FXCM Review 2018

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FXCMReview

FXCM Markets Review

FXCM (Forex Capital Markets) is one of the pioneering brokers of internet based trading. They offer to trade Forex, Commodities, Indices, and Cryptos through CFDs. The broker was established in the U.S in 1999 and is now based in the United Kingdom with a global reach. FXCM has ceased its operations in the U.S to focus more on their international markets.

FXCM Markets Video Review

FXCM Regulations

As a result of its international operations, FXCM is regulated in several jurisdictions. The main regulatory oversight over FXCM is provided by the UK’s Financial Conduct Authority (FCA) under the FCA registration number 217689. With its FCA’s registration, FXCM is also permitted to operate in member states of the European Union by “passporting” its FCA license for registration in the member states which they operate in, particularly:

  • France by registering with the Autorité de Contrôle Prudentiel (ACP) under the Interbank Code: 19843.
  • Germany with BaFin Registration Number: 122556.
  • Greece by registering with the Hellenic Capital Markets Commission
  • Italy by registering with Nazionale per le Societa e la Borsa (CONSOB)

Through its subsidiaries, FXCM is regulated in the following countries:

  • In Australia regulated by Australian Securities and Investments Commission (ASIC) through the License number 30973 issued to FXCM AUSTRALIA PTY LTD.
  • In South Africa through FXCM SOUTH AFRICA (PTY) LTD regulated by the Financial Services Board, under the registration # 46534.

In Canada and New Zealand, FXCM entered into partnerships with local companies in order to provide residents in these two countries access to FXCM’s suite of products. In Canada, FXCM works with Friedberg Direct (a division of Friedberg Mercantile Group Ltd) and in New Zealand, FXCM entered in a partnership with Halifax New Zealand.
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FXCM Reliability

With close to two decades of operational history, there is certainly no doubt as to the legitimacy of FXCM as a world-leading online broker. Since 2004 until 2015, FXCM has been regularly nominated by leading financial publications recognizing the broker’s achievements and contribution to the online trading industry. In 2004, 2005, 2006, 2010, they were listed by INC. 500 as one of America’s Fastest Growing Companies. In 2009 and 2010, FXCM was voted by FX Week as being the Forex broker with the best retail platform. Other notable achievements by FXCM included:

  • Being recognized by INVESTMENT TRENDS UK in 2012 as one of the best spread betting brokers in the UK.
  • Being voted by Forex Magnates in 2012 as having the best proprietary forex trading platform
  • Being recognized by FX Street as being the Best Sell-Side Analysis Contributor.
  • Receiving the 2013 MONEY AM awards for “BEST ONLINE FX PROVIDER”.
  • Winning the 2013 Forex Magnates London Summit awards for “BEST RETAIL BROKER EXECUTION.”
  • Being recognized by FX Street again in 2015 as being the Best Sell-Side Analysis Contributor.

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FXCM Trading Platforms

FXCM has provided their clients with several choices of trading platforms. The mainstay of FXCM’s trading platform is their proprietary platform called the FXCM Trading Station.

FXCM Trading Station

The award-winning Trading Station is the results of 10 years of platform development. It is available in 3 different versions, as a desktop, mobile and web trading platform. The Trading Station capabilities include:

  • The ability to explore multiple order types.
  • View prices in real time.
  • Dozens of preloaded indicators.
  • Email alerts.
  • Exclusive tools such as streaming news, real volume indicators and “Good Till Date” order types.

MetaTrader 4 Platform

Apart from the proprietary Trading Station, FXCM has also made available the Forex industry standard trading platform, the MetaTrader 4 (MT4) platform. The MT4 platform is well liked by brokers and traders alike due to its power inbuilt features. Highly customizable, the MT4 platform is able to support automated trading through the use of Expert Advisors (EAs). It also comes with a comprehensive charting package and a wide array of technical popular indicators. The MT4 platform also supports different types of trade orders such as At best, At a market range, Entry orders, Stop Loss order, Take profit, Trailing stops and Limit stops.

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Mobile Trading

For traders who are constantly on the move, they will be pleased to know that FXCM has also provided them with mobile trading apps which they can download from the Google Play Store and Apple’s App Store. The professionally developed app is essentially the MT4 trading platform that has been optimized for Android and iOS powered devices. Some of the unique features of the mobile trader include:

  • 24 Hour Trend Locator
  • Automatic Trendlines Indicator
  • Breakout2

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ZuluTrade

For beginner traders who lack trading experience, there is also the option to use the ZuluTrade peer to peer trading platform. It is also suitable for traders who want to trade the markets without being emotionally entangled and for those lacking the time to develop their own trading strategies. With the ZuluTrade social trading network, traders can subscribe to the signals that are provided by those who are more experienced and time committed to online trading.

FXCM Trade Types/Instruments

FXCM offers traders the opportunities to trade many instruments such as 39 different pairs of currency pairs, 18 types of commodities CFDs and 12 market indices and dozens of stock indices through its wide selections of trading platforms.

FXCM Account Types

Trading Account

  • 1:30 leverage for CFDs (only applicable to FXCM LTD retail clients)
  • 1:30 leverage for FX (only applicable to FXCM LTD retail clients)
  • 18 CFDs
  • 39 Currency pairs
  • Minimum deposit of $300 (only applicable to FXCM LTD clients)

Active Trade

FXCM’s Active Trader account is designed for traders who actively trade. Benefits include dedicated support, premium services and custom solutions. Active Traders are eligible for different tier pricing.

Find out if you are eligible here.

*In addition to the above-mentioned trading accounts, FXCM also offers their traders a demo account. The demo account is topped up with $5,000 virtual currency

 

 

FXCM Commissions & Spreads

There are no commissions payable at FXCM. Traders are instead required to pay a slightly widened spread on the assets that they are trading. The minimum average spread for Forex starts from as low as 1.3 pips for frequently trading Forex pairs such as the EUR/USD. Spreads for Indices start from a minimum of 0.56 pip. For commodities, the minimum spread starts from 0.01 pips. The table below lists some of the spreads which traders have to pay for the popular assets.

Instrument

Average Spreads (in pips)

XAU/USD 0.36
XAG/USD 0.043
UK OIL 0.05
SPX 500 0.56
NAS 100 1.20
UK 100 1.33
EUR/USD 1.3
EUR/GBP 2.2
USD/JPY 1.3
USD/CHF 1.8

Spreads may vary according to the broker’s policy

FXCM Deposits & Withdrawals Options

Currently, FXCM supports deposits through credit/debit cards such as Visa, MasterCard, Discover or bank wire transfer. Withdrawals are also conducted through credit card or bank wire transfer. For withdrawals through credit cards, there is no withdrawal fee. However, for bank wire withdrawals, a fee of $40 is required. The good news is there is no limit or minimum withdrawal amount requirement at FXCM. Withdrawal requests are typically processed within few business days.

FXCM Bonus & Promotions

At present, FXCM does not offer any kind of bonuses nor have any promotional campaign. However, despite the lack of bonuses or promotional offers at FXCM, the broker does provide an incentive to their traders by letting their traders earn interest in the available balance in their trading account.

FXCM Customer Support

For the benefit of their international clientele, FXCM’s website support 14 different languages such as Arabic, Chinese, German, Spanish, French, Italian and Tagalog. Although FXCM’s customer support service is available on a 24/7 basis, traders can get in touch with the support team through email or live chat.

FXCM Pros & Cons

Pros

  • FCA Regulated Broker
  • Ultra Tight Spreads
  • Around The Clock Customer Support
  • Choices Of Trading Platforms
  • 2 Main Types Of Trading Accounts
  • High-Quality Trading Analysis
  • Chat Support

Cons

  • No ECN platform

FXCM Q&A

  • Is FXCM Regulated?

Yes, FXCM is a regulated broker under the UK’s Financial Conduct Authority. In addition, FXCM is also regulated in several others countries such as ASIC in Australia, by the FSPR registrar in New Zealand.

In South Africa through FXCM SOUTH AFRICA (PTY) LTD regulated by the Financial Services Board, under the registration # 46534.

  • How safe is FXCM – Is FXCM a scam?

With close to 2 decades of operational history behind them, FXCM has taken every measure possible to ensure that their traders have a safe and secure trading environment to conduct their trading activities. As a testament to their commitment to the well being of their clients, FXCM has been winning many recognition awards for several international finance reviewers.

  • Where is FXCM based?

FXCM’s headquarter is based in the UK with its office location at 20 Gresham Street, 4th Floor, EC2V 7JE, London.

  • How does FXCM make money?

FXCM requires their clients to pay a small spread on top of the prices that they get quoted.

  • How to deposit in FXCM account?

To deposit funds in an FXCM trading account, traders can fund their trading account using their credit/debit cards or through a bank wire transfer.

  • How to withdraw money from FXCM?

The withdrawal of funds at FXCM by a trader can be done through credit card or bank wire transfer.

  • How to open an account with FXCM?

To open a live trading account, a trader has to complete the registration form on FXCM’s website and then submitting it to FXCM.

  • Is FXCM reliable?

Yes. Apart from being regulated by regulatory agencies, FXCM follows international best practices to ensure that their clients have a safe and secure trading environment.

  • Does FXCM use MetaTrader?

Yes, the MetaTrader 4 trading platform is also part of FXCM’s stable of trading platforms provided to all traders.

  • What is FXCM’s leverage?

The maximum available leverage is 1:30for clients based in the EU and 1:400 for clients based outside the EU.

Conclusion

FXCM’s traders can be assured that their money will be safe with this award-winning broker. The strong background of the broker allows traders to enjoy attractive spreads below the average of what most brokers in the industry are offering. This makes FXCM an ideal broker for high volume traders trying to minimize their trading costs. For beginner traders, FXCM is also a good choice as a broker since they can open a trading account for as low as $300.

FXCMOverview

Company Information

Broker DetailsInfo
Regulated byBaFin, FCA
Headquarters CountryUnited Kingdom
Foundation Year1999
Publicly TradedYes
Number Of Employees600

Deposit Options

Credit Card, Wire Transfer

Withdrawal Options

Credit Card

Contact Information

Trading Account Options

Account TypeInfo
Min. Deposit$300
Max. Leverage1:30
Demo AccountYes
Islamic AccountYes

FXCM Trading Features

Suitable For

Trader LevelYes/No
BeginnersYes
ProfessionalsYes
ScalpingYes
Day TradingYes
Weekly TradingYes
Swing TradingYes

Customer Service

TimeYes/No
24 Hours SupportYes
Support During WeekendsYes

Customer Support Languages

Arabic, Chinese, English, French, German, Italian, Spanish

Trading Services

ServiceInfo
Supported Trading PlatformsMT4, Trading Station, ZuluTrade
Commission On TradesYes
Educational ServiceYes
SignalYes
Email AlertsYes
Guaranteed Stop LossYes
Guaranteed Limit OrdersYes
Guaranteed Fills/LiquidityYes
OCO OrdersYes
HedgingYes
Automated TradingYes
API TradingYes
Has VPS ServicesYes
Cryptocurrency CoinsYes

Supported Instruments

Instrument TypeYes/No
CurrenciesYes
CommoditiesYes
CFDsYes
IndicesYes
ETFsNo
StocksNo
BondsNo
CryptocurrenciesYes

FXCMAwards

fxcm -awards-2013

FXCMBonus & Promotions

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FXCMUser Reviews

Rate this broker
  • 5.0
    A variety of platforms including the auto trader which I use
    Markus
  • 4.0
    Offers spread betting and CFD’s
    John
  • 5.0
    A Great Broker
    Ellis
  • 4.0
    FXCM is the only option in the US
    Rich
  • 3.0
    Mr.
    Glynn
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