2023 FXCM Review Pros, Cons & More

From cryptocurrency CFDs to exchange-traded securities to Forex trading, the broker enables these trades to be connected to over 43 exchanges across the Asia Pacific, Europe, and North America. Based on the global exchange allotted to the trader, the trading instruments may vary with additional offerings apart from the ones stated above. Yet, there is another attractive opportunity through FXCM’s Active Trader account that is designed for high-volume investors. As an Active Trader, you can benefit from premium services and custom solutions, as well as discounted pricing on your spread costs based on the volume you trade. Additionally, through the various affiliated offices, the broker provides access to the residents in Greece, Israel, and South Africa, thus becoming a truly global broker.

The free APIs are REST API, FIX API, Java API and a ForexConnect API. The FXCM desktop platform has clear portfolio and fee reports. The search function works well.You can search by typing in the name of the product, while there is also a categorized breakdown, for e.g. major currency pairs. FXCM’s desktop platform has great customizability and a good variety of order types. You can search by using the traditional search field or by finding assets categorized by type, e.g. forex or commodity products.

Is FXCM a good broker?

FXCM ranks among the most competitive brokers industry-wide, especially for high-volume traders using algorithmic trading solutions.

They offer a global platform that is suitable to trade internationally, including European clients as well as beginning traders looking for technical solutions. On the negative side, which we think are not so many, there is a withdrawal fee for Bank Wire transfers in some regions and the support is not available on a 24/7 basis. Also, the broker might not be suitable for futures and options traders due to the lack of these assets. FXCM is fully committed to automated trading solutions, professional traders, and institutional clients. FXCM provides four free API solutions for traders across the spectrum to develop automated trading solutions that communicate directly with the FXCM trading server.

The fees are either very little or no fees at all depending on the entity. FXCM offers bank wires, credit/debit cards, Skrill, Neteller, UnionPay, and cryptocurrencies. Only the Bermuda subsidiary supports them, while all others have fewer options. FXCM offers a choice of payment methods between bank wires, credit/debit cards, Skrill, Neteller, UnionPay, and certain cryptocurrencies.

Unique Features

The broker has a worldwide reputation for offering an extensive range of trading conditions. The company platform offers one of the best selections in terms of tight spreads and low prices, which are balanced through your single account with them. For some entities, it offers a low minimum deposit and trading on leverage. They also provide professional education and research sections available for free. With strong educational and research resources, FXCM could be a suitable broker for beginner traders.

fxcm review

DEMO accounts are also available and are very useful for beginning traders, in addition they offer a large number of educational materials and resources as well as research. Among them you can find fxcm review market analysis, news, seminars, guides, among others. In short, it is a very competitive offer for traders who want to invest with currencies and CFDs whether they are beginners or professionals.

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

If you want to start practicing without making a deposit, you can open up a free demo account. This lets you assess the broker’s research and educational https://forex-review.net/ resources and practice trading. We gave FXCM Spread a ranking of 8 out of 10 based on our testing and comparison to other brokers we tested.

fxcm review

Compared to other Best Forex brokers, the FXCM fees are quite low. Nevertheless, standard bark charges apply and are determined by the users’ bank. Apart from the above-mentioned, Iceland and Japan are FXCM’s retail clients’ restricted countries. Nevertheless, the FXCM website is easily accessible from anywhere across the world.

GLOBAL FOREX AWARDS 2022 Best Forex Trading Platform – MENA

FXCM has a plethora of trading tools, research materials, and education tutorials to make trading hassle-free for both beginners and professional traders. 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.

Can FXCM be trusted?

FXCM is regulated in three tier-1 jurisdictions, making it a safe broker (low-risk) for trading forex and CFDs. In our testing, FXCM earned Best in Class (top 7) for its Platforms and Tools, Education, Professional Trading, Algorithmic Trading and Social Copy Trading.

Yes, FXCM does charge a $50 inactivity fee after one year of inactivity. If this is not your first deposit the minimum is also $50 and there is no minimum if you deposit via wire transfer. The selection of investment products is quite poor when compared to the competition. Users can have access to a plentitude of good research tools.

Is the quality of customer service satisfactory?

I opened a new account but could not set stop loss and the quotation closed. We have not received any reports of fraudulent activity at this time. However, this does not necessarily mean that this broker is safe and you should remain vigilant to prevent being scammed. Although it soon became the largest retail Forex broker globally, due to certain regulatory issues, FXCM’s US operations were permanently banned in February 2017. After the submission of the online form, the FXCM team will verify the user details.

You can also get a professional account if you want more leverage or an interest-free account for Muslim traders. Generally, there is no fee involved in setting up various accounts except for corporate clients. Retail users can establish standard and active trader accounts for free. In contrast, the corporate clients, partnership and superannuation accounts, and trusts must pay a once-off maintenance fee, which differs based on the organization type. The broker’s intuitive and easy-to-navigate website provides all the information you’ll need to open an account and begin trading in several markets. You can also open a demo account to test the broker’s services and platforms before committing any funds.

  • The tests were done at 8AM GMT and at 3PM GMT on November 12th 2021.
  • FXCM has a plethora of trading tools, research materials, and education tutorials to make trading hassle-free for both beginners and professional traders.
  • Users interested keen on algorithmic trading can use Trading Station, MetaTrader4, NinjaTrader 8, and TradingView, while copy or social trading users can use ZuluTrader and Trader Workstation.
  • In this FXCM review, we have provided complete information on FXCM for educational purposes and must not be treated as investment advice.
  • FXCM is the world’s largest independent online forex broker with over 800,000 clients globally.

DailyForex.com adheres to strict guidelines to preserve editorial integrity to help you make decisions with confidence. Some of the reviews and content we feature on this site are supported by affiliate partnerships from which this website may receive money. This may impact how, where and which companies / services we review and write about. Our team of experts work to continually re-evaluate the reviews and information we provide on all the top Forex / CFD brokerages featured here. Our research focuses heavily on the broker’s custody of client deposits and the breadth of its client offering.

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. In this section, we check the broker’s market offering and how varied the instruments and asset classes are. It will allow you to check if they offer what you’re looking for and what you can trade. Trading Station Mobile is well designed and easy to navigate. It provides an above average range of order types, including market orders, limit orders, stop loss orders, trailing stop orders.

On the other hand, FXCM’s product selection is limited to only CFDs . Bank withdrawal fees are high and trading platforms lack a secure two-step login. There are no account, deposit, or credit/debit card withdrawal fees.

As an Active Trader on FXCM, you are assigned a dedicated account manager and receive priority customer support. You will also pay lower spreads on trades and gain access to exclusive market data. I chose this broker because it provided social trading, and as you may know, it can be a challenge to find such a broker. I was surprised with the educational materials there, and it actually helped me take my trading skills to a new level. As for the disadvantages, I haven’t found any, and that’s why I highly recommend turning to this broker, low trading fees there are pretty attractive.

How much does FXCM charge to withdraw?

What is the cost to withdraw funds? There are no fees for withdrawals by credit card or debit card. A $40 withdrawal fee will be charged for all Bank Wire requests.

A convenient way to save on currency conversion fees is by opening a multi-currency bank account at a digital bank. These usually offer bank accounts in several currencies with great currency exchange rates, as well as free or cheap international bank transfers. If you fund your trading account in the same currency as your bank account or you trade assets in the same currency as your trading account base currency, you don’t have to pay a conversion fee.

Time in force conditions such as GTC (Good ‘Til Canceled), IOC (Immediate-Or-Cancel) and FOK are also available. FXCM’s news feed and economic calendar are built into the platform. A customised trading analytics feature helps you better understand and improve your performance. Security could be improved however, as the platform lacks 2-step authentication.

Leave a Reply