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General Information

Broker Name: FXCM Ltd.
Broker Type: Forex
Country: United Kingdom
Operating since year: 1999
Regulation: AMF, ASIC, BaFin, CONSOB, FCA, FSB
Address: 0 Gresham Street, 4th Floor, London EC2V 7JE, United Kingdom
Broker status: Regulated
Customer Service
Phone: +1 646 253 1401
Email: General Inquiries: [email protected]
Account Specific Inquiries: [email protected]
Languages: English, Chinese, German, French, Italian, Spanish, Vietnamese, Arabic.
Availability: Monday to Friday. 24/5
Trading
Trading platforms: MT4
Trading platform Time zone: International
Demo account: YES
Mobile trading: YES
Web-based trading: YES
Bonuses: YES
Other trading instruments: YES
Account
Minimum deposit ($): $50
Maximal leverage: 1:30
Spread: YES
Scalping allowed: YES

FXCM Review

Review Contents:

  1. FXCM General Information;
  2. Tradable Products;
  3. FXCM Trading Accounts;
  4. Deposit & Withdrawals Options;
  5. Research Tools;
  6. Platforms and Tools;
  7. FXCM Review Conclusion.

THANK YOU

FXCM General Information

A FXCM Ltd, also known as Forex Capital Markets, is a Broker Company based in the UK. Originally founded in New York in 1999, London­-based FXCM grew rapidly. Its head office is located at 20 Gresham Street, fourth Floor, London EC2V 7JE, United Kingdom. Following the 2010 acquisition of UK-­based ODL Group FXCM is one of the world’s largest retail forex broker.

FXCM  online broker company faced some allegations, starting with fines triggered by accusations of slippage mismanagement and ending with a long-lasting ban on United States operations as part of a February 2017 agreement with Commodity Futures Trading Commission (CFTC). Jefferies Financial Group, formerly Leucadia National Corp, holds a majority interest.

The brokerage firm also maintains offices in several other locations, like Australia, several EU countries, and South Africa. It currently runs ten sales offices on five continents. So, the broker is quite popular in the online trading community. It won various awards.

WINNER

In 2015, it once suffered a massive loss when the Swiss franc was unpegged from the US dollar ever since the recovering FXCM focused on catering to the trading needs of both beginner traders and experienced traders.

FXCM platform choices support all types of trading styles and account levels. It has an impressive educational portal that focuses on lower­-skilled clients and beginner traders. Thought, the research section is less comprehensive, lacking webinars, and videos.  Bottom line trading costs are a little bit complicated to estimate from site documentation. This generates transparency issues for both standard and active trader accounts.

Investor Protection & FXCM Regulations

In terms of regulatory oversight, the UK’s Financial Conduct Authority (FCA ) regulates  FXCM. The FCA is one of Europe’s leading financial regulatory agencies. Moreover, it is highly regarded. It offers a high level of protection to traders. Besides, the Financial Services Compensation Scheme (FSCS) protects UK clients of FXCM. Moreover, in case of scam and theft the company reimburses up to a maximum of 50,000 pounds. Furthermore, other regulatory agencies collaborate with FXCM such as European AMF, BAFIN, CONSOB as well as in Australia by ASIC.

To sum up everything, FXCM is publicly traded, does not operate a bank, and is authorized by three tier-1 regulators (high trust): Australian Securities & Investment Commission (ASIC), Investment Industry Regulatory Organization of Canada (IIROC), and the Financial Conduct Authority (FCA). Also, two tier-2 regulators (average trust), and zero tier-3 regulators (low trust).

Reliability

FXCM is a well-known forex trading company among its peers. However, in 2017, the broker suffered a setback to its reputation in the US market.  Over the last few years, FXCM has been working hard towards rebuilding its reputation and brand. Actually, over the last couple of years, FXCM has won several awards. It is a reliable proof of its commitment to regaining its prestige among the online trading community.  In 2017, FXEmpire nominated it for “Best Customer Support.”

FXCM FEATURE

Tradable Products

FXCM offers six different classes of assets in total across 39 currency pairs, 13 indices, two cryptos, one treasury, metal, and nine commodities. In other words, terms of tradable products FXCM offers to trade in the forex market commodities and indices. UK clients also have an opportunity to participate in spread betting on currency pairs.

FXCM PRODUCTS FXCM Trading Accounts

FXCM REVIEW: ACCOUNTS Account Opening

The process is user-friendly and quite easy. It is a simple 3-step account opening process.

There is a choice of two different types of account at FXCM for trading: a Standard account and an Active Trader account.

Account Opening

Standard Account

  • Minimum deposit – $50
  • Thirty-nine currency pairs, three precious metals and CFD’s including 13 indices and nine commodities
  • MT4 trading platform and FXCM Trading Station
  • Extensive Educational package
  • FXCM leverage ratio is 1:30
  • Earn 5% interest in uninvested funds (Maximum of $50K)
  • Market indicators and signals
  • Spreads start at 1.3 pips for criterion USD/EUR

Active Trader Account

For high volume traders

  • Account available on application only
  • $25 commission per million
  • Reduced trading cost
  • Market Depth
  • API (Application Programming Interface) Trading
  • Free eFXplus derived-data service (DDS) premium subscription
  • Spreads from 3.3 pips for benchmark EUR/USD

Also, the company provides its users with a practice FXCM demo account funded with £50,000 virtual money. It takes less than 60 seconds to sign up for a demo account, and the client can choose whatever platform he/she desires.

Live Trading Account

It takes three simple steps to open a live trading account on FXCM.

STEP 1:

An investor selects the country of residence. Chooses a preferred trading platform. Proceeds and clicks on “Begin Application.” Afterward, the client is redirected to a secure server to complete the registration form.

STEP 2:

The clients fill out the registration form with all the required details. Once the application form has been completed and submitted, FXCM will then process the application and email an account number. To complete the application, the FXCM user will be required to submit two documents, a government-issued ID and proof of residence. Once every step is completed, only a last and final step is left, which is to fund the trading account.

STEP 3:

The final step of the account opening process is to fund a trading account after which the trading begins immediately.

Deposit & Withdrawals Options

When it comes to funding a trading account, FXCM provides support for four main types of payment methods. This includes credit/debit cards, electronic fund transfer, bank wire transfer, UnionPay, Skrill, and Neteller.

Also, all Bank Wire requests are charged with a $40 withdrawal fee. They claim to process the client’s withdrawal requests within one to two business days where possible. Deposits are free of charge.

Customer Support at FXCM

FXCM CUSTOMER SUPPORT FXCM online customer support system is provided on a 24/5 basis. The response of the support team is commendable. Although, any queries on live chat are attended to almost immediately.

Traders can get in touch with the support team through Live chat, email, SMS message or call them directly on the telephone. International clients can call FXCM on a localized number if they are based in the following countries:

  • AUSTRALIA
  • HONG KONG
  • ITALY
  • CANADA
  • FRANCE
  • SOUTH AFRICA
  • GERMANY
  • ISRAEL
  • GREECE
  • FXCM UK

Research Tools

FXCM provides forex traders with a wide range of market research tools and resources that will appease the majority.

FXCM ECONOMIC CALENDAR

Benefits

  • In 2018 FXCM launched Quant News, featuring videos, webinars, and news articles for algorithmic traders.
  • FXCM has done a good job in incorporating educational information into its research.
  • Moreover, noting that FXCM’s research tools include news headlines from Investing.com, premium content from Trading Central, as well as a market screener tool and a pattern-recognition scanner developed in conjunction with Grid Sight Technologies LTD.

Considerations

  • NONE

FXCM Platforms and Tools

FXCM PLATFORMS

FXCM sets a quite high bar. The FXCM broker offers a growing range of trading platforms and tools for algorithmic trading.  Also, the Trading Station platform and third-party platforms such as MetaTrader4 (MT4) and NinjaTrader are accessible via desktop, the web, and mobile.

COMPARE PLATFORMS Benefits

  • FXCM’s main trading platform, Trading Station, does well at catering to the forex trader needs, regardless of skill level. The Marketscope 2.0 charting feature within the platform is a powerful charting package that runs in parallel to the main platform window.
  • The web version of Trading Station runs smoothly. Charts pack nearly the same number of indicators as the desktop.
  • FXCM NinjaTrader platform from FXCM features numerous trading tools. It helps in creating trading strategies and indicators from scratch.
  • The FXCM App store provides various technical indicators, add-ons, and automated trading robots for Trading Station, FXCM MT4, and NinjaTrader platforms.
  • Also there is a dedicated technical support team to assist traders in developing their MetaTrader4 Expert Advisors (EAs).

Considerations

  • FXCM’s Trading Station platform and the company’s Active Trader offering can captivate and engage the sophisticated trader, but newcomers may face an arduous learning process due to the advanced platform features that may require getting used to in tie-up with FXCM’s educational materials.
  • While NinjaTrader does not come pre-loaded with trading strategies, users can make their own or use the third party developed NinjaScripts, similar to how the MT4 platform operates.

FXCM Review Conclusion

Therefore, the question “is FXCM good for traders?” has an easy answer. Yes, it is. Overall, FXCM has been able to offer its traders a fulfilling trading experience on its trading platform. FXCM is a great choice for active forex traders.  Besides, it has competitive spreads, as well as automated trading strategies. All of FXCM’s platforms offer traders the ability to run algorithmic trading and access advanced charting tools.

Advantages

  • Regulated Broker
  • Low minimum deposit requirement
  • Numerous free trading tools provided
  • MetaTrader and home¬have grown Trading Station
  • Algo trading APIs and third-party specialty platforms
  • Social/Copy trading platforms
  • Multiple choices of trading platforms

Disadvantages

  • Specialty platforms incur fees
  • Weak CFD coverage
  • After losing US regulatory license doesn’t accept US clients
  • No share coverage
Overall
4.5
  • Support
    (4.5)
  • Platform
    (4.5)
  • Spread
    (4.5)
  • Trading Instrument
    (4.5)

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