Last updated on February 12, 2023
Join thoughts.money in this honest and 100% unbiased FXCM review. Thoughts.money is here to help you make well-informed decisions when searching for the best Forex broker online.
In this objective FXCM.com review, we go through FXCM’s website to help you understand the trading conditions, trading platforms, fees and commissions, and much more.
Is FXCM broker legitimate or just another scam? Uncover the truth from the analytical team and learn everything there is about FXCM Forex broker.
As of this writing, 63% of retail investor accounts lose money when trading CFDs with FXCM. So — before making a deposit — make sure you understand the risks involved with CFD trading.
What you'll learn:
⓵ About FXCM
FXCM (Forex Capital Markets) is part of the FXCM Group (headquartered in London, UK) and was established more than 20 years ago. Since its inception back in 1999, FXCM has focused on one goal and one goal only — to offer access to the world’s largest and most liquid market.
Also, FXCM has accomplished that by offering advanced and innovative trading tools, offering excellent trading education, being regulated to the highest financial standards, and offering one of the best online trading experiences in the market.
FXCM has dedicated 24/5 customer support and offices all over the world including:
- New York
- And more
Furthermore, FXCM offers FX (Foreign Exchange) trading, CFD (Contract for Difference) trading, spread betting, and more. As an FXCM client, you can find educational courses on online trading along with advanced trading tools and premium resources.
FXCM Pro offers access to wholesale execution and liquidity for retail brokers, small hedge funds, and emerging market banks. Also, via FXCM Prime, they offer access to prime brokerage services for high- and medium-frequency funds.
❖ FXCM awards
FXCM is an award-winning brokerage firm. Awards for the FXCM broker include (but are not limited to):
- Best Zero Commissions Broker by ADVFN International Financial Awards in 2022
- Best in Class (social copy trading, platforms & tools, education, algo trading, professional trading) by Forexbrokers.com in 2022
- Best Customer Service by Ultimate FinTech Awards in 2021
- Best Forex Trading Platform by Shares Awards in 2021
- Best Trading Tools by Online Personal Wealth Awards in 2020
- Best Online Trading App by Compare Forex Brokers in 2020
⓶ Pros and cons
|Award-winning Global Broker (Best Forex Trading Platform, Best Customer Service, Best Zero Commissions Broker, and many others)|
|Low Spreads & Low Commissions (from 0.2 pips on Active Trader accounts)|
|6 Trading Platforms (MetaTrader 4, Trading Station, TradingView, Capitalise AI, ZuluTrade, NinjaTrader)|
|CFDs on 300+ instruments (FX, Stocks, Crypto, Indices, and Commodities)|
|Licensed & Regulated (Canada, Australia, UK, Cyprus, South Africa, and Israel)|
|Robust Research & Trading Tools (Algorithmic and Copy Trading)|
|Excellent Education (Articles, Guides, Videos, Webinars)|
|Low Minimum Deposit (from $50 depending on the country of residence)|
|No 24/7 support (only 24/5)|
|No real stocks (only CFDs)|
|No unlimited demo account ($20,000 only)|
|Inactivity fees after 12 months ($50/year)|
|Withdrawal fees for bank transfers ($40)|
|High spreads on Standard Accounts (from 1.3 pips)|
⓷ FXCM regulation and licensing in more detail
In this FXCM Forex review, we go over all the licenses that FXCM holds. FXCM is licensed and regulated in several jurisdictions including:
- The Australian Securities and Investments Commission (ASIC) in Australia
- The Financial Conduct Authority (FCA) in the UK
- The Cyprus Securities and Exchange Commission (CySEC) in Cyprus
- The Financial Sector Conduct Authority (FSCA) in South Africa
- The Israel Securities Authority (ISA) in Israel
- The Investment Industry Regulatory Organization of Canada (IIROC) in Canada
Thoughts.money only recommends regulated Forex brokers. And that is for your own protection. Because only regulated Forex brokers offer real protection.
When you trade with regulated brokers you can trade with confidence and peace of mind.
On the other hand, when you trade with unregulated brokers, you risk losing your entire capital to scam artists that can — and oftentimes do — run away with your hard-earned cash.
For this reason, regulation is critical to your online trading experience. Never make a deposit to unregulated brokers. As simple as that.
Regulated brokers keep your funds segregated. This is important and necessary for all regulated brokers. This means that the broker cannot steal your money. However, you can still lose your capital due to trading with leveraged products. Always make sure you understand all the risks involved.
Another important aspect of online trading that you shouldn’t ignore — offered by FXCM and every regulated Forex broker — is negative balance protection. This means you can never lose more than your initial deposit.
⓸ Is FXCM safe or a scam?
Potential clients who are interested in FXCM Forex trading should read this before selecting one of the available FXCM account types.
As a reminder, you should always trade with a regulated and trusted online broker. And this is why thoughts.money is here.
Thoughts.money makes it fast, easy, and secure for you — and every trader around the world — to research and learn the truth about Forex brokers. We want you to make informed decisions and avoid being scammed by illegitimate brokers.
FXCM is a legitimate Forex broker with clients all over the world and is regulated in several jurisdictions. FXCM regulation includes:
- FCA (UK)
- CySEC (Cyprus)
- ASIC (Australia)
- FSCA (South Africa)
- ISA (Israel)
- IIROC (Canada)
All in all, FXCM is a solid broker not only because of the 20+ international awards and strict regulations but also because of the optimal trading environment where both new and advanced traders can have a positive trading experience.
Moreover, FXCM is a global broker with superior technology, positive or zero slippage (on 85% of all trades), ultra-fast order execution (20 milliseconds), and worldwide support.
If you are still not sure about FXCM, then keep reading. You can always open a free FXCM demo account to test the platform, practice your strategies, and improve your skills before switching to live trading.
❖ FXCM Spreads and Fees
FXCM spreads start at 0.2 pips for Active Trader accounts and 1.3 pips for standard accounts — depending on the instrument (as shown below). This is considered very competitive. Also, FXCM fees and commissions are kept low.
◆ FXCM spreads
The spread on EUR/USD is usually 0.2 pips for Active Trader accounts but can fluctuate (can go higher or lower). Traders have access to a large array of tradable assets including CFDs on Forex, Shares, Commodities, Indices, and Crypto.
◆ FXCM commissions
Standard accounts come with no commissions and low spreads starting at 1.3 pips. Some accounts offer a commission-and-spread model whereas Active Trader accounts come with ultra-tight spreads (from 0.2 pips) and discounted commissions ($25 per $1 million traded).
You can apply for an Active Trader account through FXCM’s website. Simply click on the FXCM login button, go to the active trader rebate program, and click “join now”.
❖ FXCM rebates explained
Here is an example so you better understand how FXCM rebates work for the Active Trader accounts. Let’s say you trade EUR/USD and you reach 400 million in notional volume traded in one month. This means you have reached Tier 5 and you will receive $25 per million traded. And thus, your total compensation will be $10,000.
❖ FXCM minimum deposit
The FXCM minimum deposit is very low at just $50. This makes it ideal for new traders who wish to trade with a small capital. However, if you live in the EU or in the UK, then the minimum deposit is much higher (£300).
❖ FXCM withdrawal fees
There is no withdrawal for most funding methods and traders haven’t expressed any major FXCM withdrawal problems so far. However, there is a withdrawal fee for bank transfers only ($40).
You can easily withdraw funds through MyFXCM and most transfers are instant — except for bank transfers (usually 3-5 days).
❖ FXCM inactivity fees
FXCM has an inactivity fee after 12 months ($50/year). This means that if you don’t place any trades within a 12-month period, then you’ll need to pay an inactivity fee of $50 per year.
❖ FXCM deposit fees
There is no deposit fee on FXCM — you will receive exactly as much as you deposit. However, you should note that:
- Withdrawals must always be returned to the original bank account (in the same name as your FXCM trading account)
- Bank transfers usually take 3-5 working days
Every trader can benefit from the free trading education found on FXCM’s website. Traders can:
- Join live daily webinars
- Watch videos on demand
- Explore different education services
Educational resources are mandatory to boost your FXCM trading efforts. The FXCM deal is to help you become a better trader through top-notch educational material while having access to a free demo account (with $20,000 in virtual funds) to apply what you learn.
⓺ Customer support
You can contact FXCM via email (firstname.lastname@example.org), live chat (through FXCM’s website), and phone (+1 646 253 1401). There is also a helpful FAQ section where you can get answers to the most common trading-related questions.
Customer support is available in several languages including:
You can also find contact details on every branch including FXCM Canada. Here are the details:
- Address: 220 Bay Street, Suite 600, Toronto, Ontario, M5J 2W4, Canada
- Phone: (888) 296-5012
- Email: email@example.com
❖ How to open an FXCM account
Opening an FXCM account is easy. All you need to do is click on the “create account” button, select your country of residence, and complete the required steps including the KYC (know your client) procedure. Then, fund your account and you are all set.
❖ How to complete the KYC process
This step is mandatory for all regulated brokers and is there to protect you — so never skip this step. It’s easy to complete. All it requires is to upload a proof of residence, and a proof of address, and then take the appropriateness test (short questionnaire by FXCM).
❖ How to fund your FXCM account
You can fund your FXCM account through:
- Bank/wire transfer
- eWallet (Neteller, Skrill)
- Credit/Debit card
⓻ Countries excluded from trading with FXCM
FXCM is not available in the following regions:
- Africa: Burundi, Central African Republic, Ivory Coast, Liberia, Libya, Sudan, Zaire, Zimbabwe
- Asia: North Korea, Singapore, South Korea
- Eastern Europe: Belarus, Russian Federation, Ukraine
- Island Nations: Cuba, Vanuatu
- Middle East: Iran, Syria, Turkey, Afghanistan
Residents of the above countries can search for an FXCM alternative that is available in their country of residence so they can also enjoy the exhilarating world of online trading.
⓼ FXCM trading platforms
FXCM offers web, desktop, and mobile trading platforms to all their traders including:
- MetaTrader 4
- Trading Station
- Capitalise AI
❖ MetaTrader 4
Traders can download FXCM MT4 through FXCM’s website. MetaTrader 4 is considered a solid trading platform by many traders around the world. With MT4, traders can:
- Trade from desktop, web, or phone
- Customize the platform
- Build Expert Advisors (EAs) with MQL4
- Use all strategies
❖ Trading Station
Trading Station is a web, desktop, and mobile trading platform available to all FXCM clients. Also, Trading Station offers:
- A customizable trading experience
- Easy, fast, and reliable online trading
- Multi-asset CFD trading
You can also connect to the social network of TradingView directly from FXCM’s website. You can do so in 3 easy steps:
- Open a live or demo account with FXCM
- Log in to MyFXCM and enable the multi-session function
- Log in to your FXCM account and select the connection type
Features of TradingView include:
- Volume profile indicators
- Multiple charts layout
- Advanced price scaling
- And many more
❖ Specialty trading platforms
With FXCM you can also connect to specialty 3rd party trading platforms (via API) such as:
- QuantConnect (for algo traders)
- MotiveWave (for technical and algo traders)
- AgenaTrader (for professional traders)
- Sierra Chart (for manual, automated, and simulated trading)
- SeerTrading (for auto trading)
- NeuroShell Trader (for advanced technical traders)
❖ Other trading platforms
FXCM clients can access spread betting, automated trading, and social trading through:
- Capitalise AI
⓽ FXCM FAQ
❖ Can I try FXCM?
Yes, you can open a free demo account so that you can try the trading platform and test your strategies in a risk-free environment. Demo accounts come funded with virtual funds (up to $20,000) so you can try FXCM stock trading before risking your own money.
❖ What funding methods does FXCM accept?
FXCM gives you a lot of funding options including:
- Bank transfer
- Wire transfer,
- eWallet (Neteller, Skrill)
- Credit card (Visa, Mastercard)
- Debit card
❖ Is FXCM safe?
FXCM is a safe FX broker. You can place your trades in a secure environment since FXCM is licensed and regulated by several regulators.
❖ Is FXCM trading platform easy to use?
You should try FXCM online trading so you can judge by yourself. Thoughts.money finds FXCM interface easy to use with robust trading tools.
❖ Is FXCM a good broker?
FXCM is a worldwide brokerage firm with optimal trading conditions suited to beginner traders as well as seasoned pros.
❖ What is the minimum deposit for FXCM?
You can start trading CFDs on Stocks, Crypto, Forex, and more with just $50 on FXCM. If you are in the EU or the UK, then the minimum deposit is £300.
❖ Is my money safe with FXCM?
FXCM keeps your money safe and secure in segregated bank accounts. However, potential traders should be cautious when trading leveraged products as you can lose your entire capital.
❖ How many people use FXCM?
FXCM is one of the largest Forex brokers in the world with over 200,000 active clients.
❖ Does FXCM offer a demo account?
Yes, you can open a free demo account and practice online trading with up to $20,000 in virtual funds.
FXCM is one of the most trusted brokers in the online trading world. There are many positive FXCM reviews from traders around the globe. Thoughts.money goes through all the available information to uncover the truth for every broker we recommend.
In this FXCM review, we went through FXCM’s website, trading conditions, platforms, regulations, support, as well as educational resources. Thoughts.money also tested the FXCM demo account, tradable instruments, and order execution.
We also presented the spread, minimum deposit, and withdrawal speed so you can easily compare these to the competition from other brokers and come up with your own conclusion.
Thoughts.money recommends FXCM.com as a solid and reliable Forex and CFD broker. New investors as well as seasoned pros can enjoy premium trading conditions while having access to an optimal trading environment for efficient online trading.
As always, thoughts.money suggests that you start with a paper (demo) account and make sure you understand the risks associated with leveraged products before switching to real trading.
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