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Author: Ben Morratt
Portfolio Manager
Ben Morratt

FXCM Review

Our Expert Rating
Accounts
9.6
Trades
9.2
Bonuses
9.2
Mobile
9.8
Banking
9.8
Features
9.2
Support
9.6
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Summary

There is a lot to like about FXCM whether you are new to trading or have been trading in higher volumes for some time. They are a well trusted and reputed broker operating in many countries around the globe who hold licenses from some of the most recognised regulatory bodies. Reliable customer support means that there is someone on hand during the week to answer your questions and deal with your issues. The order types and educational and analysis tools help you to make the most of your time online.Learn as you trade practising before you start on the free demo account. We have no problem in recommending this broker as an excellent all-round option to all levels of trader.

Risk Warning / Ad Disclosure

Risk Warning: The products offered by the companies listed on this website carry a high level of risk and can result in the loss of all your funds. You should never risk money that you cannot afford to lose.

Ad Disclosure: Some of the links that you will find on this website are advertisements for which we do receive financial gain from referring new customers.

Introduction

Introduction

FXCM has been offering Forex services to clients around the globe since 1999 and is a UK based broker licensed by the FCA. They also hold licensing from the Australian regulatory body, ASIC. Their two principal shareholders, Jefferies Financial Group and Global Brokerage, are both listed on the London Stock Exchange.

Considered a safe broker, they offer a transparent fee structure with low trading fees built into the spreads. They are a straightforward and hassle-free broker making it easy for new clients to open an account. You can trade from either their proprietary Trading Station platform or the three other platforms that they offer.

For those of you that are considering opening an account with FXCM, you probably have many questions about what they offer. Let us help with our full and comprehensive review of this well-established, global Forex broker to give you all of the information required to make a decision.

In this review, you will learn:

  • What different Forex account types they offer
  • About the accessiblity of the mobile trading platforms
  • How their spreads and leverage compare to others
FXCM Screenshot FXCM Screenshot FXCM Screenshot
Risk Warning / Ad Disclosure

Risk Warning: The products offered by the companies listed on this website carry a high level of risk and can result in the loss of all your funds. You should never risk money that you cannot afford to lose.

Ad Disclosure: Some of the links that you will find on this website are advertisements for which we do receive financial gain from referring new customers.

Account Types

9.6
Account Types

Some brokers offer multiple accounts, and some offer just two. There are pros and cons to either. Sometimes having more choice can be as tricky as having less. In total, FXCM offers three accounts, two aimed at the new and lower volume traders and one at the more professional. They also offer a free demo account.

Demo Account

The demo platform is free to use and is referred to as the Practice account online. If you open this account, you will need to give a few personal details and then you are set to go. Trade with $50,000 of virtual funds but benefit from live buy and sell prices, 24 hours a day, 5 days a week. Having the option to practice before you go live with trading gives you the chance to get familiar with the FXCM platform and perfect your trading strategy.

Standard Account

With a minimum deposit of $2,000, the Standard Account is for those new to trading that perhaps do not plan on dealing with high volumes. The spreads are 1.3 pips, and there is a choice of 39 currency pairs. Use leverage of 100:1, with no dealing desk. Choose to trade on any of the four platforms.

Mini Account

The Mini account requires a deposit of $50 and is best suited to newer traders. The features are the same as the standard account, but you have a choice of fewer currencies – 21 to be precise. There is leverage of 400:1 and a dealing desk through which to place your trades. You can use three of the four trading platforms with this account.

Active Trader Account

The Active trader account is much better for those higher-volume traders that wish to make more significant trades. The spreads are much better at 0.2 pips on the EUR/USD spread. Leverage of 100:1 is available, and trading requires a deposit of $25,000 or higher.

Supported Languages
English

Trade Features And Payouts

9.2
Trade Features And Payouts

The trading features are how you can determine the payouts that you are likely to get and FXCM are reputed to offer reasonable spreads and low commissions. Spreads are calculated to negate the need for commission. But what can you expect from this broker when it comes to their features and payouts?

Leverage

Leverage for retail clients will differ from that available to the professional or 'Active Trader'. Generally, expect leverage of up to 100:1 as a default. The rate will vary depending on the account you hold, the balance of your account and the currency pairs that you wish to trade.

Spreads

The spreads range from 0.2 pips to 1.3 pips on the EUR/USD depending on the type of account that you have. Spreads include commissions. If you hold a standard account, you can expect spreads of around 1.3 pips on the EUR/USD and the USD/JPY currency pairs.

Stop Loss

Stop orders enable you to exit a trade at a certain point to prevent you from losing too much money. Besides stop loss orders, profit targets are also available, which mean that you can exit a deal when you hit a profit. These all allow you to manage your risk more effectively. There are many order types which include Market, Limit, Stop, Stop trailing and One-cancel-other (OCO).

Platform Types

There is a total of four different trading platforms to choose from when trading with FXCM. With the Standard and Active accounts, all four are available. If using the Mini account, NinjaTrader is not available. Trading Station is the proprietary platform. Then there are MetaTrader4 which most Forex traders will be familiar with, Mirror Trader to allow copy trading and NinjaTrader – better suited to active traders.

There is a lot to like about FXCM whether you are new to trading or have been trading in higher volumes for some time.

Bonuses And Promotions

9.2
Bonuses And Promotions

Due to regulations by the European Securities and Markets Authority (ESMA), there are no bonuses associated with Forex. Previously, many brokers would offer a welcome or no deposit bonus to attract new clients.

As this is a directive and not an individual broker policy, it means that there is an even playing field. You will find that there are now not many Forex brokers that offer a bonus. There are other rewards offered for loyalty, referral schemes and trading contests to watch out for though.

Mobile Trading

9.8
Mobile Trading

Trading Station, FXCM's proprietary software is available to download as an app on both iOS and Android for phone and tablet. Alternatively, choose to download the MetaTrader4 app. In addition to this, the website is mobile-friendly.

Just open your browser and trade on the go. You can place trades and view market conditions and manage your account wherever you are. Ninja Trader is not available to download on mobile though and requires desktop software, but this will only affect the higher volume professional trader.

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Deposits And Withdrawals

9.8
Deposits And Withdrawals

Choose from four significant forms of payment – Credit'/Debit card, bank transfer, Skrill and Neteller. When you make a withdrawal, it must be from the same funding sources as the deposit. There is a $40 withdrawal fee for all bank transfers, but deposits are free.

Withdrawals will be processed in between 1-2 days. Open accounts in a choice of base currencies and open additional accounts in different currencies. Using the right money will mean that you won't incur conversion charges.

Special Features

9.2
Special Features

One of the top features of FXCM is that the trading experience is so customisable. There is so much choice when it comes to the trading platform. The other benefit of using FXCM is that they offer so many different order types.

Order types include Market, Stop, Stop Trailing as well as order terms such as Good-till-date, Good-till-cancel, Immediate or Cancel and Fill or Kill. It is also possible to set up price alerts either by email or text message. There is various educational content, and you can find many resources in the form of videos and webinars.

Trending Pages

Customer Support

9.6
Customer Support

If you want to reach someone to assist with your trading or a general enquiry, you can only reach them during regular business days. Support is available 24 hours a day, 5 days a week but not on the weekend.

Contact someone by live chat and in several languages. Telephone support is accessible in 44 countries. Email can also be used to contact someone. All assistance is quick and relevant and provides the most useful answers to your queries in a timely fashion.

Here are the contact details for FXCM:

  • Email - info@fxcm.co.uk
  • Phone - +44 0207 398 4050
  • Address - 20 Gresham Street, 4th Floor, London, EC2V 7JE, United Kingdom

Conclusion

9.5
Conclusion

There is a lot to like about FXCM whether you are new to trading or have been trading in higher volumes for some time. They are a well trusted and reputed broker operating in many countries around the globe who hold licenses from some of the most recognised regulatory bodies.

Their principal shareholders are both publicly listed companies. There are many account types and trading features to suit all kinds of trader on a variety of different platforms giving you the ultimate trading experience on the move.

Spreads are competitive and include fees within them, and there are no added commissions of which to be aware. Reliable customer support means that there is someone on hand during the week to answer your questions and deal with your issues. The order types and educational and analysis tools help you to make the most of your time online.

Learn as you trade practising before you start on the free demo account. We have no problem in recommending this broker as an excellent all-round option to all levels of trader.

Risk Warning / Ad Disclosure

Risk Warning: The products offered by the companies listed on this website carry a high level of risk and can result in the loss of all your funds. You should never risk money that you cannot afford to lose.

Ad Disclosure: Some of the links that you will find on this website are advertisements for which we do receive financial gain from referring new customers.

Frequently Asked Questions

FAQ

Is FXCM legit? Will they scam me?

FXCM is not only licensed and regulated in the UK and Australia; they are also well-established and owned by respectable parent companies.

Do they have a decent mobile or tablet app?

There are several mobile experiences that you can expect in the form of both apps and their mobile website for whatever device you are using.

What bonus do they offer for new traders?

In line with EU regulations, Forex brokers based in the EU no longer offer welcome bonuses to their clients to encourage them to open an account.

Can I start trading on a free demo account?

Yes, the practice account allows you to trade with $50,000 of virtual funds with live prices and information before you open a live account.

What's the min deposit and ideal trade amount?

A Mini account requires the smallest deposit, which is $50. It is recommended to not trade more than 10% of your account balance at a time.

Meet The Author
Ben Morratt
Ben Morratt
Portfolio Manager

Ben’s contributions as a freelancer to the site since 2013 are highly valued. He has a real talent particularly within short-term speculation, making many successful trades on the directions of the global financial markets. Learn more.

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