Wanna see if FXCM is a legit broker? Is FXCM safe to trade? It spread is high or low? How to deposit or withdraw?
We provide answers to all the questions in this FXCM Review.
We check FXCM licenses and regulation status. Compared FXCM’s fees like spread & commission from its live account to other 150 brokers. The time for deposit & withdrawal and many more findings you can get in this Review.
What is FXCM
FXCM is a global CFD and Forex broker, established in 1999 and is a part of Jefferies Financial Group listed on the NY Stock Exchange.
The company is operating various entities and is regulated by several financial authorities, including the top-tier UK’s FCA, Australian ASIC, FSCA in South Africa and CySEC Cyprus.
|🗺️ Regulated in||UK, Cyprus, South Africa, Australia|
|🛡️ Is FXCM safe to trade||Yes|
|💵 EUR/USD spread||1.4 pips|
|🏦 Deposit||Cards, Bank Transfer, Skrill, Neteller|
|💰 Minimum deposit||US$50|
|🏦 Withdrawal||Cards, Bank Transfer, Skrill, Neteller|
|💻 Trading platform||MT4, Trading Station, ZuluTrade, TradingView, Ninja Trader|
|💳 Trading markets||Forex and CFDs on Stocks, Commodities, Cryptocurrencies, Indices|
|📈 Number of product||130+|
|📉 Live chat response||Instant and relevant answers|
License and regulation are the keys to fund security. We check two facts the broker’s background with its licenses, and how trader is protected if something goes wrong.
Is FXCM legit
FXCM is regulated and holding licenses of several financial authorities, including the top-tier UK Financial Conduct Authority (FCA) and Australia ASIC.
Additional entities including Cyprus branch, regulated by CySEC, and recently received a license from the Financial Sector Conduct Authority (FSCA) South Africa.
FXCM Licenses and Regulatory status
|Entity||Registered in||Regulator||License no.||Status|
|Forex Capital Markets Limited (FXCM LTD)||United Kingdom||Financial Conduct Authority (FCA)||217689||Currently Regulated|
|FXCM EU LTD||Cyprus||Cyprus Securities and Exchange Commission (CySEC)||392/20||Currently Regulated|
|FXCM South Africa (PTY) Ltd||South Africa||Financial Sector Conduct Authority (FSCA)||46534||Currently Regulated|
|FXCM Australia Pty. Limited (FXCM AU)||Australia||Australian Securities and Investments Commission (ASIC)||AFSL 309763, ACN: 121934432||Currently Regulated|
Is FXCM safe
Yes, FXCM is considered safe because it is regulated by the top-tier FCA, and additional regulators.
FXCM is also owned by a reputable firm listed in New York Stock Exchange, and FXCM itself operates four legal and fully regulated entities. The differences between entity also apply regulatory rules and safety restrictions to traders, also the amount of protection in case of insolvency.
FXCM Compensation Scheme
|Entity||Compensation Amount||Negative Balance Protection|
|Forex Capital Markets Limited (FXCM LTD)||£85,000||Yes|
|FXCM EU LTD||€20,000||Yes|
|FXCM South Africa (PTY) Ltd||No compensation||Yes|
|FXCM Australia Pty. Limited (FXCM AU)||No compensation||Yes|
We recommend registering your account with the UK entity or Australia, if it’s available for you as we consider this regulation the best
FXCM applies negative balance protection for all retail traders.
Markets and Products
At FXCM you can trade Forex and CFDs on Stocks, Commodities, Cryptocurrencies, Indices, Spread betting available for UK traders.
From the downsides, the range of each asset group instrument is rather basic.
Stock or Share trading is available on CFD basis only, with no commission charges and including popular Shares and Stock Index.
FXCM offers a single account with acess to all markets and available platforms.
FXCM Login is a step-by-step procedure to register an account and login to online account area. My Account is clear design and view with full configuration and access to deposit and withdraw funds.
Fees and commissions
FXCM fee levels we ranked as average based on the instrument and compare to 150 brokers that we check through Live account spread.
Spread for popular instruments we collect for 6 markets and 150 brokers
|Forex||EUR/USD||0.1-0.9||1-1.5||1.6 or higher|
|Indices||US 500||0.1-0.4||0.5-1.4||1.5 or higher|
|Commodities||Gold||0.1-0.4||0.5-2||2.1 or higher|
|Stocks||Tesla||0.1-0.5||0.6-1||1.1 or higher|
|ETFs||US Russell 2000||0.1-0.4||0.5-1.4||1.5 or higher|
|Cryptocurrencies||Bitcoin||0.1-0.5%||0.6-0.9%||1% or higher|
FXCM costs are built into a spread and has no commission charges. Additional costs as overnight charges or SWAPS are added for long term positions, for copy trading and social trading fees are charged automatically.
We also notice there are some differences on a spread charges may occur depending on the FXCM platform you use.
Comparing the spreads derived from Standard Live Account to industry benchmarks, we rank FXCM Live Spread average for all offered instruments.
|Markets||Instruments||FXCM Spread||Other brokers’ avg spread|
FXCM non-trading fees are low. There is no fee for deposits, but some withdrawal methods adds fees.
FXCM trading conditions are good almost all trading strategies, copy trading, scalping and hedging are permitted.
|Change Leverage Allowed||No|
Hedging is allowed for traders from regions that do not restrict this trading strategy, alike US.
Scalping is welcomed, Expert Advisors (EAs) and VPS is available via MT4 platform.
Leverage is on standard levels depending on the entity, however the negative pointis that you can not change leverage levels.
FXCM charges no deposit fees. You can use bank transfer, Credit or Debit cards, and e-wallets.
A bank transfer can take several business days, other payment methods are up almost instant maximum a day to be posted.
|Deposit Method||Funding Time||Fee|
|Wire Transfer||3-5 business days||Free|
|Credit Card||1 business day||Free|
|Skrill, Neteller, Klarna||1 business day||Free|
The Minimum deposit is 50 EUR/USD/GBP for the UK and EU accounts.
FXCM has no fees for withdrawals by credit or debit cards, however bank wire transfer fee of 40$ is waived to the trader.
Through My FXCM Account area you submit a withdrawal request using the methods as deposits. FXCM confirms and processes withdrawal requests within same business day, and typically money arrives within 2-5 business days.
|Withdrawal Method||Withdrawal Time||Fee|
|Wire Transfer||3-5 business days||50$|
|Credit Card||3-5 business days||Free|
FXCM bonuses are depending on the entity, South Africa traders can get 20$ welcome bonus and European traders are entitled only to Active Trade Program that rewards traders who reach certain volumes with savings on commissions.
FXCM has good selection of platforms including MetaTrader4, Trading Station, Ninja Trader and copy trading ZuluTrade, TradingView. Algo trading is on a good level too with various strategies and languages included.
We found that offered platforms are slightly different in each FXCM entity.
FXCM MT4 supporting international languages and accessible across all devices including Windows and Mac.
FXCM Trading Station is more suitable for professionals and has a great range of tools and capabilities. The platform is available on Web, Desktop and Mobile App.
Research and Tools
Research at FXCM is very good.
Research and tools available on both website and platforms and including Economic Calendar, Market News, Live Forex Charts with unique Trade Volatility, Heat Map and market insights.
Additionally there is FXCM Plus a technical analysis selection with Trading signals, Market Scanners, MT4 Indicators, and many more.
On the negative side, there is no fundamental analysis.
FXCM Research tools available on:
- FXCM trading platforms
- FXCM – Knowledge and Insights sections
- FXCM Plus
FXCM develop quality education materials and content.
You can learn through tutorials, education videos, articles, online webinars and regular education events around the world, seminars also copy trading.
At FXCM you can learn:
- Demo account
- Tutorial videos and trading guides
- FXCM Insights
- Webinars and locally held Seminars
Demo Account is available across all FXCM platforms and remains access to both Live and Demo accounts simultaneously.
FXCM customer supported ranked very good.
You can find many answers via FAQ section, while customer service available 24/5 supporting Live Chat, various messengers, and depending on the entity you can call Trading desk or visit an office.
We also got relevant and fast answer on Live Chat.
FXCM Customer Support supports various languages via:
- Live chat, SMS, WhatsApp
- Phone lines and Call back
- International Offices
FXCM Live chat response is quick speed, the chat agents are helpful
|Question Asked||We ask about differences between platforms.|
|Time of Reply||We connect to Live Chat within minutes and responses were fast|
|Quality of Reply||The answer was very detailed.|
FXCM is a safe broker to trade, the company has good reputation and is listed on Stock giving extra transparency.
The proposal is a quite comprehensive with great range of platfroms and various trading styles supported.
You can choose FXCM entity and get relevant conditions, if its possible for you, we would recommend trading with the UK entity.
We recommend FXCM for copy trading or invest traders, also for professionals seeking good platforms and algo trading
Author of this review
By Jimmy O'Brien
Author of this review
I am a well-rounded financial services professional experienced in fundamental and technical analysis, global macroeconomic research, foreign exchange and commodity markets.
I am passionate about observing foreign exchange movements, sharing educational insights into the financial markets, and adding value wherever I can.