Regulation and risk: Before opening an account, check which legal entity you would be contracting with and which regulator supervises it. Brokers serving EU and UK retail clients through an ESMA- or FCA-regulated entity must cap leverage at 30:1 on major currency pairs, offer negative balance protection and publish the share of retail accounts that lose money. Entities registered offshore or not regulated at all are not bound by these rules, and client money held there is not covered by EU or UK compensation schemes. Most retail accounts trading leveraged CFDs lose money, so only trade with money you can afford to lose.
About FXCM
FXCM is a leading forex broker that has been offering services to traders all over the world. Created in 2009, FXCM is a UK broker that offers users access to a wide range of financial markets, including the forex, stock, commodities, cryptocurrencies, and indices markets.
The broker has become popular for offering world-class customer service, winning the Best Customer Support award in 2018. FXCM prides itself on meeting strict regulatory and financial standards. Thus, traders can feel comfortable when trading global markets on the platform.
For both newbie and experienced online trades and investors, FXCM has customizable account types and other services designed for retail traders of all levels. Overall, FXCM is a good broker that offers users access to the financial markets.
Trading Platform
FXCM supports 4 trading platforms on its website. They are;
MetaTrader 4
This is the most used trading platform in the world. The FXCM MT4 platform is available on Mac, Windows, iOS, and Android. The MT4 comes with various features such as setting Stop Loss and Take Profit orders while opening a new trade, trading more precise lot sizes for tighter risk management, expert advisors, and more.
Trading Station
This is the proprietary forex and CFD trading platform that is available for Mac, Android, and iOS device users. This platform offers powerful analytical tools for chart traders, advanced functionality & more. Designed with built-in Mac Friendly HTML5, Trading Station has a fresh modern look that makes it look cleaner, intuitive user interface, and other excellent features.
NinjaTrader
This is another popular platform amongst forex traders. The NinjaTrader platform on FXCM offers competitive pricing and quality execution from the various liquidity providers of the company. The new NinjaTrader platform comes with advanced analytics, charting, and automation capabilities. It is available for Windows and Mac users.
ZuluTrade
This is a popular Social Auto-trading platform, which is designed to enable traders to follow the trading activity and strategy of a diverse network of expert traders. Thanks to the ZuluTrade platform, traders and investors don’t have to analyze or monitor the markets as it is done automatically for them. The ZuluTrade platform is easy to use and can be accessed in less than 10 minutes.
Investment products
FXCM allows people to trade financial instruments from the following markets.
Forex
This is the largest financial trading market in the world, with over $5 trillion traded per day. FXCM offers a wide range of currency pairs, both the major and minor forex currency pairs. Some of them include USD/JPY, EUR/USD, GBP/USD, and more.
Equities
FXCM offers commission-free trading on its range of available equities. Among the stocks you can trade on this platform are Amazon (AMZN), Facebook (FB), Netflix (NFLX), Alphabet (GOOG), Tesla (TSLA), and others.
Cryptocurrencies
FXCM allows users to trade some of the leading cryptocurrencies such as Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), Ripple (XRP), EOS, Stellar Lumen (XLM), and Bitcoin Cash (BCH). FXCM offers tight spreads on the crypto CFDs it offers on its platform.
Indices
stock indices are also available on FXCM. It grants traders the opportunity to trade their opinion of an economy without necessarily picking individual stocks. Some of the indices available on FXCM include AUS200, NAS100, UK100, US200, USD30, SPX500, and more.
Commodities
FXCM allows traders to trade some leading commodities like gold, oil, natural gas, and copper. Traders speculate on the prices of these assets, as they enjoy numerous features like enhanced order execution, lower transaction costs, advanced charting, and more.
Regulatory stance
FXCM is a regulated broker, holding authorization from a financial markets regulator. Within the FXCM group of companies, FXCM South Africa (PTY) LTD operates as a subsidiary. It is an authorized Financial Services Provider and falls under the official regulation of the Financial Sector Conduct Authority. FXCM Group, the parent company, has its base in London. Because it is a regulated broker, FXCM offers adequate liquidity along with security measures designed to keep customer funds and personal data safe. The company also works within the jurisdiction of the law, and that legal footing gives traders added confidence in the broker.
Trading Tools and resources
FXCM offers various trading tools, which can be accessed based on the trading platform. However, here are some of the trading tools you can find on FXCM:
- Glossary
- Education center
- Advanced charting tools
- Market news
- Economic calendar
- VPS hosting
- EAs, and more
Commissions and fees
FXCM prices its FX pairs and other CFD instruments with competitive spreads. To work out the total cost of a trade, multiply the spread by the pip cost. The broker keeps trading fees low for its clients by quoting narrow spreads. On EUR/USD, the fees sit inside the spread, and the average spread cost is 1.2 pips. Indices trading follows the same model: fees are built into the spread, with an average spread cost of 0.38. Dormant accounts carry a charge as well: after one year of inactivity, FXCM charges $50 annually.
Payment methods
FXCM offers three base currencies: EUR, USD, and GBP. The broker supports a wide range of payment options such as Bank Transfer, Skrill, Neteller, UnionPay, and credit/debit cards. There are no charges on deposits and withdrawals made on FXCM.
Customer service
FXCM has a great customer support team that can be contacted at any time. Traders can reach them via phone call, live chat, and email. They are available only five days a week, which is not ideal for a broker that offers cryptocurrency trading services. The broker provides free phone support for the residents of 42 countries.
Account opening process
Opening an account with FXCM involves a few simple processes.
- Visit the FXCM official website
- Navigate to the ‘OPEN ACCOUNT’ tab
- Click it and choose your country of residence and preferred trading platform to start your application
- The next step is to provide your personal details such as name, email address, base currency, and account type.
- Complete the application by providing further details
- Provide your employment details, trading experience, and financial information
- The final step is where you will provide details that show you agree with the terms and conditions of trading with FXCM.
- After completing that, you can fund your FXCM trading account and start trading with them right away. Traders can also trade with the demo account to learn how the platform works before they start trading with real money.
