FXCM broker providing online trading services for forex, CFDs, and other financial instruments. In this article, we will explore the features, trading platforms, products, fees, account types and more.
Quick insights
This broker has received good reviews for its trading services. This is likely because it is easy to use, reliable, fast, and provides helpful information. However, everyone’s experience is different. It’s important to do your research and think carefully before investing.
FXCM broker review
FXCM is a global broker founded in 1999 that specializes in online Forex trading, and CFDs. They provide tools for easy trading, like mobile access and quick order execution. FXCM also offers educational resources to help traders learn and succeed. Their services include support for retail brokers and hedge funds, and they have customer support available five days a week.
FXCM awards
Here are the awards won by FXCM:
- Best In Class 2024 – ForexBrokers.com
- Most Transparent Forex Broker – Global – Global Forex Awards 2022
- Broker of the Year – Ultimate Fintech Awards 2022
- Best Forex Trading Platform – Shares Awards 2021
- Best Trading Platform – Ultimate Fintech Awards 2021
- Best Forex Mobile Trading Platform – Global Forex Awards 2021
- Best Zero Commission Broker 2021 – ADVFN International Financial Awards 2021
- Best Customer Service – Ultimate Fintech Awards 2021
- Best Forex Trading Automation – UK Forex Awards 2015
Regulation of FXCM
Is FXCM legit? Yes, it is legit and it is regulated by:
| Entity Name | Headquarters/Location | Regulatory Authority | License/Registration Number |
|---|---|---|---|
| Stratos Markets Limited | London, United Kingdom | Financial Conduct Authority (FCA) | 217689 |
| Stratos Europe Limited (FXCM or FXCM EU) | Cyprus | Cyprus Securities and Exchange Commission (CySEC) | 392/20 |
| Stratos Trading Pty. Limited (FXCM) | Australia | Australian Securities and Investments Commission (ASIC) | AFSL 309763 |
| Stratos South Africa (Pty) Ltd | South Africa | Financial Sector Conduct Authority (FSCA) | 46534 |
| Stratos Light Limited | Israel | Israeli Securities Authority | 515234623 |
Security measures of FXCM
The security measures of FXCM are as follows:
- Client funds are kept in segregated accounts, separate from company funds, providing an added layer of security.
- Client funds are protected under the Financial Services Compensation Scheme (FSCS) for up to £85,000 per person in the unlikely event of insolvency.
- It provides negative balance protection for some retail clients.
How to open a FXCM account
- Visit FXCM’s website: Go to the FXCM homepage.
- Click on “Open An Account”: Look for the button or link that says “Open An Account” on the site.
- Select your account type: Choose between a live account or a demo account. A demo account allows you to practice with virtual money.
- Fill out the application: Complete the online application by providing your personal information, such as name, email address, phone number, and Country of residence.
- Verify your information: After submitting your application, you may need to verify your identity by providing documents (like ID or proof of address).
- Receive your login details: Once your application is approved, you’ll get a MyFXCM username and password.
- Log In to MyFXCM: Use your credentials to log into the MyFXCM client portal.
- Deposit funds: Add money to your account to start trading choose your trading platform (like Trading Station or MetaTrader 4) and begin trading!
FXCM trading instruments
FXCM offers different kinds of assets are given below:
Forex
- 24/5 trading: You can trade currencies 24 hours a day, five days a week, without set exchange hours.
- Trade on margin: You can use leverage up to 1,000:1 to trade, which means you can control larger amounts with a smaller investment.
- High liquidity: Forex has deep liquidity, making it easy to enter and exit trades at any time.
- Currency pairs: Major pairs like EUR/USD and USD/JPY are the most traded. You can also trade commodity pairs like AUD/USD.
- Low start-up cost: You can start trading with as little as $50, making it accessible for everyone.
- Trading platforms: Use FXCM’s Trading Station or MetaTrader 4 to trade with powerful tools and trading signals.
- Cost: You only pay the spread to trade forex, with reduced pricing for high-volume traders.
Shares
Trade popular stocks like Tesla and Amazon without owning them.
- 24/7 access: Trade anytime, including pre- and post-market hours.
- No commissions: Enjoy commission-free trading.
- Small investments: Start with as little as one-tenth of a share.
- Leverage: Trade international shares from the US, UK, Hong Kong, Australia, and Europe with a margin starting at 5%.
- Trading platforms: Use Trading Station, MetaTrader 4, or via API for trading.
Indices
- Zero commissions: Trade indices like the Nasdaq or S&P 500 with no commission fees.
- Small contracts: Control risk with small contract sizes.
- Leverage: Increase your buying power with leverage, but be cautious as it can also increase your losses.
- Short Trading: You can profit from both rising and falling markets by going long or short.
- Platforms: Trade on platforms like Trading Station, MetaTrader 4, or via API.
Commodities
- Zero commissions: Trade popular commodities like gold, oil, and more without commission fees.
- Start small: Use small contract sizes to control risk and manage your trades with flexibility.
- Leverage: Increase your buying power through leverage, but be aware it can also lead to bigger losses.
- Short trading: Profit from both rising and falling markets by going long or short.
- Platforms: Trade on Trading Station, MetaTrader 4, or via API.
Cryptocurrencies
- Zero commissions: Trade cryptocurrencies like Bitcoin without paying commission fees.
- Start small: Control risk with small contract sizes, where 1 contract is just 1% of Bitcoin’s price.
- Leverage: Trade with up to 4:1 leverage, but be cautious as it increases risk.
- Short trading: Profit from both rising and falling crypto prices by going long or short.
- No crypto wallets: There is no need to handle physical crypto or wallets—just trade based on price movements.
- Platforms: Use FXCM’s reliable platforms developed over 20 years.
FXCM account types
FXCM offers five account types are listed below:
CFD account
A CFD or standard account is ideal for both new and experienced traders. With a minimum deposit of $50, you can trade a variety of instruments. CFD trading offers leverage up to 30:1. It also comes with low fees, no stamp duty, faster execution, and better spreads.
Active trader account
The FXCM Active trader account is tailored for frequent traders seeking premium features. Benefits include dedicated support, tighter spreads, and no commissions for UK residents. Active traders enjoy exclusive services like one-on-one consultations, API access for automated trading, and market-depth insights.
This account offers leverage, faster execution, and lower fees with commissions based on trade volume. Discounts apply to major currency pairs like EUR/USD and GBP/USD, allowing traders to earn compensation from spreads, commissions, and rollovers.
Spread betting account
Spread betting allows UK residents to trade financial markets tax-free on profits. With FXCM, you can trade hundreds of financial instruments commission-free and with no stamp duty, while using leverage to open larger positions. You can also start with smaller bet sizes, from as little as 7p per point.
Professional account
The FXCM Professional Account is designed for expert traders and is available under CySEC, FCA, and ASIC regulations. It offers access to a wide range of markets, including Forex, commodities, indices, stocks, and cryptocurrencies, totaling over 100 assets.
The account has a minimum spread of 3 pips, and traders may incur rollover fees. Negative balance protection is not available for professional account.
Islamic account
FXCM offers an Islamic trading account for Muslim traders. It is available under CySEC, FCA, ASIC, and FSCA, providing access to over 100 markets.
Commissions start with floating spreads from 1.3 pips, with no rollover fees, but a potential mark-up from 0.4 pips may apply. Traders can start with just 1 micro lot and leverage up to 1:30. FXCM supports platforms like MT4, Trading Station, TradingView, and Capitalise AI.
FXCM demo account
A demo account at FXCM is a free way to practice trading without using real money. Here are the benefits you can get:
- Live prices: Access real-time buy and sell prices for trades.
- Virtual money: Practice trading with $20,000 in virtual currency.
- Flexible trading Hours: Trade online 24 hours a day, 5 days a week.
- Advanced platform: Use the Trading Station, designed specifically for forex and CFD trading.
FXCM trading platforms
FXCM offers several trading platforms to suit different needs. Here are
- Trading Station: FXCM’s own platform with advanced features like automated trading, pre-loaded strategies, and backtesting (testing strategies with past data). You can also trade directly from charts, use custom indicators, and do one-click trading. It’s available on desktop, web, and mobile.
- MetaTrader 4 (MT4): Popular worldwide, MT4 supports automated trading with expert advisors (EAs), and you can create custom indicators. It’s great for chart trading and also offers one-click trading, and email/SMS alerts.
- Capitalise AI: This platform lets you automate trades using natural language, so you can write instructions like “buy when price drops 5%” without coding. It’s easy to use for creating automated strategies.
- TradingView Pro: Known for its powerful charting tools, TradingView Pro also supports automated trading and integrates with FXCM. It allows copy trading, meaning you can follow and copy the trades of successful traders.
All these platforms are available on desktop, web, and mobile, giving you the flexibility to trade from anywhere.
FXCM deposit and withdrawals
FXCM deposit methods
FXCM offers variety of deposit methods are listed below:
- Debit/Credit Card Via mobile app
- Bank wire
- Google pay
- Skrill
- NETELLER
- China online payment
- Crypto
FXCM withdrawal methods
FXCM offers varirty of withdrawal methods are listed below:
- Debit/Credit Card
- Bank wire
- Google pay/Apple pay
- Skrill
- NETELLER
- Local bank transfer
- Online bank transfer
FXCM fees and commission
FXCM commission
- Commission: Zero
FXCM fees
- Deposit fee: No
- Administrative fee: No
- FXCM withdrawal fee for credit/debit card: No
- Inactivity fee: Up to $50 is charged every 12 months for inactive accounts.
- Bank wire withdrawal: $40
- Inactivity fee for consecutive 12 months: 50 units of your base currency
- VPS Hosting fee: 30 units of your base currency
- Corporate and trust processing fee: 300 units of your base currency
- Monthly balance requirement fee: 25 units of your base currency
Additional benefits of FXCM
- Algorithmic trading: Automate your trading strategies with FXCM’s tools. Use API Trading to execute Forex and CFD trades automatically and access market data to enhance your strategies.
- Trading baskets: Invest in multiple currency pairs or stocks simultaneously with Forex Baskets and Stock Baskets, helping you diversify your portfolio.
- Trading tools: FXCM provides market data signals, a trade scanner for top signals, and trading apps for a streamlined experience. They also offer a free trial for Forex Trading signals and the eFXplus Research Site for insights from major banks, aiding in opportunity identification and risk management.
FXCM customer support
FXCM offers comprehensive 24/5 customer support globally, providing assistance through phone, email, messaging services, and live chat.
- WhatsApp: +44 7537 432259 (message only)
- Email: info@fxcmmarkets.com
- Live chat: Available via the FXCM website
- Request a call: You can also request a callback from FXCM (International call charges may apply).
- Address: Stratos Global LLC, 20 Gresham Street, 4th Floor, London EC2V 7JE, United Kingdom.
Conclusion
FXCM is a trusted global broker offering Forex, CFDs, and spread betting. With various account types, competitive fees, and strong regulation, it provides a secure trading environment.
The broker also features educational resources and advanced platforms like Trading Station and MetaTrader 4, making it suitable for both beginners and experienced traders. Overall, FXCM is a solid choice for those looking to trade in the financial markets.
Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 64% 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.
Pro Tip
Start trading with FXCM today! Ready to trade smarter and build trust with our trusted forex brokers check out insights into forex, CFDs, cryptocurrencies, and banking. We’re eager to hear your thoughts—drop your feedback in the comments below!
