FXCM Review 2023 – Pros & Cons Revealed

FXCM is a broker that has been around since 1999 and helps people buy and sell investments. It is based in New York.

FXCM Main Highlights

🚀 Minimum deposit:	50$
⚖️ Leverage:	Up to 1:30
🛡️ Regulations & Licenses:	FCA, CySEC, ASIC, FSCA
💵 Deposits/Withdrawals:	Credit/debit card Bank wire transfer Skrill Neteller PayPal
💻 Trading platform:	MetaTrader 4, ZuluTrade, Trading station web, Mobile apps
🌙 Islamic Account:	Yes
🔗 Main domain:	fxcm.com

A Look at FXCM

FXCM is a well-established broker that was founded in New York in 1999. It now operates from London, and is monitored by the FCA in the UK as well as many other top regulatory bodies globally, such as ASIC in Australia and FSCA in South Africa.

It provides traders with various accounts containing different financial instruments, such as commodities, crypto, and more. Also offers leverage and a range of trading platforms, including its own Trading Station, MetaTrader 4, ZuluTrade, NinjaTrader, and other plugins. These trading platforms can be accessed through FXCM’s website.

FXCM Account Types

Demo account

Account Currencies	USD, GBP, EUR, CHF, JPY, CAD, AUD, NZD, RUB
Available Leverage	1:30 Retail
Minimum Deposit	0$
Trading Instruments	Forex Commodities CFDs Cryptocurrency CFDs Indices CFDs

Standard account

Account Currencies	USD, GBP, EUR, CHF, JPY, CAD, AUD, NZD, RUB
Available Leverage	1:30
Minimum Deposit	$50/€300
Trading Instruments	Forex Commodities CFDs Cryptocurrency CFDs Indices CFDs

Active trader account

Account Currencies	USD, GBP, EUR, CHF, JPY, CAD, AUD, NZD. RUB
Available Leverage	1:30
Minimum Deposit	$25,000
Trading Instruments	Forex Commodities CFDs Cryptocurrency CFDs Indices CFDs

FXCM Top Features

Low commissions & fees

You can open an account for as little as $50 or €300 (EU) with no commission. Spreads start from 1.3. The Standard account has a competitive commission-and-spread model. Active Trader users get smaller spreads and a discounted commission of $25 per $1 million traded.

Easy customer support

Connecting with a representative at FXCM is fast and easy. Specific phone numbers are available for each region they serve, and agents are available who can speak the relevant language. Live chat is also available, though it’s not always online. Alternatively, an email form can be filled out to get a quick response – usually within one business day.

Active trader account

Advanced traders who need more than the standard tools, or who want to create their own, may want to consider the Active Trader account. This account offers reduced spreads and commissions compared to the Standard Account, free access to institutional research through eFXplus, an unlocked Market Depth tool with Trading Station, and VPS hosting.

Variety of platforms

An FXCM account provides access to a variety of platforms, including the popular MT4 for desktop, mobile, and web. The company’s own Trading Station has a modern design and extra features from optional plugins. ZuluTrade provides copy-trading capabilities, while NinjaTrader allows traders to create and test automated strategies.

FXCM Regulations and Licenses

FXCM is a broker that has earned a vote of confidence from the UK’s Financial Conduct Authority (FCA) by being regulated and licensed. This means that traders are protected by laws that separate their funds, ensure fair pricing and transparency of instruments, protect their data, and cover losses if the company is unable to pay. It is regulated in many places, including Australia and South Africa, and is a trusted and compliant broker in the US.

FXCM Trading Platforms

FXCM provides various desktop and mobile trading platforms. People can select FXCM’s own Trading Station, or use popular trading platforms like MetaTrader 4, ZuluTrade, and NinjaTrader.

Trading station

FXCM’s main platform is the Trading Station desktop. It is suitable for all types of investors, from beginners to experienced traders. A great feature of this platform is Marketscope 2.0, a charting tool that runs alongside Trading Station.

Trading station web

The web version of Trading Station is almost the same as the desktop version. Users can access videos, news, market data signals, and more. It also has many of the same charting and drawing tools as the desktop version and is easy to use. The web platform is reliable and works without any problems.

MetaTrader 4

MetaTrader 4 is a popular tool in the forex world. It is a good trading program, and it has a programming language so users can make their own indicators and scripts. MetaTrader 4 is easier to use than Trading Station when it comes to coding, but Trading Station is the better platform overall.

Ninja trader

Ninja Trader has lots of trading and analysis features as well as some special features. Tech-minded traders can use NinjaScripts to create custom indicators and strategies, and they can also use the platform for automated trading.

ZuluTrade

FXCM offers an online trading tool called ZuluTrade. This allows users to automatically follow the trades of experienced traders, and interact with each other through comments.

Algorithmic trading

It offers the Seer Trading Platform, which is perfect for tech-minded traders who want to create, improve, test, and use automated trading systems. This platform is a great addition for those who want to trade using algorithms.

Mobile apps

Trading Station mobile and MT 4 offer a secure mobile trading experience with features like the trade ticket for placing one cancels other orders. Trading Station mobile is more comprehensive than MT 4 but lacks push notifications and real-time alerts on the Android version, as well as two-level authentication.

Research Tools By FXCM

FXCM customers get a basic set of tools plus lots of technical analysis tools.

News feed

The news feed is great and users can also use a calendar to stay informed about economic updates. The news is organized into categories, so users can pick what they’re interested in and get news related to that. FXCM’s Before the Bell newsletter offers helpful information and market analysis from FXCM’s experts.

Education

FXCM provides users with a superb educational experience that consists of instructional videos, webinars, written material and a demo account with £50,000 of virtual funds. The company offers a range of useful introductory foreign exchange lessons, as well as an extensive video library full of well-crafted, top-quality video tutorials.

Plenty of webinars, articles and videos can be accessed without charge. Additionally, when signing up for the demo account, users are given complimentary educational content. Note that the demo account is only accessible in certain regions.

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