FXCM – The Best Forex Broker?
Read our FXCM broker review below...
...FXCM is the first of the Forex brokers whose stocks are listed on the NYSE. FXCM broker providing financial services in the field of Forex trading to both physical and institutional clients. Trading is organized directly with liquidity providers, which guarantees the best prices and the absence of slippage.
Thanks to the impeccable FXCM service, more than 200,000 clients worldwide use Forex trading services through various platforms, using the services of a brokerage company. This is one of the world's largest Forex brokers in terms of customer trading volume. The company's monthly trading volume is more than $250 billion, which spurs price competition between liquidity providers.
Global regulatory licenses
Extensive market experience
Choice of trading platforms
Huge impact on the Forex market
STP trading without mark-ups
Fair and transparent execution
Limited account types
Slow customer support
Bank transfer withdrawal fee $40
Not available for USA traders
Payment methods are limited
Demo account is available for 30 days
FXCM has vast experience in providing quality brokerage services, as it has been operating since 1999. FXCM is an ECN/STP broker and is a world leader with an excellent reputation, has hundreds of thousands of private and corporate clients around the world. The head office of the company is located in the UK, international offices in the USA, Hong Kong, London, Tokyo, Paris and Sydney, offices in 45 countries on all continents. FXCM international broker has received several licenses from global financial regulators for brokerage activities. The main regulator supporting the broker is the British Financial Regulation and Supervision Authority (FCA). Registration from this regulator allows the broker to carry out its activities in the European Union. Such reliable regulation allows the broker to have no problems with clients, and therefore many traders around the world want to cooperate with FXCM.
Broker is a successful company in the field of online trading. The company provides a large number of assets for trading: securities of world companies, currency pairs, crude oil, indices, cryptocurrency, spreads and CFDs. FXCM provides its customers with some of the best quotes on the market, as well as minimal spreads. The Non Dealing Desk platform helps carry out price transactions through the FX Trading Station dealer technology. As a trading platform, you can use the familiar MetaТrader 4 terminal or platforms such as FX Trading Station, Active Trader, MirrorТrader and Trading Station Mobile. The list of the broker’s main services includes Forex training courses, free newsletter of macroeconomic news, analytical reviews and Forex research. On FXCM accounts you can trade with the help of expert advisors, take part in contests and receive deposit bonuses.
The company offers three different types of accounts according to investment capital:
- Getting to know the broker should start with a demo account. Open an accessible FXCM Demo Account; test order execution and other trading conditions before depositing real funds.
- Traders can start trading using a small investment capital of just $50 by opening a mini account. This account type is No Dealing Desk account, and has its limitations. Traders from around the world can enjoy a maximum leverage of 1:400. The exception is for American traders, who have a maximum of 1:50 available due to CFTC rules and the prohibition of hedging in the United States. The proposed spread of FXCM broker for a mini account is quite high and starts at 1.4 pips. Spreads for this account are certainly high compared to other brokers.
- A standard account, which is an ECN account, is the best option with the best trading conditions, but is available to investors with an initial deposit of $2000 or more. The maximum leverage is 1:100, which is optimal in order to reduce non-trading risks. You can open an ECN account with a higher leverage, but this is available to holders of a large deposit account. Here, the spreads are also slightly higher, an average of 1 pip compared to other brokers and even include a transaction fee. But, the high cost is justified, it is worth paying to trade with this broker.
- A VIP account differs from the standard one in better trading conditions, but is available only to traders with a minimum deposit of $25,000. Trading conditions are basically similar to a standard account, but include other advantages, such as lower commissions, lower spreads, free access to VPS, a dedicated account manager and other functions. But some brokers offer all this for accounts with lower deposit requirements. Therefore, an FXCM broker should consider lowering the level of an account if they want to be competitive.
It is possible to replenish and withdraw funds in the brokerage company FXCM using various bank cards and payment systems: Visa, MasterCard, Discover, Skrill, UnionPay, Neteller. Also, payment transactions are carried out through bank transfers. Withdrawal through a credit card is free of charge, and to withdraw via bank transfer, you will need to pay in excess of $40. When working with the system, FXCM does not set limits and minimum replenishment amounts. Withdrawals, as a rule, can take up to several days.
Forex broker FXCM provides its customers with round-the-clock support by phone and through online chat on the official website. Communications staff are specialists who speak different languages. The site and support service are available in 14 major languages. You can contact managers through social networks twitter, Facebook and Google+. The company also actively develops its own YouTube channel, on which educational videos are regularly published, but only in English. The customer service processes requests monday through friday 24 hours a day. Therefore, investors will be able to contact at any convenient time.
Forex broker FXPM is a major brand that has branches worldwide. This is a British company regulated by the FCA, which is already a guarantee of quality and reliability. It offers excellent comfortable trading conditions and a professional platform for Forex trading and CFDs.
FXCM FAQ on the broker
1 Is FXCM a regulated broker?
Yes, FXCM is regulated by NFA, FCA, CFTC, ASIC, BAFIN in United Kingdom and others.
2 What trading platforms does FXCM offer?
FXCM offers the full suite of MT4, Mobile, TS, NT, ZT.
3 What is FXCM maximum leverage?
Maximum leverage at FXCM is 1:400.
4 What methods can I use to deposit and withdraw funds on FXCM?
Deposits and withdrawals with this broker can be done using these methods: Bank Transfer, Visa, MasterCard, Discover, Skrill, UnionPay, Neteller.
5 What is the spread of the FXCM broker?
The spread for this broker is on average FXCM is 1 - 7 pips.
6 What’s the minimum deposit to open a Live account at FXCM?
The minimum deposit to open a Live account is 50 USD.
7 What cryptocurrencies are available at FXCM?
In this broker are the following cryptocurrencies for trading: BTC/USD, ETH/USD, XRP/USD, LTC/USD, EOS/USD, XLM/USD.
8 In what currency can I open an account with FXCM?
With this brokers you can open an account in currencies: USD, EUR, JPY, GBP, AUD, CHF, NZD, XAU.
9 What Trading Instruments are available at FXCM?
On FXCM, you can trade financial instruments such as: Forex, Indices, Securities, CFDs, Commodities, Crypto, Stocks.