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96.5
Points
Overall
96
Points
Commissions & Fees
97
Points
Licensing & Safety
99
Points
Platforms & Tools
Each broker we review is judged on the same 10 key areas. We include different instruments and holding positions overnight. We check not only the licenses the broker claims to have for different countries, but whether these licenses are up to date too. We look for specific features such as customizability and trading signals.
60+Number of instruments
Open Account
100,000+ Traders
Regulated by
FCAFCA
CySecCySec
FSCAFSCA
ASICASIC

FXCM review

29 July 2021 - Kate Leaman

Our FXCM review team found that this broker has a long track record, having been in business since 1999. Not only is FXCM regulated by the FCA in the UK, the ASIC in Australia, the CySEC in Cyprus, and the FSCA in South Africa, but it is also a Leucadia PLC. Company. Leucadia is listed on the NYSE, providing additional peace of mind. You can trade forex, CFDs in shares, indices, commodities, as well as Trading Baskets. Over its two-decade history, the FXCM Group has earned numerous awards, including Best Trading Tools and Best Education from Online Personal Wealth Awards 2020.

  • ProTrade more than 60 instruments
  • ProOffers forex and CFDs in stock baskets, plus CryptoMajor
  • ProRegulated and licensed by the FCA, CySEC, FSCA, and ASIC
  • ProBest broker for advanced trading tools
  • ConOther brokers offer more instruments
  • ConCrypto products are currently not available to retail clients residing in the UK

FXCM overall scores

In this review, you can find all the information you need to decide whether FXCM is the right broker for you. Our expert team has thoroughly explored the broker, using a tested methodology and scoring system. This process places importance on the things we know matter most to traders. Below you can see how FXCM scored in each of our high-priority categories.

Commissions & Fees
96 Points
Payments
94 Points
Licensing & Safety
97 Points
Customer Service
95 Points
Trading Platforms & Tools
99 Points
Education
98 Points

FXCM fees and commissions

As you review FXCM’s fees and commissions, you will notice that the broker is highly competitive in this area. Spreads for the EUR/USD start at 1.3 pips as per FXCM’s spread report (Q1 2021), and there are no fees for deposits or most withdrawal methods. FXCM does not charge commissions² either, and pricing is clear and reliable. This fee model makes FXCM a strong choice for traders of all levels.


Our experts have reviewed FXCM’s fees based on how they compare with the fees of other reviewed brokers. For each broker, we analyze both trading fees and non-trading fees:

–      Trading fees are charged every time you place a trade. They include spreads, commissions, overnight and rollover fees, and currency conversion fees.

–      Non-trading fees aren’t directly related to trading, but you should consider them as they make up the cost of using a certain broker. They include payment fees and inactivity fees.

Below you will find a snapshot of the fees charged by FXCM. Our experts have created these tables based on the fees applied to a standard account. We consider a standard account to be the one that will appeal to most traders though it is not a premium option.

Trading Fees*
Type of Fee Cost
Minimum Spread EURUSD (pips) 1.3
Commission (%) 0%
Commission on Islamic Accounts (%) 0%

*Based on Standard account type.

Non-Trading Fees
Account Fee N
Inactivity Fees Y
Deposit Fees N
Withdrawal Fees N

FXCM trading fees

For transparency, you can easily review FXCM broker trading fees on the Spread Costs page of its website. You will notice that the spreads are competitive, especially as accounts do not have steep minimum deposits or commissions. Active Traders have even tighter spreads than Standard accounts, however, so this may be something you want to look into if you are a high-volume trader.

Below is a list of time-weighted average spreads of forex and CFDs for standard accounts.

To provide an example of trading costs, consider the following forex spreads for Standard accounts:

  • EUR/USD from 1.3 pips
  • AUD/CAD from 2.7 pips
  • NZD/JPY from 2.3 pips
  • USD/CHF from 1.6 pips

The following are examples of spreads for precious metals and other commodities:

  • XAU/USD from 0.38 pips
  • XAG/USD from 0.05 pips
  • Copper from 0.003 pips
  • SOYF from 0.78 pips
  • WHEATF from 0.78 pips
  • CORNF from 0.9 pips

The following examples show cryptocurrency* spreads:

  • BTC/USD from 67 pips
  • LTC/USD from 0.48 pips
  • EOS/USD from 0.03 pips

*Availability subject to regulations

The following are example index CFD spreads:

  • AUS200 from 1.6 pips
  • ESP35 from 8 pips
  • HKG33 from 9.02 pips
  • UK100 from 1 pips

The following are example share CFD basket spreads:

  • BIOTECH from 1.6 pips
  • CANNABIS from 11.9 pips
  • TECH from 15.75 pips
  • ESPORTS from 2.26 pips
  • FAANG from 2.14 pips

FXCM also offers a rebate program to non-EU/UK clients, which offers five tiers of rebates based on the monthly volume of trades. When trading forex, CFDs in USOil, UKOil, gold, silver, or copper, the following rebates apply. Note that all national volumes are in USD million and rebates are per million.

  • Tier 1: $5 rebate per million for 10 to <25 notional volume
  • Tier 2: $10 rebate per million for 25 to <50 notional volume
  • Tier 3: $15 rebate per million for 50 to <150 notional volume
  • Tier 4: $20 rebate per million for 150 to <300 notional volume
  • Tier 5: $25 rebate per million for 300 and over notional volume

There are also rebates available for specific index CFDs. The following have a rebate rate of $3.00 per million: AUS200, CHN50, EUSTX50, GER30, HKG33, JPN225, NAS100, and SPX500. UK100 and US30 have a rebate of $1.00 per million. To participate in the rebate program, you must have at least $10 million in notional volume monthly.

Please note that all listed spreads at FXCM are derived from the tradable prices from 2021 Q1.  The broker offers variable spreads, however, and these are subject to delay. As such, the spread figures listed here are for information purposes only. For the latest spreads, please refer to the FXCM website or trading station.

FXCM commissions

FXCM does not charge any commissions for most accounts, instead, the broker relies on spreads and other methods to make a profit. This is excellent news if you are a beginner or someone who does not want to have to calculate commissions into their potential profits.

FXCM does reserve the right to charge rolling spot foreign exchange commissions, as outlined in its Rate Card. These amount to $4 per 100,000 trade per side when the accounts are in the base currency of USD. However, most clients do not receive these commission charges.

Financing/overnight rates

On its Rate Card, FXCM indicates that rollover costs are subject to markups. You cannot view the overnight rates on the FXCM website, but they are readily available in the trading platforms. When you view potential instruments in the charts on the trading station, the rollover rates will be to the right of the High/Low columns and the left of the Pip Cost column.

Non-trading fees

As with most brokers, FXCM charges a currency conversion fee. This fee varies depending on the amount converted and can have a markup of between 10 and 150 pips.

There are no account management fees from FXCM, nor any deposit fees.

Most withdrawal methods come without fees, but there is a fee for withdrawals via wire transfer. The fee is $40 for most withdrawals via this method, although the Rate Card indicates it is only $25 for those in the UK or US.

Although FXCM charges inactivity fees, they are highly competitive when compared to other brokers. Your account is not inactive until there have been no filled orders for a full year, which is at least double the required inactive period for most competitors. The inactivity fee is just $50 (or 50 of the base currency, except JPY 5,000) or your remaining balance. This fee only occurs once each year.


FXCM safety

Our review of FXCM found that it is a highly reputable broker, providing you with numerous reasons to trust them. FXCM is regulated by four authorities, the FCA, CySEC, ASIC, and FSCA, and has global offices. Its majority economic owner is publicly traded on the NYSE, and the broker segregates client funds and offers negative balance protection. As an FXCM client, you’ll also benefit from trading with an experienced broker with a good reputation.


Pros
Cons
ProRegulated by the FCA, ASIC, CySEC and FSCA
ProLeucadia Company is publicly traded
ProNegative balance protection up to $50,000
ProNegative balance protection is not unlimited
ProNot all subsidiaries offer investor compensation

FXCM licenses and regulation

FXCM operates under different legal names in various regions. FXCM Group itself is a Forex Capital Markets Limited holding company.

  • Forex Capital Market Limited (FXCM LTD) is regulated and authorized by the Financial Conduct Authority (FCA) in the United Kingdom, with registration number 217689.
  • FXCM Australia Pty. Limited, also known as FXCM AU, is regulated by ASIC (the Australian Securities and Investments Commission) with license number AFSL 309763.
  • FXCM EU LTD is authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 392/20.
  • FXCM South Africa (PTY) Ltd. is authorized as a financial services provider. The Financial Sector Conduct Authority (FSCA) regulates it with registration number 46534.

Is FXCM safe?

Our review methodology considers several factors to ensure that all of our recommended brokers are safe and reputable. Alongside the number and strength of licenses, we also consider:

  • What protection and/or insurance FXCM offers should something go wrong
  • FXCM’s reputation, history, and management

FXCM client protection

Our FXCM broker review team is pleased to let you know that, if you are trading from within the UK or the EU, your funds are protected in the rare event that the broker files for insolvency. Unfortunately, however, this is not extended to clients from other countries.

Client Protection
Country
Legal Entity
Protected Up To
Regulators
UK
Forex Capital Markets Limited
£85,000
FCA
South Africa
FXCM South Africa (PTY) Ltd.
No Protection Offered
FSCA
Australia
FXCM Australia Pty. Limited
No Protection Offered
ASIC
Europe
FXCM EU LTD
€20,000
CySEC

FXCM also offers negative balance protection for clients onboarded under the regulated entities, but you should keep in mind that the broker does limit to $50,000. If your trading leads to a negative balance that is greater than this, FXCM will hold you responsible for the difference.

FXCM stores client funds in segregated accounts, ensuring that if FXCM were to become insolvent, client funds could not be used as a reimbursement for creditors. The third parties which hold FXCM client funds have credit ratings that are equivalent to the Credit Quality Step 5 rating from the FCA. Additionally, FXCM takes care when selecting these third parties and periodically reviews them.

FXCM background and reputation

FXCM’s headquarter is in London in the United Kingdom, where the FCA provides a high level of regulatory oversight. For further confidence, FXCM is now part of Jefferies Financial Group (previously named Leucadia), which is publicly listed as NYSE:JEF.

Since FXCM launched in 1999, the broker has weathered difficult market conditions including the 2008 financial crisis. This, paired with an exchange-listed parent company that must submit transparent financial statements, shows that they have the capital to withstand difficulties and should provide you with confidence.

Overall, our FXCM review team found that this is a reputable brand with a high level of safety.


Opening an account with FXCM

You can open an account with FXCM in a matter of minutes and begin trading incredibly quickly. With a minimum deposit of just $50 (depending on payment method), trading with FXCM is highly accessible, even if you are a beginner who is not sure of how much they want to trade.


Is FXCM available in your country?

You can review FXCM availability in your country on the sign-up page, but it is available in most jurisdictions. The FXCM website specifies that the information is not directed at residents of:

  • The United States
  • Canada
  • Japan
  • Hong Kong

Additionally, the FXCM UK website specifies that spread betting is available exclusively to UK and Ireland residents, however, other countries still appear on their drop-down list when making an application.

An important note is that depending on the country you live in, you may have to open an account with a specific trade name of FXCM. There are specific trade names for the UK, France, South Africa, and Australia.

What is the minimum deposit at FXCM?

The minimum to deposit starts from $50. However, it depends on your payment method.

When opening an individual or a joint account you will be asked to deposit 50 USD in non-EU countries and 300 EUR in the European Union. If you open a Corporate, IRA, or Trust account, this increases to 50,000 USD. FXCM does not charge administrative fees to deposit funds.

FXCM payment methods

FXCM offers multiple payment methods, regardless of where in the world you live. There are also local payment options for certain regions. Deposits are always free of charge and are typically available in your account instantly. Withdrawals are also relatively fast compared to other brokers, which is why our experts think FXCM passed this part of the review with flying colors. Most FXCM accounts are available with a EUR or USD base currency, yet Australians can also open AUD and NZD accounts.

Payment Methods
Method
Depositing time
Accepted currencies
Depositing fee
Max. deposit
Withdrawal
Withdrawal time
Minimum withdrawal
Withdrawal fee
Wire Transfer
1 to 2/3 to 5 business days for domestic/international
All, conversion fees apply
N/A
Y
1 to 2/3 to 5 business days for domestic/international
N/A
$25 or $40
Credit and Debit Cards
Typically within a day or sooner
All, conversion fees apply
N/A
Y
Usually within 5 business days, can be 1 billing cycle
N/A
N/A
Skrill
Typically within a day
USD
N/A
Y
Processed within 1 to 2 business days
N/A
N/A
Union Pay
Typically within a day
All, conversion fees apply
N/A
Y
Processed within 1 to 2 business days
N/A
N/A
Neteller
Typically within a day
USD
N/A
Y
-
N/A
N/A
Local Bank Transfer (Philippines)
Typically within a business day of receipt
USD and PHP
N/A
N
-
-
-
Local Bank Transfer (LATAM, Indonesia, Malaysia)
Typically within two business days of receipt
USD and Local Currency
N/A
N
-
-
-
Local Bank Transfer (Vietnam)
Typically within one business day of receipt
USD and VND
N/A
N
-
-
-

FXCM account types

To keep things simple, FXCM offers a single main account type. You can also review the FXCM’s Active Trader Program if you are a high-volume trader. To cater for all trading styles, FXCM lets you open an individual, joint, or corporate account and all accounts have access to multiple asset classes. If you open anything but an individual account, however, you will be charged 300 USD (or 50,000 JPY). This is waived if you deposit at least 50,000 USD (or 5,000,000 JPY).


Account Types
Minimum Deposit
Max Leverage
Minimum Order Size
Spreads
Commission
Available Instrument Types
Available Instruments
Trading Platforms
Platform Automation
Execution Type
Minimum Account Equity
Standard
N/A
400:1**
0.01
From 0 pips
N/A
Forex, CFDs in shares, indices, commodities, cryptocurrencies***
60+
Trading Station, MetaTrader 4, ZuluTrade
Y
Dealing Desk, Market maker
N/A
Active Trader
$25,000
400:1**
0.01
From 0 pips
N/A
Forex, CFDs, shares, indices, commodities, cryptocurrencies***
60+
Trading Station, MetaTrader 4, ZuluTrade
Y
Dealing Desk, Market maker
25,000

*Depending on the payment method.

**Leverage is limited to 30:1 for AU, UK and EU clients.
***Availability of cryptocurrencies is subject to regulations

Demo accounts

As you review FXCM’s account types, you will notice that a demo account is available in addition to a live account. One of the demo account is for the broker’s proprietary Trading Station platform. It includes full market access, including live buy and sell prices. Other platforms also offer demo accounts, e.g. MT4, Ninjatrader.

With the demo account, you will receive 20,000 USD (50,000 GBP for UK and EU Clients) of virtual funds for trading. To help make the demo account as useful as possible, FXCM lets you customize the leverage and balance. To do so, just contact FXCM support.

Islamic accounts

Whilst FXCM offers an Islamic account that is interest and swap-free, our reviewers found that to make up for the lack of interest, FXCM makes a small increase to the spread or commission on your trades. The exact charges will vary depending on your account type and pricing model, yet unfortunately, this makes the account not suitable for some Muslims.


FXCM trading platforms

You can review FXCM forex broker instruments and place trades across five different platforms, many of which are available on both desktop and mobile devices. Trading Station is FXCM’s proprietary platform, yet you can also trade via the award-winning MetaTrader 4, ZuluTrade, NinjaTrader, or TradingView Pro. This allows you to choose a platform that’s comfortable for you.


FXCM offers five trading platforms. A trading platform is simply a software interface that allows you to place trades. Trading platforms often come with charting, research, and order processing tools.

To ensure that we only recommend high-quality brokers, our reviewers have tried and tested each of FXCM’s trading platforms. When doing so, they considered a range of factors including how easy to use the platforms are, what features each trading platform offers, and how suited each platform is to different types of traders.

Trading Platforms

*Availability subject to regulations

Trading Station

Trading Station is the proprietary trading platform from FXCM. It is available for web trading, mobile trading on iOS or Android, or as a download for Mac. The platform incorporates news and the economic calendar for easy access. It also includes access to some of the most popular FXCM trading tools.

With Trading Station you can use a range of trading analytics, including customized ones. Adjust the charts, expand them to full screen, or detach them fully so that they appear on a second monitor. You can also use pre-loaded indicators, set up price alerts, compare instruments using price overlays, and customize the periodicity and format of the chart.

Automated strategies are available in just a few clicks. This includes the ability to backtest and optimize strategies. You can add additional indicators via FXCM Apps, where you will find hundreds of choices.

For added convenience, Trading Station incorporates advanced indicators as well as free market data, such as Real Volume indicators and Trader Sentiment via the Speculative Sentiment Index (SSI), a proprietary contrarian indicator.

MetaTrader 4

MetaTrader 4 is the most popular forex and CFD platform which makes it perfect for beginners and experts alike. It is available as a download for Mac or Windows computers, or on iOS or Android mobile devices.

Trading with MetaTrader 4 gives you the ability to set up stop loss and take profit orders as you open a new trade or trade micro-lots. You can also partially close positions for added control and hedging.

For added ease of use, you can sort signals and view past performance. MetaTrader also features interactive charts with 30 built-in indicators, plus the ability to use more than 2,000 free additional indicators, and over 700 indicators for sale. You will also find more than 1,700 trading robots in the MetaTrader market.

If you prefer, you can create your own fully customizable algorithm with MQL4 and IDE. When you use MT4 with FXCM, you also get to use a free virtual private server (VPS) hosting. This is free as long as you trade an average notional volume of 500k.

ZuluTrade

Those interested in social trading with FXCM should consider ZuluTrade, as this is a peer-to-peer auto-trading platform. It is a good choice if you are a beginner and unsure of how to create strategies or anyone who does not have enough time to plan their strategies. Even if you are an advanced trader you can benefit.

With ZuluTrade, you subscribe to the signals created by other traders. Thanks to sophisticated sort features, you will find it easy to choose the ideal signal providers for your needs. There are also risk management tools, including the Margin Call-o-meter, which helps you decide if your account is at risk of a margin call. To further manage your risk, you can set the maximum number of open lots, the lots per provider, and max lots that one provider can put in your account.

TradingView Pro³

TradingView Pro is a premium trading platform, but FXCM clients can use it for free for a full year. Our FXCM forex broker review team encourages you to try it out, as FXCM is one of the few brokers that offer free access to the platform. To qualify for the one-year free access, you just need to deposit at least $300 into your FXCM account. Then, you can send an email to [email protected] to get the account.

TradingView Pro has brand new features, such as marketplace add-ons, twice the data on charts, and volume profile indicators. It is also highly exclusive and integrates with FXCM seamlessly.

NinjaTrader

NinjaTrader is yet another platform offered by FXCM. Whilst this isn’t a proprietary platform, it is a rarer option than the likes of MT4 and ZuluTrade. NinjaTrader offers advanced trading tools, including over 100 indicators and over 40 drawing and charting methods. It also gives you the ability to construct automated strategies, through both point and click construction and an advanced C# development environment.

Whilst NinjaTrader is deemed a powerful platform by many, our FXCM reviewers would advise that only experienced traders use it. It is not as intuitive as MetaTrader 4 and can be quite confusing for new traders. It’s also worth noting that, within the UK and Ireland, NinjaTrader can only be used with a spread betting account.

What is the execution policy at FXCM?

FXCM is a market maker broker that is transparent about both its execution policy and its slippage statistics. Our review of the FXCM forex broker found that over 87%4 of orders experience positive or zero slippage, and execution speeds are very fast, with an average execution speed of 0.032 seconds (32 miliseconds). The Good Till Canceled Market Orders drop this to just 0.033 seconds or 33 miliseconds.


FXCM markets and products

While FXCM doesn’t have the most instruments on the market there are still plenty of opportunities to diversify your portfolio. These include forex currency pairs, CFDs in commodities, precious metals, indices, and cryptocurrencies*. Additionally, FXCM stands out from the crowd with its basket offerings, which are to find at similar brokers.

*Availability subject to regulations


Instrument Number
Currency Pairs 39
Commodities 11
Precious Metals 3
Indices 15
Stocks and Shares 6
Cryptocurrencies 7
Options 0
ETFs 0

Currency pairs

With 39 currency pairs available for trading, forex makes up a significant part of the FXCM offerings. Trading forex gives you access to a highly liquid market with daily trading volumes of more than $5 trillion. The market also has deep liquidity and is open 24/5.

At FXCM, you can trade majors, minors, and exotics, typically with highly competitive spreads, especially compared to entry-level accounts from other brokers. Leverage when trading forex with FXCM can be up to 400:1 for non-AU, EU and UK clients.

Multiple forex baskets help you minimize your risk while speculating on these volatile instruments. These include the Dow Jones FXCM Dollar Basket, the Yen Index (JPYBasket), and the Emerging Markets Index.

Commodities

FXCM offers access to a range of commodities, including energies. All of these instruments are available as CFDs only. You can trade natural gas futures, Brent crude futures, WTI light sweet crude oil futures, as well as other commodities such as corn, soy, and wheat futures.

Precious metals

FXCM offers access to spot gold, spot silver, and copper futures if you want to invest in precious metals through CFDs.

Indices

You can easily trade a range of index CFDs with FXCM, offering yet another way of diversifying your portfolio. By trading index CFDs with FXCM, you get lower transaction costs, no minimum stop distance, and the ability to trade on margin.

The indices available on FXCM include those in AUD, USD, EUR, Yen, and HKD, offering plenty of diversification. To show the reach of the various indices, consider that the choices include the Nikkei 225 Dollar Future, the FTSE 100 Index Future, Hang Seng Future, DAX Index Future, CAC40 Index Future, IBEX35 Index Future, ASX SPI 200 Future, and SGX FTSE China A50 Future. In other words, you can trade indices from the United States, Australia, China, Spain, France, Germany, Hong Kong, Japan, and the United Kingdom.

Stocks and shares

You cannot trade stocks in a traditional sense with FXCM. Instead, you trade stock or share CFDs. This allows for the use of leverage and to go short or long. Instead of offering individual share CFDs, which is the common stance among brokers, FXCM offers share baskets. These include a carefully selected combination of stock CFDs from a given category.

The stock baskets from FXCM represent global shares, allowing for diversification to help with risk management. FXCM offers six of these stock baskets, including BIOTECH, CANNABIS, CHN.ECOMM (China Commerce), CHN.TECH (China Tech), ESPORTS, and FAANG. You can view which stocks are in each basket on the FXCM website for convenience. Each features five or six stocks.

Cryptocurrencies

Cryptocurrency trading is still a growing market, and our FXCM review finds that this broker has recently increased its offering to seven cryptocurrencies in the form of CFDs. This lets you trade on margin and prevents the need to own the underlying asset, which would require making and learning to use a cryptocurrency wallet.

With FXCM, you can trade BTC, ETH, LTC, BCH, XRP, EOS, or XML, all of which are available against the USD. You can trade cryptocurrencies with leverage of up to 4:1, or 2:1 for AU and EU clients.

Additionally, you can trade the CryptoMajor basket, which features five important cryptocurrencies, allowing for risk management. The basket includes equal quantities of BCH, ETH, BTC, LTC, and XRP. Please note, the availability of cryptocurrencies is subject to regulations.

Social trading

Our FXCM review team is pleased with the broker’s social trading options. It is compatible with ZuluTrade, which was the original social trading platform. Additionally, you can enjoy some element of social trading on the other trading platforms via trading signals and expert advisors.


FXCM research tools

As you review FXCM’s research tools, you will find there is a vast range available. There is an economic calendar, a Global Market News page, Live Forex Charts, and a Market Scanner. To help you perform technical analysis, you can also make use of trading analytics and trading signals. Overall, FXCM provides you with plenty of tools to help you make smarter decisions.


FXCM Research Tools
News (from top-tier sources) Y
Trading Signals and Indicators Y
Trade Ideas Y
Expert Analysis Y
Autochartist Tools N
Sentiment Charts Y
Economic Calendar Y

News

In addition to news features built into the various trading platforms, FXCM has a Global Market News page on its website, where you will find detailed explanations of the latest global news. Most of these articles are from FXStreet, a well-respected source of news in the industry. For faster search results, all articles also feature tags with categories.

You can get additional news by signing up to Before the Bell, the free daily newsletter from FXCM that is powered by Trading Central. It features market highlights and more.

Trading signals6 and indicators

In addition to the trading signals offered on FXCM’s various platforms, you also gain access to even more signals via FXCM PLUS. These signals are updated and generated in real-time, 24/5. The FXCM Plus trading signals are free for all FXCM clients with a live account. You can also get a 14-day free trial as a non-client.

Trade ideas

Trade ideas come in various forms, including mixed into the news, via the trading signals, and via the Before the Bell newsletter. You can also access technical analysis via the broker’s dedicated market data twitter account.


FXCM education and training

Our FXCM forex broker review team found an impressive selection of educational tools for you to use. There are plenty of resources for beginners, as well as those for advanced traders. You will find guides to global economies, in-depth looks at trading strategies, guides to using various forex indicators, a glossary, an introduction to forex, free trading analysis, a forex video library, free online courses, and detailed trading guides. All of this allows you to grow as a trader with FXCM.


FXCM Educational Features
Demo Account Y
Platform Tutorial Videos Y
Educational PDFs Y
Live Webinars Y
YouTube Videos Y
Trading Academy Y
Trading Glossary Y

Platform tutorial videos

Visit the Forex Video Library to find videos on how to use the various platforms available with FXCM. You will find videos outlining basic as well as advanced features offered by the platforms.

Educational PDFs

The main PDF from FXCM is a Trading Guide on How to Make Money: Best Practices of Successful Traders. This guide features multiple chapters and is available on the broker’s website.

In addition to the educational content in the form of PDFs, you can also review FXCM’s educational articles, of which there are dozens. Topics include deep dives into global economies, including specific events such as the French and US presidential elections and Brexit.

There are 11 educational articles on trading strategies, with topics such as safe-haven assets and collar strategy. The 11 articles on forex indicators include topics like the parabolic SAR and the Donchian channels indicator.

Live webinars

FXCM is one of the best brokers for education and webinars as the broker offers four different live classrooms, with three available every weekday and one every Wednesday. If you miss a live webinar, you can view it in the Forex Video Library. Clients can access this area to view the previously recorded webinars anytime they want.

YouTube videos

In addition to the platform tutorial videos in the Forex Video Library, you can also review FXCM videos on educational topics for all skill levels. There is an entire section of videos for ‘New to Forex’ that is ideal if you are a beginner, as is the ‘Order Types’ section. You will also find an ‘On Demand’ section with topics that all skill levels will appreciate, such as Fibonacci’s and low-volatility trading.

Trading academy

FXCM has a section dedicated to ‘Forex Trading for Beginners’, which is a full course for beginners. It starts with an introduction to forex and also covers topics such as pips, leverage, and developing a strategy.

Glossary

FXCM offers a glossary in its Insights section. You will find the most common terms in this section. Each has its own article with descriptions that are several hundred words on average.


FXCM customer support

As we researched this forex broker, we were impressed with the customer support offered by FXCM. Support methods include live chat, email, and phone and this is available 24/5. To cater to all of their global clients, FXCM also offers specific support telephone numbers in 42 countries. This means you can rest assured someone will speak your language and you won’t have to pay premium phone rates.


Pros
Cons
ProSupport via phone, SMS, email, and live chat (depending on jurisdictions)
Pro42 countries with specific support numbers
Pro24/5 support
ProSupport available in English, German and Italian
ConOnly limited support in some languages

Contacting FXCM support is incredibly easy, as you have the following options:

  • Live chat
  • Email: [email protected] (UK clients only)
  • Phone: 42 international numbers
  • SMS: +44 7537 432259 (UK clients only)
  • Contact form

FXCM support is also impressive from a multi-lingual standpoint. In addition to supporting in English, German and Italian, the broker also provides support with limited hours in Vietnamese and Bulgarian. You can view specific support hours by visiting the Global Portal and choosing your region.

Additionally, FXCM has an extensive FAQ section that includes most of the information you should need. There is also a convenient search bar on the FAQ page in addition to the category-based organization.

FXCM mobile compatibility

As Trading Station and MetaTrader 4 are both available on mobile devices, our FXCM review team feels that you should have no problem trading on the go with this broker. Additionally, the website is optimized for mobile. While you will occasionally need to make extra clicks to access information, all information is visible on the mobile version of the website.


FXCM – Our verdict

After our in-depth review of FXCM, our team can confidently recommend this broker. FXCM offers a good variety of instruments for investment, including the relatively unique asset classes of share baskets and forex baskets, plus a competitive selection of cryptocurrency CFDs.

We appreciate FXCM’s competitive spreads, lack of commissions, and low inactivity fees. The broker is regulated by ASIC, the FCA, the CySEC and the FSCA, providing additional confidence for clients. With more than 20 years of providing trading access, FXCM has more than proven itself.

Now that you know what to expect from FXCM, review the broker yourself by visiting FXCM’s website.

FXCM Final Summary
Minimum Deposit (USD) 50 (depending on the payment method)
Licenses FCA, CySec, FSCA, ASIC, -.
Max. Leverage 1:400 (1:30 for AU, EU and UK clients)
Client Protection Y
Broker Type Dealing Desk, Market Maker
Number of Instruments 60+
Currency Pairs 39
Stocks 6
Cryptocurrencies 7
CFDs Y
Proprietary Trading Platform N
MT 4 Y
MT 5 Y
Mobile Compatible N
Research Tools Y
Educational Materials Y
Payment Methods Bank transfer, Visa, Mastercard, Skrill, Netseller, Union Pay
24/5 Customer Support Y
Live Chat Y

FXCM information

  • Year Founded: 1999
  • Company Trading Names: Forex Capital Markets Limited, FXCM Australia Pty. Limited, FXCM South Africa (PTY) Ltd., FXCM EU LTD
  • Licenses: ASIC, FCA, FCSA, CySEC
  • Headquarters Address: 20 Gresham Street, 4th Floor, London EC2V 7JE, United Kingdom
  • Phone Number: +44 20 7398 4050
  • Facebook: https://www.facebook.com/FXCM
  • Twitter: https://twitter.com/FXCM

Risk Disclaimer:

Forex Capital Markets Limited: FCA registration number 217689 (www.fxcm.com/uk)

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73.42% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

FXCM EU LTD: CySEC license number 392/20 (www.fxcm.com/eu)

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

TopRatingForexBrokers is acting in a capacity of a marketing affiliate of FXCM EU LTD.

All references in this review to “FXCM” refer to the FXCM Group.

Leverage: Leverage is a double-edged sword and can dramatically amplify your profits. It can also just as dramatically amplify your losses. Trading foreign exchange/CFDs with any level of leverage may not be suitable for all investors.

1As per FXCM’s Spread Report (Q1 2021)

2FXCM can be compensated in several ways, which include 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.

3TradingView is currently available for clients residing in certain regions in the EU. TradingView Pro promotion is currently not available for clients residing in EU, UK and Australia. termas and Conditions apply.

4As per FXCM’s Slippage report (April 2021)

5Cryptocurrency products are currently unavailable for retail clients residing in the UK.

6The Trading Signals do not constitute and should not be regarded as investment advice. You act on the signals entirely at your own risk.

7FXCM Markets it not required to hold any financial services license or authorization in Bermuda to offer its products and services.

Our methodology: This review of FXCM has been created using accurate data and unbiased facts. To test the broker, we have used our unique and detailed methodology, which assesses over 200 criteria points in 10 key areas. This guarantees that all of our reviews are fair and extensive.

We update our methodology and our reviews regularly. Methodology updates are made so that new broker features and products are taken into consideration. Review updates ensure that all the information we provide is current and correct


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Frequently asked questions (FAQ)

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