative foreign markets. Well, the final stage will be developed for FXCM demo account – the main assistant for each novice trader, who so far has no relevant work experience.

Key indicators and requirements of FXCM

Experienced traders are well aware that to work on any trading floor you need to follow certain rules. And above all, it concerns financial nuances and some other issues that are of fundamental importance to the administration of the resource.

Trading conditions

● The minimum deposit is $ 50.

● Multiple accounts (differ by the minimum deposit amount and additional privileges).

● A highly qualified support team operates (24 hours a day, 7 days a week).

● The minimum lot size is 0.01.

● The minimum bet is $ 25.

● Account currencies: American, Australian, New Zealand dollars, British pound, yen, euro.

● Provides free training, as well as bonuses, prizes and competitions for the most active traders.

If you collect all the surveys of users, analysts, etc., prepared about FXCM, you can see that most of them recommend checking financial information about the broker on the official website. Because even relatively new information can lose its relevance within 1-2 days.

Withdrawal of payment means and replenishment of the deposit. Available assets

The procedure for entering / withdrawing funds can be carried out in different ways, but the specialists who made up the FXCM reviews argue that this is quite enough. Although the broker is much inferior to its competitors in this indicator. In order to replenish the deposit or withdraw money, you can use a plastic card (Mastercard / Visa) or conduct this procedure by bank transfer, Skrill or Union PAY.

The main trading tools of the site, except for currency pairs, are commodities, precious metals and stock indices.

FXCM Micro Review

Review

As of September 2020, FXCM will no longer be offering Micro or Mini accounts. FXCM remains as one of the most reputable and highly-respected Forex brokers in the world, and their commitment to their traders comes through in their top-notch trading platforms and their low spreads. To learn more about Standard accounts, read our full FXCM review here.

FXCM Micro, a division of, FXCM, a registered Futures Commission Merchants engaging in Forex trading and related services, offers Forex traders a solution to a very common problem. While the Forex market has over 4 trillion dollars traded daily, retail traders who are just getting started in Forex trading do not have a lot of capital to invest.

In fact, putting aside capital, new Forex traders should not be investing large sums of money in Forex before they have some experience under their belts. A beginner Forex trader should try to keep risk low and trade on a low flame for as long as they can afford to.

Many Forex brokers require a minimum deposit of $500, a sum that is substantial to most people. Other brokers go as low as a $100 minimum, but even that might be a high number for some traders.

The FXCM Micro account enables Forex traders to begin their Forex career with a minimum deposit of $50. This means they cannot possibly lose more than that as a result of trading. Unlike FXCM that caters to all retail traders as well as institutions, FXCM Micro clearly targets the new Forex trader.

FXCM now also offers the ability to trade micro CFDs, putting most of the major global stock indices within reach of the micro trader. The minimum risk sizes offered start at only 9 cents per pip for the Australian 200, and require margins mostly below $10.

The site has various resources to learn the market including webinars, videos, and self study tools. The FXCM Micro account also offers its customers free professional Forex signals to help them in their trading. For those traders that want to practice before investing real money, FXCM Micro also offers a free $25,000 demo account for traders to test their strategies and trading abilities.

Opening an FXCM Micro account with a $25 deposit will also grant the trader competitive spreads and FXCM’s no dealing desk execution. The one thing that struck me as a little strange is that if FXCM Micro is a service that caters to new traders, you would think they would the best customer support possible including email, phone, as well as real time chat. Unfortunately, FXCM Micro only has email and forum support, which may be a problem for the new Forex trader. In terms of the platform itself, it is a downloadable application that is compatible with PC only.
For Mac users, there is a Java-based trading platform. Since FXCM Micro is a division of FXCM, the company is registered and regulated by many of the most respected regulatory bodies in the world.

FXCM Micro is currently offered through Forex Capital Markets Limited (FXCM UK) for international clients, and Forex Capital Markets LLC (FXCM US) for U.S. based clients. FXCM UK is regulated by the Financial Services Authority (FSA) in the UK. FXCM US is a registered Futures Commission Merchant (FCM) with the Commodity Futures Trading Commission (CFTC) and a Forex Dealer Member (FDM) of the National Futures Association (NFA). Depositing and withdrawing funds from your FXCM Micro account is relatively easy with support for credit card, wire transfer, paper check, and ACH or EFT. FXCM Holdings, LLC, the parent holding company of FXCM UK and FXCM US (FXCM), has over 165,000 tradable accounts from over 180 countries.

As of June 30, 2020, FXCM had in excess of $425 million in customer funds and an average of $250 billion in trading volume on platforms offered by FXCM. We believe that FXCM Micro is a good solution for new traders. Please note that trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors.

Currently, as of June 2020, FXCM now has their own FXCM app store. FXCM is offering a few free apps for those that open a live account. In addition to the free apps, worth $225, there are many others, some either free or reasonably priced for all your trading needs. Apps include indicators and trend locators among others. The app store is easily accessible for download on the FXCM website.

FXCM Review

Review

FXCM was founded in 1991 in the United States, but has since left the U.S. market and shifted its focus to other regions. Since 2020, FXCM started a rebranding phase as a Leucadia company owned by Jefferies Financial Group. The Jefferies Financial Group is listed on the NYSE under ticker symbol JEF and is a constituent of the S&P400 index as well as a Fortune 500 firm. Despite its troubled past, as of March 2020, FXCM has remained the second-largest retail Forex brokerage outside of Japan.

Regulation and Security

The UK Financial Conduct Authority (FCA) is the primary regulator of FXCM under license number 217689. In 2020, the FCA fined FXCM for defrauding traders. This resulted in an FCA fine of £4 million and restitution paid to clients of £6 million. It is important to note that those fines were levied under its now-defunct parent company. FXCM has been fully compliant since its acquisition by the Jefferies Financial Group. Traders are protected under the Financial Services Compensation Scheme (FSCS), up to £85,000.

FXCM is also regulated in France by the Autorité des Marchés Financiers (AMF), the Australian Securities and Investments Commission (ASIC) in Australia, and the Financial Sector Conduct Authority (FSCA) in South Africa. The French regulated entity is compliant with the Financial Instruments Directive 2020/65/EU or MiFID II, and the EU’s 4th Anti-Money Laundering Directive. Traders are additionally protected by the Fonds De Garantie Des Dépôts Et De Résolution (FGDR) up to a maximum of €70,000, per EU Directives 2020/49/EU and Directive 2020/59/EU.

Clients’ funds remain fully segregated from company funds as mandated under the FCA Client Assets Sourcebook (CASS) for its UK entity. All third-party institutions have a credit rating equal to the FCA Credit Quality Step 5. All four FXCM entities are in full compliance with its regulators, and this brokerage has done an excellent job of regaining traders’ trust.

FXCM’s FCA regulation is relevant to traders in the United Kingdom only, but traders in other areas can be served by the company’s other high-level regulations through the world.

FXCM earns the majority of its revenues from the mark-up on spreads across assets. The EUR/USD is listed with an average spread of 1.3 pips, which is on the high side compared to other retail Forex brokers. The Spread Betting account offered solely to UK traders carries 0.7 pips spread for the same currency pair. Index and commodity CFDs are priced competitively. Active traders will receive significantly reduced spreads, 0.2 pips on the EUR/USD, but a $25 commission per $1,000,000 traded applies.

Swap rates on overnight positions apply, and the precise amount may be retrieved from inside the trading platforms. Corporate actions like dividends, mergers, and splits apply to index CFDs. A withdrawal fee of up to $40 is levied on traders, which is a shame as many brokers don’t charge for withdrawals. An inactivity fee of $50 or a currency equivalent is deducted from accounts dormant for twelve months. A $30 VPS Hosting charge applies for traders utilizing this service. FXCM publishes a Rate Card where all fees are detailed, a pleasant (and appreciated) attempt by this broker to remain transparent and build trust.

What Can I Trade

The asset selection at FXCM includes thirty-nine currency pairs, which makes Forex the most significant asset class that this broker offers. Thirteen index CFDs, nine commodity CFDs, and one bond CFD complete the selection. Five cryptocurrency CFDs and one cryptocurrency basket have recently been added. Though this asset selection is somewhat limited compared to that of other brokers, it should be sufficient for traders at all levels.

Let’s take a look at the currency pairs offered by FXCM:

One of the best advantages we found during our FXCM review is that this broker collaborates with ten liquidity providers and prime brokers to retrieve the best prices for each trade. This sets FXCM apart from most smaller or newer brokers who offer less liquidity or are less transparent about their liquidity providers.

Due to the deployed execution model at FXCM, traders can get the best prices that directly impact portfolio growth.

This brokerage executed well for its clients in 2020, and its results speak for themselves, and are worth looking at more deeply if you’re considering FXCM as your Forex broker.

Account Types

FXCM caters to most traders from its CFD account type. UK based traders can take advantage of the Spread Betting account, featuring tax-free trading. FXCM caters to institutional clients through its prime brokerage unit labeled FXCM Pro.

High-volume traders may qualify for the Active Trader account, where spreads are drastically lowered, and a $30 commission applies per $1 million traded. Traders surpassing $150 million in notional trading volume will benefit from a reduction to $25. Special pricing is available on request if the volume exceeds $500 million per month. This account provides a more competitive trading environment, and the commission is priced at the low-end of the spectrum as compared to competitors.

Traders who satisfy two of three require criteria qualify for a professional account. The maximum leverage is capped at 1:30 for retail traders and is increased to 1:400 for professional traders. Various assets have different margin requirements, impacting leverage. A detailed list of margin requirements is provided and regularly updated, a continuing show of the broker’s commitment to transparency and reliability.

UK based traders will enjoy reduced costs in the Spread Betting Account.

High-volume traders are treated to the most competitive trading environment at FXCM.

Qualified traders may request an upgrade to a professional account.

Institutional traders are serviced through the prime brokerage arm FXCM Pro.

Trading Platforms

FXCM traders have access to four trading platforms, as FXCM has truly set itself as a leader in this category. The proprietary FXCM Trading Station is not only FXCM’s most superior gateway to financial markets; it may also be one of the best platforms on the market. It is equipped with a charting package, intensive support for automated trading solutions, advanced indicators, and market data provided free of charge. Third-party plugins are maintained to further customize the trading solution, and a free $99 plugin is granted by this brokerage. FXCM has developed an outstanding trading platform.

The MT4 trading platform is also available at FXCM. Many brokers ignore tens of millions of traders relying on the MT4 infrastructure for their trading operations, but at this brokerage, it is not the case. Traders need to upgrade MT4 through third-party plugins, and over 2,000 free ones are available at FXCM, together with 700 more for purchase. The number continues growing due to the popularity of the platform. NinjaTrader is also available, a lesser-known trading platform but the most prevailing independent one. Social trading is offered via ZuluTrade, a market leader in this sector.

FXCM has developed an excellent trading platform, a magnificent gateway to financial markets.

The MT4 trading platform is also provided, giving traders a solid choice.

NinjaTrader, the most popular independent trading platform, allows traders to customize their trading experience.

ZuluTrade, a market leader in its category, enables social trading at FXCM.

FXCM grants one $99 plugin free of charge to its traders, which can be procured from the FXCM store.

Mirror Trader

Mirror Trader is a trading platform which allows traders to follow the strategies and signals of other traders. It’s an ideal solution for those who follow the FX markets, but who don’t always have the time to determine what and when to trade.

Mirror trading at FXCM highlights which currency pairs are performing best in the current market conditions and sends signals when to enter and exit a trade. It allows traders to take advantage of market movements even when they are at work or asleep.

With Mirror Trader traders can evaluate and build a portfolio of back-tested strategies, or can follow individual signals that support your own trading analysis.

FXCM recommends a balance for a Mirror Trader account of US$10,000 because a higher starting balance provides more flexibility in trading. Because Mirror Trader systems are auto-traded, multiple positions could be opened at any one time. Additionally, each system requires a certain level of capital in order to operate effectively.

The Mirror trading platform at FXCM can be used in a demo account with $50,000 in virtual funds so beginner traders can review the trading strategies and see how automated trading works.

FXCM Mirror Trader has not been available in Japan since 2020 when FXCM announced that it would no longer be supporting Tradency’s Mirror Trader. Mirror Trader is generally considered to be FXCM’s primary copy and social trading platform add-on, but other similar alternatives have become available such as ZuluTrade.

Unique Features

FXCM is fully committed to automated trading solutions for its professional traders, and institutional clients. It provides four free API solutions for traders across the spectrum to develop automated trading solutions that communicate directly with the FXCM trading server. The fxcmpy Python package is offered exclusively for the REST API and consists of CFD Python wrappers to simplify algorithmic trading solutions. This broker also provides market data, further supporting third-party automated trading solutions. Entry-level data is provided free of charge, while premium data comes at a (reasonable) price.

Automated trading solutions often require a VPS service to operate 24/7. FXCM offers two VPS solutions, charged at $30 or a currency equivalent per month. Traders who exceed $500K notional trading volume for three consecutive months will get the fee reimbursed. A broad range of free and paid plugins for all trading platforms are hosted by this brokerage, completing the extensive support for automated trading solutions from retail accounts through professional traders to asset management firms. FXCM provides a great example of how to enrich your offerings and is truly a leader in this sector.

Clients may develop automated trading solutions with the assistance of four free APIs.

The fxcmpy Python package provides wrappers for the REST API.

FXCM also provides market data, ranging from free entry-level data to priced premium data feeds.

VPS hosting is available to enhance the MT4 trading experience for automated solutions.

An extensive library of third-party plugins and solutions for all supported trading platforms is available.

Research and Education

Since FXCM houses a prime brokerage unit, research and education are naturally provided to all traders. Besides an incredibly detailed economic calendar and third-party market news, FXCM provides traders with a daily newsletter powered by Trading Central. Another service generates exclusive trading signals free of charge for all live account holders. The Market Scanner allows traders to select a series of technical indicators and returns buy and sell recommendations based on the input. FXCM Plus gives traders access to detailed trading signals and technical analysis.

Education is provided via free online forex trading courses, webinars hosted by FXCM Senior Market Specialist Russel Shor, and written content with exceptional quality. The Insights section provides more detailed educational content, and new traders have access to considerable material to deepen their knowledge base. FXCM is conducting research and taking education seriously, setting the bar high for other brokers and providing an absolutely fantastic experience for its users.

FXCM issues a daily newsletter powered by Trading Central, distributed to all clients who opt-in to receive it.

Exclusive Trading Signals represent another service for traders to receive trading signals.

FXCM Plus provides traders with a comprehensive research portal.

The Market Scanner allows traders to quickly scan for trading signals based on the selection of various technical indicators.

A well-presented educational section allows new traders to enhance their knowledge.

Customer Support

Customer support is provided 24/5, and traders are advised to access the help center before contacting support, as it covers the most common topics. Should traders require assistance, they may call any of the toll-free numbers provided, contact support via SMS (a service rarely offered but highly appreciated!), e-mail the support team, engage via live chat, or call the trading desk. The extensive support system in place is superior to most competitors, but the majority of traders are unlikely to require it.

Customer service follows high standards, as evidenced by the comprehensive approach to it.

Bonuses and Promotions

At the time of this FXCM review, the broker provided no particular bonuses or promotions, in keeping with regulatory requirements.

Opening an Account

A simple online application form handles new account applications, the standard operating procedure. New traders will go through a quick three-step application process at FXCM. As stipulated by regulatory requirements, each account needs to satisfy KYC/AML requirements. This is conducted with a copy of the trader’s ID and one proof of residency document. Since the rebranding of this brokerage as a Leucadia company, traders can absolutely trust FXCM with their information.

Deposits and Withdrawals

FXCM provides traders the option to fund their trading account by using bank wires, credit/debit cards, Skrill, Neteller, Klarna, and Rapid Transfer. As mandated by AML requirements, the name of the payment processor needs to match the account name. The processing time is listed as one business day, and most of the required information regarding deposits and withdrawals are provided inside the back-office. Third-party fees are applicable, and traders are advised that withdrawals using credit/debit cards are limited to the amount of the deposit through the utilized cards.

General Information

Company Information

  • Broker’s Name : FXCM
  • Headquarter : United Kingdom
  • Regulation : FCA, ASIC, AMF, FSCA

Account Information

  • Type of Broker : No Dealing Desk
  • U.S. Clients Allowed :
  • Minimum Deposit : $50
  • Maximum Leverage : 1:50
  • Commissions / Spreads : Both
  • Account 1 : CFD
  • Account 2 : Spread Betting
  • Account 3 : Active Trader
  • Account 4 : Professional Trader
  • Demo Account :
  • Islamic Account :
  • Segregated Account :
  • Managed Accounts :
  • Institutional Accounts :
  • Deposit Options :
  • Withdrawal Options :

Instruments Traded

  • ETFs :
  • CFDs :
  • Commodities :
  • Metals :
  • Stocks :
  • Oil :
  • Gold :
  • Binary Options :
  • Indices :

Trading Platforms

  • Type of Platform : MetaTrader 4, Proprietary platform, Web-based
    • English
    • Spanish
    • Italian
    • French
    • German
    • Chinese
    • Other
      • Mac
      • Windows
      • Linux
      • Mobile
      • Web
      • iPhone
      • iPad
  • Trading Signals :
  • Charting Package :
  • Market Analysis :
  • Chart Trading :
  • Automated Trading :
  • Scalping :
  • Hedging :
  • Mobile Alerts :
  • E-mail Alerts :
  • Trailing Stops :
  • Guaranteed Stop Loss :
  • Guaranteed Limit Orders :
  • Guaranteed Execution :
  • One-click Execution :
  • OCO Orders :
  • Interest on Margin :
  • Web-based Trading :
  • Mobile Trading :
  • Customer Support

    • English
  • Support Hours : 24/5
  • E-mail Support :
  • SMS Support :
  • Chat :
  • Pros and Cons

    • Wide choice of user-friendly trading platforms
    • Top liquidity providers
    • Excellent research and education centers
    • Fees are on the high side

    Is FXCM a Good Broker?

    FXCM is one of the world’s most highly regulated Forex / CFD brokerages. It is regulated in 4 different countries, including the European Union via France, and Australia, the U.K., and South Africa. FXCM has been in business since 1991.

    What is the Minimum Deposit for FXCM?

    FXCM’s minimum deposit is U.S. $50 or 50 units of any other currency in which they accept deposits.

    Is FXCM a Market Maker?

    No. FXCM operates a no dealing desk trade execution model, linking its clients orders together.

    Where is FXCM based?

    London, UK, is the location of the FXCM headquarters.

    How does FXCM make money?

    FXCM makes money from trading fees charged to its clients such as spreads and commissions, as well as overnight financing rates when they are negative.

    How can I deposit into an FXCM account?

    Bank wires, credit/debit cards, Skrill, Neteller, Klarna, and Rapid Transfer are the available options.

    What is the minimum lot size at FXCM?

    The minimum transaction size for currencies is 0.01 lots and 1.0 for CFD contracts.

    When does a margin-call take place at FXCM?

    A margin call is issued when the equity margin level contracts below 50%.

    Is FXCM regulated?

    The UK Financial Conduct Authority (FCA) is the primary regulator of FXCM under license number 217689. This broker is also regulated in France but the AMF, in Australia by ASIC, and in South Africa by the FSCA.

    What is the maximum leverage offered by FXCM?

    Retail clients have access to maximum leverage of 1:30, while professional traders are capped at 1:400.

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    How do I open an account with FXCM?

    FXCM has an online application form, which is the standard operating procedure.

    What trading platforms does FXCM offer?

    FXCM provides traders with its proprietary Trading Station, the MT4 trading platform, NinjaTrader, and ZuluTrade.

    Summary

    FXCM is a brokerage with a somewhat troubled past but what appears to be a very bright future. Transparency has increased drastically, and 2020, the first full year as a rebranded brokerage, represented a great one for clients of FXCM and for the company itself. The broker has clearly shown a sincere desire to move ahead as a trustworthy brokerage.

    Unfortunately, one of the biggest obstacles for FXCM to be considered a better choice is overall asset selection. Pure Forex traders may find the thirty-nine currency pairs acceptable, but cross-asset diversification is not entirely possible. Active traders will find the reduced spreads plus commissions generous and may want to operate a portfolio at FXCM. Institutional traders are serviced via FXCM Pro, the prime brokerage unit.

    Automated trading solutions enjoy extensive support at this brokerage, all four trading platforms fully support it, and FXCM provides four free API’s to developers on top of a wide selection of third-party plugins. The research section offers a tremendous asset to all types of traders and warrants an account opening to retrieve free access to it. Education is also taken seriously with daily webinars and a solid selection of well-written content. The FXCM Plus service should be considered by traders when deciding if this broker deserves their trust.

    High trading fees may be a deterrent for potential traders, but the extensive range of platform choices and top quality research and education compensate for these fees. The research section represents one of the most prominent services FXCM provides and deserves consideration on its own. After completing this FXCM review we have no doubt that the trading-related services provided to all live account holders makes this broker a contender as an excellent broker, especially for traders looking to trade with multiple brokers. FXCM has a tremendous amount of untapped potential, and we have every expectation that the broker will continue to shine in the future.

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    FXCM Review 2020

    Summary

    Recommended for forex traders looking for easy account opening, funding, and withdrawal

    FXCM, or Forex Capital Market, is a UK-based broker offering forex and CFDs. FXCM was established in 1999 and its main shareholder is the Jefferies Financial Group. The parent company is listed on the New York Stock Exchange and it has an investment banking background.

    FXCM is considered safe as it has a long track-record and it is regulated by top-tier financial authorities like the UK FCA and the Australian ASIC.

    Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70.96% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

    FXCM pros and cons

    FXCM’s account opening process is straightforward, easy, and fast. It has great technical research tools. e.g. there are many technical indicators. Lastly, the educational content is of high quality.

    FXCM only offers forex, CFDs, and cryptos in the form of CFDs. The mobile and web trading platforms are not user-friendly and lack useful features, like the two-step authentication.

    Pros Cons
    • Fast and straightforward account opening • Limited product portfolio
    • Good technical research tools • Poor mobile platform
    • High quality educational content • Poor website trading platform
    FXCM main features and highlights
    ��️ Country of regulation UK, Australia, South Africa, Bermuda
    �� Trading fees class Low
    �� Inactivity fee charged Yes
    �� Withdrawal fee amount $0
    �� Minimum deposit $50
    �� Time to open an account 1-3 days
    �� Deposit with credit card Available
    �� Depositing with electronic wallet Available
    �� Number of base currencies supported 3
    �� Demo account provided Yes
    ��️ Products offered Forex, CFD, Crypto

    Gergely Korpos

    Author of this review

    Everything you find on BrokerChooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology

    FXCM review
    Fees

    FXCM has low trading fees and average non-trading fees. There are no account, deposit, or withdrawal fees. However, you have to pay a $50 fee after one year of inactivity.

    Pros Cons
    • Low trading fees • High AUDUSD trading fee
    • No withdrawal fee
    FXCM fees snapshot
    Assets Fee level Fee terms
    EURUSD Average The fees are built into spread, 1.3 pips is the average spread cost.
    GBPUSD Low The fees are built into spread, 1.8 pips is the average spread cost.
    S&P 500 CFD Low The fees are built into spread, 0.38 is the average spread cost.
    Inactivity fee Low $50 per year after one year of inactivity

    How we ranked fees

    We ranked FXCM’s fee levels as low, average or high based on how they compare to those of all reviewed brokers.

    To get things rolling, let’s go over some lingo related to broker fees. What you need to keep an eye on are trading fees, and non-trading fees.

    • Trading fees occur when you trade. These can be commissions, spreads, financing rates and conversion fees.
    • Non-trading fees include charges not directly related to trading, like withdrawal fees or inactivity fees.

    In the sections below, you will find the most relevant fees of FXCM for each asset class. For example, in the case of forex and stock index trading, spreads, commissions and financing rates are the most important fees.

    We also compared FXCM’s fees with those of two similar brokers we selected, Pepperstone and Oanda. This selection is based on objective factors such as products offered, client profile, fee structure, etc. See a more detailed rundown of FXCM alternatives.

    To have a clear overview of FXCM, let’s start with the trading fees.

    FXCM trading fees

    FXCM trading fees are low.

    We know it’s hard to compare trading fees for forex brokers. So how did we approach the problem of making their fees clear and comparable? We compare brokers by calculating all the fees of a typical trade for selected products.

    We have chosen popular instruments in each asset class usually provided by the forex brokers:

    • Forex: EURUSD, GBPUSD, AUDUSD, EURCHF and EURGBP
    • Stock index CFDs: SPX and EUSTX50

    A typical trade means buying a leveraged product, holding it for one week and then selling. For the volume, we chose a $20,000 position for forex and a $2,000 position for stock index and stock CFD transactions. The leverage we used is:

    • 30:1 for forex
    • 20:1 for stock index CFDs

    These catch-all benchmark fees includes spreads, commissions and financing costs for all brokers. Let’s see the verdict for FXCM fees.

    Forex fees

    FXCM forex fees are average. It aligns with the fees of its main competitors.

    FXCM forex benchmark fees of a $20,000 30:1 long position held for one week

    FXCM Pepperstone Oanda
    EURUSD benchmark fee $16.7 $14.9 $15.9
    GBPUSD benchmark fee $13.0 $12.5 $11.9
    AUDUSD benchmark fee $17.3 $11.9 $8.3
    EURCHF benchmark fee $4.6 $3.7 $7.1
    EURGBP benchmark fee $12.2 $10.6 $10.7

    CFD fees

    FXCM has generally low CFD trading fees. The cost of trading CFDs matches the competition’s charges.

    FXCM CFD fees for a $2,000 long position held for one week

    FXCM Pepperstone Oanda
    S&P 500 CFD benchmark fee $2.2 $1.7 $1.0
    Europe 50 CFD benchmark fee $1.6 $1.6 $0.9

    Non-trading fees

    FXCM has average non-trading fees.

    There is no account, deposit, or withdrawal fee. On the other hand, you have to pay $50 after one year of inactivity.

    FXCM non-trading fees

    FXCM Pepperstone Oanda
    Account fee No No No
    Inactivity fee Yes No Yes
    Deposit fee $0 $0 $0
    Withdrawal fee $0 $0 $0

    FXCM review
    Account opening

    The account opening process at FXCM is hassle-free, and there is no minimum balance requirement. The minimum deposit is $50. On the other hand, the account opening time is slower than usual.

    Pros Cons
    • Fully digital • Account opening time slower than at most forex brokers
    • Low minimum deposit
    • User-friendly

    Can you open an account?

    Visit broker
    70.96% of retail CFD accounts lose money

    FXCM accepts customers from most countries around the world. There a few exceptions, like the residents of the USA, Japan, Brazil, Turkey, Iran, Cuba, Sudan, Syria or North Korea.

    What is the minimum deposit at FXCM?

    The FXCM minimum deposit is $50 for a standard account. Active Trader accounts require a $25,000 minimum deposit.

    Account types

    FXCM offers four account types:

    • Individual – Standard
    • Individual – Active Trader
    • Joint
    • Corporate

    If you plan to trade at a high-volume, FXCM’s Active Trader account would be the best for you. It ensures better spreads and customer support compared to the standard accounts. For example, the EURUSD spread is 0.2 at Active Trader account, while 1.3 at the standard account.

    How to open your account

    The account opening is fully digital and straightforward.

    You have to go through the following steps:

    1. Choose which platform, account type, and base currency you wish to use
    2. Add personal information and do a KYC questionnaire. KYC means “Know Your Customer” which is a standard and regulated process for identifying clients.
    3. Upload documents to verify your identity and residency. You can upload a copy of your ID/passport for verifying your identity, and a bank statement/utility bill for verifying your residency.

    FXCM review
    Deposit and withdrawal

    There are several options both for deposit and withdrawal but the withdrawal time is slow.

    Pros Cons
    • Credit/Debit card available • Slow withdrawal – over 3 days
    • Free withdrawal
    • No deposit fee

    Account base currencies

    At FXCM, you can choose from 3 base currencies. The available base currencies are: EUR, USD, GBP .

    Base currencies at FXCM vs similar brokers

    FXCM Pepperstone Oanda
    Number of base currencies 3 10 9

    Why does this matter? For two reasons. If you fund your account in the same currency as your bank account or you trade assets in the same currency as your account base currency, you don’t have to pay a conversion fee.

    A convenient way to save on the currency conversion fees is by opening a multi-currency bank account at a digital bank. Revolut or Transferwise both offer bank accounts in several currencies with great currency exchange rates as well as free or cheap international bank transfers. The account opening only takes a few minutes on your phone.

    Deposit fees and options

    FXCM charges no deposit fees.

    The deposit options are the following:

    • Bank transfer
    • Credit/Debit card
    • Skrill
    • Neteller
    • UnionPay
    FXCM deposit options
    FXCM Pepperstone Oanda
    Bank transfer Yes Yes Yes
    Credit/Debit card Yes Yes Yes
    Electronic wallets Yes Yes Yes

    A bank transfer can take several business days, while payment with a credit/debit card is instant.

    You can only deposit money from accounts which are in your name.

    FXCM withdrawal fees and options

    FXCM charges no withdrawal fees for credit/debit cards, but bank transfers may cost up to $40. Fees for bank transfer depend on the currency and the origin of your account.

    You can use bank transfer or debit/credit cards for the withdrawal, but not electronic wallets.

    FXCM withdrawal fees and options

    FXCM Pepperstone Oanda
    Bank Transfer Yes Yes Yes
    Credit/Debit card Yes Yes No
    Electronic wallets Yes Yes No
    Withdrawal fee $0 $0 $0

    How long does it take to withdraw money from FXCM? We tested the credit card/bank transfer withdrawal and it took more than 3 business days.

    You can only withdraw money to accounts in your name.

    How do you withdraw money from FXCM?

    • Log in to your account through myfxcm.com
    • Once logged in click, on ‘Withdraw Funds’
    • Select your preferred withdrawal method
    • Specify the amount of withdrawal
    • Re-enter your password for security reasons and review your withdrawal
    • Submit the request

    More funding and withdrawal info
    70.96% of retail CFD accounts lose money

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    Sign up and we’ll let you know when a new broker review is out.

    FXCM review
    Web trading platform

    FXCM’s trading platform is extremely customizable and you can use lots of order types. On the other hand, it’s not user-friendly and it has a poor search function.

    Pros Cons
    • Clear fee report • Not user-friendly
    • Good customizability (for charts, workspace) • No two-step (safer) login
    • Good variety of order types • Poor search function
    FXCM platforms to choose from
    Trading platform Score Available
    Web 2.5 / 5 stars Yes
    Mobile 1.0 / 5 stars Yes
    Desktop 3.0 / 5 stars Yes

    With FXCM you can trade on 4 platforms: Trading Station, Metatrader4, Ninjatrader, and Zulutrade. We tested the Trading Station as this is FXCM’s own platform.

    The web trading platform is available in English, Chinese, German, Italian, Arabic, Hebrew, Greek, Japanese, Spanish, and French.

    Look and feel

    The FXCM web trading platform is not particularly user-friendly, however, its customizability is great. Basically, the whole page consists of customizable widgets.

    Login and security

    FXCM provides only a one-step login. A two-step authentication would be safer.

    Search functions

    The search functions are poor. It can be found under the ‘Subscription list’ tab. It took us a long time to find it.

    On the other hand, the products are categorized, such as major or minor forex.

    Placing orders

    You can use a wide range of order types on the FXCM platform:

    If you are not familiar with the order types, read this overview.

    There are also order time limits you can use:

    • Good-till-date (GTD)
    • Good-till-cancel (GTC)
    • Immediate or cancel (IOC)
    • Fill or kill (FOK)

    Alerts and notifications

    You can set up both price alerts and order notifications. However, it is a bit complicated because you have to use a client portal, the FXCM Plus. You can access this portal with your account details.

    Portfolio and fee reports

    There are clear portfolio and fee reports on the ‘Reports’ tab of the platform and at MyFXCM.

    Visit web platform page
    70.96% of retail CFD accounts lose money

    FXCM review
    Mobile trading platform

    FXCM has a poor mobile platform. The variety of order types is OK, but the platform is not user-friendly and lacks several important features, such as a good search function.

    Pros Cons
    • Good variety of order types • Not user-friendly
    • Order confirmation • No two-step (safer) login
    • Poor search function

    The mobile trading platform is available in English, Spanish, Italian, Russian, Turkish, French, Greek, Chinese, and Japanese.

    FXCM has four web trading platforms, and all of them have mobile platforms as well. We tested FXCM’s own mobile trading platform, the Trading Station.

    It is available both for iOS and Android.

    Look and feel

    The FXCM mobile trading platform is not user-friendly.

    The app feels out of date, and its layout is not optimized for the newer versions of the iOS.

    Login and security

    FXCM provides only a one-step login. A two-step authentication would be safer.

    Biometric authentication isn’t available either.

    Search functions

    The search functions are poor. They can be found under ‘Settings’. Once you know where it is, it works as a basic bare-bones search field, with no predictive input or any other features.

    Placing orders

    You can set the same order types and terms on the mobile platform as on the web trading platform.

    Alerts and notifications

    You can allow push notifications on the FXCM mobile platform, but it is unclear what kind of alerts you would get.

    Visit mobile platform page
    70.96% of retail CFD accounts lose money

    FXCM review
    Desktop trading platform

    FXCM’s desktop platform has great customizability and good varity of order types. Nevertheless, it is not user-friendly and you cannot set up price alerts.

    Pros Cons
    • Clear fee report • No two-step (safer) login
    • Good customizability (for charts, workspace) • No price alerts
    • Good variety of order types

    We tested FXCM’s own desktop Trading Station platform.

    The desktop trading platform is available in English, Chinese, Russian, Japanese, French, Spanish, German, Arabic, Korean, Italian, Turkish, Hebrew, Greek, Portuguese, Polish, and Hungarian.

    Look and feel

    The FXCM desktop trading platform is OK, but it is not user-friendly.

    Just like the web trading platform, the desktop platform has good customizability. You can compile and save your own layout. However, it is quite inconvenient that many functions, such as research, are not integrated with the platform.

    Login and security

    FXCM provides only a one-step login. A two-step authentication would be safer.

    Search functions

    The search functions are OK. You can search by typing the preferred product and there is also a product list with categories, like major currency pairs.

    Placing orders

    You will find more order types on the desktop trading platform than on the web platform.

    The following order types are available on the desktop platform:

    • Limit
    • Market
    • Stop
    • Stop loss
    • Stop trailing
    • OTO (One-Triggers-the Other)
    • OTOCO (One-Triggers-One-Cancels-the-Other)
    • If-Then
    • If-Then OCO (One-Cancel-the-Other)

    There are also order time limits you can use: GTC, IOC, and FOK

    Alerts and notifications

    You cannot set alerts and notifications on the desktop trading platform.

    Portfolio and fee reports

    The FXCM desktop platform has clear portfolio and fee reports.

    Visit desktop platform page
    70.96% of retail CFD accounts lose money

    FXCM review
    Markets and products

    At FXCM you only have access to forex and CFDs. Cryptos are provided through CFDs.

    FXCM is a forex and CFD broker. To learn more about CFDs read our CFD trading tips.

    Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70.96% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

    FXCM product selection

    FXCM Pepperstone Oanda
    Currency pairs (#) 39 80 71
    Stock index CFDs (#) 14 14 16
    Stock CFDs (#)
    ETF CFDs (#)
    Commodity CFDs (#) 10 14 31
    Bond CFDs (#) 6
    Futures CFDs (#) 0
    Cryptos (#) 5 5

    You cannot change the leverage levels of the products. This is a drawback. Changing the leverage is a very useful feature when you want to lower the risk of your trade. For example, instead of trading with 5:1 leverage, only trade with 2:1 leverage in case of stock CFDs. Be careful with forex and CFD trading, as the preset leverage levels are high.

    FXCM offers a social trading service via the third-party service, Zulutrade. The access is provided through Zulutrade’s own trading platform, where all you have to do is register with your FXCM account number. You can find further information on FXCM’s website.

    FXCM review
    Research

    FXCM provides great technical analysis tools, e.g. good charting and market screener.

    Pros Cons
    • Good interactive chart • No fundamental data available
    • Trading ideas
    • Quality news flow

    Most FXCM research tools are available on the FXCM Plus platform, a separate portal, which is not included in the trading platform. This makes it a bit inconvenient.

    Trading ideas

    FXCM provides trading ideas. You can find recommendations through FXCM’s Trading Signals and Trading Analyzer pages. These recommendations are based on technical analysis.

    Fundamental data

    FXCM does not offer fundamental data.

    Charting

    FXCM has outstanding charting tools. They are customizable and you can use over 50 technical indicators.

    There is also a Market Scanner feature. This shows whether you should buy or sell based on technical indicators, like RSI or MACD. However, you can use it only for a few products.

    News feed

    You can read a quality news feed, sign up for a newsletter, and use an economic calendar.

    The news is available through the ‘Global Market News’ page. We liked that you can view the popular search terms according to categories, like currency pairs or popular searches.

    There are also daily newsletters, called Before the Bell. The newsletters include 5-6 trading ideas which are based on technical chart analysis.

    The economic calendar has a nice design, but it lacks a country filter option.

    Other research tools you will enjoy

    FXCM does a great job in algorithmic trading. It provides four APIs for free, and you can buy many others. The free APIs are REST API, FIX API, Java API, and a ForexConnect API.

    More research info
    70.96% of retail CFD accounts lose money

    FXCM broker reviews. Why does everybody believe them?

    Overview of FXCM broker on Forex

    In this article, we bring you a review for FXTM broker. It is a giant company broker that has been around for quite a while now in relation to the rest of the market. It offers traders to trade on Forex, Spread betting and CFDS. Bear in mind, that if you are in the UK these things are TAX-free for you. Also, you can trade commission free on micro CFDs. You can start with just a 50-pound mini account or Demo account. The company has been around since 1999 and has been one of the first ones in the US for the on-line trading.

    Regulation and License

    FXCM Australia Pty. Limited is the holder of an Australian Financial Services Licence (number 309763)

    FXCM UK regulated with the FCA of the United Kingdom. Registration Number 217689.

    Trading platforms and account types of the FXCM

    When you will just log in to their website and fill out the information, you will have access to those trading platforms:

    • Trading station – one of the oldest and simplest platforms;
    • Metatrader 4 – the well-known and popular platform.

    Both of them are available on the web and to download to the computer. Also, you can try to upload them to your tab, cellphone and even trade from the small watch. Alongside those platforms, you will find services such as Ninjatrader – the ability to trade with chosen traders and Compare Platforms, where you can have both platforms and choose the best one for you.

    The selection of accounts that FXCM offers is very interesting too:

    All three are available on the spread only model. The average spreads on the Mini and Standard accounts are 1.5 and 1.0 on the Active. And also the difference is between the Battings and Leverage of those accounts. The more active you are as a trader, the better deals you get of course.

    Learning materials and the analysis

    Loads of research from FXCM is available for you to stay on top of the things and be able to see what markets are doing. Including the Economic calendar, the market news, The Market scanner and various charts.

    FXCM is also very big and pay attention to the education. Because of course the better the traders, the most likely they would stay with FXCM. Their learning tools are:

    • Video library;
    • Live seminars;
    • Live classroom.

    Features and safety of FXCM

    The broker offers to trade 24/5, which is basically all the time the market is open. FXCM is regulated across the globe. They are based out of the US, where they are of course regulated. They are also under the regulations of UK FCA and under Australian ASEC.

    The broker offers to trade 24/5, which is basically all the time when the market is open. FXCM is regulated across the globe. They are based out of the US, where they are of course regulated. They are also under the regulations of UK FCA and under Australian ASEC.

    Their most popular feature is the Trading station platform, that you don’t need to upload, and you can just use it online. They do have an advanced educational program that can be useful for both new traders and the experienced ones.

    Besides this, the FXCM is the highly reliable strong and transparent broker that owns so many different Awards that you cannot deny its professionalism. Besides, it is indeed offering a better execution and has competitive pricing. If you are new to trading and looking at the trading with pounds – this will be a good solution as the company offers strong and solid options and good prices for both beginners and traders who are not so new to the market.

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