FXCM Review 2023: Get Our Complete Guide on FXCM Broker

I actually prefer to maintain control over my own trading as I think this is the best way to learn from your mistakes and become a better trader. I also feel like some of the ZuluTrade strategies are quite high risk, utilising potentially dangerous grid trading and martingale money management. Therefore, it is imperative to do your own due diligence before copying any traders. Available for both Android and iOS, the copy-trading app enables you to access the markets and manage your account anytime, from anywhere. FXCM offer many different platforms to suit your trading needs, including the popular MetaTrader 4 platform and their very own proprietary Trading Station. When you open an account with FXCM, you can choose to trade from any platform which is great.

In summary, the NFA accused FXCM of sending its customers’ orders to an FXCM-owned subsidiary called Effex for execution. Effex, in turn, sent rebates for this order flow back to FXCM, and FXCM allegedly concealed these payments from NFA. As an international broker, FXCM is regulated by agencies in several jurisdictions.

An Interest-free account is targeted at Islamic traders who are forbidden from earning as it is forbidden by Sharia law. FXCM add an extra 0.4 pips to the spread for Standard accounts and a $2.00 commission per lot (per side for commission-based accounts in place of overnight fee or swap rates. The majority of clients will use their Standard Account, which is designed for retail traders’ high volume traders will prefer their Active Traders account to save on costs.

today I had excellent technical support…

FXCM also offers tight spreads, for example, the typical spread for the EUR/USD pair is 1.3 pips. As well as low spreads FXCM also supports a range of trading platforms such as its flagship Trading Station platform which is compatible with desktop, web, and mobile trading apps. Additionally, you can access the top-rated and popular MetaTrader 4 platform and the advanced functionality of automated fxcm broker review robo-advisors otherwise referred to as Expert Advisors. Trading signals are actionable trade ideas that may be readily applied to the open market. Their foundations are typically rooted in technical and fundamental analysis, or as a hybrid of both methodologies. Novice and experienced traders alike frequently look to trading signals for guidance on whether to buy or sell in the live market.

It is imperative to be aware that the products and protection can vary depending on the entity that you sign up with. FXCM no longer accepts U.S. clients because it had to pay $7 million in 2017 and give up its registration with the U.S. Commodity Futures Trading Commission for failing to disclose a deal with a market maker to its clients.

That being said, the live chat is online 24/5 so you may find that a better way of quickly speaking to someone. FXCM Market Data offers powerful insights to help you find potential trading opportunities. With FXCM Market Data, you stay up to speed on the latest prices, volume trends, trading sentiment trends and the historical trends of many instruments. Get a quick snapshot of the market through the brokers propriety Speculative Sentiment Index , and more.

The education material and research toolsare ideal for a broad spectrum of skill levels ranging from beginners to professional traders. Some of the research materials are derived from Trading Central, Invetsing.com, FXStreet, and eFXData. On the web version of FXCM, traders can also access the market screener research tool. Compared to other Best Forex brokers, the FXCM fees are quite low. Nevertheless, standard bark charges apply and are determined by the users’ bank. Once the application is processed and approved, the new user will receive a username and password to access the MyFXCM portal, where they can deposit funds to start trading CFDs and Forex.

Comments like yours keep us motivated to keep improving and we are confident that you will enjoy what we have planned for the future. We are sorry for the inconvenience caused https://forexarena.net/ and highly appreciate your understanding. It’s great to hear that you are enjoying FXCM, and if you ever want to share any further feedback, we’d love to hear you out.

For some entities, it offers a low minimum deposit and trading on leverage. They also provide professional education and research sections available for free. The broker gives you a nice variety of quick and easy account funding option to choose from, including digital wallets which I find most convenient for moving funds around between my trading accounts. It is great that FXCM does not charge deposit fees but be aware that your payment provide might.

FXCM is part of the FXCM Group and was established more than 20 years ago. Since its inception back in 1999, FXCM has focused on one goal and one goal only — to offer access to the world’s largest and most liquid market. Withdrawal can be done by card, Bank Wire or Skrill, Neteller and in Australia by Electronic Funds Transfer and Union Pay. While there are no withdrawal requirements, there are fees when using Bank Wire and Union Pay. All other deposit methods do not have a minimum deposit requirement however may have limits on how much can be deposited each month. Trading with Indices allows you to reduce the risk of your exposure when trading volatile instruments.

Now that we have covered most of the FXCM broker platform features, let’s learn the steps involved in opening an account. Our analysis of FXCM’s security ended up proving extremely negative. The broker doesn’t provide any extended account security, which raises some serious red flags. FXCM requires a flat fee of $40 for any bank wire transfer withdrawal – it is non-negotiable, even if you only have $25 in your account. Comparatively, this is among the smallest amount in the industry.

Account opening

For general inquiries and account related inquiries, users can send an email to and , respectively. While the trading fee is comparatively low, the non-trading fee is on the average side. Inactivity fees, withdrawal fees, and deposit fees are some of the non-trading fees. Typically, one has to pay $50 as the inactivity fees if the account remained inactive for a year or more. Trading Forex and CFDs is often a risky endeavor where user accounts lose money.

These catch-all benchmark fees includes spreads, commissions and financing costs for all brokers. In the sections below, you will find the most relevant fees of FXCM for each asset class. For example, in the case of forex and stock index trading the most important fees are spreads, commissions and financing rates. The FXCM Trading Station platform is designed to appeal to many types of traders. Traders can deposit and withdraw funds for no fee charged by FXCM. The only fees traders may incur are those by the payment providers.

After the funds get transferred to your account, you can start trading with your live account. As per our findings during this review, FXCM offers some of the best video tutorials and written educational materials for users interested in broadening their trading skills. The materials range from the basics for beginners to advanced topics for professionals and expert traders. The materials feature FXCM’s historical data to provide unique insights for hands-on experience. During our research for this review, the FXCM web version claimed to be offering over 52 trading indicators and 26 trading tools.

Fees

Although a wide variety of third-party platforms are supported for algorithmic trading, MetaTrader 5 is not available at FXCM. Effective spreads for forex and CFD trading are slightly higher than the industry average. FXCM is a leader in algorithmic trading solutions, whether you’re a beginner using Capitalise.io or an advanced coder using Python. FXCM is regulated by top-tier authorities, like the UK’s FCA. Its parent majority economic owner company is listed on the New York stock exchange and has a banking background. The FXCM mobile trading platform isuser-friendly and well-designed.

Overall, FXCM fits the needs of traders at all levels of expertise. The online broker even provides wholesale trade execution and liquidity solutions for retail forex brokers, smaller hedge funds and emerging markets banks through its FXCM Pro service. On the upside, the broker offers various trading platforms, good customer support, and various trading tools. In addition, FXCM is tightly regulated by top-tier financial institutions. 69% of retail investor accounts lose money when trading CFDs with this provider.

FXCM offers a choice of payment methods between bank wires, credit/debit cards, Skrill, Neteller, UnionPay, and certain cryptocurrencies. Only the Bermuda subsidiary supports them all, while other branches offer have fewer options. Here is a screenshot of the FXCM Trading Station platform during the London-New York overlap session, the most liquid one, where traders usually get the lowest spreads. There is a $300 minimum deposit for EU-based clients and $50 for users outside the EuroZone when opening a Standard Account. EToro is regulated by major financial institutions including the FCA, CySEC, ASIC, and the US Securities and Exchange Commission.

The contact phone numbers are toll-free and based on jurisdiction. Traders can determine the phone number for their jurisdiction by visiting the broker contact us page. When investing in crypto CFDs with FXCM, the trading fees are included in the spread and there are no commission fees when opening and closing positions. Furthermore, CFD traders have the option to either go short or long by speculating on the potential price movements of the underlying asset without actually owning it.

Does FXCM offer educational tools for investors?

The number of tradable assets available is quite limited when compared to other brokers who offer thousands of assets, such as IG. I also found them not to have the lowest spreads which may be an issue if you are scalping. It gives the latest news and happenings in the economic activities of different nations.

Withdrawal via credit/debit cards are free, but bank transfers can be costly. FXCM offers trading in stock CFDs from exchanges ranging from the NASDAQ to the Hong Kong stock exchange. A stock is a security that represents partial ownership of a corporation. Keep in mind that when trading stock CFDs you are speculating on the price of a stock without actually taking ownership of the underlying asset. Charts are well designed and offer robust functionality, with 59 technical indicators and a broad range of drawing tools, chart types and time frames.

• As a trader, you get access to an economic calendar, earnings calendar, market news, live Forex charts, and market data signals.
• The broker’s proprietary Trading Station platform is available for iPhone and Android mobile devices.
• One of the reasons for FXCM’s popularity among traders is its customer service team.
• I like how you can easily filter the news to only display that which matters most to you.
• During our research for the FXCM review, we performed a detailed study of the FXCM online broker.

Educating yourself on how to trade the financial markets can make the difference between success and failure. We check the educational content provided by the broker, its quality and suitability for beginners and advanced traders. One of the reasons that traders are attracted to the forex and CFD markets is the high degree of available leverage. Leverage is the use of borrowed funds to increase the size of your trading positions beyond what would be possible using only the cash in your account. The maximum leverage available depends on where you are based. We test the broker’s platforms and examine commissions, spreads, and overnight fees to ensure that you can determine if trading with this broker is worth your time and money.

If you prefer social or copy trade, then Zulu Trader might be your preferred choice of the trading platform. This type of trading allows you to copy the trades of experienced traders, making it a great choice for beginner traders wanting to learn the trading strategies of successful traders. One of the key features of the Zulu trade is the social element. The feature gives users the ability of traders to share ideas and strategies and help other traders. Zulu Trader has over 1 million users, making it one of the larger social trading communities available. This is FXCMs offering to all clients who don’t qualify as an Active Trader.