FXCM Review 2020 Is fxcm.com Legit Or A Scam Broker

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FXCM Review

Leverage: 1:200

Regulation: ASIC, FCA

Min. Deposit: 50 US$

HQ: UK

Platforms: MT4, Trading Station

Found in: 1999

FXCM Licenses

  • Forex Capital Markets Limited (FXCM LTD) – authorized by FCA (UK) registration no. 217689
  • FXCM Australia Pty. Limited (FXCM AU) – authorized by ASIC (Australia) registration no. AFSL 309763, ACN: 121934432
  • FXCM South Africa (PTY) Ltd – authorized by FSP (South Africa) registration no. 46534

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In order to choose the best brokerage firm that suits you trading needs, you may check on vast of brokerage companies and it is essential to select the most secure one. For this reason, we assist in choices by reviewing brokers, providing detailed information and support in the selection, and here is FXCM Review among others.

What is FXCM?

FXCM is one of the pioneer providers of online trading, foreign exchange or Forex trading, CFDs, Stocks, Commodities, Indices and spread betting. Founded in 1999, the company main aim was to provide global traders with access to the world’s largest liquid market through innovative trading tools, support of excellent trading educators while all operated under strict financial standards.

Since its development and great potential from January 2020 Leucadia has become the majority economic owner of FXCM. Leucadia National Corporation is holding company that withholds excellent reputation and invests in a diverse array of businesses, mainly in financial services and investments.

The FXCM Group is headquartered in London (UK), offers dedicated 24/7 customer support service regardless of clients location through a global chain of offices situated in Germany, Australia, France, Italy and Hong Kong. In addition, through the banch of affiliated offices, since FXCM entered into partnerships with local companies, the broker provides access to the residents, in Greece, Canada, Israel and South Africa and becoming a truly global broker.

FXCM strives to give the best trading experience, hence developing intuitive platform options, including the award-winning Trading Station and various attractive options for trading experience, alike numerous automated trading strategies and Applications available.

With close to twenty years of successful operational history, there are no doubts about the FXCM legitimacy, as the firm also regularly nominated by the leading financial institutions that confessing broker’s progress and contribution. Celebrated achievements by FXCM including:

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Yet, for you to get FXCM offering more clear, you should check and take into consideration the most important information that broker’s offering consists of. For that reason in this review we cover:

Is FSCM safe or a scam?

In fact, the safety measure of the broker is its regulatory status and compliance to the international status which are overseen by the in depended authority under respected jurisdictions. The Companies that constitute the FXCM Group is regulated through several and actually the most strict world jurisdictions.

The FXCM LTD is authorized and regulated in the UK, as headquarters there, by the Financial Conduct Authority. According to FCA regulations, the broker must follow strict financial standards, including capital adequacy requirements, present transparency of business practices accordingly, as well as to keep clients funds under protection while held in segregated accounts.

FXCM entity Regulation and License
Forex Capital Markets Limited (FXCM LTD) Is authorized by FCA (UK) registration no. 217689
FXCM Australia Pty. Limited (FXCM AU) Is authorized by ASIC (Australia) registration no. AFSL 309763, ACN: 121934432
FXCM South Africa (PTY) Ltd Is authorized by FSP (South Africa) registration no. 46534

For the globally presented offices, each of them as a branch of Forex Capital Markets Limited, follows country financial authority and licensed accordingly. Hence, FXCM Australia Pty. Limited and its affiliated office in New Zealand is regulated by the ASIC, FXCM Germany partially regulated by BaFin, authorized by CONSOB in Italy, acts as a member of the IIROC in Canada and FSP in South Africa.

FXCM Trading Platforms

For the clients, whether one is new in the trading or experienced participant, FXCM brings a variety of powerful software trading platforms that help to achieve a trading goal. The FXTM software suite includes unique market access, with multiple order types, advanced charting enhanced by powerful utilizing tools and FXCM’s exclusive Real Volume indicator, automated trading strategies with testing and optimization capabilities and more.

There are few options of the trading software to choose from, which includes Trading Station, FXCM’s award-winning proprietary platform, which features great innovation and functionality available on Web, Desktop and Mobile. Trading Station is often the preferred choice among active traders, however is the product with no matter of experience as it has a clear market vision and friendly interface. You still can use famous MetaTrader 4, yet with FXCM’s integrated and developed features that include EAs, scalping and 0.01 lot sizes with Free VPS enhance, but within the average trade of 500k.

Fresh trading graduates can count on a company tool support while building your own strong trading strategy. Indeed, beginning traders facing numerous challenges, yet time and even capital loss due to emotion-based trading are the main barriers to success. To overcome these impediments, FXCM supports the functionality of Autotrading through market leading ZuluTrade and NinjaTrader platforms.

Beyond core platforms, broker offers integration to FXCM’s acclaimed execution a specialty FXCM Apps offering an online marketplace where you can customize the trading experience. And to include an additional application for news, trends and range traders, apps for new trading features and smooth trading process, EAs and automation, indicators, scripts, Standalone apps and many more.

FXCM fees

Through a single account feature at FXCM you are able to trade all range of trading instruments that are included into the offering and includes Forex, Indices, Commodities, Cryptocurrencies and Spread Betting available for UK residents. Yet, there is another attractive opportunity through FXCM’s Active Trader account that is designed for high-volume investors. As Active Trader you can benefit from premium services and custom solutions, as well discounted pricing on your spread costs based on the volume you trade.

FXCM Spread

With all FXCM account types, you pay only the floating spread to trade indices and commodities, while enhanced index CFDs allows you to trade without stop and limit restrictions or re-quotes. See below the average spread costs on CFDs, yet for most accurate data check official website or FXCM platform.

Asset/ Pair FXCM Spread – Standard Account
EUR/USD 0.7
Crude Oil WTI 5.0
Gold 32.0
BTC/USD 29.36

For instance, compare fees to AvaTrade.

FXCM leverage

FXCM allows leverage trade of Forex and CFDs, this tool brings an advantage even on the smallest market moves. In simple words, leverage is a credit shoulder that is given by the broker towards your trading account with a purpose to multiply the trading size of your positions. In fact, leverage can dramatically increase your potential gains, but in reverse may increase your loses too, thus you should use leverage very smartly, do not jump into high leverage levels but define correct size to each instrument.

In FXCM different leverage levels are based on the traders’ experience and account funds, as well as the regulation which particular residents or accounts may fall in. New traders default to 50:1 leverage which can go up to 200:1 on FX and CFDs, yet respectively to Australian residents or holder of accounts under ASIC regulation. Otherwise, due to regulatory restriction in Europe under ESMA, the level up to a 30:1 on Forex products will be applied, 20:1 for non-major currency pairs, gold and major indices, 10:1 for commodities other than gold and non-major equity indices, 2:1 for cryptocurrencies.

FXCM Deposits and Withdrawals

FXCM indeed conduct a very convenient way for account opening, so you can set a free practice account, which allows testing the platform and experience account benefits. And once you ready you can transfer to live trading, what is more pleasant the live account can be opened with a minimum deposit as little as $50.

FXCM minimum deposit

Once the account type settled up, you should continue with the fund deposit that will allow starting live trading. In these terms, FXCM offers a range of funding options that usually process quick and safe transactions, which include Credit and Debit Card, EFT & Bank Wire, as well e-payment via Skrill.

FXCM withdrawal fee

Further on, when you wish to withdraw funds, you may use the same payment methods. There are no fees for withdrawals by credit card or debit card, however a $40 withdrawal fee will be charged for all Bank Wire requests.

Conclusion on FXCM

The strong background of the broker, years of successful operation and reputable in the financial world owning company is a state for the FXCM’s reliable and safe trading environment. As a trader you will definitely enjoy attractive offerings from the broker, along with the splendid technical development and a variety of tools to use.

Active or high volume traders can enjoy their benefits with various available interfaces, good and competitive value spreads or offerings with advanced technical features. If you are a beginning trader, FXCM is an option too as there is no need of big deposits to start trading, supportive customer managers always remain on hand, along with unique educational technics with an absolutely impressive choice of tools to start, from Autotrading to the diversity of comprehensively supported indicators. Overall, FXCM is a good choice for all type of traders.

However, it is always very helpful to know your personal opinion about FXCM is applicable, you may share your experience in the comment area below or ask us for additional information if necessary.

No review found.

FXCM together with Flextrade announced a technology partnership for FXCM’s institutional business and Flextrade’s “MaxxTrader” solution. FXCM through FXCM Pro provides retail brokers, small hedge funds and emerging market banks access to wholesale execution and liquidity, while providing high and medium frequency funds access to prime brokerage services via FXCM Prime. FlexTrade Systems is the.

FXCM Group, LLC, one of the leading international brokers of foreign exchange trading, CFD trading, cryptocurrencies and related services, has launched an API-powered integration with TradingView, Inc., the all-in-one financial platform for traders in the equity, cryptocurrency, futures, and FX markets. The integration means that FXCM users will be able to execute orders directly from.

Trusted FXCM Forex Broker Review

Table of Contents

Is FXCM (Forex Capital Markets) a reputable Forex Broker for international traders? – In the following review, we will give you a deeper look into the company and its offers for customers. With more than 7 years of experience in financial trading, we know what a good online broker is. In the next sections, we will test FXCM through different criteria. Is it really worth to invest your money there? – Find out in our trusted broker review.

FXCM official website

FXCM liquidity providers

Huge range of FXCM currency pairs

FXCM international offices and institutional offices

Review: (4.9 / 5)
Regulation: FCA, AFSL, FSCA
Demo account: ✔ Free
Minimum Deposit: $/€/£ 50
Assets: 100+, Forex, Crypto, Commodities, Indices, Metals
Spreads: 0.2 pips variable
Support: 24/5 phone, chat, email
Platform: MetaTrader 4, Trading Station, NinjaTrader 8, ZuluTrade

(70.24% of private investor accounts lose when trading CFDs)

What is FXCM? – The Forex Broker presented

This is a comprehensive and concise review for Forex Capital Markets, also referred to as (FXCM Wikipedia link). It gives a detailed overview of the FXCM forex, CFD trading, and spread betting platform. If you intend to trade on the FXCM platform, carefully read through this analysis to see all you need to know about the company.

FXCM Company Details:

In 1999, the FXCM company was established in the UK. It provides open opportunities to traders globally to get into the most liquid markets across the world. Then, in 2020, the FXCM business was taken over by the Leucadia investments. The Leucadia Investment is an integral part of the Jefferies Financial Group Merchant banking company. Surprisingly, the Jefferies Financial Group Inc. is listed on the New York Stock Exchange (NYSE: JEF) which shows us high trust.

In the UK and EU region, FXCM is modulated by the FCA (regulator), while the authorities are controlling their affiliates in South Africa and Australia in their states, respectively. There are also FXCM offices in some significant parts of the globe, such as Berlin, Sydney, Singapore, and New York.

The total activity of accounts FXCM globally is more than 130,000. They have successfully bagged different kinds of awards in the industry. Experienced investors and private traders are mostly found on this platform, and there are also many affiliates globally. All these are set in place to meet up with customers growing needs.

Facts about FXCM:

  • Founded in 1999
  • Forex, CFD, and Spread Betting provider
  • International offices and regulations
  • FXCM is part of the Leucadia Company
  • Leucadia (Jefferies Financial Group Inc.) is listed on the NYSE
  • Transparent execution and big liquidity providers

How safe is FXCM? – Regulation and Licensing

Just as noted in the previous paragraph, FXCM is regulated and registered with the registration number 217689 by the FCA (Financial Conduct Authority) in the United Kingdom. However, it is ASIC licensed in Australia and IIROC licensed in Canada. Many traders have placed a massive trust in the FXCM brand. But, just as usual in every business, the trading risk is on the individual; this is why it is required to study more about the platform before taking the risk.

FXCM FCA regulation

In conclusion, FXCM is regulated by the FCA (UK), ASIC/AFSL (Australia), IIROC (Canada), and FSCA (South Africa). These are the highest regulation authorities in the world for forex trading. Also, the company is listed on the Stock Exchange as discussed before. It shows us the high trust and fraud can be excluded.

FXCM regulations:

Financial Security on FXCM

The funds of every investor and customer are placed in a separate bank account that is restricted from the business creditors in case it runs at a loss. The eligible compensation fee in some specific conditions is up to £85,000. In addition, FXCM only uses regulated payment methods for the fund of clients.

FXCM FSCS scheme

All in all, the regulation and financial security for traders is very high compared to other brokers. With FXCM you can be sure that your funds are safe and well managed.

(70.24% of private investor accounts lose when trading CFDs)

Trading offer: Review of the conditions for traders

In this section, we will discuss the offers for traders. What can you trade with FXCM? – The Forex Broker offers currencies, commodities, indices, metals, and cryptocurrencies to trade. Accounts can be opened with a small minimum deposit of $50 and even if you want to try out the trading platform you can create a free demo account that is filled up with virtual money.

FXCM variable spreads

Note: The spreads are starting from 0.2 pips

The spread costs are variable and are depending on the market’s situation. As we know FXCM uses different liquidity providers to give the trader the best execution. It is a very transparent trading model which we can recommend. With FXCM you trade without a conflict of interest. The broker does not hedge positions or trade against you. To the liquidity providers belong banks like UBS, Barclays, MorganStanley, and Deutsche Bank. See the picture below:

FXCM liquidity providers

Liquidity providers – How does it work:

The banks are streaming the best execution prices to FXCM (BID and ASK). The broker now searches for the best execution prices for the trader. The execution can depend on the position size. It can happen that you can be executed by different liquidity providers. This is not a problem because the matching engine of FXCM is very intelligent. It gives you the best prices for trading. See the picture below:

FXCM price execution

Leverage for forex trading:

Because of the new regulations in Europe, the broker can only give retail traders maximum leverage of 1:30. Professional traders can get higher leverage of up to 1:400 but you gave to qualify for it. For international traders, it is not a problem if you based outside Europe. You can get access to the high leverage of up to 1:400.

Professional: The professional traders are those who operate as fund managers in an institution. Only a fraction of 6% of traders is regarded to be experts. As a professional trader, you can be qualified if you got a net worth about more than 500,000€, make a lot of trades, and be professional educated.

Retail: Retail traders are those who trade remotely as a participant in the market or broker-assisted. About 25% of individuals, especially adults, are having permission to the internet, so they operate as online traders. This set of traders have brought about the massive growth in the FXCM platform.

In addition, the compensation layout for each type of trader on this platform varies. The retail traders get direct profit as their account balance on the platform grows. The money generated by retail traders change. The more the account grows, the more benefits they acquire. Professional traders are only compensated with an agreed amount of commission or salary.

Institutional trading service:

Furthermore, FXCM offers a institutional trading service to other Forex Brokers. For example. FXCM can act as liquidity provider or give fonds or institutions direct API access and clearing service. With FXCM institutions get a very good execution and price feed for trading large positions. The direct market access is made by different providers:

Facts about the offers and conditions for traders:

  • Free demo account for practice
  • Minimume deposit $50
  • Variable spreads from 0.2 pips
  • 100 different markets (forex, crypto, metals, commodities, indices)
  • Fast execution by different liquidity providers
  • Maximum leverage 1:400 (international), 1:30 (retail EU)
  • Institutional client service

(70.24% of private investor accounts lose when trading CFDs)

Test of the FXCM Trading Platform

FXCM provides 4 different trading platform to get access to the financial markets. The platforms are available for desktop, web, and mobile devices. Each platform has its own advantages which we will discuss in the next sections.

FXCM platforms:

  • Trading Station
  • NinjaTrader
  • MetaTrader 4 (MT4)
  • ZuluTrade

TradeStation

TradeStation is the main platform of FXCM. It is available for desktop, download, web or mobile. With the TradeStation you get access to financial news, education and research material, analytics, and professional charting. It is a multi-functional platform which provides any service what a trader needs.

Multi-charting, one-click trading, and technical indicators are provided by FXCM. Also, technical drawing tools can be used for your analysis. Each tool is customizable on its own. The TradeStation is allowing automated strategies that can be backtested directly in the platform. In addition, you can get a closer look into the order flow and liquidity of the markets to enter your trades.

Facts about the TradeStation:

  • Available for any device
  • Powerful analytical tools
  • Market news
  • Market research tools for fundamental trading
  • Real volume (liquidity) and traders sentiment
  • Huge range of charting tools

NinjaTrader 8

NinjaTrader is a professional trading platform for any type of assets like futures, stocks, options, forex, and more. You get access through real time pricing and the large network of liquidity providers. From our experience this software is the best for scalping and exact execution of trades.

In addition, spread betting is available with this platform. Like the TradeStation and MetaTrader 4 automated trading is supported and you can create your own strategy by using the built-in tools. Also, professional charting is possible to like on the other platforms. In conclusion, we can say that NinjaTrader 8 is the best software for direct market execution.

FXCM NinjaTrader 8

Facts about the NinjaTrader 8:

  • Spread betting platform
  • Access to the liquidity network
  • Best order execution
  • Market volume
  • Automated trading supported
  • Professional charting

MetaTrader 4

MetaTrader 4 is the most popular trading platform for retail and professional traders. A lot of brokers got this software in their portfolio. It is easy to use and available for any device. Surprisingly, there are no trading restrictions and you can use every strategy for trading. Furthermore, the software is supporting automated strategies and customizable indicators.

There are some free indicators but the customer can implement new ones from downloading or buying on the internet. Also, there is a MetaTrader Market with the biggest selection of free and paid tools. For your strategies, you can rent a VPS server so the strategy can run 24 hours per day. Overall, the MetaTrader is very userfriendly and shows high professionality by customizing each tool and indicator.

FXCM MetaTrader 4

Facts about the MetaTrader 4:

  • Available for any device
  • No trading restrictions
  • Automated trading supported
  • Free indicators and charting tools
  • Multi-charting
  • Highly customizeable software

ZuluTrade

ZuluTrade is a software which allows traders to copy other trader peer to peer. Known as “Social Trading” ZuluTrade is supporting charting and analysis. If you are a good trade you even can get copied by other traders. Social Trading is a very good opportunity for beginners and advanced traders who want to invest in the markets.

The platform is showing you signals from other traders and the previous stats. You can check if a signal provider is profitable or not and then choose to copy it. In addition, this software got good risk management tools for social trading. You can set a risk or a winning limit for your portfolio.

Facts about the ZuluTrade platform:

  • Copy trades from other traders
  • Trading signals
  • Analytic and charting tools
  • Risk management tools

Trading Simulation/Demo Capability on FXCM

The potential to simulate a trade is an essential quality for traders who intend to test their trade strategies before starting the real trade without risking their cash. This is the more reason the FXCM platform is having a demo account for individuals that want to test the platform. There are lots of tools and practice trades on the demo with free unlimited access.

FXCM offers a free demo account.

(70.24% of private investor accounts lose when trading CFDs)

Analysis and charting

Forex analysis and charts are essential tools to assist traders on the FXCM platform in understanding the volatility of currency prices and when to attempt trading such as sell or buy currencies. The charts are integrated financial tools that are useful for every trader. It aids investors to effectively and easily communicate useful information about the market trends. For those who have been to high school, charts should not be a new thing for them now that they are on the FXCM trading platform.

FXCM automated Market Scanner

Just like in school, the forex charts are plotted along the horizontal x-axis on the chart, and the volatility of the prices is on the vertical y-axis. Many charts plot the volatility of prices for a certain period. But, there are several types of charts that help to communicate detailed updates on currency price movement. Here are some charts that you have to know on the FXCM platform:

Line Chart: This is the easiest to understand, and the change of currency prices are plotted on a straight and diagonal line along the chart’s axis to explain the peaks and downs of price movements. The line charts are regularly plotted with the use of closing prices on each trade.

Bar Chart: This could be more complicated for a newbie; it illustrates the volatility of prices with the use of parallel vertical lines to exhibit price differences over a certain period.

Technical Indicators And Trend Lines on FXCM: Some trading systems permit a user to set a technical indicator on charts, like the moving averages, this helps to illustrate lines according to the direction of price movement.

Charting Capability: This is a quality that every trader on the platform is supposed to acquire for easy trading. Technical analysis is what many traders depend on to physically study the movement of prices on charts to know where the market is heading to, time to buy and sell. Some traders can graphically enhance their charts with labels, drawings, popular trading indicators, and trading channels. Traders can also trade directly on the chart even within the forex trading center.

Mobile Trading (App) with FXCM

FXCM Mobile App

The FXCM website is accessible using computer desktops, and mobile devices – Android and iOS devices inclusive. Traders on mobile can easily access global forex features and tools on an internet-enabled device. The FXCM trading application can be downloaded for free on GooglePlay or Apple App Store. Installation is within a few seconds. So far, the device is up to the OS standard of the App.

The FXCM mobile trading platform offers many of the features for MetaTrader 4 (MT4) and Trading Station. Right on the screen of your device, the website can be easily navigated, and there are tabs to help you get easy access to any feature you intend to operate on.

FXCM Mobile Apps:

One other fascinating feature on the mobile platform is the prompt notification offered. Many mobile platforms out there will allow customers to pre-set notification for prices, margin levels, and market conditions. These alerts will help traders know when to enter the market and when to exit a trade or increase their trading investments.

How to open your account on FXCM platform

Opening an account on the FXCM platform is very easy and takes just a few minutes for verification. It can be opened using a desktop, laptop, and any internet-enabled mobile device. Accounts can be opened with a minimum deposit of $50. Traders on the live accounts can receive current notifications on market updates and alert about trading. On the other hand, analytic provides a great deal of analysis and insight into the FXCM trading characteristics. Note that the active trading account is made open to every trader who deposits a minimum of 5 figures or its equivalent in their currency. Also, clients are provided with low commissions on every trade with a based educational center for improving newbie on the FXCM trade.

Open your account

Account types on FXCM:

These are the following trading accounts that are available on FXCM:

  • There is the standard account for retail customers
  • For a higher volume of trade, the Active Trader account is better for a reduced commission
  • The professional trading account is for customers that are having topnotch skills in trading. This kind of account has higher leverage, but the fact is that customers on this account do not have the same legal coverage as the retail customers.

(70.24% of private investor accounts lose when trading CFDs)

How to deposit on FXCM:

Accounts on FXCM can be funded in several ways. These methods of payment are listed below:

  1. Credit card or bank payment: This method of payment is processed within the same day.
  2. Bank wire or transfer: For clients within the company location (local customers), this payment can take within one to two days to process. But clients outside the location (international customers) can have their payment processed in three to five days. Also, wired funds from SWIFT, BACS, CHAPS, and SEPA are recognized.
  3. Skrill and Union Pay payment: This payment will take within one to two days to reflect on the trader’s account

FXCM payment methods

How to withdrawal:

All the methods of deposit listed above can be used to withdraw winnings on the How to withdrawal platform through the dashboard. The process and duration of withdrawal depend on the method of payment you have selected. Note that if a request is made for credit/debit card withdrawals, you are only permitted to remove the whole amount initially deposited into that account. Withdrawal of a more considerable sum can be made through bank transfers or any other alternative means.

Withdrawals on the platform do not incur any fees or hidden charges. Bank wire withdrawal charges are $40 on the FXCM platform. However, there is no limit to the number of withdrawals.

FXCM fees: How much does it cost to trade?

A trader on FXCM needs to take responsibility for some trading costs linked with the activities of trading. There are different kinds of charges incurred on active trading, and these are:

  1. The Exchange/Clearing charges/fee
  2. The NFA fee
  3. Data Usage fees
  4. And Brokerage commissions

For each deal traded on the platform, there is a kind of fee attached to it, which the trader is to clear. The fees highlighted above are passed on to the trader per round turn basis. The charges or costs sustained by a user opening and exiting a transaction in a market are referred to as per side fee. Future brokerage on FXCM provides a round turn pricing schedule that involves all clearing fees, exchange fees, broker’s commission, and NFA fees in a single amount. In the forex industry, this kind of cost is known as an all-in fee and commission price.

The trading fees are always depending on the trading instrument and financial product.

FXCM Customer support and service

Upon all the attractive features and the user-friendly interface on the platform, to crown up the uniqueness of the FXCM trade, the broker offers free access to friendly customer support to attend to all queries and upcoming issues any trader on the platform would encounter. If you are nursing any doubt or fears about the platform, then reach out to the customer support and lay your complains or challenges.

The FXCM customer support is available in the following areas:

  • By phone: +44 (0)207398 4050 or one freephone: 0808 234 8789
  • Through Email: [email protected]
  • Original postal address: 20 Gresham Street, 4th Floor, London, EC2V 7JE, UK
  • Also, the Customer Support can be reached through Live Chat on the official website or by email contact form on the contact page.

In addition, free education is offered by the broker. This includes live analysis, video tutorials, webinars, and coachings. On the website you will find a lot of videos which are explaining the trading platforms and different strategies.

FXCM Video Tutorials

FXCM education and analysis:

  • Economic calendar
  • FXCM Market News and Analytics
  • Video Library
  • Free Online Live Classroom
  • Market Scanner and Trading Signals

Accepted Countries on FXCM

Some of the accepted countries on the FXCM platform are Australia, UK, South Africa, Thailand, Hong Kong, Singapore, Germany, Sweden, Norway, UAE, Saudi Arabia, Italy, Denmark, India, Kuwait, France, Qatar, Luxembourg, and many other countries.

However, traders are not permitted to trade from countries like Israel, the USA, Belgium, Canada, and Iran.

Conclusion of the review: FXCM is a professional Forex Broker

Conclusively, the services offered by the FXCM company are impressive. Users on the platform are excited with the high standard of the educational center on the platform, especially the demo account feature. If you are looking forward to trading CFDs and Forex across a variety of platforms, you could as well do that on the FXCM platform.

Take note that FXCM customers are expected to set up tight access to the platform when an account is registered. If you are trading higher amounts like £500,000 regularly, strengthening the security level of the account is advised. So, go further to sign up for a virtual private server (VPS).

There are a high number of trading platforms that provide several features and several deals to trade in the market. Go for a brokerage that permits traders to perform a trade test on their platforms before being introduced to a live trading account. Brokerage with top-notch trading tools and analytics are not just the features to watch out for, platforms with an excellent interface, easy navigation, and quick response customer support services are highly important too.

With these factors, a forex trading platform will be able to provide a successful trading service to all its clients across the globe. We can recommend FXCM highly to any new trader or traders who want to change their Forex Brokers.

The advantages of FXCM:

  • Reputable Broker since 1999
  • TradeStation, MetaTrader 4, NinjaTrader 8, ZuluTrade platforms
  • Multi-regulated company
  • High security standards
  • Top liquidity providers and fast execution of trades
  • Competitive spreads
  • More than 100 different markets
  • Free demo account
  • Professional support team
  • Institutional service

FXCM is one of the biggest Forex Broker for international clients. You will get the best execution and tight spreads for trading.

FXCM Review

FXCM is one of the best-known brokers in the trading world with CFDs on all types of products such as forex currencies, stocks, and commodities. Even though it has favorable conditions as we will see throughout this review, there are people who believe that other brokers offer even better conditions. For example, Plus500 does not charge commissions – click here to learn more , however, this review is about FXCM, so let´s continue analyzing this broker but may visit Plus500 by clicking below if you decide to so (76,4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money).

In this review, we will analyze the key factors to determine whether a broker is reliable and if their conditions are optimal for investing. In addition, we will also compare it with one of the leading brokers in the world of CFDs, Plus500. In doing so, we will know which of the two is better in each aspect. To do so, we will begin by discussing what we consider to be the minimum requirements that every brokerage company must meet; i.e., reliability, competitive rates, reviews from investors, and other aspects to be discussed in this article. Let´s begin the review!

Tabla de contenidos

Regulation: Is FXCM secure? Is it a scam?

The first aspect we always enjoy analyzing is the security of the broker. If unreliable, studying its commissions, platform or offered services becomes pointless. Also, if we are not confident that our funds will be safe, what is the point of even thinking about the associated investment fees? If a broker does not comply with our minimum requirements, we should immediately rule out analyzing it. So as you can imagine, FXCM does meet our requirements, as do all brokers we have analyzed thus far.

Our main requirement from brokers is to be regulated by an organization from the European Union. If unable to do so, we accept regulated brokers in the United States. As we have already mentioned, FXCM does meet this requirements, otherwise we would not be talking about it. FXCM is regulated by the Financial Services Authority (FSA), which is a highly prestigious supervisory body, in charge of the United Kingdom. In addition, it is also registered in different countries. For example, FXCM Securities Limited is registered with the FCA in the UK).

Another very important factor is that FXCM (Forex Capital Markets) was listed on the Stock Exchange in 2020. However, in 2020 they went through financial problems and Leucadia ended up rescuing it. Even though the financial strength of the company looks strong, the aforementioned problems experienced a few years ago scare some investors who prefer to look for alternatives. In our opinion, and disregarding its future, we believe that FXCM´s security is high, but that´s something that you should determine.

We mentioned that we would be comparing FXCM with Plus500, so let´s begin. The second broker also complies with the regulation. In addition, Plus500 is still listed on the stock market as of today, which according to us is a positive aspect. This is because in order for companies to be listed on the stack market, they have to pass major controls, their accounts must be audited and that is why we believe that their security is greater.

Commissions

If there is something that investors may be interested in are fees. A very good trader with great results can greatly worsen their profitability and returns only by operating costs, if very high. That’s why given that we like affordable trading, we try to select brokers that don´t charge anything for performing operations.

Obviously, trading will never be totally free, so in one way or another, you will always incur in some cost. In fact, if you bump into a broker offering free trading, leave immediately as they may not have any commissions or spreads, and your funds may not as well be very secure in their accounts. As for FXCM, and most of its competitors, the cost to investors are spreads. A spread is the difference that investors have to pay to buy or sell a product at the moment. For example, if you’re trading with Forex and you want to trade with a pair of currencies like the Euro / Dollar, you will find out that the price at which you can buy is somewhat higher than the price you would get if you sold at the moment. This differential is measured through pips. That is why we must look into brokers with the lowest spreads.

FXCM offers very competitive spreads. As you can see in the image above, spreads are pretty tight in Forex, so we find them attractive. However, the commissions will depend on each type of account because FXCM offers different alternatives. Therefore, the exact conditions will depend on the option you select (basic or premium account).

At this point, it is difficult to compare them as there will be currency pairs where Plus500 is cheaper, and in others FXCM. The same thing occurs with other assets such as stocks and stock indexes or raw materials. Either way, both offer interesting spreads. If you want to learn information regarding the commissions offered by Plus500 simply visit this link (76,4% of retail CFD accounts lose money).

Platforms and training

The trading platform is a key tool to invest successfully. And not because the platform will offer you the keys to operate and earn money. No, no one will offer that to you. It´s important because it will be the means that will allow us to trade on a daily basis. That is why we must learn and analyze it before hiring the services of a broker.

FXCM offers two different platforms: one created and developed by them called Trading Station and another one quite known in the market, MetaTrader 4. Given that MetaTrader is famous all over the world, we believe it is not important to explain how it works. So, we will focus on Trading Station.

Trading Station allows to invest from your mobile phones, as well as PCs, tablets and Macs. You can connect and operate from anywhere using their web function. It will allow you to connect from anywhere without having to download any application to your cell phone.

If there is something that makes Trading Station stand out is its high number of available indicators, just over 600. Honestly speaking, in this regard is superior to its competitors. That said, if you are a new investor, or even a mid-level investor, it is likely that you will not be able to pay more for having so many signals and tools, since most people use only basic, candlestick chart, and similar graphics. Either way, there is no doubt that this is something one should consider.

In addition to the platform, the free training offered by FXCM is of quality and greatly appreciated. For example, they have several videos to learn about Forex investment, different technical analysis with various investment ideas, updated news about economics and finance, etc. We must also point out that the customer service is in English.

Reviews

We are approaching the end of the review, and before concluding, we want to analyze the reviews from investors who have had both positive and negative experiences with FXCM. Analyzing reviews is something we always strive to do, for example, we have studied reviews from FXGM, Markets.com, Plus500, etc. To do so, we scanned different English forums dedicated to the world of investment, to determine which are the most repeated comments. If we find an opinion in the forum which does not repeat itself, it quite clear it is not shared by other traders. That´s why when an investor shares a message on social networks such as Facebook or Twitter explaining their feelings, he is doing us a favor and helping the rest of the market. Similarly, if we discover that after sharing a problem in public, brokers decide to immediately fix it, we consider it as something positive. But let’s focus on the comments from FXCM users.

If we begin with the positive opinions, we must say that many comments value the spreads we have just analyzed. Being regulated is another important positive aspect we have seen. We also discovered great comments regarding the different contests that FXCM offers periodically. For example, in 2020, several competitions have been held along with their corresponding prizes. Finally, as mentioned earlier in this review, the platform (Trading Station Web) is also very useful and easy to use according to investors. This translates into many tools for investors and investment signals.

However, nobody can get away from negative comments and FXCM is not an exception. As you can imagine, a common unfavorable comment is the fear of not being a reliable company after the problems they experienced. There are also those who consider that having several types of account is detrimental to investors with less money, since large investors benefit from lower fees.

Summary Review

I am sure by now you already have some idea of ​​the conditions of FXCM and you have made your own opinion. The decision to invest and to contract or open a real account with a broker is yours alone, so you should study the offers and conditions offered by the different brokers. Either way, we believe that before ending this review it will be a great idea to briefly summarize the most important issues, by dividing them into two parts: on the one hand, the factors that add value and the other the ones that may take away from it.

Strengths

  • Own platform and MetaTrader
  • Videos, courses, and market strategies are available
  • Several accounts to choose from
  • Regulated and meets safety requirements
  • Offers many tools to operate

Weaknesses

  • No interesting promotions for new customers
  • Since there are different accounts, investors with more money have privileges compared to smaller investors
  • They faced financial problems in 2020

So what´s our conclusion? We will try to be brief as possible. We believe FXCM is a good Forex broker, and that they offer quality services. In addition, it is entirely available in English and easy to use. Although its platform offers more tools than many of its competitors, it may not be worth it for basic accounts. Therefore, we believe that a trader who is interested in trading through CFDs, may be interesting in learning more about Plus500 which allows to operate without having to pay any commissions (76,4% of retail CFD accounts lose money).

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