Best More Detailed Review Of FXCM Forex Broker 2023

What is FXCM?

FXCM is an online trading platform that offers spread betting, commodities, indices, stocks, and forex trading (available for UK and Ireland residents only). Since its founding in 1999, FXCM has been operating successfully. The Financial Conduct Authority (FCA) and numerous other stringent regulatory agencies throughout the world, such as Australia's ASIC and South Africa's SARS, all have offices at the company's headquarters in London, United Kingdom (FSCA).

With the aid of cutting-edge trading tools, top-notch trading educators, and tight financial regulations, the firm gives international traders access to the most liquid market in the world.

Leucadia assumed economic ownership of FXCM in January 2015. A holding firm with a solid reputation that makes investments across a wide range of industries, primarily financial services and investments, is Leucadia National Corporation.

Forex and CFD trading are both offered by UK-based broker FXCM. The procedure for opening an account with FXCM is simple, quick, and easy. It has several technical indicators and excellent technical research tools. High-quality educational materials are readily available. The fact that FXCM only offers CFDs (forex, indices, commodities, cryptocurrencies, and shares) eliminates popular asset classes like genuine stocks and ETFs. Additionally, there is a hefty cost for bank withdrawals. Finally, safer two-step authentication is not available on the trading platforms. Based on the evaluation of 500+ criteria and testing via the opening of a live account, BrokerChooser gives FXCM a 4.4/5 rating.

FXCM gives traders a number of different accounts, leverage, a genuinely outstanding selection of plugins, and a wide range of CFD instruments (including commodities, cryptocurrencies, and more). In addition, FXCM stands out for having a wide range of trading platforms available to users, including its own Trading Station, MetaTrader 4, the copy-trading platform ZuluTrade, NinjaTrader, and various add-on plugins. These platforms are all accessible to traders through the FXCM website. FXCM is a tempting alternative for frequent traders with nearly any preferred trading technique thanks to low trading fees and conditions as well as an industry-best level of flexibility for traders.

FXCM Pros and Cons

Pros

• Fast and straightforward account opening.
• Good technical research tools.
• High-quality educational content.
• Regulated by the UK, Australia and South Africa authorities.
• One of the best trading platforms selection.
• Professional free education.
• Low minimum deposits to start trading forex and CFDs on the Standard Account.
• Active Trader account offers advanced API connectivity, superior trading conditions and more.

Cons

• High bank withdrawal fees.
• No two-step authentication on trading platforms.

Our experts consider FXCM to be a solid, trustworthy broker with a variety of advantages and alluring terms. The broker is well known throughout the world for providing a wide variety of trading conditions. One of the greatest options is available on the firm platform in terms of low pricing and narrow spreads, which are balanced through your lone account with them. It provides trading on leverage and a cheap minimum deposit for some organisations. They also offer free sections for professional development and research.

Who Is FXCM Review Recommended For?

A variety of traders, including novices, can use FXCM. Beginner traders can benefit from FXCM's Standard account's lower deposit requirement and access to ZuluTrader, which enables them to browse and imitate the positions of listed market professionals. The FXCM platform will be most beneficial to seasoned investors who have developed a strategy that relies on a variety of plugins and tools. Experienced traders are best served by FXCM's emphasis on integrating value-added services and resources because of the variety of platforms and tools accessible.

FXCM Forex Broker Leverage

Leveraged trading in Forex and CFDs is permitted by FXCM, giving users a competitive edge even during minute market fluctuations. Simply put, leverage is a credit line that your broker extends to your trading account in order to increase the size of your positions.

As a result, we strongly advise you to use leverage extremely carefully. Instead of rushing into high leverage levels, take your time to determine the appropriate size for each instrument. Leverage can significantly enhance your potential earnings, but it can also significantly increase your losses.

FXCM leverage levels are determined by the funds in the traders' accounts and by the regulations that a given resident or account may be subject to:

1:30 for clients from Australia

1:30 for clients in the UK and Europe

South Africa 1:100

Otherwise, the level up to 30:1 for Forex products, 20:1 for non-major currency pairs, gold, and major indices, 10:1 for commodities other than gold and non-major equity indices, and 2:1 for cryptocurrencies will be applied due to regulatory restrictions in Europe under ESMA.

FXCM Accounts

With only one account at FXCM, you can trade a variety of trading products that are available. You can sign up for a demo account first, then quickly and reasonably easily open a live forex trading account where you can begin live trading when your residency and application requirements have been verified.

Another appealing prospect is available through the Active Trader account offered by FXCM, which is intended for high-volume investors. As an active trader, you can take advantage of premium services, tailored solutions, and spread cost discounts based on the number of your trades.

The web trading interface offered by FXCM may be fully customised, has a large selection of order types, and has an excellent search feature. On the other side, two-step authentication is absent.

Platform Variety: An FXCM account gives you access to a wide range of options, including the common MT4 on PC, mobile, and the web. With the use of website plugins, its own Trading Station platform is just as capable but has a fresher appearance and some added features. While NinjaTrader enables traders to create and test automated trading systems, ZuluTrade Access offers copy-trading functionality.

Numerous Trading Apps: A page on the FXCM website details the extensions and plugins it provides for traders who want to easily add functionality to the Trading Station and MT4 platforms, offering a wider range of tactics. New indicators, Expert Advisors, and a variety of reporting and charting tools, such as Pivots Panel, CFD Auto Roll, Track 'N Trade, and Visual Traders Studio, are all included.

Connected Customer Support: Contacting an agent from FXCM is simple and quick. Each region in which FXCM conducts business has a phone number, and the callers will be able to speak with representatives who are fluent in that region's language. Although live chat is offered, it isn't always accessible. An email form also speeds along inquiries, and we found that support takes no longer than one business day to return.

FXCM Forex Broker Fees

When trading indices and commodities with FXCM, you simply pay the floating spread, and improved index CFDs let you trade without stop and limit limits or re-quotes. View the typical CFD spread expenses and additional fees, such as funding fees, below. For the most up-to-date information, visit the official website or the FXCM platform.

Based on our analysis of the other 500 brokers we tested, we gave FXCM fees an overall rating of 8 out of 10. Depending on the organisation you are registering your account with, fees may change. The cost of forex trading with FXCM is less than the standard for the sector.

The forex and non-trading costs at FXCM are typical. Account, deposit, and credit/debit card withdrawal fees are all nonexistent. After a year of inactivity, you must pay a $50 fee, and bank withdrawals might be expensive.

Deposits and Withdrawals 

It is true that FXCM offers a very practical method for account opening. You may create a free practise account to test the platform and enjoy account benefits.

FXCM Deposits and Withdrawals received an overall score of 8 out of 10. The minimum deposit is quite minimal for some companies. Depending on the entity, there are either no costs at all or very little. The variety of funding options is also fairly broad.

The following are some positive and unfavourable findings regarding FXCM deposits and withdrawals:

FXCM Advantage

• Free deposit.
• Some withdrawal methods 0$ fee.
• For clients in Australia and South Africa, the minimum deposit is $50.

Source:

• https://55brokers.com/
• https://brokerchooser.com/
• https://www.investing.com/