FXCM Review 2019 | Is FXCM a Scam or Legit Forex Broker?

Read our FXCM review to find out if FXCM is a scam or a reliable forex broker. Unbiased Forex brokers reviews combined with user comments.

Average broker rating

3.5/ 5

Rating breakdown

Protection & Regulations
100% Complete (danger)
5.0/5
Trading platforms
40% Complete (danger)
2.0/5
Tradable Products
100% Complete (danger)
5.0/5
Deposit and withdrawal
100% Complete (danger)
5.0/5
Trading Fees
20% Complete (danger)
1.0/5
Support
60% Complete (danger)
3.0/5
# Broker's Features FXCM Availability
# Commissions
# Hedging
# PAMM
# Scalping
# Accepts US traders
# 24 hour trading
# Swaps
# Demo account
# Daily analysis
# Automated trading
# Mobile trading
# Trading by phone
# 1st deposit bonus
# Forex contests competitions
# Bonuses Promotions
# Interest charges on the balance
# Free education
# Expert advisors
# Partnership programs
# Trust management
# 24 hour support

The variety of online brokers on the internet is very huge, so it is necessary to do a transparent review and comparison of the companies. After spending several days researching different forex brokers for trading FX, our team at onlineforextrading.net team collected over 50 data points. For this review, we will review FXCM.

Financial Trading and Investment Services: First of all, you should know which financial instrument you want to trade and then searching for the right broker. This can be stocks, forex, CFDs, cryptocurrencies or options. FXCM offers Online Financial Trading and Investment Services Such as Currencies, Commodities, Indices.

Tradable Products: Offering 6 different classes of assets 39 currency pairs, 2 cryptos, 13 indices, metal, 1 treasury and 9 commodities.

Broker Type: Many types of brokers can be found in the most dynamic market in the world. FXCM is ECN, STP.

Features: Offers a fulfilling trading experience in a safe and secured trading environment. Comprehensive range of trading tools provided include an economic calendar, updating market news, live charts, and daily market highlights through the email newsletter.

Executing Trades:

FXCM allows you to execute a minimum trade of 1k minimum lot size. This may vary depending on the account you open. The maximum trade requirements vary depending on the trader and the instrument. As FXCM offer STP execution, you can expect tighter spreads with more transparency over the price you‘re paying to execute your trades.

Minimum Deposit Requirement: To properly understand if a broker is suitable for a certain trader, we will then take a look at how much is required as a basic minimum to open an account. You need to consider how much money you can spare to start off a Forex brokerage. FXCM recommended minimum capital is $50.

Is the Forex broker regulated? Commissions and fees aside, let's take a look at regulation. Trust is critical, and you should highly consider choosing a broker that regulated in a major hub. FXCM is regulated by AMF, ASIC, BaFin, CONSOB, FCA, FSB. For our reviews, official regulation of an official financial authoritarian is required. Brokers have to fulfill certain conditions to get these licenses. In order to violate the rules, they would lose their license and a lot of money.

Investor Protection & Regulations: FCA Regulated broker with protection under the Financial Services Compensation Scheme.

Account currencies: Next lets consider the Account currencies each broker offers. FXCM offers EUR, USD, GBP, AUD, CHF, JPY, CAD different account currencies for each account types.

Account Openning: Simple 3-step account opening process with low minimum deposit requirement. Choose from the Standard account and the Active Trader account. Minimum of $50 to open Standard account and access 39 currency pairs, 3 metals and a variety of CFD’s with a leverage of 1:30.

FXCM offers a demo account for practicing trading skills and get familiar with the broker’s trading platform.

Languages Available: Next lets have a look at each broker's different Language options. FXCM offers English, Spanish, French, German, Arabic, Chinese,.

Payment methods: Next lets have a look at each broker's payment options. FXCM offers Neteller, PayPal, Skrill, Bank Wire Transfer different payment methods for each account types.

Deposit and withdrawal: There are 4 main ways of account funding and withdrawal.They include credit/debit cards, bank wire transfer or electronic fund transfer, Skrill, UnionPay and Neteller. The way in which you deposit is the same which you will need to withdraw. Note that a A $40 withdrawal fee will be charged for all Bank Wire requests. Deposits are free of charge.

Trading platforms: Next, let's look at the tools and features fx traders desire. With trading platforms, FXCM makes MT4, Ninjatrader, Zulutrade, Proprietary available to clients.

Web & Desktop Trading Platforms: FXCM Flagship Trading Station Desktop, Mac friendly Trading Station Web 2.0, and the MetaTrader4.
Mobile Trading Platforms: Mobile Trading Station available for download at Google Play Store or Apple App store. It is a friendly and simple to use app to trade, manage your accounts and watch the markets.

Other

Trader Education
Wide range of educational resources available, including training videos, trading guides, seminars, webinars and live classes

Promotions
No available bonuses or promotional offer due to ESMA regulations.

Support
24/5 customer support through multiple channels. This includes email, Live chat, SMS message or call them directly on the telephone 24/5.

Recup
While its range of tradeable markets is very narrow, FXCM caters well to high-volume traders, algorithmic traders, and traders that appreciate robust trading tools alongside quality market research.

Final Thoughts
FXCM is an excellent choice for active forex traders thanks to competitive spreads, as well as traders seeking to use automated trading strategies. All of FXCM’s platforms offer traders the ability to run algorithmic trading and access advanced charting tools.

Trading Experience
Offers a fulfilling trading experience in a safe and secured trading environment.

People Also Asked

Is FXCM regulated?
Yes, FXCM is regulated by top-tier regulators, AMF, ASIC, BaFin, CONSOB, FCA, FSB inclusive.
Where is FXCM based?
FXCM is based in , United Kingdom
How does FXCM make money?
FXCM charges a spread between the bid price and ask price. It does NOT charges a commission.
How do I deposit in FXCM account?
With FXCM you can deposit money via the following means; Credit Card, Neteller, PayPal, Skrill, Western Union, Wire Transfer.
How do I withdrawal in FXCM account?
FXCM lets you request a withdrawal of funds from your account via the following means; Neteller, PayPal, Skrill, Wire Transfer.
What is the minimum deposit for FXCM?
FXCM has $50 minimum deposit.
What are the available account base currencies with FXCM?
FXCM trading accounts are offered in EUR, USD, GBP, AUD, CHF, JPY, CAD. If your country's currency isn't included in the list, you will need to open an account with another currency base.
What is the max leverage in FXCM?
FXCM has a maximum leverage is 1:30 for professional traders.
How do I open an account with FXCM?
Opening an account with FXCM is a three-step process. First fill out the registration form, second is to send verification details to the verification department and lastly is to fund your account.
Does FXCM use MetaTrader?
FXCM platforms: Yes, FXCM use MetaTrader as well as the following platforms: MT4, Ninjatrader, Zulutrade, Proprietary
What type of broker is FXCM?
FXCM appears to be a ECN, STP broker which offers market access to a variety of traders.
Does FXCM accept US clients?
No
Does FXCM offers Islamic accounts ?
Yes
What financial instruments can I trade?
You can trade a wide variety of instruments with FXCM: You can trade a wide variety of instruments with FXCM: Currencies, Commodities, Indices

Are you Satisfied with what They Offer?