FXCM review and tutorials

FXCM Broker Review
FXCM Broker Review

Detailed FXCM Review 2021: Forex, CFD'S and Crypto Regulated Broker

FXCM is a London-based broker, regulated by FCA. Companies in Australia and Canada are also governed under the FXCM umbrella.

FXCM Forex Broker Review 2020
FXCM Review: Brokers website

New FXCM broker review – 2021 Update

Forex Capital Markets (FXCM) offers an in-depth yet concise summary of the FXCM forex, spread betting, and CFD trading platform.

Trading Platform

The FXCM platform is easy to navigate around and it’s a simple matter for new customers to find answers to the most popular questions via the site’s FAQs section. A robust knowledge base and education center also provides beginners or experts with a lot of information about trading strategies.

The knowledge base contains both video tutorials and written material. There are also workshops, webinars, and online classes to provide even greater awareness and insight into the industry. New traders can profit from opening a Demo account without risking their own cash to learn more about forex trading.

Opening An Account

Opening an account with FXCM instantly is relatively easy and the trading application is available for desktops, laptops, Macs and smartphone devices. Traders may open an account with a deposit amounting to at least £300. Live traders can receive real-time updates and warnings to inform their trading, while the FXCM platform offers a lot of insight and research on trading patterns.

FXCM’s Active Trader account is open to traders depositing at least 25,000 in their preferred currency and provides customers with lower trading expenses access to a skilled trading knowledge base.

FXCM MetaTrader 4

There are two main trading platforms on the network, the FXCM Trading Station and its offering for MT4.

To have access to wholesale executions, the FXCM Pro account is open to small hedge funds, institutional brokers and emerging market banks. Although, FXCM Prime accounts are available for high or medium-frequency funds as well.

Assets/Markets

Existing FXCM trading markets include:

– Forex pairs
– CFDs
– Cryptocurrencies
– Commodities, like oil and gold
– Global stock indices

Trading algorithms are available to clients who choose to automate their strategies.

Spreads and Commission

Two of the most common currency pairs traded on FXCM are EUR / USD, where you can get low spreads of just 1.3 pips and 1.6 pips of GBP / USD with low spreads open. More on pips and forex trading can be found in our in-depth forex guide.

FXCM does not require any kind of deposits from the fund and regular traders are not charged commissions on the trade. Their fee is assessed over the expense of spread and is automatically determined when trades are performed. For any roles kept at 5 pm Eastern US time (which is about 10 pm UK time), an overnight expense is added.

If you step up to an Active Trader account, fees will be lower; but, a commission will be paid per transaction plus a cost of the spread.

You would definitely need to pay commissions depending on the currency used in your trading account, this varies from one trader to another. Your debit or credit card issuer can even charge you a fee for currency conversion, but you can find out more from your bank or card provider.

The broker aims to deliver some of the cheapest spreads for active traders or institutional investors on the market.

FXCM Leverage

FXCM manages standard leverage by the European Securities and Markets Authority for retail customers set at:

– 30:1 for forex trades in major currency pairs
– 20:1 for trades in minor currency pairs, major indices and gold
– 10:1 for the non-major indices and all other commodities
– 2:1 for cryptocurrencies

Depending on the trading position divided by the margin requirement and the amount of equity held in the account, qualified clients may opt for higher rates of leverage. CFD trading is regulated at a rate of 200:1 and forex trading is fixed at 400:1 for accounts with a monetary value of less than 20,000 and 100:1 for accounts with a currency value of more than 20,000.

Company Details

FXCM was established in the UK in 1999 and offers opportunities for global traders to access the world’s most liquid markets. In 2015 Leucadia Investments took over the company.

Leucadia Holdings is a member of the investment banking company, Jefferies Financial Group. The Financial Conduct Authority controls FXCM in the UK and EU while its branches in Australia and South Africa are controlled by authorities in their own countries.

FXCM also has branches across the world, including New York, London, Sydney and Singapore.

FXCM manages more than 130,000 corporate customer accounts and has won a number of prestigious accolades from the industry. Apart from institutional investors, the online platform is used by private traders. The broker has a range of international affiliates to meet customer needs.

Mobile Apps

The platform for FXCM Trading Station is available for desktops, for Macs in web format and for mobile devices. It is a powerful platform and from any WiFi-enabled location, mobile users enjoy fast and easy access to global forex markets. The Trading Station app is available for download from the Apple App Store or Google Play.

The mobile trading platform provides customers well with most of the Trading Station and MetaTrader 4 (MT4) features. The smaller screens of mobile devices mean that keeping on flipping between screens and using the tabs located at the bottom of the screen is important.

Combined, they make the experience of mobile trading a little slower and FXCM does stress that mobile trading will bring greater risks of order replication or price lag. This means it’s necessary for traders to be familiar with all of the mobile trading platform features before using mobile devices on their site.

You can also download hundreds of different free applications from the FXCM catalog to notify your trading strategies. It is available inside the trading platform from the Traders section.

FXCM Forex Trading Platform
FXCM Review: Mobile trading

Payment Methods

You can finance FXCM accounts in a number of ways including:

  • Bank or credit card payments which are usually processed to accounts the same day
  • Bank wire funding, which can take 1 to 2 days to process for clients based locally or 3 to 5 days for international clients. Wired funds via CHAPS, SWIFT, BACS or SEPA are accepted.
  • Skrill and Union Pay payments are also accepted and take between one and two days to hit your account.

The above methods may also be used for withdrawals. Simply go to the MYFXCM dashboard to withdraw funds by clicking on Withdraw Funds. Withdrawals take almost the same time to process as deposits.

One important thing to remember is that you are only allowed to withdraw the total amount originally deposited when you request debit/credit card withdrawals. Larger sums are to be withdrawn by alternate methods, such as bank transfers.

FXCM Demo Account

As already noted, you can try trading with FXCM using their Demo account. This is particularly recommended if you’re new to the finance world and don’t know anything about forex trading or CFDs.

Their live Demo account is offering £50,000 of dummy trading capital (also available in euros or US dollars), so you can have all the excitement of 24/5 trading. You can select which platform to use for Demo trading, you can also use all the training and tools available to daily traders.

Deals and Promotions

FXCM does not offer promotional offers on its website, but the large variety of free software is a valuable opportunity for traders. You can also check out trading with their NinjaTrader which helps you to take advantage of copying skilled market makers trades, such as banks and financial institutions.

There is also a Demo NinjaTrader account open with £50,000 of dummy funding. Also offered on-site is the ZuluTrade peer-to-peer (P2P) auto trading network, which allows you to auto trade based on signals from your selected traders.

Regulation and Licensing

FXCM is approved and regulated under registration number 217689 by the United Kingdom Financial Conduct Authority. The shares of the company are traded on the stock exchange and are allowed as a business within the EU.

FXCM has discontinued its products in the United States but is authorized for Canada by IIROC and approved for Australia by ASIC.

Traders of all kinds put a lot of trust in FXCM; however, it is important to remember that all trading is at your own risk, so the use of the leverage should be carefully planned. FXCM stores all consumer funds in segregated global bank accounts which are not open to investors if the company is to stop functioning. In some cases, clients would be entitled to up to £50,000 in compensation.

Additional Features

One major advantage of FXCM trading is its wide variety of educational features. Most of these are discussed above, but the site also includes a live classroom setting and a library of video tutorials. Therefore anyone looking to build in-depth learning on this platform will have their needs met.

The Trading Station portal also includes email updates and weekend data options. Expert Advisers can notify all trades via the automated MT4 platform. Charting tools provide all the technical skills needed for analysis to professional traders and are also available on mobile devices.

While the platform does not have a regular news page, there’s plenty of financial news packed into on-site educational resources.

Benefits

  • High levels of education and materials for clients
  • Reliable service for desktops and smartphone devices
  • Demo trading accounts access
  • Plenty of algorithmic tools
  • Access to a vast number of applications
  • Award-winning provider
  • Access to six different asset classes
  • Low fees for standard retail accounts
  • Competitive pricing structure, especially for Active Trader accounts
  • Completely regulated by the United Kingdom Financial Conduct Authority with investor protections under the Financial Services Compensation Scheme

Drawbacks

The disadvantages of using FXCM would include:

  • Low leverage levels for regulated by ESMA for retail clients
  • No SMS support available
  • Does not offer managed accounts

Trading Hours

The trading hours of the brand differ from product to product. Forex trading opens at about 5:00 pm ET on Sundays and closes on Fridays at and 4:55 pm ET.

CFD trading ends as close as possible to market hours, which can be found on the FXCM website.

Contact Details/Customer Support

Help for FXCM is available as follows:

By telephone: + 44 (0)207398 4050 or one free phone: 0808 234 8789

Email: [email protected]

Postal address: 20 Gresham Street, 4th Floor, London, EC2V 7JE, UK

Help can also be accessed from the website via Live Chat or by email contact form.

Security and Safety

When registering an account, FXCM clients need to configure safe access to the website. Clients exchanging at least £500,000 a month can also further boost security by registering for a private virtual server.

Overall Verdict

Overall, we’re very impressed with the service that FXCM provides. We are especially fond of the high education means available to clients and the useful function of the Demo Account. Consumers looking to trade forex and CFDs across a variety of asset sectors would well be recommended to register with FXCM.

Accepted Countries

FXCM embraces traders from Australia, Thailand, the UK, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxemburg, Qatar, and most other countries.

Traders from the United States, Canada, Israel, Iran, and Belgium can not use FXCM.

FXCM trading information

Bonus
N/A
Instruments
CFD, Forex, Crypto
Demo Account
Yes
Min. Deposit
£300
Min. Trade
Varies by asset
Regulated By
FCA
MT4 Integration
Yes
Mobile Apps
iOS and Android
Auto Trading
No
Trade Signals
No
Islamic Account
No
FXCM Broker Review

Forex

GBPUSD Spread
0.5 pips var
EURUSD Spread
0.2 pips var
EURGBP Spread
0.5 pips var
Assets
39

CFD

FTSE Spread
1.18 pts var
GBPUSD Spread
0.5 pips
Oil Spread
0.05 (var)
Stocks Spread
0.2% Var

Cryptocurrency

Spread
Coins

Official FXCM Registration

FXCM Broker Review

CLAIM OWNERSHIP

If you are the owner of this platform you can manage this account. First you need to claim the ownership of the platform.

FXCM Broker Review
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