FXCM Review

MIN. DEPOSIT 50 CCY
Up to 100:1
4.8 Users (1 vote)
Odds5
Services5
Support4.5

Overview

Summary of site here. Great site! Look for more reviews soon.

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Details

BrokerFXCM
Website URLhttps://www.fxcm.com/
Founded1999
HeadquartersNew York, U.S.A.
Support Number+1 212 897 7660 (U.S.); +44 20 7398 4051 (U.K.)
Support Emailinfo@fxcm.com
Support TypesPhone, Live Chat, E-mail
LanguagesEnglish, Chinese, German, French, Italian, Spanish, Greek, Russian, Tagalog, Indonesian, Malay, Vietnamese, Arabic, Hebrew
Minimum 1st Deposit50 CCY
Minimum Trade Amount1
PayoutUp to 100:1
Free Demo AccountYes
Regulated Yes
RegulationRegulatory bodies in different countries - United States, United Kingdom, Australia, France
Account TypesStandard, Mini, Active Trader
Deposit MethodsCredit Card, Bank Wire, ACH
Withdrawal MethodsCredit Card, Bank Wire, ACH
Types of AssetsCurrencies, Commodities, Stocks, Indices
Account CurrencyUSD, EUR, GBP, AUD, CAD, NZD, JPY
US Traders Allowed Yes
Mobile Trading Yes
Tablet Trading Yes

Pros

  • Great design
  • easy trading

Cons

  • Poor services
  • bad support

Full Review

Company Information

 

FXCM is among the largest forex brokers in the United States of America. FXCM is established right before the new millennium – in 1999. The agent is owned by FXCM Holdings, LLC. An interesting fact is that the business was present in the 500 List of America’s Fastest-Growing Companies for three years in a row. FXCM has its headquarters based in New York, but also owns offices in countries like the United Kingdom, Hong Kong, Italy, France, Japan and Australia. Of course, the broker is licensed and regulated in all those countries. As one of the fastest growing companies and under wise leadership, FXCM has become one of the best places to trade at. One of the biggest advantages is the tight spreads – going as low as one pip. The customer support is also available 24/7 in a variety of languages. Aside from the main site, FXCM owns DailyFX.com, their free forex news website. FXCM also is the proud owner of two awards in 2016 – Excellence Award and Trader’s choice on DailyForex. Those two titles are not easy to come by, and the broker is doing things right.

 

The website design is very sleek and professional. It uses white, dark gray, blue and a bit of yellow as the accents. As clean and flat the website is, it is not the primary focus of FXCM. The forex broker wants to make people better traders and is offering a variety of education opportunities. Newcomers and veterans alike can become part of live webinars, platform walkthroughs, real-time instructions and many other lessons. If you don’t feel like interacting in real time, you can stroll around the extensive video library. In that section, customers can take a look at some forex basics, functionality, trading strategies and account support.

 

Trading Information

 

As a starter, customers can always open a demo account, which has 30-day availability and the nice amount of $50000 demo money. When you are done with testing out FXCM’s trades, you may open a standard account for a minimum deposit of $2000 USD. The leverages of this account are up to 1:200 for customers from outside of the United States and 50:1 for US-based forex traders. Another great feature is the option of bypassing the Dealing Desk. With it, you can trade on the rates, which are provided directly by the banks. This allows FXCM to offer competitively low variable spreads. The typical ranges you will encounter are 2.6 pips for the EUR/USD pair and 3.1 pips for the GBP/USD one. The other major currency pairs have similarly competitive spreads, available to everybody at FXCM. The broker offers US accounts but does not support Islamic ones. The commissions are fixed, and there are some instruments available for trading. Some of them are CFDs, Commodities, Metals, Gold, and Indices.

 

Trading Platforms

 

FXCM proudly offers five different trading platforms on its website. The classic MetaTrader 4 platform is readily available for all kinds of accounts. Since it’s probably the most widely used and well-known platform, I will just throw out some of the main features. With MT4, you can make use of day trading, trailing stop, limit orders, and entry orders. You can also use stop loss and take profit. In FXCM UK, customers can make good use of the hedging feature in No Dealing Desk1 accounts. With a vast number of options and flexibility, you can be sure your MT4 experience will be excellent. The proprietary FXCM platform is called Trading Station. It’s been worked on for more than ten years, and it’s a wonderful platform choice for all kinds of traders. Aside from being available on desktop, mobile and web, it offers an enormous number of features like exploring multiple order types, preloaded indicators, e-mail alerts and real-time prices. If you decide to use Trading Station, you get some exclusive FXCM tools like Good Till Date, streaming news from DailyFX and the Real Volume indicators. Other platforms are Mirror Trader, Ninja Trader, and ZuluTrade. All of them are excellent.

 

Security and Customer Service

 

The website and customer service are available in 18 languages all around the world. You can contact the helpdesk 24/7 via phone, e-mail, fax or live chat. There are individual desks for Trading, Active trader and corporate services, so you are guaranteed fast and quality service at any point in time. FXCM is a registered Futures Commission Merchant (FCM), as well as a member of RFED – Retail Foreign Exchange Dealer and CFTC – Commodity Futures Trading Commission. Of course, the broker is also a member of NFA – National Futures Association. FXCM was historically the first ever forex broker to list on the New York Stock Exchange.

 

Deposits and Withdraws

 

Depositing and withdrawing money varies per country. Most of the traditional options are available, like Wire transfer, Credit card, and Webmoney. Of course, customers can also use e-wallet services to deposit and get money from their accounts. Overall, the service is excellent, and there are no needless bumps on the road when you need to withdraw larger sums of money.

 

Deposit Bonus and Loyalty Programs

 

FXCM doesn’t offer any newcomer bonuses as of now. However, there are always trading contests going on, where you can win up to $10000 in total prizes, exclusively for FXCM Mini accounts. However, the loyalty program, called Active Trader Account lets you enjoy a high number of extras. For one, you get a relationship manager and back-office teams. You also get several significant discounts when trading per monthly trading volume. Premium services and custom solutions are just a tad part of what you will get with the Active Trader Account. Check FXCM out!

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