FXCM | Review | CFD Trading Platform Review

Our Review

FXCM

Find all you need to know about FXCM Trading Platform.

 

Topics

 

What is FXCM?

10 points summary

Awards

Is FXCM safe or a scam?

How protected are you on FXCM?

Trading Instruments

Account

Trading Fees

Trading Platforms

Leverage

Deposit & Withdrawal Options

Education

Customer Support

Conclusion

 

What is FXCM?

In this article, we are going to give an honest review of FXCM. FXCM is a leading Forex broker since 1999. The journey of FXCM has been incredible from the start. FXCM’s market is expanded globally. For European, African, and Asian countries, FXCM is providing CFDs and Forex trading instruments.

 

The main goal of FXCM is to provide lag-free and convenient trading to every trader. From the choice of trading platforms, deposit & withdrawal options, and policies, everything is customer-friendly. This broker has some exception in the choice of clients.

 

Pros	Cons
UK based broker	Customer service is not available 24/7
Known as the Best Forex Broker
Free education by professionals

 

10 Points Summary

Headquarters	UK
Regulation	FCA, ASIC, FSCA
Platforms	Trading Station, MT4, Zulu trade, Ninja Trader, and Trading-View Pro
Instruments	Forex, Commodities, Crypto-currencies, Indices, and Spread Betting available for UK and Ireland residents
EUR/USD Spread	1.3 pips
Demo Account	Available
Minimum deposit	50$ and 300 GBP for EU and UK traders
Base currencies	EUR, USD, and GBP
Education	Available under professional guiders
Customer Support	24/5

 

Awards

Mentioning awards in this review article is necessary because it will make you believe in the reputation of FXCM. Every year, different organizations nominate a few brokers in the list of the best broker. Those who win the categories are claimed as the winner of the year. FXCM has won many categories like these.

Check the list below.

 

Check the list below.

Best Forex Trading Automation - UK Forex Awards 2015

Best Customer Support - FX Empire 2018

Best Education - Personal Wealth 2020

Top Rated 2020 - Forex Trading Platforms - Investors Chronicle

Best Forex Trading Platform - Global Forex Awards 2020

Best Trading Tools and Research - Shares Awards 2020

 

Pros	Cons
Licenses from FSCA, FCA, and ASIC	None
Multi-awards winner broker

 

Is FXCM Safe or a Scam?

Still, doubting about the authenticity of FXCM that either is it safe for trading or not? Don’t over-stress yourself. FXCM is one of the safest and coolest brokers present right now. Once you sign In with the broker, you will instantly realize that you have made the best decision of your life.

FXCM keeps hawk’s eyesight over every single detail. The broker makes sure that each of its investors is enjoy trading. The terms and policies are customer-friendly. FXCM gives a 100% guarantee over funds and data protection.

 

How Protected Are You on FXCM?

Feel 100% safe and secure on FXCM. This broker is providing every way possible thing that you need. Protection of negative balance is provided. The provided trading tools and instruments are next-level. All the terms and policies are customer-friendly.

From the process of opening an account to the process of withdrawing an amount, everything is convenient. To avoid wear and tear, read the conditions properly before signing up.

 

Trading Instruments

Here come trading instruments. How smoothly your trading will be? And how efficiently you will make money all depends upon the choice of trading instruments. Here is the list of trading instruments FXCM provides.

Indices

Crypto-currency

Forex

Commodities

Stocks

All these CFD instruments are highly risky due to the high level of leverage. However, if you apply the correct strategy and mind-set then, the game can be reversed.

 

Account

So, are you interested in setting up an account with FXCM but don’t know the proper method? Well, no worries. We are here to guide you through the step-by-step process.

You have four types of account available Active Trader, Spread betting, Professional Client Account, and CFD trading.

 

 

Active Trader

An active trader account is perfect for daily traders. In this account, they get access to premium services, dedicated supports, and customer solutions. Active trader account works best with VPS (Virtual Private Servers).

 

Spread Betting

This type of account is available only for those traders who use instruments like Forex, Stocks, Commodities, and Indices. The provided leverage levels are 2:1 and 30:1. However, these leverage levels are restricted to some products. With zero commission, the spread starts from 0.8 pips.

 

Professional Client Account

Only those traders are eligible for this account that has trading experience and a deposit of around 500,000 EUR. Holder of this account gets benefits like negative balance protection, Innovative tools, and competitive spread.

 

CFD Trading

Those who use CFD products only can have this account. CFD trader account allows you to have the lowest fees and spread.

 

Trading fees

The good news for you we have is that FXCM doesn’t charge any additional deposition and withdrawal charges. FXCM charges spread based commission fees. Along with this, FXCM also charges rollover fees. The rollover fee is applied to those traders who open an account after 5 pm and close it at the closing hours.

FXCM also charges inactivity fees. You have to pay up to $50 for inactivity. And if your account remained inactive for almost 12 months, then the account will be closed, and all the funds will cancel.

Pros	Cons
Zero charges on deposition and withdrawal of funds	Charges for inactivity
Low Forex taxes	The account will be closed if remained inactive for 12 months
Coupons available

 

Trading Platforms

FXCM provides trading platforms like Zulu Trade, Ninja Trader 8, Meta-Trader 4, Trading Station, and Trading-View Pro.

 

Zulu Trade is one of the largest trading platforms. You can use this platform as a social one. Through this, you can communicate and share trading with other traders as well.

 

Ninja Trader 8 is also an outstanding trading platform. This platform gives you benefits like Automated Trading, Chart Trade, Advanced trading, and management.

 

Meta-Trader 4 doesn’t need any introduction. This trading platform provides uncountable trading benefits. To enhance your trading experience, MT4 will be a good choice.

 

 

Trading Station is a web trading platform. This trading platform provides automated strategies, chart customization, and indicators. Along with the web version, Trading Station is also available on mobile apps.

 

 

Trading-View Pro is the most used platform to monetize Stock and Forex charts. Choose the trading platform as per your experience and need.

Pros	Cons
Social trading available through Zulu Trade	None
Automated trading feature
Wide variety of trading platforms

 

Leverage

The level of leverage is different based on currency and instruments used.

 

30:1 leverage level on Forex pairs

On indices, leverage level is up to 20:1

For non-equity indices, the leverage level is 10:1

On some products, the leverage level is restricted only up to 2:1 & 30:1

 

Deposit & Withdrawal Options

As we mentioned above, FXCM doesn’t charge any additional charges. The options for money deposition and withdrawal are vast. Check the list below.

Union Pay

Skrill

Debit Card / Credit Card

BPAY Payment

Bank Wire Transfer

Neteller

There are no additional requirements for the withdrawal process. A fee may apply on a wire bank transfer. 

The whole withdrawal process can take up to 2-5 working days.

 

 

Education

Is it necessary for a broker to educate its traders more about trading? Yes, it is. The higher the experienced traders will be, the higher will be the trading game and business. FXCM provides high-quality videos, courses, and articles to guide the traders.

The courses are based on three chapters. In which you will learn more about leverage, pips, spread, and other trading basics. Along with it, the traders also get a $100 coupon.

According to a survey, educational material provided by FXCM is helping beginners a lot in the trading game.

 

 

Customer Support

FXCM has out-ranked all brokers in all categories, but here it lacks one thing. FXCM’s customer support is only available 24/5. By 24/5, we mean that the service is available except for Friday & Saturday night. The response from the support system is fast. The service is available in different languages.

Traders from other countries like Australia, New Zealand, Italy, Japan, Canada, Germany, and France can have the service effortlessly.

Pros	Cons
Available in different languages	Not available 24/7
Support service is quick

 

Conclusion

This UK based broker is attracting the world towards itself by its high-class and outstanding performance. FXCM is a multi-awards winner broker.

With a small deposition of $50, you can make a U-turn in your lifestyle. Before you set up your account, make sure to research trading. If you have trading experience, then make sure to use perfect strategies to win the game.

 

Frequently Asked Questions (FAQs)

How many account types are available on FXCM?

FXCM offers CFD trading, Spread betting, Professional clients’ accounts, and Active trader account.

 

What are the trading platforms on FXCM?

Zulu Trade, Trading Station, MT4, Ninja Trader, and Trading View Pro are the trading platforms on FXCM.

 

Is there any fee on withdrawal?

Fee applies on the wire transfer.

 

Are there any bonuses available on FXCM?

Yes, FXCM offers bonuses to its traders.