- What is FXCM?
- FXCM Pros and Cons
- Is FXCM safe or a scam?
- Market Instruments
- Deposits and Withdrawals
- Customer Support
What is FXCM?
FXCM is one of the pioneer providers of online trading, foreign exchange or Forex trading, CFDs, Stocks, Commodities, Indices and spread betting (available for UK and Ireland residents only). Founded in 1999, the company’s main aim was to provide global traders with access to the world’s largest liquid market through innovative trading tools, support of excellent trading educators while all operated under strict financial standards.
Since its development and great potential from January 2015, Leucadia has become the majority economic owner of FXCM. Leucadia National Corporation is a holding company that withholds an excellent reputation and invests in a diverse array of businesses, mainly in financial services and investments.
FXCM Pros and Cons
FXCM founded in the UK is worldwide known brand and a reliable broker. FXCM offers CMC markets offers one of the best trading platforms selection, Balanced trading condition through a single account, tight spreads are low, and there is professional education section with good research.
On the flip side there is withdrawal fee for Bank Wire transfer in some regions, and there is no 24/7 support.
Where is FXCM Based?
The FXCM Group is headquartered in London (UK), offering dedicated customer support service regardless of clients’ location through a global chain of offices situated in Germany, Australia, France, and Italy. Additionally, through the various affiliated offices, the broker provides access to the residents in Greece, Israel, and South Africa, thus becoming a truly global broker.
FXCM strives to give the best trading experience, hence developing intuitive platform options, including the award-winning Trading Station and various attractive options for trading experience, alike numerous automated trading strategies and Applications available.
10 Points Summary
|🗺️ Regulation||FCA, ASIC, FSCA|
|🖥 Platforms||MT4, Trading Station, Zulutrade, TradingView, Ninja Trader|
|📉 Instruments||Forex, Indices, Commodities, Cryptocurrencies and Spread Betting available for UK and Ireland residents|
|💰 EUR/USD Spread||1.3 pips|
|🎮 Demo Account||Available|
|💳 Minimum deposit||50$ and 300 GBP for UK and EU clients|
|💰 Base currencies||USD, GBP and EUR|
|📚 Education||Professional free education and research resources|
|☎ Customer Support||24/5|
With close to twenty years of successful operational history, there are no doubts about the FXCM legitimacy, as the firm also regularly nominated by the leading financial institutions that confessing broker’s progress and contribution. Celebrated achievements by FXCM including:
Is FXCM safe or a scam
No, FXCM is not a scam, the Companies that constitute the FXCM Group is regulated through several and actually the most strict world jurisdictions including top tier FCA and ASIC. That is why treading with FXCM considered low risk.
How FXCM regulated?
The FXCM LTD is authorized and regulated in the UK, as headquarters there, by the Financial Conduct Authority. According to FCA regulations, the broker must follow strict financial standards, including capital adequacy requirements, present transparency of business practices accordingly, as well as to keep clients funds under protection while held in segregated accounts.
For the globally presented offices, each of them as a branch of Forex Capital Markets Limited, follows country financial authority and licensed accordingly. Hence, FXCM Australia Pty. Limited is regulated by the ASIC, FXCM Germany partially regulated by BaFin, FXCM Italy is subject to the control of CONSOB and FSCA (Check out the FSCA Regulated Infinox Capital Review) authorization in South Africa.
||Regulation and License
|Forex Capital Markets Limited (FXCM LTD)
||Is authorized by FCA (UK) registration no. 217689
|FXCM Australia Pty. Limited (FXCM AU)
||Is authorized by ASIC (Australia) registration no. AFSL 309763, ACN: 121934432
|FXCM South Africa (PTY) Ltd
||Is authorized by FSCA (South Africa) registration no. FSP 46534
FXCM allows leverage trade of Forex and CFDs, this tool brings an advantage even on the smallest market moves. In simple words, leverage is a credit shoulder that is given by the broker towards your trading account with a purpose to multiply the trading size of your positions.
In fact, leverage can dramatically increase your potential gains, but in reverse may increase your losses too, thus you should use leverage very smartly, do not jump into high leverage levels but define the correct size to each instrument.
In FXCM different leverage levels are based on the traders’ account funds, as well as the regulation which particular residents or accounts may fall in. New traders default to 50:1 leverage which can go up to 200:1 on FX and 400:1 on CFDs, yet respectively to Australian residents or holder of accounts under ASIC regulation.
- 1:400 for Australian clients
- 1:30 for the UK and Europe clients
- 1:400 for South Africa
Otherwise, due to regulatory restriction in Europe under ESMA, the level up to a 30:1 on Forex products will be applied, 20:1 for non-major currency pairs, gold and major indices, 10:1 for commodities other than gold and non-major equity indices, 2:1 for cryptocurrencies.
There is a single account at FXCM you are able to trade all range of trading instruments that are included into the offering. You can open a live forex trading account quick and relatively easy, where firstly you can sing in for Demo account and then upon confirmation of your residence and compliance of application start Live trading.
FXCM offering quite attractive options for beginners, also proposing welcome bonuses that are available for some entities under certain conditions that you may check on the current website.
Yet, there is another attractive opportunity through FXCM’s Active Trader account that is designed for high-volume investors. As Active Trader you can benefit from premium services and custom solutions, as well as discounted pricing on your spread costs based on the volume you trade.
With all FXCM account types, you pay only the floating spread to trade indices and commodities, while enhanced index CFDs allows you to trade without stop and limit restrictions or re-quotes. See below the average spread costs on CFDs, and other fees like funding fees, yet for most accurate data check official website or FXCM platform.
|Fees||FXCM Fees||FXTM Fees||XM Fees|
We found that FXCM fees are quite a pleasant proposal with the lower spread for some instrument compared to the competition, however, always note Spreads are variable and are subject to delay. Also, always count overnight fee or swap (check out swap free forex brokers) as a trading fee in case you follow swing or long term trading strategy, while active traders will get discounted pricing as well which is always good.
For instance, compare fees to popular brokers below or see BlackBull Markets as an alternative.
Comparison between FXCM fees and similar brokers
|Asset/ Pair||FXCM Spread||FXTM Spread||XM Spread|
|EUR USD Spread||1.3 pips||1.5 pips||1.6 pips|
|Crude Oil WTI Spread||0.04||4 pips||5 pips|
|BTC USD Spread||27.13||20||60|
What Instruments Can You Trade on FXCM?
The advanced range of market instruments offered by FXCM includes popular markets and other exotic pairs, as well as offering Forex, Indices, Commodities, Cryptocurrencies, and Spread Betting that is available for UK and Ireland residents.
Deposits and Withdrawals
FXCM indeed conduct a very convenient way for account opening, so you can set a free practice account, which allows testing the platform and experience account benefits.
Once the account type settled up, you should continue with the fund deposit that will allow starting live trading. In these terms, FXCM offers a range of funding options that usually process quick and safe transactions, which includes
- Credit and Debit Card,
- EFT & Bank Wire,
- e-payment via Skrill.
What is minimum deposit for FXCM account?
FXCM minimum deposit is $50. However, this is defined according to the FXCM’s entity, likewise UK and EU clients would need GBP300 at the start.
FXCM minimum deposit vs other brokers
||Most Other Brokers
Further on, when you wish to withdraw funds, you may use the same payment methods. There are no fees for withdrawals by credit card or debit card, however a $40 withdrawal fee will be charged for international Bank Wire requests.
How long does it take to withdraw from FXCM?
From the moment you submit and confirm the request to withdraw money from your account the accounting department typically processed and confirm withdrawal within 2 business days. Nevertheless, allow your payment provider add on some working days to process the transaction as well.
How do I withdraw money from FXCM?
Once you decide to withdraw money from you account you obviously should submit an online request and follow with the required procedure. To make it short you simply should follow the following steps
- Login to your account and go to Withdraw page
- Select the withdrawal method, required amount and click ‘Withdraw’
- Complete the withdrawal request
- Confirm withdrawal and Submit
For the clients, whether one is new in the trading or experienced participant, FXCM brings a variety of powerful software trading platforms that help to achieve a trading goal.
The FXCM software suite includes unique market access, with multiple order types, advanced charting enhanced by powerful utilizing tools and FXCM’s exclusive Real Volume indicator, automated trading strategies with testing and optimization capabilities and more.
|Good selection between platform suitable for beginners and professionals||None |
|Industry leading software|
|Trade Station, MT4, Traders View, NinjaTrader|
|Customer friendly design|
|Comprehensive range of tools|
|Automated trading capabilities|
|Clear look |
|Social Trading platforms ZuluTrade|
|Professional education materials included |
There are few options of the trading software to choose from, which includes Trading Station and Ninja Trader, FXCM’s award-winning proprietary platform, which features great innovation and functionality available on Web, Desktop and Mobile.
Web Platfrom will be more suitable for regular size traders as usually web versions are less comprehensive in terms of analysis tools, drawing features and other advanced capabilities since platform solely based online and accessible via any browser.
So desktop platforms are available for all offers as well, while Trading Station is often the preferred choice among active traders, however is the product with no matter of experience as it has a clear market vision and friendly interface.
You still can use famous MetaTrader 4, yet with FXCM’s integrated and developed features that include EAs, scalping and 0.01 lot sizes with Free VPS enhance, but within the average trade of 500k.
Beyond core platforms, the broker offers integration to FXCM’s acclaimed execution a specialty FXCM Apps offering an online marketplace where you can customize the trading experience. And to include an additional application for news, trends and range traders, apps for new trading features and smooth trading process, EAs and automation, indicators, scripts, Standalone apps and many more.
Fresh trading graduates can count on a company tool support while building your own strong trading strategy. Indeed, beginning traders facing numerous challenges, yet time and even capital loss due to emotion-based trading are the main barriers to success. To overcome these impediments, FXCM supports the functionality of Autotrading through market leading ZuluTrade and NinjaTrader platforms.
Another good point is client-oriented approach of FXCM that complements its good trading proposal, customer service available through various ways including Web Live Chat, Phone, emails, and dedicated lines specifically for the African region due to FXCM focus on Africa in particular. These lines including South Africa, Kenya, Nigeria lines together with other ones as well available on working days.
Actually, FXCM gained positive and high regard from the clients in terms of its good trading conditions and support, which is definitely a plus to our FXCM Review.
FXCM hosting regular educational events in various cities around the world with a great focus on African region education since enlarging its activity. FXCM understands deeply the necessity of good quality education and that materials and knowledge are the keys to potential success.
Therefore, with FXCM you may find numerous education materials with ongoing courses, webinars, seminars, platform tutorials, trading tools, research tools, superb glossary, Forex news, Economic Calendar, Market outlooks and Analyst analysis.
Free research, insights, strategies outlook, along with great designed FXCM tools with FXCM Plus, Market Scanner, Trading signals with technical levels all at your disposal. Besides, Free Online Live Classroom available for all those who are interested, which all in all enlarges and creates fantastic opportunities for individuals interested in trading and giving a good way to start from the right way.
Who Is FXCM Review Recommended For?
FXCM review is recommended both for beginner and professional traders. Seeing that the broker has suitable and favorable offers for both trader categories, all clients can benefit by signing with FXCM.
Overall, the strong background of the broker, years of successful operation, and reputable in the financial world owning company is a state for the FXCM’s reliable and safe trading environment. Active or high volume traders can enjoy their benefits with various available interfaces, good and competitive value spreads or offerings with advanced technical features. If you are a beginning trader, FXCM is an option too as there is no need of big deposits to start trading, supportive customer managers always remain on hand, along with unique educational technics with an absolutely impressive choice of tools to start, from Autotrading to the diversity of comprehensive supported indicators.