FXCM Review Summary
FXCM Review Highlights
Pros & Cons
- High level of education and resources for clients
- Reliable desktop and mobile app support
- Access to Demo Trading Accounts
- Plenty of algorithmic tools
- Availability of a wide range of features
- Award-winning provider
- Exposure to six separate groups of assets
- Low charges for standard retail accounts
- Competitive pricing structure, particularly for Active Trader accounts
- Fully regulated by the UK Financial Conduct Authority with investor protection under the Financial Services Compensation Scheme
- Low rates of leverage for retail customers controlled by ESMA
- No support for SMS available
- Does not have managed accounts
The FXCM platform is easy to navigate and new customers will find it easy to find answers to the most common questions via the site FAQs section. The comprehensive knowledge base and education center also offers a wealth of knowledge on trading techniques for beginners or experts.
The knowledge base includes video tutorials as well as conventional written material. Seminars, webinars and online classrooms are also available to provide further knowledge and insight into trading. New traders may benefit from opening a Demo account to learn more about trading forex without risking their own cash.
Open an Account
It’s relatively easy to open an FXCM account right away and the trading platform is available for desktops, laptops, Macs and smartphone devices.
Traders can open an account with a minimum deposit of GBP 300. Live traders can receive real-time updates and signals to know details about their trading activities, while FXCM analytics offers a wealth of insight and research into trading practices.
The Active Trader account at FXCM is open to traders depositing a total of 25,000 euro in their preferred currency and gives clients lower exchange commissions and access to a knowledge base for more skilled trading.
There are two major trading platforms on the network, the FXCM Trading Station and its MT4 offering.
The FXCM Pro account is open to small hedge funds, institutional brokers, and emerging market banks to manage wholesale executions. All the while FXCM Prime accounts are also available for high or medium-frequency funds.
Assets and Markets
The available FXCM trading markets include:
- Forex pairs
- Commodities such as oil and gold
- Global stock index
Algorithm trading is available to customers who want to automate their strategies.
Spreads & Commissions
Some of the popular currency pairs traded on FXCM are EUR/USD, where you can get a low spread of just 1.3 Pips and GBP/USD with a low spread of 1.6 pips.
FXCM does not charge any kind of fund deposits, and standard traders are not charged trade commissions. Their charge is levied across spreads that are calculated automatically when trades are executed. All positions held at 5 p.m. Eastern US time (which is around 10 p.m. UK time) are also subject to overnight costs.
If you move to an Active Trader account, the fees will be lower; however, you will be charged a commission per trade plus a spread.
You will probably need to pay commissions based on the basic currency used in your trading account, and this varies between different trading accounts. You can also charge a currency exchange fee from your debit or credit card issuer and find out more about it from your bank or card issuer.
The broker aims to deliver some of the cheapest spreads on the market and to reduce its rates for active traders or institutional investors.
FXCM manages standard European Securities and Markets Leveraging Authority for retail customers set at:
- 30:1 for forex tradesin major currency pairs
- 20:1 for trades in small currency pairs, big indices and gold
- 10:1 for non-major indices and all other commodities
- 2:1 for cryptocurrences
Professional clients may opt for a higher level of leverage, which is based on the trading position divided by the margin requirement and the amount of equity held in the account. CFD trading is fixed at a rate of 200:1 and forex trading is capped at 400:1 for accounts with a currency value of less than 20,000 and 100:1 for accounts with a currency value of more than 20,000.
FXCM was established in the UK in 1999 and provides global traders the ability to access the most liquid markets in the world. The firm was taken over by Leucadia Investments in 2015.
Leucadia Investments is part of the merchant banking organization Jefferies Financial Group. FXCM is governed by the Financial Conduct Authority in the United Kingdom and the EU, while its affiliate companies in Australia and South Africa are controlled by the authorities in their own countries.
FXCM also has branches in a variety of global cities, including New York, Berlin, Sydney and Singapore.
FXCM runs more than 130,000 global customer accounts and has received a number of prestigious industry awards. The online platform is used by private traders alongside institutional investors, and the broker also has a number of global affiliates to meet customer needs.
Apps for Smartphone Devices
The FXCM Trading Station platform is available for desktops, Macs, and mobile devices. It is a powerful platform and mobile users will enjoy quick and easy access to global forex markets from any WiFi-enabled venue. You can download the Trading Station app from the Apple App Store or from Google Play.
The mobile trading platform does a good job of providing most of the functionality of Trading Station and MetaTrader 4 (MT4). Of course, the smaller screens of mobile devices make it essential to keep flipping between the displays and to use the tabs at the bottom of the screen.
These combine to make mobile trading experience a little slower, and FXCM points out that mobile trading can carry greater risks of order duplication or price latency. It means that traders need to be familiar with all the functionality of the mobile trading platform before using mobile devices on their web on a regular basis.
You can also run hundreds of different free apps to notify your trading strategies in the FXCM catalogue. This is available from the traders area of the trading platform.
Hours for Trading
The trading hours of the brand vary from product to product. Forex trading is open on Sundays around 5:00 p.m. ET and closes around 4:55 p.m. ET on Fridays.
CFD trading closes similar to market hours and can be found on the FXCM website.
Customer Service Contact Info
Support for FXCM is available as follows:
Phone: +44 (0)207398 4050 or one freephone: 0808 234 8789.
E-mail: [email protected]
Postal Address: 20 Gresham Road, 4th Floor, London, EC2V 7JE, United Kingdom
Support can also be accessed via Live Chat on the website or by e-mail contact form.
Security and Safety
FXCM clients need to set up safe access to the website when registering an account. Customers exchanging a total of £500,000 a month can also improve security by registering for a virtual private server.
Overall, we are very impressed by the service offered by FXCM. We are particularly fond of the high level of education available to clients and the useful feature of the Demo Account. Consumers looking to trade forex and CFDs through a range of asset sectors may be recommended to register with FXCM.
Official FXCM Review Registration
If you are the owner of this platform you can manage this account. First you need to claim the ownership of the platform.