FXCM Review March 2023 Is FXCM Safe? All Answers Revealed

Because CFD trades involve a contract to exchange the difference between the opening and closing price of the trade, investors can trade on both bullish and bearish markets. No Rollover fees campaign makes FXCM easily the best CFD broker. I saved over $10,209 in rollover fees trading with FXCM for almost 2 years now. It makes a massive difference in these rough markets where instead of 5% P.A for overnight holdings you are paying 0%. FXCM is a worldwide brokerage firm with optimal trading conditions suited to beginner traders as well as seasoned pros.

Forex Capital Markets Limited , popularly known as FXCM, is a forex and CFDs trading, spread betting broker based in the UK. As one of the oldest brokers, FXCM has been in the forex and CFD trading industry for over two decades. As a result, FXCM is banned from the United States and does not offer clear guidance on registration for other jurisdictions other than the U.K. In this way, we’ll be able to provide a non-biased report of the broker, in which ways it can be utilized, but primarily, why we’re not convinced in using FXCM. Follow the account creation process to access the Trade Station demo account.

Supported Trading Platforms

FXCM offers floating spreads, but without the price improvement, average ones can be somewhat high. Therefore, traders should consider the trading time to ensure placing most trades during high liquidity times. As a result of the findings, FXCM agreed to pay a penalty of $7 million.

• This easy-to-use charting package is designed for both technical and algorithmic traders.
• A simple online application form handles new account applications.
• Nevertheless, standard bark charges apply and are determined by the users’ bank.
• A Dynamic Trailing Stop modifies your price point whenever the value of the stock shifts by 1 pip in your favor.
• For UK and EU traders only, the FXCM demo account functions like the live trading platform, except that traders are given £50,000 practice credits to test out the functionalities of the platform.

The broker offers some of the most reliable trading platforms, including its proprietary Trading Station. These trading platforms have some of the most sophisticated tools to help both beginners and professionals. The demo account is ideal for analyzing price movements of the currency pairs or CFDs.

We tested the spreads across different asset classes in a live standard account. The tests were done at 8AM GMT and at 3PM GMT on November 12th 2021. We made our tests at two different times to allow greater perspective.

FXCM Assets and Markets

Since its launch in 2007 it has become home to over 20 million traders worldwide. FXCM trading accounts use a Tiered Margin system which is based on an entry and maintenance margin as well as a liquidation margin. FXCM users can buy and sell 40 different currency pairs including majors, minors, and exotics. These include AUD/CAD, EUR/JPY, GBP/JPY, USD/JPY, EUR/USD, USD/TRY, just to name a few. Another benefit of CFD trading is that you can go short or long.

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Traders have access to powerful platforms including FXCM’s proprietary forex and CFD trading platform, Trading Station for Web, Mobile, and Desktop, FXCM MetaTrader 4 and more. Yes, you can open a free demo account so that you can try the trading platform and test your strategies in a risk-free environment. Demo accounts come funded with virtual funds (up to $20,000) so you can try FXCM stock trading before risking your own money. FXCM Pro offers access to wholesale execution and liquidity for retail brokers, small hedge funds, and emerging market banks.

Another unique feature of the active traders’ accounts is that users get expert advice from some of the top forex trading analysts. Apart from this, the broker offers an active trader account with dedicated customer support, API trading, and Trading Station for free. FXCM Group is a global leading provider of online Forex, CFD and other trading related services. With this in mind, FXCM’s mission is to provide increasing levels of quality pricing, transparency and execution services to its traders. FXCM’s account opening process is straightforward, easy and fast.

Furthermore, FXCM offers FX trading, CFD trading, spread betting, and more. As an FXCM client, you can find educational courses on online trading along with advanced trading tools and premium resources. We gave FXCM Spread a ranking of 8 out of 10 based on our testing and comparison to other brokers we tested. The spreads for all assets are lower than the industry average. There are no commissions for trading and the conditions are better in comparison to some other brokers.

8AM GMT is the London open, when there is a great deal of liquidity in the forex market and therefore tighter spreads in currency pairs. 3PM GMT is a quieter time, shortly before the opening of the New York stock exchange. Generally, there is no fee involved in setting up various accounts except for corporate clients.

Why is It Important to Know Where Your Broker Subsidiary (Entity) is Regulated?

Could you please get back to us with your email address registered at FXCM and your trading account number? Alternatively, you can speak with us on Live chat via our website anytime during weekdays. Even after uploading the necessary KYC documents, I was still unable to access my account. Additionally, FXCM never offered any proof to support their actions. After making 300% of my account value I was given a $5.5 spread on NASDAQ / US100 absolutely criminal. They said they give high spreads to people who trade more frequently but my strategy was working right.

FXCM hosting regular educational events in various cities around the world with a great focus on African region education since enlarging its activity. FXCM understands deeply the necessity of good quality education and that materials and knowledge are the keys to potential success. FXCM indeed conducts a very convenient way for account opening, so you can set up a free practice account, which allows testing the platform and experiencing account benefits. For the globally presented offices, each of them as a branch of Forex Capital Markets Limited follows the country’s financial authority and is licensed accordingly.

ZuluTrade, on the other hand, enables traders to copy the trades of other successful traders. Creating an account with this broker is also quite straightforward. Like with most competitors, https://forexarena.net/ traders must go through the KYC process when registering with FXCM. The only drawback with this broker is that users may have to wait for up to 48 hours for their ID to be verified.

However, when we tested the platform on iOS, we felt that the platform’s layout was not optimized for newer iOS versions. Similarly to FXCM’s web trading platform, we tested FXCM’s own mobile trading platform, Trading Station.It is available both for iOS and Android. FXCM’s web trading platform is extremely customizable, provides a wide range of order types and has a great search function. We ranked FXCM’s fee levels as low, average or high based on how they compare to those of all reviewed brokers. The time it takes to withdraw your funds depends on the state of your account and the payment provider you use.

FXCM Alternatives

FXCM has limited non-trading fees with no deposit and withdrawal fees. The registration process with this broker involves a few simple steps. FXCM is a highly trustworthy broker with strict regulation from top-tier regulators, including the FCA and ASIC. The broker charges tight spreads plus commissions for the Standard and Active Trader accounts. These account types are highly recommended for intermediate and experienced traders.

FXCM also provides the NinjaTrader, a trading platform that is popular with futures trading but also supports forex, stock, and CFDs trading. The platform offers a wide variety of advanced analytical and charting tools and is connected to a myriad of third party trading tools. It also supports automated trading and allows fxcm broker review users to create their trading strategies and indicators using Ninja script. I could not find any time limitations on these accounts which is excellent, making them ideal for testing algorithmic trading solutions and new strategies. I want to caution beginner traders against using a demo account as a full educational tool.

The free VPS is provided to high volume traders who have traded up to 500K per month in the last 3 months. 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.

However, you have to pay a $50 fee after one year of inactivity and bank withdrawal can be costly. FXCM’s minimum deposit for regular retail account holders and non-EU traders is $50, while regular EU account holders are required to make a minimum deposit of £300/€300. Both minimum deposits apply to other trading currencies in their equivalent sums. The retail account is standard, to which this review is primarily suited. The main differences between the active trader and professional accounts are outlined below.

Which Account Types Are Offered by FXCM?

The benefits of the professional trader account are not clarified on the FXCM website, although traders can expect better spreads and a less cluttered platform without warnings and support toggles. FXCM doesn’t offer fixed spreads, so traders need to visit FXCM.com to get up-to-date information on the current average spreads. FXCM also allows traders in the UK and Ireland tax-free, leveraged spread bets on the currency pairs. Webinars are archived and cover topics related to trading platforms as well as advanced material such as Best Practices for Creating an Algo Trading System. FXCM PLUS. Free for live accounts, this provides trading signals and tools such as the Technical Analyzer, which shows important technical levels on charts.

Limited is regulated by the ASIC, FXCM Germany is partially regulated by BaFin, and FXCM Italy is subject to the control of CONSOB and FSCA authorization in South Africa. Trading Forex and CFDs with leverage poses significant risk of loss to your capital. While there is a wealth of material for forex, education is lacking when it comes to CFD education. Leverage is a double-edged sword and can dramatically amplify your profits. An FXCM dealing desk determines the best execution means which can result in FXCM acting as a market maker or using a dealing desk.