FXCM Review 2023, Safety, Platforms and Fees

FXCM is a legitimate broker with a long-standing reputation in the industry. The company is regulated by top-tier financial authorities, such as the FCA in the UK and the ASIC in Australia, which ensures that it operates under strict financial and ethical guidelines. FXCM also has a solid track record of handling client funds in a secure and responsible manner. FXCM allows leverage trade of Forex and CFDs, this tool brings an advantage even on the smallest market moves. In simple words, leverage is a credit shoulder that is given by the broker to your trading account with the purpose to multiply the trading size of your positions.

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.

For certain types of transactions, the client pays a commission for opening and closing positions. Such commission will be deducted from the Client’s account simultaneously with the opening or closing of the corresponding order. Changes in the calculation of swaps, spreads and other commissions are made at the discretion of the broker. The site conveniently displays all financial assets that can be speculated on. FXCM offers a range of funding and withdrawal methods, but processing times are slower than other brokers, and high fees are charged for withdrawal via bank transfer. Overall, these are some of the highest non-trading fees in the industry, and clients should be aware of these costs before opening an account with FXCM.

Alternative Brokers

So how did we approach the problem of making their fees clear and comparable? We compare brokers by calculating all the fees of a typical trade for selected products. Especially for this purpose the broker has developed applications for smartphones and tablets based on Android and iOS, which can be downloaded free of charge from the appropriate stores. Now you can engage in exchange trading with a reliable broker at any convenient moment. The Market Scanner helps traders uncover potential trading opportunities based on preferred indicators and timeframes.

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. 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.

How we ranked fees

It comprises of daily trading signals, technical analyser and trading analytics. 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. 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. FOREX.com, registered with the Commodity Futures Trading Commission (CFTC), lets you trade a wide range of forex markets plus spot metals with low pricing and fast, quality execution on every trade.

FXCM either executes trades internally or offsets them externally to a liquidity provider. Liquidity providers are often banks and large financial institutions. Prices come directly from a number of different liquidity fxcm broker providers and the FXCM matching algorithm displays the best bid and offer prices available at any given time. The MetaTrader 4 desktop platform is one of the most feature-rich and popular trading platforms.

Author of this review

This is far better than opening an account that the broker operates outside of your jurisdiction and regulator, which would render your legal protections useless. Secondly, FXCM is owned by Jefferies Financial Group which is listed on the NYSE which increases accountability and transparency to their shareholders, and thus the customers. If the broker is unregulated, they cannot operate in major countries like the UK.

This happened because FXCM had a relationship with an important market maker at the time. This concealed relationship led to a conflict of interest between FXCM and its users, which resulted in users losing money. The FXCM mobile trading platform is user-friendly and well-designed.

FXCM allows automated trading strategies, offers mandatory stop-loss and take-profit requirements, and allows hedging. The company offers forex trading through spot or CFDs and non-CFD U.S. and international stock trading. FXCM also offers social trading and copy trading, physical and CFD cryptocurrency trading. The broker is regulated in multiple jurisdictions, including the UK, Australia, and South Africa, ensuring high security and transparency for its clients.

FXCM has a history of fraudulent business practices that lasted from 2009 to 2014. Namely, the company offered its users a no dealing desk platform and gave them misleading information that damaged their trades. Our primary goal at The Tokenist is to simplify the word of financial decision-making, so that investing is not only easy – but also fun. In doing so, we often feature products or services from our partners.

We also compared FXCM’s fees with those of two similar brokers we selected, Forex.com and Pepperstone. This selection is based on objective factors such as products offered, client profile, fee structure, etc. Choosing a company, which platform we are going to work with, you should know your rights and obligations, what guarantee the broker provides to his trader. Forex Capital Markets Limited “FXCM”) is regulated by the Financial Conduct Authority (“FCA”) in the UK and has a registration license number , which is a good advantage over many brokers. FXCM’s educational section comprises various trading guides, video tutorials, a section on the traits of successful traders, and a free online live classroom.

One drawback is that traders cannot manually change the leverage levels of the various products. Traders should therefore proceed extremely cautiously, because even though trading with leverage can amplify one’s profits, it can also amplify one’s losses. The fxcmpy Python Package enables application builders to use a REST API in their applications, creating algorithmic trading strategies. FXCM supports a number of specialty platforms for experienced traders.

Very poor service

In general, experienced traders tend to prefer accounts with higher minimum deposits and tighter spreads, but this is not available at FXCM. FXCM offers a single live commission-free account for Forex and CFD trading. However, with higher minimum deposits, traders get access to the Active Trader Programme, where traders receive monthly rebates based on their trading volume.

We judged the quality and volume of research materials to be above average for the industry. FXCM offers a swap-free Islamic account that adheres to the principles of Sharia law. Over the phone, there was a substantial wait time, but the agents were knowledgeable and helpful. In the case of the chat, one drawback is that you must fill out a form before reaching an agent. Overall, we judged that FXCM has an impressive range of tradable instruments, above average for the industry.

It provides an above-average range of order types, including market orders, limit orders, stop loss orders, and trailing stop orders. Time-in-force conditions such as GTC (Good ‘Til Canceled), IOC (Immediate-Or-Cancel), and FOK (Fill Or Kill) are also available. It contains the same features you come to expect from the Trading Station platform, which also includes backtesting strategies and automated trading strategies. Trading Station is FXCM’s proprietary trading platform with a bunch of features and indicators included. Opening an FXCM demo account allows you to test out FXCM’s service without risking or depositing any of your money. And to help you find the best trading platform there are a lot of brokers that are looking to take their place in the forex market.

There’s a market scanner feature that uses technical indicators to show traders when it’s a good opportunity to buy/sell. Unfortunately, the market scanner only works for a limited number of products. Trading Station mobile offers a richer trading experience than MT 4 overall but has a couple of drawbacks. There are no push notifications and real-time alerts on the Android version, which are available on most other great mobile trading apps. Trading Station desktop (not to be confused with TradeStation) is FXCM’s main platform. It provides a good trading experience for all kinds of investors, be it beginners or advanced traders.

• 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.
• This is perhaps the most widely used trading platform by forex and CFD traders around the world.
• The award-winning proprietary Trading Station is replete with essential tools that are beneficial to all levels and types of traders.
• This association of FXCM with banks, financial institutions is the major reason for the overall reach of FXCM across financial markets globally.

In general, the company works honestly, without any “tweaking” and “slippage” of prices. Users of the service like the availability of different terminals to choose from, as well as 24-hour technical support. Perhaps, the only complaint is the lack of online chat, because it is convenient for many people to receive customer support this way. FXCM is not standing still, but rather constantly evolving and expanding its list of useful options for its traders with enviable regularity. FXCM Prime serves clients who require market data and execution access across multiple trading venues and want to settle such activity in one centralized source, through one account. The company’s own back office collects all trades executed at various ECN and individual bank trading venues.

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. FXCM provides customer service via toll-free numbers around the world in 42 countries in North and South America, Asia, the Middle East and Europe. The broker’s multilingual phone service and the live chat feature on its website are available 24 hours a day, 5 days a week. FXCM offers a broad range of trading instruments, including forex and CFDs on stocks, stock indices, commodities, and cryptocurrencies.

Our stop loss will be at 1.1042, which is a multi-swing resistance level. Based on the H4 chart analysis, we can see that the price is currently at our sell entry point of 170.82, which aligns with the 61.8% Fibonacci retracement level. The stop loss level will be set at 172.30, which is a swing high resistance level, and the take profit level at 168.37, just before the swing low support level.

Users are advised to note that the trading systems and instruments offered seldom vary from country to country. In addition, they offer remote assistance through TeamViewer to assist clients with any technical issues they may encounter. Overall, FXCM is known for their responsive and helpful customer support.

It is scalable, light and robust and is compatible on any Java-compliant operating system. 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. Also, MetaTrader 4 users can automate their trading using “expert advisor” or EA software they can program themselves or obtain from third parties. Also, institutional investors, retail brokers, emerging market banks and hedge funds can take advantage of FXCM Pro. This high-end broking service gives institutional clients excellent pricing and access to the forex and CFD markets.

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. It gives https://forexhero.info/ the latest news and happenings in the economic activities of different nations. This can be a great way to get inspired about possible trade opportunities and to assist with making informed decisions.