FXCM Review – Online Platforms, Commission, Leverage, Account Types, Features & moreLast Updated Date: Dec 02, 2022
Over two decades of presence in the market with a wide array of virtual trading services has made FXCM a pioneer in the sector.
The high regulation, ease of access to features and tools have not only made FXCM safe but a trader’s favorite.
About FXCM & Accepted Countries
|Founder / CEO||Brendan Callan|
|Regulations||ASIC, FCA, FSP|
FXCM was founded back in 1999 with three core principles of integrity, agility, and customer first. When Brendan Callan decided to create FXCM, his purpose was always to make the Forex and CFD market easily accessible to individuals.
This Leucadian company has managed to bring multiple accolades home with the kind of service that it offers.
The services of FXCM can be utilized by most countries across the globe.
However, there are a few exceptions as well. A few to name are Iran, Syria, Turkey, Afghanistan, North Korea, Singapore, South Korea, Cuba, Vanuatu, Ukraine, Libya, Sudan, etc.
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FXCM Trading Platforms
|Trading Platform||MT4, NinjaTrader, Trading Station, Zulutrade|
|Desktop Platform – Windows||Yes|
|Desktop Platform – Mac||Yes|
|Desktop Browser Platform||Yes|
|Mobile Site Platform||Yes|
|Android App Platform||Yes|
|iOS App Platform||Yes|
|Windows App Platform||No|
|Other Mobile OS Platform||No|
|Trading Platform Supported Languages||Arabic, Chinese, English, French, German, Greek, Italian, Spanish|
FXCM has a variety of virtual trading platforms that you can choose from. All the trading platforms have certain necessary facilities. However, FXCM’s own Trading Station stands out among all of them.
You can choose between FXCM’s Trading Station, MetaTrader 4, ZuluTrade, and NinjaTrader. The features of the Trading Station and MetaTrader 4 are so similar that users can access both of them during live trading.
An interesting thing to note is that the feature of Copy Trading is only offered by ZuluTrade. Thus, according to your trading needs, you can choose between these four.
All of the platforms have a Windows and Mac desktop platform but no mobile app for the Windows devices.
FXCM Mobile App
FXCM has a seamless mobile application for traders who do not have all-time access to their laptops. The FXCM mobile application works effortlessly with Android, iPad, and iPhone devices.
Traders can take advantage of all the web trading features even on their phones. Placing orders on the mobile application is exceptionally easy as you can find the two buttons right in front of your eyes as soon as you click on an asset.
The FXCM mobile applications can be found on the respective Play Store and App store itself. Traders do not have to hustle to find the downloadable links on the FXCM website.
Check out Mobile Apps of more Forex Brokers
|Activtrades||CMC Markets||Eightcap||IFC Markets|
FXCM Commission or Brokerage or Fees
|Commission on trades||Yes|
The commissions and spreads on FXCM are slightly competitive compared to the other brokers in the sector.
While there are no added commissions on share CFD’s that traders have to bear, the extra costs have already been added to the spreads. Pips are percentages in points that are used to account for the profits and losses.
While making a trade, you will always be able to see the pip that you are being charged on the page itself near your buy and sell prices.
Since pips are dependent upon your asset, currency, and lot size, they will differ for every transaction.
FXCM Exposure or Leverage
Since leveraging is a double-edged sword, FXCM provides a maximum cap on how much a retail client can leverage at all times. When it comes to CFD trading, all account types and all instrument’s leverage capacity are crowned at 200:1.
However, when it comes to Forex Trading, two models are brought into the picture. For traders whose accounts have less than 20,000 equities, the leverage for a Forex pair is 400:1.
On the other hand, for accounts with more than 20,000 equities, the available leverage is 100:1. Accounts that open with less than 20,000 and then end up having greater than 20,000 equity must be aware that their maximum leverage capacity will change too.
Payment Methods provided by FXCM
|Deposit||Credit Card, Neteller, Skrill, Wire Transfer|
|Withdraw||Credit Card, Neteller, Skrill, Wire Transfer|
There are five payment options that a trader can choose to deposit his funds from. They are Bank Wire, Skrill, Neteller, and Debit or Credit Card.
Traders do not have to worry about any deposit fees. Irrespective of the method you choose, deposits through all payment options can be done without any fee or charge.
Even with withdrawals, there are no charges that a trader has to bear. However, a withdrawal by wire will give rise to a fee depending upon your region.
In case of urgencies, traders must use the debit or credit card option for withdrawal as it takes the least amount of time. Another point to keep in mind is that FXCM allows deposits and withdrawals only to and from accounts that are under the same name.
Find out Payment Methods provided by other Forex Brokers
Investment in Asset Classes or Markets by FXCM
|Supported Cryptocoins||bitcoin, ethereum, litecoin, ripple|
|Total Tradable Assets||N/A|
|Number Of Currency Pairs||N/A|
|Number Of Cryptocurrencies||N/A|
|Number Of Stocks||N/A|
|Number Of Indices||N/A|
|Number Of Commodities||N/A|
|Number Of Futures||N/A|
|Number Of Options||N/A|
|Number Of Bonds||N/A|
|Number Of Etfs||N/A|
FXCM allows traders to invest in the five major asset classes: Currencies, Indices, Commodities, Cryptocurrencies, and single share CFDs.
There are roughly 40 Forex currency pairs that a trader can choose from with three Forex baskets as well. For CFDs, there are 15 Index options and approximately 12 options for commodities and treasury.
In terms of Cryptocurrency, FXCM offers five choices between Bitcoin, Ether, Litecoin, Bitcoin Cash, EOS, and Stellar Lumen. Traders can also invest in stocks, indexes, and crypto baskets.
The major asset classes that traders miss out on in FXCM are ETFs, Bonds, Futures, and Options.
FXCM Virtual Trading or Demo Account
FXCM offers a free-of-cost virtual trading or demo account to its customers. For traders who wish to explore the platform before they start a live account, a demo account makes the most sense.
With the FXCM trading account, you have access to all the trading platforms and the features that they have to provide as well. Not a single penny will be deducted from your bank account while you trade on the virtual account.
A balance of $20,000 will be deposited into your demo account as soon as you create it. This balance can be adjusted by contacting their customer care representative.
FXCM Offers or Deals
|Free Learning Courses||Yes|
|Free Demo Account||Yes|
|Discount on Brokerage||No|
|Flexible Brokerage Plans||No|
|Forex Trading Contest||Yes|
|Trading Bonuses & Rewards||No|
The best deal on FXCM is the interest that you receive on your usable margin. At the end of every month, FXCM pays you a 2.5% interest on the usable margin of your account if you are a retail client.
This is an average of your margin every day and is credited to your bank account within the first week of the next month.
Apart from this, FXCM offers magnificent educational content along with a free-of-cost demo account. As soon as you open a demo account with FXCM, they will email the necessary educational videos to you.
FXCM Regulation or Licensing
|Regulations||ASIC, FCA, FSP|
FXCM is one of the most regulated companies as it falls under the purview of three major regulatory bodies.
These are the UK’s Financial Conduct Authority (FCA), the Australian Securities and Investments Commission (ASIC), and the Financial Service Provider (FSP). FXCM is licensed under the FCA under the number 217689.
Find out Regulations & Licensing of more Forex Brokers
|Social Trading / Copy Trading||Yes|
|Guaranteed Stop Loss||No|
|Guaranteed Limit Orders||No|
|Guaranteed Fills / Liquidity||No|
|Trading From Chart||No|
|Interest On Margin||No|
|Other Trading Features||No|
Trading features are the most important aspect to look at before you create an account with a broker. FXCM offers a wide variety of trading features for you to enjoy:
- Chart trading and one-click trading for quick buy and sell orders.
- Email and SMS alerts to inform the traders about their positions.
- Custom indicators so traders can analyze the assets before stepping into them directly.
- Feature of copy trading with ZuluTrade so that new traders can learn before they do it themselves.
- Presence of pre-loaded strategies for traders who do not understand the market that thoroughly yet.
- Free educational content that can be accessed at any time within the day.
- An existing automated trading system that can be utilized by traders.
FXCM Account Types
Take a look at the types of accounts that the company is offering:
|Account Type||Standard||Active Trader||Private Client Club|
There are three notable account types that FXCM has to offer: Standard, Active Trader, and Private Client Club. The majority of the FXCM traders are Standard account holders as it caters to most of the market requirements.
The standard account has a wider spread as it is a commission-free account. The minimum balance requirement is $300.
For individuals who qualify as an active trader, they can choose to create an Active Trader account with lower spreads. The more you trade in this account, the lower the commission that you will have to bear. Here, the initial deposit would be $25,000.
Lastly, for a professional trader, a Private Client Club can be opened with $150,000 as the initial deposit. They would enjoy high leverage ratios along with in-depth access to all the features.
FXCM Trading Account Features
Check below all the trading account features under various account types:
|Trading Desk Type||Dealing Desk, Market Maker|
|Suitable for beginners||Yes|
|Suitable for professionals||Yes|
|Suitable for scalping||No|
|Suitable for daily trading||No|
|Suitable for Weekly trading||No|
|Suitable for swing trading||No|
FXCM – Research & Advisory
Find below all the different reports and support provided by its Research & Advisory team:
|Daily Market Commentary||No|
|News (Top-Tier Sources)||No|
|Company Stock Review||No|
|Free Stock Tips||No|
FXCM’s benefits can be summarised as follows:
- Extraordinary technical analysis tools and facilities.
- No added fees or charges as commission.
- No fees for withdrawal of money.
- Free demo account with an adjustable balance.
- Option to execute quick trades with the help of one-click and chart trading.
- A functional Web and Mobile platform for virtual trading.
- Feature of phone trading for customers who do not have all-time access to the internet.
- Can deal in lots as small as 0.01.
FXCM Cons or Drawbacks
A coin always has two sides. The drawbacks of FXCM are:
- Withdrawal fee for withdrawal by wire.
- No customer support over the weekends.
- Comparatively high minimum deposits requirements.
- Limited range of instruments in contrast to a few other industry companies.
- Wide spreads unless you opt for an active trader account.
- Not suitable for scalping and there is no mini or premium account for traders.
- Account dormancy fee.
FXCM Trading Hours
The trading hours on FXCM vary according to the asset that you wish to trade in.
For Forex, trading would begin on Sundays at 5:00 pm ET and end at 4:55 pm ET on Friday.
In the case of CFDs, each asset would have a different trading hour and break time. You can find the detailed list of hours on FXCM’s official website.
FXCM Customer Care or Contact Details
|Support During Weekends||No|
|Live Chat Support||Yes|
|Customer Support Languages||Arabic, Chinese, English, French, German, Greek, Italian, Spanish|
The FXCM customer care is available 24 hours on all five days of the week.
You can email them at email@example.com regarding your account inquiries. Their customer service number is +1 646 253 1401. The FXCM website also has a list of international freephone numbers depending upon your country.
FXCM Safety & Security
FXCM is one of the safest brokers in the sector as it falls under the regulation of three different authorities.
All trader funds at FXCM are kept secure by holding them in different accounts from the company funds. A protection policy for negative balance is also active at all times.
FXCM Rating & Reviews by Top10StockBroker
Based on different users and their experiences below are the company rating and reviews:
|User Experience||7.6 / 10|
|Products & Services||7.8 / 10|
|Brokerage Charges & Fees||8.1 / 10|
|Research & Advisory||8.2 / 10|
|Trading Platforms||8.1 / 10|
|Overall Ratings||8.0/ 10|
FXCM Forex Trading – Conclusion or Verdict
The final verdict on FXCM’s Forex Trading falls on the positive side. The transparency of spreads along with detailed analysis tools makes FXCM the go-to platform for several traders.
If you can manage to take advantage of the minimum deposit requirements, FXCM could be your next broker.
Is FXCM Safe for Trading?
Yes. FXCM is one of the most regulated broking companies today. The constant third-party authority eyes have ensured FXCM to be safe and secure for trading. FXCM handles all trader funds very carefully, segregating them from the company funds.
What is the Commission for FXCM?
There is no added commission on FXCM. All charges and fees are added to the spreads themselves. Your spreads will depend upon the asset you trade-in, your region, and lot size. Pips are the only additional cost that you have to bear for trades.
How to Open Trading Account with FXCM?
To open an account with FXCM, head to their website and click on “Open Account” on the extreme top right of the page. You will have to choose your country of residence and then put in your email address, phone number, and password. Once you choose your account type and platform, you can click on “Continue”.
Can I invest in Cryptocurrency with FXCM?
Yes. At present, investment in certain Cryptocurrencies through FXCM is possible. However, as FXCM is regulated by FCA, they have released guidelines stating Cryptocurrencies as ill-suited for retail traders. Thus, you must read the guidelines before you opt for the accounts.
What leverage does FXCM provide?
In the case of all CFD transactions, FXCM provides leverage of 200:1. For Forex transactions, you get a leverage model depending upon the equity in your account. If it is greater than 20,000 then the leverage is 100:1, otherwise, it is 400:1.
Does FXCM have a trading app?
Yes. FXCM has a trading application that can be used on all Android, iPad, and iPhone devices. It is designed exceptionally well keeping in mind the motives of young investors. The interface is intuitive and not too complicated to understand.
How to contact FXCM customer care?
You can contact FXCM customer care by heading to their website and clicking on “Support”. It is the first option on the right side. You can choose to live chat with them, WhatsApp them, email them, or call them depending upon your query.
Is FXCM Regulated?
Yes. FXCM is regulated by three major regulatory bodies. They are the Financial Conduct Authority (FCA), the Australian Securities and Investments Commission (ASIC), and the Financial Service Provider (FSP).
Is FXCM good for Beginners?
Yes, beginners can start experimenting on FXCM’s demo account as it is completely free of cost. With the same features of a live/standard account, beginners can first explore the platform before they dive deep into the markets.
Who founded FXCM?
FXCM was founded by Brendan Callan in 1999. With the company completing 20 years of existence just a while ago, Brendan’s purpose of making Forex easier has come true. FXCM has made its way into several countries around the world.
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