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FXCM Review
- 35+ Pairs
- A+ Mobile App
- Fast Payouts
- Low Deposit
Editors Summary
There is a lot to like about FXCM whether you are new to trading or have been trading in higher volumes for some time. They are a well trusted and reputed broker operating in many countries around the globe who hold licenses from some of the most recognised regulatory bodies. Reliable customer support means that there is someone on hand during the week to answer your questions and deal with your issues. The order types and educational and analysis tools help you to make the most of your time online.
Risk Warning: The products offered by the companies listed on this website carry a high level of risk and can result in the loss of all your funds. You should never risk money that you cannot afford to lose.
Ad Disclosure: Some of the links that you will find on this website are advertisements for which we do receive financial gain for referring new customers.
Introduction
FXCM has been offering Forex services to clients around the globe since 1999 and is a UK based broker licensed by the FCA. They also hold licensing from the Australian regulatory body, ASIC. Their two principal shareholders, Jefferies Financial Group and Global Brokerage, are both listed on the London Stock Exchange.
Considered a safe broker, they offer a transparent fee structure with low trading fees built into the spreads. They are a straightforward and hassle-free broker making it easy for new clients to open an account. You can trade from either their proprietary Trading Station platform or the three other platforms that they offer.
For those of you that are considering opening an account with FXCM, you probably have many questions about what they offer. Let us help with our full and comprehensive review of this well-established, global Forex broker to give you all of the information required to make a decision.
Account Types
Some brokers offer multiple accounts, and some offer just one. There are pros and cons to either. Sometimes having more choice can be as tricky as having less. In total, FXCM offers two main accounts, one aimed at the new and lower volume traders and one at the more professional. They also offer a free demo account.
Demo Account
The demo platform is free to use and is referred to as the Practice account online. If you open this account, you will need to give a few personal details and then you are set to go. Trade with $50,000 of virtual funds but benefit from live buy and sell prices, 24 hours a day, 5 days a week. Having the option to practice before you go live with trading gives you the chance to get familiar with the FXCM platform and perfect your trading strategy.
Standard Account
With a minimum deposit of $300, the Standard Account is for those new to trading that perhaps do not plan on dealing with high volumes. The average spread for EUR/USD is 1.2 pips*, and there is a choice of 39 currency pairs. Use leverage** of 30:1 leverage for major currency pairs for the LTD accounts and up to 400:1 for non LTD accounts. Choose to trade on any of the four platforms.
Active Trader Account
The Active trader account is much better for those higher-volume traders that wish to make more significant trades. The spreads are much better at 0.1 pips* on the EUR/USD spread. Trading requires a deposit of $25,000 or higher.
Trade Features And Payouts
The trading features are how you can determine the payouts that you are likely to get and FXCM are reputed to offer reasonable spreads and low commissions. Spreads are calculated to negate the need for commission. But what can you expect from this broker when it comes to their features and payouts?
Leverage
FXCM UK offers different leverage** for different tradeable instruments. Major currency pairs default to 30:1, non-major currency pairs, gold and major indices default to 20:1, commodities other than gold and non-major equity indices default to 10:1 and cryptocurrencies default to 2:1.
Spreads
The average spread* ranges from 0.1 pips to 1.2 pips on the EUR/USD depending on the type of account that you have. Spreads include commissions. If you hold a standard account, you can expect an average spread of around 1.2 pips on the EUR/USD and the USD/JPY currency pairs.
Stop Loss
Stop orders enable you to exit a trade at a certain point to prevent you from losing too much money. Besides stop loss orders, profit targets are also available, which mean that you can exit a deal when you hit a profit. These all allow you to manage your risk more effectively. There are many order types which include Market, Limit, Stop, Stop trailing and One-cancel-other (OCO).
Platform Types
There is a total of four different trading platforms to choose from when trading with FXCM. With the Standard and Active accounts, all four are available. If using the Mini account, NinjaTrader is not available. Trading Station is the proprietary platform. Then there are MetaTrader4 which most Forex traders will be familiar with, Mirror Trader to allow copy trading and NinjaTrader – better suited to active traders.
Bonuses And Promotions
Due to regulations by the European Securities and Markets Authority (ESMA), there are no bonuses associated with Forex. Previously, many brokers would offer a welcome or no deposit bonus to attract new clients.
As this is a directive and not an individual broker policy, it means that there is an even playing field. You will find that there are now not many Forex brokers that offer a bonus. There are other rewards offered for loyalty, referral schemes and trading contests to watch out for though.
Mobile Trading
Trading Station, FXCM's proprietary software is available to download as an app on both iOS and Android for phone and tablet. Alternatively, choose to download the MetaTrader4 app. In addition to this, the website is mobile-friendly.
Just open your browser and trade on the go. You can place trades and view market conditions and manage your account wherever you are. Ninja Trader is not available to download on mobile though and requires desktop software, but this will only affect the higher volume professional trader.
There is a lot to like about FXCM whether you are new to trading or have been trading in higher volumes for some time.
Deposits And Withdrawals
Choose from four significant forms of payment – Credit'/Debit card, bank transfer, Skrill and Neteller. When you make a withdrawal, it must be from the same funding sources as the deposit. There is a $40 withdrawal fee for all bank transfers, but deposits are free.
Withdrawals will be processed in between 1-2 days. Open accounts in a choice of base currencies and open additional accounts in different currencies. Using the right money will mean that you won't incur conversion charges.
Special Features
One of the top features of FXCM is that the trading experience is so customisable. There is so much choice when it comes to the trading platform. The other benefit of using FXCM is that they offer so many different order types.
Order types include Market, Stop, Stop Trailing as well as order terms such as Good-till-date, Good-till-cancel, Immediate or Cancel and Fill or Kill. It is also possible to set up price alerts either by email or text message. There is various educational content, and you can find many resources in the form of videos and webinars.
Customer Support
If you want to reach someone to assist with your trading or a general enquiry, you can only reach them during regular business days. Support is available 24 hours a day, 5 days a week but not on the weekend.
Contact someone by live chat and in several languages. Telephone support is accessible in 44 countries. Email can also be used to contact someone. All assistance is quick and relevant and provides the most useful answers to your queries in a timely fashion.
We want to help our readers in any way we can, but sometimes it's better to talk directly with your investing site to get the answers you need. For example if you have a specific query about your account you'll need to contact them in person due to security.
Alternatively, if you find that contacting your investing partner isn't working, you can contact us and we will be more than happy to try on your behalf. We have excellent working relationships with many of the sites we list and recommend.
FXCM
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Email:
[email protected]
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Phone:
+44 0207 398 4050
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Address:
20 Gresham Street, 4th Floor, London, EC2V 7JE, UK
Conclusion
There is a lot to like about FXCM whether you are new to trading or have been trading in higher volumes for some time. They are a well trusted and reputed broker operating in many countries around the globe who hold licenses from some of the most recognised regulatory bodies.
Their principal shareholders are both publicly listed companies. There are many account types and trading features to suit all kinds of trader on a variety of different platforms giving you the ultimate trading experience on the move.
Spreads are competitive and include fees within them, and there are no added commissions of which to be aware. Reliable customer support means that there is someone on hand during the week to answer your questions and deal with your issues. The order types and educational and analysis tools help you to make the most of your time online.
Learn as you trade practising before you start on the free demo account. We have no problem in recommending this broker as an excellent all-round option to all levels of trader.
* Average Spreads: Time-weighted average spreads are derived from tradable prices at FXCM from October 1, 2019 to December 31, 2019. Spreads are variable and are subject to delay. The spread figures are for informational purposes only. FXCM is not liable for errors, omissions, delays or actions relying on this information.
** Leverage: Leverage is a double-edged sword and can dramatically amplify your profits. It can also just as significantly increase your losses. Trading foreign exchange/CFDs with any level of leverage may not be suitable for all investors.
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Frequently Asked Questions
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Is FXCM legit? Will they scam me?
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FXCM is not only licensed and regulated in the UK and Australia; they are also well-established and owned by respectable parent companies.
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Do they have a decent mobile or tablet app?
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There are several mobile experiences that you can expect in the form of both apps and their mobile website for whatever device you are using.
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What bonus do they offer for new traders?
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In line with EU regulations, Forex brokers based in the EU no longer offer welcome bonuses to their clients to encourage them to open an account.
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Can I start trading on a free demo account?
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Yes, the practice account allows you to trade with $50,000 of virtual funds with live prices and information before you open a live account.
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What's the min deposit and ideal trade amount?
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A Mini account requires the smallest deposit, which is $50. It is recommended to not trade more than 10% of your account balance at a time.
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Risk Warning: The products offered by the companies listed on this website carry a high level of risk and can result in the loss of all your funds. You should never risk money that you cannot afford to lose.
Ad Disclosure: Some of the links that you will find on this website are advertisements for which we do receive financial gain for referring new customers.
Jessica has written for us for 5 years and offers a unique perspective due to her having worked in the financial industry internationally. In fact, Jessica has worked in a staggering 8 countries including Germany, China and the USA.
