FXCM Forex Trade Platform and Broker Review

FXCM Forex Trade Platform and Broker Review

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FXCM Broker Review

Forex Capital Markets (FXCM) is an award-winning, amazing online broker that was established in 1999 and headquartered in the United Kingdom. FXCM’s main services consist of providing the online trading of forex, CFDs, and spread betting.

FXCM has between 500 and 1000 employees with offices in the United Kingdom, the European Union, South Africa, Hong Kong, and Australia.

Is FXCM Regulated?

Yes, FXCM is regulated by the Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC), Financial Sector Conduct Authority (FSCA), and Australian Securities and investments Commission (ASIC).

All client deposits with FXCM are held in segregated bank accounts with top-rated banks in Europe, Australia, and several other FXCM countries of operation. 

Is FXCM Regulated in the United States?

No, FXCM is not regulated in Virginia or any other US state. 

Is FXCM Regulated in Europe?

Yes, FXCM is regulated in the UK by the Financial Conduct Authority and the EU by the Cyprus Securities and Exchange Commission (CySEC).

Is FXCM regulated in a Tier-1 Jurisdiction?

Brokers who have Tier-1 Jurisdiction have the necessary licenses to offer financial services to forex traders in Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Israel, Japan, Luxembourg, Netherlands, New Zealand, Norway, Puerto Rico, Singapore, Sweden, and Switzerland.

According to the official FXCM website, FXCM is regulated in Tier-1 jurisdiction.

Is FXCM regulated in Tier-2 Jurisdiction?

With Tier-2 Jurisdiction, FXCM has the necessary license to provide financial services and products in the British Virgin Islands, Cayman Islands, Cyprus, Italy, Malaysia, Mexico, Poland, Portugal, Spain, and Taiwan.

According to the official website, FXCM is regulated in Tier-2 jurisdiction.

What are the Platforms and Tools for Forex Trading in FXCM?

FXCM offers forex traders a choice between powerful and versatile trading platforms namely Trading Station, MetaTrader 4, NinjaTrader, and ZuluTrade.

  1. Trading Station is FXCM’s own proprietary trading platform used for trading forex and CFDs. This trading platform offers forex traders a range of powerful analytical tools, charting capabilities, a variety of advanced functions, and more.
  2. FXCM MetaTrader 4 is the most popular and widely used trading platform in the industry. With FXCM, forex traders are offered SL/TP Pre-execution, the ability to trade micro-lots, and the ability to control when they want to close a position, and how much of that position they want to close.
  3. FXCM’s NinjaTrader – With NinjaTrader, forex traders are provided with a large network of liquidity providers, extensive forex functionality, advanced analytics, charting, and automation capabilities. With NinjaTrader and FXCM, forex traders can add a competitive edge to their trading.
  4. FXCM’s ZuluTrade – ZuluTrade is one of the most popular social trading platforms in the industry and in collaboration with FXCM, forex traders are offered a diverse network of signal providers and a plethora of trading opportunities.

Does FXCM Have a News Blog for Forex News?

Yes, FXCM has a news blog for forex news. 

The FXCM Market News is available to forex traders for free from the broker’s official website. This offers forex traders updates throughout the day, whether it is a trading day, or during times when the markets are closed. forex traders can rest assured that they can always stay updated.

Does FXCM Have a Traders Dashboard?

Yes, FXCM has a forex traders dashboard that is freely available on the official website. forex traders can use the information under “Trade Volatility” to view a variety of options that can assist forex traders in making more informed trading decisions.

Does FXCM Have an Educational Section?

Yes, FXCM has an educational section on the official website. 

What is the content of FXCM Forex Education?

The forex education section on the FXCM official website has the following sections:

  1. From A-to-Z Course.
  2. Trading Workshops.
  3. Video Library.
  4. Free Online Live Classroom.

The FXCM from a to z course offers forex traders with the ultimate experience for forex and CFD trading education. This section covers a variety of topics and offers education for all levels of trading.

  1. Level 1 – For New forex traders.
  2. Level 2 – For Experienced forex traders.
  3. Backtesting and Strategy Optimisation.

The FXCM Trading Workshops offer forex traders practical workshops in the country in which FXCM has offices. forex traders must however note that there is a maximum of 10 people allowed per session as a result of stringent Covid-19 safety and health protocols.

The forex video library offers forex traders the opportunity to learn at their own pace. There are dozens of videos that focus on a variety of topics, including:

  1. Advanced Features.
  2. Charts
  3. Deposits and withdrawals.
  4. New to Forex.
  5. On-demand videos.
  6. Order types.
  7. Past recorded webinars.
  8. Trading station features, and more.

Is FXCM Legit?

Yes, FXCM is a legit Forex Broker and Trade Platform that is regulated and authorized by FCA, CySEC, FSCA, and ASIC. 

Is FXCM Safe?

Yes, FXCM is a reliable and safe Forex Trade platform that has regulation and authorization through several reputable entities:

  • The Financial Conduct Authority (FCA) regulates FXCM in the United Kingdom.
  • The Australian Securities and Investments Commission (ASIC) regulated FXCM in Australia.
  • The Cyprus Securities and Exchange Commission (CySEC) regulates FXCM in the European Union.
  • The Financial Sector Conduct Authority (FSCA) regulated FXCM in South Africa.

FXCM is provided with a cross-border license to offer investment and ancillary services in several jurisdictions around the world. FXCM ensures that all client deposits are held in segregated accounts with top-tier banks in each of the countries where the broker has offices.

If FXCM goes bankrupt, is liquidated, or otherwise unable to fulfill its financial obligations, the broker offers eligible clients compensation that is capped at £85,000.

Is FXCM a Good Broker?

Yes. According to the Forex Suggest review, FXCM is a in terms of security as well as trading speed, online support, and cryptocurrencies.

  1. Where security is concerned, FXCM makes use of Secure Socket Layer (SSL) on all websites as well as platforms. This protects all data transmission between the workstations of forex traders and FXCM’s servers, ensuring that hackers are prohibited from gaining entry.
  2. In terms of trading speed, more than 87% of orders have zero or positive slippage and FXCM reports an average execution speed of 0.032 seconds, providing forex traders with the best possible pricing.
  3. Online support is provided in the form of live chat that can be accessed 24 hours a day, 5 days a week.
  4. In terms of cryptocurrencies, FXCM offers the CFD trade in Bitcoin, Ethereum, Litecoin, EOS, Bitcoin Cash, and Stellar.

What is the Offering of Investment in FXCM?

Offerings of FXCM can be found below.

Feature FXCM
Forex Trading Yes
CFDs Yes
Forex Pairs Yes
Cryptocurrency (Physical) No
Cryptocurrency (CFD) Yes
Social Trading  Yes

Does FXCM have Nasdaq?

Nasdaq is the second-largest stock exchange in the US by market cap that tracks the largest technology stocks.

As an owner of Nasdaq, FXCM offers the trade-in Indice and Share CFDs.

What are the Awards of FXCM?

Forex Trading Platform FXCM’s awards are listed below.

  1. Best FX Platform (2021) – Online Personal Wealth Awards.
  2. Best Zero Commission Broker (2021) – ADVFN International Financial Awards.
  3. Best Forex Trading Platform – Global (2020) – Global Forex Awards.
  4. Best Education (2020) – Online Personal Wealth Awards.
  5. Top Rated (2020) Forex Trading Platform – Investors Chronicle.
  6. Best Trading Tools and Research (2020) – Shares Awards.
  7. Best Technical Tools (2019) – BrokerChooser.
  8. Best Sell-Side Analysis Contributor: DailyFX (2015) – FX Street.
  9. Best Retail Broker Execution (2013) – Forex Magnates London Summit Award.
  10. Largest Forex Provider (2012) – Investment Trends.

How to Use FXCM for Forex trading?

To use FXCM, a forex trader should have the necessities below:

  1. Forex traders must be 18 years old, or older.
  2. Forex traders must have a copy of their ID or Passport and a copy of their residential address (not older than 3 months).
  3. Forex traders must be able to pay the minimum deposit of $50.

Once a forex trader meets the conditions above, they can register a forex trading account to use the services of FXCM.

How to open a Forex trader account with FXCM?

To open a Forex Trading Account with FXCM, a trader should follow the steps below.

  1. Forex traders can visit the official FXCM website and select “Open Account”.
  2. Forex traders can start the application by providing their country of residence and their preferred trading platform.
  3. Forex traders must provide some basic information and choose whether they wish to register an individual, joint, corporate, or trust account.
  4. Next, forex traders must provide in-depth information such as their citizenship, identity number, and date of birth along with their contact information.
  5. Forex traders must provide their employment information, trading experience, and financial information.
  6. The last section forex traders must complete relates to choosing their security question to which they must provide an answer and selecting their password. Forex traders must also ensure that they read and accept the terms of the business before they continue.
  7. Forex traders can review the information that they provided and continue by selecting “Submit”.
  8. Forex traders will be redirected to the FXCM “Risk Disclosure Notice” that must be read and understood before selecting “Proceed”.
  9. Forex traders will be redirected to a page that provides them with the information on their account. It is important for forex traders to write this information down and to keep it safe.
  10. To finalize the application, forex traders must submit proof of their identification and proof of residence. This forms part of the KYC and AML processes that FXCM employs as a regulated broker.

What are the Forex Trader Account Types with FXCM?

Forex Trading Platform and Financial Asset Management Institution FXCM have 3 different account types that are offered.

FXCM Account Types are listed below. 

  1. Demo Account

  2. Islamic Account

  3. Standard Account

 

  • Demo Account

FXCM offers forex traders a risk-free demo account that can be used to practice trading, test trading strategies, or explore what FXCM has to offer.

 

  • Islamic Account

FXCM offers Muslim forex traders the option of converting their live trading account into an Islamic Account. This caters to the prohibitions that the Sharia Law stipulates with regards to earning/paying interest, which is seen as exploitive and wasteful.

With an FXCM Islamic Account, Muslim forex traders who follow the Sharia law are exempted from overnight or swap fees. The features of the Islamic Account will depend on the account type that forex traders choose to convert.

Once forex traders have registered for their live trading account, they can submit a request to FXCM customer support for the conversion of their live trading account. forex traders must note that FXCM reserves the right to demand proof of religion before approving the conversion request.

  • Standard Account

FXCM offers forex traders with one live account option that can be opened either as an individual, joint, corporate, or trust account. These are not different account options, however, but will impact the ways that forex traders can conduct activities.

forex traders must note that FXCM offers various trading conditions according to what forex traders wish to trade, namely:

  • CFD Trading
  • Spread Betting
  • Active Trader

CFD Trading offers forex traders the opportunity to trade price movements on forex, indices, and commodities. By trading CFDs with FXCM, forex traders are provided with:

  • Lower spread costs from 0.7 pips.
  • Commissions from $0.10 per lot on CFDs and $2.00 per lot, per 100k, traded on forex.
  • Leverage ranging from 1:2 up to 1:200 depending on the trader’s country of residence and the financial instrument being traded.
  • Access to multi-asset platforms.
  • Countless opportunities to harness rising and falling markets.

Spread Betting is only available to forex traders who reside in the United Kingdom and Ireland, offering them the chance to take part in tax-free ways to make the best out of rising and falling markets, all this without having to buy the asset from underlying markets. 

Spread Betting forex traders can expect the following features:

  • Tax-free trading options.
  • Access to leverage from 1:2 up to 1:30.
  • Access to powerful, versatile trading platforms that facilitate the spread betting of forex, indices, and commodities.

The Active Trader options that FXCM offers forex traders are designed for those who are serious about trading. FXCM offers these forex traders extensive and dedicated support, premium services, and customized solutions.

Active forex traders can expect the following:

  • Floating spreads start from 0.2 pips EUR/USD.
  • Leverage up to 1:400.
  • Competitive commissions charged.
  • Rebate pricing.
  • Expedited processing request.
  • API trading
  • Institutional derived trade ideas.

How to Withdraw Money from FXCM?

To withdraw money from FXCM, the following should be done:

  • Forex traders can log into “MyFXCM” and select the option to “Deposit & Withdraw”.
  • Forex traders can hover over “Funds” and select “Withdraw Funds”.
  • Forex traders can select their preferred method of withdrawal between “Bank Wire”, “Debit Card”, and “ACH”.
  • Complete the information page and review it, then select “Continue with Withdrawal”.
  • Enter the desired withdrawal amount and re-enter the MYFXCM password for security reasons.
  • Forex traders can review their withdrawal request before the final confirmation, after which the request will be processed.

How many days do deposits take with FXCM?

Deposits with FXCM range from instantaneous up to several business days, depending on the time and day that the deposit was made in addition to the method that was used.

What are the costs and fees with FXCM?

There are four types of costs charged with FXCM namely the spread, commissions, swap fees and overnight fees, and margin requirements.

The spread is the difference between the bid/ask price which is indicated in pips. These spreads differ depending on the financial instrument being traded and the market conditions on the day of trading.

FXCM provides the average spreads that forex traders can expect per instrument on the official website. Commissions are charged either per side, per turn, per round turn, or according to the volume traded.

Swap fees are charged according to the long/short position that forex traders hold open overnight after the trading day has concluded. Margin requirements are charged by FXCM as collateral for the trade.

What are the Trading Fees with FXCM?

The Forex Trading Fees with FXCM are below. 

  1. Forex Spreads: from 0.2 pips and a typical spread of 1.3 pips EUR/USD.
  2. CFD Spreads 1.30 pips on NAS100.
  3. CFD commissions: $0.10 per lot.
  4. Forex commissions: $2.00 per side, per 100k lots traded.

What is the minimum deposit in FXCM?

According to the official website, the minimum deposit in FXCM is $50.

What are the contract specifications in FXCM?

Feature FXCM
Forex Trading Yes
CFDs 50+
Forex Pairs 39
Cryptocurrency (Physical) 0
Cryptocurrency (CFD) 6
Social Trading  Yes

Does FXCM have promotional offers?

Yes, FXCM Trade and Exchange platform has promotional offers for existing as well as new forex trading account holders. These promotional offers are as follows:

  1. FXCM Rebate Program
  2. Friends and Family Referral Promotion.

Does FXCM have a welcome bonus?

No, FXCM does not have a welcome bonus.

Welcome bonuses are offered to new forex traders who register a live trading account for the first time. These welcome bonuses are paid up to a certain amount/percentage to the trading account in the form of trading credit.

These bonuses are not withdrawable, however, once forex traders have reached a certain turnover, real cash will be paid into their trading account and this can be withdrawn. There is no information present on the official FXCM website on past, present, future welcome bonuses.

Does FXCM have a deposit bonus?

No, FXCM does not have a deposit bonus.

Deposit bonuses are provided to both new and existing forex traders as a percentage back on the deposit that they make into their trading account. This amount is added as trading credit which can be used towards trading activities.

There is no information on the official FXCM website that suggests past, present, or future deposit bonus initiatives.

Is there a commission-free trade bonus in FXCM?

No, FXCM does not offer forex traders a commission-free trade bonus.  

Is there a VIP bonus in FXCM?

No, FXCM does not offer forex traders a VIP bonus.

Can you start trading with no money at FXCM?

No, you cannot start trading with no money at FXCM. When registering for a trading account, FXCM indicates that the minimum starting capital to trade is $50.

How does leverage work with FXCM?

Leverage can be seen as a loan offered by the broker and provided to the trader, allowing for them to take advantage of even the smallest of moves in the financial market in which they trade. Leverage works to multiply the initial deposit of the trader by the ratio of leverage that the broker offers.

FXCM offers forex traders who have equity of up to $20,000 with forex leverage up to 1:400 and CFD leverage up to 1:200. forex traders who have $20,000 equity and more are provided with forex leverage up to 1:100 and CFD leverage up to 1:200.

Where are the headquarters of FXCM?

FXCM is headquartered in London, United Kingdom.

Who is FXCM’s CEO?

The CEO of FXCM is Brendan Callan who has held the position from February 2017 until the present. Brendan Callan graduated from the London Business School with his master’s degree in business administration (MBA), and started working as an intern at General Electric in 2000 before becoming the Managing Director, Global FX Sales in 2001.

What are the social media accounts of FXCM?

Forex traders can follow FXCM on the following social media accounts:

  • Facebook
  • Twitter
  • YouTube
  • Instagram
  • RSS

How many employees do work for FXCM?

According to official sources, FXCM has between 500 and 1,000 employees spread across its offices in the United Kingdom, European Union, South Africa, Australia, and Hong Kong with affiliate offices in Israel and Canada.

What are the opinions about FXCM?

FXCM is a highly reputable and favored broker where CFD and forex trading and spread betting are concerned. FXCM is popular amongst forex traders as it offers comprehensive and competitive solutions to both beginner forex traders and professional, institutional clients.

What are FXCM Contests?

FXCM does not run any contests.

The official FXCM website does not indicate any contests now, however, FXCM offers promotions aimed at rewarding active forex traders when they trade high volumes. Forex traders who wish to keep updated on FXCM’s promotions and future contests can subscribe to the newsletter on the official FXCM website.

Does FXCM have online support?

Yes, FXCM offers online support to forex traders through the live chat function which is available on the official website. forex traders can contact FXCM online support 24 hours a day, 5 days a week. Any communication outside of operational hours will be emailed to the broker and a support agent will contact the client during business hours to resolve the query.

Does FXCM offer demo accounts for Forex trading?

Yes, FXCM offers a free demo account for all new forex traders. The demo account can be opened with the following steps:

  1. Forex traders can visit the official FXCM website and select the “Open Demo Account” banner.
  2. Forex traders can complete the online application by providing their first and last name, email address, country of residence, mobile number, and preferred base account currency.
  3. Forex traders can also select whether they want to receive educational trading material and information on promotions before selecting “Trade Now”.
  4. Forex traders will be provided with their login details and a link to access the web trading platform along with a QR code that can be scanned by mobile devices to gain access to the mobile app on either iOS or Android.
  5. Forex traders can use the credential details that they received, login, and start using their demo account.

Does FXCM have a mobile app for Forex trading?

Yes, FXCM offers the Direct App for Android and iOS. 

FXCM offers its proprietary trading platform that is available across all devices, including Android and iOS. With this trading platform, forex traders have on-the-go access to analytical tools, charting capabilities, advanced functionality, a rich interface, and more.

With Trade Station, forex traders have access to chart-trading, a variety of pre-loaded indicators, customizable chart formats as well as periodicity, access to comprehensive technical and fundamental analysis, and the ability to set up price alerts and compare instruments with a variety of price overlays.

Does FXCM publish an economic calendar?

FXCM publishes an economic calendar that is available on the official website and which can be used free of charge. Forex traders are not required to register a live trading account before they can use the FXCM economic calendar.

An Economic Calendar is an invaluable tool that forex traders use to obtain both an overview and in-depth look at relevant economic information, announcements, and releases from around the globe. forex traders use the economic calendar to direct their trading activities and stay up to date with occurrences that may affect the markets, prices, and their trading activities.

With the FXCM economic calendar, forex traders can view announcements in their local time and choose to view several other time zones. forex traders can also search for events, view them according to their importance, or select a “from” and “to” date in which to view them.

What is the communication information of FXCM?

FXCM has five main telephone numbers along with four main business addresses.

FXCM can be contacted telephonically in the following ways:

  • South Africa: +27 10 500 1906
  • Australia: +180 0 109 751
  • UK: +44 20 7398 4050
  • EU: +357 220 22 619
  • Hong Kong: +85 234 709 038

FXCM’s main business addresses are as follows:

  • South Africa: 114 West Street, 6th Floor, Katherine & West Building, Sandton, 2196, Johannesburg, South Africa.
  • Australia: Level 13, 333 George Street Sydney, NSW 2000, Australia.
  • UK: 20 Gresham Street, 4th Floor, London EC2V 7JE, United Kingdom.
  • EU: Units 310, 312, and 315, the NBC Building, 33 Neas Engomis Street, 2409 Engomi, Nicosia, Cyprus.