FXCM Review : Is Good Forex Broker Or Not ? 2023 Pro Or Cons Latest Updated

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About FXCM

FXCM (Forex Capital Markets) is a financial services company that provides online trading services for forex, contracts for difference (CFDs), and other financial instruments. FXCM was founded in 1999 and is headquartered in London, UK, with additional offices in the United States, Australia, and other countries.

FXCM allows traders to buy and sell currencies and other financial instruments through its online trading platform, which provides access to global markets and real-time market data. The company also provides educational resources and trading tools to help traders improve their skills and make informed trading decisions. This is regulated by several financial authorities around the world, including the Financial Conduct Authority (FCA) in the UK and the National Futures Association (NFA) in the United States.

FXCM at a glance

How To Create Account At FXCM

FXCM offers many different account types with no minimum deposit requirements, which means US citizens of all financial backgrounds can sign.

Deposit and withdrawal function of FXCM

The account funding for this account is straightforward and user-friendly. There’s no deposit fee, but only USD is supported as a base currency. Wire transfers have a high fee.

FXCM withdrawal fees 

FXCM charges no fees for withdrawals in most instances. The exception we found was bank/wire transfer, at a cost of $25.

FXCM Trading Fees

Standard account spreads: Using the time-weighted average tradeable prices from April 1, 2020, to June 30, 2020, all-in spreads on the EUR/USD at FXCM were 1.4 pips, which is higher than the industry average (although it is worth noting that Q2 2020 saw more volatility due to the coronavirus’ impact on markets). FXCM’s Active Trader Rebate Program (not available in the U.K. or EU) has five tiers.

Active Trader requirements: The requirements for each tier may vary depending on which FXCM Group entity you use. In the U.K., for example, a $25,000 account balance with at least $50 million (or 500 lots) of monthly volume will see the commission per side drop to $3 ($6 round-turn). This brings the effective spread to 0.8 pips, based on an average core price of 0.2 pips (using Q2 2021 data for the EUR/USD). Above $150 million in monthly volume, commissions drop slightly to $5 per round turn, which would bring the effective spread to 0.7 pips in the above example. Deeper discounts are available if you trade over $500 million per month at FXCM.

Safety & License

• Australian Securities and Investments Commission (Australia)
• The Financial Conduct Authority (United Kingdom)
• Financial Sector Conduct Authority (South Africa)

Trading Tools & Platforms

FXCM offers multiple desktop and mobile platforms. Users can choose FXCM’s own Trading Station or some of the other well-known trading platforms like MetaTrader 4, ZuluTrade, and NinjaTrader.

1. Trading Station
2. Trading Station Web
3. MetaTrader 4
4. Ninja Trader
5. ZuluTrade 
6. Algorithmic Trading
7. Mobile Platforms

High Grade Features Which Offer By FXCM

Multiple trading platforms

FXCM offers a variety of trading platforms, including the popular MetaTrader 4 (MT4), Trading Station, and NinjaTrader. Traders can choose the platform that best suits their needs and preferences.

Advanced charting tools

FXCM provides traders with advanced charting tools, including over 20 built-in technical indicators, customizable chart layouts, and the ability to add custom indicators.

Algorithmic trading

FXCM supports algorithmic trading through its Strategy Trader platform, which allows traders to create and backtest automated trading strategies.

Mobile trading

FXCM offers mobile trading apps for iOS and Android devices, allowing traders to access their accounts and place trades on the go.

Educational resources

FXCM provides traders with a range of educational resources, including webinars, video tutorials, and trading guides, to help them improve their skills and knowledge.

Market data and analysis

FXCM provides traders with real-time market data, news, and analysis, as well as trading signals and market insights from expert analysts.

Regulatory compliance

FXCM is regulated by several financial authorities around the world, including the Financial Conduct Authority (FCA) in the UK and the National Futures Association (NFA) in the United States, ensuring compliance with strict financial regulations and investor protection.

Excellent Customer Support

The customer service representatives are very professional and respond quickly. Users can contact customer support via email, live chat, and phone. The phone service is available in  42 countries. The only downside is that Customer support is not available during the weekends. On working days, they are available 24 hours a day.

Pros & Cons Of FXCM

Pros:

1. Regulated: FXCM is regulated by several financial authorities around the world, including the Financial Conduct Authority (FCA) in the UK and the National Futures Association (NFA) in the United States, ensuring compliance with strict financial regulations and investor protection.
2. Multiple trading platforms: FXCM offers a variety of trading platforms, including the popular MetaTrader 4 (MT4), Trading Station, and NinjaTrader, giving traders the flexibility to choose the platform that best suits their needs.
3. Low spreads: FXCM offers competitive spreads, which are the difference between the bid and ask price of a currency pair or financial instrument.
4. Educational resources: FXCM provides traders with a range of educational resources, including webinars, video tutorials, and trading guides, to help them improve their skills and knowledge.
5. Advanced charting tools: FXCM provides traders with advanced charting tools, including over 20 built-in technical indicators, customizable chart layouts, and the ability to add custom indicators.

Cons:

1. Limited product offering: FXCM’s product offering is limited to forex, CFDs, and cryptocurrencies, and does not include stocks or options.
2. Withdrawal fees: FXCM may charge fees for withdrawing funds from your account, depending on the withdrawal method used.
3. No guaranteed stop-loss orders: FXCM does not offer guaranteed stop-loss orders, which means that your order may not be executed at the exact price you specify if there is slippage or market volatility.
4. Limited customer support: FXCM’s customer support is available only during market hours, and support options are limited to email, phone, and live chat.

Overall, FXCM is a reputable and reliable trading platform with several benefits for traders, but there are also some drawbacks to consider. Traders should carefully consider their trading needs and choose a platform that best suits their goals and preferences.

FXCM Review Conclusion

FXCM is a regulated and reputable trading platform that offers multiple trading platforms, competitive spreads, advanced charting tools, and educational resources for traders. While there are some limitations, such as a limited product offering and withdrawal fees, FXCM is a popular choice for forex and CFD trading. As with any trading platform, it’s important for traders to carefully consider their trading goals, risk tolerance, and preferences before opening an account with FXCM or any other broker.

Frequently asked questions