FXCM Review

FXCM, also known as Forex Capital Markets, has been an online forex broker since 1999. FXCM has established itself as a reputable broker in the industry, offering a range of trading instruments, including forex, indices, commodities, and cryptocurrencies.

FXCM is well-known for its innovative trading technology, providing clients with access to advanced trading platforms, such as Trading Station, NinjaTrader, and MetaTrader 4. They also offer a range of account types to suit different trading styles and preferences, including mini accounts with low minimum deposits.

The broker is regulated in multiple jurisdictions, including the UK, Australia, and South Africa, ensuring high security and transparency for its clients. They also offer 24/7 customer support in various languages, making them an ideal choice for traders who require support in their native languages.

Whether you're a beginner or an experienced trader, FXCM offers a range of educational resources to help you improve your trading skills and knowledge. They also provide access to social trading platforms, such as ZuluTrade and Mirror Trader, allowing you to follow and copy the trades of successful traders.

Supported Countries

FXCM supports clients from over 190 countries, including the United Kingdom, Australia, Canada, Germany, France, Italy, and Spain. Their global reach enables them to provide traders with a wide range of trading products, including forex, stocks, indices, and commodities.

The platform is also available in multiple languages, including English, Spanish, French, German, Italian, Chinese, and more. 

Traders from supported countries can enjoy various benefits, including access to the FXCM trading platform, low spreads, competitive pricing, and reliable customer support. FXCM is a regulated broker, ensuring clients' funds are safe and secure. 

The broker's reputation in the industry speaks for itself, with positive FXCM reviews from clients worldwide. Regardless of your location, if you are looking for a reliable forex broker that caters to your needs, FXCM is a great choice.

Customer Service Rating

FXCM has a good customer service rating, with an overall satisfaction score of 4.0 out of 5 based on customer reviews. The broker is highly responsive to customer inquiries, with a dedicated support team available 24/7 through multiple channels, including phone, email, and live chat. The support team is known for its efficiency and effectiveness in resolving customer issues promptly.

While there have been some negative reviews regarding withdrawal requests, the broker has addressed these issues with a clear and transparent process for submitting withdrawal requests. 

FXCM Trading Platforms

FXCM broker provides various trading platforms available to be installed on a computer, iOS, or Android device, and web-based. 

• FXCM Trading Station: It features market orders, pending orders, one-click trading, and sophisticated charting. It also includes popular technical indicators and automated strategies. FXCM Trading Station also has unique features like Strategy Backtesting, Easy Language Programming, and a platform that supports automated trading strategies.

• NinjaTrader: It features customizable charting and advanced market analysis tools. It also includes advanced charting tools like the Market Analyzer, which helps traders identify trading opportunities quickly. NinjaTrader's strategy builder and backtesting features enable users to build and test automated trading strategies.

• MetaTrader 4: It is known for its user-friendly interface, intuitive charting tools, and advanced features like automated trading and copy trading. The platform supports various order types, including market orders, limit orders, stop orders, and trailing stops. It also offers multiple charting tools and indicators, allowing traders to conduct in-depth technical analysis. 

• Proprietary FXCM App: This cutting-edge trading platform is available for download on Android and iOS devices. This app allows traders to access real-time pricing on forex, cryptocurrencies, and other CFD products. The app also offers advanced charting capabilities, technical analysis tools, and a customizable interface to suit each user's needs. The FXCM App also features one-click trading, stop-loss, take-profit orders, and a real-time economic calendar.

Type of Trading Accounts on FXCM

FXCM offers four types of trading accounts to suit the needs of different traders:

• Standard Account: This account is the most common and is suitable for experienced traders. The minimum deposit for this account is $50, and traders can access up to 39 currency pairs, commodities, and indices. There are no trading restrictions, and traders can use any trading strategy, including automated trading.

• Mini Account: This account is suitable for beginner traders who are just starting and want to trade with smaller amounts. The minimum deposit for this account is $50, and traders can access up to 18 currency pairs and gold and silver. The maximum trade size is 50,000 units of the base currency, and there are no trading restrictions.

• Active Trader Account: This account is suitable for high-volume traders who make more significant trades and require a lower cost of trading. The minimum deposit for this account is $25,000, and traders can access tighter spreads, priority service, and a dedicated account manager. Traders can access up to 39 currency pairs, commodities, and indices.

• Professional Account: This account is designed for experienced traders who trade with large volumes and need customized solutions. The minimum deposit for this account is $25,000, and traders can access various advanced trading tools and features, such as custom solutions and API integration. Traders can access up to 39 currency pairs, commodities, and indices.

Trading Denominations on FXCM

FXCM broker offers the option of 13 base currencies - USD, EUR, GBP, AUD, CAD, CHF, HKD, JPY, MXN, NZD, PLN, SGD, and ZAR. Traders can open an account in these currencies and trade in their preferred currency. 

Traders can choose their preferred base currency when opening an account with FXCM. This is helpful for traders who want to avoid exchange rate risk and fees; they can avoid currency conversion fees and manage their accounts in their preferred currency. 

FXCM also offers competitive exchange rates for currency conversions, making it easier and more cost-effective for traders.

Company Structure

FXCM was founded in 1999 in New York, United States. It has since expanded its operations to multiple countries, including the U.K., Australia, France, Germany, Italy, Greece, and South Africa. 

The broker holds regulatory licenses from several top-tier organizations, including the Financial Conduct Authority (FCA) in the U.K., the Australian Securities and Investments Commission (ASIC), and the Financial Sector Conduct Authority (FSCA) in South Africa. To confirm the broker's public profile and validate the registration number, clients can look up the entity name "FXCM Group" on the regulator's website.

The broker also offers various trading platforms, such as the popular MetaTrader 4 (MT4) and Trading Station, as well as a proprietary platform called NinjaTrader. FXCM is known for its competitive spreads and customer service, making it a popular choice among traders worldwide.

FXCM Licenses and Regulatory Compliance

FXCM is a well-regulated brokerage firm with several licenses and adheres to regulatory compliance in multiple jurisdictions. Here are some of the licenses and regulatory compliances that FXCM holds:

• Financial Conduct Authority (FCA): FXCM UK is authorized and regulated by the FCA. The firm's registration number is 217689.

• Australian Securities and Investments Commission (ASIC): FXCM Australia Pty. Limited is authorized and regulated by ASIC. The firm's Australian Financial Services License (AFSL) number is 309763.

• Cyprus Securities and Exchange Commission (CySEC): FXCM EU LTD is authorized and regulated by CySEC. The firm's license number is 392/20.

• Financial Sector Conduct Authority (FSCA): FXCM South Africa (PTY) LTD is authorized and regulated by the FSCA. The firm's FSP number is 46534.

• Commodity Futures Trading Commission (CFTC): FXCM US LLC is a registered Futures Commission Merchant (FCM) and Retail Foreign Exchange Dealer (RFED) with the CFTC. The firm's registration number is 0308179.

• National Futures Association (NFA): FXCM US LLC is also a member of the NFA. The firm's membership ID is 0308179.

• Financial Markets Authority (FMA): FXCM New Zealand Limited is registered with the FMA as a financial service provider. The firm's registration number is FSP238465.

FXCM Customers Protection

FXCM is a well-established forex broker that provides trading services to clients worldwide. With a focus on customer protection, FXCM has implemented various measures to ensure the safety of clients' funds and provide a secure trading environment. 

Here are some ways in which FXCM prioritizes customer protection.

• Segregated Accounts: FXCM segregates client funds from its operational funds, which means that clients' funds are unaffected in the event of any financial difficulties.

• Financial Regulation: FXCM is regulated by reputable financial authorities, including the Financial Conduct Authority (FCA) in the U.K., the Australian Securities and Investments Commission (ASIC), and the Financial Sector Conduct Authority (FSCA) in South Africa. These regulatory bodies ensure that FXCM complies with strict rules and guidelines to protect clients' interests.

• Negative Balance Protection: FXCM offers negative balance protection to its clients, meaning that clients can never lose more than the amount they have deposited into their trading accounts. This protects traders from unexpected market movements that could cause losses beyond their account balance.

• Compensation Scheme: In the unlikely event that FXCM goes bankrupt, clients' funds are protected by the Financial Services Compensation Scheme (FSCS) in the U.K. and the Australian Client Money Protection (CMP) scheme. The FSCS and CMP ensure that clients are compensated up to a certain amount in case of a broker's insolvency.

• Security Measures: FXCM takes security seriously and uses state-of-the-art technology to protect client data and prevent fraud. The broker uses SSL encryption to protect client data, and clients can set up two-factor authentication to further secure their accounts.

Trading Information

FXCM allows automated trading strategies, offers mandatory stop-loss and take-profit requirements, and allows hedging. The company offers forex trading through spot or CFDs and non-CFD U.S. and international stock trading. FXCM also offers social trading and copy trading, physical and CFD cryptocurrency trading. 

Clients can choose from several account types with multiple deposit/withdrawal methods. FXCM offers also offers a range of trading tools, including advanced charting, technical analysis tools, and a customizable trading dashboard. 

Furthermore, the company provides education and training resources for traders at all levels, including beginner, intermediate, and advanced courses. FXCM provides desktop and web platforms and access to trading groups on social media platforms such as Facebook, Discord, and Telegram.

Tradable Instrument

• Over 39 currency pairs, including major, minor, and exotic pairs

• CFDs on stock indices, commodities, and bonds

• 50+ cryptocurrencies, including Bitcoin, Ethereum, and Litecoin

• Spot metals like Gold and Silver

• Energy products such as U.S. Crude Oil and Brent Crude Oil

• U.S. and international stock trading (non-CFD)

• Fractional shares trading (non-CFD)

Deposit and Withdrawal

Deposit

FXCM offers a variety of convenient and secure methods for clients to deposit funds into their accounts, including ACH or SEPA transfers, PayPal, Skrill, Visa/Mastercard, bank wire transfers, and cryptocurrency deposits. 

The minimum deposit required to open an account varies depending on the type of account, with the standard account requiring a minimum deposit of $50 and the Active Trader account requiring a minimum deposit of $25,000.

                                                    Withdrawal

FXCM also offers several convenient methods for clients to withdraw their funds, including ACH or SEPA transfers, PayPal, Skrill, Visa/Mastercard, bank wire transfers, and cryptocurrency withdrawals. 

However, it's important to note that withdrawal fees or minimum withdrawal amounts may be associated with some methods. Withdrawal requests are typically processed within one to two business days, depending on the method chosen.

FXCM Trading Education and Training

FXCM offers trading education for beginners, intermediate, and advanced traders through various resources such as webinars, trading guides, and market news. The broker also provides a demo account to practice trading strategies before risking real money. Additionally, FXCM offers a range of trading tools, such as charting software and analysis tools, to assist traders in making informed trading decisions. Social trading and copy trading options are also available through the broker's partnership with ZuluTrade.

FAQs

Is FXCM a scam?

FXCM is a legitimate forex broker that is regulated by multiple financial authorities around the world.

How do I open an FXCM trading account?

Visit www.fxcm.com and select "Open account" from the menu at the top of the page. 

Conclusion

FXCM is a well-established and reputable online trading platform that offers a range of trading instruments to suit the needs of different traders. From forex to cryptocurrencies, the platform offers competitive spreads, leverage, and a variety of trading tools to help traders make informed decisions. In addition, the platform is licensed and regulated in various jurisdictions, which ensures customer protection.

FXCM also provides a range of account types to cater to different traders' needs, with varying minimum deposits, spreads, and commission structures. The platform also offers educational resources to help traders improve their skills and knowledge, making it an excellent choice for novice and experienced traders.