FXCM Review

Regulated by: FCA, ASIC, FSP

Headquarters: UK

Ranking: 8

Spread: 0.7 pips (EURUSD)

Leverage: 400:1

Minimum Deposit: $50

FXCM Review & Author's Comment

FXCM was established in 1999 which makes it one of the first forex brokers with a history of more than 20 years in the online forex trading industry. Even though the Broker experienced quite a few financial and managerial turbulences, it still stands as a renowned and trusted forex broker.

FXCM, supervised by FCA in the UK, ASIC in Australia and FSP in South Africa, is one of the industry’s most recognized forex companies with offices in many countries including the UK, Germany, Australia, South Africa, France, Italy, France, Greece and Hong Kong.

Through two different account types, FXCM offers its customers the convenience of trading many instruments such as forex, CFD, stock, commodity and stock market . FXCM, with its headquarters in London, offers 24/7 exclusive investor support services, regardless of where customers are located, through its global offices and hotlines.

Is FXCM Reliable?

FXCM is regulated by three important regulators of the industry. These regulators; UK’s FCA, Australia’s ASIC, South Africa’s FSP. The institution’s FCA registration number is 217689, the ASIC registration number is AFSL 309763 and the FSCA number is 46534. All three regulators are well-known institutions worldwide that are highly respected and subject the brokers under their control to strict rules and measures.

FXCM is a participant of the Financial Services Compensation Scheme (FSCS) as per FCA regulation. This compensation protects investors’ funds up to 85,000 GBP in the event that FXCM goes bankrupt or undergoes other types of financial difficulties. In addition, the funds deposited by the customers are kept in segregated bank accounts as directed by both FCA and ASIC. This prevents brokers from utilizing client’s funds for their own operational purposes.

FXCM Account Types

FXCM offers traders two different account types; Standard and Active Trader. The features of these two accounts may change depending on the regulator that the client’s account has been opened with. For instance, maximum leverage is 30:1 under FCA regulation but 400:1 under ASIC regulation. The trading cost may also differ. I am going to refer to account types undere ASIC (Australia) regulation for the sake of simplicity.

  • Standard Account: This is an ordinary account that is offered by most of the other forex brokers. Minimum deposit is $50 and maximum leverage is 400:1. The spreads are reasonable. EURUSD spread could drop as low as 0.7 pips and averages around 1.3 pips during the regular trading hours.
  • Active Trader Account: Active Trader account is a great option for traders who actively trade. It comes with much better features, with a much higher minimum deposit requirement as well though. You have to fund at least $25000 in order to be able to open an Active Trader Account. Spreads on EURUSD could go as low as 0.3 pips with a commission of $3 per lot. Besides, you can get different tier pricing on your spread costs based on the volume you trade per month. Maximum leverage is the same with Standard Account which is 400:1.

FXCM Customer Support

FXCM offers 24-hour customer service in 14 different languages, including German, Arabic, Chinese, French, Spanish and Italian. Investors can contact the FXCM support team via email, live chat or phone. The Broker provides educational material and trading guides on its website in order to enhance the client’s trading experience. The Knowledge and Insights sections of the website contain very useful information for both newbie forex traders and experienced traders who have been trading in this market for years.

FXCM Trading Platforms

FXCM provides its customers with three different trading platforms; MetaTrader 4, one of the world’s most popular trading platforms, Trading Station and NinjaTrader. ZuluTrade is also available for investors who want to take the copy trading route.

MetaTrader 4 has established its positing as the leading trading platform in the forex industry for almost 20 years. The platform offers several time frames for both micro and macro analysis of an instrument, countless expert advisors, technical indicators and more.

Trading Station platform developed by FXCM itself has desktop, web and mobile versions. This platform is preferred by investors due to its simple interface and stylish design. In addition to the appealing visuals, Trading Station features more than 600 technical indicators and many graphic tools.

Ninja Trader is way simpler than MetaTrader 4 and Trading Station, though features faster order execution.

FXCM Deposit and Withdrawal

As an FXCM client, you can use methods such as Wire Transfer (SWIFT), Credit/Debit Card, Skrill, Neteller, Paypal and Western Union for deposit and withdrawal. If you want to withdraw money with a credit card, you must first deposit money into your account credit card. Please also remember that the amount you like to withdraw through a credit card can not be greater than the amount you deposited with it. This rule is not unique to FXCM but a general rule on credit card deposit and withdrawals implemented across the industry.

FXCM Trading Instruments

Forex, metals, oil, commodities, stock indices and cryptocurrencies are the markets offered by FXCM to its clients. In addition to major forex pairs, minors and various exotic currencies are available. Metals include Gold, Silver and Copper. On the commodities side, Wheat, Corn and Soy are in the list. Cryptocurrencies that you can trade with FXCM are Bitcoin, Ethereum, Ripple, Litecoin, Bitcoin Cash, Stellar and EOS. The major stock indices such as DOW JONES, NASDAQ, S&P, DAX, CAC, FTSE are available but individual company shares are lacking.

FXCM Final Word

Overall, I can say that I am very impressed by the services and features offered by FXCM. I particularly respect the Broker’s firm reputation cultivated throughout the long years of operating thrivingly in the demanding forex industry. I believe that FXCM has managed to survive as one of the industry’s leading brokers through its pro-customer approach and reliability. Therefore, I recommend FXCM to the forex traders with any trading background and trading style.


Broker Detail
Adress: 20 Gresham Street, 4th Floor, London EC2V 7JE, UK
Phone: +44 (0) 207 398 4050
Web: http://www.fxcm.com
E-Mail: [email protected]
Regulator: FCA, ASIC, FSP
Year Founded: 1999
Instruments
Forex:
Precious Metals:
Energy:
Soft Commodities:
Indices:
CFDs:
Stocks:
ETFs:
Bonds:
Options:
Cryptocurrencies Bitcoin, Ethereum, Ripple, Litecoin, Bitcoin Cash, Stellar and EOS
Account Options
ECN Account:
Swap-Free Account:
Nano Account:
MAM / PAMM Account:
Demo Account:
Funding Methods: Wire Transfer, Credit / Debit Card, Skrill, Neteller, Paypal and Western Union
Withdrawal Methods: Wire Transfer, Credit / Debit Card, Skrill, Neteller, Paypal and Western Union
Customer Services
Live Chat:
24 Hours Support:
Languages: Arabic, Chinese, English, French, German, Italian, Spanish
Platforms
Supported Platforms: MetaTrader 4, Trading Station
Webtrader:
Mobile: IOS, Android
Trading
Leverage: 400:1
Spreads: 1.3 for EURUSDAs low as 0.7 pip for EURUSD
Minimum Deposit: $50
Fixed Spreads:
Automated Trading:
Hedging:
API Trading:
Negative Balance Protection:
Accepts Clients from the US:

FXCM Review

FXCM Review
  • 9.5/10
    Reliability - 9.5/10
  • 8.6/10
    Deposit & Withdrawal - 8.6/10
  • 5/10
    Bonus - 5/10
  • 9.5/10
    Customer Support - 9.5/10
  • 8/10
    Overall Trading Conditions - 8/10
8.1/10

Summary

One  of the leading forex brokers worldwide. Regulated by reputable financial watchdogs. Wide selection of trading platforms. Spreads as low as 0.7 pips and maximum leverage 400:1.