FXCM is a multi-asset group of brokerage companies operating around the globe. FXCM group has more than 20 years of experience and offers various trading instruments to its clients. The list includes Forex, CFDs on stocks, indices, commodities, cryptocurrencies, CryptoMajor basket, Forex baskets, and stock baskets. The total number of available assets exceeds 200.
FXCM serves more than 200,000 Global clients and provides 24/5 client support. The broker has won more than 50 industry awards for providing financial services to retail and institutional traders. FXCM is considered safe as it’s authorized and regulated by trustworthy financial institutions such as the Financial Conduct Authority (FCA) of the United Kingdom, the Australian Securities and Investments Commission, the Cyprus Securities and Exchange Commission, and the FSCA of South Africa.
FXCM offers only a single type of account and a swap-free version for Muslim traders. For most regions only USD is available as the base currency. The leverage offered goes up to 400:1 for currency pairs and up to 200:1 for CFDs.
In today’s review, we’ll discuss trading platforms, instruments, policies, and everything about FXCM that you need to know. What’s more, we'll compare fees with other brokers and guide you through the entire account opening process.
Here Are the 9 Pros and Cons
- Regulated by top-tier regulators
- Offers access to MetaTrader 4, Trading Station, ZuluTrade
- Charges no deposit and withdrawal fees
- Fast and digital account opening/verification
- 24/5 customer support.
- Offers a live chat option, but it takes a lot of effort to locate the chat window
- $50 inactivity fee per year after 12 months of inactivity
- The number of assets is limited
FXCM Fact sheet
|Regulations||Australia, Cyprus, South Africa, UK|
|Fees on deposits||$0|
|Fees on withdrawal||$0|
|Inactivity fees||$50/year. 50 units of account currency per year after 12 months of inactivity. JPY 5,000 for JPY denominated accounts|
|Minimum account activation||$0|
|Number of available assets||200+|
|Leverage up to||1:400. 400:1 for FX. 200:1 for CFDs|
|Available trading markets||Forex, CFDs on Stocks, Indices, Commodities, Cryptocurrencies, Cryptocurrencies|
|Account currencies||USD, EUR, GBP, JPY. Some options are not available in some countries|
|Live account types||Individual account FXCM offers only one type of account|
|Negative balance protection||Yes|
|Part of compensation fund||-|
|Keeps funds on segregated bank account||Yes|
|Fees & spread|
|Forex||From 0.2 pips. 1.3 average spread on EUR/USD|
|Cryptocurrencies||From 1.1340 avg. spread on Bitcoin vs USD|
|Platforms||MetaTrader 4, Trading Station, ZuluTrade|
|Mobile trading support||Yes|
|Mac device support||Yes|
|Payment methods||Bank Transfer, Credit/Debit Card, Neteller, Skrill|
|Minimum deposit||Bank Transfer, Credit/Debit Card, Neteller, Skrill|
|Minimum withdrawal||Bank Transfer, Credit/Debit Card, Neteller, Skrill|
|Withdrawal processing time||Up to 2 hours. Bank Wire deposit takes 3 to 5 business days|
|Time to open an account||-|