FXCM is a global leading provider of online forex trading, CFD trading, spread betting, and other trading-related services, with over 20+ years of experience.
FXCM provides their traders with great trading conditions, along with advanced trading tools; vital educational materials, and an efficient customer support service. They also operate under the regulation of top-tier regulatory bodies across the world which makes them reliable and safe to work with.
Table of Contents
At A Glance
| Broker | FXCM |
|---|---|
| Foundation | 1999 |
| Regulations | ASIC (Australia), FCA (United Kingdom), FSCA (South Africa), CySEC (Europe) |
| Publicly Listed | Yes |
| Trading Desk Type | STP, ECN |
| Ways To Trade | CFD Trading, Spread Betting, Copy Trading |
| Available Assets | Forex, Shares, Indices, Commodities, Metals, Cryptocurrencies |
| Trading Platforms | Trading Station, MetaTrader 4, Ninja Trader, ZuluTrade, TradingView, Capitalise AI |
| Mobile Trading | Available |
| PC Trading | Available |
| Minimum deposit | Non-EU traders – $50 EU traders – £300 |
| Maximum Leverage | 1:400 EU – 1:30 |
| Minimum Trade Size | 0.01 |
| Demo Account | Available – Open Demo Account |
| US Clients | No |
| Account Currencies | EUR, USD, GBP, JPY |
| Deposit & Withdrawal Methods | Wire Transfer, Card Payment, Skrill, Neteller, UnionPay, BPay, POLi, Klarna |
| Scalping | Yes |
| Hedging | Yes |
Pros & Cons
Pros
- Hassle-free account registration process.
- Highly regulated broker in multiple jurisdictions.
- Low latency and fast order execution.
- Powerful trading platforms including the broker’s sophisticated proprietary trading platform (Trade Station) and other advanced and popular trading platforms such as MetaTrader 4, Ninja Trader, ZuluTrade, TradingView and Capitalise AI.
- An impressive and dedicated Customer support service with 24/5 availability.
- A variety of asset classes, including Currencies, Crypto, Indices, Metals, Energies, Softs
- Free quality educational and research materials including forex education, e-courses, forex FAQs, video tutorials, live webinars and an economic calendar, market news and much more.
Cons
- No 24/7 customer support.
License and Regulation
FXCM is licensed and regulated by top-tier regulatory bodies across the world which ensures the broker’s compliance with the rules, regulations, and standards, in order to protect the interest of financial consumers around the world.
The regulatory bodies under which FXCM is licensed and regulated include;
- FCA – The Financial Conduct Authority of the United Kingdom with Registration Number 217689
- ASIC – The Australian Securities and Investments Commission under License Number: 309763
- FSCA – The Financial Sector Conduct Authority under FSP No 46534. (South Africa)
- AMF – The Autorité des marchés financiers – Règles de conduite et Principes d’Exécution (Rules of Conduct and Principles of Implementation). Interbank Code: 19843.
- CySEC – Cyprus Securities and Exchange Commission under license number 392/20.
Account Types
FXCM offers a simple account structure with four different account types designed to suit specific types of traders. The account types offered by the broker include;
- Standard Account – This account type is a one-stop-shop account designed for individual retail traders.
- Active Trader Account – As the name implies, this account type is more suited for individual traders who trade the markets very actively. The Active trader account comes fully packed with a bunch of trading perks that are very beneficial to active traders as well as high volume traders, these include; different tier pricing on your spread costs based on the volume you trade; dedicated support; API trading; institutional derived trade ideas; Market depth; custom solutions and much more.
- Joint Account – As the name implies, this account type is suited for traders who want to open an account that involves two or more parties (traders).
- Corporate Account – This account type is tailored for commercial or business purposes.
How To Open An Account With FXCM
Opening an account with FXCM is hassle-free, as the account registration process only takes a few minutes to get done with.
To open an FXCM account;
- Visit their official website here
- Click on the ‘open account’ button at the top right section of the website’s homepage
- Select your country and preferred trading platform to get started with the account registration.
- You will then be prompted to a secure server to complete an account opening application form.
- Upon completing the registration form, you will be provided with your account login details (username and password).
Asset Classes
FXCM offers a wide range of asset classes, although the instruments available on the platform are limited to vital and widely traded instruments. The broker offers over 5 different asset classes which include Forex, Shares, Indices, Commodities and Cryptos.
- Forex – Over 40+ currencies, including Major and Minor currency pairs around the world.
- Shares – This includes top international share CFDs from the US, UK, HK1 and Europe.
- Indices – Over 10+ indices to trade from including Ger30, US30, SPX500, NAS100 and more.
- Commodities – This includes hard and soft commodities such as Silver (XAG/USD), Gold (XAU/USD), Copper, USOil (WTI Light Sweet Crude Oil Future), UKOil and more.
- Cryptos – Over 7 Popular cryptocurrencies to trade through CFDs, but not available through trading the underlying asset. These include Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Ripple, Stellar and EOS.
Furthermore, FXCM offers their own original trading portfolios called ‘baskets’. These include currency baskets, crypto baskets and stocks baskets.
Leverage
FXCM is a global multi-asset broker, therefore the maximum leverage offered might differ depending on what country the trader is from, as well as the asset they choose to trade. However, the maximum leverage for European traders is 1:30 while the maximum for international traders goes up to 1:400.
Spreads and Commissions
FXCM offer an averagely low spread on their standard account compared to other industry-standard brokers, although they offer ultra-low spreads on their Active trade account, which is an account designed for high volume traders. With an Active Trader account, traders are charged lower based on the volume they trade.
Trading Fee
FXCM provides traders with a transparent fee structure, and there are no hidden charges applied. The fee charged by FXCM can be seen in the table below.
| Broker | FXCM |
|---|---|
| Overnight Fee (Swap) | Yes. The fee charged depends on the asset and position size being traded. |
| Inactivity Fee | An inactivity fee of $50 (or currency equivalent) is charged when a trader leaves the account inactive for over 12 consecutive months, without performing any trading activity. |
| Deposit Fee | No |
| Withdrawal Fee | No |
Deposit and Withdrawal Options
FXCM offers a variety of funding and withdrawal options which can be categorised into three. They include bank payments, electronic payments and card payments.
- Bank Payments – Bank Transfers
- Card Payments – Credit and Debit Cards
- Electronic Payment – SkrilI, Neteller, UnionPay, BPay, POLi, Klarna
Trading Platforms
FXCM offers a variety of advanced trading platforms to choose from, these include their sophisticated proprietary trading platform (Trading Station) and other industry-standard third-party trading platforms. The trading platforms offered by FXCM include;
- Trading Station (FXCM’s proprietary trading platform)
- MetaTrader 4
- Ninja Trader
- ZuluTrade
- TradingView
- Capitalise AI
Trading Platform Details
| Broker | FXCM |
|---|---|
| Proprietary Trading Platform | Yes (Trading Station) |
| PC Platform | Yes |
| Mobile Platform | Yes |
| Web Trading | Yes |
| Social Trading | Yes (ZuluTrade) |
| Copy-Trading | Yes (ZuluTrade) |
| MetaTrader 4 | Yes |
| MetaTrader 5 | Yes |
| TradingView | Yes |
| cTrader | Yes |
| ZuluTrade | Yes |
Customer Support
FXCM also offers an impressive customer support service with a dedicated customer support team available to cater to the needs of their customers 24/5.
The support team can be reached via SMS messages, email, telephone and live chat. They also have offices scattered around the world, these include offices in London, New York, Hong Kong, Sydney, Berlin, and more.
Summary
FXCM is a great broker for all levels of traders (beginner or professional), due to its simplicity and ease of use. FXCM is also quite versatile, as it caters to different styles of trading including scalping, algorithmic trading, swing trading and other trading styles.
Additionally, FXCM offers a ton of great trading services and conditions which makes them quite an outstanding broker, these include regulation from highly regarded regulatory bodies across the world; low latency and fast order execution; Powerful trading platforms including the broker’s sophisticated proprietary trading platform (Trade Station) and other advanced third party trading platforms; a dedicated Customer support service with 24/5 availability; a variety of asset classes, free quality education and research materials and much more.