FXCM Review in 2020

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FXCM review


FXCM Review in 2020

At Top10best.io, we strive to help you make informed decisions about financial matters. We provide you with detailed review of brokers and financial brands in the market.

By the way, we’re 100% free to use & fully independent
Trusted by thousands


FXCM review FXCM Review:
Low Fee CFD broker in 2020


FXCM is one of the oldest brokerage firms and started offering trading service since 1999 and is owned by Jefferies Financial Group, an NYSE listed company. They managed to maintain a good reputation as one of the Australian Brokerage firms with focus on FX Forex and CFD trading.
FXCM is also regulated by FCA in UK and in South Africa.

Even though FXCM is not publicly listed on any stock exchange, the company maintains a good reputation as a low fee trading platform with strong technical analysis and tools.
Unfortunately their portfolio is not that strong and The services that FXCM offers are mainly around Forex, CFD, Crypto. We have analysed over 31 Tier-1 online brokers & online trading paltforms, and rated FXCM as an option for:

  • Low Trading Fee broker
  • Low Trading Fee Broker
  • Best online broker for beginners
  • Decent Research provides
  • You can also find other options and review the best forex brokers or glance through our list of best CFD brokers that our editorial team has reviewed this month, alongside other online brokers.

    FXCM Pros and Cons

    To put is simply, FXCM offers CFD FX and Crypto, and you can use their online trading platform in all 3 forms of web, mobile and desktop (the platform is not as as strong as other competitors like IG, and eToro but Meta Trade is well known to all online traders). The mobile trading app is not good but on the other hand, the desktop paltform offers charting features with decent customization capability.

    A good side of the fact is thet its trading fees are low and there is no extra fee for withdrawal. They also allow you to choose 3 different base currencies.

    If you wish to see other options, you can easily compare FXCM alternatives or keep on reading.



    best cfd broker
    Low Trading Fee Broker
    Trade Now

    Account Fees:

    NO

    Minimum deposit:

    $360

    Withdrawal Fees:

    Free

    Investor Protection:

    £85,000 in Europe

    Regulated:

    YES, Australia, UK, South Africa

    Customer Support:

    Live Chat, Email

    Demo Account:

    YES

    Trading Options:

    CFD, Crypto, Forex

    Expert rating:

    Online Trading Platform: Mobile, Web

    Commission rating:

    Research rating:

    Education rating:

    Overall Ranking:

    3.85 / 5

    Deposit & Withdrawal Type:

    Bank Transfer, Credit or debit card, Electronic wallets

    Open Account

    FXCM Pros and Cons

    To put is simply, FXCM offers CFD FX and Cryptocurrencies with 3 base currencies. You can use their online trading platform in all 3 forms of web, mobile and desktop (the platform is not as as strong as other competitors like IG, and eToro but Meta Trade is well known to all online traders). on the other hand, it offers charting features with decent customization capability.

    A good side of the fact is thet its trading fees are low and there is no extra fee for withdrawal, yet it takes up to 3 days to clear.

    If you wish to see other options, you can easily compare FXCM alternative or keep on reading.


    How much is FXCM Fees

    There are Pros and Cons here too.
    The fees for S&P 500 CFD, Europe 50 CFD, EUR USD are built into spread.
    ✓ For S&P 500 CFD the fee is 0.38 average spread cost, which is considered to be low.
    ✕ For EURUSD the fee is 1.2 pips average spread cost, which is not that low.
    ✓ For GBPUSD the fee is 1.8 pips average spread cost, which is considered to be low.
    ✓ There is a $50 inactivity fee that charges after 12 months.


    Some other positive points are:


    best cfd broker
    Pros

    Good Customer Support & seamless account opening

    Offers Negative balance protection

    Low Forex Fee

    Education is Great for beginners


    best cfd broker
    Cons

    Slow withdrawal process

    No Stock CFDs and limited portfolio

    Web trading platform is not user friendly

    No Fundamental Data



    Trading Vs Non-Trading fees

    Thats not all the fees
    As you can see in the table above we ranked FXCM fees (in the table in 3 different categories: from low, average to high) compare to 2 other similar competitors and brokers: Pepperstone and Fusion Markets.
    Well, you need to keep an eye on broker fees such as trading fees and non-trading fees too.

    Trading fees are very easy to understand. Those fees are there only when you trade anything.
    Trading fees come in formes of:

  • Commissions
  • Spreads
  • Financial Rates
  • Conversion Fees
  • Now it's time for Non-trading fees
    These charges are not 100% related to what you trade. You have seen them in the table above. they are fees such as withdrawal and inactivity fees.

    FXCM

    Low Trading Fee Broker


    3.85

    Minimum Deposit

    $360

    Trade Now

    FXCM Trading fees

    FXCM, which is primarily known as a FX & CFD broker offers low trading fee offers to online brokers. You can not set the leverage to one trade other real stocks and ETFs because trading real stocks, bonds or ETFs is not yet available.
    Let's deep dive and have a look at FXCM's fees for only forex and CFD fees. we will also run a comparison table with two big brokers to show you the difference.
    The Scenario is running this way: A typical trade, it means buying a leveraged position, holding it for 7 days and only sell after that period.
    * Volume: a $2,000 position for the stock Index
    * Volume: a $2,000 position for CFD
    * Volume: $20,000 for the forex transactions.
    The leverage in this scenarios is:
    • 20:1 stock index CFDs • 5:1 CFD • 30:1 forex

    Here is the tabular view of FXCM's fees and side by side comparison with other 2 brokers.


    CFD Scenario

    FXCM

    Pepperstone

    Fusion Markets

    S&P 500 index CFD fee

    $2.2

    $2.0

    $1.7

    Europe 50 index CFD fee

    $1.6

    $1.6

    $2.2


    Forex Scenario

    Benchmark Fee

    FXCM

    Pepperstone

    Fusion Markets

    EURUSD

    $16.5

    $14.9

    $12.8

    GBPUSD

    $13

    $12.5

    $9.4

    AUDUSD

    $17.3

    $11.9

    $7.4

    EURCHF

    $4.6

    $3.7

    $2

    EURGBP

    $12.2

    $10.6

    $7


    One good thing about FXCM is that it operates in majority of countries with $360 minimum deposit, If you are from these countries, (USA, Japan, Brazil, Turkey, Iran, Cuba, Sudan, Syria or North Korea) you might want to find another broker from our list.
    At FXCM, you are allowed to choose from these 3 base currencies: GBP, EUR, USD.

    To start trading FXCM does not charge any deposit fees, but you ought to remember that in order to deposit money you have to use funding sources that are in your own name. If you are ready to trade, go ahead and use the live account, If not, they offers a demo account to practice.


    FXCM Online Trading Platform

    Even though it offers all 3 trading platforms (Web trading platform, Desktop and Mobile trading Apps), the UI and user-friendliness (in terms of design) is not that modern, In fact, we did not like the mobile trading app. On the contrary, since they use MetaTrader and 3 other platforms: Trading Station, Ninja Trader, and Zulutrade, it enables you to fully customize your reports and use it in different languages.
    The UI & UX of FXCM trading platform is unique and neat.
    At a glance it looks like this:


    You should not be worried if English is not your strength, because FXCM trading platform is powered by MetaTrader 4, it supports the following languages: Arabic Bulgarian Chinese Croatian Czech Danish Dutch, Estonian Finnish French German Greek Hebrew Hindi Hungarian Indonesian Italian Japanese Korean Latvian Lithuanian Malay Mongolian Persian Polish Portuguese Romanian Russian Serbian Slovak Slovenian Spanish Swedish Tajik Thai Traditional Chinese Turkish Ukrainian Uzbek Vietnamese and of course English.

    When it comes to trading, customer service plays a good role.
    Overall, FXCM customer support team respond at normal pace via email, but they do a good job on phone calls or live chat. By the way, they have not established a 24/7 support process (So you can not count on weekends).
    This brokerage have a live chat and offer help in English and the good thing about it is short time queues.

    FXCM

    Low Trading Fee Broker


    3.85

    Minimum Deposit

    $360

    Open Account

    What can you trade on FXCM

    Products, Portfolio and Markets

    The options that are available to you at FXCM are:

  • Crypto
  • Forex FX
  • CFD
  • When you buy with no leverage (leverage=1) you buy real stocks and not contract for difference. That's why Non-leveraged buy positions for equities, ETFs and cryptocurrencies (digital currency) are traded as real assets. (Be aware of the risks of price movements / we have no info at this moment about fiat currencies)
    All other positions are kind of contract for difference (this applies to cfd traders). An example could be leveraged buy positions and all sell positions of stocks, ETFs and cryptos as well as all forex, commodities and indices positions.

    Tip: If you try FXCM alternatives, it's necessary to know that Changing the leverage manually is a very useful feature when you want to lower the risk of a trade. For instance, rather than trading with X:1 leverage (x higher than Y), only trade with Y:1 leverage for stock CFDs. Please be reminded that forex FX and CFD trading default leverages are high, don't gamble.



    best forex broker Open Account Tip: You can not change the default leverage level.

    Currency pairs:

    39

    Stock index CFDs:

    14

    Stock CFDs:

    --

    ETF CFDs:

    --

    Commodity CFDs:

    10

    Bond CFDs:

    --

    Future CFDs:

    --

    Cryptos:

    5



    How to open account on FXCM.


    At first let's have a look at the 3 types of accounts that are available at FXCM.

  • The first type is Individual Standard account with higher spreads in compare with Individual active trader account.
  • There is also joint account or if you want to join as a company, you can use corporate account to begin trading.


  • You can expect a very easy, smooth and professional process to open your account with FXCM. All you need is an email or a social platform login
    You don't want to waste time, so do they. therefore, you will get your account opened in 1 day.
    You can immediately use your demo account.

    However, if you decide to move forward as a trader and work with real money and real shares or trades, get ready to provide your passport or ID along with proof of residency (something like a utility bill or bank statement). Well, its more than easy to place an order and you will be guided throughout the process.
    Don't worry, you will be prompted with easy to use wizard for getting onboard with FXCM.

    Performance Tracking

    Tip about away times:
    You can not set price alerts and notifications on FXCM platforms
    No matter you use desktop, web or mobile for your trading, you can get different kind of notifications, Including price alert and order notification.
    Please bear in mind that they offer trading ideas but nothing on fundamental data is offered by FXCM.
    I will put it simply, whether you need a chart, or list of assets, you can easily generate it and track the performance of your portfolio in FXCM, It's kinda easy and you can see a clear profit/loss or commissions paid reports.
    FXCM account


    Finally, Research & Education

    They managed to provide a good quality new feed, however if you want to use the research tools, you have to switch to FXCM Plus. Alright, if you are looking a lot of materials to begin with, use our blog at top 10 best is a good resource to begin with since we have hundreds of pages and detailed reviews and tools, guides and articles (We do not offer investment advice and guarantees).
    Research part of FXCM is great and their news feeds is very good. Besides, when it comes to education it's pretty comprehensive. Not only you will get a demo account, you will also have access to in depth articles, and lots of videos (about platform and trading).


    Our Take


    Overall FXCM is considered to be a safe, and regulated especially in Australia and Europe. Their negative side is on not having plenty of offers and only limited to CFD and FX and using an outdated platform (in terms of Design)). They do charge inactivity fee and do not allow you to change leverage which is a fall back. On the other hand, it offers low fee trading fee options for Forex trading. Maybe it does not have the best online trading platform but it you can trade using web, Mobile and desktop.
    If you are ready to trade, just make sure you are aware of the risks. If not, it is a good platform to start with a demo account and then move to online trading, Remember, there is $360 minimum deposit.


    FXCM

    Top Low Trading Fee Broker


    3.85

    Minimum Deposit

    $360

    Start Trading