FXCM Review

Best Brokers in January, 2021


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Fact-Checked and Verified Brokers

With Investment Protection

Commission range Low
Trading Portfolio CFD, Crypto, Forex, Fx
Regulation Fully regulated by several financial authorities
Trading Platform & Apps Mt4, Mt5, Webtrader, Android, IOS
Education Quality FAQ, Video, webinar
Category:

ForexTime or FXTM is a regulated online broker that offers great trading platform and allows you to follow other traders and focus on Copy Trading. ON the negative side, it charges high stock CFD fees. There are small fees for inactivity and withdrawal too.

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You will get: Low CFD Trading Fees FXCM Provides Trading Ideas Offers Negative balance protection 70 indicators for Analysis Well Regulated in Top-tier Financial Markets
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FXCM:

FXCM review at a glance

in 2021

8.5Expert Score
FXCM Review
FXCM Review
FXCM is a regulated online broker with 20 years of solid history in financial markets. FXCM offers Spread betting in UK & Ireland, Forex & CFD in Australia & Germany and many other countries. FXCM trading fees are low but after a year of inactivity you might be charged $50. FXCM offers the best trading platforms in 3 forms of Web, Apps, and desktop for traders and copy traders.
Trading Platform
8
Commission
9
Research & Tools
9
Education
8.5
Investor Protection
8.5
Customer Support
8
PROS
  • Low CFD Trading Fees
  • FXCM Provides Trading Ideas
  • Offers Negative balance protection
  • 70 indicators for Analysis
  • Well Regulated in Top-tier Financial Markets
CONS
  • You might be charges $50 Inactivity Fee
  • No Investor protection is available outside Europe
  • Portfolio is limited mostly to CFD and Forex
  • Mobile Trading App is not user-friendly

What we've covered in this review:
10Expert Score
Regulation Score

The broker is fully regulated. We have also checked it against scam and fraud.

+:

FXCM Pros & Cons

A brief intro

FXCM is one of the oldest Forex brokers that started offering trading service since 1999. FXCM is owned by Jefferies Financial Group, an NYSE listed company (previously known as Leucadia). This brokerage firm operates in the majority of countries and financial markets.

For instance, you can trade CFD in Australia, or Forex CFDs in Germany, trade spread betting portfolio if you trade from UK & Ireland, and take advantage of both rising and falling markets. Needless to say, you can take control of your portfolio with its strong technical analysis and research tools.

FXCM is regulated in Several Jurisdictions including FCA in UK, ASIC in Australia, FSCA in South Africa. Even though FXCM is not publicly listed on any stock exchange, the brokerage company maintains a solid reputation for 20 years. It’s often referred to as one of the best Zero Commission and low fee trading platforms.

Our trading editorial team have analysed FXCM and compared it with over  130+ Tier-1 Forex brokers and came to conclusion to rate FXCM as follows:

  • Low trading fees broker
  • Zero Commission forex Broker
  • Provides solid market research & tools

FXCM provides negative balance protection which means in case your account balance drops to negative, you will be protected. Traders from Europe can enjoy investor protection of £85,000.

*FXCM can be compensated in several ways, which includes but are not limited to adding a mark-up to the spreads it receives from its liquidity providers, adding a mark-up to rollover, etc. Commission-based pricing is applicable to Active Trader account types.

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8.5Expert Score
Trading Fees Score

There is $50 Inactivity fee, yet the CFD fees are fair.

$:

How much is FXCM Fees?

FXCM Commissions

When it comes to online trading, we often receive questions such as:
“Is FXCM a good forex broker for beginners?”
“How much is FXCM fees?”.

Well, it all depends on your trading and investment strategy and services that you use. Charges for trading Forex is definitely different from algorithmic trading fees.

Let’s have a look at FXCM’s revenue model and how they make money. All different costs that you might be charged when trading with FXCM are as follows:

FXCM’s fees for its products are built into spread:

✓ The fees for SPX 500 CFDs & Fx are built into spread.
✓ For SPX 500 CFD the fee is 0.45 average spread cost, which is considered to be low.
✕ For EURUSD the fee is 1.4 pips average spread cost, which is not that low.
✓ For GBPUSD the fee is 2.0 pips average spread cost, which is considered to be low.
✓ There is a $50 inactivity fee that charges after 12 months.

*As per spread cost between April 1, 2020 and June 30, 2020

To help you choose the best broker for you, we will compare 3 top brokers side by side: FXCM, Pepperstone Review and Fusion Markets review

 

Benchmark FeeFXCMPepperstoneFusion 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

Benchmark FeeFXCMPepperstoneFusion Markets
S&P 500 index CFD fee$2.2$2.0$1.7
Europe 50 index CFD fee$1.6$1.6$2.2

One good thing about FXCM is that it operates in most 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 best forex brokers list. At FXCM, you are allowed to choose from these 3 base currencies: GBP, EUR, USD.

Vs:

Compare FXCM Alternatives

FXCM Fees and Alternatives

Benchmark FeeFXTMXMXTB
EURUSD$17.8$17.1$15
GBPUSD$15.5$13.8$11.1
AUDUSD$12.2$13.9$10
EURCHF$4.4$9.1$6.6
EURGBP$11.5$12.2$9.9

CFD FeesFXTMXMXTB
S&P 500 index CFD fee$1.8$2.4$2.0
Europe 50 index CFD fee$2.5$2.4$2.2
Apple CFD fee$17$3.4$17.9

FXCM accepts traders from most countries and allows you to trade Forex or CFD. If you want to follow other experienced traders, then you can use their copy trade platform.

8.5Expert Score
Trading App Score

When trading with FXTM, you can enjoy the power of MT4.

MT4:

What is FXM trading Platform?

Is Zulu Trade good for beginners?

When it comes to trading, apart from commissions and spreads that matters the most, getting your hand on the best online trading platform is a dream.

FXCM offers three different trading platforms called: “Trading Station, MetaTrader 4, ZuluTrade”.

Trading Station is FXCM proprietary trading platform that works on MAC and PC. Additionally, you can use Trading Station Web 2.0 platform and trade with your preferred browser.

Since FXCM also uses MetaTrader 4, you can rely on a secure automated trading software to build your own Expert Advisor trading algorithms or go for Scalping strategies in most forex markets.

Whether you use iPhone trading app or Android trading app, because meta trader supports following languages, you can easily customise your trading platform to your preference.

ZuluTrade is FXCM’s Social Auto-trading platform, which allows you to basically copy other trader’s strategy. With this copy trading platformYou can select a Trader of your choice based on their history and ranking

Or just follow ZuluTrade’s Combos to immediately start your trading experience. It is stated that you get a 1-month free Subscription (worth 30 USD*), which obviously comes with T&C.

This is an image of Zulu Trade at a glance.

A:

How to Open Trading Account on FXCM?

What Trading Account should I Open as a Beginner?

You can open a Forex account with FXCM in just a couple of steps shown in the image below.


You can expect a step by step walk through and a very smooth process to open your forex trading account with FXCM. What you need is an email or a social platform credentials to begin with.
Your demo account is available instantly, but approving your live account can take 1-3 day.

KYC, also known as know your customer process, comes in play when you decide to move forward as a trader and work with real money. That would be when FXCM team asks you to provide your passport copy or valid government issued ID along with proof of residency (something like a utility bill or bank statement).

In brief follow these 7 steps for account opening at FXCM:

1. Get ready with your email address
2. Select the country of residence & your trading platform
3. Provide basic information about yourself (demographic data and financial history)
4. Choose your account type & base currency.
5. Explain your trading experience and provide employment history
6. Provide identity and residency proof for activation.

When choosing the right broker, you need to also research about their customer support. FXCM has plenty of offices in most countries and had assigned a support number to call from a local line. They respond pretty fast and representatives are available 24/5, meaning there is no one to reach to during weekends.

Apart from general email address, they have a decent live web chat which is in English and has short time queues.

7Expert Score
Trading Instruments

Most of trading instruments and products are CFDs. The portfolio is not that comprehensive.

$:

What Products Can You Trade with FXCM

Crypto, Fx, Indices, and more

Should I Trade Gold, Forex, or CFD?

As one of the best brokers with great history, FXCM offers you the following trading instruments:

Up to 4:1 effective leverage is available for cryptocurrency trading which allows you to control your position size. You can also use effective leverage to trade 1:1 as well.

What to trade today?

Trading Instruments & Offers:

Currency pairs (#)40
Stock index CFDs (#)16
Stock CFDs (#)48
ETF CFDs (#)
Commodity CFDs (#)10
Bond CFDs (#)1
Cryptos (#)7
9Expert Score
Tools & Education Score

Although the minimum deposit seems high, the tools & materials are fair and good for beginners

E:

Does FXCM Offer Training?

Webinar, Analysis, Charting, Training & More…

FXCM education is good for beginners. You can learn how to trade for Beginners by attending their online classes or join their webinars. If you prefer to go solo, you have access to plenty of tutorials and guides about tools and forex trading strategies.

A great feature is FXCM’s video library that offers videos on charting, technical analysis, trading platform, and more.

Does FXCM offer Fundamental Data? No.
Does FXCM offer Trading Ideas? Yes.

If you are a beginner and looking for a lot of trading videos and articles to learn how to trade, you should pay a visit to our forex trading blog.

FXCM offers a publicly available economic calendar. This way all traders can easily track all important economic events that could impact their trading strategy. FXCM Market News is also available and updates regularly.

FXCM’s Forex Charts: Features And Functionality

One of the essential disciplines of technical analysis is charting. Charting is the study of a security’s relative value through a visual representation of price action. Charts are an integral part of any technical trader’s approach, enabling the overlay of various tools and indicators upon price itself.

FXCM’s Forex Charts is a handy tool because it enables online traders to set up & customise price charts. When trading with FXCM, your charts can be periodically customised. You can view your trades in bar, candlestick, Heikin Ashi, and other types.

C:

Conclusion of FXCM Pros & Cons

Is FXCM Brokerage Service Good for Beginners?
4.5/5

FXCM is a regulated online broker with 20 years of solid history in financial markets. The brokerage firm has limited portfolio and focus mostly on FX and CFD, and also offers Spread betting in UK.

A very positive point about FXCM is its low trading fees and giving you access to the best trading platforms in 3 forms of Web trading, trading Apps, and desktop to focus on currency trading or follow other traders and become a copy trader.

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. 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, webinars, online classes, and lots of videos (about platform and trading tips).

FXCM Review
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2 months ago

FXCM Review

ForexTime or FXTM is a regulated online broker that offers great trading platform and allows you to follow other traders and focus on Copy Trading. ON the negative side, it charges high stock CFD fees. There are small fees for inactivity and withdrawal too.

Yes, This brokerage company is well regulated in the majority of jurisdictions including:

  • Financial Conduct Authority in the UK (FCA)
  • Australian Securities and Investment Commission in Australia(ASIC)
  • South Africa (Financial Sector Conduct Authority in South Africa (FSCA)

Follow these steps to learn how to open trading account on FXCM:

1. Get ready with your email address
2. Select the country of residency.
3. Provide demographic data
4. Choose your preferred online trading platform
5. Select your account type & base currency.
6. Explain your trading experience and provide employment history
7. Provide identity and residency proof for activation.

Yes, This brokerage company is well regulated in the majority of jurisdictions including:

  • Financial Conduct Authority in the UK (FCA)
  • Australian Securities and Investment Commission in Australia(ASIC)
  • South Africa (Financial Sector Conduct Authority in South Africa (FSCA)
  • Yes, This brokerage company is well regulated in the majority of jurisdictions including:

    • Financial Conduct Authority in the UK (FCA)
    • Australian Securities and Investment Commission in Australia(ASIC)
    • South Africa (Financial Sector Conduct Authority in South Africa (FSCA)

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