Reviewed broker: FXCM
Company: Global Brokerage Inc. (Forex Capital markets LLC)
Established in 1999
Location: The FXCM Group is headquartered at 20 Gresham Street, 4th Floor, London EC2V 7JE, United Kingdom.
Regulation: FForex Capital Markets Limited (“FXCM LTD”) is authorised and regulated in the UK by the Financial Conduct Authority. Registration number 217689. Registered in England and Wales with Companies House company number 04072877. FXCM Australia Pty. Limited (“FXCM AU”) is regulated by the Australian Securities and Investments Commission, AFSL 309763. FXCM AU ACN: 121934432. FXCM South Africa (PTY) Ltd Ltd is an authorized Financial Services Provider and is regulated by the Financial Sector Conduct Authority under registration number 46534. FXCM Markets Limited (“FXCM Markets”) is an operating subsidiary within the FXCM Group. FXCM Markets is not regulated and not subject to the regulatory oversight that govern other FXCM Group entities, which includes but is not limited to the Financial Conduct Authority, Financial Sector Conduct Authority, and the Australian Securities and Investments Commission. FXCM Global Services, LLC is an operating subsidiary within the FXCM Group. FXCM Global Services, LLC is not regulated and not subject to regulatory oversight.
Note: 2017 – Forex Capital Markets LLC in USA has been banned by US National Futures Association NFA, license withdrawn from US Commodity Futures Trading Commission CFTC
USA traders: not allowed
Trading instruments: forex, commodities, CFDs, Indices
No dealing desk execution NDD: yes, but not for all accounts. Mini account has dealing desk execution
FXCM Review : Trading features and account types
Maximum leverage: 1:100
Currency pairs: 39
Demo account: yes
Islamic swap free accounts: no
Account types: mini, standard, active trader
Special features: the broker offers programming services for trading skripts, custom expert advisors, metatrader 4 programming
Spread types: floating
Spreads start from 1.8 pips
Commission on trades: yes (for standard and active trader accounts), starting from $8
Trading signals: available
Educational material: available
Automated trading: yes
VPS services: yes
One click trading: yes
API trading: available with FIX, JAVA and ForexConnect
FXCM stands by its promise of Transparency
FXCM states its mission to provide complete transparency and execution services for the best experience of the clients. FXCM’s goal is offer tight spreads to improve your trading experience and decrease overall trading costs. The spreads offered by the broker are indeed tight starting on average at 0.2 and 0.2 pips. When you look down the history line of FXCM the following data can be retrieved:
- EUR/USD averages 0.2 pips during peak hours
- AUD/USD averages 0.3 pips during peak hours
- USD/JPY averages 0.3 pips during peak hours
FXCM Highlights on Price improvements
- 60.72% of all orders had NO SLIPPAGE.
- 28.37% of all orders received positive slippage.
- 10.91% of all orders received negative slippage.
- 63.55% of all limit and limit entry orders received positive slippage.
- 40.18% of all stop and stop entry orders received negative slippage.
FXCM Review : Trading Software Platforms and features
Trading Station for Mac, Android and iOS
Trading Station is our proprietary forex and CFD trading platform that offers powerful analytical tools for chart traders, advanced functionality & more.
Trading Station Web
The new Trading Station Web 2.0 platform is built in Mac Friendly HTML5. It has a fresh modern look and a cleaner, more intuitive user interface, along with exciting new features that make this our best web-based platform yet.
HTML5 Web Trading Features
News & Calendar:
Integrated into the platform, FXCM’s News and Economic Calendar help you avoid missing key events!
Education & Research:
Key trading levels are now at hand! Gain direct access to some of FXCM’s top trading tools.
Store your user profile and chart settings. Share your charts with friends.
Improve your overall trading performance with customised Trading Analytics directly from the platform.
Expand your charts to full screen or detach them to move to a second monitor for extra workspace.
The Benefits of Metatrader 4 MT4
FXCM has upgraded its MT4 platform to fit the No Dealing Desk forex execution.
Updated FXCM Metatrader 4 features include:
- Set SL/TP Pre-Execution – Set Stop Loss and Take Profit orders while opening a new trade
- 0.01 (Micro) Lots – Trade more precise lot sizes for tighter risk management
- Partially Close Positions – Control when and how much of a position you want to close
- Anonymous forex trading since price providers do not see your SL, TP or Pending orders
- No Trading Conflict of interest between broker and client
- Place pending orders even inside the spread
Why should you use Metatrader 4 with FXCM broker?
- No trade restrictions with NDD execution to place SL, TP or pending orders
- Scalping is allowed
- All strategies are permited
NinjaTrader Trading Strategy Builder
The Strategy Wizard helps traders design automated strategies, even without proper programming knowledge such as C#. It provides you with the ability to backtest your strategies with the available historical data and check variety of market conditions. You can try out entry and exit points and the associated profit/loss, allowing you to improve the strategies before you run them live. NinjaTrader also allows developers to develop utomated trading strategies using the C# based NinjaScript.
ZuluTrader Peer-to-Peer Trading
Auto trading is one of the favored options among beginner traders simply because you do not have to learn everything from top to bottom but rather check out the high performing traders and copy their moves.The best way to get started with ZuluTrade is to try a practice account. Once you are ready to begin live trading you will have to link your Zulutrade account to FXCM and you are ready to go.
FXCM Review : access to variety of tools and market resources including educational material
Keep track of key economic events, speeches, and reports to give your trading an edge.
FXCM market news
Top daily headlines on multiple markets delivered to you perfect for the fundamental trader.
Charts and indicators are the go to tool for technical traders to analyse trends and identify potential trade opportunities.
Grid sight index
FXCM introduces big-data analysis with this new and innovative technical indicator for real time analysis.
Pick from the top indicators and scan FX and CFDs to have this tool perform quick analysis and present you with signals.
Daily technical levels
Subscribe to FXCM daily newsletter and receive daily actionable trading set-ups before market open, directly to your inbox.
Educational material with FXCM broker
Read about the basics, learn strategies and take your trading to the next level.
Build your knowledge. Select from our library of in-depth trading, strategy and instrument guides.
What interests you most? Forex basics, platform functionality, trading strategies, account support and more.
Attend an in-person seminar, delivered monthly, to gain insight and knowledge.
FXCM LIVE CLASSROOM
Participate in an online classroom with knowledgeable instructors to answer questions live.
How do I deposit funds with FXCM? Payment methods and deposit requirements
You can Deposit Funds by the following payment means:
- Credit or Debit Card – Approximately one business day, often less to review and process into your trading account.
- Bank Wires (SWIFT, CHAPS, BACS, SEPA) – Approximately one to two business days (domestic) and three to five business days (international), often less, to arrive and process into your trading account.
- Paper Cheque – Approximately five to ten business days after receipt to clear and process into your trading account.
- Skrill – Funds will typically be credited into your trading account within 1 business day.
- Union Pay – Funds will typically be credited into your trading account within 1 to 2 business days
Minimum deposit requirement: $50
Customer service can be reached via phone, email, trading desk and online chat
FXCM Review : Questions Answers
Is FXCM regulated?
FXCM is considered safe, as it is regulated by top-tier financial authorities, like the UK FCA and the Australian ASIC. FXCM is a forex and CFD broker.
What is the minimum deposit for FXCM?
FXCM UK requires minimum deposit of $300, in line with the industry average.
Is Forex illegal in USA?
Yes, Forex is legal in the United States. Unlike the securities and futures markets, the foreign exchange market is not controlled by any central governing body, there are no clearing houses and there is no arbitration panel. All members trade with each other based on credit agreements.
How do I withdraw money from FXCM?
Withdrawing funds from your FXCM trading account via one of these methods can be done in a few easy steps. From the homepage of the FXCM website, hover over Log In, and click My Account. You will be routed to the MyFXCM login page. Log in using the same ID and password used to access the Trading Station.
What is FXCM Leverage?
When you trade with FXCM, your trades are executed using borrowed money. For example, 100:1 leverage allows you to trade with $10,000 in the market by setting aside only $100 as a security deposit.
How was the rating of FXCM performed compared to other brokers?
This 2023 Forex Broker Review has been conducted though thorough research and assessment of rating and ranking among almost 300 international forex brokers. The final grade is given based on FXCM FX broker performance and features.
Overall our online FXCM review was conducted with the details obtained from the demo trading and the forex brokers website. If you would like to add details to this online FXCM or you find inaccurate details FXCM broker review please get in touch with us and the changes will be applied.