FXCM Review June 2023 Is FXCM Safe? All Answers Revealed

The swap interest fee is calculated based on the difference between the two interest rates of the traded currencies. Unfortunately, FXCM has not made the average spreads and data on individual currency pairs available, which is unusual for a large broker. FXCM Markets is not required to hold any financial services license or authorization in St Vincent and the Grenadines to offer its products and services. FXCM is a leading provider of online foreign exchange (FX) trading, CFD trading and related services. The brokerage firm first began its operation in the USA and later expanded to major cities around the world and was listed on the New York Stock Exchange. However due to the losses suffered by FXCM as a result of the Swiss National Bank (SNB) unpegging the Swiss Franc from the Euro in 2015, FXCM was forced to restructure and shift its operations to the UK.

As mentioned in this FXCM review article, there are two types of user accounts; demo and real accounts. New users can use the demo account feature to understand how the trading platform works (demo accounts never lose money while checking the platform). Once they are certain about the trading tools and strategies, they can try real trading. However, for real money trading, users must make an initial deposit, which varies for the type of real accounts, which is standard and active trader accounts. The broker’s trading platforms are also among its strong points, with the popular MetaTrader 4 and Trading Station platforms both available. The Trading Station platform is particularly impressive, with its intuitive interface, customizable charts, and advanced order management tools.

Why trade with FXCM?

FXCM is a leading online forex and CFD (Contract for Difference) broker that has been providing trading services to clients globally since 1999. The company’s mission is to provide traders with superior trading technology, transparent pricing, and reliable customer service. In this FXCM review 2023, we cover all the key metrics from supported markets, fees and commissions, account types, mobile trading, payments, regulations, and much more. FXCM is a UK-based online broker that provides access to CFD and forex trading with tight spreads as low as 1.3 pips on popular currency pairs such as EUR/USD.

• With the help of the FXCM support team, traders can also develop their very own MT4 Expert Advisors.
• The FCA regulates financial services in the UK, ASIC regulates financial services in Australia, and FSC regulates financial services in South Africa.
• These features make it an excellent choice for traders of all experience levels who are looking for a reliable and trusted broker to help them achieve their financial goals.
• Since this difficult period, FXCM has made effective moves to repair its damaged reputation.
• Some of the reviews and content we feature on this site are supported by affiliate partnerships from which this website may receive money.

Major factors in determining the quality of a broker’s offer include the cost of trading, the range of instruments available to trade, and general ease of use regarding execution and market information. FXCM provides transparent pricing with competitive spreads and commissions for its clients. Forex spreads start as low as 0.2 pips for major currency pairs, with the exact spread depending on market conditions and the client’s account type.

Marketing Strategy

To trade effectively with FXCM, it’s important to have a good understanding
of the FXCM trading tools and the markets. The next step involves submitting identification documents for FXCM account validation and making a deposit. Once completed, FXCM users can download the trading platform of their choice. It’s essential to remember that the payment methods provided by FXCM vary based on the FXCM entity and the FXCM client’s country of residence. To view the FXCM payment options available, you can log into your FXCM member’s area. Whatever you are looking to trade, the varying
FXCM account types will be able to provide you with what you need.

• FXCM no longer accepts U.S. clients because it had to pay $7 million in 2017 and give up its registration with the U.S.
• The performance quoted may be before charges, which will reduce illustrated performance.Please ensure that you fully understand the risks involved.
• The broker has a worldwide reputation for offering an extensive range of trading conditions.
• FXCM is an online trading provider of Forex and CFDs trading of Stocks, Commodities, Indices, Cryptocurrencies, and spread betting (available for UK and Ireland residents only).
• They must also meet the minimum combined notional volume of USD 10 Million on a monthly basis.

These are Bitcoin, Etherium, Litecoin, Ripple, and Bitcoin Cash ABC. The demo account and the lessons are great if you are a beginner at forex trading and you want to practice with virtual money. Trading Station mobile offers a richer trading experience than MT 4 overall but has a couple of drawbacks. There are no push notifications and real-time alerts on the Android version, which are available on most other great mobile trading apps.

Who Is FXCM Review Recommended For?

There are only 39 currency pairs to choose from, as well as 14 Stock Index CFDs and 10 Commodity CFDs. FXCM is currently owned by the reputable Jefferies Group, formerly known as Leucadia National Corporation. The brokerage is regulated by multiple regulatory bodies to include the Financial Conduct Authority (FCA) and the  Australian Securities & Investment Commission (ASIC). Since 2010, FXCM has received 35 industry awards from well-respected sources.

You can see all of the reviews on TrustPilot that back this up too. Again, if you are an Apple Mac user then FXCM does not https://traderoom.info/is-xm-a-brokerage-we-can-trust/ provide a solution via the MT4 platform. However, some brokers have used virtual machines to emulate MT4 on an Apple Mac.

Is FXCM safe or scam?

This means that FXCM does not take the opposite side of clients’ trades and instead uses Straight Through Processing (STP) to send client orders to liquidity providers in the interbank market. This model is designed to provide traders with faster execution and more transparent pricing. FXCM also offers commission-based pricing, as opposed to spreads, which may appeal to traders who prefer a more transparent fee structure. Simply put, a demo account is a practice trading account that provides access to a simulated trading environment with virtual capital known as paper funds. Brokerage firms like FXCM may charge commission fees as compensation for executing trades on behalf of traders on their trading platforms. Commission fees can vary depending on the type of financial asset being traded and the FXCM trading account level held by the trader.