Editor’s Verdict

Our FXCM account types review allows traders to make an informed decision before opening an FXCM trading account.

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Overall
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Fees
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Deposit and withdrawal
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Asset selection
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Ease of account opening
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Regulation and security
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Pros
  • Excellent choice of trading platforms with dedicated support for algorithmic trading

  • Deep liquidity, transparent order executions, and monthly slippage statistics

  • Low-cost commission-based cost structure with a volume-based rebate program

  • Quality research and education via FXCM Plus

Cons
  • Somewhat limited asset selection

FXCM Account Types Overview

FXCM Account Types Features
FXCM Account Types Details
Minimum Deposit
$50
Minimum Forex Spreads
0.8 pips
Commissions
Commission-free
Rebate Program
Yes
Maximum Leverage
1:400 (dependent on the subsidiary, account type, and asset)
Order Execution Model
Market Maker
Minimum Trade Size
0.01 lots
Algorithmic Trading
Yes
Copy Trading
Yes
Mobile Trading
Yes
VPS Trading
Yes
API Trading
No

Noteworthy:

  • The FXCM trading environment, overall competitiveness and available products/services depends on the operating subsidiary.

FXCM Account Types

FXCM offers several account options and caters to corporate clients. Account base currencies are USD, EUR, GBP, CHF, CAD, AUD, NZD, and JPY. FXCM features an excellent choice of trading platforms, including MT4, and Capitalise AI, for code-free algorithmic trading.

FXCM CFD Account

The FXCM CFD account is the most popular account option, available from a minimum deposit of 50 currency units of the account base currency.

FXCM Active Trader Account

High-volume traders may apply for the Active Trader account, which features a five-tier rebate program, API trading support, VPS hosting, and indicators like market sentiment generated by quantitative models provided by EFX Data, and expedited withdrawals. Traders must contact FXCM first to find out if they qualify.

FXCM Professional Account

The FXCM professional account is available to EEA-based traders. It is the byproduct of the 2018 ESMA regulatory changes. It provides identical trading conditions to that which international traders receive, but EEA-based traders must meet two out of three qualification criteria.

FXCM Islamic Account

FXCM offers swap-free Islamic accounts but substitutes the lack of overnight financing with fixed markups to its spreads. Forex traders pay 0.4 pips over swap-based alternatives or $4.00 per day per 1.0 standard round lots.

How to Open an FXCM Account - Step by Step

Traders can open an FXCM account via a multi-step online application.

Below is a step-by-step guide on how to open your FXCM trading account:

1. Go to the FXCM website and click “Open Account.”

2. Select your country of residence from the drop-down menu, provide a valid e-mail address, and click “Continue.”

3. The FXCM Trading Station trading platform is available to all clients, but traders can add MT4 or connect to ZuluTrade. The availability of these platforms may be subject to geographic restrictions, and the application form should only list the ones available based on the selection of country of residency. Choose your account base currency, select a username and password, and click “Continue.”

4. Follow the on-screen instructions, which include mandatory account verification. Most traders pass it by uploading a copy of their government-issued ID and one proof of residency document.

5. Finally, making the FXCM minimum deposit completes the process. FXCM will send e-mail confirmation, which includes account login details.

Noteworthy:

  • Geographic restrictions for applicants apply, meaning EEA-based traders must open an account with the CySEC-regulated subsidiary.

Restricted countries:

  • FXCM does not provide a detailed list of restricted countries but notes that US-based traders cannot open accounts with FXCM.

FXCM Account Features

FXCM offers traders a competitive trading environment with its commission-free cost structure, where active traders can further reduce trading fees to $5.50 per 1.0 standard round lot with rebates.

Among the most competitive FXCM account features are:

  • Five asset classes, including cryptocurrencies.
  • Eight account base currencies (USD, EUR, GBP, CHF, CAD, AUD, NZD, and JPY)
  • User-friendly back office
  • Choice of payment processors, including cryptocurrencies and localized options
  • Support for algorithmic trading and Capitalise AI for code-free algorithmic trading.
  • VPS hosting and API Trading for advanced algorithmic trading requirements
  • ZuluTrade for copy traders and TradingView for social traders
  • Unlimited demo accounts

FXCM Demo Account

The FXCM demo account has no time restrictions if traders use it at least once every 30 days. While the initial demo account balance is excessive, between 20,000 and 50,000 currency units, customer support can adjust the balance and leverage settings.

Conclusion:

  • Beginners may evaluate the FXCM trading conditions and platforms.
  • Traders can assess EAs, tweak and try new strategies, evaluate signal providers, and bug-fix algorithmic trading solutions.
  • Beginners should keep in mind limitations of demo trading like the absence of exposure to trading psychology.

FXCM Account Pros & Cons

Traders should consider the pros and cons of the FXCM account types. It allows for a direct comparison to other brokers, and traders can make the best decision for their specific requirements.

The pros of the FXCM account types are:

  • Reasonable commission-free Forex trading fees from 0.8 pips or $8.00 per 1.0 round lot
  • Compliant with seven global regulators with a clean history (from 2015)
  • Eight account base currencies and twelve payment processors, including crypto.
  • Excellent trading tools and services like Capitalise AI and ZuluTrade

The cons of the FXCM account types are:

  • Competitiveness depends on the operating subsidiary you choose to face as the client.

FXCM Account Types Bottom Line

The commission-free FXCM account type has a reasonable cost structure with minimum Forex spreads of 0.8 pips or $8.00 per 1.0 standard round lot. High-volume traders, like algorithmic scalpers, can further lower their trading fees to $5.50 per lot with the five-tier rebate structure in the Active Trader account.

The minimum deposit is an acceptable 50 currency units of the account base currency. FXCM offers eight account base currencies and supports twelve payment processors. Most traders must open a US Dollar base account unless they reside in a country where the other base currency options are the national currency.

Broker Comparison

FAQs

Does FXCM offer an Islamic account?

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Yes, swap-free Islamic account is available, but FXCM substitutes the absence of swap rates with fixed markups on its spreads. Forex traders pay an additional 0.4 pips or $4.00 per 1.0 standard lot.

Does FXCM offer a bonus account?

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No, FXCM does not offer a bonus account.

Which account type is best for FXCM?

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All traders get the commission-free CFD account, but the Active Trader account, for qualifying traders, offers the most competitive trading fees.

Does FXCM have a cash account?

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No, FXCM does not have a cash account. It only offers leveraged derivatives trading.

How many different FXCM accounts are there?

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Five. All FXCM traders get the identical CFD account, but an Active Trader account exists for qualifying traders. An Islamic account, a demo account, and corporate accounts are equally available.

About the Author

DailyForex.com Team
The DailyForex.com team is comprised of analysts and researchers from around the world who watch the market throughout the day to provide you with unique perspectives and helpful analysis that can help improve your Forex trading.