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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:
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.
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.
£85,000 in Europe
YES, Australia, UK, South Africa
Live Chat, Email
CFD, Crypto, Forex
Online Trading Platform: Mobile, Web
3.85 / 5
Deposit & Withdrawal Type:
Bank Transfer, Credit or debit card, Electronic wallets
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.
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:
Good Customer Support & seamless account opening
Offers Negative balance protection
Low Forex Fee
Education is Great for beginners
Slow withdrawal process
No Stock CFDs and limited portfolio
Web trading platform is not user friendly
No Fundamental Data
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:
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.
Low Trading Fee Broker
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.
S&P 500 index CFD fee
Europe 50 index CFD fee
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.
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.
The options that are available to you at FXCM are:
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.
Stock index CFDs:
Popular Online Brokers
At first let's have a look at the 3 types of accounts that are available at FXCM.
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.
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.
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).
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.
Top Low Trading Fee Broker
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Reviewed by experts against 31 tier-1 online brokers this month.
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