FXCM Review 2023 - Verified Customer Reviews

Regulations and Money Protection

Entity/Regulation

• International customers: FXCM Markets Limited will be the counterparty for International customers. This entity, with registered address at Clarendon House, 2 Church Street, Hamilton, HM 11, Bermuda is incorporated in Bermuda as an operating subsidiary within the FXCM group of companies and is not required to hold any financial services licence or authorization in Bermuda to offer its products and services.
  
  
• Australian customers: FXCM Australia Pty. Limited (ACN 112 193 4432), located at Level 13, 333 George Street Sydney, NSW 2000, Australia, is licensed by the Australian Securities & Investments Commission (ASIC) with licence number ASFL 309763. FXCM Australia Pty. Limited is registered to carry out financial services business in Australia, limited to the financial services covered by its AFSL licence.
  
  
• UK customers: Forex Capital Markets Limited is a company registered in England and Wales under number 04072877. Registered office: 20 Gresham Street, Fourth Floor, London EC2V 7JEE, United Kingdom. Forex Capital Markets Limited is authorised and regulated by the Financial Conduct Authority (FCA) with registration number 217689.
  
  
• South Africa customers: FXCM South Africa (PTY) Ltd, registered in South Africa with company number 2015/279499/07 and with registered address at 114 West Street, 6th Floor, Katherine & West Building, Sandton, is authorized and regulated by South Africa's Financial Sector Conduct Authority (FSCA) with a financial services provider licence number 46534.

Client Money Protection

• FXCM complies with the highest safety standards for client's funds. For this reason, FXCM client's funds are kept in top-tier international banks, such as the Bank of America and the Barclays Bank, fully segregated from the company's funds.
  
  
• FXCM also complies with the client money handling rules and employs strict policies and procedures regarding the maintenance and operation of these accounts. FXCM holds client's money separately to the company funds and does not use these funds for any operational expenses or purposes.

Deposit Compensation Scheme

Negative Balance Protection

• For accounts opened via FXCM Markets Limited (BM) and FXCM South Africa (PTY) Ltd there is no negative balance protection to prevent clients from keeping their accounts balance below zero. This means that in extreme market volatility, and without an adequate stop loss in place, a losing trading position can cause a negative account balance.
  
  
• For customers of Forex Capital Markets Limited (UK) and FXCM Australia Pty Limited (AU) negative balance protection is in place by default and according with ESMA and ASIC's new directives.

Accounts, Instruments and Platforms

Account types and currencies

• FXCM has two types of trading accounts; Standard and Active Trader. FXCM also offers swap-free accounts for traders of Islamic belief.
  
  
• FXCM also allows for social trading, including copy trading, via Myfxbook and ZuluTrade.
  
  
• FXCM does not have any PAMM accounts alternatives for private money managers.
  
  
• FXCM maximum leverage is 30:1 for accounts opened within Europe and Australia, and up to 400:1 for accounts opened in other countries around the world.
  
  
• Currently, FXCM trading accounts are available in AUD, CAD, CHF, EUR, GBP, JPY, NZD and USD.

Financial instruments

• FX market - 39 currency pairs (including Minor and Exotic crosses).
  
  
• Indices - 13 world indices including SP 500m, UK 100 and NIKKEI 225.
  
  
• Stocks - 15 shares from top American companies and banks, such as Amazon, Bank of America and Tesla.
  
  
• Commodities - 11 commodities CFDs available for trading; 3 metals (including Gold and Silver), 5 energies including UK Oil, US Oil and Nat Gas and 3 soft commodities futures (Wheat, Corn and Soybean).
  
  
• Cryptocurrencies - 7 CFDs crosses for trading, including BTC/USD, ETH/USD and XRP/USD.

Pricing

Spreads

Rollover Rates

Deposits/Withdrawals and Other Fees

• Deposit fees - Trading accounts can be opened in 8 different currencies and maintained via 7 different funding methods, including cards, bank wires and e-payments such as Neteller, Skrill and Union Pay. Deposited funds are available almost instantly. FXCM does not charge any fees for deposits.
  
  
• Withdrawals fees - Same policy applies for withdrawals (processing times are typically 3-5 working days). FXCM does not charge any additional fees for withdrawals by cards. However, there is a $40 fee for all bank wire requests.
  
  
• Inactivity fee - FXCM also charges a Trading Inactivity fee. A trader will be charged a dormancy account administrative fee every calendar year if there is no client-initiated activity in the 12 months preceding the charge date. The fee is up to 50 units of the account currency (JPY 5,000 for JPY denominated accounts) or the account balance, whichever is less, debited from the account.

Popularity

• Trading accounts - The FXCM Active Trader account is a popular choice with traders looking to save on trading costs, with a lower spread and a competitive commission of $5.00 per lot traded.
  
  
• Forex education - FXCM offers a great range of Forex educational tools to help traders succeed. On FXCM great Education center, traders can find an enroll on a free online live classroom, a video library, trading guides, educational and tutorial videos, trading strategies, daily market fundamental and technical analysis. Very originally, this broker has also created their own FXCM App Store where traders can find custom-made indicators, EAs, scripts and a lot more.

• Minimum deposit - Opening a trading account with FXCM can take some time. The whole process, from filling in the online forms to have the account approved, can take 1-3 business days. The minimum deposit requirement with FXCM is 50 currency units.
  
  
• Customer support - FXCM's multi language customer support service is available 24 hours, 5 days a week, in 21 languages. FXCM's support is available via local phone call to regional offices (depending on jurisdiction), email and live chat directly from the broker's website.

Broker Profile