FXCM revise

Traders have different needs, depending on their investment goals. Sometimes, you need an advanced broker with higher-than-average capabilities and state-of-the-art trading solutions.
If this aligns with your vision, you’re lucky because this FXCM review will answer all your questions.

FXCM or Forex Capital Markets is a market-making forex and CFD broker and has been an industry leader ever since it was founded in 1999. Today, it’s one of the most relevant brokers on the market for novice and experienced traders.

Deciding whether it’s the right broker for you can be a little tricky. But by the end of this comprehensive FXCM Broker review, you’ll have all your questions answered.

Table of Contents

• TL;DR: FXCM at a Glance
• Criteria Breakdown: How We Evaluated FXCM
• 8×8 X2
• FXCM: A Closer Look
• What FXCM is Best Known For
• Key Features of FXCM
• Pros of Trading with FXCM
• Cons of Trading with FXCM
• Criteria Evaluation: Breaking Down FXCM’s Performance
• Community Reviews and Expert Recommendations
• FXCM Pricing
• Alternatives to FXCM
• Frequently Asked Questions
• Final Thoughts: Is FXCM Right for You?

TL;DR: FXCM at a Glance

• FXCM is a well-regulated forex broker with a solid reputation and top-tier oversight. 
• It offers competitive spreads and a user-friendly proprietary platform. 
• The platform supports social trading and has a low deposit minimum. 
• The product range is limited compared to some competitors. 
• Excellent educational resources and research tools exist for beginner and seasoned traders. 
• High bank withdrawal fees may be a drawback for some traders. 

Criteria Breakdown

We wanted to have a bias-free evaluation of this popular broker. So, we highlighted several criteria that should matter to every investor, regardless of their interests and experience. 

Here’s a summary of how FXCM performs, with every criterion assigned a score out of 5.

FXCM: 

What FXCM is Best Known For: A Leading Broker with Top-Tier Regulation

FXCM is a leading broker that has been around since 1999. First, it was called Shalish Capital Markets and was one of the earliest brokers listed on NYSE. 

After facing some difficulties, it managed to reorganize its operations to regain its status as one of the top global brokers. It’s currently the second-largest retail forex broker outside Japan. 

This broker is regulated by Tier-1 regulators. It offers multiple tradable assets, including CFDs, cryptocurrencies, shares, indices, forex, and valuable commodities. These features give novice and seasoned traders confidence in FXCM. 

Moreover, opening an account is a straightforward process, which allows even the least experienced users to trade with FXCM Broker. But what really appeals to its clients is the library of educational resources, in addition to helpful technical indicators and analysis tools that help users learn about changing market conditions with Tradu, the multi-asset platform.

Features

Let’s dig a little deeper to learn about FXCM’s most significant features. The good news is that many of them appeal to novice and experienced investors. 

Trading Station

FXCM has a comprehensive Trading Station, which provides access to different forex, CFD, index, cryptocurrency, commodity, and share markets in one place. The platform’s proprietary mobile app guarantees easy and fast trading on the go, where users can use MetaTrader4 with all its user-friendly features. 

All FXCM traders can access TradingView, which provides technical analysis and charting options. The platform also has a strategy tester to help beginners evaluate their trading moves. 

But what if you’re a beginner? Automated trading is a sleek experience with Capitalise.AI. It monitors market data, indicators, and macroeconomics to grasp the best opportunities and respond at the right time. 

It doesn’t stop here. FXCM integrates with ZuluTrade for social trading. It allows beginner traders to learn from experts and follow in their footsteps. 

This feature helps rookies hone their skills and avoid uncalculated risks. At the same time, experienced investors can monetize their trading strategies by sharing their knowledge. 

Tradable Assets

Regardless of your investment goals, FXCM will provide an interesting opportunity to diversify your portfolio. You can trade almost 400+ types of CFDs, forex, cryptocurrencies, shares, indices, and commodities in various markets. However, this platform isn’t accessible to US clients. 

These assets are available at competitive spreads and have good leverage to encourage traders to trade more assets. 

Accounts

FXCM has two account types that are extremely easy to open. The process is fully digital and straightforward, even if it’s your first time trading. 

These two account types offer many features to appeal to beginner and expert users. However, sometimes the process takes a few days to get your account up and running. 

The Standard account has a minimum deposit requirement of $50, with leverage of 1:400 and competitive spreads. On the other hand, the Active Trader account is more suitable for experienced traders with a minimum deposit of $25,000. 

FXCM supports the Active Trader Rebate Program. It’s divided into five tiers and allows users to receive a rebate from $5 per million up to $25 per million traded. Note that this program has different requirements, depending on which entity holds your account. Assigning an account manager is available. 

Traders can also try trading using their demo account. This is an excellent choice for first-timers who want to practice their trading skills before risking real money. All accounts are available in multiple currencies. 

Plenty of Educational Resources

It’s crucial to choose a broker that helps you grow and improve your trading skills. FXCM provides access to many educational resources with a dedicated section to help you learn to trade successfully. 

The educational center offers trading guides, tutorials, webinars, live classrooms, and live charts to provide valuable insights into the market. Thanks to the different trading market signals, you’ll have enough data to make informed decisions. 

FXCM integrates with eFXplus, a FinTech app that simulates FX strategies, trade positions, quant models, forecasts, and insights from major banks. Users can access current bank views and past stats going back to November 2013.

Pros

• Regulated by Top-Tier Authorities

• User-Friendly Proprietary Platform

• Competitive Spreads for Active Traders

Cons

• Limited Product Portfolio

• High Bank Withdrawal Fees

• No Two-Step Authentication on Trading Platforms

Criteria Evaluation

To assess Forex Capital Markets, we wanted to analyze its performance and see how it scored compared to industry standards. We will break our previous table to evaluate this broker. 

Regulation and Safety: 4/5

Forex Capital Markets is regulated by several Tier-1 and Tier-2 bodies. The following institutions govern it. 

• Financial Conduct Authority or FCA in the UK. 
• Australian Securities and Investments Commission or ASIC in Australia. 
• Cyprus Securities and Exchange Commission or CySEC in the EU. 
• Financial Sector Conduct Authority in South Africa. 

So, what does this mean for you as a trader? These bodies ensure the platform follows adequate financial requirements. They also ensure that the company’s money is segregated from clients’ funds. 

This sounds like good news. However, FXCM lost a point because it previously failed to protect the funds of American clients. While it learned from its history, some investors might still feel a little skeptical about using it. 

FXCM is considered an industry leader and it offers negative balance protection except for traders registered under FXCM Markets Limited. 

Trading Platforms: 4/5

FXCM provides investors access to many trading platforms in multiple markets. You can use MT4 with its helpful trading indicators and charting tools for informed decisions. However, it lacks MT5, which provides more indicators and charting tools for seasoned traders. 

TradingView Pro allows brokers to analyze the most challenging market conditions and trade according to the latest market alerts. Users can access the Essential, Plus, or Premium plans by topping off their accounts by $300, $1,000, or $5,000 respectively. 

Users can also benefit from ZuluTrade, the broker’s social trading feature. Beginners learn by copying the moves of seasoned investors. Moreover, this feature allows them to reduce their risk in challenging market conditions. 

At the same time, social trading represents an accessible passive income opportunity for experts. By sharing your investment decisions, you can make money every time someone gains by copying your moves.

But that’s not all. Many industry leaders consider FXCM Broker a leader in algorithmic trading solutions. Beginner users can depend on Capitalise.AI, while seasoned traders can access this feature using Python. All trading features are available on Tradu, the multi-asset all-in-one trading app. 

Product Range: 3/5

FXCM is a comprehensive broker that allows investors to trade more than 400 CFDs, forex, cryptocurrencies, fractional shares, indices, and commodities. 

While this sounds like a good opportunity for diversifying your portfolio, many traders would still consider another broker due to the limited alternatives available. For example, it doesn’t allow access to trading options or bonds. 

Nevertheless, FXCM is the number one broker for many users as it operates in 43 exchanges in Asia, Africa, Europe, and the Americas. However, there are some restrictions. For example, UK retail traders can’t trade crypto CFDs. 

Fees and Commissions: 3.5/5

Forex Capital Markets has moderate fees compared to other brokers. There are no account, deposit, or withdrawal fees if you’re using debit or credit cards, and this makes the platform appealing to beginner users and those on a tight budget.

However, this broker charges an inactivity fee of $50 after one year of not using your account. Additionally, withdrawal fees apply for bank transfers. 

All forex trading fees are built into spreads, and there’s no separate commission. This also applies to CFD trading. 

Research and Education: 4/5

FXCM Broker is a good platform for beginners and experts, thanks to its extensive and accessible educational center. Its different trading tools and platforms provide an excellent opportunity for research with a wide range of charting and analytical tools. 

Users can compare about 60 market indicators and data trends to make the best decisions in volatile market conditions. Plus, they can access the latest articles, webinars, and videos to improve their skills. 

The advantages don’t stop here, as it offers live classes, regularly updated to cope with the latest market trends. Access to proprietary data and premium resources is a guaranteed way to help beginners gain more experience on the platform. 

Yet, some resources like live online classes and market signals might not be available to you, depending on your location. 

Customer Support: 3.5/5

The platform is available in English, Spanish, French, German, Arabic, Chinese-Mandarin, Italian, and Greek and email response is immediate. Additionally, FXCM can support telephone orders. 

However, this platform didn’t score high because customer support, including live chat, is only available 24/5 —from Monday to Friday. 

This can be a little inconvenient, depending on your time zone and the trading hours in your favorite market. Beginners can especially feel a little stranded in case of an emergency as they’ll have to wait for a while to have an issue sorted out. 

User Experience: 4/5

Overall, it’s safe to say that FXCM’s clients enjoy a good user experience. The platform has a low account minimum required, allowing anyone to access forex and CFD trading, even those on a tight budget. Users will also enjoy one-click execution with the mobile app. 

Forex Capital Markets publishes detailed monthly execution reports to improve users’ experience. These reports highlight slippage statistics and trade execution quality, further educating investors about changing market conditions.

However, the desktop app doesn’t support two-factor authentication, which is essential for online safety. Additionally, some traders feel that the product offering is limited compared to other established brokers. 

Additional Features: 3.5/5

FXCM supports MT4, with convenient trading and charting tools. However, some users still need the advanced charting tools and indicators provided by MetaTrader 5. 

Some investors love using Forex Capital Markets as it supports different order types, allowing for slippage and hedging strategies. Also, users can benefit from integrated tools like TradingView and Capitalise.AI for more flexibility. 

Besides the rebate program, users can access different bonuses that get updated regularly. Moreover, you’ll receive a bonus if you refer family and friends.

Community Reviews and Expert Recommendations

It’s always a good idea to evaluate a broker by analyzing actual users’ experiences. Overall, many praised FXCM for its user-friendly platform and availability of multiple trading platforms. 

N0K_24 shared their experience on TradingView, praising the platform’s interface, “Very easy to set up and I’m glad I also get an account manager that provides me with useful tips and advice. Honestly a really good forex broker.” 

Inshan I. Mohammed explained on Trustpilot that after trying other brokers, they had to return to FXCM, “Returned to forex after a break and stunned by the sheer volume of material to navigate. Great service either through a proactive client support rep (Miguel) or a very helpful portal. Amazing bag of trading tools to help the beginner to expert and not to forget, free trading signals! Features you pay for on other sites, you get for free at FXCM once you’re able to open a live account. A longtime fan. Much to discover and restart my trading journey” 

Nevertheless, it’s only fair to mention that some users didn’t have such smooth sailing with FXCM. A Trustpilot user named Tok didn’t like the high fees and thought that the fees system was a bit complicated to understand, “Fees and commissions are high for MT4. It is certainly not free and on the chart and graphs, commissions and swap fees are separated and it is so hard to see which one belongs to which. I do not like the way they put those fees.”

Most industry experts consider FXCM a trustworthy broker, thanks to its top-tier regulation and availability of multiple trading platforms and tools. However, for a broker that has been around since 1999, it could work on its product offerings and high withdrawal fees. Moreover, 24/7 customer support will probably make this platform more popular. 

Price

FXCM Broker offers tight spreads, starting at 0.2 pips for Active Trader clients who qualify for discounts. Trading is commission-free, as all fees are already included. However, standard account trades are eligible for higher fees. 

Users can open a standard account with a minimum deposit of $50 and there are no deposit or withdrawal fees unless you’re withdrawing money using a bank transfer. However, after one year of inactivity, the platform will charge you a $50 inactivity fee. 

Alternatives to FXCM

Despite being one of the most established brokers on the market, Forex Capital Markets might not work for all users. Here are other alternatives that can be more appealing: 

IC Markets

IC Markets offers low spreads and massive educational resources with free deposit and withdrawal options. Read our IC Markets review for more on this trusted broker.

Forex.com

Forex.com is a top-tier regulated trading platform with low forex fees.It also offers a wide range of research tools to help you grow as an investor. You can learn more about it by reading our Forex.com review. 

Pepperstone

If you’re interested in diversifying your portfolio, Pepperstone will be an excellent choice. It supports many trading platforms and provides fast execution speeds. Check our Pepperstone review to see if it’s a good option. 

FxPro

For those interested in competitive trading conditions and top-tier regulation, FxPro could be the right option for you. It supports many trading platforms that you can learn by reading our FxPro review for more information. 

FAQs

Is FXCM a reliable forex broker?

FXCM Broker is one of the most trustworthy trading platforms in the world, as it’s overseen by top-tier regulatory bodies, including the FCA, ASIC, and CySEC. It has been around since 1999, meaning it’s one of the earliest trading platforms to be listed. 

What trading platforms does FXCM offer?

FXCM offers multiple trading platforms to appeal to different investors. First, it has a dedicated Trading Station where it provides access to MT4 with all its basic yet necessary trading indicators and charting tools. Read our MetaTrader 4 review to learn more about this amazing platform. 

Traders can benefit from the TradingView integration with its Pro version, which adds more features. ZuluTrade is a must for beginner investors interested in social trading. 

But that’s not all. Forex Capital Markets is a pioneer in algorithmic trading with Capitalise.AI.

What are FXCM’s spreads like?

In general, FXCM spreads are considered competitive compared to other trading platforms. Active Trade account users can access spreads as tight as 0.2 pips on the most common currency pairs.

However, spreads can be wider for other assets. Yet, they’re still considered low to medium compared to the industry average. 

Does FXCM offer demo accounts?

Yes, FXCM offers demo accounts for beginners and those who want to practice their trading skills before risking their hard-earned money. 

Using this demo account will give you confidence in your trading skills and help you become a better investor. Check out our list of non-expiring demo account brokers for more practice. 

What educational resources does FXCM provide?

FXCM offers multiple educational resources, including articles, tutorials, live classes, and webinars. This variety appeals to rookie and experienced users because it covers all the basics of trading. The library gets regularly updated with the latest market trends.

Final Thoughts: Is FXCM Right for You?

As a trader, choosing the right broker can truly make a big difference in how successful your trading journey will be. This is precisely why we prepared this in-depth guide to help you decide if FXCM is worth your time and your trust.

So, is FXCM the right broker for you? It really depends on your trading needs. 

FXCM has been a trusted name since 1999 and is backed by top-tier regulators. FXCM offers easy-to-use platforms and helpful educational tools that make it a great option for beginners. Plus, Active Trader account users get access to competitive spreads, which is a  nice bonus.

However, if you’re a trader who appreciates having a wide range of tradable assets and 24/7 customer support, this might not be the right broker for you. Moreover, its bank withdrawal fees can turn off some users. 

That being said, many traders still choose FXCM for its social and algorithmic trading features. If you’re unsure, you can test out their demo account and see if it works for you. 

At TopBrokers, we understand that choosing a broker can feel a bit risky. That’s why we’ve created resource articles such as how to read forex charts, the best way to create and manage a forex trading strategy, and more so that you can develop strong trading strategies and learn everything you need to know to become a successful trader.