FXCM Review

Richard Montana | August 2, 2022

FXCM is an established and regulated online broker with a superb range of powerful and versatile trading platforms, including FIX API connectivity for institutional trading. You can open an account with the broker to trade a great selection of financial instruments in a regulated environment with very competitive trading conditions including tight spreads, low commission fees and rapid trade executions speeds. They have an abundance of robust trading tools to assist you with analysing the markets in great detail to discover potential trade opportunities. There is a plethora of market research and insights from the experts which can help you to make informed decisions. So, whether you’re new to online trading or you’re an experienced investor, FXCM has customisable account types and services for all levels of retail and institutional traders.

Pros & Cons
  • Fantastic choice of industry leading trading platforms
  • Hundreds of financial instruments to trade
  • Commission free trading accounts
  • Excellent selection of exclusive trading tools
  • Professional daily market analysis and insights
  • Social trading via ZuluTrade for copying signals
  • Advanced charting provided by TradingView
  • Robust FIX API connectivity
  • Convenient account funding options
  • Islamic swap-free accounts
  • Free demo practice accounts
  • 24/5 customer support
  • Cannot accept clients from some countries due to regulators
  • Limited tradable assets compared to some other brokers
  • Not the tightest spreads for scalping
  • Perhaps slightly overwhelming for beginners

Summary

Forex Capital Markets (FXCM) is an award-winning and leading provider of online foreign exchange (FX) trading, stocks, CFD trading, Cryptos, and related services worldwide. The broker was founded in 1999 with a mission to provide access to the financial markets via innovative tools and superior trading conditions. I think they have certainly achieved that as is evident by the fact they have been recognised with excellence awards multiple times. The awards are in several areas which include platform, customer support and market analysis. They are a global trading broker with offices in London, Johannesburg, Hong Kong, Athens, Paris, Sydney, Berlin and Milan. The brand also has affiliate offices in Toronto and Tel Aviv, Israel.

Trading Conditions

FXCM obtains its pricing from premium liquidity providers which includes global banks and financial institutions. Some of them are Barclays Bank Plc, Citibank N.A, Deutsche Bank AG, Jefferies Financial Services, etc. FXCM’s price engine examines the price feed from the liquidity providers and selects the best price. This price is displayed on the trading platforms for clients to see. The broker operates a No Dealing Desk (NDD) brokerage model. What this all means is that you can get your trades execute quickly and at the best available prices at all times. FXCM states that the advanced trading technology implemented is responsible for providing execution speeds of 31 milliseconds. I would always prefer to use a broker without a dealing desk is it removes any potential conflict of interest. I wouldn’t want the broker taking the opposite side of my positions.

Clients have the advantage of mobile trading, one-click order execution and trading from real-time charts. In addition, FXCM offers educational courses on FX trading and provides trading tools, proprietary data and premium resources. FXCM Pro provides retail brokers, small hedge funds and emerging market banks access to wholesale execution and liquidity, while providing high and medium frequency funds access to prime brokerage services via FXCM Prime.

FXCM Pro offers wholesale execution and liquidity solutions for retail brokers, hedge funds and emerging market banks. Their relationships with tier 1 banks and non-bank liquidity providers, prime broker relationships, and technology vendors can provide customers with market access on an unrivalled scale.

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Our #1 Broker 2022
AvaTrade is an award-winning and multi-regulated broker offering a great selection of trading instruments including Forex, Cryptos, Stocks and Commodities. You can trade on all of your devices via user-friendly platforms with excellent trading conditions and no commission fees.

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.

Regulation

When choosing a broker, regulation is one of the first things that I look for. I would always prefer to use a regulated broker as it gives me the peace of mind that they will operate in an honest and transparent manner. I am pleased to see that FXCM is regulated in multiple jurisdictions which means that I wouldn’t have any problems using them for my day trading activities. FXCM has offices, partners, and affiliates in the major financial centres of the world, uniquely positioning FXCM to provide exceptional service to traders around the world. It is imperative to be aware that the products and protection can vary depending on the entity that you sign up with.

  • FXCM South Africa (PTY) LTD is an authorised Financial Services Provider and is regulated by the Financial Sector Conduct Authority (FSCA)
  • FXCM Australia Pty Limited is regulated by the Australian Securities and Investments Commission (ASIC)
  • Forex Capital Markets Limited is authorised and regulated with the Financial Conduct Authority (FCA) of the United Kingdom
  • FXCM EU is authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC)
  • FXCM Israel is an authorised financial services provider and is regulated by the Israeli Securities Authority (ISA)

Security

FXCM has implemented a Secured Socket Layer (SSL) on all its websites and platforms. The SSL encryption protects data transmission between the clients’ workstations and FXCM’s servers so that hackers are kept out of the loop. This is very important because identity thieves and internet fraudsters might attempt to steal important user info such as credit card details, verification documents and users’ accounts.

Funds

All client deposits are held in segregated bank accounts. These accounts are kept with top rated banks in Europe, Australia and other FXCM country of operations. For example, in Australia, client funds are held in Citibank, Australia; which is an established international bank. For the European clients, their funds are further protected by the insurance provided by the ‘Financial Services Compensation Scheme’ (FSCS). If in the future FXCM goes bankrupt, the FSCS can pay compensations to eligible clients.

Countries

FXCM does not provide services to residents of USA, Ukraine, Turkey, Russia, Iran and some other countries. You can find the latest up to date list on the brokers website. If you find that they cannot accept clients from your country for whatever reason, please feel free to peruse our broker reviews for an alternative option.

Platforms

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. It means you can seamlessly access and manage your account across all platforms depending on what is most convenient for you at the time. I must say, they have one of the best selections of trading platforms I have seen. There are beginner friendly platforms, pro trading platforms and social trading platforms. They proudly offer access to a suite of award-winning algorithmic trading tools and services. Whatever your needs, there is something for everyone. I personally use the MT4 platform as it is the platform that I am most familiar with. It can do everything that I need it to and much more, from complex market analysis to automated trading. That being said, each platform is good in its own right with different advantages and disadvantages that we will cover in this section.

Trading Station

This is FXCM’s proprietary platform for trading forex and CFDs. The platform is robust, intuitive and replete with trader essential tools. Trading Station Desktop opens up a world of potential opportunities with custom indicators, strategy optimization, strategy backtesting, and robust charting for serious traders. It is available as follows:

  • Trading Station Web 2.0: This platform was built on HTML5, so it runs on web browsers across all operating systems. It is optimised for viewing on all screens. The platform is accessible from the FXCM website
  • Trade Station Mobile: This is the mobile version of the platform
  • Trade Station Desktop: This is the major platform that can be downloaded and installed on a windows computer
Trading Station

Trading Station

Trading Station Features

  • Chart customisations over multiple timeframes
  • Analysis with the use of several indicators
  • Trading from the Charts
  • Price alerts to monitor favourite instruments
  • Supports strategy automations
  • Trading analytics direct on the platform
  • News and economic calendar are embedded in the platform

Trading Station Mobile

This is the mobile version of the proprietary Trading Station platform. It is developed for Android and iOS devices. The trading apps can be downloaded from the Google Play store or Apple store. The Trading Station Mobile platform lets retail traders quickly and easily access the forex market. Trades can be placed and managed on the go through its simple, intuitive interface, which was designed from the ground up to function beautifully on mobile devices. It has all the powerful trading tools for efficient trading and market analysis. I found the mobile app very easy to use although it is slightly limited in functionality when compared to the desktop platform. However, it is ideal for tracking your trades and following the markets whilst on the go.

Trading Station Mobile

Trading Station Mobile

Trading Station Mobile Features

  • Easy to use with a sleek modern interface
  • Account management functions such as registration of new live and demo accounts, funds deposits, etc
  • Live quotes and live charts on all available instruments
  • 3 chart types on 13 timeframes
  • Complete order management featuring risk management settings, multiple order types and order history
  • Research articles and economic calendar is live on the app
  • Customisable with alerts
  • Account reports can be generated in pdf or html formats
  • User guide of 11 chapters

MetaTrader 4 (MT4)

This is perhaps the most widely used trading platform by forex and CFD traders around the world. It has thousands of tools and apps already developed that add extra functionality to the platform. FXCM does not restrict traders on the use of the MT4. It is available as a windows desktop downloadable application and also as mobile app for iOS and Android devices. I prefer the desktop platform as it has the most functionality and supports automated trading. I think MT4 is an excellent choice of platform for anyone who wants to develop their own trading strategies for both manual and automated trading. It is very easy to use with a fully customisable user interface that makes trading online a breeze. Keep in mind, when you trade on FXCM’s MT4 platform, the execution, trading features, and settings may vary from that of the flagship Trading Station platform. I like how the broker offers free MT4 EAs and apps that can automate part or all of your strategy, saving you crucial time in technical analysis.

MT4 Platform

MT4 Platform

MetaTrader 4 offers robust functionality for active trading and advanced market analytics. Its software package provides numerous unique order options, tools for technical analysis, custom indicators and trade automation. Interactive charts and a wide variety of indicators are accessible. MT4 contains a technical analysis package comprised of 30 built-in indicators and more available from the MT4 marketplace. Fully customisable algorithms can be developed for trade automation using the Integrated Development Environment (IDE) and MQL4 programming language. Through the development and implementation of cutting-edge technologies, MT4 is able to provide a sophisticated suite of features:

MT4 Features

  • Interactive charts and built in indicators useful for technical analysis
  • Free streaming assets quotes in real time
  • Supports the automation of strategies using Expert Advisors (EAs)
  • Access to the MetaTrader market where traders can purchase thousands of EAs and indicators
  • The platform is available in over 35 languages
  • News and alerts are available
  • Social trading available right from the MT4 platform
  • Free VPS for high volume traders

NinjaTrader

Founded in 2003, NinjaTrader offers software and brokerage services for active traders. With a funded account, the NinjaTrader platform is free to use for charting, market analysis, and live trading. This is a sophisticated trading platform for trading forex and CFDs. The latest version of NinjaTrader features include complex trading tools so that you can conduct in-depth market analysis of all your favourite instruments. It offers an intuitive interface with real-time quotes, charts, and professional analytics. You can trade manually or use automated systems just like with MT4. The platform is not free of charge and it has no mobile apps. It is also not as widely available compared to MT4 which is something to consider if you plan on switching brokers down the line. If you are interested in increasing potential opportunity in the forex, NinjaTrader can help take market analysis and order execution to the next level.

NinjaTrader

NinjaTrader

NinjaTrader Features

  • Every window is customisable and detachable. Arrange your own layout and colours
  • Advanced trade management including pending order and risk management tools
  • Complex charting capabilities including over 15 chart styles
  • Supports the display of multiple instruments and timeframes on a single chart
  • About 100 inbuilt indicators and numerous drawing tools
  • Supports trade automation using point-and-click strategy for traders without programming knowledge
  • Supports the development of custom apps using C# programming language
  • Identify trade opportunities using the inbuilt Market Analyser
  • Configure advanced alerts and stay on top of the latest market movements

TradingView

TradingView is a social network for traders and investors on Forex, Futures and Stock markets. With Live quotes, stock charts and expert trading ideas, you can use TradingView every day and have the ability to execute your demo and live trading with FXCM. TradingView is a powerful technical analysis tool for both novice and experienced investors and traders. It is reliable, comprehensive, and has most of what you need day-to-day when trading. You can perform distraction-free trading and investing, with more charts, intervals and indicators. The broker provide access free of charge when you open an account with them.

TradingView

TradingView

ZuluTrade

Powered by ZuluTrade, a leading social trading platforms, FXCM gives you direct access to view and copy the trading strategies of others. You can join the thousands of people who now trade in this hassle-free way with this broker. Browse from a range of proficient traders with proven trading record, find a Trader to match your risk appetite and simply Follow their strategy. It’s that simple! You can check the performance of your portfolio and individual Traders inside ZuluTrade platform. Just keep in mind that there is no guarantee on how the trading signals will perform and historical performance is no reflection of what will happen in the future. 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.

ZuluTrade

ZuluTrade

Capitalise AI

FXCM and Capitalise bring AI trading to you. Capitalise.ai is a powerful tool for traders and investors and allows to automate the trading based on a pre-defined trading strategy. This unique partnership and platform enable you to conduct code free strategy automation just by typing your idea. I like how you can easily create, test and automate trading scenarios using everyday English. Power up your trading with easy, intuitive and code-free automation. From managing your daily trades to building complex automated systems, with Capitalise.ai you can automate your own trading with zero code. Use the Capitalise.ai app to manage your trades on the go; edit, stop or automate new trading strategies, all from your iPhone or Android device.

Capitalise AI

Capitalise AI

API Trading

An application programming interface (API) is a set of definitions, protocols, and tools for building application software. In general terms, it is a set of clearly defined methods of communication between various software componentsFXCM offers Application Interfaces (APIs) to traders who want to automate their strategies using APIs. All the APIs support the Trading Station Desktop application. They also support account management and multiple order types. FXCM offers four FREE APIs, each connecting directly to FXCM’s trading server: a REST API, FIX API, Java API, and a ForexConnect API.

REST API

REST (Representational State Transfer) API is a web-based API using a Websocket connection that was developed with algorithmic trading in mind. Developers and investors can create custom trading applications, integrate into the platform, back test strategies and build robot trading. Calls can be made in any language that supports a standard HTTP.

JAVA

Java API, a wrapper SDK of FIX API, provides clients with a fully functioning programmable API into the FXCM trading platform. It includes live streaming prices and historical prices for live trades. It is scalable, light and robust and is compatible on any Java-compliant operating system.

FIX

FIX API is FIX Protocol standard designed for real-time, custom institutional interface which push up to 250 price update per second (not available on other APIs). It is the fastest and most popular option. You will get full range of trading order types available at FXCM. An FXCM Trading Station account with a $5,000 minimum balance is required.

FOREXCONNECT

The ForexConnect API offers the same functionality that is available on the powerful FXCM Trading Station. This includes all of the available order types, streaming live prices, managing your positions, downloading historical instrument rates, getting account reports, and more. ForexConnect supports C++, C#, Java, VB, VBA, compatible with .Net, Linux, iOS and Android, and it is free which is great.

Specialty Platforms

Beyond the core platforms, FXCM also offer a suite of specialty, third-party platforms that can be fully integrated with FXCM’s acclaimed execution. To be honest, I almost find the selection of platforms too overwhelming. They have literally gone above and beyond to make sure there is something for every trader, regardless of your strategy or experience level. The broker specialists can give you a free API-enabled demo and walk you through your options, with no commitment necessary. On request, FXCM gives its clients access to trade on any of these specialty platforms:

QuantConnect

QuantConnect provides a comprehensive IDE designed by algo traders for algo traders. Built on the Lean Algorithmic Trading Engine, an open source cloud-based trading platform designed in C#. QuantConnect not only provides a design-environment it also connects some of the most sophisticated algorithmic traders in the open-source community together. QuantConnect provides take care of the API integration so that you can focus on strategy development through the use of its back-tester, Jupyter notebooks and in-house research.

  • Code in Python, C# and F#
  • Tick, second and minute data back to 2007
  • Fast track coding by working on community templates
  • Download free data and code in Visual studio
  • From coding to live in seconds with a free VPS

MotiveWave

This easy-to-use charting package is designed for both technical and algorithmic traders. MotiveWave specializes in Elliot Wave, Fibonacci, Gann and Ratio analysis and also allows for systematic trading using Java.

  • Market Scanners
  • Systematic Trading Development
  • Backtesting
  • Optimization (genetic and exhaustive)
  • Reply and walk-forward testing
  • Unique Technical Analysis tools

AgenaTrader

Designed as a platform for professional traders, this multi-asset platform comes equipped with extensive functionality. Everything’s included, from the built-in 130 indicators and 14 chart types to advanced automated trading support via AgenaScript(C#).

  • Open 3,000 charts at the same time
  • Set up OCO, If-Done and ORO orders with a few clicks
  • Save complex order combinations into templates
  • Extended alerting via price, time, indicator and signals
  • Market replay
  • DOM and QuickTrader (Chart DOM)

Sierra Chart

Sierra Chart is a professional trading platform for the financial markets, compatible with many externally available trading services. It supports manual, automated and simulated trading.

  • Multi-asset
  • Automated trading
  • Advanced charts
  • Multiple data sources
  • Server-side OCO and bracket orders
  • ChartDOM

SeerTrading

Seer Trading Platform is for building, back-testing, optimizing and deploying automated trading systems. It was designed and built from the ground up for the sole purpose of algorithm development and deployment.

  • Automated trading using R
  • Quantitative analysis
  • Server deployment
  • Multiple systems on same account
  • Multi-asset
  • Backtesting, visualization and optimization

NeuroShell Trader

NeuroShell Trader’s point-and-click interface allows you to easily create complex technical analysis indicators, trading systems and neural network market forecasts without coding of any kind. It supports manual, automated and simulated trading.

  • Point-and-click strategy creation
  • Trading Strategy wizard
  • Prediction wizard
  • Robust back-testing
  • Multiple time frame analysis
  • Apply models to multiple instruments

Tools

The excellent range of trading platforms already come fully loaded with more trading tools than most of you will ever need access to. There is everything you need for conducting detailed market analysing and managing trades effectively. Not to mention, you can get a practically endless number of add-ons for the platforms to further enhance your trading possibilities. You can even develop your own if you have the programming skills to do so, or hire a freelancer to bring your strategy to life. That being said, it is great to see that FXCM have also included a very generous range of additional tools to help support your day trading activities. I found them to be really helpful for market research and analysis. You certainly won’t be short of inspiration for trade ideas with this broker.

Virtual Private Server (VPS)

This is available to all clients who choose to trade on the MT4 platform. A Virtual Private Server (VPS) is essential to traders who adopt complex trading systems and Expert Advisors (EAs) that require constant connections without needing the trading platform running on their own machine. The free VPS is provided to high volume traders who have traded up to 500K per month in the last 3 months. Otherwise, the subscription fee is $30 per month. FXCM has partnered with two renowned VPS providers to bring this service to its clients. I have my own VPS from a third-party provider that I find to be an invaluable tool for running my automated systems around the clock on multiple instances of the MT4 platform. This way I can test how they perform on different brokers without needing my own computer constantly running. It is worth mentioning that you can get a free VPS from other brokers including IC Markets.

Market News

The global market news is updated several times a day. It gives the latest news and happenings in the economic activities of different nations. The news covers forex and other financial markets. This can be a great way to get inspired about possible trade opportunities and to assist with making informed decisions.

Economic Calendar

The FXCM economic calendar lists the global economic events that affect the prices of trading instruments. You can search for events and compare analysts’ consensus with previous records. The calendar also gives trade ideas. I like how you can easily filter the news to only display that which matters most to you. I think the calendar is a vital tool to make sure that you are aware of any pending news releases that can impact your positions.

FXCM Plus

This is a set of quality tools designed to assist you with your trading activities. It comprises of daily trading signals, technical analyser and trading analytics.

  • The daily signals are generated and updated in real time round the clock within the trading hours
  • The technical analyser uses indicators and charts to identify trading opportunities
  • Trading analytics identifies trading mistakes and optimises your trading for better results

Trading Signals

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. FXCM offers forex signals applicable to 40 individual currency pairs. No matter if you are trading the majors, minors, crosses, or select exotics, you will never be without fresh trade ideas. The FXCM Plus Exclusive Trading Signals service is free for Live Accounts, or available courtesy of a complementary 14-day trial. Trading signals can be used in isolation or as a complement to nearly any strategy. Due to their inherent value, legions of forex, futures and equities traders frequently incorporate trading signals into their financial game plans. Just make sure you understand the risks and that results cannot be guaranteed.

FXCM Apps

This is a marketplace where platform tools can be bought or acquired for free. The store contains over 50 MT4 apps, over 50 Trading station apps, over 10 NinjaTrader apps and over 10 standalone apps. The apps are mainly automated strategies, indicators and add-ons. There are apps for news, trend and range traders; apps that add new trading features; and apps that just make trading smoother – FXCM Apps has it all.

Market Scanner

With FXCM’s Market Scanner, you get a quick way to screen Forex and CFDs using the technical parameters you like best. Choose your preferred indicators and time frame, and scan. The market scanner will then give you the five strongest signals based on your preferences. I found this tool to be a really way to find trade ideas which can be helpful if you need some inspiration.

Market Data Signals

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 (SSI), and more.

Free SMS Trade Alerts

With FXCM, you can get trading signals delivered daily to your mobile. Geo-political events as well as many other macroeconomic factors influence price action and create volatility. You can sign up to receive SMS Trade Alerts (powered by the brilliant Autochartist) to help you spot potential trading opportunities.

Daily Technical Levels

This is a free daily newsletter powered by the excellent Trading Central; a certified research firm that provides technical analysis and daily market commentaries on several instruments. The newsletter is known as “Before the Bell” and it is sent via email. It contains daily analyses on major assets and chart analysis.

Education

I was impressed with the amount of free educational content that FXCM has available. You will always have materials at our fingertips to help ensure that you can continue improving your knowledge and skills. I especially like how clients are given free access to webinars every weekday. This seminar is facilitated by FXCM’s expert analysts and is a great way to learn from the experts. There are also recorded videos from past seminars so that you can catch up in your own time. There are several handy trading guides that are meant to teach new traders about trading online and the markets. These articles introduce them to forex trading starting with terminologies, basic concepts, indicators and trading strategies. Also, there are articles explaining the roles of G20, OPEC and IMF. A glossary of over 45 relevant trading terms is available on the website. Forex trading ‘A to Z course’ is available to account holders upon request. The video library contains easy to understand videos on platform use, forex introduction, order types and mobile platform tutorials. Overall, there is more than enough content for everyone to learn something new.

Markets

You can trade your opinion of the world’s largest markets with low spreads and enhanced execution. FXCM offers hundreds of trading instruments on its platforms, covering various asset classes. I think there is more than enough financial instruments to create a diversified portfolio, with something for everyone to trade regardless of your interests. FXCM provide CFD trading, which allows you to trade the price movements of currency, stock indices and commodities like gold and oil without buying the underlying product. When you trade CFDs (contracts for difference) with FXCM, you can speculate on price between when you open and close the CFD. The difference in price is the profit or loss, minus any broker fees. This approach frequently makes settlement easier.

  • Forex
  • Shares
  • Indices
  • Commodities
  • Cryptos

Accounts

FXCM charge its trading fees from the spread irrespective of the type of account. The spread is variable and it depends on market liquidity and volatility. The typical spread for the EUR/USD starts from 0.7 pips for the UK website and 1.3 pips for others. These aren’t the lowest spreads that I have come across so probably wouldn’t be ideal for scalping. For that, you might want to consider Pepperstone instead as they have raw spreads from as low as 0.0 pips. However, it is worth considering that FXCM charge no commission fee on top which could help to save in trading costs over the long run. Active Traders can get deep discounts on spread costs based on the volume traded. The maximum leverage for European clients is 1:30 while other clients are offered 1:400. Free and unlimited demo accounts are available to test the different trading platforms and conditions before opening a real account. This can be a great way to test the broker and see what they have to offer, risk free. The following account types are available:

  • Individual
  • Joint
  • Corporate
  • Trust Account

Support

The broker customer support is provided in various languages and available 24/5. They can be reached via many phone numbers listed on the website for different countries. They can also be contacted via email and instant web chat. On social media, they are on Facebook, Twitter and YouTube. I think they could improve by offering 24/7 support and I haven’t always had the quickest response via email. That being said, the live chat is online 24/5 so you may find that a better way of quickly speaking to someone.

Funding

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. The minimum deposit is relievedly low at just $50. In compliance with the Anti Money Laundering (AML) procedures, FXCM does not accept cash deposits. The broker also rejects cheques and funds transferred from exchange houses. Funds from third parties are also rejected. This is pretty standard when dealing with a regulated broker. Accounts can be opened in a good selection of currencies including USD, GBP, EUR, CHF, JPY, NZD, CAD, AUD. The different currency options are beneficial as currency conversion fees do not apply when using an account in your own currency.

Debit/Credit Card

The cards accepted are MasterCard, Visa and Discover. This is the fastest way to fund credit accounts as deposits are instant. China UnionPay cards are also accepted.

Bank Wire Transfer

These methods are used to transfer funds between FXCM’s banks and a client’s bank. The process takes 1-2 business days for local transfers but can take 3-5 working days for international transfers.

Digital Wallets

The accepted e-wallets are Skrill and Neteller. The limit is $20,000 within a month. The funds are processed within a day.

Conclusion

Overall, I am distinctly impressed by many aspects of FXCM. They are a broker who have been around for years and are regulated in multiple jurisdictions which gives me comfort that I can trust them with my funds. The broker has continually invested in advanced technological solutions to help provide clients with good trading conditions. This is evident with the absolutely outstanding range of trading platforms and tools available. The selection really does blow the competition out of the water, most brokers only have a few platforms at most.

The award-winning proprietary Trading Station is replete with essential tools that are beneficial to all levels and types of traders. FXCM also support the ever popular MT4 platform. The addition of the sophisticated NinjaTrader, APIs and specialist platforms make FXCM a broker with multiple alternatives depending on individual trader requirements.

The broker has secured partnerships with reputable experts to bring premium services to its clients. This includes partnerships with TradingView, Trading Central & VPS providers. You really have all of the tools you need at your disposal to conduct in-depth market analysis so that you can make informed trading decisions.

However, despite the many positives, there are a few niggles. 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.

Other than that, I feel that FXCM is a top broker for anyone who is looking to trade in a regulated environment with industry leading platforms and tools, backed by 24/5 support. There is even the option of a free demo account if you want to give them a try before making a commitment.

FXCM Logo

Min $50 Deposit

FXCM is an established and well-regulated online broker with an excellent range of powerful trading platforms that are loaded with tools and market insights to help you discover trades and make informed decisions.

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.

About the Author

Avatar photo

Richard Montana
Richard has many years of experience in broker research, testing, analysis and reviews. He knows what to look for through years of trading himself with different brokers and listening to the feedback of others.

Review Methodology

For all of our broker reviews, we research, validate, analyse and compare what we deem to be the most important factors to consider when choosing a broker. This includes pros, cons and an overall rating based on our findings. We aim to help you find the best broker according to your own needs. You can read more about our review process.