FXCM Forex Broker Review
Forex Capital Markets was founded in 1999 and had been headquartered in London. The broker is regulated by top-tier regulatory boards, which means it is a low-risk brokerage firm. FXCM is a subsidiary of the publicly-listed company Jefferies Financial Group Inc., which is listed on the Fortune 500.
Since its founding, the broker has grown and had established international offices. It is also licensed in many regulatory boards globally. It exited the U.S. markets in 2017, which means that the broker no longer accepts clients based in the United States.
FXCM Regulation and Security
The FXCM broker earned a 92 trust score, which turned it into a popular name in many Forex and CFD markets. The broker is generally considered to be low-risk and offers some of the most trusted trading services available.
FXCM is regulated by top-tier regulators, which are FCA, ASIC, and IIROC. Aside from that, it also earned authorization from tier-2 regulatory boards. This broker does not tolerate FXCM scam.
Despite being a subsidiary to a publicly-listed company, the FXCM broker does not direct a bank.
FXCM Platforms and Tools
FXCM offers several choices when it comes to platforms. They have their own platform called Trading Station that is available in web-based and desktop versions. They also have third-party platforms, which will be discussed below:
- Trading Station (desktop) – the best feature of this platform is its Marketscope 2.0, a charting tool that functions in parallel to the main window. It has 50 indicators, 18 drawing tools, and other features that clients can freely utilize.
- Trading Station (web-based) – contains some of the best trading features and gives clients access to educational materials, including forex articles and daily news. It also provides a chart of market data and links to sources that may help the client in anything trading-related matter they need.
- MetaTrader4 – arguably the most trusted trading platform, MT4 is also offered by FXCM as a third-party platform. Clients under FXCM can access MT4 with ease.
- Ninja Trader – has automated trading indicators and strategies that can be arranged through NinjaScripts. Even though NinjaTrader does not offer pre-downloaded trading strategies, clients can easily develop their own through it. It has 150 indicators, a market analyzer tool, and a replay.
- ZuluTrade – another third-party platform that can be availed by clients of FXCM broker. Clients can easily access this platform and its products alongside MT4 and Ninja Trader, which are offered on the FXCM site.
- Algorithmic Trading – clients can find indicators and even automated trading robots on the broker’s app store. They can also access the Seer Trading Platform, organize their own MT4 Expert Advisors through the help of FXCM’s support team, and acquire assistance in creating code strategies in exchange for a small amount.
FXCM Account Types
It is good to know that FXCM offers not only trading accounts, but also a demo account for traders who want to test the waters before diving in. With the FXCM demo account, the client can trade risk-free with $20,000 and access foreign exchange, CFDs, and commodity trading.
For traders who have already decided to open an account with FXCM, the broker offers three account types. Also, it is important to note that the client’s FXCM logins are properly secured to prevent cyber hacking.
- Mini Account – FXCM minimum deposit is at $50 with access to 21 forex pairs. It subjects clients to a dealing desk and normal spreads that begin at 1.5 pips.
- Standard Account – requires a $5,000 FXCM minimum deposit with access to 39 currency pairs. It excludes a dealing desk but includes commissions. Spread is at 1.3 pips on average.
- Active Trader Account – FXCM minimum deposit of $25,000. The client earns access to 39 forex pairs, no dealing desk, normal spreads, and reduced commission. With this tier-1 account, FXCM withdrawals are sure to be highly prioritized.
FXCM Mobile Trading
The FXCM Mobile Platform contains the advanced features of both MT4 and their own Trading Station. It has an efficient mobile platform that caters even to algorithmic trading.
The Mobile Charting includes almost 60 indicators and tools that make charting efficient. The client can draw precise trend lines with the help of an automatic zoom feature that functions every time the client drags a trend line.
FXCM Customer Support
The customer support of the FXCM broker is top-notch as it ranks among the top client services in all brokers. The team handling customer matters are very professional and address issues immediately after receiving them. It has a connection time of less than a minute on average with a professionalism score of 9.2. Overall, its customer support is scored 8.7 out of 10.