FXCM Review 2024

Last updated Feb 24, 2024
Логотип FXCM
4.3/5
№13 in the brokers' list67-72% of retail investors lose money when trading CFDs with this broker
Nikolay Zavarov - Author
Nikolay Zavarov
Author
Andrey Bondarenko - Editor
Andrey Bondarenko
Editor

FXCM, also known as Forex Capital Markets, is an NDD (No Dealing Desk) broker that provides institutional and private clients access to online Forex trading.

This article offers an overview of the broker's operations, as well as an examination of reviews from traders who have previously worked with the company.

FXCM Broker Overview

Foundation Year1999
Official Websitehttps://www.fxcm.com
Regulated in CountriesUnited Kingdom, Australia, Cyprus, South Africa, Canada, Israel, Saint Vincent and the GrenadinesMore Details
Minimum Deposit
  • 50 USD
Spreadfrom 0 points
Max Leverage1:1000
Trading Assets
  • Forex
  • Indices
  • Cryptocurrency
  • Stocks
  • ETF
  • Bonds
  • Precious Metals
  • Energy Carriers
  • Agricultural Commodities
Trading Platforms
  • MetaTrader 4
  • Trading Station
  • TradingView
Email Support
  • info@fxcmmarkets.com
  • info@fxcm.co.uk
  • info@fxcm.eu
  • support@fxcm.com.au
  • info@fxcmbullion.com
  • info@fxcm.ca
  • sales@fxcm.co.il
  • info@fxcm.za.com
Hotline Phones
Social Media

FXCM, also known as Forex Capital Markets, is a significant player in the brokerage market, particularly in currency trading and contracts for difference (CFDs). The broker boasts a long-standing presence in the market, having begun its operations in 1999.

The broker's liquidity providers are esteemed financial institutions, including:

  • Barclays Bank PLC;
  • Citadel Securities LLC;
  • Citibank NA;
  • Morgan Stanley & Co., among other reliable financial entities.

The official website, fxcm.com, is accessible in multiple languages:

  • English;
  • Italian;
  • Spanish;
  • German;
  • Chinese, and others.

FXCM Review Summary

In our broker review, we employ a detailed evaluation methodology that covers various aspects of trading activity—from analytics and education to technical support and the diversity of trading instruments. You are invited to familiarize yourself with our assessment methodology for a comprehensive understanding of how we arrive at our conclusions. Continue reading to discover all the details and make an informed choice.

Reliability and Regulation

Rating:5/5

One critical aspect contributing to FXCM's reliability is its regulation across multiple jurisdictions. These regulators ensure high protection and transparency for the broker's clients, which fosters increased trust and dependability.

Legal EntityRegulator

Account Opening

Rating:4/5

The account opening process at FXCM, although it may appear multi-tiered, is organized logically and provides clear instructions at each step, facilitating a trader-friendly experience.

Registration

Before registering and opening an account, traders should acquaint themselves with the types of accounts FXCM offers and the available trading platforms. The initial part of the registration form requires providing an email and country of residence and setting a secure password.

FXCM Registration Form
FXCM Registration Form

Then, the trader must select:

  1. the trading platform,
  2. the account currency (GBP, USD, EUR, or CHF).

It’s important to remember that once logged into the personal cabinet, all actions will be denominated in the selected currency.

Only after these selections can one proceed to fill out the 6-tier application with the following information:

  1. personal information (full name, date of birth),
  2. government-issued photo ID,
  3. proof of residence,
  4. employment details,
  5. financial information,
  6. trading experience.

Filling out all the details takes about 10 minutes.

FXCM Registration Process
FXCM Registration Process

Verification

A new account registration at FXCM requires a verification procedure. The processing of your application typically takes from 1 to 3 business days, with all updates on the account status being sent to your email. Precise requirements are set for documents to confirm identity and residence. Utility bills and bank statements are acceptable for address confirmation, but mobile bills and insufficiently informative screenshots are not. For identity verification, only government-issued photo IDs are accepted.

FXCM employs standardized procedures for verifying identity and address, ensuring high security and streamlining the verification process for new clients.

Minimum Deposit

FXCM offers accessible conditions for initiating trading: the minimum deposit using an online system for credit or debit cards is just $50. The maximum deposit amount via credit or debit card is limited to $30,000 per transaction or $30,000 within a calendar month. Additionally, FXCM does not impose additional administrative fees for account funding, making the process even more attractive for traders.

Account Types

Rating:4/5

FXCM offers two main types of trading accounts - Mini and Standard, which are suitable for most users. However, it should be noted that the variety of accounts may not satisfy all types of traders—for instance, there are no accounts with fixed spreads. The ability to copy trades through ZuluTrade is an additional advantage, expanding options for various trading strategies.

Trading Accounts

FXCM provides only two types of trading accounts:

  • Mini
  • Standard

Mini Account

The Mini account is designed for beginners and functions as a Forex cent account. A balance of 50 pounds is sufficient to open a Mini account. The default execution is DD (Dealing Desk), so arbitrage strategies are prohibited. The broker reserves the right to determine if you employ an arbitrage strategy.

This account type features only a floating spread without any commissions the broker charges. When the Mini account balance exceeds 20,000 units of currency, it automatically transitions to a Standard account with a 100:1 leverage, NDD (No Dealing Desk) execution, and commission-based pricing.

Standard Account

Standard
Account CurrencyUSD
Minimum Deposit50 $
Trading PlatformsMetaTrader 4Trading StationTradingView
Spreadfloatingfrom 0 pips~ 1.2 pips
Commission per Trade
Trading AssetsForexIndicesCryptocurrencyStocksETFBondsPrecious MetalsEnergy CarriersAgricultural Commodities
Opened Positions
Leverage1:2-1:1000
Margin Call / Stop Out100% / 100%
Order ExecutionSTP
Demo Account
Islamic Account
Register

The Standard account requires a minimum initial deposit of 5,000 pounds, providing access to more currency pairs and reduced spreads. A balance of 25,000 pounds is needed for this account, offering reduced spreads and low commissions. Additional monthly discounts of up to 50% on trading costs are available for this account.

Demo Account

For testing strategies and practical trading training, FXCM offers a demo account. Trading is conducted in real-time with current buy-sell prices. The demo account operates 24 hours a day, 5 days a week, providing traders with 50,000 virtual British pounds.

To open a training account, you need to fill out the corresponding form:

Application for opening a demo account with FXCM
Application for opening a demo account with FXCM

Upon registering a training account, one can order free educational literature, which will be sent electronically to the provided email address. Additionally, traders will be offered a free Forex guide.

Swap-Free Account

FXCM provides the option of opening an interest-free Islamic account. Unlike standard trading accounts, where a rollover (carrying an open position to the next working day) is calculated with interest rates, the Islamic account eliminates interest accrual. Instead, the broker charges an additional spread or commission as a substitute for interest. Depending on the account type and pricing model, this is done through an increased spread or a separate commission.

To convert your current account to an Islamic one, you must fill out a particular form on the broker's website. This option makes FXCM an attractive choice for traders who follow the principles of Islamic banking.

Copy-Trading

Auto-trading is an ideal solution for traders who do not want to create their strategies or lack the skills to do so.

The ZuluTrade trading platform allows you to subscribe to signals from experienced market players and copy Forex trades. The provider rating here is provided automatically without human involvement. It is possible to choose several signal providers simultaneously.

ZuluTrade Leaders
ZuluTrade Leaders

Commissions

Rating:3.2/5

FXCM's broker commissions are average. On the one hand, the company offers competitive spreads and below-market swaps, which are favorable for long-term trading. On the other hand, there is an inactivity fee for dormant accounts and a withdrawal fee for bank transfers, which can significantly increase a trader's expenses. However, it is worth noting that there is a rebate program for active traders that can substantially reduce trading costs. Overall, the commission structure appears balanced, with opportunities for savings for specific categories of traders.

Spreads and Swaps

FXCM offers market-average spreads, making them competitive for most traders. Additionally, the broker's swaps are below market, which is particularly attractive for long-term investors and traders who prefer to keep positions open for several days or weeks.

Here is a table of average spreads and swaps for major currency pairs on a standard FXCM account.

AssetAverage spreadSwap longSwap short
AUDUSD1.8 pips-1.09 pips0.28 pips
EURUSD1.2 pips-7.34 pips3.47 pips
GBPUSD1.6 pips-4.13 pips1.86 pips
NZDUSD1.8 pips0.04 pips-0.25 pips
USDCAD2.0 pips-2.34 pips0.66 pips
USDCHF1.5 pips5.65 pips-12.41 pips
USDJPY1.7 pips6.17 pips-12.90 pips

Inactivity Fee

FXCM charges an inactivity fee of $50 per year after one year of no trading activity. This should be considered when choosing a broker, especially if you plan not to trade for an extended period.

Withdrawal Fee

Unlike many other brokers, FXCM does not charge credit or debit card withdrawal fees. However, for bank transfers, the fee is $40. This should be considered when choosing a withdrawal method.

Rebate Program

FXCM offers a unique rebate program, an excellent way for active traders to save on commissions. Users can receive various types of rebates depending on their trading volume. The minimum volume for participation in the program is 10 million US dollars per month, and the more you trade, the more you save.

How does it work?

At the end of each month, FXCM analyzes your trading volume in US dollars. Rebate amounts are calculated according to the achieved volume level and paid within 15 business days of the following month. For example, if your volume were 400 million dollars, you would receive a rebate of $25 per million, which would total $10,000.

The program includes different rates for instruments such as Forex, stocks, commodities, and cryptocurrencies. There are 5 rebates, starting at $5 per million for a turnover of 10 to 25 million dollars and going up to $25 per million for over 400 million.

Level

Trading Volume in USD, millions

Rebate per million traded

1

10-25

5

2

25-75

10

3

75-200

15

4

200-400

20

5

более 400

25

How to Join?

If you are already a client of FXCM or plan to open a new account, you can participate in the program by sending a request. Ensure you meet the minimum monthly turnover requirements of 10 million US dollars.

This program is a significant advantage for active traders, and if you trade in large volumes, it can be pretty beneficial.

Deposit and Withdrawal

Rating:4.5/5

FXCM offers a variety of methods for depositing and withdrawing funds, including cryptocurrencies, which is a significant plus for many traders. However, there are fees associated with payment systems and broker fees for withdrawals via bank transfer.

Deposit Methods

Payment SystemCurrenciesDeposit FeeOperation Limit
SkrillSkrill
all
up to 20000 USD
NetellerNeteller
all
up to 20000 USD
SwiftSwift
all
VisaVisa
all
MastercardMastercard
all
DiscoverDiscover
all
UnionPayUnionPay
all

Cryptocurrencies can also serve as an additional deposit payment method.

FXCM does not charge a commission for funding trading accounts, but it's important to consider possible fees from the payment systems.

Withdrawal Methods

Payment SystemCurrenciesWithdrawal FeeOperation Limit
SkrillSkrill
все
2.99%
up to 20000 USD
NetellerNeteller
все
0%
up to 20000 USD
SwiftSwift
все
0%+ 40 USD
MastercardMastercard
все
2.64%
DiscoverDiscover
все
3%
UnionPayUnionPay
все
0.3%
VisaVisa
все
2.54%

A request for fund withdrawal is processed within two business days.

It's also important to note that the broker charges a fee of $40 for withdrawals via bank transfer. For withdrawals through other payment methods, FXCM does not charge a commission.

Markets and Products

Rating:4.5/5

FXCM provides a vast assortment of markets and products for trading. From currency pairs and cryptocurrencies to indices, commodities, and stocks from various countries — there is everything necessary for diverse and flexible trading. The offered leverage options are variable and can be tailored depending on the trader's capital.

Available Markets

  • 41 currency pairs;
  • 15 indices;
  • 14 commodities (metals, softs, energy);
  • 10 treasuries from Europe and the USA;
  • 23 cryptocurrencies;
  • 102 US stocks;
  • 25 Hong Kong stocks;
  • 23 UK stocks;
  • 23 German stocks;
  • 22 French stocks;
  • 22 Australian stocks;
  • 17 Dutch stocks;
  • 16 baskets of stocks from specific sectors;
  • 3 Forex baskets.

Leverage

The maximum leverage on FXCM depends on the capital and the trading instrument.

Capital

Less than $5,000

From $5,000 to $50,000

More than $50,000

Forex Trading Leverage

up to 1000:1

up to 400:1

up to 100:1

CFD Trading Leverage

up to 1000:1

up to 400:1

up to 200:1

Trading Platforms

Rating:5/5

FXCM offers various trading platforms, each with unique functionalities and advantages. From MetaTrader 4 for classic Forex trading to ZuluTrade for social trading and Capitalise AI for algorithmic trading, traders have all the necessary tools for effective market operations. Trading Station's proprietary platform offers flexible settings and advanced analytical tools, making it convenient for traders of all levels.

Trading Station

Trading Station is FXCM's proprietary platform for experienced and novice traders. It features high functionality, including advanced charting tools, various indicators, and automated trading capabilities.

Trading Station by FXCM
Trading Station by FXCM

Advantages of Trading Station

  • High-speed order execution
  • Advanced analytical tools
  • Customizable user interface

TradingView Pro

TradingView is a popular social network and trading platform with many charts and indicators. It is ideal for those looking for a community to share trading ideas.

FXCM at TradingView
FXCM at TradingView

Advantages of TradingView

  • A vast community of traders
  • Ability to follow real-time trends
  • Integration with other platforms

MetaTrader 4

MetaTrader 4 is one of the most popular platforms for Forex trading. It offers a wide range of indicators, scripts, and the ability to use automated trading systems.

MetaTrader 4 FXCM
MetaTrader 4 FXCM

Advantages of MetaTrader 4

  • Reliability and stability
  • A large number of free and paid indicators and Expert Advisors (EAs)
  • Ease of use

ZuluTrade

ZuluTrade is a platform for social trading that allows you to automatically copy the trades of successful traders. It is a good option for those who do not want to delve deeply into market analysis.

ZuluTrade Platform
ZuluTrade Platform

Advantages of ZuluTrade

  • Automatic copying of trades
  • Evaluation and rating of successful traders
  • Demo trading capability

Capitalise AI

Capitalise AI is an innovative platform that uses artificial intelligence to create and optimize trading strategies. It is suitable for traders interested in algorithmic trading.

Capitalise AI platform
Capitalise AI platform

Advantages of Capitalise AI

  • Use of AI for market analysis
  • Ability to create complex strategies without knowledge of programming
  • Rapid testing and optimization of strategies

Analytics

Rating:5/5

FXCM offers various analytical tools, including trading signals, a market scanner, an economic calendar, and even specialized trading applications. These tools cover all necessary aspects for successful trading, from identifying market entry and exit opportunities to analyzing financial data and current volatility. Analytics from the company's experts and access to research through eFXplus add extra value, making this broker one of the best for analytics provided.

Trading Signals

FXCM offers free trading signals with a 14-day trial period. The signals provide clear entry and exit market recommendations, with predefined stop-loss and take-profit levels.

FXCM Trading Signals
FXCM Trading Signals

Market Scanner

FXCM's market scanner allows for rapid scanning of Forex and CFDs based on selected technical parameters. Users can choose desired indicators and time frames to find the most vital signals.

FXCM Market Trade Scanner
FXCM Market Trade Scanner

eFXplus

eFXplus is an innovative market research application that simulates Forex strategies, trading positions, and forecasts from central banks.

FXCM eFXplus
FXCM eFXplus

Trading Applications

Traders can find convenient tools for trading in the applications, including the latest news, streaming, and many additional features to enhance the trading experience.

APP NAMEPLATFORMTYPEPRICE
Advanced Historical Data DownloaderStandaloneAnalysis/Reporting---
Basic Historical Data DownloaderTrading StationAnalysis/Reporting---
Break-Even StrategyTrading StationGeneral Trading$25.00
Candlestick Pattern ScannerTrading StationIndicators$199.00
StrongWeakStandaloneAutomated Strategies$99.00
Tick Data DownloaderStandaloneAnalysis/Reporting---

Free Applications

APP NAMEPLATFORMTYPE
24-Hour Trend LocatorTrading StationIndicators
ATR PipsTrading StationIndicators
Adaptive CCI StrategyTrading StationAutomated Strategies
Aroon Oscillator StrategyTrading StationAutomated Strategies
Box PriceTrading StationAdd-ons
CFD Auto RollStandaloneGeneral Trading
Consecutive BarsTrading StationIndicators
Daily ExtremesTrading StationIndicators
Day ChangeTrading StationIndicators
Day of the Week CandlesTrading StationAdd-ons
Directional Real VolumeTrading StationIndicators
Donchian ChannelsTrading StationIndicators
FXCM NewsTrading StationAdd-ons
Gradient BackgroundTrading StationAdd-ons
Line Chart FillTrading StationAdd-ons
Market DepthTrading StationIndicators
Market Movers IndexTrading StationIndicators
Multiple Stops and LimitsTrading StationIndicators
New Candle AlertTrading StationAutomated Strategies
On Balance Real VolumeTrading StationIndicators
Required Margin CalculatorTrading StationIndicators
Risk Management IndicatorTrading StationIndicators
SSI - Speculative Sentiment IndexStandaloneGeneral Trading
SSI SnapshotsTrading StationAutomated Strategies
Stochastic Momentum IndexTrading StationIndicators
Stochastic Momentum Index StrategyTrading StationAutomated Strategies
TRIXTrading StationIndicators
Tick ThermometerTrading StationAdd-ons
Trading Session HoursTrading StationIndicators
Triple Exponential Moving AverageTrading StationIndicators
True LeverageTrading StationIndicators
USDollar SSI and Real VolumeTrading StationIndicators
Woodie CCITrading StationIndicators
Zero Lag Moving AverageTrading StationIndicators

Economic Calendar

FXCM's economic calendar is a convenient way to track critical economic events that could impact your trading.

FXCM Economic Calendar
FXCM Economic Calendar

Trading Volatility

Trading volatility helps traders assess the current market volatility and make decisions based on this information.

FXCM Trade Volatility
FXCM Trade Volatility

Live Forex Charts

Traders can use live Forex charts directly on the FXCM website to analyze trends and critical price levels for market entry or exit.

FXCM Live Forex Charts
FXCM Live Forex Charts

Market Analysis from FXCM Experts

FXCM provides high-quality analysis from the company's experts, which can help form a trading strategy.

FXCM Insights
FXCM Insights

Education

Rating:4/5

The company offers a wide range of educational materials, including webinars with experts and detailed guides to Forex trading. The webinars are particularly valuable as they provide the opportunity for real-time interaction and getting answers to pertinent questions.

The only thing that could enhance the section would be the introduction of additional educational formats, such as video courses or podcasts. This would add variety to the existing educational resources and make learning even more accessible to a wide range of traders.

Webinars

FXCM conducts daily webinars featuring experts, often led by Russell Shor. These webinars discuss current topics, key economic events, and their potential market impact. It's an excellent opportunity to get your questions answered in real time.

FXCM Live Market Webinars
FXCM Live Market Webinars

Forex Trading Guides

The company also offers an extensive library of Forex trading guides. These guides cover various aspects of trading, including basic concepts, strategies, and characteristics of successful traders. It's an excellent starting point for those new to Forex trading and a helpful knowledge source for more experienced traders.

FXCM Trading Guides
FXCM Trading Guides

Customer Support

Rating:5/5

FXCM provides excellent technical support with various communication channels and a highly rated level of service. This makes the company a reliable choice for traders seeking quality and timely assistance.

Contact Information

The company representatives are available 24 hours a day, 5 days a week. International phone numbers deserve special mention, although call charges may apply. Overall, clients have the option to choose a convenient method of communication for themselves.

Support Reviews

Reviews of FXCM's technical support are generally positive. Clients note the rapid and quality resolution of issues and a high level of service. The promptness of the support and readiness to assist in complex situations are notably praised. Most reviews indicate high satisfaction with the support services, making FXCM a dependable choice for traders.

FXCM Pros and Cons

Advantages

  1. High degree of regulation. Safety and reliability in dealing with the broker.
  2. Diverse methods for depositing and withdrawing funds. Convenience and flexibility in financial transactions.
  3. A wide assortment of markets and products for trading. Opportunities for diversification and choice.
  4. A broad range of trading platforms. Ease and adaptability in trading.
  5. Analytics. Extensive and high-quality materials for making informed decisions.
  6. Technical support. Quick and practical assistance in resolving issues.

Disadvantages

  1. Insufficient variety of trading accounts. Limited options for different types of traders.
  2. Fees for inactivity and withdrawals via bank transfer. Additional expenses that could reduce overall profitability.
  3. Protracted account opening and verification process. It may take up to 3 days, delaying the start of trading.

Conclusion

FXCM represents a comprehensive solution that will benefit traders of all levels — from beginners to professionals. Beginners will appreciate the accessible educational materials and analytics, while experienced traders can use various instruments and flexible platform settings.

However, it's essential to consider drawbacks such as fees for account inactivity and the limited variety of trading accounts. These factors may be particularly significant for traders who do not plan to trade actively or are looking for more options for customization.

The broker offers a good balance between high-quality services and reasonable rates, making it an attractive choice for a broad spectrum of traders.

Visit FXCM67-72% of retail investors lose money when trading CFDs with this broker
Nikolay Zavarov - Author
Nikolay ZavarovAuthor

Nikolay is an experienced specialist in financial markets and co-founder of IamForexTrader. He has been successfully trading Forex since 2014 and has been actively involved in the cryptocurrency market since 2017.

He develops investment strategies adaptable to any level of experience and has been actively investing in stocks, bonds and ETFs since 2018.

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