Trusted FXCM Forex Broker Review

Is FXCM (Forex Capital Markets) a reputable Forex Broker for international traders? – In the following review, we will give you a deeper look into the company and its offers for customers. With more than 7 years of experience in financial trading we know what a good online broker is. In the next sections, we will test FXCM through different criteria. Is it really worth to invest your money there? – Find out in our trusted broker review.

FXCM website

FXCM official website

fxcm liquidity providers

FXCM liquidity providers

FXCM currency pairs

Huge range of FXCM currency pairs

FXCM offices

FXCM international offices and institutional offices

Review:4.9 out of 5 stars (4.9 / 5)
Regulation:FCA, AFSL, FSCA
Demo account:✔ Free
Minimum Deposit:$/€/£ 50
Assets:100+, Forex, Crypto, Commodities, Indices, Metals
Spreads:0.2 pips variable
Support:24/5 phone, chat, email
Platform:MetaTrader 4, Trading Station, NinjaTrader 8, ZuluTrade

(70.24% of private investor accounts lose when trading CFDs)

What is FXCM? – The Forex Broker presented

This is a comprehensive and concise review for Forex Capital Markets, also referred to as (FXCM Wikipedia link). It gives a detailed overview of the FXCM forex, CFD trading, and spread betting platform. If you intend to trade on the FXCM platform, carefully read through this analysis to see all you need to know about the company.

about fxcm

FXCM Company Details:

In 1999, the FXCM company was established in the UK. It provides open opportunities to traders globally to get into the most liquid markets across the world. Then, in 2015, the FXCM business was taken over by the Leucadia investments. The Leucadia Investment is an integral part of the Jefferies Financial Group Merchant banking company. Surprisingly, the Jefferies Financial Group Inc. is listed on the New York Stock Exchange (NYSE: JEF) which shows us high trust.

In the UK and EU region, FXCM is modulated by the FCA (regulator), while the authorities are controlling their affiliates in South Africa and Australia in their states, respectively. There are also FXCM offices in some significant parts of the globe, such as Berlin, Sydney, Singapore, and New York.

FXCM headquarter

FXCM Headquarter

The total activity of accounts FXCM globally is more than 130,000. They have successfully bagged different kinds of awards in the industry. Experienced investors and private traders are mostly found on this platform, and there are also many affiliates globally. All these are set in place to meet up with customers growing needs.

Facts about FXCM:

  • Founded in 1999
  • Forex, CFD, and Spread Betting provider
  • International offices and regulations
  • FXCM is part of the Leucadia Company
  • Leucadia (Jefferies Financial Group Inc.) is listed on the NYSE
  • Transparent execution and big liquidity providers

How safe is FXCM? – Regulation and Licensing

Just as noted in the previous paragraph, FXCM is regulated and registered with the registration number 217689 by the FCA (Financial Conduct Authority) in the United Kingdom. However, it is ASIC licensed in Australia and IIROC licensed in Canada. Many traders have placed a massive trust in the FXCM brand. But, just as usual in every business, the trading risk is on the individual; this is why it is required to study more about the platform before taking the risk.

FXCM FCA regulation

FXCM FCA regulation

In conclusion, FXCM is regulated by the FCA (UK), ASIC/AFSL (Australia), IIROC (Canada), and FSCA (South Africa). These are the highest regulation authorities in the world for forex trading. Also, the company is listed on the Stock Exchange as discussed before. It shows us the high trust and fraud can be excluded.

FXCM regulations: 

Financial Security on FXCM

The funds of every investor and customer are placed in a separate bank account that is restricted from the business creditors in case it runs at a loss. The eligible compensation fee in some specific conditions is up to £85,000. In addition, FXCM only uses regulated payment methods for the fund of clients.

FXCM FSCS scheme

FXCM FSCS scheme

All in all, the regulation and financial security for traders is very high compared to other brokers. With FXCM you can be sure that your funds are safe and well managed.

(70.24% of private investor accounts lose when trading CFDs)

Trading offer: Review of the conditions for traders

In this section, we will discuss the offers for traders. What can you trade with FXCM? – The Forex Broker offers currencies, commodities, indices, metals, and cryptocurrencies to trade. Accounts can be opened with a small minimum deposit of $50 and even if you want to try out the trading platform you can create a free demo account that is filled up with virtual money.

FXCM spreads

FXCM variable spreads

Note: The spreads are starting from 0.2 pips

The spread costs are variable and are depending on the market’s situation. As we know FXCM uses different liquidity providers to give the trader the best execution. It is a very transparent trading model which we can recommend. With FXCM you trade without a conflict of interest. The broker does not hedge positions or trade against you. To the liquidity providers belong banks like UBS, Barclays, MorganStanley, and Deutsche Bank. See the picture below:

FXCM liquidity provider

FXCM liquidity providers

Liquidity providers – How does it work: 

The banks are streaming the best execution prices to FXCM (BID and ASK). The broker now searches for the best execution prices for the trader. The execution can depend on the position size. It can happen that you can be executed by different liquidity providers. This is not a problem because the matching engine of FXCM is very intelligent. It gives you the best prices for trading. See the picture below:

FXCM price execution

FXCM price execution

Leverage for forex trading:

Because of the new regulations in Europe, the broker can only give retail traders maximum leverage of 1:30. Professional traders can get higher leverage of up to 1:400 but you gave to qualify for it. For international traders, it is not a problem if you based outside Europe. You can get access to the high leverage of up to 1:400.

Professional: The professional traders are those who operate as fund managers in an institution. Only a fraction of 6% of traders is regarded to be experts. As a professional trader, you can be qualified if you got a net worth about more than 500,000€, make a lot of trades, and be professional educated.

Retail: Retail traders are those who trade remotely as a participant in the market or broker-assisted. About 25% of individuals, especially adults, are having permission to the internet, so they operate as online traders. This set of traders have brought about the massive growth in the FXCM platform.

In addition, the compensation layout for each type of trader on this platform varies. The retail traders get direct profit as their account balance on the platform grows. The money generated by retail traders change. The more the account grows, the more benefits they acquire. Professional traders are only compensated with an agreed amount of commission or salary.

Institutional trading service: 

Furthermore, FXCM offers a institutional trading service to other Forex Brokers. For example. FXCM can act as liquidity provider or give fonds or institutions direct API access and clearing service. With FXCM institutions get a very good execution and price feed for trading large positions. The direct market access is made by different providers:

FXCM ECN

FXCM ECN

Facts about the offers and conditions for traders: 

  • Free demo account for practice
  • Minimume deposit $50
  • Variable spreads from 0.2 pips
  • 100 different markets (forex, crypto, metals, commodities, indices)
  • Fast execution by different liquidity providers
  • Maximum leverage 1:400 (international), 1:30 (retail EU)
  • Institutional client service

(70.24% of private investor accounts lose when trading CFDs)

Test of the FXCM Trading Platform

FXCM provides 4 different trading platform to get access to the financial markets. The platforms are available for desktop, web, and mobile devices. Each platform has its own advantages which we will discuss in the next sections.

FXCM platforms: 

  • Trading Station
  • NinjaTrader
  • MetaTrader 4 (MT4)
  • ZuluTrade

TradeStation

TradeStation is the main platform of FXCM. It is available for desktop, download, web or mobile. With the TradeStation you get access to financial news, education and research material, analytics, and professional charting. It is a multi-functional platform which provides any service what a trader needs.

Multi-charting, one-click trading, and technical indicators are provided by FXCM. Also, technical drawing tools can be used for your analysis. Each tool is customizable on its own. The TradeStation is allowing automated strategies that can be backtested directly in the platform. In addition, you can get a closer look into the order flow and liquidity of the markets to enter your trades.

FXCM tradestation

FXCM tradestation

Facts about the TradeStation: 

  • Available for any device
  • Powerful analytical tools
  • Market news
  • Market research tools for fundamental trading
  • Real volume (liquidity) and traders sentiment
  • Huge range of charting tools

NinjaTrader 8

NinjaTrader is a professional trading platform for any type of assets like futures, stocks, options, forex, and more. You get access through real time pricing and the large network of liquidity providers. From our experience this software is the best for scalping and exact execution of trades.

In addition, spread betting is available with this platform. Like the TradeStation and MetaTrader 4 automated trading is supported and you can create your own strategy by using the built-in tools. Also, professional charting is possible to like on the other platforms. In conclusion, we can say that NinjaTrader 8 is the best software for direct market execution.

FXCM NinjaTrader 8

FXCM NinjaTrader 8

Facts about the NinjaTrader 8:

  • Spread betting platform
  • Access to the liquidity network
  • Best order execution
  • Market volume
  • Automated trading supported
  • Professional charting

MetaTrader 4

MetaTrader 4 is the most popular trading platform for retail and professional traders. A lot of brokers got this software in their portfolio. It is easy to use and available for any device. Surprisingly, there are no trading restrictions and you can use every strategy for trading. Furthermore, the software is supporting automated strategies and customizable indicators.

There are some free indicators but the customer can implement new ones from downloading or buying on the internet. Also, there is a MetaTrader Market with the biggest selection of free and paid tools. For your strategies, you can rent a VPS server so the strategy can run 24 hours per day. Overall, the MetaTrader is very userfriendly and shows high professionality by customizing each tool and indicator.

FXCM MetaTrader 4

FXCM MetaTrader 4

Facts about the MetaTrader 4:

  • Available for any device
  • No trading restrictions
  • Automated trading supported
  • Free indicators and charting tools
  • Multi-charting
  • Highly customizeable software

ZuluTrade

ZuluTrade is a software which allows traders to copy other trader peer to peer. Known as “Social Trading” ZuluTrade is supporting charting and analysis. If you are a good trade you even can get copied by other traders. Social Trading is a very good opportunity for beginners and advanced traders who want to invest in the markets.

The platform is showing you signals from other traders and the previous stats. You can check if a signal provider is profitable or not and then choose to copy it. In addition, this software got good risk management tools for social trading. You can set a risk or a winning limit for your portfolio.

FXCM ZuluTrade

FXCM ZuluTrade

Facts about the ZuluTrade platform: 

  • Copy trades from other traders
  • Trading signals
  • Analytic and charting tools
  • Risk management tools

Trading Simulation/Demo Capability on FXCM

The potential to simulate a trade is an essential quality for traders who intend to test their trade strategies before starting the real trade without risking their cash. This is the more reason the FXCM platform is having a demo account for individuals that want to test the platform. There are lots of tools and practice trades on the demo with free unlimited access.

Note:

FXCM offers a free demo account.

(70.24% of private investor accounts lose when trading CFDs)

Analysis and charting

Forex analysis and charts are essential tools to assist traders on the FXCM platform in understanding the volatility of currency prices and when to attempt trading such as sell or buy currencies. The charts are integrated financial tools that are useful for every trader. It aids investors to effectively and easily communicate useful information about the market trends. For those who have been to high school, charts should not be a new thing for them now that they are on the FXCM trading platform.

fxcm automated market scanner

FXCM automated Market Scanner

Just like in school, the forex charts are plotted along the horizontal x-axis on the chart, and the volatility of the prices is on the vertical y-axis. Many charts plot the volatility of prices for a certain period. But, there are several types of charts that help to communicate detailed updates on currency price movement. Here are some charts that you have to know on the FXCM platform:

Line Chart: This is the easiest to understand, and the change of currency prices are plotted on a straight and diagonal line along the chart’s axis to explain the peaks and downs of price movements. The line charts are regularly plotted with the use of closing prices on each trade.

Bar Chart: This could be more complicated for a newbie; it illustrates the volatility of prices with the use of parallel vertical lines to exhibit price differences over a certain period.

Technical Indicators And Trend Lines on FXCM: Some trading systems permit a user to set a technical indicator on charts, like the moving averages, this helps to illustrate lines according to the direction of price movement.

Charting Capability: This is a quality that every trader on the platform is supposed to acquire for easy trading. Technical analysis is what many traders depend on to physically study the movement of prices on charts to know where the market is heading to, time to buy and sell. Some traders can graphically enhance their charts with labels, drawings, popular trading indicators, and trading channels. Traders can also trade directly on the chart even within the forex trading center.

Mobile Trading (App) with FXCM

FXCM mobile app

FXCM Mobile App

The FXCM website is accessible using computer desktops, and mobile devices – Android and iOS devices inclusive. Traders on mobile can easily access global forex features and tools on an internet-enabled device. The FXCM trading application can be downloaded for free on GooglePlay or Apple App Store. Installation is within a few seconds. So far, the device is up to the OS standard of the App.

The FXCM mobile trading platform offers many of the features for MetaTrader 4 (MT4) and Trading Station. Right on the screen of your device, the website can be easily navigated, and there are tabs to help you get easy access to any feature you intend to operate on.

FXCM Mobile Apps: 

  • MetaTrader 4
  • TradeStation

One other fascinating feature on the mobile platform is the prompt notification offered. Many mobile platforms out there will allow customers to pre-set notification for prices, margin levels, and market conditions. These alerts will help traders know when to enter the market and when to exit a trade or increase their trading investments.

How to open your account on FXCM platform

Opening an account on the FXCM platform is very easy and takes just a few minutes for verification. It can be opened using a desktop, laptop, and any internet-enabled mobile device. Accounts can be opened with a minimum deposit of $50. Traders on the live accounts can receive current notifications on market updates and alert about trading. On the other hand, analytic provides a great deal of analysis and insight into the FXCM trading characteristics. Note that the active trading account is made open to every trader who deposits a minimum of 5 figures or its equivalent in their currency. Also, clients are provided with low commissions on every trade with a based educational center for improving newbie on the FXCM trade.

fxcm account opening

Open your account

Account types on FXCM:

These are the following trading accounts that are available on FXCM:

  • There is the standard account for retail customers
  • For a higher volume of trade, the Active Trader account is better for a reduced commission
  • The professional trading account is for customers that are having topnotch skills in trading. This kind of account has higher leverage, but the fact is that customers on this account do not have the same legal coverage as the retail customers.

(70.24% of private investor accounts lose when trading CFDs)

How to deposit on FXCM:

Accounts on FXCM can be funded in several ways. These methods of payment are listed below:

  1. Credit card or bank payment: This method of payment is processed within the same day.
  2. Bank wire or transfer: For clients within the company location (local customers), this payment can take within one to two days to process. But clients outside the location (international customers) can have their payment processed in three to five days. Also, wired funds from SWIFT, BACS, CHAPS, and SEPA are recognized.
  3. Skrill and Union Pay payment: This payment will take within one to two days to reflect on the trader’s account
FXCM payment methods

FXCM payment methods

How to withdrawal:

All the methods of deposit listed above can be used to withdraw winnings on the How to withdrawal platform through the dashboard. The process and duration of withdrawal depend on the method of payment you have selected. Note that if a request is made for credit/debit card withdrawals, you are only permitted to remove the whole amount initially deposited into that account. Withdrawal of a more considerable sum can be made through bank transfers or any other alternative means.

Withdrawals on the platform do not incur any fees or hidden charges. Bank wire withdrawal charges are $40 on the FXCM platform. However, there is no limit to the number of withdrawals.

FXCM fees: How much does it cost to trade?

A trader on FXCM needs to take responsibility for some trading costs linked with the activities of trading. There are different kinds of charges incurred on active trading, and these are:

  1. The Exchange/Clearing charges/fee
  2. The NFA fee
  3. Data Usage fees
  4. And Brokerage commissions

For each deal traded on the platform, there is a kind of fee attached to it, which the trader is to clear. The fees highlighted above are passed on to the trader per round turn basis. The charges or costs sustained by a user opening and exiting a transaction in a market are referred to as per side fee. Future brokerage on FXCM provides a round turn pricing schedule that involves all clearing fees, exchange fees, broker’s commission, and NFA fees in a single amount. In the forex industry, this kind of cost is known as an all-in fee and commission price.

Note:

The trading fees are always depending on the trading instrument and financial product.

FXCM Customer support and service

Upon all the attractive features and the user-friendly interface on the platform, to crown up the uniqueness of the FXCM trade, the broker offers free access to friendly customer support to attend to all queries and upcoming issues any trader on the platform would encounter. If you are nursing any doubt or fears about the platform, then reach out to the customer support and lay your complains or challenges.

The FXCM customer support is available in the following areas:

  • By phone: +44 (0)207398 4050 or one freephone: 0808 234 8789
  • Through Email: info@fxcm.co.uk
  • Original postal address: 20 Gresham Street, 4th Floor, London, EC2V 7JE, UK
  • Also, the Customer Support can be reached through Live Chat on the official website or by email contact form on the contact page.

In addition, free education is offered by the broker. This includes live analysis, video tutorials, webinars, and coachings. On the website you will find a lot of videos which are explaining the trading platforms and different strategies.

FXCM Video Tutorials

FXCM Video Tutorials

FXCM education and analysis: 

  • Economic calendar
  • FXCM Market News and Analytics
  • Video Library
  • Free Online Live Classroom
  • Market Scanner and Trading Signals

Accepted Countries on FXCM

Some of the accepted countries on the FXCM platform are Australia, UK, South Africa, Thailand, Hong Kong, Singapore, Germany, Sweden, Norway, UAE, Saudi Arabia, Italy, Denmark, India, Kuwait, France, Qatar, Luxembourg, and many other countries.

However, traders are not permitted to trade from countries like Israel, the USA, Belgium, Canada, and Iran.

Conclusion of the review: FXCM is a professional Forex Broker

Conclusively, the services offered by the FXCM company are impressive. Users on the platform are excited with the high standard of the educational center on the platform, especially the demo account feature. If you are looking forward to trading CFDs and Forex across a variety of platforms, you could as well do that on the FXCM platform.

Take note that FXCM customers are expected to set up tight access to the platform when an account is registered. If you are trading higher amounts like £500,000 regularly, strengthening the security level of the account is advised. So, go further to sign up for a virtual private server (VPS).

There are a high number of trading platforms that provide several features and several deals to trade in the market. Go for a brokerage that permits traders to perform a trade test on their platforms before being introduced to a live trading account. Brokerage with top-notch trading tools and analytics are not just the features to watch out for, platforms with an excellent interface, easy navigation, and quick response customer support services are highly important too.

With these factors, a forex trading platform will be able to provide successful trading service to all its clients across the globe. We can recommend FXCM highly to any new trader or traders who want to change their Forex Brokers.

FXCM is a trusted Forex Broker

The advantages of FXCM:

  • Reputable Broker since 1999
  • TradeStation, MetaTrader 4, NinjaTrader 8, ZuluTrade platforms
  • Multi-regulated company
  • High security standards
  • Top liquidity providers and fast execution of trades
  • Competitive spreads
  • More than 100 different markets
  • Free demo account
  • Professional support team
  • Institutional service

FXCM is one of the biggest Forex Broker for international clients. You will get the best execution and tight spreads for trading.

Trusted Broker ReviewsExperienced and professional traders since 2013

(70.24% of private investor accounts lose when trading CFDs)