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FXCM review and ratings

Established 1999
Location Australia UK Germany France Spain Italy South Africa Bermuda
Regulation FCA, ASIC, FSCA, ACPR, BaFin, CONSOB
Offices London, Berlin, Sydney, Paris, Legnano, Athens, Tel-Aviv, Johannesburg, Hong Kong
Broker type STP | ECN
Leverage up to 1:400 (1:30 for EU clients)
Deposit from 50 USD
Spreads mid  mid
Platforms Web MetaTrader 4 Ninja Trader Specific
Instruments Currencies Crypto Indices Metals Energies Softs Bonds
Funding methods Wire Transfer Credit Cards Skrill Neteller UnionPay Bpay

Company information

FXCM group includes several related companies.

FXCM UK - located in the United Kindom, regulated by the Financial Conduct Authority (FCA).
FXCM AU - located in Australia, regulated by the Australian Securities and Investments Commission (ASIC).
FXCM SA - located in South Africa, regulated by the Financial Sector Conduct Authority (FSCA).
FXCM BM - legally registered entity located in Bermuda, but not regulated by any government agency.

FXCM also has offices in EU regions and is regulated locally by the ACPR (France), the BaFin (Germany), the CONSOB (Italy).

Be aware, UK and EU companies have some trading restrictions because of the European Securities and Markets Authority (ESMA) influence.

Availability

FXCM group accepts clients from all over the world, excluding USA, Canada, New Zealand, Singapore, Virgin Islands, Vanuatu, Turkey, Brazil, Russia, Belarus, Ukraine, Japan, Iran, North and South Korea, Central African, Zimbabwe, Sudan and some other countries with restrictions.

Distinctive features

Trading instruments

Forex broker offers the following underlying assets for trading.

40+ Currency Pairs Based on major and minor world currencies.
2 Crypto Pairs Based on Bitcoin and Ethereum.
11 Indice CFDs Based on baskets of different blue-chip stocks.
3 Metal CFDs Based on Gold, Silver and Copper.
3 Energy CFDs Based on Crude Oil (WTI, Brent) and Natural Gas.
1 Soft CFD Based on Soybean.
1 Bond CFD Based on German government securities.

Comprehensive review

Established all the way back in 1999, FXCM (officially Forex Capital Markets Limited) is one of the true veterans in the online brokerage industry. The broker is today owned by the publicly traded company Jefferies Financial Group, is headquartered in London, and maintains offices in many parts of the world. Being backed by a large public company is a huge sign of credibility, and traders can therefore be rest assured that this is a broker that will honor its commitments.

In the UK, the broker is regulated by the highly regarded Financial Conduct Authority (FCA). Further, it is registered and regulated by local government regulators in Australia, South Africa, France, Germany, and Italy. FXCM also has a registered business entity in the popular offshore jurisdiction of Bermuda, but is not regulated by any financial regulator there.

Since this is a global broker regulated in many parts of the world, the specific offering and trading conditions may vary depending on the country the trader is based in. For example, the broker offers leverage of up to 1:400 for most international clients, but only 1:30 for EU-based clients.

In terms of available trading instruments, FXCM has a lot to offer, ranging from more than 40 forex pairs, to a number of major stock indices, commodities, German government bonds, and cryptocurrencies. In addition, UK-based clients will have access to spread-betting.

When it comes to trading platforms, FXCM offers its clients more choices than most other brokers. The flagship trading platform is the broker’s own proprietary Trading Station platform, available in versions for both web, desktop, and mobile. In addition, the broker offers the classic MetaTrader 4 (MT4), the popular strategy development platform NinjaTrader, and the auto-trading platform ZuluTrade.

In addition to these trading platforms, FXCM offers a whole range of third-party and application-specific platforms that can be integrated with FXCM’s execution, including QuantConnect, MotiveWave, AlgoTerminal, AgenaTrader, Sierra Chart, SeerTrading, NeuroShell Trader, and StrategyQuant.

There are trading accounts offered for both individuals and corporations, as well as joint accounts for groups of traders to use together. To sign up with the broker, potential customers will have to choose their country of residence, and proceed to fill in their personal information. Copies of government-issued ID cards may be necessary depending on the country where the trader is based.

Once a customer has been signed up, a deposit into the trading account can be made by using either a credit or debit card, an e-wallet service like Skrill or Neteller, or by making a bank wire transfer. The minimum deposit amount to start trading with FXCM is 50 units of whatever base currency the trader has chosen.

Customer support is available via live chat on the broker’s website 24 hours a day on trading days. In addition, the broker has local support phone numbers for 42 countries to serve its global user base. Although many of these numbers are just local phone numbers that redirect the caller to a central customer service center in another country, at least 9 countries also have their own local representatives present.

Lastly, traders can also contact the trading desk directly 24 hours a day on weekdays for placing or otherwise managing orders directly with them. This differs from most other retail trading brokers who typically don’t accept orders placed over the phone anymore, and is certainly an extra benefit that we appreciate.

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