FXCM Review 2020

FXCM belongs to one of the high ranked forex brokers at the international level. This FXCM review guides about their services, products, researches, and everything you want to know.

FXCM Review
4.2/5
73.05% of retail CFD accounts lose money

Short Summary

Minimum Deposit

$360 for EU and $50 for non-EU

Assets

Forex, CFDs, and Cryptos

Demo Account

Yes

Islamic Accounts

No

Caution: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73%of retail investor accounts lose money when trading CFDs with this broker. Your capital is always at a risk.

Before trading with FXCM, you must be aware of the positive side and negativism of this firm.

Pros
  • Quality educational Content
  • Great Research
  • Low forex fees
Cons
  • Poor Trading platforms
  • Limited Assets
  • No coverage of share

Introduction

73.05% of retail CFD accounts lose money

FXCM is the abbreviation of Forex Capital Markets. This company is famous for its best services for professionals.

Year Founded

It was founded about 21 years ago in 1991. This company is UK based.

Owner

Drew Niv. Jefferies Financial Group changed its name from Leucadia National Corporation in 2018. Now Jefferies owns FXCM Groups.

Headquarters

FXCM has a head office in London.  Others headquarters are in

  • AUSTRALIA
  • CANADA
  • FRANCE
  • GERMANY
  • ISRAEL
  • ITALY
  • SOUTH AFRICA

Choosing clients

FXCM is also choosy in accepting clients. This FXCM review also reveals that with which countries FXCM prefers to work and not to work also.

Acceptable Clients

FXCM accepts traders from Pakistan, India, and Bangladesh also. Other accepted countries are FXCM accepts traders from Australia, Thailand, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia. There are some other non-famous counties which might are not included in it.

Not Acceptable

Traders from Iran, Iraq, and North Korea are not acceptable. FXCM is banned in the United States due to many fraud issues.

Regulation

73.05% of retail CFD accounts lose money

Whenever you work with a financial service provider, always check out for your safety first. This key rule might help you from a big loss. FXCM review demands that you should acknowledge the regulation of this firm. This company is UK based and. It is registered wherever it is working. Its regulatory bodies are the following ones.

  • Financial Conduct Authority (FCA). Its registration number is 217689
  • Australian Securities and Investments Commission (ASIC).
  • South African Financial Sector Conduct Authority (FSCA).

Some information related to this firm is here.

  1. They have a proper bank record.
  2. Most of the clients are a part of a top-tier financial authority
  3. It is listed on London Stock Exchange also.
  4. They also provide negative balance protection.

Safety

It is working for a long time. Different researches on the FXCM review revealed that it is safe to work. Let us explain to you how it is considered safe.

  • Company and client funds are not allowed to put in the same bank account. So in case if they ran out of all money from one bank they have to pay you back from another account.
  • FXCM also provides investor protection fund. This scheme is for the nationals of the UK and Europeans. The amount of this fund is £85,000. They might also pay some amount to their Australians or South African clients. But it mostly they do not. And in other parts of the world, they also don’t provide any funds for compensation.

Assets

FXCM provides forex and CFDs. They also offer Cryptos but as CFDs.

Have a look at exactly what they offer.

Commodity CFDs
10
Cryptos
5
Currency pairs
35 +
Stock index CFDs
14

This is the drawback while working with this company. They have not a vast range of assets that people ask for. They even don’t offer Stocks.

Fees

73.05% of retail CFD accounts lose money

The main things about their fee.

  • Low fee of forex trading
  • No charges on Withdrawals
  • High Stocks AUD/USD fee
  • Average inactivity fee
  • Low minimum deposits

Trading fee

Assets Leverages Average Spreads
Cryptocurrencies
2:1
--
Commodities
10:1
1.2 to 3.3 pips
Major Currency pairs
20:1
 0.7 to 1.3 pips
Minor Currency Pairs
30:1
 0.7 to 1.6 pips

Some of the popular currency pairs traded on FXCM are EUR/USD, where you can get low spreads of just 1.3 pips and GBP/USD with available low spreads of 1.6 pips. But their Average trading fee ranges from 0.7 pips to 1.7 pips.

Non-Trading fee

  • FXCM has a free withdrawal.
  • An inactivity of one year costs you for $50.

Account Opening

73.05% of retail CFD accounts lose money

You can open your account for just $50 if you are outside of Europe. For Europeans, the minimum deposit is $360.

  • Account opening is digital.
  • It is a smooth and easy process.
  • Account opening at FXCM is quite a slow process and might take a few days.

To open your account follow these steps;

  • Choose the account type, and base currency you wish to use.
  • Then choose your platform.
  • Fill your KYC form. It includes all of your personal and professional details.
  • You have to provide documents for verification of your identity and residency. You can use your pictures of your id card, driving license or passport to show identity. For residency, you can share detail and pictures of your bank statement, electricity or utility bill, and credit card detail.

This process will take 3 to 4 business days.

Types of Accounts

73.05% of retail CFD accounts lose money

FXCM offers the following account types

  • Standard account
  • Active Trader accounts – high volumes with low commissions. For instance, the EURUSD spread is 0.2 at the Active Trader account, while 1.3 at the standard account.
  • Joint Accounts
  • Corporate Accounts

Social Trading

FXCM offers also social trading service by a third-party platform. This service is provided through Zulutrade.

Deposits & Withdrawals

73.05% of retail CFD accounts lose money

FXCM charges no deposit fees. Its minimum deposit is low also. You can deposit by these means.

  • Bank transfer
  • Credit/Debit card
  • Electronic wallet like Skrill.
  • Union Pay

Bank transfers are quite slow than credit or debit card payments.

Withdrawal is slow. Bank transfers may cost you more than $35. But payments by Credit or debit cards are free. You cannot withdraw your money by electronic wallet.

To withdraw money apply these keys.

  • Log in to your account by official website com
  • Click on ‘Withdraw Funds’
  • Select your withdrawal method
  • Enter your desired amount
  • Re-enter your password for security
  • Submit the request.

Account base currencies

You can choose from 3 base currencies that are EUR, USD, and GBP.

If you choose USD as your base currency, but you trade, deposit or withdraw EUR than you have to pay a conversion fee.

Trading Platform

73.05% of retail CFD accounts lose money

FXCM offers mobile, desktop, and web trading platform.  With FXCM you can trade on 4 platforms. Trading Station, Metatrader4, Ninjatrader, and Zulutrade. The trading platform is the own software of this firm.

Web Trading platform

Let us discuss the facts about the Trading Station.

  • It is available in almost all most frequently used languages including Arabic, Hebrew, Greek.
  • It has great customization.
  • Login is a single step verification.
  • Search functions are awful.
  • You can set up notifications and price alerts.
  • It has a proper fee report and trading history.
  • You can place orders in many ways including market, stop, limit, Good till time, Good till canceled. It includes more functions.

Fill Or Kill- To buy or sell a stock that must be executed immediately” otherwise, the whole order is canceled. And any kind of partial fulfillment is not allowed.

One Cancels Others- If one order executes, then the other order is automatically canceled.

Immediate Or Cancel (IOC) – all or part of the order to be executed immediately, and any unfilled parts of the order are canceled.

Mobile Trading platform

Features of mobile trading platforms are s follows.

  • This is not user friendly.
  • Login is a single step.
  • Ask for confirmation of the order also.
  • Search functions are not good.
  • You can set notifications and price alerts.
  • The overall performance is also poor.
  • It is not updated with time.
  • You can place an order in many ways.

Desktop Trading platform

Now, look at the features of the desktop version of Trading Station.

  • It has good customization.
  • Charting is good.
  • Login is also a single step.
  • Trading history is always updated.
  • Order placing has also variety.
  • You cannot set price alerts.

People mostly do not prefer to work with this platform. Most of the people give priority to MetaTrader 4.

Ninja Trader is also popular among FXCM traders. It has great charting and indicators. There are almost 145 indicators in it. It also gives new trading ideas.

Ratings of Trading Station

Web Trading Platform –  Hardly Average

Mobile Trading Platform –  Average

Desktop Trading Platform-  Poor

Research

73.05% of retail CFD accounts lose money

FXCM Review is good about their researches.

  • They have excellent and multiple ideas for trading.
  • Trading styles are admiring.
  • They have not any kind of fundamental data in their records.
  • The technical and charting tools are outstanding and helpful.
  • They have quality news which is true in the majority of cases.

Features

  • News Feed is a quality feature in it. You can watch them to seek assistance.
  • Newsletter are also accessible just after signing up for them. Like Before the Bell. It has also quality data.
  • Economic Calendar is also worthy.
  • Algorithm Trading at FXCM provides four APIs for free. They are APIs are REST API, FIX API, Java API, and ForexConnect API.

Education

73.05% of retail CFD accounts lose money

FXCM educate their traders by

  • Web Channels
  • Various Articles and blogs
  • Webinars
  • Providing Booklets
  • Tutorial Videos

Following the quote, Practice makes a man perfect they also offer a demo account to practice with.

Their videos are easy to understand and apply. Their articles and booklets are also free.

Promos

73.05% of retail CFD accounts lose money

They do not usually offer bonuses and promos. However, some apps and platform provide their bonus like a welcome bonus. FXCM review about bonuses is not very heart touching.

Customer Services

73.05% of retail CFD accounts lose money

They have a good customer service department that contribute a good part in an outstanding FXCM review. They provide their services in more than 40 countries.

  • You can connect them with phone, email, and chat.
  • They are very responsive to their queries.
  • Phone services are responding properly.
  • A live chat session is also available.
  • But they also do not have a 24/7 services, which they must provide being an international broker.

FXCM Review

73.05% of retail CFD accounts lose money

Overall FXCM review is good. They are considered as one of the highest-ranked and most excellent services. Forexscams.com provides essentials information regarding forex broker. For more broker reviews visit our website.

Feel free to contact us in any query.