FXCM Review

Background

FXCM is a UK based brokerage with over 20 years of trading experience. It provides a choice of individual or professional accounts and offers traders 6 different platforms, including Ninja Trader, MT4 and ZuluTrade. The asset index includes forex, cryptos, shares, indices and commodities. There are also three different trading baskets. Customer service accepts calls from over 40 countries and there are corporate offices in many of these locations. FXCM is a modern brokerage that offers a good overall trading experience.

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Protection & Security

FXCM is registered in the UK and is one of the world’s biggest brokers. It has perfected trader security over the last 20 years and has a strong privacy policy, segregated accounts and SSL encryption protocols. There is also an effective system of customer service and account managers as a second line of protection.

Global Presence

FXCM is an international brokerage that is used to dealing with clients from almost all countries. The Broker HQ is in London and there are regional offices in cities around the world. Customer service is available in every major language.

Account Types

FXCM does not offer ordinary traders a great deal in terms of account types (there are only two). The minimum deposit in the UK and EU is $300 and $50 in non EU countries. Traders should be aware that opening an account can take a few days.

Minimum Deposit – $300

Deposits & Withdrawals

FXCM accepts several payment providers, these vary according to your location but there are only a few permitted base currencies. Bank withdrawals can be expensive due to administrative fees. Generally deposits and withdrawals are simple and hassle-free, but we’d recommend checking your base currency and using a credit or debit card.

Deposit

Traders can deposit via credit/debit card, bank wire, Klarna, Skrill, Neteller etc. There is also a convenient app for mobile deposits. The minimum deposit for most traders is $300.

Withdrawals

There are currently no fees for withdrawals via credit/debit card, but FXCM hits traders with an outrageous $40 charge for bank wire transfers. On the plus side, most withdrawals are processed quickly and without glitches. All transactions can be managed directly from your trading account.

Trading Platforms

FXCM has invested heavily in securing good trading platforms. In fact, there are almost too many to choose from! The platforms are: Trading Station, MT4, NinjaTrader, ZuluTrade,TradingView, and Capitalise AI. The platforms are available in multiple languages.

Markets & Products

FXCM provides forex, stocks, stock indices, commodities and cryptos as CFDs. To avoid expensive surprises, traders are advised to double check the leverage levels on each asset as they come pre-set. As well as individual assets, it’s worth checking out the three FXCM trading baskets.

Edcuation Center

FXCM has a good attitude towards trader education, but could still do more. There is a free demo account and also tutorial videos, webinars, educational articles and more free material. The video library and PDF booklets will help beginners to make a confident start.

Customer Service

We like the fact that customer service is available 24/7 – at least via chat. There is dedicated support in 15 languages (operated by native speakers only). The staff has a good professional knowledge and a helpful attitude.

Promotions & Offers

FXCM is not permitted to offer promos and bonuses to EU traders but if you’re outside the EU there are some reasonably good offers. These start with a welcome bonus and continue with occasional promotions whenever there are holidays or market events.

Trading Tools & Reaserch

With 6 good trading platforms, there is a massive choice of trading tools, charting, signals, risk management etc. Where FXCM fails is with its news reports and tools for fundamental analysis. These are currently weak.

Overall Summary

PLUS:
FXCM is an experienced and well established broker that provides a very secure trading environment. It offers 6 top trading platforms, backed up by some great tools and truly multilingual customer service.

MINUS:
The asset index could be bigger and with extra asset classes. EU traders don’t get bonuses and US traders are not permitted to sign up.

Pros & Cons

Pros

Free demo account

6 trading platforms

24/7 multilingual customer service

No commissions

Cons

Unacceptable bank withdrawal charge

Small asset index

Only two individual account types

FXCM

FXCM

Protection & Security
3.5/5
Global Presence
4/5
Account Types
4/5
Deposits & Withdrawals
3/5
Trading Platforms
3.5/5
Markets & Products
3/5
Edcuation Center
3/5
Customer Service
3/5
Promotions & Offers
2/5
Trading Tools & Reaserch
4/5

Minimum Deposit - $300

Recent Comments

Raul L.

November 17, 2020 08:00

3.5

Protection & Security

3.6

Deposit & Withdrawal

3.5

Trading Platform

3.8

Markets & Products

3.8

Education & Research

3.6

Customer Service

3.4

Not happy with the cold calling and hard sell from your reps.

Pros

Cons

Some great trading platforms

Aggressive marketing and cold calling

No commissions and reasonable spreads

Fees on withdrawals

Demo account

Not enough assets for my trading

Gregory M.

November 17, 2020 08:00

3.6

Protection & Security

4.0

Deposit & Withdrawal

3.4

Trading Platform

4.0

Markets & Products

3.7

Education & Research

3.5

Customer Service

3.2

Nobody contact me to assist, I left a message with support but I didn’t hear from anyone so far… disapointing that I need to chase after them..

Pros

Cons

Ninja trader and MT4 platforms

They don't reply to emails

Available in my language (Polish)

Bank wire transfer is a ripoff

Not too expensive to get started

Only 2 accounts types

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