FXCM Review 2024: Pros & Cons

F X C M R e v i e w 2 0 2 4 : P r o s & C o n s

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While you can find platforms with more indicators, more charts, faster speed, as a whole, MetaTrader 4 offers one of the most complete packages because it does everything really well. MetaTrader 4’s reputation and reliability make it a sound choice for all traders. The FXCM Trading Station forex platform is generally hard to fault, it has a very user-friendly design and comes with has become FXCM’s hub for investment advice. One of the key features of the platform is the free professional charting tool known as Marketscope 2.0 which consists of price alerts, charts and a wide selection of indicators.

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Minimum Deposits and Funding Methods

Most deposit methods take up to 1 business day to complete however bank wire can take 1-5 working days. If you prefer to place orders by phone, FXCM offers a trading desk line that can be handy should you experience an interruption in your internet connection. All CFD option is commission-free, which means costs are included in the spread. Active Traders commissions can be less than most ECN brokers once you factor in that FXCM has lower commissions. Our forex comparisons and broker reviews are reader supported and we may receive payment when you click on a link to a partner site. Since 2010, FXCM has received 35 industry awards from well-respected sources.

FXCM Demo Account

  1. Other account types available include an Interest-free account, which is designed for Islamic traders who can’t pay swaps.
  2. The FXCM Trading Station forex platform is generally hard to fault, it has a very user-friendly design and comes with has become FXCM’s hub for investment advice.
  3. If you want to start practicing without making a deposit, you can open up a free demo account.
  4. It is unfortunate there is not a wider choice of Forex currency pairs as the infrastructure implemented by FXCM provides excellent trading conditions.
  5. The online broker even provides wholesale trade execution and liquidity solutions for retail forex brokers, smaller hedge funds and emerging markets banks through its FXCM Pro service.

You can choose from among several excellent trading platforms and can access copy trading through FXCM’s social trading platform and automated trading via FXCM Apps and MetaTrader4 (MT4). If you want to trade assets other than forex, FXCM also offers CFD trading in shares, metals, oil, commodities, indices and cryptocurrencies. At ForexBrokers.com, our reviews of online forex brokers and their products and services are based on our collected data as well as the observations and qualified opinions of our expert researchers. Each year we publish tens of thousands of words of research on the top forex brokers and monitor dozens of international regulator agencies (read more about how we calculate Trust Score here). New traders may appreciate a standard style account, as no commissions mean a simpler cost structure.

Popular Forex Guides

Our research team conducts thorough testing on a wide range of features, products, services, and tools (collecting and validating thousands of data points in the process). We test all available trading platforms for each broker – whether they are proprietary or come from third-party providers – and evaluate them based on a host of data-driven variables. With its wide range of available platforms and deep offering of trading tools, FXCM has set the bar high and competes among the best brokers in the industry. Whether you are a beginner or an advanced algorithmic trader, FXCM has plenty of options.

Trading Platforms

This account offers FXCM’s lowest spreads with the added benefit of discounted commission, dedicated support, and depth of market. FXCM no longer accepts U.S. clients because it had to pay $7 million in 2017 and give up its registration with the U.S. Commodity Futures fxcm broker review Trading Commission (CFTC) for failing to disclose a deal with a market maker to its clients. The broker then sold its substantial number of U.S.-based accounts to Gain Capital that operates FOREX.com, so U.S.-based traders might consider using that broker instead.

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Our Advantage Plus account offers a similar experience to the Advantage, with zero commission but wider spreads. Deposits by debit or credit card typically take 1 business day, although it can be less. A bank wire deposit can take 1 or 2 business days for domestic transfers and 3-5 business days for international ones. The minimum deposit for debit/credit cards is $50, with a maximum of $10,000 per transaction or up to $20,000 per calendar month.

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FXCM offers one of the best selections of platforms for traders to choose from. Its flagship platform, Trading Station, is available as a web, desktop, or mobile platform, or you can use MetaTrader 4, NinjaTrader, or ZuluTrade. Trading Station is an FXCM proprietary platform and therefore not used by other brokers. The range of products available to you will depend on which global entity under the FXCM Group houses your trading account. The following table summarizes the different investment products available to FXCM clients.

When making a deposit into your account with a credit card or debit card (Visa or MasterCard) there is a minimum of $50 per deposit and a limit of $30,000 per month for all FXCM clients. FXCM has a knowledge section that consists of research or market analysis tools and education. FXCM offers a choice of payment methods consisting of Bank wires, Credit/debit, PayPal, Google Pay, Apple Pay, Open Banking, Skrill, Neteller, Klarna, Rapid Transfer, China UnionPay, and Cryptocurrencies. Only the St. Vincent and Grenadines subsidiary supports them all, while other branches offer have fewer options.

That being said, FXCM does offer the forex pairs that most traders will be interested in, so only advanced and professional traders are likely to feel the lack of choices. There are also 12 indices to choose from, seven commodities, the BUND treasury fund, and one cryptocurrency CFD, BTC/USD. We also take an in-depth look at each broker’s commissions and fees, such as bid/ask spreads – including the average spread data for some of the most popular forex currency pairs.

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Please note that due to FCA regulation, UK retail traders are not able to trade cryptocurrencies with UK brokers. If you want access to crypto markets, you will need to sign up for an FXCM subsidiary outside of the United Kingdom. The majority of clients will use their Standard Account, which is designed for retail traders’ high volume traders will prefer their Active Traders account to save on costs.

This process involved existing holdings and U.S. clients being reorganized under Global Brokerage, a company with an ownership interest in FXCM. In late 2017, Global Brokerage filed for Chapter 11 bankruptcy, but FXCM Group is not involved. Other than the issues with former U.S. clients, FXCM has not faced any other investigations or issues in recent years. Overall, the platform is recognized for its support of over a dozen languages, ease of use, and strong reputation. The amount you withdraw to a debit/credit card cannot exceed the amount originally deposited. Withdrawals via cards do not have fees, but there is a $40 fee for bank wire withdrawals.

The online broker even provides wholesale trade execution and liquidity solutions for retail forex brokers, smaller hedge funds and emerging markets banks through its FXCM Pro service. Experienced Australian forex traders that require a very specific niche forex platform should consider FXCM. Those that require high leverage or are looking for low spreads/fees should review our best Australian forex broker comparison table and a provider like Pepperstone for advanced traders. This includes an economic calendar, live forex charts, and the latest market news. FXCM is a zero commission broker that offers very competitive dealing spreads on CFDs and forex currency pairs. If you trade a notional amount of over $10 million per month, you qualify for a rebate for the trades you placed that is credited directly to your trading account the following month.

Some of the reviews and content we feature on this site are supported by affiliate partnerships from which this website may receive money. This may impact how, where and which companies / services we review and write about. Our team of experts work to continually re-evaluate the reviews and information we provide on all the top Forex / CFD brokerages featured here.

All financial transactions occur in the secure back office of FXCM, MyFXCM. The deposit and withdrawal options offered by the St. Vincent and Grenadines subsidiary are the best, while others offer limited choices. FXCM caters to most international traders, including residents of UK, Australia, South Africa, and Malaysia. Should traders require assistance, they may call the toll-free numbers provided, https://forexbroker-listing.com/ use messaging app WhatsApp, e-mail the support team, engage via live chat, or contact the trading desk. The extensive support system in place is superior to most competitors, but very few traders will be likely to ever require it. Here is a screenshot of the FXCM Trading Station platform during the London-New York overlap session, the most liquid one, where traders usually get the lowest spreads.