FXCM review
Introduction of the broker FXCM
FXCM is a renowned CFD broker that provides traders with a wide range of trading options. FXCM is operated by Capital Markets Ltd., based in England, and has a rich history, having been founded in 1999. The broker is regulated by the Financial Conduct Authority (FCA). The minimum deposit is 50 USD, which is relatively low and suitable for beginner traders. Deposits can be made via bank transfer, credit and debit cards, and mobile applications.
FXCM does not charge any fees; instead, it uses a spread-based model. Low spreads start from as low as 0.5 pips. Round-the-clock customer service ensures support and assistance whenever needed, enhancing the overall quality of services provided by FXCM.
Currently, FXCM manages over 150,000 real accounts and offers its trading platforms in more than 150 countries worldwide. On average, 8 million trades are executed monthly. Customer support is available in over 20 languages.
Trading Platforms
FXCM offers various trading platforms, including MetaTrader 4, Trading Station, ZuluTrade, and NinjaTrader. The broker also provides a mobile application. FXCM charges fees in the form of spreads, swaps, and inactivity fees.
FXCM offers 213 different assets, including stocks, forex currency pairs, indices, commodities, cryptocurrencies, and ETFs. Cryptocurrency CFDs are also part of the offering, including cryptocurrencies such as Bitcoin, Litecoin, Ripple, Bitcoin Cash, and Ethereum. FXCM allows trading with a minimum trade size of 0.01 lots, approximately equivalent to 25 EUR. The minimum deposit required to open an account is 50 USD. For traders who want to test the platform or strategies without risk, a demo account is available.
Trading Station is FXCM's proprietary platform and is among the most robust tools on the market. It offers a wide range of features, including trading directly from charts, advanced backtesting, and the ability for automated trading and micro lot support. One-click trading and email/SMS alerts are very practical. The platform is available on desktop, web, and mobile devices.
Capitalise AI offers the possibility of algorithmic trading without the need for programming knowledge. The platform is intuitive and allows easy setup of trading strategies using simple language. It is ideal for traders who want to take advantage of automation but lack the technical skills needed for traditional algorithmic trading.
ZuluTrade is a platform focused on copy trading, great for traders who prefer a passive approach. It allows copying trades of successful traders, which is particularly useful for beginners or those who do not have enough time for active trading.
TradingView is known for its powerful and user-friendly charting platform. It offers an extensive library of custom indicators and scripts, allowing for advanced market analysis. Integration with FXCM is seamless, allowing for direct trading from charts. The platform is available on the web and mobile devices, making it easy to monitor markets on the go.
Fees and Account Currencies
Traders can have accounts denominated in USD, EUR, CHF, or GBP. Fees include spreads, swaps, and inactivity fees. The spread on EUR/USD starts from 0.7 pips, which is competitive. Other fees may be charged for inactivity, which should be kept in mind.
FXCM offers two types of execution - MM (Market Maker) and STP (Straight Through Processing). These execution types ensure fast and efficient trade execution. Additionally, FXCM allows scalping and hedging, supports EAs, offers a free demo account, and a cent account. FXCM also provides a Virtual Private Server (VPS), Islamic accounts, API access, and online support. Clients also have access to a personalized client zone.
Risk warning CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% 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.
| Basic information | |
|---|---|
| Regulations |
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| Number of CFD asset classes | 7 |
| Broker type | MM |
| Customer support |
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| Deposit from | 50 EUR/USD |
| Spreads | 1 EUR/USD *The value is indicative from the broker's website. The spread amount is variable. |
| Real Stocks and ETFs | |
| Platforms |
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| Instruments CFD | Commodities, Cryptocurrency traded as actual, Options, Forex, ETF, Cryptocurrency traded as CFD, Indicies |
| Established | 1999 |
| Location | 20 Gresham Street, 4th Floor, London EC2V 7JE, United Kingdom. |
| Phone | +1 646 253 1401 |
| info@fxcm.com | |
| Country | Germany |
| Last update: | |
Pros
- The broker is regulated in four Tier-1 jurisdictions and two Tier-2 jurisdictions.
- FXCM has received awards for the best tools and platforms, professional trading, algorithmic trading, and copy trading.
- FXCM publishes monthly execution reports, including statistics on slippage and order execution quality.
Cons
- FXCM does not support the MetaTrader 5 (MT5) platform, which may be a disadvantage for traders who prefer this platform.
- Crypto CFDs are not available to retail traders at FXCM entities in the UK and to UK residents.
Licences and regulation
The regulations of the broker FXCM include the following permits and registrations:
- FXCM (PTY) Ltd - FSCA (South Africa) registration no. FSP 46534
- FXCM Pty. Limited (FXCM AU) - ASIC (Australia) registration no. AFSL 309763, ACN: 121934432
- Forex Capital Markets Limited (FXCM LTD) - FCA (UK) registration no. 217689
