WHO IS FXCM?

FXCM is hailed as one of the pioneers in providing online trading services for Forex, CFDs, commodities and indices.

Established in 1999 with a primary objective of using innovative trading tools to give the world’s traders access to the most liquid market as well as creating a secure environment to allow the freedom to trade.

FXCM headquarters are located in London and are well regulated by FCA, ASIC and FSCA.

Traders can choose from a wide variety of instruments to compile their portfolios and traders will have access web, mobile and desktop trading platforms.

FXCM’s customer support was rated the highest for Africa and the support team provides great support with relevant answers and quick response times.

 

Time to open an account Simple process, 1-3 days verification
Bonus No
Publicly traded – listed on stock exchange Yes
Country of regulation FCA, ASIC, FSCA
Trust score 92
Platforms MetaTrader 4
Mobile App iPhone, iPad, Android
Copy Trading Yes
Islamic account Yes
Demo account Yes
Base currencies  
Ave spread EUR/USD From 1.3 pips
Leverage Up to 1:400
Trading fees (low, average, high) Low
Minimum deposit $50
Withdrawal fee $0 (if not Bank Wire)
Currency pairs 39
Cryptocurrency trading No
Deposit with electronic wallet Yes

 

 

FXCM REVIEW OF PROS AND CONS

 

Pros

Cons
Well regulated by numerous organisations Lacks 24/7 customer support
Decorated tenure Withdrawal costs for bank wire transactions
Great education resources  
Easy account opening  
Good range of products  
Low Forex fees  
Well-designed platforms  

 

IS FXCM SAFE?

Traders will take comfort in the fact that all the bodies which govern FXCM and highly regulated by the world’s strictest jurisdictions.

FXCM’s governing bodies are regulated by the following jurisdiction:

  1. The Financial Conduct Authority (FCA)
  2. The Australian Securities and Investments Commission (ASIC)
  3. The Financial Sector Conduct Authority (FSCA)

FXCM is not publicly listed but has shown great compliance with regulatory bodies and is safe for traders.

LEVERAGE

FXCM allows traders to leverage trade of CFDs and Forex and brings a great deal of advantage on even market moves that are considered to be small.

The credit shoulder that FXCM provides to traders can assist in multiplying the size in trade positions.

Leverage is available to traders based on account funds as well regional and regulatory limitations.

Traders can expect leverage up to 1:200 on Forex and 1:400 on CFDs in most cases.

Caution needs to be applied when using leverage as the attractive potential gains could be met with equally detrimental losses.

 

ACCOUNTS

Residents in Hong Kong, Japan, Singapore or United States will not be able to sign up for an account with FXCM due to regional and regulatory restrictions.

Traders will be able to choose from two account types:

  1. Standard – For the novice trader who is keen on dabbling in the world of Forex and getting to grips with the ins and outs.
  2. Active Trader – Designed for active traders who consider themselves to be enthusiasts. This account qualifies for different tier pricing.
  3. Demo Account – For the novice to learn the ropes without any catastrophic financial implications

Traders who need to comply with Sharia Laws can rest easy as they can open a swap-free Islamic account.

 

MARKET INSTRUMENTS

FXCM has dedicated a lot of resources and applied keen insight to provide a product offering that can appeal to traders of all levels of experience.

You will be able to build your portfolio with a selection of instruments including Forex, Commodities, Indices, Cryptocurrencies and Spread Betting (Only available to UK and Ireland residents).

FEES

FXCM has adopted a pricing strategy that tries to meet the trader in a favourable position.

Traders will only have to pay the floating spread to commodities and trade indices. Traders are allowed to trade without limit and stop restrictions thanks to enhanced index CFDs.

FXCM stacks up well against the market competition in terms of pricing structure. Active traders will benefit from increased levels of activity as reduced pricing favours the Active Trader account.

FXCM requires a minimum deposit of $50 for UK clients and GBP 300 for EU clients.

 

DEPOSIT AND WITHDRAWAL

As discussed earlier in this article, the minimum deposit that is required to open an account is dependent on region. Prospective traders should veto the requirements to ensure that there are no misunderstandings in sign up.

Deposit options include Credit Card and Debit Card, EFT and Bank Wire as well as e-payment via Skrill.

Withdrawals carry no additional fees and can be made using the same options as available for deposit.

It is important to note that Bank Wire requests carry an additional cost of $40. Withdrawals are processed immediately confirmed within 2 business days (give or take any additional time needed by personal payment providers).

 

TRADING PLATFORMS

FXCM give users the opportunity to conduct their trades on a variety of platforms:

  • MetaTrader 4 – a popular trading platform
  • Web Trading – no need to download the software, trade from your browser
  • Desktop Trading – full account functionality available on your desktop
  • Mobile Trading – great functionality offered on Android and IOS
  • Social Trading – Autotrading features are made available through ZuluTrade and NinjaTrade platforms

Additional platform support includes unique market access, advanced charting and FXCM’s exclusive Real Volume Indicator.

 

 

HOW TO OPEN AN ACCOUNT

Creating an FXCM account is easy and can be done following these easy steps:

  1. Choose your account
  2. Add all your personal information
  3. Confirm your identity by uploading your proof of identification documents
  4. Review and confirm your details
  5. Fund your account and start trading!

 

CUSTOMER SUPPORT

FXCM has a client-orientated approach to customer support that complements a great trading experience.

Customer support can be contacted through telephone, web live chat and email. Dedicated telephone support lines are given to customers in the Africa region.

Customer support is offered in many languages but is only available during working hours.

The support time offers great service with short turnaround times.

 

EDUCATION

Much like the customer support focus, the educational resources are given an intensified focus to the Africa region.

FXCM has realised the importance of providing quality materials and resources to enable trader to reach their maximum potential in the Forex world.

Traders can take advantage of a number of materials including webinars, ongoing courses, tutorials, trading tools, Forex news, economic calendars and much more.

All the information gathered through the available material can be put to the test through the demo account to ensure maximum success.

RESEARCH

Free research material is made available to clients. Majority of the material is from external sources but proved to be quite useful.

Insights, Market Scanner, strategies outlook and trading signals are a few amongst the great selection of tools available.

 

ACCOLADES

FXCM has proven to be a leader in the Forex market and have amassed an impressive list of accolades:

  • 2020 – Best Trading Tools awarded by Online Personal Wealth Awards
  • 2020 – Best Education awarded by Online Personal Wealth Awards
  • 2019 – Best Technical Tools awarded by Broker Chooser
  • 2018 – 4.5/5 Stars overall review on Forexbrokers.com
  • 2018 – Best Customer Support awarded by FX Empire
  • 2017 – Best Customer Support awarded by FX Empire
  • 2015 – Best Forex Trading Automation awarded by UK Forex Awards
  • 2013 – Best Forex Broker of the Year awarded by UK Forex Awards
  • 2013 – Best Sell-side Analysis Contributor awarded by Daily FX
  • 2013 – Best Retail Broker Execution awarded by Forex Magnates London Summit
  • 2012 – Best Proprietary FX Platform awarded by Forex Magnates
  • 2011 – Best Broker Research Team awarded by FX Street
  • 2010 – Choice Awards awarded by FX Traders
  • 2010 – Best Sell-side Analysis Contributor awarded by FX Street
  • 2010 – Best Online FX Broker awarded by Money AM
  • 2010 – Best FX Provider awarded by What Investment Magazine Readership

 

IN CONCLUSION

With years of successful brokerage, a strong background and a reputation that is admirable in the finance world, FXCM has to be recognised as Forex broker who provides a safe and reliable trading environment.

In this FXCM Forex Review we found due to its selection of products from which to choose, attractive pricing for active traders and premium educational and research tools, FXCM would prove to be a great choice for any aspiring or experienced trader.