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FXCM Review 2021

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FX Empire sticks to a strict review standards.Learn how we make money and our review methodology.
FXCM Main Features
☑️
Regulations
FCA (United Kingdom), ASIC (Australia), FSP (New Zealand)
️🗺
Supported Languages
English, Spanish, German, French, Arabic, Chinese, Italian, Greek
💰
Products
Currencies, Commodities, CFDs, Indices, Stocks, Crypto
️💵
Min Deposit
$300
💹
Max Leverage
1:30 (FCA), 1:30 (ASIC), 1:30 (FSP)
🖥
Trading Desk Type
Dealing Desk, Market Maker
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70% of retail investor accounts lose money

FXCM Full Review

“Forex Capital Markets Limited (FXCM LTD) is authorised and regulated by the UK’s Financial Conduct Authority (FCA) and offers Spread Betting*, CFD and Forex Trading accounts to trade on a range of markets including Forex, Share CFDs, Indices CFDs, Commodity CFDs and Cryptos** across its flagship Trading Station Platform, MetaTrader 4, NinjaTrader and ZuluTrade.”

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73.42% 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 is an award-winning broker founded in 1999. It is a Leucadia Company which is the former name of Jefferies Financial Group Inc. Forex Capital Markets Limited (FXCM LTD) is an entity of the FXCM Group and is regulated by the UK’s Financial Conduct Authority (FCA) and as such the focus of the review covers only the services offered on the UK website.

The broker offers Spread Betting*, CFD and Forex Trading accounts to trade on a range of markets including Forex, Shares, Indices, Commodities, Crypto**, Forex Baskets and Stock Baskets across its flagship Trading Station Platform for Desktop, Web and Mobile as well as the MetaTrader 4, NinjaTrader and ZuluTrade platforms.

Clients can select from four main account types covering Spread Betting, CFD Trading and Active Trader*** which provide access to very competitive spreads on different instruments. Trading is commission-free**** on all account types excluding the Active Trader account which is commission-based but with tighter spreads. Demo accounts are also available.

There are some great trading features available such as Trading Signals, FXCM Plus and FXCM Apps which provides traders of all experience levels access to cutting edge trading tools. Deposits and withdrawals can be made through a variety of payment methods including via debit/credit card, bank wire, Skrill and Neteller. Both deposits and withdrawals are fee-free except withdrawal by wire which incurs a fee.

FXCM provides an impressive range of research and educational materials available which include Daily Market Analysis, News, Live Webinars, Trading Guides, Market Insight Articles and more. The broker also offers multilingual customer support 24/5 via Live Chat, Telephone, Email, SMS and WhatsApp.

Pros: Cons:
  • Competitive spreads and commission-free****.
  • Tons of research and education material.
  • Impressive Trading Station platform.
  • Great trading features available to suit all types of traders.
  • Does not accept clients from certain countries.

* FXCM UK offers tax exempt spread betting accounts exclusively to UK residents. Residents of other countries are NOT eligible. Spread betting is not intended for distribution to, or use by any person in any country and jurisdiction where such distribution or use would be contrary to local law or regulation. The UK tax treatment of your financial betting activities depends on your individual circumstances and may be subject to change. Spread Betting accounts offer spread plus mark-up pricing only. Spreads are variable and are subject to delay.

** Cryptocurrency products are only available to Professional and Eligible Counterparty Clients.

*** Active Trader accounts offers spreads plus mark-up pricing or spreads plus commission pricing depending on your equity level and trading volume.

**** When executing customers’ trades, FXCM can be compensated in several ways, which include, but are not limited to: spreads, charging fixed lot-based commissions at the open and close of a trade, adding a markup to the spreads it receives from its liquidity providers for certain account types, and adding a markup to rollover, etc.

***** The UK tax treatment of your financial betting activities depends on your individual circumstances and may be subject to change in the future, or may differ in other jurisdictions.

****** Leverage is a double-edged sword and can dramatically amplify your profits. It can also just as dramatically amplify your losses. Trading foreign exchange/CFDs with any level of leverage may not be suitable for all investors.

*******The Trading Signals do not constitute and should not be regarded as an investment advice. You act on the signals entirely at your own risk.

******** Spreads are variable and are subject to delay. The spread figures are for informational purposes only. FXCM is not liable for errors, omissions or delays for actions relying on this information.

About the Author

Jitan Solanki
Author
Jitan is a currency trader and an accredited Market Technician with more than 15 years of experience working with fund managers and on several proprietary trading floors. He is regularly quoted in the financial media for his currency market insights and forecasts and is based in London.
Read More

FXCM Video Review

Investor Protection & Regulations

“Forex Capital Markets Limited (FXCM LTD) is authorized and regulated by the UK’s Financial Conduct Authority and is a member of the Financial Services Compensation Scheme (FSCS).”

Forex Capital Markets Limited (FXCM LTD) is authorized and regulated by the UK’s Financial Conduct Authority, as shown below:

The FXCM group of companies (collectively, the FXCM Group) includes various other entities which are authorised and regulated in their own jurisdictions that include:

  • FXCM EU – authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC).
  • FXCM Australia – authorised and regulated by the Australian Securities and Investments Commission (ASIC).
  • FXCM South Africa – authorised and regulated by the Financial Sector Conduct Authority (FSCA).

The FXCM group also includes FXCM Markets, incorporated in Bermuda and is not required to hold any financial services license or authorization.

FXCM LTD provides further security of client funds:

  • Holding client funds in segregated accounts from company funds.
  • Providing a negative balance protection policy.
  • Member of the Financial Services Compensation Scheme (FSCS).

Tradable Products

“FXCM LTD offers clients the ability to trade on a wide range of financial instruments covering Forex, Share CFDs, Indices CFDs, Commodity CFDs and Crypto* as well as Forex and Stock Baskets.”

FXCM LTD offers clients the ability to trade on a wide range of financial instruments covering Forex, Share CFDs, Indices CFDs, Commodity CFDs and Crypto** (for professional clients only) as well as Forex and Stock Baskets. Below is a list of just some of the available markets for trading:

Forex Indices Crypto* (for professional clients only)
EURUSD US30 Bitcoin
GBPUSD SPX500 Litecoin
USDCHF GER30 Ethereum
AUDUSD UK100 Forex Baskets
EURJPY ESP35 US Dollar
NZDCAD JPN225 JPY Basket
Shares Commodities EM Basket
Apple Gold Stock Baskets
Amazon Silver FAANG
Tesla Copper Biotech
Netflix Nat Gas ESports and Gaming

* Details regarding the available assets are taken from the FXCM website and trading platform and are correct at the time of this review. You can find a more detailed list here.

Trading costs such as spreads and overnight funding (swap) rates vary depending on the account type opened and instrument being traded and are covered further down this review.

Account Opening

“FXCM LTD offers clients four main account types which includes Spread Betting, CFD Trading, Active Trader. They also provide demo trading accounts.”

FXCM LTD offers clients four main account types which includes Spread Betting, CFD Trading, Active Trader. The main features of each account are described in the table below:

Account Type Main Features
Spread Betting U.K. and Ireland residents can enjoy tax-free***** trading commission-free and with leverage** up to 1:30 across currency pairs, equities indices, shares and commodities.
CFD Trading CFD trading accounts offer the same service as spread betting accounts, however, they do not provide the same tax-free advantages.
Active Trader Active Trader accounts offer spreads plus mark-up pricing or spread plus commission pricing depending on the client’s equity level and trading volume. Additional benefits include dedicated support, API trading and market depth (Trading Station) absolutely free.

Please note that the UK tax treatment of your financial betting activities depends on your individual circumstances and may be subject to change in the future, or may differ in other jurisdictions.

Users can open a new account in just a few steps. After clicking the ‘Live Account’ button on the broker’s homepage, users will be guided through the below process:

  1. Create Account: Country of residence, name, phone number, email and password.
  2. Verify Identity: Place of birth, date of birth and national insurance number.
  3. Contact Information: Address and time at address.
  4. Employment Information: Employment status and source of funds for trading.
  5. Financial Information: Annual income, net worth and trading experience questions.
  6. Agree to terms.

The final steps include identity verification by submitting proof of identity (passport or driving licence) and proof of residence (utility bill or bank statement – not more than 6 months old).

FXCM LTD does not accept clients from some countries Afghanistan, Belgium, Brazil, Central African Republic, Colombia, Congo, Cuba, Cyprus, Democratic Republic of Congo, Egypt, Greece, ,India, Iran, Japan, Saudi Arabia, South Korea, UAE (United Arab Emirates), and United States are among them.

Deposit & Withdrawals Options

“FXCM LTD offers a variety of deposit and withdrawal methods including via debit/credit card, bank wire, Skrill and Neteller.”

FXCM LTD offers a variety of fee-free deposit methods including via debit/credit card, bank wire, Neteller, Skrill, Rapid Transfer and Klarna.

Withdrawals can be made via the same deposit methods, excluding Klarna and Rapid Transfer. All withdrawals are fee-free but some bank wires incur fees. GBP withdrawals via BACS payments are fee-free, however.

All deposits are processed immediately excluding bank wire which can take between 3- 5 business days and withdrawals are usually processed within 1-3 business days.

Clients can deposit and withdraw funds easily once logged into the MyFXCM portal.

Web & Desktop Trading Platforms

“FXCM LTD offers clients the ability to trade on its flagship trading platform Trading Station as well as MetaTrader 4 and NinjaTrader.”

FXCM LTD offers clients the ability to trade on its flagship trading platform Trading Station as well as MetaTrader 4 and NinjaTrader. Each platform’s features are highlighted below:

FXCM LTD Trading Station Desktop

  • Advanced charting.
  • Automated trading available.
  • Access fundamental and technical analysis.
  • Compare instruments with price overlays.

FXCM LTD Trading Station Web

  • No download needed and suitable for Mac.
  • Integrated News and Calendar.
  • Cloud-based user and chart settings.
  • Customised trading analytics.

FXCM LTD MetaTrader 4

  • Expert advisors.
  • Multiple asset classes.
  • Great range of technical tools and indicators.
  • VPS hosting available.

FXCM LTD NinjaTrader

  • Advanced Trade Management (ATM).
  • Customisable workspace.
  • Market Analyser.
  • Professional-grade charting package.

A screenshot of the FXCM LTD Trading Station Web platform is shown below and is covered in more detail in the video review.

Mobile Trading Platforms

“FXCM LTD offers clients the ability to access mobile trading on the go from the FXCM Trading Station mobile app and the MetaTrader 4 app for Android and iOS systems.”

FXCM LTD offers clients the ability to access mobile trading on the go from the FXCM Trading Station mobile app and the MetaTrader 4 app for Android and iOS systems. The app download links can be found in the Google PlayStore or Apple AppStore.

The FXCM Trading Station mobile app provides a range of different features including:

  • Trade and manage your account on the go.
  • Access real-time pricing and trading.
  • Extensive product offering.
  • Advanced order type functionality.

The FXCM Trading Station mobile app is covered in more detail in the video review.

Please note that there are a series of inherent risks with the use of the mobile trading technology including, but not limited to, the duplication of order instructions, latency in the prices provided, latency of rollover update, latency of order execution and other issues that are a result of mobile connectivity. It is strongly recommended that clients familiarise themselves with the functionality of the FXCM Mobile Trading Station prior to managing a live account via portable device.

Trading Features

“FXCM LTD provides a great range of additional trading features through FXCM Plus which provides real-time Trading Signals, a Technical Analyzer and Trading Analytics. They also offer FXCM Apps which is an online marketplace for custom-made apps and ZuluTrade, a Social auto-trading platform.”

FXCM LTD provides a great range of additional trading features through FXCM Plus to help traders dive deeper into their trading experience. The main features are described below:

  • Trading Signals******: Includes Trading Signals in real-time 24 hours a day, 5 days a week with buy and sell levels as well as stops and limits.
  • Technical Analyzer: Discover critical technical levels and stay informed of important indicator crossovers like moving averages, MACD and RSI.
  • Trading Analytics: Provides in-depth visual performance metrics to help traders analyse their trading habits.

Clients can also access FXCM Apps which is an online marketplace for custom-made apps that include downloadable Automated Strategies, Indicators, Scripts and Add-Ons as well as Alerts for FXCM’s flagship Trading Station desktop platform. Apps are available as Standalone and for MetaTrader 4, Trading Station and NinjaTrader.

ZuluTrade, a Social Auto-trading platform also allows clients to follow the trading activity and strategy of a diverse network of traders. This account type is separate from the main FXCM accounts and users will need to register for access. There are also specialty platforms available such as QuantConnect, MotiveWave, AlgoTerminal and Sierra Chart.

Commissions & Spreads****

“Trading commissions and spreads vary by account and instrument traded. However, the costs are mostly competitive and transparent. Spread Betting and CFD Trading accounts offer commission-free trading whereas Active Trader accounts are commission-based but with even better spreads.”

Trading commissions and spreads vary by account and instrument traded; however, the costs are mostly competitive and transparent. Spread Betting and CFD Trading accounts offer commission-free trading with spreads adding a small markup. The below table shows a selection of average spreads for Forex and CFD instruments:

Forex Spread* CFD Spread
EUR/USD 1.3 NAS100 1.30
GBP/USD 1.8 UK100 1.05
USD/JPY 1.4 NGAS 0.01
EUR/GBP 2.3 XAG/USD 0.05
GBP/JPY 2.8 USOil 0.04

Active Trader accounts can benefit from deep discounts on spread costs based on the volume traded, as shown below:

Forex Spread******** CFD Spread
EUR/USD 0.2 NAS100 1.30
GBP/USD 0.7 UK100 1.05
USD/JPY 0.3 NGAS 0.01
EUR/GBP 0.6 XAG/USD 0.05
GBP/JPY 1.1 USOil 0.04

When executing customers’ trades, FXCM can be compensated in several ways, which include, but are not limited to: spreads, charging fixed lot-based commissions at the open and close of a trade, adding a markup to the spreads it receives from its liquidity providers for certain account types, and adding a markup to rollover, etc.

Overnight funding or ‘swap’ fees are charged on positions that remain open overnight (22:00) GMT. If positions are being held over the weekend a three-day ‘swap’ charge will be charged on Wednesdays.

A 50 CCY inactivity account fee will also be applied in the case of no trading for 12 months and the account is not holding any open positions.

Bonus & Promotions

“In accordance with regulatory restrictions, FXCM LTD does not offer any bonuses or promotions.’’

Customer Support

“FXCM LTD offers multilingual customer support 24/5 support via Live Chat, Telephone, Email, SMS and WhatsApp.”

FXCM LTD offers multilingual (English, German, Italian, Spanish, French, Chinese, Arabic, Greek) customer support 24/5 via phone, email, live chat, SMS and WhatsApp. There is also a detailed ‘Help Portal’ covering product, platforms and account-related questions.

After submitting a question through the live chat we were connected to an agent who answered our question relatively very fast, as shown below:

Contact Information:

Address: UK Head Office: 20 Gresham Street, 4th Floor, EC2V 7JE, London, United Kingdom.

Email: info@fxcm.co.uk

Phone: +44 (0) 2073984050 / +44 (0) 8001456477 (UK Customer Service)

Social Media:

Research

“FXCM LTD offers an impressive range of market research and tools such as News, a Market Scanner and an Economic Calendar. Clients also have access to Daily Live Market Analysis Webinars and Articles covering a variety of markets.”

FXCM LTD offers an impressive range of market research and tools such as news, a market scanner, daily live market analysis webinars and articles. The main research and tools available are described below:

  • Market News: Frequently updated throughout the day with insights and analysis for Forex, Commodities and Metals.
  • Market Scanner: A free tool that allows clients to screen Forex and CFDs using technical parameters.
  • Market Analysis: Articles posted several times throughout the day covering analysis on multiple markets.
  • Live Webinars: Clients can interact with FXCM’s Senior Market Specialist to enhance their skills and learn about major economic events around the world.

Clients can also keep up with current and future events with the economic calendar and use additional resources such as the volatility tool to screen the largest moves and heat maps to see the biggest gains and losses across share, forex, index and commodity markets.

All content is available for free although the live webinars will need to be registered for. The content is highly detailed, frequently updated and suitable for both beginner and advanced traders.

Trader Education

“FXCM LTD offers a wide range of educational materials that include Market Insight Articles, Videos and Online Trading Guides.”

FXCM LTD offers a wide range of educational materials that include market insight articles, videos and online trading guides. Clients can access a huge library of market insights covering global economies, trading strategies, forex indicators, a glossary and more. The content is comprehensive and covers all the major markets including commodities, forex, indices and stocks.

Further, the broker’s YouTube channel includes a variety of video tutorials covering topics such as Modifying Entry Orders, Price Improvement Scalping and How to Place a Market Order which may be beneficial to new traders. Online trading guides are also available through the market insight section and cover more detailed topics such as ‘Forex vs Stocks’ and ‘5 Steps on How to Start Trading’.

Unlike many other brokers, FXCM updates the education material regularly and it often relevant to current key market themes.

Trading Experience

“FXCM LTD provides a very competitive trading offering for both beginner and professional traders. Clients can choose from various accounts and have access to an impressive range of trading features, platforms and research and education material.”

From our observations, FXCM LTD provides a very competitive offering with its low trading costs and broad market accessibility. Clients can choose to trade a variety of markets covering Forex, Share CFDs, Indices CFDs & Commodity CFDs and Cryptocurrencies** through a choice of platforms including the broker’s flagship Trading Station platform, MetaTrader 4 and NinjaTrader as well as a variety of specialised platforms.

Clients have multiple account options to suit their trading style and can choose between Spread Betting, CFD Trading or Active Trader if the volume requirements are met. All accounts excluding Active Trader are also commission-free and this includes individual share trading.

The broker does also provide a great range of additional trading features in FXCM Plus and FXCM Apps, as well as extensive educational resources and market research articles, videos, and webinars.

FAQ

Is FXCM LTD regulated?

Yes, by the UK’s Financial Conduct Authority (FCA).

Where is FXCM LTD based?

FXCM is based at 20 Gresham Street, 4th Floor, EC2V 7JE, London, United Kingdom.

How does FXCM LTD make money?

FXCM makes money mainly through spreads, commissions and swaps on certain asset classes.

How do I deposit in FXCM LTD account?

Funds can be deposited into a trading account via debit/credit cards, bank wire transfers, Skrill, Neteller, Rapid Transfer and Klarna.

What is the min. deposit for FXCM LTD?

There is no minimum deposit for FXCM LTD but this could vary according to location and account type.

How do I withdraw money from FXCM LTD?

Withdrawals can be made from FXCM via credit or debit card, bank wire transfer, SEPA, BACs, Neteller and Skrill.

What is the max leverage in FXCM LTD?

Retail clients have maximum leverage of 1:30.

How do I open an account with FXCM LTD?

An account can be opened at the click of a button on the FXCM website and can be done in just a few steps.

Does FXCM LTD use MetaTrader?

Yes, MetaTrader 4.

Conclusion

“Forex Capital Markets Limited (FXCM LTD) is authorised and regulated by the UK’s Financial Conduct Authority (FCA) and offers Spread Betting*, CFD and Forex Trading accounts to trade on a range of markets including Forex, Share CFDs, Indices CFDs, Commodity CFDs and Cryptos** across its flagship Trading Station Platform, MetaTrader 4, NinjaTrader and ZuluTrade.”

FXCM is an award-winning broker founded in 1999. It is a Leucadia Company which is the former name of Jefferies Financial Group Inc. Forex Capital Markets Limited (FXCM LTD) is an entity of the FXCM Group and is regulated by the UK’s Financial Conduct Authority (FCA) and as such the focus of the review covers only the services offered on the UK website.

The broker offers Spread Betting*, CFD and Forex Trading accounts to trade on a range of markets including Forex, Shares, Indices, Commodities, Crypto**, Forex Baskets and Stock Baskets across its flagship Trading Station Platform for Desktop, Web and Mobile as well as the MetaTrader 4, NinjaTrader and ZuluTrade platforms.

Clients can select from four main account types covering Spread Betting, CFD Trading and Active Trader*** which provide access to very competitive spreads on different instruments. Trading is commission-free**** on all account types excluding the Active Trader account which is commission-based but with tighter spreads. Demo accounts are also available.

There are some great trading features available such as Trading Signals, FXCM Plus and FXCM Apps which provides traders of all experience levels access to cutting edge trading tools. Deposits and withdrawals can be made through a variety of payment methods including via debit/credit card, bank wire, Skrill and Neteller. Both deposits and withdrawals are fee-free except withdrawal by wire which incurs a fee.

FXCM provides an impressive range of research and educational materials available which include Daily Market Analysis, News, Live Webinars, Trading Guides, Market Insight Articles and more. The broker also offers multilingual customer support 24/5 via Live Chat, Telephone, Email, SMS and WhatsApp.

  • Tons of research and education material.
  • Impressive Trading Station platform.
  • Great trading features available to suit all types of traders.

* FXCM UK offers tax exempt spread betting accounts exclusively to UK residents. Residents of other countries are NOT eligible. Spread betting is not intended for distribution to, or use by any person in any country and jurisdiction where such distribution or use would be contrary to local law or regulation. The UK tax treatment of your financial betting activities depends on your individual circumstances and may be subject to change. Spread Betting accounts offer spread plus mark-up pricing only. Spreads are variable and are subject to delay.

** Cryptocurrency products are only available to Professional and Eligible Counterparty Clients.

*** Active Trader accounts offers spreads plus mark-up pricing or spreads plus commission pricing depending on your equity level and trading volume.

**** When executing customers’ trades, FXCM can be compensated in several ways, which include, but are not limited to: spreads, charging fixed lot-based commissions at the open and close of a trade, adding a markup to the spreads it receives from its liquidity providers for certain account types, and adding a markup to rollover, etc.

***** The UK tax treatment of your financial betting activities depends on your individual circumstances and may be subject to change in the future, or may differ in other jurisdictions.

****** Leverage is a double-edged sword and can dramatically amplify your profits. It can also just as dramatically amplify your losses. Trading foreign exchange/CFDs with any level of leverage may not be suitable for all investors.

*******The Trading Signals do not constitute and should not be regarded as an investment advice. You act on the signals entirely at your own risk.

******** Spreads are variable and are subject to delay. The spread figures are for informational purposes only. FXCM is not liable for errors, omissions or delays for actions relying on this information.

broker

70% of retail investor accounts lose money

See FXCM Full Information
Broker General Information
Trading Features
Other Details
Headquarters Country
United Kingdom
Foundation Year
1999
Regulations
FCA (United Kingdom), ASIC (Australia), FSP (New Zealand)
Publicly Traded
No
Number Of Employees
200+
Trading Desk Type
Dealing Desk, Market Maker
Trading platforms
MT4, Trading Station, NinjaTrader, Zulutrade
Restricted Countries
United States, Russian Federation, Belgium, Turkey, Japan, Burkina Faso, Burundi, Colombia, Congo, Cote d'Ivoire, Cuba, Cyprus, Egypt, Jordan, Kenya, North Korea, South Korea, Kuwait, Guinea, Guinea-Bissau, Liberia, Mali, Iceland, Mexico, New Zealand, India, Niger, Peru, Qatar, Greece, Iran, Togo, Puerto Rico, Sudan, Saudi Arabia, Tunisia, Singapore, United Arab Emirates, Ukraine, Timor-Leste, Vanuatu, Virgin Islands, British, Northern Mariana Islands, Palestine, Brazil, Central African Republic, Kiribati, Libya, Guam, Syria, Senegal, Cook Islands, Lebanon, Philippines, Somalia, South Sudan, Samoa, Zimbabwe, Afghanistan, Bahrain, Belarus, Benin
Supported Languages
English, Spanish, German, French, Arabic, Chinese, Italian, Greek
Min Deposit
$300
Max Leverage
1:30 (FCA), 1:30 (ASIC), 1:30 (FSP)
Deposit Options
Wire Transfer, Credit Card, Skrill, Neteller
Withdrawal Options
Wire Transfer, Credit Card, Skrill, Neteller
Fixed Spreads
No
Commission On Trades
No
Products
Currencies, Commodities, CFDs, Indices, Stocks, Crypto
Mini Account
No
Premium Account
No
Demo Account
Yes
Islamic Account
Yes
Segregated Account
Yes
Managed Account
No
Institutional Account
Yes
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