Review

FXCM (Forex Capital Markets) was founded in 1999 in the U.S.A. and was an early pioneer of internet-based trading. The FXCM Group has headquarters in London, with offices around the globe in places such as France, Italy, and Australia. It is regulated and licensed in each of them.

FXCM was in the news a great deal during the years of 2015 and 2016 following an extremely sharp movement in the value of the Swiss Franc, primarily against the Euro. The consequence of that crisis was a sudden loss of $225 million suffered by FXCM, requiring a major restructuring of the firm’s capital, and this was primarily met by the drawing of a loan of $300 million from Leucadia National Corporation. The firm also sold off many of its less core business activities, notably including a major news website. There was eventually a major change made to the firm’s senior management, with an employee of Leucadia being appointed as chairman of the FXCM board. Leucadia continues to hold a major chunk of FXCM’s equity.

 

FXCM provides account types designed for experienced traders as well as for those who are new to the FOREX market. The standard account opening requires a minimum deposit of $300 and offers a maximum leverage of 1:30 for all FXCM LTD retail clients. Traders who are not under LTD can opt for leverage up to 1:400 and a minimum deposit of $50    Traders can also open an Active Trader account with $25,000 to receive elite services. 

Forex Capital Markets Limited ("FXCM LTD") is an operating subsidiary within the FXCM group of companies.

FXCM also offers a demo account with $5,000 virtual money.

Account Information

As per 2018 ESMA regulations, FXCM LTD clients are eligible for limited services. Below is a breakdown of how FXCM's services work as of September 2018:

Minimum Deposit (FXCM LTD clients): $300

Minimum Deposit (Non- FXCM LTD clients): $50

Maximum Leverage (FXCM LTD retail clients):

·         30:1 leverage restriction for major currency pairs

·         20:1 for non-major currency pairs, gold and major indices

·         10:1 for commodities other than gold and non-major equity indices

·         5:1 for individual equities and other reference values

Maximum Leverage (Non-FXCM LTD clients):

  • 400:1 leverage for Forex trading
  • 200:1 leverage for CFD trading
 

FXCM Advantages

 

Trading Platforms and Features

In addition to its proprietary platform, Trading Station, FXCM uses the popular MT4 trading platform. The environment is user friendly and intuitive to use, and can be customized according to the users preferences. The products offered are day trading, stop loss & take profit, as well as trailing stop / limit orders and entry orders. Other platforms available with FXCM are NinjaTrader and Zulu Trade.

FXCM now provides the FXCM App Store which is a professional and developed trading app for the MT4 platform. Some of the apps included are -  24 Hour Trend Locator and Automatic Trendlines Indicator. These apps will make your life easier and more fun when you're on the go. There are also regularly free apps provided in their FXCM App Store such as Forex news, different utilities for your trading, indicators, and more.

FXCM Trading Overview

Algorithmic and high-frequency traders also have access to FXCM’s API technology solutions suite – FIX, Java, ForexConnect and REST – to connect their trading software directly to FXCM’s price and order servers.

Charting tools and analysis data are available either from a website, external to the trading platform, or can be added on to the platform by plug-ins, which need to be downloaded as well.

The brokerage also offers free mobile Forex trading via apps for most smartphones and its new iPad and Android tablet application.

FXCM provides 24/7, five days a week customer support. A Multi-lingual staff speaking over 20 languages is available at all times, via International toll frees calls, chat and e-mail. There are a few tools available to you if you are just getting to know the market and FX Trading station. Manuals for using FX Trading Station are available in several formats, as well as walk through videos that provide an overview of the platform’s main features. A support representative will introduce you to the system either via chat or over the phone. To get to know the FOREX market, FXCM offers educational courses and premium resources to help traders familiarize themselves with the markets.

FXCM is a large and strong company, with a large world-wide user base, high liquidity and large financial assets. This enables them to offer attractive rates, innovative tools and features, and high standards of customer support. We believe that these all make FXCM an excellent choice for Forex traders at all levels, no matter where they reside.

 
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Features

FXCM Group maintains its headquarters in London, with offices in, Paris, and Australia. Forex Capital Markets Limited (FXCM LTD) is regulated by the Financial Conduct Authority (FCA) in the UK. 

In terms of features, the stand-out strengths of this broker’s offerings are:

  • A choice of the most popular trading platforms in the industry: including Metatrader 4, Trading Station, NinjaTrader and ZuluTrade.
  • A very wide range of instruments available for trading: all the major and minor Forex currency pairs; also, a wide range of commodities and global equity indices wrapped as CFDs. The range of commodities is not very large but includes the most popular items.
  • Regulated by a major industry center (FCA).
  • The market-maker type account can be opened as a spread betting account, which can be completely tax-free in the United Kingdom and the Republic of Ireland.
  • FXCM will program your algo strategies into an expert advisor, allowing you to automate your trading if you wish.
  • A very impressive range of trading analytics services, restricted to FXM real-money clients.

Company Information

  • Broker's Name : FXCM
  • Headquarter : United Kingdom
  • Regulation : ASIC, FCA

Account Information

  • Type of Broker : No Dealing Desk
  • U.S. Clients Allowed :
  • Minimum Deposit : $300 ?
    Standard: $2000, Mini: $50
  • Maximum Leverage : 1:50
  • Commissions / Spreads : Variable
  • Account 1 : Mini
  • Account 2 : Standard
  • Account 3 : Active Trader
  • Demo Account :
  • Islamic Account :
  • Segregated Account : no (non-US clients)
  • Managed Accounts :
  • Institutional Accounts :
  • Deposit Options :

Instruments Traded

  • ETFs :
  • CFDs : yes (Non-US Clients Only)
  • Commodities :
  • Metals :
  • Stocks :
  • Oil :
  • Gold :
  • Binary Options :
  • Indices :

Trading Platforms

  • Type of Platform : Proprietary platform, MetaTrader 4, Web-based
    • Platform Languages :
      • English
      • Italian
      • German
      • Other
      • Spanish
      • French
      • Chinese
    • OS Compatibility :
      • Windows
      • Mobile
      • Web
      • iPhone
      • iPad
  • Trading Signals :
  • Charting Package :
  • Market Analysis :
  • Chart Trading :
  • Automated Trading :
  • Scalping :
  • Hedging :
  • Mobile Alerts :
  • E-mail Alerts :
  • Trailing Stops :
  • Guaranteed Stop Loss :
  • Guaranteed Limit Orders :
  • Guaranteed Execution :
  • One-click Execution :
  • OCO Orders :
  • Interest on Margin :
  • Web-based Trading :
  • Mobile Trading :

Customer Support

    • Website Languages :
      • English
  • Support Hours : 24/7
  • E-mail Support :
  • SMS Support :
  • Chat :

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FXCM US Review

As of 2017, FXCM has ceased to operate in the United States, and has changed its name in that domain to Global Brokerage Inc. effective as of January 27th. The firm’s approximately 60,000 existing clients have been migrated to the broker Gain Capital. It has been confirmed that Gain Capital paid $375 per account. On 6th February of that year, FXCM committed to the U.S. Commodity Futures Trading Commission (CFTC) that it would not seek re-registration in the U.S.A. at any future time. Significant changes to the firm’s top management were also made around the same time, with the CEO departing and being replaced by an employee of the Leucadia National Corporation. Leucadia continues to hold a major equity interest in FXCM, having been the provider of a $300 million loan to FXCM following the sharp appreciation of the Swiss Franc early in 2015, an event which caused FXCM an immediate loss of $225 million.

FXCM Group, based in New York, is a leading worldwide online provider of foreign exchange trading and related services. Not many brokers are licensed to trade Forex in the US and FXCM is certainly one of the most experienced ones.

With Standard Accounts, raw spreads are displayed on FXCM US platforms and any mark-ups that had previously been included in the spread are presented separately as a transparent commission. 

FXCM Services

FXCM US took over the retail accounts from Alpari U.S. LLC in September 2013 and it is a registered Futures Commission Merchant (FCM) with the Commodity Futures Trading Commission (CFTC) and a member of the National Futures Association (NFA).

Pricing Model

FXCM's pricing model allows traders to easily scalp the market, while providing increased execution benefits to stop and limit orders. In addition, FXCM clients benefit from no re-quotes, fast, efficient and transparent execution, with no restrictions.

FXCM Group offers several account types: Mini, Standard and Active Traders with 50:1 leverage on Forex. The Mini account lets traders enter the market with as little as $50, and includes innovative tools to help you develop good trading habits, right from the start.

The Standard account offers an exceptional trading experience, designed for serious traders who want FXCM’s full catalog of products and anonymous order execution with no trading restrictions – minimum of $5,000.

High volume investors can benefit from Active Trader that includes dedicated support, premium services and custom solutions. High-volume traders are eligible for greatly discounted pricing – minimum of $25,000.

 

Platforms

In addition to Trading Station, its proprietary platform, FXCM Group uses the popular MT4 and Ninja Trader platforms.

The products offered are day trading, stop loss and take profit, as well as trailing stop / limit orders and entry orders..

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Mirror Trader

Mirror Trader is a trading platform which allows traders to follow the strategies and signals of other traders. It's an ideal solution for those who follow the FX markets, but who don't always have the time to determine what and when to trade.

Mirror trading at FXCM highlights which currency pairs are performing best in the current market conditions and sends signals when to enter and exit a trade. It allows traders to take advantage of market movements even when they are at work or asleep.

With Mirror Trader traders can evaluate and build a portfolio of back-tested strategies, or can follow individual signals that support your own trading analysis.

FXCM Mirror Trader

FXCM recommends a balance for a Mirror Trader account of US$10,000 because a higher starting balance provides more flexibility in trading. Because Mirror Trader systems are auto-traded, multiple positions could be opened at any one time. Additionally, each system requires a certain level of capital in order to operate effectively.

The Mirror trading platform at FXCM can be used in a demo account with $50,000 in virtual funds so beginner traders can review the trading strategies and see how automated trading works.

FXCM Mirror Trader has not been available in Japan since 2015 when FXCM announced that it would no longer be supporting Tradency’s Mirror Trader. Mirror Trader is generally considered to be FXCM’s primary copy and social trading platform add-on, but other similar alternatives have become available such as ZuluTrade. 

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User Reviews

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28 User Reviews
gnielson75
gnielson75

I've been trading forex for over 5 years now. When I started off, I was using FXCM's demo account which was intuitive and easy to use. I think it's a great account for beginners.

EDNA
EDNA

I agree with Michael. The FXCM demo account is one of the best things about this broker. I've had lots of fun using it. I didn't make any money of course but it's been a blast.

micha
micha

I want to answer some of the old comments I saw about FXCM demo account. I can't believe people aren't happy with it. This demo account is the best thing since sliced bread. I've been using it for months now and it really taught me a lot.

lionel
lionel

I didn't know about FXCM Uk until my friend told me about it. It's lovely and I am truly enjoying it.

Constantine Ogor
Constantine Ogor

Bloody right, you are. FXCM Uk is absolutely fantastic.

achned
achned

I was using FXCM Canada and want to say that they are very efficient and taught me a lot.

Danny Grannet
Danny Grannet

The FXCM trading station helped me to make trades where I made some money. It's easy.

jose
jose

Thanks for all the tips for using the FXCM mt4 platform. It's got to be one of the best in the industry and I've managed to make some money

GilaLawrence
GilaLawrence

FXCM Australia is fantastic. It's so great to have a local broker here and FXCM Australia offers me everything I need. I'm soooo happy.

ElizabetJamison
ElizabetJamison

Excellent broker. There is a reason why they are the only broker that went public and began trading on the NYSE

MarybethLondon
MarybethLondon

FXCM has some great features. Its forex trading station offers so many choices I don’t know which one to invest in. Need some help. Anyone have any experience with this that can help me?

simon
simon

I just read the FXCM review and it was really much too long. It's nice to know a lot about the broker but it could have been much shorter.

Bernie Cachinga
Bernie Cachinga

You're nuts. The more you know about a broker the better it is. Then you won't lose any money. The FXCM review taught me a lot.

RoyHarrison
RoyHarrison

I can’t get over this brokerage. No wonder it’s one of the top forex companies in the world. Which other broker gives me access to their forex trading station from any computer in the world? I can trade all day and all night and my trades actually get executed! E for excellent.

ConstantineOgor
ConstantineOgor

I think this FXCM demo account is the best in the world. I can do as much buying and selling I want for many months and not have to pay anything. It is lots of fun!

wilsonyang
wilsonyang

unable to open a demo account >.<

charlesd
charlesd

I have been using FXCM for 18 months.

My advice is simple.

Do not use their Mt4 platform for live trading. It is unstable.

Mt4 connects to FXCM via a bridge with Boston Technology. This means that 'open' orders disappear in the synchronization process, execution is often slow and at times the interface can hang for up to 5-15 minutes depending on news events and volatility.

So, if you plan to trade seriously and eventually with size, find another mt4 broker.

On top of all this, FXCM takes no responsibility for technology issues and while their customer support has been good at times, when it really counts they fail to deliver.

Their proprietary Trade Station platform is more stable but lacks features and has an awkward interface.

Given the wide spreads and brokerage you pay FXCM, I would expected more from them.

I doubt that a perfect broker exists but you can most certainly do better than FXCM.

Greg
Greg

I have both demo and live accounts with FXCM an yes the demo does not trade like the live account. However I am testing to see if this it true with other brokers as well. They also claim to have pip spreads as low as 1 pip so to be honest you'll almost never see that, 2 and above yes. They do have an iPhone app and well what can I say it needs help (no trailing stops and limited to a 5 min chart). Now for the good FXCM offers multiple classes durning the day for new and advanced traders and I can't say enough good things about those. They also have a huge library of recored classes and PDF books that are very helpful to traders. Calling support was not speedy but I was able to reach the trade desk to correct the problem in a reasonable amount of time.

lisahenry
lisahenry

Good stuff! FXCM has many major banks quoting them prices, in return there are competitive spreads, even during market-moving news events.

lisahenry
lisahenry

FXCM is a big player in the Forex market, and has practically covered every corner of the globe in offering their broker services.

Bruce Wayne
Bruce Wayne

You are right..somone else will make money on your trades..FXCM!!!

3 yrs forextrader
3 yrs forextrader

I wish I would have read this forum before I went with the FXCM platform. I'm trading on two platforms at the same time and I lose on FXCM and win on the other on (out of US account). Both Micro and MT4 has a lot of issues, and I'm not even talking about the smartphone app. The most dissappointing is the Micro trading platform II. That thing is just inaccurate, and somehow just so smartly created that you can't profit. I could call it a gambling mashine, haha I uninstalled it 3 times because I got so mad at it. and now time has come to uninstall it again. Oh well, someone else will earn money on my trade.

Larry Folson
Larry Folson

FXCM, is an excellent Broker. I use them and is one of the best for new traders ti start with.

Larry Folson
Larry Folson

FXCM, is an excellent Broker. I use them and is one of the best for new traders ti start with.

arungiri
arungiri

I just opened ACCOUNT MICRO , I FIND VERY EASY ,COMFORTABLE.MOREOVER NO PAPER WOTK. WITHDAWAL IS ALSO PAPERLESS. ONLY ONLINE.VERY ASSURING. ARUN GIRI

Forexbody
Forexbody

I did not mention that the previous review of FXCM sounds like a paid FXCM employee, but he made it so obvious.

Forexbody
Forexbody

If someone asks me what is the best trading platform in the world my answer would be FXCM's standard and micro platforms, on the other hand if some one asks me what is the worst Forex trading platform in the world my answer would be FXCM's Active Trader web based platform. Why? Because the latter is designed to rip you off and burn your money, they have demo accounts as well for this platforms all you have to do is try it and you will discover how you will be misled to open a live account with them that will not behave like the demo account that you liked in any way. delayed quotes as long as 3 seconds with a normal connection, you would get up to 6 seconds of delay on dial up. what that means is that you will be asked for a requote many times with every order, or you would setup the platform to allow untolarable amount of slippage. My friend lost 25k in his live account. Stay away.

janus
janus

Im using fxcm, is a good one, i haver over 3.5 years trading forex, and i have 6 months using fxcm, low spreads most of the time (high spreds on market special conditions), excellent customer service, and execution guaranteed on your trades,lower rollovers, decimal pips, and now they have a micro account starting with 25 usd, being honest, this is one of the best forex brokers, try them!

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Did you have a good experience with this broker? A bad one? Tell our team and traders worldwide about your experience in our User Reviews tab. Your email address will not be posted.

Please make sure your comments are appropriate and that they do not promote services or products, political parties, campaign material or ballot propositions. Comments that contain abusive, vulgar, offensive, threatening or harassing language, or personal attacks of any kind will be deleted. Comments including inappropriate, irrelevant or promotional links will also be removed.


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Review info: FXCM
Review Date:
Rating : 4.5
Reviewed By :