FXCM is a market-making broker with a long history in the market, having been founded in 1999 in New York. The venerable broker now has headquarters in London, UK and is regulated by the country’s Financial Conduct Authority (FCA), as well as many other strict regulatory authorities around the world including in Australia (ASIC) and South Africa (FSCA).
FXCM offers traders a few different accounts, with forex and CFD instruments (commodities, crypto and more), leverage, and a truly impressive variety of plugins and accompanying applications. Moreover, FXCM can be characterized by its superior diversity in terms of trading platforms including its own Trading Station, MetaTrader 4, copy-trading platform ZuluTrade, NinjaTrader and other add-on plugins accessible to traders via the FXCM website. With reasonable trading fees and conditions plus an industry-best level of flexibility for traders, FXCM is an enticing option for frequent traders with virtually any strategy preference.
Pros and Cons
Pros
- Low minimum deposits to start trading forex
- Affiliation with Jefferies Financial Group provides financial strength and expertise.
- Mobile trading and one-click order execution available.
- Offers educational courses on FX trading, as well as proprietary data and premium resources.
- Dedicated 24/5 customer support with global offices
Cons
- Banned from United States markets due to defrauding customers in the past.
Recommended For
FXCM is suitable for various types of traders, ranging from beginners to experienced ones. The company offers educational courses on FX trading, provides trading tools, proprietary data, and premium resources. It also offers dedicated 24/5 customer support with global offices in London, Melbourne, and more. The breadth of platforms and available tools means that experienced traders are best served by FXCM’s emphasis on incorporating value-added services and resources.
Regulated By
- Financial Conduct Authority (FCA) in the UK
- FXCM Australia Pty. Limited is regulated by the Australian Securities and Investments Commission
- FXCM EU LTD is authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC)
- FXCM South Africa (PTY) LTD is regulated by the Financial Sector Conduct Authority
Top Features
- No Restrictions for Stop and Limit Orders: Investors can trade full set of popular currency pairs and other trading assets with no restrictions for stop and limit orders
- Free Live Trading Signals: FXCM comes with live trading signals, meaning all live account holders have access to free live forex trading signals inside FXCM PLUS, which includes proprietary trading signals and technical analysis to maximize the trading experience
- The Regulatory Landscape: The FXCM Group is regulated in several jurisdictions by some of the most respected regulatory bodies in the world
- Customer Support and Resources: FXCM is committed to providing dedicated 24/5 customer support. Additionally, the company offers educational courses on FX trading and provides trading tools, proprietary data, and premium resources to help traders navigate the financial markets successfully
- Trading Platforms: FXCM offers a diverse range of trading platforms, each designed to optimize performance in the forex, spread betting markets (only provided for U.K residents), and other assets
Overview
- Type of Exchange Forex and CFD broker
- Regulation & Licensing Financial Conduct Authority (FCA) in the UK, FXCM Australia Pty. Limited is regulated by the Australian Securities and Investments Commission, FXCM EU LTD is authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC), FXCM South Africa (PTY) LTD is regulated by the Financial Sector Conduct Authority
- Clients Accepted From Worldwide, with exceptions. Banned in the U.S
- Assets Offered Forex Commodities, CFDs Indices, CFDs, Cryptocurrencies
- Platforms Available Trading Station, MetaTrader4 (MT4), Third-Party Platforms
- Mobile Compatibility iOS Android
- Payment Types Accepted Credit/Debit Card, Bank Wire Transfer, PayPal, Skrill, Neteller
Account Types
|
|
Demo Account |
Standard Account |
Active Trader Account |
|
Account Currencies |
USD, GBP, EUR, CHF, JPY, CAD, AUD, NZD, RUB |
USD, GBP, EUR, CHF, JPY, CAD, AUD, NZD, RUB |
USD, GBP, EUR, CHF, JPY, CAD, AUD, NZD, RUB |
|
Available Leverage |
up to 400:1 |
up to 400:1 |
up to 400:1 |
|
Minimum Deposit |
$0 |
$50 |
$25,000 |
|
Starting Spreads |
EUR/USD at 1.3 pips and GBP/USD at 1.8 pips |
EUR/USD at 1.3 pips and GBP/USD at 1.8 pips |
EUR/USD at 1.3 pips and GBP/USD at 1.8 pips |
|
Decimal Pricing |
5 |
5 |
5 |
|
Trading Instruments |
|
|
|
|
Demo Account |
Yes |
No |
No |
Trading Platforms
- FXCM Flagship Trading Station Desktop
- Mac friendly Trading Station Web 3.0
- Mobile platforms.
- FXCM also offers MetaTrader4.
- TradeView Pro
Trading and Investment Tools
- One Click Trading: Yes
- Trade off Charts: Yes
- Email Alerts: Yes
- Mobile Alerts: Yes
- Stop Order: Yes
- Market Order: Yes
- Trailing Stop Order: Yes
- OCO Orders: Yes
- Limit Order: Yes
- 24hr Trading: Yes
- Charting Package: Yes
- Streaming News Feed: Yes
Compliance & Regulation
When it comes to forex trading, compliance and regulation are of utmost importance. The FXCM group of companies is regulated by several respected regulatory bodies around the world, including the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC), and the Cyprus Securities and Exchange Commission (CySEC), along with others. These regulatory bodies enforce strict financial standards on FXCM, including capital adequacy requirements, and have the right to fine firms and terminate their regulatory status for violations. Accounts with FXCM are also segregated in accordance with client money rules, providing added protection for client funds.
Fees & Commissions
- Rollover Fee: $0
Pricing
FXCM offers competitive pricing with average spreads for popular currency pairs such as EUR/USD at 1.3 pips and GBP/USD at 1.8 pips. Active traders can take advantage of the Active Trader account, which provides access to elite pricing, dedicated support, API trading, and market depth via Trading Station.
Service Details
- Supported Languages: Besides English, FXCM offers support in Spanish, French, German, Arabic, Chinese-Mandarin, Italian, and Greek.
- Customer Service Hours: FXCM representatives are available 24 hours a day, 5 days a week and Live chat support is available 24/5.
- Email Response Time: Immediate
- Telephone Orders: Yes
- Personal Account Manager: Yes
Reliability & Security
Client funds with FXCM LTD are segregated according to FCA client money rules. This means that in the unlikely event of default, client funds held in segregated accounts are protected and cannot be used to benefit other creditors. Additionally, the FCA maintains records of all formal proceedings against regulated entities, offering transparency and increased investor protection.
User Experience
FXCM offers a diverse range of powerful trading platforms tailored to suit various trading strategies and preferences. Among them are FXCM’s flagship Trading Station Desktop, Mac-friendly Trading Station Web 3.0, mobile platforms, and MetaTrader4 for those who use Expert Advisors.
Clients can also access free live trading signals and technical analysis tools through FXCM PLUS, an exclusive live account portal designed to enhance the trading experience. For beginners, FXCM offers a demo account stocked with £50,000 in virtual money, allowing users to practice and develop strategies risk-free.
Opening a live forex trading account with FXCM is a quick and straightforward process. There are no account minimums, enabling traders of all sizes to start their forex trading journey as they see fit.
Final Thoughts
FXCM has proven itself as a reliable and secure platform for both new and experienced traders. With its commitment to transparency, competitive pricing, powerful trading platforms, and adherence to strict regulatory standards, FXCM is an ideal choice for those looking to trade forex and other assets.
Unfortunately, FXCM is unavailable to U.S. traders at this point in time.
Trading Platform Screenshots
Contact Info
20 Gresham Street, 4th Floor London EC2V 7JE United Kingdom
FAQs
Q: What are the benefits of trading with FXCM?
A: FXCM offers a full set of popular currency pairs and CFDs with no restrictions for stop and limit orders. They also have average spreads for EUR/USD of 1.3 and for GBP/USD 1.8 pips. They offer powerful trading platforms including their flagship Trading Station Desktop, Mac friendly Trading Station Web 3.0, and mobile platforms. Additionally, they offer free live Forex and CFD trading signals inside FXCM PLUS.
Q: What are the requirements to open a Forex account with FXCM?
A: Opening a live Forex trading account with FXCM is quick and easy. All you need to do is confirm your country of residence and complete the online application. Upon approval, you will receive a MyFXCM username and password which you can use to log-in at the MyFXCM client portal, deposit funds and begin trading.
Q: What trading platforms can I use with FXCM?
A: FXCM currently supports several powerful platforms including Trading Station which is their flagship platform that furnishes users with advanced analytics, charts and functionality. They also offer MetaTrader4 (MT4) which is the forex industry-standard platform that allows users to engage in the markets on-the-go with the MT4 app, free of any trading restrictions. FXCM also offers their clients a suite of third-party platforms that can be fully integrated with their acclaimed execution.
Q: How much money do I need to get started with Forex trading at FXCM?
A: FXCM accommodates traders of all sizes by forgoing account minimums. You are free to begin your Forex trading career with as much money as you see fit.
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