FXCM Review

FXCM, a subsidiary of Jefferies Financial Group Inc.(NYSE: JEF), was founded in 1999 and has its headquarter in London, United Kingdom. There are multiple operating subsidiaries within the FXCM Group of companies, (collectively, the “FXCM Group”) They are regulated by the Financial Sector Conduct Authority (FSCA) in South Africa, the Australian Securities and Investments Commission (ASIC) in Australia and the Financial Conduct Authority (FCA) in the UK. They offer a small number of tradeable products but offer an array of tools and quality market research to help you make informed decisions.

Overview

NationalitiesNo USA Clients
Account Funding$50

(£300 for FXCM LTD clients)

Is a corporate Account Possible?               YES
Sign Up processMEDIUM
Funding optionsBank transfer, Debit/Credit Card, Skrill, Neteller, UnionPay
Max leverage FXCM LTD

Max leverage Non-FXCM LDT

1:30

1:400

Forex: Spot TradingYES
Currency Pairs39
CFDs35+
Cryptocurrencyn.a.
Commodities6-9
Stocks
Penny StocksNO

Regulation and Trust

The FXCM Group are regulated by the Financial Sector Conduct Authority (FSCA) in South Africa, the Australian Securities and Investments Commission (ASIC) in Australia and the Financial Conduct Authority (FCA) in the UK. FXCM only offers a one-step login process and could, therefore, use a two-step process to increase safety.

Commissions & Fees

FXCM offer spreads as low as 1.3 pips on EUR/USD and does not charge for deposits. A rollover fee is charged to carry a position overnight for both Foreign Exchange and CFD. FXCM charge an inactivity fee, of up to 50 units of the currency of the account, per year if there is no client-initiated activity in the 12 months preceding the charge date.

Community

FXCM has a social media presence on Facebook, Twitter, Instagram and YouTube. They have over 83 thousand people following them on Facebook and over 98 thousand followers on Twitter. They also have social media accounts specifically for South African, Spanish and Arabic clients 

User Experience

FXCM has a fully digital and user-friendly account opening process with the option to choose from three base currencies, USD, EUR or GBP. The FXCM mobile app makes charting a joy due to its 60 indicators and multiple drawing tools. Their TradingStation platform was updated to be Mac friendly and given a fresher look. The interface is more intuitive and hosts a range of new features. You are able to share your charts with

Functionality & Tools

FXCM offers a range of tools including, daily headlines of the top market-related news; an economic calendar; a variety of customizable charts, and over 90 indicators; market data signals, and a market scanner. FXCM offers a demo account for you to practice trading in a risk-free environment. The FXCM’s forex trading app and the NinjaTrader both include automated trading capabilities that communicate directly with the FXCM trading server.

Trading Platforms

Although FXCM offers a restricted amount of CFDs, they offer a growing range of best trading platforms and tools. You have the choice to either trade on its own Trading Station platform, MetaTrader4 or NinjaTrader. All platforms have custom indicators and one-click trading. The Trading Station and MT4 can be accessed from desktop, web, and mobile. FXCM’s Trading Station allows you to set up price alerts and trade directly from the chart.

Customer Service

Customer support is available 24 hours, 5 days a week. A live chat is available, however, you need to complete a form first which includes entering your account number should you have an FXCM account. There is also a search bar that allows to search for certain FAQs. If you would prefer to email or call their customer service line, the option is there. 

Summary

FXCM offers competitive spreads and advanced charting tools that can be customized to your preferences. They also offer automated trading solutions which is a bonus for certain traders. However, they do only offer a small range of tradeable markets, and their customer service live chat takes longer than competing companies.  

73.05% of retail investor accounts lose money when trading CFDs with FXCM

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73.05% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. 

Leverage: Leverage is a double-edged sword and can dramatically amplify your profits. It can also just as dramatically amplify your losses. Trading foreign exchange/CFDs with any level of leverage may not be suitable for all investors.

Historical Spreads: The information provided is historical in nature and does not imply that FXCM maintains a particular capacity or performance level. Past results are not indicative of future performance. The price at which an order is executed does not negate the high level of risk involved with forex trading. Trading could result in losses regardless of the pricing quality of opening or closing transactions.

FXCM, also known as Forex Capital Markets, is a retail broker for trading on the foreign exchange market. FXCM allows people to speculate on the foreign exchange market and provides trading in contract for difference on major indices, cryptocurrencies, and commodities such as gold and crude oil.