FXCM Review

IG Markets Review - The Platform
fxcm-review

FXCM Review

Best brokers review 2022

(4.2)

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. Between 73% of retail investor accounts lose money when trading CFD's 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.

All references on this site to "FXCM" refer to the FXCM Group.

 

FXCM is one of the top brokers we have tested in 2021 and 2022. They provide multiple trading platforms including MT4, a great mobile trading app, easy and smooth deposit & withdrawal options, the best education and some of the most detailed research data. Copy trading is also a great feature from this broker where you can simply invest your chosen amount and choose to copy a trader that has a strategy and performance that suits your expectations. Their tradable assets are extensive. The fees are good at zero commissions*1 and customer service ranked very helpful.

General Overview

  • Founded in 1999, FXCM Group is a Leucadia Company, which falls under Jefferies Financial (NYSE: JEF). FXCM is regulated in three tier-1 jurisdictions, making it a very safe and secure broker for trading forex and CFD’s.
  • FXCM won Best in Class*2 for its Platforms and Tools, Mobile Trading, and Ease of Use. No doubt, FXCM delivers in all the areas most important to traders.
  • FXCM offers a selection of CFDs, while its extensive access to exchange-traded securities is segmented away in a different account and platform.

FXCM, a Leucadia Company where the client comes first, They do what is best for the customer, partners, employees, and their stakeholders. 

FXCM has been a Forex and CFD Broker since 1999

FXCM is a leading provider of online foreign exchange (FX) trading, CFD trading and related services. Founded in 1999, the company's mission is to provide global traders with access to the world's largest and most liquid market by offering innovative trading tools, hiring excellent trading educators, meeting strict financial standards and striving for the best online trading experience in the market.

What it means to be a Leucadia Company

Beginning in January 2015, through a series of transactions, Leucadia Investments has become the majority economic owner of FXCM. Leucadia Investments is part of the merchant banking arm of Jefferies Financial Group. FXCM has benefited from the scale and breadth of the Jefferies family of companies. The FXCM and Leucadia/Jefferies Partnership
providing insight, expertise and execution to investors, companies and government entities, Jefferies provides FXCM with prime brokerage services and liquidity in FX trading. While Jefferies competes equally with all of FXCM's liquidity providers, the FXCM and Jefferies relationship is another way that the Leucadia/Jefferies relationship helps FXCM improve the service we provide our clients.

Learn More
https://www.fxcm.com/uk/about-fxcm/global-broker/

FXCM Boker Review & Rating 2021

Name: FXCM

  • Safety
    (4.61)
  • Comissions & Fees
    (3.8)
  • Investment Products
    (3.83)
  • Trading Platform(s)
    (4.42)
  • Mobile Trading
    (3.9)
  • Customer Service
    (4.7)
  • Deposit & Withdrawals
    (5)
  • Research
    (3.7)
  • Education
    (4.5)
  • User Reviews
    (3)

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. Between 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.

Safety

(4.61)

FXCM is low-risk. FXCM's majority economic owner is publicly-traded on the New York Stock Exchange. Although they do not operate a bank, some of the operating subsidiaries within the FXCM group of companies are authorised by tier-1 regulators (high trust). FXCM is authorised by the following regulators: Australian Securities & Investment Commission (ASIC), Financial Conduct Authority (FCA) in the UK, and Cyprus Securities and Exchange Commission (CySEC) in Europe.

Commissions & fees

(3.8)

FXCM’s trading costs are a little higher than industry averages when it comes to forex however this is a small sacrifice for security, safety of funds and peace of mind.

Pricing discounts: FXCM’s Active Trader program has five tiers, where traders can get a rebate which varies from $5 per million(volume traded 5 Lots) for level one to as much as $25 per million traded for level five. It’s a good way to offset potential losses and earn a rebate for your trading volume. 

Active Trader program: The requirements for each tier may vary depending on which FXCM Group entity you use. For example, in the UK, a $25k account balance with at least $50M or 500 lots of monthly volume will see the commission per side drop to $3 ($6 round-turn). This brings the effective spread to 0.8 pips, based on an average core price of 0.2 pips, using Q2 2021 data for the EUR/USD. Above $150M in monthly volume commissions drop slightly to $5 per round turn, which would bring the effective spread to 0.7 pips in the above example.

Execution methods via order type: FXCM offers “At Market” orders, which have the potential for slippage, and “Market Range” orders, which can be rejected if the requested price or price range is no longer available. 

Other notes: FXCM publishes its execution statistics, showing the percentage of orders filled with positive or negative slippage, across its offered order types. Overall, the broker had over 87% of orders with zero or positive slippage as per FXCM’s Slippage Report (August 2021)

Trading Platform(s)

(4.42)

FXCM’s available platforms and tools are among the best in the industry.

Platform options: FXCM’s platforms include MetaTrader4 (MT4), TradingView, and NinjaTrader 8, which all allow algorithmic trading. FXCM also offers ZuluTrade for “social/copy trading” and Trader Workstation (TWS), powered by Interactive Brokers (IBKR) for stocks.

Trading Station desktop: FXCM’s flagship trading platform, Trading Station, suited for forex traders of all skill levels. One highlight is the Marketscope 2.0 charting tool within the platform, which is a powerful charting package. 

Trading Station web: The web version of Trading Station comes with an array of features wrapped in a responsive and modern design. From news headlines, videos, research, signals, and analysis from Trading Central. Charts pack close to the same amount of indicators as the desktop version, with 52 available. There are also seven preset layouts to choose from, e.g. the News Trader theme.

NinjaTrader: The latest version (version 8.0) of NinjaTrader for is available at FXCM. The platform features numerous trading tools, as well as automated trading capabilities, e.g. trading strategies and indicators can be created using NinjaScripts. Users can either develop their own or choose from over 1000 NinjaScripts created by third-parties. The platform has a market replay and analysis tool, with over 150 preset indicators.

Algorithmic Trading: The FXCM App store provides an array of add-ons, indicators, and automated trading robots. FXCM provides a wide wide selection of specialty platforms, such as QuantConnect, MotiveWave, AlgoTerminal, AgendaTrader, Sierra Chart, NeuroShell Trader, StrategyQuant, Capitalise, and the Seer Trading Platform for algorithmic trading. A dedicated technical support team is also available to assist traders in developing their MT4 Expert Advisors (EAs).

Source: FXCM YouTube channel

User-friendly platform

Transparent fee report

Two-Factor authentification (2FA)

Nothing

Mobile trading

(3.9)

GLOBAL FOREX AWARDS 2021
FXCM WINS BEST FOREX MOBILE TRADING PLATFORM!

Thanks to the combination of Trading Station and MetaTrader4 (MT4), FXCM delivers a reliable, feature-rich mobile offering for forex traders.

MetaTrader mobile: While FXCM doesn’t offer the MetaTrader 5 (MT5) platform, the broker’s wide support for third-party algorithmic trading platforms makes up for that difference, including on its flagship Trading Station platform.

Trading Station app charting: With nearly 60 indicators and multiple drawing tools, charting in the FXCM mobile app is a pleasure. Trendlines can be drawn with precision thanks to a magnifying glass that auto zooms while dragging the trendline into position.

Trading Station app features: While the Trading Station mobile app may appear to lack a watch list, it is worth noting that any instruments selected to be shown will, in fact, sync across devices. Also, the app includes a comprehensive trade ticket, which offers advanced order types, including one-cancels-other (OCO) orders.

Source: FXCM YouTube channel

User-friendly Platform

Many features & order types

No secure login (2FA, TouchID, FaceID)

Customer service

(4.7)

Connection time

Very Fast

Email responses

Very Fast

Service availability

24/5

Live Chat

Extremely Fast

FXCM's customer support is definitely one of the better ones we have tested at different times for the year from numerous locations to provide an average result for review. Email support was great and reacted very quick, Live chat is good too.

Deposit & withdrawals

(5.0)

As with the platforms, the width of trading possibilities and all the other features that are available at FXCM, the deposit and withdrawal options are among the most complete that we have seen. Customers can deposit and also withdraw money. Clients should definitely watch this closely and inform themselves about the cost structure for transactions.

The minimum deposit amount is $50 (depending on payment method. Since FXCM is closely watched by financial regulatory bodies, they take money laundering laws very seriously and sometimes the deposit or withdrawal process can be quite frustrating and slow. This is due to the severe laws and FXCM is obliged to follow all the rules.

Research

(3.7)

FXCM provides very useful market research tools using a combination of in-house content and third-party content. FXCM’s research is above the industry average and will be very useful for most forex traders.

Research tools: FXCM’s research includes content from Trading Central, fundamental analysis from Investing.com. A market screener tool is also available on FXCM’s website. Premium content from eFX Data, providing high-quality market analysis. Last but not least, FXCM Plus provides signals and trading ideas generated by Trading Central.

In-house content: FXCM produces Daily Snapshot videos featuring market analysis, available on YouTube. The Insights section is rich in content and is also very focused on trading education.

If you reside in the EU: Some of FXCM’s research is not available to EU residents, such as the in-house research

Daily Snapshot videos featuring market analysis, available on YouTube

Education

(4.5)

FXCM provides education primarily in the form of in-house articles and videos, including content produced on its YouTube Channel, which I found are above average in terms of quality when compared to the industry average.

Written materials: There are primarily two comprehensive trading guide articles, including forex trading for beginners and traits of successful traders. Both are well referenced with some unique insights using the company’s historical data. There are an additional 20 articles dedicated to charting, 17 about indicators, 13 about trading tips, over 70 articles in the beginner section, and 10 for advanced traders.

Video content: FXCM’s video library has dozens of videos. However, beyond platform tutorials, I was unable to view them due to the reliance of Adobe Flash not being supported by major browsers anymore. Luckily, FXCM has a YouTube channel with organized playlists covering its educational videos and archived webinars. Beyond platform tutorials, FXCM should expand its variety of educational videos for forex to help offset its unviewable Flash videos.

 

 

FXCM Youtube Education Playlist

User reviews

(3.0)

Finding unbiased user reviews is difficult in the forex or generally brokers market. While our research on Platforms like ForexPeaceArmy or TrustPilot we found a huge range of reviews from terrible to great. While reviews on FPA tend to be very negative and most likely biased as well, other Platforms like TrustPilot show a different picture. When looking into bad reviews, we often found similar phrases "lost all my money" as a reason. This is not the brokers fault, but usually shows the lack of knowledge of such traders. More serious are reviews about withdrawal issues, platform problems, hidden fees, etc. Those reviews we are looking more closely into.
FXTM is performing in the middle range of the reviewed brokers, neither very good nor very bad.

Trustpilot

Final Observations and Comments about FXCM

FXCM is definitely “up there”. If a trader – experienced or not – is looking for a firm with experience, a solid financial basis, international support and the backup of big investors, then FXCM is definitely among the list of brokers, that should be considered. FXCM is definitely solid and the Customer Support is top-notch.

Definitely recommended.

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. Between 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.

1 FXCM can be compensated in several ways, which includes but are not limited to adding a mark-up to the spreads it receives from its liquidity providers, adding a mark-up to rollover, etc. Commission-based pricing is applicable to Active Trader account types.
2 Award granted to the FXCM Group by FOREXBROKERS.COM in 2021.

FXCM Boker Review & Rating 2021

Name: FXCM

  • Safety
    (4.61)
  • Comissions & Fees
    (3.8)
  • Investment Products
    (3.83)
  • Trading Platform(s)
    (4.42)
  • Mobile Trading
    (3.9)
  • Customer Service
    (4.7)
  • Deposit & Withdrawals
    (5)
  • Research
    (3.7)
  • Education
    (4.5)
  • User Reviews
    (3)

Disclaimer: In order to get the most comprehensive, objective and unbiased  reviews, some of the above ratings have been accumulated with the data from third-party platforms. Ratings and user reviews have been consolidated only from relaible and trusted sources such as ForexBroker.com, Investopedia.com, Brokerchooser.com, TrustPilot.com and ForexPeaceArmy.com

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Risk warning: Foreign Exchange and CFDs are complex and leveraged instruments and come with a high risk of losing money rapidly due to leverage. Most retail investor accounts lose money when trading Forex and CFDs. You should consider whether you understand how Forex and CFDs work and whether you can afford to take the high risk of losing your money.

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