FXCM

FXCM

Min $50

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66% of retail CFD accounts lose money.
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8.9/10 (Expert Score)
Product is rated as #5 in category CFD Brokers
This FXCM review gives you all the key facts you need to decide if it’s the right platform for your money. Brought to you by Brokerage Compare.
Commissions & Fees
8.9
Offering of Investments
9.0
Platforms & Tools
9.6
Research
8.3
Customer Service
8.8
Education
8.8
PROS:
  • Min Deposit $50 (depending on payment method)
  • 30:1 Max Leverage1
  • Forex, Crypto2, Shares, Commodities & Indices CFDs
  • Credit/Debit card, Bank transfer, Electronic wallets3
  • MetaTrader 4 (web, desktop & mobile), NinjaTrader, ZuluTrade
  • Regulated by FCA, ASIC, CySEC, FSCA
  • 10+ Languages Supported
  • Free Trading Signals
  • Best Forex Trading Platform at Global Forex Awards 2020
CONS:
  • 300+ Tradable Assets
  • No ETFs
  • Up to $40 bank transfer withdrawal fee
  • No 24/7 support

FXCM Review


FXCM (Forex Capital Markets) is an online trading platform for the foreign exchange market, CFDs in commodities such as crude oil and gold, as well as major indices. It was founded in 1999 is now headquartered in London. Today Jefferies Financial Group Inc. has become the majority economic owner of FXCM.

FXCM Fees Review



PROS:
  • Low trading fees
  • Low CFD fees

CONS:
  • Up to $40 bank transfer withdrawal fee
  • 50 (units of the account’s base currency) annually inactivity fee after 1 year of no trading



CFD Fees

Please note that the below examples are indicative only (Rate Card, FXCM EU LTD, 13 August 2021).

Forex (default pricing model)/Forex Baskets
ExampleClient buys 10k EUR/USD on a USD account and keeps the position open for a day.
Spread1.3 pips
Cost of TradingSpread × pip cost × number of lots or contracts traded (1.3) × (0.10 USD) × (10) = 1.3 USD
Rollover(Intra Bank Swap rate × pip cost) x (1 ± mark-up) (-0.25 × USD 1) x (1 + 35 %) = -USD 0.34


Forex (commission pricing model)
ExampleClient buys 10k EUR/USD on a USD account and keeps the position open for a day.
Spread0.2 pips
CommissionUSD 0.40 USD per side (USD 0.80 USD total)
Cost of TradingSpread × pip cost × number of lots or contracts traded (0.2) × (0.10 USD) × (10) = 0.2 USD
Rollover(Intra Bank Swap rate × pip cost) x (1 ± mark-up) (-0.25 × USD 1) x (1 + 35 %) = -USD 0.34


Commodities
ExampleClient buys 10 Contracts of XAU/USD on a USD account and keeps the position open for a day.
Spread41 pips
Cost of TradingSpread × pip cost × number of lots or contracts traded (41) × (0.01 USD) × (10) = 4.1 USD
Rollover(Intra Bank Swap rate × pip cost) x (1 ± mark-up) (-0.25 × USD 1) x (1 + 35 %) = -USD 0.34


Indices/Index Baskets
ExampleClient sells 10 Contracts of US30 on a USD account and keeps the position open for a day.
Spread2.26 pips
Cost of TradingSpread × pip cost × number of lots or contracts traded (2.26) × (0.10 USD) × (10) = 2.26 USD


Shares
ExampleClient buys 10 Contracts of AAPL.us on a USD account and keeps the position open for a week.
Spread14 pips
Cost of TradingSpread × pip cost × number of lots or contracts traded (14) × (0.001 USD) × (10) = 0.14 USD
DividendUSD 0.04 × 75% = USD 0.03


Stock Baskets
ExampleClient buys 1 Contracts of FAANG on a USD account and keeps the position open for a day.
Spread1.93 pips
Cost of TradingSpread × pip cost × number of lots or contracts traded (1.93) × (1 USD) × (1) = 1.93 USD
DividendUSD 2.00 × 75% = USD 1.5


Cryptocurrencies/Cryptocurrency Baskets
ExampleClient buys 10 Contracts of ETH/USD on a USD account and keeps the position open for a day.
Spread1.21 pips
Cost of TradingSpread × pip cost × number of lots or contracts traded (1.21) × (0.10 USD) × (10) = 1.21 USD

Non-trading Fees

Account FeeDeposit FeeWithdrawal FeeInactivity Fee
$0$0$0 for credit/debit cards, but $40 for bank transfers50 units of the account’s base currency per year after one year of inactivity

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FXCM Deposits & Withdrawals Review



PROS:
  • No deposit fee
  • No Credit/Debit card withdrawal fees

CONS:
  • High bank transfer withdrawal fees



Account Base Currency

FXCM account’s base currency include GBP, USD, EUR, CHF and more.

Deposit & Withdrawal Currency Conversion Fees

FXCM charges withdrawal fees on bank transfers. The actual amount depends on when the country where the account is based.

USDEURGBP
Bank transfer$25 in the UK and US and $40 outside the UK or US€15 in the UK, France, Germany and Italy and €30 outside those countries for non-SEPA payments.£15 in the UK and £30 outside the UK for non-BACS payments
Credit/Debit card & Electronic walletsNoneNoneNone

How long will it take for my deposit to show on FXCM?

If you make the deposit over card, either debit or credit, usually it takes within 1 business day, if not sooner. Bank transfers take a few business days.

When will I have access to my money if I withdraw from FXCM?

Withdrawals via debit card take around 3 working days.

What is FXCM minimum deposit?

FXCM minimum deposit is $50 (depending on payment method). The max to deposit via credit/debit card is $30k per month.

Can I withdraw any amount?

Yes, you can withdraw any amount you wish.

Does FXCM charge withdrawal fees?

Withdrawals to cards, either debit or credit, are free. However, FXCM charges a fee for withdrawals to bank accounts, which can be up to $40.

Are there any terms on where I direct any funds I withdraw?

FXCM’s only specification is that you withdraw to accounts in your name.
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FXCM Account Types Review

You can easily open an FXCM account online, using your email address. Then you get two options: you can either try out the platform using play money with a demo account or you can start trading directly with a live account.

Platform Languages

The FXCM platform is multilingual with 10 languages, including: English, French, German, Italian and more.

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FXCM Platforms & Assets Review



PROS:
  • MetaTrader 4 (web, desktop & mobile), NinjaTrader, ZuluTrade
  • Free Trading Signals for Live Accounts

CONS:
  • No ETFs



Trading Signals4

FXCM offers forex trading signals to all clients (except clients who reside in the EU). Clients with live accounts can enjoy free access to trading signals for 14 days trial.

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FXCM Customer Service Review



PROS:
  • Live chat
  • Phone support
  • Email

CONS:
  • No 24/7 support



FXCM offers customer support over live chat and email, the agents are quick to respond and knowledgeable. There’s also a phone support service which is available in 42 countries.

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Is FXCM safe?

RegulatorLicenseLegal Entity
Financial Conduct Authority (FCA)217689Forex Capital Markets Limited (“FXCM LTD”)
Australian Securities and Investments Commission (ASIC)309763FXCM Australia Pty Limited (“FXCM AU”)
Cyprus Securities and Exchange Commission (CySEC)392/20FXCM EU LTD (“FXCM EU”)
Financial Sector Conduct Authority (FSCA)46534FXCM South Africa (PTY) LTD (“FXCM ZA”)


Is FXCM safe?
  • Yes, it is authorised and regulated by the UK’s Financial Conduct Authority (FCA), the Australian Securities and Investment Commission (ASIC), the Cyprus Securities and Exchange Commission (CySEC) and the Financial Sector Conduct Authority (FSCA).


Is there negative balance protection on FXCM?
  • Yes. It is offered to retail clients who onboard with FXCM LTD, FXCM AU or FXCM EU.


Disclaimer
Forex Capital Markets Limited: FCA registration number 217689 (www.fxcm.com/uk)
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.


FXCM EU LTD: CySEC license number 392/20 (www.fxcm.com/eu)
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

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All references on this site to “FXCM” refer to the FXCM Group.

1Leverage: 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.

2Cryptocurrency products are currently not available to retail clients residing in the UK.

3Electronic wallets are currently not available to clients residing in the EU.

4The trading signals are currently not available to clients residing in the EU. The Trading Signals do not constitute and should not be regarded as an investment advice. You act on the signals entirely at your own risk.

Specification: FXCM

Max Leverage 30:1
Assets 300+
CFDs Forex, Stocks, Commodities, Indices
Customer Type Beginners, Experienced Traders
Country/Region UK, Europe, Australia, Africa, Asia
Platforms MetaTrader 4, NinjaTrader, ZuluTrade, Trading Station
Deposit Options Credit/Debit Cards, Electronic Wallets, Bank Transfer
Regulated by FCA, CySEC, ASIC, FSCA
Customer Service Phone, Email, Live chat

Videos: FXCM

Photos: FXCM

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