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FXCM Review

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FXCM

  • Low minimum deposits to start trading forex and CFDs on the Standard Account
  • An industry-best variety of plugins for the Trading Station and MT4 platforms
  • Active Trader account offers advanced API connectivity, superior trading conditions and more

FXCM is a market-making broker with a long history in the market, having been founded in 1999 in New York. The venerable broker now has headquarters in London, UK and is regulated by the country’s Financial Conduct Authority (FCA), as well as many other strict regulatory authorities around the world including in Australia (ASIC) and South Africa (FSCA).

FXCM offers traders a few different accounts, with forex and CFD instruments (commodities, crypto and more), leverage, and a truly impressive variety of plugins and accompanying applications. Moreover, FXCM can be characterized by its superior diversity in terms of trading platforms including its own Trading Station, MetaTrader 4, copy-trading platform ZuluTrade, NinjaTrader and other add-on plugins accessible to traders via the FXCM website. With reasonable trading fees and conditions plus an industry-best level of flexibility for traders, FXCM is an enticing option for frequent traders with virtually any strategy preference.

FXCM Review Pros & Cons

Pros

  • Low minimum deposits to start trading forex and CFDs on the Standard Account
  • An industry-best variety of plugins for the Trading Station and MT4 platforms
  • Active Trader account offers advanced API connectivity, superior trading conditions and more
  • Platform choices include ZuluTrade, NinjaTrader, MT4, and Trading Station
  • Customer support team is accessible via many modes of communication and prompt
Cons

  • High minimum account value requirement for Active Trader
  • Professional traders lose access to certain FCA investor protections
Who Is FXCM Review Recommended For?

FXCM is suitable for a range of traders, including beginners. Beginner traders can enjoy FXCM’s lower deposit requirement on the Standard account and access to ZuluTrader, which lets them browse and copy the positions of market experts listed on the platform. Experienced investors who have formulated a strategy that depends on a diverse array of plugins and tools will gain the most from the FXCM platform. The breadth of platforms and available tools means that experienced traders are best served by FXCM’s emphasis on incorporating value-added services and resources.

Regulated By

  • Australian Securities and Investments Commission (Australia)
  • The Financial Conduct Authority (United Kingdom)
  • Financial Sector Conduct Authority (South Africa)
Top FXCM Review Features

Variety of Platforms: An FXCM account comes with access to many different platform choices, including the standard MT4 on desktop, mobile, and web. Its own Trading Station platform is similarly capable but has an updated look and some new functionality thanks to plugins available on the website. ZuluTrade access offer copy-trading utility while NinjaTrader lets traders build and try automated strategies and more.

Plethora of Trading Apps: A page on the FXCM website lists the plugins and extensions it offers for traders who want to quickly add functionality to the Trading Station and MT4 platforms, enabling a greater spectrum of strategies. Included are new indicators, Expert Advisors, and various reporting and charting tools like Pivots Panel, CFD Auto Roll, Track ‘N Trade, and Visual Traders Studio.

Connected Customer Support: Getting in touch with a representative of FXCM is easy and quick. There’s a phone number for each geography that FXCM operates in, with agents on the line able to speak the relevant language to users. Live chat is available, but it’s not always online. An email form also speeds along inquiries, and we found that support takes no longer than one business day to return.

Active Trader Account: For more experienced traders who require tools beyond the standard available set, or who want to customize their own via free APIs (FIX, ForexConnect and others), the Active Trader account is unique. Active Trader accounts are defined by elite pricing on spreads and discounted commissions compared to the Standard Account, free institutional research via eFXplus, an unlocked Market Depth tool for Trading Station, and VPS hosting.

Low Commissions and Spreads: Traders can pay as little as $50 to open an account and start trading, though for EU accounts there is a minimum of €300, both with no commissions plus spreads starting as low as 1.3. The most popular Standard account has a competitively priced commission-and-spread model, and Active Trader users will enjoy tighter spreads and a discounted commission of $25 per $1 million traded.

FXCM Review Overview

  • Type of BrokerMarket maker
  • Regulation & LicensingUK Financial Conduct Authority (FCA) Australian Securities and Investments Commission (ASIC) South African Financial Sector Conduct Authority (FSCA)
  • Assets OfferedForex Commodities CFDs Indices CFDs Cryptocurrencies CFDs
  • Platforms AvailableMT4 Trading Station ZuluTrade NinjaTrader
  • Mobile CompatibilityiOS Android
  • Payment Types AcceptedCredit/debit card Bank wire transfer Skrill Neteller PayPal
Trading and Investment ToolsTrading Platforms

  • MetaTrader4 By MetaQuotes Software Corp.
  • FXCM Trading Station Web By FXCM Forex Capital Markets
  • Ninja Trader By NinjaTrader, LLC
  • One Click Trading:Yes
  • Trade off Charts:Yes
  • Email Alerts:Yes
  • Mobile Alerts:Yes
  • Stop Order:Yes
  • Market Order:Yes
  • Trailing Stop Order:Yes
  • OCO Orders:Yes
  • Limit Order:Yes
  • 24hr Trading:Yes
  • Charting Package:Yes
  • Streaming News Feed:Yes
FXCM Review Compliance & Regulation

One of the biggest votes of confidence that a broker can receive is regulatory licensing from the UK’s Financial Conduct Authority (FCA). This means that relevant traders are protected by laws that segregate their funds, force pricing and instrument transparency, safeguard their data, and insure against losses in the event of insolvency. FXCM is regulated in similar fashion everywhere it operates including Australia and South Africa. Despite some regulatory hurdles experienced during FXCM’s attempts to navigate the US market, it remains a highly trusted and compliant broker in the country it’s headquartered in and elsewhere.

Fees & Commissions

  • Rollover Fee:No
  • Margin Interest:Yes
FXCM Review Pricing

There are no commissions for trades made through the Standard account, all fees are incorporated in the instrument spreads. FXCM quotes the commission on Active Trader accounts at $30 per $1 million traded which can be discounted to $25 per million traded when monthly turnover exceeds 150 million. Spreads on the Standard Account range from 1.3 pips on major pairs like EURUSD, and for Active Traders 0.2 pips on the same instrument. With a wider range of services available to all traders in the FXCM ecosystem, many find the commission and spread model employed by the platform to be more than fair. FXCM does not charge deposit or withdrawal fees for credit cards, though bank wire transfers will cost $40, and only third-party charges apply to e-wallet services. FXCM also imposes a low financing fee on positions that require it, as well as fees on overnight positions.

Service Details

  • Supported Languages:Arabic, Chinese, English, French, German, Greek, Hebrew, Italian, Russian, Spanish, Turkish
  • Customer Service By:Forums, Call Back, Phone, Chat, Email
  • Customer Service Hours:M-F 8:00-19:00
  • Email Response Time:Immediate
  • Telephone Orders:No
  • Personal Account Manager:No
FXCM Review Reliability & Security

FXCM traders will experience the reliability of FXCM firsthand, with a website and web-hosted Trading Station that are live 24/7 alongside a multilingual customer service team available 24/5 to back it all up. Though the platform incorporates a much wider assortment of plugins and applications into its various platforms, all run seamlessly on top of one another. FXCM offers both market-maker and agency execution models and both result in minimal slippage and high liquidity on listed assets. Another point in favor of FXCM’s reliability is its regulated status in the UK and Australia, which are among the most scrupulous authorities, and requires that FXCM segregates user funds into Tier 1 bank accounts and insures UK users through the Financial Services Compensation Scheme (up to £85,000).

FXCM Review User Experience

Users appreciate FXCM for the extent to which they’re able to customize their trading experience. Signing up to begin trading with FXCM is hassle-free and simple, with the only thing required being a short form about yourself and then a quick credit card deposit. Bank wires take up to 5 days, and all accounts require that you upload and verify your identification documents. Once your deposit arrives, it can be used in any of the platforms offered by FXCM, the most accessible of which is its own Trading Station.

Trading Station is an HTML-based MT4, but with smoother visuals and the ability to plug-in tools to make up for lost functionality. There’s a page of widgets that you can add to your Trading Station web terminal with a single click, or you can open the web version of MT4 to access these tools and more (such as Expert Advisors). ZuluTrade also allows you to quickly link your FXCM broker account and use your funds to copy expert traders that are searchable on its platform. Advanced traders will appreciate the Active Account more than the Standard (which features the previously mentioned tools), as it adds FIX API and ForexConnect API access, which grants programmatic customizability. UK accounts benefit from access to Spread Betting as well, which is a commission-and-tax-free way to trade forex that may be suitable for beginners most of all.

Final Thoughts on FXCM Review

With a robust offering of third-party services and platforms and a higher-than-average minimum deposit to access these tools, FXCM is aimed largely at advanced or institutional traders who are comfortable with a slimmer variety of forex and CFD options. Beginner traders face a steeper learning curve when navigating the platforms and plugins offered although it’s possible to only limit oneself to basic tools and the copy-trading platform ZuluTrade. Although the value for beginners may be more limited, FXCM’s status as an FCA-regulated broker and extensive list of features puts it firmly among the top of its industry, especially for professional and active traders seeking reliability and advanced tools.

Trading Platform Screenshots

Contact Info

laptopWebsite:  https://www.fxcm.com/uk
callTelephone: 0808 234 8789
location_onCompany Address:
20 Gresham Street, 4th Floor London EC2V 7JE United Kingdom
FXCM Review FAQs

Q: What’s the minimum deposit on FXCM?

A: There is a $50 minimum to trade for outside-of-UK accounts and a EUR 300 minimum for UK and EU accounts.

Q: How do I copy-trade on FXCM?

A: If you’re familiar with the MT4 then it’s easy to add the Expert Advisors plugin on the FXCM website, but you’re also able to open a ZuluTrade account with your FXCM funds already available. Contact FXCM for more information.

Q: Does FXCM offer options?

A: FXCM only offers currency pairs for regular, margin, or spread-betting, as well as a variety of CFD instruments, but no options or underlying instruments.

Q: Does FXCM offer Islamic accounts?

A: Yes, interest-free accounts in accordance with Islamic standards are available.

Q: How do I avoid the rollover fee?

A: Traders will incur rollover fees for overnight and weekend positions, but they can be avoided by closing positions before 5pm EST on each trading day.

Spreads are variable and are subject to delay. The spread figures are for informational purposes only.

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.

Compensation: When executing customers' trades, FXCM can be compensated in several ways, which include, but are not limited to: spreads, charging fixed lot-based commissions at the open and close of a trade, adding a markup to the spreads it receives from its liquidity providers for certain account types, and adding a markup to rollover, etc.

Open Account (Get $15 cash back for each and every 1 lot trades has done)

ReplyQuote
Topic starter Posted : 31/08/2020 12:48 pm

Our Expert Advisors are working Good in FBS Account

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