FXCM Review

  • Regulated by: BaFin, FCA
  • Headquarters: USA
Website : Fxcm
Established : 1999
Country : USA
U.S. Clients Allowed : Yes

FXCM is an online broker dealing in such as Forex, stocks, Commodities, indices, spread betting and CFD’s across hundreds of instruments. FXCM was established in 1999 in the US. FXCM was listed as one of the fastest growing companies in the US for 3 subsequent years by Inc. 500 list of America’s fastest growing companies. FXCM is based in the US however, has a global reach to all the major markets such as France, Australia, UK and Italy. FXCM has ceased its operations in the US to concentrate on different international markets in the European zone as of 27th January 2017.

Fxcm broker

FXCM Regulations

FXCM is regulated in several jurisdictions, due to its international operations. The main regulatory authorisation for FXCM is provided by the UK’s Financial Conduct Authority (FCA), registration number 217689. FCA registration allows FXCM to operate in member states of the European Union by “passporting” its FCA license for registration to various territorial jurisdictions, mainly:

  • In France FXCM is registered with the Autorité de Contrôle Prudentiel
  • In Germany FXCM is registered with BaFin
  • In Greece FXCM is registered with the Hellenic Capital Markets Commission
  • In Italy FXCM is registered with Nazionale per le Societa e la Borsa (CONSOB)

FXCM is also regulated in the following countries:

  • Australian Securities and Investments Commission (ASIC)
  • GLOBAL SERVICES LLC, TOKYO; in Japan
  • BULLION LIMITED, HONKONG; in Japan
  • ISRAEL LIMITED; in Israel
  • SOUTH AFRICA (PTY) LTD regulated by the Financial Services Board, under the registration # 46534; in South Africa.

In Canada and New Zealand, FXCM is affiliated with local companies to provide its service in the two countries. FXCM works with Friedberg Direct (a division of Friedberg Mercantile Group Ltd) and with Halifax, in Canada and New Zealand respectively.

FXCM Reliability

FXCM has been operational for over two decades and has established itself as a reliable online broker.  FXCM has been nominated for its contribution and achievement in the field of finance by various publications since 2004 until 2015. There were listed as one of America’s fastest growing companies in the year 2004, 2005, 2006 and 2010. These aren’t the only accolades under FXCM’s kitty, in 2009 and 2010 as, the forex broker with the best retail platform, by FX Week.

Mentioned below are other notable achievements bestowed upon FXCM:

  • Recognized as one of the best spread betting brokers in the UK, by Investment Trends UK in 2012
  • Voted as the best proprietary forex trading platform by Forex Magnates in 2012
  • Recognized as the Best Sell-Side Analysis Contributor by FX Street
  • Received the ‘Best online FX provider’ award in 2013 by Money AM
  • Won ‘Best Retail Broker Execution’ award in 2013 Forex Magnates London Summit
  • Recognized as the Best Sell-Side Analysis Contributor by FX Street in 2015.

FXCM Trading Platforms

FXCM offers its proprietary platform & Meta Trader and ZuluTrade to its traders.  Its proprietary platform is called FXCM Trading Station.

FXCM Trading Station

10 years of platform development efforts resulted in this award winning trading platform; it is available in three versions – desktop, mobile and web trading platform. The following are its notable features:

  • Trader can explore multiple order types.
  • Trader can view prices in real time
  • Offers dozens of preloaded markers
  • Provides email alerts

It offers tools such as real volumes indicators, streamlining news and different order types.

MetaTrader4 (MT4)

fxcm meta trader4

It’s a well – known platform, used by many traders and brokers. It is a comprehensive software that provides a robust view of the market with an access to more than 300 instruments. You can check its main feature here:

Mobile Trading Platform

For the traders on the move, FXCM has provided a mobile version of their web platform available on IOS and Android; similarly MetaTrader 4 is also available for both the devices.

Some of the mobile trading platform features are:

  • It has around the clock trend locator
  • It has automated trendlines indicator
  • It has breakout2

ZuluTrade

FXCM also provides Zulu trade, a peer to peer trading platform for the novice traders. It can also be used by experience traders who want to experiment with new strategies.

FXCM Account Types

FXCM offers 3 accounts types, namely – Standard, Premium and PAMM trading accounts. PAMM trading accounts is for the money managers who handle several client accounts.

In addition to the live accounts FXCM also offers 2 types of demo accounts – The mini demo account ($2000 virtual currency) and standard demo account ($5000 virtual currency). The demo accounts are available for a period of 30 days only.

FXCM Commission and Spreads

fxcm spreads

FXCM does not charge any commissions on trades; the traders have to pay marginally widened spreads on the assets that they are trading.

FXCM Deposits and Withdrawals Options

At present, FXCM offers these mediums for withdrawals and deposits – Visa, MasterCard, Discover and Bank Wires. No withdrawal fee is charged for transactions via Credit Cards. Bank wires come with a fee of $40 for withdrawals. At FXCM, there is no minimum withdrawal amount and all withdrawal requests are processed within a few days.

FXCM Bonus & Promotions

Neither bonuses nor any type promotional campaigns are offered by FXCM at present. However, FXCM provides an incentive to their traders by letting them earn interest on the available balance in their trading account.

FXCM Customer Support

FXCM’s website supports 14 different languages such as English,Arabic, Chinese, German, Spanish, French, Italian and Tagalog for the benefit of their international clientele. Although FXCM’s customer support service is available on a 24/7 basis on telephone, traders can also get in touch with the support team through email or live chat.

FXCM Pros & Cons

Pros

  • Regulated Broker with FCA
  • Tight Spreads
  • 24/7 Customer Support
  • Multiple choices Of Trading Platforms
  • Several types of Trading Accounts
  • Excellent quality Trading Analysis
  • Minimum deposits required are low

Cons

  • Does not have an ECN platform

FXCM Q&A

·         Is FXCM Regulated?

Yes, FXCM is a regulated broker under several jurisdictions, more information is available in the ‘FXCM Regulations’ tab above.

·         How safe is FXCM – Is FXCM a scam?

FXCM has taken every measure possible to ensure that their traders have safe and secure trading environment to conduct their trading activities supported by over two decades of operational presence. FXCM has won many recognition & awards from several international finance reviewers as a testament to the quality of their service.

·         Where is FXCM based?

FXCM’s headquarter is based in the UK.

·         How does FXCM make money?

FXCM’s clients are required to pay a small spread on top of the prices that they get quoted.

·         How to deposit in FXCM account?

FXCM allows deposits via credit/debit cards or through a bank wire transfer.

·         How to withdraw money from FXCM?

FXCM allows withdrawals via credit/debit cards or through a bank wire transfer.

·         How to open an account with FXCM?

Trader can fill a registration form on FXCM’s website and then submit the relevant information for verification.

·         Is FXCM reliable?

Yes. FXCM follows international best practices to ensure that their clients have a reliable online trading source. They are regulated by several regulatory bodies.

·         Does FXCM use MetaTrader?

Yes, FXCM offers MetaTrader 4 for use.

·         What is FXCM’s leverage?

The maximum available leverage at FXCM is 1:400. The maximum leverage for CFD’s trading is 1:100.

Conclusion

FXCM’s traders can be assured that their money will be safe with this award winning broker. The strong background of the broker allows traders to enjoy attractive spreads below the average of what most forex brokers in the industry are offering. This makes FXCM an ideal broker for high volume traders trying to minimize their trading costs. For beginner traders, FXCM is also a good choice as a broker since they can open a trading account for as low as $50.

FXCM Review

FXCM Review
9.7

Easy to use

9.7 /10

Fees

9.7 /10

Support

9.7 /10

Payment

9.7 /10

Pros

  • Regulated Broker with FCA
  • Tight Spreads
  • 24/7 Customer Support
  • Variety of Trading Platforms
  • Low minimum deposits

Cons

  • • Does not have an ECN platform
Ricardo Martinez

Ricardo Martinez

Ricardo Martinez has been active in the financial markets for around 10 years. In the early days in his career he was a trader and worked as market analyst in different online brokers advising clients on key decisions of trading instruments in foreign exchange and commodity markets. Ricardo is currently working as independent trader with diversified portfolio over different markets. His writing for LearnMarketonline is part of his commitment to share knowledge with traders.