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4.2
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69.66% of retail CFD accounts lose money

Summary

Recommended for forex traders looking for easy account opening, funding, and withdrawal

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69.66% of retail CFD accounts lose money

FXCM, or Forex Capital Market, is a UK-based broker offering forex and CFDs. FXCM was established in 1999 and its main shareholder is the Jefferies Financial Group. Jefferies Group, the parent company of FXCM is listed on the New York Stock Exchange and it has an investment banking background.

FXCM is considered safe as it has a long track-record and it is regulated by top-tier financial authorities like the UK FCA and the Australian ASIC.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69.66% 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.

Overall Rating
4.2
Fees
3.8
Account opening
4.4
Deposit and withdrawal
4.0
Trading platform
2.0
Markets and products
1.4
Research
4.5
Customer service
4.5
Education
5.0

FXCM pros and cons

FXCM's account opening process is straightforward, easy, and fast. It has great technical research tools. e.g. there are many technical indicators. Lastly, the educational content is of high quality.

FXCM only offers forex, CFDs, and cryptos in the form of CFDs. The mobile and web trading platforms are not user-friendly and lack useful features, like the two-step authentication.

Pros Cons
Fast and straightforward account opening Limited product portfolio
Good technical research tools Poor mobile platform
High quality educational content Poor website trading platform
FXCM main features and highlights
🗺️ Country of regulation UK, Australia, South Africa
💰 Trading fees class Low
💰 Inactivity fee charged Yes
💰 Withdrawal fee amount $0
💰 Minimum deposit $360
🕖 Time to open an account 1-3 days
💳 Deposit with credit card Available
👛 Depositing with electronic wallet Available
💱 Number of base currencies supported 3
🎮 Demo account provided Yes
🛍️ Products offered Forex, CFD, Crypto
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69.66% of retail CFD accounts lose money
Gergely Korpos

Gergely Korpos

Co-founder, CPO

Author of this review

Gergely is the co-founder and CPO of Brokerchooser. His aim is to make personal investing crystal clear for everybody. Gergely has 10 years of experience in the financial markets. He concluded thousands of trades as a commodity trader and equity portfolio manager.

Everything you find on BrokerChooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology

FXCM review
Fees

3.8
FXCM has low trading fees and average non-trading fees. There are no account, deposit, or withdrawal fees. However, you have to pay a $50 fee after one year of inactivity.
Pros Cons
Low trading fees High AUDUSD trading fee
No withdrawal fee
FXCM fees snapshot
Assets Fee level Fee terms
EURUSD Average The fees are built into spread, 1.2 pips is the average spread cost.
GBPUSD Low The fees are built into spread, 1.8 pips is the average spread cost.
S&P 500 CFD Low The fees are built into spread, 0.38 is the average spread cost.
Inactivity fee Low $50 per year after one year of inactivity

How we ranked fees

We ranked FXCM's fee levels as low, average or high based on how they compare to those of all reviewed brokers.

To get things rolling, let's go over some lingo related to broker fees. What you need to keep an eye on are trading fees, and non-trading fees.

In the sections below, you will find the most relevant fees of FXCM for each asset class. For example, in the case of forex and stock index trading, spreads, commissions and financing rates are the most important fees.

We also compared FXCM's fees with those of two similar brokers we selected, Pepperstone and Oanda. This selection is based on objective factors such as products offered, client profile, fee structure, etc. See a more detailed rundown of FXCM alternatives.

To have a clear overview of FXCM, let's start with the trading fees.

FXCM trading fees

FXCM trading fees are low.

We know it's hard to compare trading fees for forex brokers. So how did we approach the problem of making their fees clear and comparable? We compare brokers by calculating all the fees of a typical trade for selected products.

We have chosen popular instruments in each asset class usually provided by the forex brokers:

  • Forex: EURUSD, GBPUSD, AUDUSD, EURCHF and EURGBP
  • Stock index CFDs: SPX and EUSTX50

A typical trade means buying a leveraged product, holding it for one week and then selling. For the volume, we chose a $20,000 position for forex and a $2,000 position for stock index and stock CFD transactions. The leverage we used is:

  • 30:1 for forex
  • 20:1 for stock index CFDs

These catch-all benchmark fees includes spreads, commissions and financing costs for all brokers. Let's see the verdict for FXCM fees.

Forex fees

FXCM forex fees are average. It aligns with the fees of its main competitors.

FXCM forex benchmark fees of a $20,000 30:1 long position held for one week
  FXCM Pepperstone Oanda
EURUSD benchmark fee $16.5 $14.9 $15.9
GBPUSD benchmark fee $13.0 $12.5 $11.9
AUDUSD benchmark fee $17.3 $11.9 $8.3
EURCHF benchmark fee $4.6 $3.7 $7.1
EURGBP benchmark fee $12.2 $10.6 $10.7

CFD fees

FXCM has generally low CFD trading fees. The cost of trading CFDs matches the competition's charges.

FXCM CFD fees for a $2,000 long position held for one week
  FXCM Pepperstone Oanda
S&P 500 index CFD fee $2.2 $2.0 $1.0
Europe 50 index CFD fee $1.6 $1.6 $0.9

Non-trading fees

FXCM has average non-trading fees.

There is no account, deposit, or withdrawal fee. On the other hand, you have to pay $50 after one year of inactivity.

FXCM non-trading fees
  FXCM Pepperstone Oanda
Account fee No No No
Inactivity fee Yes No Yes
Deposit fee $0 $0 $0
Withdrawal fee $0 $0 $0

FXCM review
Account opening

4.4
The account opening process at FXCM is hassle-free, and there is no minimum balance requirement. The minimum deposit is $360 (£300) in Europe, while $50 in non-EU countries. On the other hand, the account opening time is slower than usual.
Pros Cons
Fully digital Account opening time slower than at most forex brokers
Low minimum deposit
User-friendly

Can you open an account?

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69.66% of retail CFD accounts lose money

FXCM accepts customers from most countries around the world. There a few exceptions, like the residents of the USA, Japan, Brazil, Turkey, Iran, Cuba, Sudan, Syria or North Korea.

What is the minimum deposit at FXCM?

The FXCM minimum deposit is $360 (£300) in the EU, while $50 in non-EU countries for Standard account. Active Trader accounts require a $25,000 minimum deposit. 

Account types

FXCM offers four account types:

  • Individual - Standard
  • Individual - Active Trader
  • Joint
  • Corporate

If you plan to trade at a high-volume, FXCM's Active Trader account would be the best for you. It ensures better spreads and customer support compared to the standard accounts. For example, the EURUSD spread is 0.2 at Active Trader account, while 1.3 at the standard account.

How to open your account

The account opening is fully digital and straightforward. 

You have to go through the following steps:

  1. Choose which platform, account type, and base currency you wish to use
  2. Add personal information and do a KYC questionnaire. KYC means "Know Your Customer" which is a standard and regulated process for identifying clients.
  3. Upload documents to verify your identity and residency. You can upload a copy of your ID/passport for verifying your identity, and a bank statement/utility bill for verifying your residency. 

FXCM review - Account opening

FXCM review
Deposit and withdrawal

4.0
There are several options both for deposit and withdrawal but the withdrawal time is slow.
Pros Cons
Credit/Debit card available Slow withdrawal - over 3 days
Free withdrawal
No deposit fee

Account base currencies

At FXCM, you can choose from 3 base currencies. The available base currencies are: EUR, USD, GBP.

Base currencies at FXCM vs similar brokers
  FXCM Pepperstone Oanda
Number of base currencies 3 10 9

Why does this matter? For two reasons. If you fund your account in the same currency as your bank account or you trade assets in the same currency as your account base currency, you don't have to pay a conversion fee.

A convenient way to save on the currency conversion fees is by opening a multi-currency bank account at a digital bank. Revolut or Transferwise both offer bank accounts in several currencies with great currency exchange rates as well as free or cheap international bank transfers. The account opening only takes a few minutes on your phone.

Compare digital banks

Deposit fees and options

FXCM charges no deposit fees. 

The deposit options are the following:

  • Bank transfer
  • Credit/Debit card
  • Skrill
  • Neteller
  • UnionPay
FXCM deposit options
  FXCM Pepperstone Oanda
Bank transfer Yes Yes Yes
Credit/Debit card Yes Yes Yes
Electronic wallets Yes Yes Yes

A bank transfer can take several business days, while payment with a credit/debit card is instant.

You can only deposit money from accounts which are in your name.

FXCM review - Deposit and withdrawal - Deposit

FXCM withdrawal fees and options

FXCM charges no withdrawal fees for credit/debit cards, but bank transfers may cost up to $40Fees for bank transfer depend on the currency and the origin of your account.

You can use bank transfer or debit/credit cards for the withdrawal, but not electronic wallets. 

FXCM withdrawal fees and options
  FXCM Pepperstone Oanda
Bank Transfer Yes Yes Yes
Credit/Debit card Yes Yes No
Electronic wallets Yes Yes No
Withdrawal fee $0 $0 $0

How long does it take to withdraw money from FXCM? We tested the credit card/bank transfer withdrawal and it took more than 3 business days.

You can only withdraw money to accounts in your name.

How do you withdraw money from FXCM?

Detailed instruction

  • Log in to your account through myfxcm.com
  • Once logged in click, on 'Withdraw Funds'
  • Select your preferred withdrawal method
  • Specify the amount of withdrawal
  • Re-enter your password for security reasons and review your withdrawal
  • Submit the request

More funding and withdrawal info
69.66% of retail CFD accounts lose money

FXCM review
Web trading platform

2.5
FXCM's trading platform is extremely customizable and you can use lots of order types. On the other hand, it's not user-friendly and it has a poor search function.
Pros Cons
Clear fee report Not user-friendly
Good customizability (for charts, workspace) No two-step (safer) login
Good variety of order types Poor search function
FXCM platforms to choose from
Trading platform Score Available
Web 2.5 / 5 stars Yes
Mobile 1.0 / 5 stars Yes
Desktop 3.0 / 5 stars Yes

With FXCM you can trade on 4 platforms: Trading Station, Metatrader4, Ninjatrader, and Zulutrade. We tested the Trading Station as this is FXCM's own platform.

The web trading platform is available in English, Chinese, German, Italian, Arabic, Hebrew, Greek, Japanese, Spanish, and French.

Look and feel

The FXCM web trading platform is not particularly user-friendly, however, its customizability is great. Basically, the whole page consists of customizable widgets.

FXCM review - Web trading platform

Login and security

FXCM provides only a one-step login. A two-step authentication would be safer.

Search functions

The search functions are poor. It can be found under the 'Subscription list' tab. It took us a long time to find it. 

On the other hand, the products are categorized, such as major or minor forex. 

FXCM review - Web trading platform - Search

Placing orders

You can use a wide range of order types on the FXCM platform: 

  • Market
  • Limit
  • Stop
  • Stop trailing
  • One-cancel-other (OCO)

If you are not familiar with the order types, read this overview.

There are also order time limits you can use: 

  • Good-till-date (GTD)
  • Good-till-cancel (GTC)
  • Immediate or cancel (IOC)
  • Fill or kill (FOK)

FXCM review - Web trading platform - Order panel

Alerts and notifications

You can set up both price alerts and order notifications. However, it is a bit complicated because you have to use a client portal, the FXCM Plus. You can access this portal with your account details.

Portfolio and fee reports

There are clear portfolio and fee reports on the 'Reports' tab of the platform and at MyFXCM.

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69.66% of retail CFD accounts lose money

FXCM review
Mobile trading platform

1.0
FXCM has a poor mobile platform. The variety of order types is OK, but the platform is not user-friendly and lacks several important features, such as a good search function.
Pros Cons
Good variety of order types Not user-friendly
Order confirmation No two-step (safer) login
Poor search function

The mobile trading platform is available in English, Spanish, Italian, Russian, Turkish, French, Greek, Chinese, and Japanese.

FXCM has four web trading platforms, and all of them have mobile platforms as well. We tested FXCM's own mobile trading platform, the Trading Station.

It is available both for iOS and Android.

Look and feel

The FXCM mobile trading platform is not user-friendly.

The app feels out of date, and its layout is not optimized for the newer versions of the iOS.

FXCM review - Mobile trading platform

Login and security

FXCM provides only a one-step login. A two-step authentication would be safer.

Biometric authentication isn't available either.

Search functions

The search functions are poor. They can be found under 'Settings'. Once you know where it is, it works as a basic bare-bones search field, with no predictive input or any other features. 

FXCM review - Mobile trading platform - Search

Placing orders

You can set the same order types and terms on the mobile platform as on the web trading platform.

FXCM review - Mobile trading platform - Order panel

Alerts and notifications

You can allow push notifications on the FXCM mobile platform, but it is unclear what kind of alerts you would get.

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69.66% of retail CFD accounts lose money

FXCM review
Desktop trading platform

3.0
FXCM's desktop platform has great customizability and good varity of order types. Nevertheless, it is not user-friendly and you cannot set up price alerts.
Pros Cons
Clear fee report No two-step (safer) login
Good customizability (for charts, workspace) No price alerts
Good variety of order types

We tested FXCM's own desktop Trading Station platform.

The desktop trading platform is available in English, Chinese, Russian, Japanese, French, Spanish, German, Arabic, Korean, Italian, Turkish, Hebrew, Greek, Portuguese, Polish, and Hungarian.

Look and feel

The FXCM desktop trading platform is OK, but it is not user-friendly.

Just like the web trading platform, the desktop platform has good customizability. You can compile and save your own layout. However, it is quite inconvenient that many functions, such as research, are not integrated with the platform.

FXCM review - Desktop trading platform

Login and security

FXCM provides only a one-step login. A two-step authentication would be safer.

Search functions

The search functions are OK. You can search by typing the preferred product and there is also a product list with categories, like major currency pairs. 

Placing orders

You will find more order types on the desktop trading platform than on the web platform

The following order types are available on the desktop platform:

  • Limit
  • Market
  • Stop
  • Stop loss
  • Stop trailing
  • OTO (One-Triggers-the Other)
  • OTOCO (One-Triggers-One-Cancels-the-Other)
  • If-Then
  • If-Then OCO (One-Cancel-the-Other)

There are also order time limits you can use: GTC, IOC, and FOK

FXCM review - Desktop trading platform - Order panel

Alerts and notifications

You cannot set alerts and notifications on the desktop trading platform.

Portfolio and fee reports

The FXCM desktop platform has clear portfolio and fee reports.

Visit desktop platform page
69.66% of retail CFD accounts lose money

FXCM review
Markets and products

1.4
At FXCM you only have access to forex and CFDs. Cryptos are provided through CFDs.

FXCM is a forex and CFD broker. To learn more about CFDs read our CFD trading tips.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69.66% 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 product selection
  FXCM Pepperstone Oanda
Currency pairs (#) 39 80 71
Stock index CFDs (#) 14 14 16
Stock CFDs (#) - 60 -
Commodity CFDs (#) 10 15 31
Cryptos (#) 5 4 -

You cannot change the leverage levels of the products. This is a drawback. Changing the leverage is a very useful feature when you want to lower the risk of your trade. For example, instead of trading with 5:1 leverage, only trade with 2:1 leverage in case of stock CFDs. Be careful with forex and CFD trading, as the preset leverage levels are high.

FXCM offers a social trading service via the third-party service, Zulutrade. The access is provided through Zulutrade's own trading platform, where all you have to do is register with your FXCM account number. You can find further information on FXCM's website

FXCM review
Research

4.5
FXCM provides great technical analysis tools, e.g. good charting and market screener.
Pros Cons
Good interactive chart No fundamental data available
Trading ideas
Quality news flow

Most FXCM research tools are available on the FXCM Plus platform, a separate portal, which is not included in the trading platform. This makes it a bit inconvenient.

Trading ideas

FXCM provides trading ideas. You can find recommendations through FXCM's Trading Signals and Trading Analyzer pages. These recommendations are based on technical analysis. 

FXCM review - Research - Recommendations

Fundamental data

FXCM does not offer fundamental data.

Charting

FXCM has outstanding charting tools. They are customizable and you can use over 50 technical indicators.

FXCM review - Research - Charting

 

There is also a Market Scanner feature. This shows whether you should buy or sell based on technical indicators, like RSI or MACD. However, you can use it only for a few products.

News feed

You can read a quality news feed, sign up for a newsletter, and use an economic calendar

The news is available through the 'Global Market News' page. We liked that you can view the popular search terms according to categories, like currency pairs or popular searches.

There are also daily newsletters, called Before the Bell. The newsletters include 5-6 trading ideas which are based on technical chart analysis. 

The economic calendar has a nice design, but it lacks a country filter option.

FXCM review - Research - Economic calendar

Other research tools you will enjoy

FXCM does a great job in algorithmic trading. It provides four APIs for free, and you can buy many others. The free APIs are REST API, FIX API, Java API, and a ForexConnect API.

More research info
69.66% of retail CFD accounts lose money

FXCM review
Customer service

4.5
FXCM's customer support is great. You can reach them in many ways and you will get fast and relevant answers.
Pros Cons
Phone support No 24/7 support
Live chat
Fast response time

You can contact FXCM via:

  • live chat
  • telephone
  • email

FXCM provides free phone support for the residents of 42 countries. Click here for the full list.

When we tested the customer support, an agent was connected almost immediately both on the live chat and phone. We got relevant answers on both platforms.

We got relevant answers through email as well. The response time was around one day.

The only thing we missed is the 24/7 availability.

FXCM review - Customer Service

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69.66% of retail CFD accounts lose money

FXCM review
Education

5.0
FXCM's educational content is great. A wide range of educational tools is available, such as educational videos, and webinars. Demo accounts are available too but only for a limited set of countries.
Pros Cons
Demo account None
Trading platform tutorial
Educational videos

At FXCM you can learn in the following ways:

  • Demo account
  • Platform tutorial videos
  • General educational videos
  • Webinars
  • Quality educational articles

FXCM provides a demo account, however, it is restricted to some locations. FXCM also sends free educational material to your e-mail when opening a demo account which is a nice touch. 

Furthermore, we enjoyed the quality of the videos, they were well-produced, factual, and concise. 

Their video library is very extensive, you can find content on topics such as charts, order types, or product types.

Live webinars, pre-recorded videos, and pdf booklets are available for free. They cover topics ranging from trading basics to platform tips and tricks. 

FXCM review - Education

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69.66% of retail CFD accounts lose money

FXCM review
Safety

FXCM is regulated by top-tiers regulators, like the UK FCA. Its parent company is listed on the stock exchange and it has a banking background.
Pros Cons
Majority of clients belong to a top-tier financial authority None
Banking background
Negative balance protection

Is FXCM regulated?

Yes, it is regulated by the Financial Conduct Authority (FCA), the Australian Securities and Investments Commission (ASIC), and the South African Financial Sector Conduct Authority (FSCA).

FXCM is based in the UK and it was founded in 1999.

Is FXCM safe?

To be certain, we highly advise you to check two facts:

  • how you are protected if something goes wrong
  • and what the background of the broker is.

How you are protected

FXCM investor protection
Country of clients Protection amount Regulator Legal entity
Europe £85,000 FCA FXCM Limited
South Africa No protection FSCA FXCM South Africa Pty. Limited
All other countries No protection ASIC FXCM Australia Pty. Limited
All other countries No protection - FXCM Markets Limited

FXCM provides negative balance protection for forex spot and CFD trading, but only for retail clients, except clients onboarded with FXCM Markets Limited. Professional and non-EU clients are not covered with any negative balance protection.

Background

The background of the broker matters as a strong parent company reduces the chance the company goes bust. FXCM's main owner is the Jefferies Group.

Jefferies Group is a strong parent company as it has an investment banking background and it is listed on the New York and the London Stock Exchange. The banking background indicates higher security as the bank can give additional funds in case of insolvency. The strict regulation for banks also results in higher safety for you. The stock exchange listing increases the transparency and so reduces the chance the company commits fraud.

FXCM was founded in 1999. The company's almost 20 years of history proved that FXCM can operate after serious economic distress. It also a sign for you that FXCM is a secure broker.

Having an exchange-listed parent company, providing annual financial statements, and being regulated by a top-tier regulator are all great signs for FXCM's safety.

Find your safe broker

FXCM review
Bottom line

FXCM has low trading fees, its technical research tools are of high quality and well organized, and the account opening is fast and straightforward.

However, FXCM only offers forex, CFDs and crypto CFDs. Their mobile and desktop trading platforms need an update, as they are not user-friendly.

Feel free to try FXCM. There is no minimum deposit, and the inactivity fee only kicks in after a year.

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69.66% of retail CFD accounts lose money

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