FXCM Review: The Pros and Cons of the Leading Forex Trading Platform
If we realize that the company is almost 25 years into the business, you know that you are at the right place. With offices available worldwide, many trading solutions, contact options and full transparency they build their reputation.
On top of that, the FXCM trading company has quite positive reviews. But if that’s all nice and shiny. If that’s the real picture, keep reading this FXCM review to find out more.
Who Is FXCM?
FXCM trading platform is available in many countries. However, depending on your residence country, you should trade with different entities. Listed below you can find all the countries where this company is registered.
Have in mind that with some entities you might not be able to register and verify your account. Thus, some traders claim they were eligible but the broker still didn’t accept them.
|Legal name:||The FXCM Group|
|Regulation:||FCA, CySEC, ASIC, FSCA, ISA|
|Registered in:||UK, Australia, Cyprus, St. Vincent and Grenadines, Israel, South Africa|
|Financial Authorities Warnings:||N/A|
|Contacts:||SMS/WhatsApp: +44 7537 432259
E-mail: email@example.com, [email protected]: 0800 1456477 + many more
|If a withdrawal is possible:||Yes|
|Fees:||$40 for wire transfer withdrawal, $30/month for VPS service|
|If Active on Social Media:||Yes – Facebook, Twitter, Youtube|
|Investor Protection:||Negative balance protection, compensation scheme, segregated bank accounts|
Depending on the company location you get different protection. All that comes with regulations, except for the offshore entity in SVG that is not licensed. However, they belong to the FXCM group if that counts. Nevertheless, the company has multiple licenses. Out of those already 2 belong to the Tier 1 group of regulators.
FXCM regulation starts with the FCA as the main one. Also, they have ASIC, FSC, ISA and CySEC regulations. Yet, besides all this control and monitoring, the company got a huge fine. The FCA fined them 4.000.000 GBP in 2014. As can be seen from the public statement, due to making “unfair profits”. Important to realize that after that before or after that no other publications came out.
Don’t get confused with the information provided in the table below. Once you complete the FXCM login procedure you can easily determine the trading conditions. CFD trading with FXCM broker is available with all entities. But it comes with different conditions. While in the UK you can get maximum leverage of 1:30 in SVG you can get up to 1:1000.
FXCM UK is way stricter than any other entity. Also, they provide spread betting. Yet, only for UK residents. While you are expanding your knowledge check our unbiased Eightcap, Sway Markets and Degiro reviews.
|Trading platforms:||MT4, Trading Station, TradingView, ZuluTrade, Capitalise AI|
|Account types:||No account diversification|
|Financial Instruments On Offer:||
|Maximum leverage:||Up to 1:1000|
|Commissions/bonuses:||Average $7.5 commissions / Bonuses available|
|Education or Extra tools:||Education, trading guides, trading tools and research tools.|
Is FXCM Safe?
In general, the broker has all the necessary regulations for trading worldwide. Therefore, traders can expect maximum security with some entities. While with others, regulations are a bit looser and not so obligatory.
Considering that penalty in 2014 you might think there are potential issues. Still, the broker is building a reputation and keeps going even after that. Most importantly with many satisfied clients. But like everywhere else, some are not so satisfied. Generally, their traders are coming from:
- United States
- United Kingdom
- South Africa
FXCM Clients Reviews: What clients can tell us?
Generally speaking, FXCM reviews look quite reliable. Out of 415 on Trustpilot, there is almost 15 % of those that are not highly rated. In general, traders are complaining about customer support and believe it or not, deposits.
According to some FXCM broker reviews, traders never got their accounts credited. But also some filed a complaint for withdrawals. Ultimately, it’s your decision if you will trust those or not. To understand better how these things sometimes might happen, reach out to our professionals. We can answer all your questions and leave you without any doubts about choosing a broker.
FXCM Investment Products
Investment products are generally widely available. Same with FXCM trade options. Except for a little difference between the offshore entity and regulated ones.
Besides regular categories like Forex, Commodities, Indices and Shares traders can also trade cryptos with an offshore entity. However, due to regulatory limitations, you are not able to do that in the UK for example. On the positive side, UK traders might be satisfied with spread betting.
Trading baskets are something new but easily understandable. The principle is similar to Indices.
Yet, in this case, you can trade FXCM stock, forex and crypto baskets. Those present the change of certain assets in correlation with most liquid assets from the same category.
FXCM Quotes are another feature not often seen. Practically the company allows more flexibility in trading stocks.
In this case, without commission and tight spread, you can trade regular stocks. However, with 1/10th of a share price. In general, this feature allows traders to invest smaller amounts of money into stocks.
Here is the trick. FXCM promotions are not available with every entity. For example, UK traders can’t get this option. All the others can. Starting with Australia, South Africa, the EEA zone and everyone else.
Promotions consist of rebates, referrals and family and friends promotions. But also some other direct account promotions. The goal is to expand the network and get rewarded for it. Of course, where you have a promotion you have to meet some requirements to be able to withdraw certain bonus funds.
Mobile trading apps and other trading platforms
FXCM trading platform is another key point. The company provided multiple trading options.Starting with Meta Trader, Trading Station, TradingView, ZuluTrade and Capitalise AI.
Everyone can find suitable option. Most importantly all platforms have some benefits. It’s just a matter of personal preference. Also, every software has its dedicated mobile iOS and Android app.
FXCM account types
FXCM account types are not diversified into groups. The only difference comes from your deposit where you get better trading conditions for higher deposits.
Of course, you get a lower spread but a higher commission. But the most important aspect is leverage. Have in mind that with offshore brokers with no or weak regulation, you can get higher leverage.
If you want to learn how to trade without risks this might be the place. The broker provides demo and micro accounts. But also many different educational options.
Starting with live classrooms, trading guides and amazing trading tools. Besides you can try copy trading options or API and AI services.
Deposits and Withdrawal Methods
As can be seen, there were only 4 FXCM deposit options available. Those are:
- Debit and Credit cards
- Wire transfers
Recently, the broker introduced accepting payments via PayPal. Which is great news. Thus, the FXCM withdrawal might be worrying. Card withdrawal processing time is in 1 business day while wire transfers take up to 5 business days. However, e-payment solutions may take up to 1 month.
Pros and Cons of FXCM Broker
The main benefit of FXCM broker is their regulation. Generally, that provides some kind of peace of mind for traders. Also, there are multiple trading platforms available with advanced features. However, not all clients can enjoy the same security features. It depends on the entity you are working with.
As a downside, many FXCM reviews are pointing out potential issues. Let us assist you in comparing the brokers to find the most suitable choice for you.
Conclusion of FXCM Broker Review
Even though the broker is highly trusted and has many years of experience, you can check others as well. Understanding the benefits between the brokers can easily change your choice.
However, it’s hard to know whom to trust nowadays. In fact, our experts are available for consultation. But most importantly for you, there are no obligations. Let our experts compare you few brokers so that you have a wider picture. Get in touch now and book your first consultation for free!
Is FXCM trustworthy?
Generally yes. There are multiple funds protection features and highly trusted regulations. But have in mind that not every entity has the same regulation.
Is FXCM good for beginners?
To sum it up, yes. Beginners can use firstly demo accounts but also micro-accounts. These are highly popular choices for learning the basics.
Is FXCM a true ECN broker?
No. The FXCM trading company provides CFD trading services. The costs of services may vary depending on the entity you are working with.
Does FXCM allow scalping?
Yes. FXCM scalping is allowed. However, some traders claim such a strategy might not be profitable.