With 18 years of experience in this field, this broker recently entered the CFD market allowing traders to trade major stock indices and commodities. FXCM is a broker known for its high-quality FX education and low spreads. For the small-scale traders, FXCM has mini accounts that make it possible for small-scale trading. Although the company was dealt a major blow in 2017 by the Commodities Futures Trading Commission (CFTC) when it was barred from operating in the USA, the company has of late been working very hard to regain its public trust. Check out Best CFD brokers and Best Forex brokers for more information.
With its operations in many nations, the broker has been regulated in a number of jurisdictions. In the UK, the firm is regulated by the (FCA)financial conduct authority. This regulation allows it to operate in the whole of the EU region. In Australia and South Africa, the company is regulated by the respective regulatory authorities. FXCM partnered with local brokers in Canada and New Zealand to provide locals the access to the FXCM suite.
- The Trading station: The award-winning platform developed and maintained by FXCM is availed to users of this broker. This platform can be accessed in 3 forms; a mobile app, desktop version or web platform. To see further how it compares, see Best trading platforms. Or have a look at how to determine the best trading platform.
- MetaTrader:Apart from FXCM’s very own Trading Station, FXCM has partnered with Meta Trader. Many traders prefer working with MetaTrader for a number of reasons, among them its ability to support automation.
- Zulu Trader – If you are a beginner with little or no trading skills, this platform will allow you copy expert’s trades. It also gives you a more accessible avenue to learn from the best.
Commissions and spreads
FXCM doesn’t charge any commission, FXCM purely depends on spreads. The spreads are very tight; as low as 1.3 pips for some majors, e.g. EUR/USD. For the indices, spreads can be as low as 0.56 pips while for commodities, spreads are as low as 0.01 pips are applicable.
Deposits and withdrawals
Currently, this broker allows traders to deposit money via credit/ debit card like MasterCard and Visa or bank wire. Withdrawal of funds happens through the two avenues too. Withdrawal via the credit card is free while a fee of $40 is applicable for bank withdrawals. FXCM has no limit as to the amount one can withdraw, and the withdrawal process only takes a few days to complete.
FXCM customer support
FXCM has a team of professional customer support that serves in 14 languages; Arabic, German, Spanish, Chinese, Italian, French and Tagalog. In addition, FXCM offers live chat and email support services. The brokers also maintain a very detailed frequently asked question (FAQ) to guide traders with ease.
When it comes to automating your trades, either with your own or a third party EAs, FXCM makes it convenient to do so. The broker has provided many tools and platforms to enhance the trader’s experience. A virtual private server (VPS) is available to the users at no cost, ensuring your automation process is as smooth and straightforward as possible.
Research and resources
When it comes to keeping the traders updated and providing research materials, FXCM provides calendars, a real-time news feed, and data analytics tools. Apart from the proprietary analysis tools, FXCM provides trading signals. Through the FXCM University, the broker offers a robust training in forex providing videos, e-books, seminars and even live classrooms. For the digital currency enthusiasts, FXCM has documents and other resources about cryptocurrencies although the same is not offered for trade by the broker.
The trading station, as well as MT4 platforms provided by FXCM, offers mobile trading for both Android and IOS users. Both mobile apps pack a good number of features with cool designs. More than 60 charting capabilities are available on the trading station mobile app.
For the traders who are seeking to automate their trades as well as access advanced charting lotions, FXCM is a good starting point. The newbies are not left aside, the broker provides a wealth social trading platforms like Zulu trade. The spreads are relatively high and FXCM is not the best when it comes to mini accounts. FXCM’s active trader account on the other hand is more friendly with fair commissions, but suitable for traders with huge deposits.
It is abundantly clear that so far that FXCM is one of the longest-serving brokers we have in the space today. Their wide variety of trading options and their experience makes them suitable for both the advanced and the newbie traders; see Best Brokers for beginners for more intel. For the sophisticated trader, FXCM has advanced charting tools that offer the best analytical experience. The registration process is quite straightforward, and the support team is there to help new users with the registration process. You can also try out their demo to have a feel of their platforms.