FXCM Review

  • Leverage: 1:200 | 1:30

  • Regulation: ASIC, FCA, FSCA

  • Min. Deposit: 50 US$ | 300 GBP

  • HQ: UK

  • Platforms: MT4, Trading Station, ZuluTrade, TradingView, Ninja Trader

  • Found in: 1999

FXCM Licenses

  • Forex Capital Markets Limited (FXCM LTD) - authorized by FCA (UK) registration no. 217689 
  • FXCM Australia Pty. Limited (FXCM AU) - authorized by ASIC (Australia) registration no. AFSL 309763, ACN: 121934432
  • FXCM South Africa (PTY) Ltd - authorized by  FSCA (South Africa) registration no. FSP 46534
  1. What is FXCM?
  2. Awards
  3. Is FXCM safe or a scam?
  4. Leverage
  5. Accounts
  6. Fees
  7. Market Instruments
  8. Deposits and Withdrawals
  9. Platforms
  10. Customer Support
  11. Education
  12. Conclusion

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.

ProsCons
Founded in the UK and known worldwide as one of the best Forex BrokersWithdrawal fee for Bank Wire
Regulated by the UK, Australia and South Africa authoritiesNo 24/7 support
Numerous industry awards
Tight Spreads are low
One of the best trading platforms selection
Balanced trading condition through a single account
Professional free education

FXCM Review

Where FXCM located?

The FXCM Group is headquartered in London (UK), offers dedicated customer support service regardless of clients location through a global chain of offices situated in Germany, Australia, France and Italy. In addition, through the banch of affiliated offices, since FXCM entered into partnerships with local companies, the broker provides access to the residents, in Greece, Israel and South Africa and 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
🏢 HeadquartersUK
🗺️ RegulationFCA, ASIC, FSCA
🖥 PlatformsMT4, Trading Station, Zulutrade, TradingView, Ninja Trader
📉 InstrumentsForex, Indices, Commodities, Cryptocurrencies and Spread Betting available for UK and Ireland residents
💰 EUR/USD Spread1.3 pips
🎮 Demo AccountAvailable
💳 Minimum deposit50$ and 300 GBP for UK and EU clients
💰 Base currenciesUSD, GBP and EUR
📚 EducationProfessional free education and research resources
☎ Customer Support24/5

Awards

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:

FXCM awards

Is FXCM safe or a scam?

In fact, the safety measure of the broker is its regulatory status and compliance to the international status which are overseen by the independent authority under respected jurisdictions. The Companies that constitute the FXCM Group is regulated through several and actually the most strict world jurisdictions.

ProsCons
Regulated by several reputable authoritiesNone
Licenses from FCA, ASIC, FSCA in South Africa
Negative balance protection
Good reputation

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 authorization in South Africa.

FXCM entityRegulation 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) LtdIs authorized by FSCA (South Africa) registration no. FSP 46534

Leverage

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.

Accounts

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.

Besides, 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.

ProsCons
Fast Account Opening, fully DigitalNone
Single Account
Low Minimum deposit
Free deposit
Active Trader account for high volume trading

Account types

Through a single account feature at FXCM you are able to trade all range of trading instruments that are included into the offering.

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.

Fees

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, yet for most accurate data check the official website or FXCM platform.

ProsCons
Variable spreadNone
Good range of products including Bitcoin, Litecoin and Ripple
Active Trader program
Low Forex fees

Our find on Forex 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 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 AvaTrade as an alternative.

Comparison between FXCM fees and similar brokers
Asset/ PairFXCM FeesFXTM FeesXM Fees
EUR USD1.3 pips1.5 pips1.6 pips
Crude Oil WTI0.044 pips5 pips
Gold0.76935
BTC USD27.132060
Inactivity feeYesYesYes
Deposit feeNoNoNo
Fee rankingLowAverageHigh

FXCM spread

Instruments

Advanced range of market instruments includes popular markets and other exotic pairs as well offering Forex, Indices, Commodities, Cryptocurrencies and Spread Betting available for UK and Ireland residents.

FXCM instruments

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.

ProsCons
Minimum deposit – 50$ for Australian and South Africa clientsBank wire withdrawal costs 40$
Wide range of deposit option including Credit Card
Free deposit
Some withdrawal methods 0$ fee

What is minimum deposit for FXCM account?

And once you ready you can transfer to live trading, what is more pleasant the live account can be opened with a minimum deposit as little as $50. However, this is defined according to the FXCM’s entity, likewise, UK and EU clients would need GBP300 at the start.

Deposit Options

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.

FXCM deposit

Withdrawals

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

  1. Login to your account and go to Withdraw page
  2. Select the withdrawal method, required amount and click ‘Withdraw’
  3. Complete the withdrawal request
  4. Confirm withdrawal and Submit

Trading Platforms

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.

ProsCons
Good selection between platform suitable for beginners and professionalsNone
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

Web Platform

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.

Desktop Platform

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.

Mobile Platform

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.

FXCM platform

Social Trading

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.

Customer Support

Another good point is client-oriented approach of FXTM  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.

ProsCons
Customer oriented policy and good quality supportNo 24/7 customer service
Live Chat and fast answers
Support of international Phone lines and languages

Education

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.

ProsCons
Customer oriented educationNone
Demo Account
Great learning material and research tools on free basis
Professional Forex News, Market Outlook
Trading ideas
Social Trading
Trading tools and great focus on education

FXCM education

Conclusion

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. As a trader you will definitely enjoy attractive offerings from the broker, along with the splendid technical development and a variety of tools to use.

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 comprehensively supported indicators.

Overall, FXCM is a good choice for all type of traders.

However, it is always very helpful to know your personal opinion about FXCM is applicable, you may share your experience in the comment area below or ask us for additional information if necessary.

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