FXCM Review

Екілік опциялар брокерлерінің рейтингі 2020:

FXCM Review 2020

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Summary

Recommended for forex traders looking for easy account opening, funding, and withdrawal

FXCM, or Forex Capital Market, is a UK-based broker offering forex and CFDs. FXCM was established in 1999 and its main shareholder is the Jefferies Financial Group. Jefferies Group is listed on the New York Stock Exchange and it has an investment banking background.

FXCM is considered safe as it has a long track-record and it is regulated by top-tier financial authorities like the UK FCA and the Australian ASIC.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73.05% 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 pros and cons

FXCM’s account opening process is straightforward, easy, and fast. It has great technical research tools. e.g. there are many technical indicators. Lastly, the educational content is of high quality.

FXCM only offers forex, CFDs, and cryptos in the form of CFDs. The mobile and web trading platforms are not user-friendly and lack useful features, like the two-step authentication.

Екілік опциялар брокерлерінің рейтингі 2020:
Pros Cons
• Fast and straightforward account opening • Limited product portfolio
• Good technical research tools • Poor mobile platform
• High quality educational content • Poor website trading platform
FXCM main features and highlights
��️ Country of regulation UK, Australia, South Africa
�� Trading fees class Low
�� Inactivity fee charged Yes
�� Withdrawal fee amount $0
�� Minimum deposit $360
�� Time to open an account 1-3 days
�� Deposit with credit card Available
�� Depositing with electronic wallet Available
�� Number of base currencies supported 3
�� Demo account provided Yes
��️ Products offered Forex, CFD, Crypto

Gergely Korpos

Author of this review

Everything you find on BrokerChooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology

FXCM review
Fees

FXCM has low trading fees and average non-trading fees. There are no account, deposit, or withdrawal fees. However, you have to pay a $50 fee after one year of inactivity.

Pros Cons
• Low trading fees • High AUDUSD trading fee
• No withdrawal fee
FXCM fees snapshot
Assets Fee level Fee terms
EURUSD Average The fees are built into spread, 1.2 pips is the average spread cost.
GBPUSD Low The fees are built into spread, 1.8 pips is the average spread cost.
S&P 500 CFD Low The fees are built into spread, 0.38 is the average spread cost.
Inactivity fee Low $50 per year after one year of inactivity

How we ranked fees

We ranked FXCM’s fee levels as low, average or high based on how they compare to those of all reviewed brokers.

To get things rolling, let’s go over some lingo related to broker fees. What you need to keep an eye on are trading fees, and non-trading fees.

  • Trading fees occur when you trade. These can be commissions, spreads, financing rates and conversion fees.
  • Non-trading fees include charges not directly related to trading, like withdrawal fees or inactivity fees.

In the sections below, you will find the most relevant fees of FXCM for each asset class. For example, in the case of forex and stock index trading, spreads, commissions and financing rates are the most important fees.

We also compared FXCM’s fees with those of two similar brokers we selected, Pepperstone and Oanda. This selection is based on objective factors such as products offered, client profile, fee structure, etc. See a more detailed rundown of FXCM alternatives.

To have a clear overview of FXCM, let’s start with the trading fees.

FXCM trading fees

FXCM trading fees are low.

We know it’s hard to compare trading fees for forex brokers. So how did we approach the problem of making their fees clear and comparable? We compare brokers by calculating all the fees of a typical trade for selected products.

We have chosen popular instruments in each asset class usually provided by the forex brokers:

  • Forex: EURUSD, GBPUSD, AUDUSD, EURCHF and EURGBP
  • Stock index CFDs: SPX and EUSTX50

A typical trade means buying a leveraged product, holding it for one week and then selling. For the volume, we chose a $20,000 position for forex and a $2,000 position for stock index and stock CFD transactions. The leverage we used is:

  • 30:1 for forex
  • 20:1 for stock index CFDs

These catch-all benchmark fees includes spreads, commissions and financing costs for all brokers. Let’s see the verdict for FXCM fees.

Forex fees

FXCM forex fees are average. It aligns with the fees of its main competitors.

FXCM forex benchmark fees of a $20,000 30:1 long position held for one week

FXCM Pepperstone Oanda
EURUSD benchmark fee $16.5 $14.9 $15.9
GBPUSD benchmark fee $13.0 $12.5 $11.9
AUDUSD benchmark fee $17.3 $11.9 $8.3
EURCHF benchmark fee $4.6 $3.7 $7.1
EURGBP benchmark fee $12.2 $10.6 $10.7

CFD fees

FXCM has generally low CFD trading fees. The cost of trading CFDs matches the competition’s charges.

FXCM CFD fees for a $2,000 long position held for one week

FXCM Pepperstone Oanda
S&P 500 index CFD fee $2.2 $2.0 $1.0
Europe 50 index CFD fee $1.6 $1.6 $0.9

Non-trading fees

FXCM has average non-trading fees.

There is no account, deposit, or withdrawal fee. On the other hand, you have to pay $50 after one year of inactivity.

FXCM non-trading fees

FXCM Pepperstone Oanda
Account fee No No No
Inactivity fee Yes No Yes
Deposit fee $0 $0 $0
Withdrawal fee $0 $0 $0

FXCM review
Account opening

The account opening process at FXCM is hassle-free, and there is no minimum balance requirement. The minimum deposit is $360 (£300) in Europe, while $50 in non-EU countries. On the other hand, the account opening time is slower than usual.

Pros Cons
• Fully digital • Account opening time slower than at most forex brokers
• Low minimum deposit
• User-friendly

Can you open an account?

Visit broker
73.05% of retail CFD accounts lose money

FXCM accepts customers from most countries around the world. There a few exceptions, like the residents of the USA, Japan, Brazil, Turkey, Iran, Cuba, Sudan, Syria or North Korea.

What is the minimum deposit at FXCM?

The FXCM minimum deposit is $360 (£300) in the EU, while $50 in non-EU countries for Standard account. Active Trader accounts require a $25,000 minimum deposit.

Account types

FXCM offers four account types:

  • Individual – Standard
  • Individual – Active Trader
  • Joint
  • Corporate

If you plan to trade at a high-volume, FXCM’s Active Trader account would be the best for you. It ensures better spreads and customer support compared to the standard accounts. For example, the EURUSD spread is 0.2 at Active Trader account, while 1.3 at the standard account.

How to open your account

The account opening is fully digital and straightforward.

You have to go through the following steps:

  1. Choose which platform, account type, and base currency you wish to use
  2. Add personal information and do a KYC questionnaire. KYC means «Know Your Customer» which is a standard and regulated process for identifying clients.
  3. Upload documents to verify your identity and residency. You can upload a copy of your ID/passport for verifying your identity, and a bank statement/utility bill for verifying your residency.

FXCM review
Deposit and withdrawal

There are several options both for deposit and withdrawal but the withdrawal time is slow.

Pros Cons
• Credit/Debit card available • Slow withdrawal – over 3 days
• Free withdrawal
• No deposit fee

Account base currencies

At FXCM, you can choose from 3 base currencies. The available base currencies are: EUR, USD, GBP .

Base currencies at FXCM vs similar brokers

FXCM Pepperstone Oanda
Number of base currencies 3 10 9

Why does this matter? For two reasons. If you fund your account in the same currency as your bank account or you trade assets in the same currency as your account base currency, you don’t have to pay a conversion fee.

A convenient way to save on the currency conversion fees is by opening a multi-currency bank account at a digital bank. Revolut or Transferwise both offer bank accounts in several currencies with great currency exchange rates as well as free or cheap international bank transfers. The account opening only takes a few minutes on your phone.

Deposit fees and options

FXCM charges no deposit fees.

The deposit options are the following:

  • Bank transfer
  • Credit/Debit card
  • Skrill
  • Neteller
  • UnionPay
FXCM deposit options
FXCM Pepperstone Oanda
Bank transfer Yes Yes Yes
Credit/Debit card Yes Yes Yes
Electronic wallets Yes Yes Yes

A bank transfer can take several business days, while payment with a credit/debit card is instant.

You can only deposit money from accounts which are in your name.

FXCM withdrawal fees and options

FXCM charges no withdrawal fees for credit/debit cards, but bank transfers may cost up to $40. Fees for bank transfer depend on the currency and the origin of your account.

You can use bank transfer or debit/credit cards for the withdrawal, but not electronic wallets.

FXCM withdrawal fees and options

FXCM Pepperstone Oanda
Bank Transfer Yes Yes Yes
Credit/Debit card Yes Yes No
Electronic wallets Yes Yes No
Withdrawal fee $0 $0 $0

How long does it take to withdraw money from FXCM? We tested the credit card/bank transfer withdrawal and it took more than 3 business days.

You can only withdraw money to accounts in your name.

How do you withdraw money from FXCM?

  • Log in to your account through myfxcm.com
  • Once logged in click, on ‘Withdraw Funds’
  • Select your preferred withdrawal method
  • Specify the amount of withdrawal
  • Re-enter your password for security reasons and review your withdrawal
  • Submit the request

More funding and withdrawal info
73.05% of retail CFD accounts lose money

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FXCM review
Web trading platform

FXCM’s trading platform is extremely customizable and you can use lots of order types. On the other hand, it’s not user-friendly and it has a poor search function.

Pros Cons
• Clear fee report • Not user-friendly
• Good customizability (for charts, workspace) • No two-step (safer) login
• Good variety of order types • Poor search function
FXCM platforms to choose from
Trading platform Score Available
Web 2.5 / 5 stars Yes
Mobile 1.0 / 5 stars Yes
Desktop 3.0 / 5 stars Yes

With FXCM you can trade on 4 platforms: Trading Station, Metatrader4, Ninjatrader, and Zulutrade. We tested the Trading Station as this is FXCM’s own platform.

The web trading platform is available in English, Chinese, German, Italian, Arabic, Hebrew, Greek, Japanese, Spanish, and French.

Look and feel

The FXCM web trading platform is not particularly user-friendly, however, its customizability is great. Basically, the whole page consists of customizable widgets.

Login and security

FXCM provides only a one-step login. A two-step authentication would be safer.

Search functions

The search functions are poor. It can be found under the ‘Subscription list’ tab. It took us a long time to find it.

On the other hand, the products are categorized, such as major or minor forex.

Placing orders

You can use a wide range of order types on the FXCM platform:

If you are not familiar with the order types, read this overview.

There are also order time limits you can use:

  • Good-till-date (GTD)
  • Good-till-cancel (GTC)
  • Immediate or cancel (IOC)
  • Fill or kill (FOK)

Alerts and notifications

You can set up both price alerts and order notifications. However, it is a bit complicated because you have to use a client portal, the FXCM Plus. You can access this portal with your account details.

Portfolio and fee reports

There are clear portfolio and fee reports on the ‘Reports’ tab of the platform and at MyFXCM.

Visit web platform page
73.05% of retail CFD accounts lose money

FXCM review
Mobile trading platform

FXCM has a poor mobile platform. The variety of order types is OK, but the platform is not user-friendly and lacks several important features, such as a good search function.

Pros Cons
• Good variety of order types • Not user-friendly
• Order confirmation • No two-step (safer) login
• Poor search function

The mobile trading platform is available in English, Spanish, Italian, Russian, Turkish, French, Greek, Chinese, and Japanese.

FXCM has four web trading platforms, and all of them have mobile platforms as well. We tested FXCM’s own mobile trading platform, the Trading Station.

It is available both for iOS and Android.

Look and feel

The FXCM mobile trading platform is not user-friendly.

The app feels out of date, and its layout is not optimized for the newer versions of the iOS.

Login and security

FXCM provides only a one-step login. A two-step authentication would be safer.

Biometric authentication isn’t available either.

Search functions

The search functions are poor. They can be found under ‘Settings’. Once you know where it is, it works as a basic bare-bones search field, with no predictive input or any other features.

Placing orders

You can set the same order types and terms on the mobile platform as on the web trading platform.

Alerts and notifications

You can allow push notifications on the FXCM mobile platform, but it is unclear what kind of alerts you would get.

Visit mobile platform page
73.05% of retail CFD accounts lose money

FXCM review
Desktop trading platform

FXCM’s desktop platform has great customizability and good varity of order types. Nevertheless, it is not user-friendly and you cannot set up price alerts.

Pros Cons
• Clear fee report • No two-step (safer) login
• Good customizability (for charts, workspace) • No price alerts
• Good variety of order types

We tested FXCM’s own desktop Trading Station platform.

The desktop trading platform is available in English, Chinese, Russian, Japanese, French, Spanish, German, Arabic, Korean, Italian, Turkish, Hebrew, Greek, Portuguese, Polish, and Hungarian.

Look and feel

The FXCM desktop trading platform is OK, but it is not user-friendly.

Just like the web trading platform, the desktop platform has good customizability. You can compile and save your own layout. However, it is quite inconvenient that many functions, such as research, are not integrated with the platform.

Login and security

FXCM provides only a one-step login. A two-step authentication would be safer.

Search functions

The search functions are OK. You can search by typing the preferred product and there is also a product list with categories, like major currency pairs.

Placing orders

You will find more order types on the desktop trading platform than on the web platform.

The following order types are available on the desktop platform:

  • Limit
  • Market
  • Stop
  • Stop loss
  • Stop trailing
  • OTO (One-Triggers-the Other)
  • OTOCO (One-Triggers-One-Cancels-the-Other)
  • If-Then
  • If-Then OCO (One-Cancel-the-Other)

There are also order time limits you can use: GTC, IOC, and FOK

Alerts and notifications

You cannot set alerts and notifications on the desktop trading platform.

Portfolio and fee reports

The FXCM desktop platform has clear portfolio and fee reports.

Visit desktop platform page
73.05% of retail CFD accounts lose money

FXCM review
Markets and products

At FXCM you only have access to forex and CFDs. Cryptos are provided through CFDs.

FXCM is a forex and CFD broker. To learn more about CFDs read our CFD trading tips.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73.05% 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 product selection

FXCM Pepperstone Oanda
Currency pairs (#) 39 80 71
Stock index CFDs (#) 14 14 16
Stock CFDs (#) 60
Commodity CFDs (#) 10 15 31
Cryptos (#) 5 4

You cannot change the leverage levels of the products. This is a drawback. Changing the leverage is a very useful feature when you want to lower the risk of your trade. For example, instead of trading with 5:1 leverage, only trade with 2:1 leverage in case of stock CFDs. Be careful with forex and CFD trading, as the preset leverage levels are high.

FXCM offers a social trading service via the third-party service, Zulutrade. The access is provided through Zulutrade’s own trading platform, where all you have to do is register with your FXCM account number. You can find further information on FXCM’s website.

FXCM Review

Leverage: 1:200

Regulation: ASIC, FCA

Min. Deposit: 50 US$

HQ: UK

Platforms: MT4, Trading Station

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 FSP (South Africa) registration no. 46534

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In order to choose the best brokerage firm that suits you trading needs, you may check on vast of brokerage companies and it is essential to select the most secure one. For this reason, we assist in choices by reviewing brokers, providing detailed information and support in the selection, and here is FXCM Review among others.

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. Founded in 1999, the company 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 2020 Leucadia has become the majority economic owner of FXCM. Leucadia National Corporation is holding company that withholds excellent reputation and invests in a diverse array of businesses, mainly in financial services and investments.

Customer Support

The FXCM Group is headquartered in London (UK), offers dedicated 24/7 customer support service regardless of clients’ location through a global chain of offices situated in Germany, Australia, France, Italy and Hong Kong. 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, Canada, 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.

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:

Is FSCM 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 in depended authority under respected jurisdictions. The Companies that constitute the FXCM Group is regulated through several and actually the most strict world jurisdictions.

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.

FXCM entity Regulation 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) Ltd Is authorized by FSP (South Africa) registration no. 46534

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 and its affiliated office in New Zealand is regulated by the ASIC, FXCM Germany partially regulated by BaFin, authorized by CONSOB in Italy, acts as a member of the IIROC in Canada and FSP in South Africa.

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 FXTM 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.

There are few options of the trading software to choose from, which includes Trading Station, FXCM’s award-winning proprietary platform, which features great innovation and functionality available on Web, Desktop and Mobile. 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.

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.

Beyond core platforms, 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.

Accounts

Through a single account feature at FXCM you are able to trade all range of trading instruments that are included into the offering and includes Forex, Indices, Commodities, Cryptocurrencies and Spread Betting available for UK residents.

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 discounted pricing on your spread costs based on the volume you trade.

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.

Asset/ Pair FXCM Spread – Standard Account
EUR/USD 0.7
Crude Oil WTI 5.0
Gold 32.0
BTC/USD 29.36

For instance, compare fees to AvaTrade.

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’ experience and 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 CFDs, yet respectively to Australian residents or holder of accounts under ASIC regulation.

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.

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. And once you ready you can transfer to live to trade, what is more pleasant the live account can be opened with a minimum deposit as little as $50.

Minimum deposit

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 include Credit and Debit Card, EFT & Bank Wire, as well e-payment via Skrill.

Withdrawal

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 all Bank Wire requests.

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.

No review found.

FXCM together with Flextrade announced a technology partnership for FXCM’s institutional business and Flextrade’s “MaxxTrader” solution. FXCM through FXCM Pro provides retail brokers, small hedge funds and emerging market banks access to wholesale execution and liquidity, while providing high and medium frequency funds access to prime brokerage services via FXCM Prime. FlexTrade Systems is the.

FXCM Group, LLC, one of the leading international brokers of foreign exchange trading, CFD trading, cryptocurrencies and related services, has launched an API-powered integration with TradingView, Inc., the all-in-one financial platform for traders in the equity, cryptocurrency, futures, and FX markets. The integration means that FXCM users will be able to execute orders directly from.

FXCM Review

While its range of tradeable markets is narrow and pricing is just average for everyday trading, FXCM caters to multiple trader types. High-volume traders, algorithmic traders, and, overall, traders that appreciate robust trading tools alongside quality market research will find FXCM to be a good fit.

Top Takeaways for 2020

After spending five months testing 30 of the best forex brokers for our 4th Annual Review, here are our top findings on FXCM:

  • Founded in 1999, FXCM is a subsidiary of a public-traded company (NYSE: JEF). FXCM is regulated in three tier-1 jurisdictions, making it a safe broker (low-risk) for forex and CFDs trading.
  • In our testing, FXCM earned Best in Class (top 7) awards across six categories, including Platforms & Tools, Mobile Trading, Education, Customer Service, Social Copy Trading, Education, and Ease of Use.
  • FXCM offers a very narrow selection of tradeable products. Alongside 39 currency pairs, FXCM offers only 32 CFDs, which includes no single-stock CFDs. We also found commissions for everyday forex and CFDs trading to be just average.

Overall Summary

Feature FXCM
Overall 4.5 Stars
Trust Score 92
Offering of Investments 3.5 Stars
Commissions & Fees 4 Stars
Platform & Tools 4.5 Stars
Research 4.5 Stars
Mobile Trading 4 Stars
Customer Service 4.5 Stars
Education 4 Stars

Is FXCM Safe?

FXCM is considered low-risk, with an overall Trust Score of 92 out of 99. FXCM’s parent company is publicly-traded, does not operate a bank, and is authorised by three tier-1 regulators (high trust), two tier-2 regulators (average trust), and zero tier-3 regulators (low trust). FXCM is authorised by the following tier-1 regulators: Australian Securities & Investment Commission (ASIC), Financial Conduct Authority (FCA), and via Friedberg Direct, with the Investment Industry Regulatory Organization of Canada (IIROC). Learn more about Trust Score.

Feature FXCM
Year Founded 1999
Publicly Traded (Listed) Yes
Bank No
Tier-1 Licenses 3
Tier-2 Licenses 2
Tier-3 Licenses 0
Trust Score 92

Offering of Investments

The following table summarizes the different investment products available to FXCM clients. While FXCM’s launch of several tradeable baskets (e.g., JPYBasket, EMBasket, USEquities, and CryptoMajors) was a welcomed addition in 2020, the removal of the mini account option and the reduction of total CFDs from 313 to just 32 restricts FXCM’s product range offering as a multi-asset broker. No single-stock CFDs are offered at FXCM.

Feature FXCM
Forex: Spot Trading Yes
Currency Pairs (Total Forex pairs) 39
CFDs – Total Offered 32
Social Trading / Copy-Trading Yes
Cryptocurrency traded as actual No
Cryptocurrency traded as CFD Yes

Commissions & Fees

FXCM shines most in its Active Trader account offering, where low commission rates and average spreads provide competitive pricing for high volume traders.

Spread data: Using the time-weighted average tradable prices from April 1, 2020, to June 30, 2020, all-in spreads for Standard accounts at FXCM are 1.3 pips on pairs such as the EUR/USD and USD/JPY.

Pricing discounts: Active Trader accounts are available for clients that deposit at least $25,000, which comes with a lower commission rate of $25 per million and access to premium research. For example, Active Trader accounts incur as little as £4 per standard round-turn lot (£2 per side) on the EUR/USD pair. Therefore, the all-in cost after commissions is roughly 0.45 pips (based on average spreads of 0.2 pips using the above referenced period).

Other notes: Standard account holders are only charged the prevailing spreads, whereas Active Trader accounts are charged a commission per trade, in addition to reduced prevailing spreads. Also, dealing desk accounts (e.g., Standard Accounts) are not subject to the FX Commission pricing model at FXCM, and thus may include a markup in the case of an intermediary (introducing broker), as per FXCM UK’s November 2020 rate card.

Feature FXCM
Minimum Initial Deposit £300
Average Spread EUR/USD – Standard 1.3 (as of Q2 19)
All-in Cost EUR/USD – Active 0.7 (as of Q2 19)
Active Trader or VIP Discounts Yes

Platforms & Tools

FXCM sets a high bar. The broker offers a growing range of trading platforms and tools for algorithmic trading, including its Trading Station platform and third-party platforms such as MetaTrader4 (MT4), ZuluTrade, and NinjaTrader (desktop-only), which are accessible via desktop, the web, and mobile.

Trading Station desktop: FXCM’s flagship trading platform, Trading Station, caters well to forex traders of all skill levels. One highlight is the Marketscope 2.0 charting tool within the platform, which is a powerful charting package that runs in parallel to the main platform window.

Trading Station web: The web version of Trading Station runs smoothly and comes with a respectable array of features, including news, videos, research, market data signals, and links to external resources. Charts pack nearly the same number of indicators as the desktop, with 50 available, and the platform’s 18 drawing tools were generally easy to use. Pros aside, our testing did surface a few minor usability issues while trying to resize windows or open a widget into full-screen mode; however, they were hardly a deal-breaker.

Ninja Trader: It’s worth noting that the NinjaTrader platform from FXCM features numerous trading tools, including automated trading capabilities. For example, trading strategies and indicators can be created from scratch using NinjaScripts. While NinjaTrader doesn’t come pre-loaded with trading strategies, users can either make their own or use third-party-developed NinjaScripts, similar to how the MT4 platform operates. The platform also has a market replay and analyzer tool alongside over 150 indicators.

Algorithmic Trading: The FXCM App store provides various add-ons, technical indicators, and automated trading robots. FXCM supports Trading Station, MetaTrader 4 (MT4), and NinjaTrader platforms, as well as access to third-party products and platforms such as ZuluTrade and the Seer Trading Platform for algorithmic trading. There is a dedicated technical support team to assist traders in developing their MT4 Expert Advisors (EAs). The team will even help code strategies for clients for a nominal fee.

Research

FXCM provides a wide variety of market research and related resources. Overall, it isn’t award-winning, but it will satisfy the majority of forex traders.

Research tools: FXCM’s research tools include premium content from Trading Central, news headlines from Investing.com, as well as a market screener tool and a pattern-recognition scanner developed in conjunction with Grid Sight Technologies LTD, which is made available as an indicator.

Educational content: It’s worth noting that FXCM has done an excellent job of incorporating instructional information into its research, including webinars and its educational program. For less experienced algorithmic traders, FXCM’s Quant News offers webinars, videos, and news articles.

Mobile Trading

Thanks to the combination of Trading Station and MetaTrader4 (MT4), FXCM delivers a reliable, feature-rich mobile offering for forex traders, including algorithmic trading. Advanced features, such as a comprehensive trade ticket, offer advanced order types, including one-cancels-other (OCO) orders.

Mobile charting: With nearly 60 indicators and multiple drawing tools, charting in the FXCM mobile app is a pleasure. Trend-lines can be drawn with precision thanks to a magnifying glass that auto zooms while dragging the trend-line into position.

Mobile watch list: While the Trading Station mobile app may appear to lack a watch list, it is worth noting that any instruments selected to be shown will, in fact, sync across devices.

Customer Service

To score Customer Service, ForexBrokers.com partnered with customer experience research group Customerwise to conduct phone tests from locations throughout the UK. For our 2020 Review, 330 customer service tests were conducted over six weeks.

Results

  • Average Connection Time: rd (22 brokers)

Final Thoughts

FXCM is an excellent choice for active forex traders thanks to competitive spreads, as well as traders seeking to use automated trading strategies. All of FXCM’s platforms offer traders the ability to run algorithmic trading and access advanced charting tools. Overall, in 2020 FXCM finished Best in Class across six categories, including Platform & Tools, Customer Service, Education, Mobile Trading, Ease of Use, and Social Copy Trading.

About FXCM

Since 1999, FXCM, also known as Forex Capital Markets, has been a pioneer in developing online forex offerings for retail traders. With its headquarters in London, FXCM has grown to have multiple international offices and is licensed in several major regulatory hubs globally.

After its exit from the US market in 2020, FXCM no longer accepts US clients. Today, FXCM operates as a subsidiary of Jefferies Financial Group Inc. (NYSE: JEF), formerly known as Leucadia. Read more on Wikipedia about FXCM.

FXCM Trading Features

Feature FXCM
Virtual Trading (Demo) Yes
Proprietary Platform Yes
Desktop Platform (Windows) Yes
Web Platform Yes
Social Trading / Copy-Trading Yes
MetaTrader 4 (MT4) Yes
MetaTrader 5 (MT5) No
cTrader No
Charting – Indicators / Studies (Total) 51
Charting – Drawing Tools (Total) 31
Charting – Trade From Chart Yes
Watchlists – Total Fields 7
Order Type – Trailing Stop Yes

FXCM Research Features

Feature FXCM
Daily Market Commentary Yes
Forex News (Top-Tier Sources) Yes
Weekly Webinars Yes
AutoChartist Yes
Trading Central (Recognia) Yes
Delkos Research No
Social Sentiment – Currency Pairs Yes
Economic Calendar Yes

FXCM Mobile App Features

Feature FXCM
Android App Yes
Apple iOS App Yes
Trading – Forex Yes
Trading – CFDs Yes
Alerts – Basic Fields Yes
Watch List Yes
Watch List Syncing Yes
Charting – Indicators / Studies 30
Charting – Draw Trend Lines Yes
Charting – Trend Lines Moveable Yes
Charting – Multiple Time Frames Yes
Charting – Drawings Autosave Yes
Forex Calendar Yes

2020 Review Methodology

For our 2020 Forex Broker Review we assessed, rated, and ranked 30 international forex brokers over a five month time period. Each broker was graded on 105 different variables and, in total, over 50,000 words of research were produced.

While encouraged, broker participation was optional. Each broker had the opportunity to complete an in-depth data profile and provide executive time (live in person or over the web) for an annual update meeting.

All data submitted by brokers is hand-checked for accuracy. Ultimately, our rigorous data validation process yields an error rate of less than 1% each year, providing site visitors quality data they can trust. Learn more about how we test.

Forex Risk Disclaimer

«There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses.» Learn more.

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