FXCM Logo

FXCM Review 2024

Written by
Gyula L.
Fact checked by
Krisztián G.
Updated
1w ago
Key data
Fees
Safety
Deposit and withdrawal
Account opening
Mobile app
Desktop platform
Product selection
Regulated and trusted. Tested via live trading.
5,262 people chose this broker
Not available in United States; see best alternatives

Why choose FXCM

FXCM is a UK-based broker offering forex and CFD trading.

FXCM's account opening process is straightforward, easy and fast. It has great technical research tools, including many technical indicators. The available educational content is high-quality.

On the negative side, FXCM provides only CFDs (forex, indices, commodities, cryptos and shares), thus popular asset classes like real stocks or ETFs are missing. There is also a high fee for bank withdrawals. Lastly, the trading platforms don't offer safer two-step authentication.

BrokerChooser gave FXCM a 4.4/5 rating based on analyzing 600+ criteria and testing via opening a live account.

  • Fast and straightforward account opening
  • Good technical research tools
  • High-quality educational content

Explore the key metrics of FXCM

Overall score
4.4/5
Minimum deposit
$50
FX fee
Low
Index CFD fee
Average
Withdrawal fee
$0
Account opening
1-3 days
Visit FXCM

73% of retail CFD accounts lose money

Not sure if this is the right broker for you? See the best ones.

See how the best brokers in the United States compare to FXCM

EURUSD spread
Usual spread in pips

Fees

Score: 4.3/5
FXCM has average forex and non-trading fees. There are no account, deposit, or credit/debit card withdrawal fees. However, you have to pay a $50 fee after one year of inactivity and bank withdrawal can be costly.
  • No withdrawal fee

We compared FXCM's fees with two similar brokers we selected, Forex.com and Pepperstone. These competitors were selected based on objective factors like products offered, client profile, fee structure, etc. See a more detailed comparison of FXCM alternatives.

Low FX fees

All fees are built into the spread, so there is no separate commission charged. For example, the EUR/USD spread is 0.7.

Broker
EURUSD spread
FX commission per lot
FXCM
0.7
No commission is charged
Forex.com
1.2
No commission is charged
Pepperstone
0.1
$3.50 commission per lot per trade
FXCM forex spreads and commissions

Average index CFD fees

All index CFD fees are built into the spread. The spread for S&P 500 index CFDs is 0.4.

Broker
S&P 500 CFD spread
FXCM
0.4
Forex.com
0.6
Pepperstone
0.4
FXCM index CFD spreads and commissions

Low stock CFD fees

All stock CFD fees are built into the spread. The spread for Apple stock CFDs is 0.2.

Broker
Apple CFD
FXCM
$1.2
Forex.com
$10.1
Pepperstone
$0.7
FXCM stock CFD spreads and commissions

Low inactivity fee, no withdrawal fee

The broker does not charge any fees for account maintenance, deposit, or credit/debit card withdrawal.
However, there is an inactivity fee and bank withdrawal fees apply. The bank withdrawal fees depend on the currency and where your bank account is located.

Broker
Inactivity fee
Withdrawal fee
FXCM
$0
Forex.com
$0
Pepperstone
$0
FXCM inactivity, withdrawal and other fees

Safety

FXCM is regulated by top-tier authorities, like the UK's FCA. Its parent majority economic owner company is listed on the New York stock exchange and has a banking background.
  • Majority of clients belong to a top-tier financial authority
  • Its majority economic owner is listed on stock exchange
  • Negative balance protection in the regulated entities
Read more

Deposit and withdrawal

Score: 3.8/5
There are multiple options both for deposits and withdrawals, but bank withdrawals have high fees and only a few account currencies are available.
  • Credit/Debit card available
  • No deposit fee
  • Free credit/debit card withdrawal
Read more

Account opening

Score: 4.4/5
The account opening process at FXCM is hassle-free, but the minimum deposit is $50 in Europe and in non-EU countries as well. Also, the account opening time is longer than usual.
  • Fully digital
  • Low minimum deposit
  • User-friendly
Read more

Mobile app

Score: 4.5/5
FXCM has a good mobile trading platform. It is user-friendly, offers many order types and has a good search function. On the negative side, there is neighter two-step, nor touch/face ID login.
  • User-friendly
  • Good search function
  • Good variety of order types
Read more

Desktop platform

Score: 3.8/5
FXCM's desktop platform has great customizability and a good variety of order types. However, you cannot set price alerts.
  • Clear fee report
  • Good customizability (for charts, workspace)
  • Good variety of order types
Read more

Product selection

Score: 1.8/5
FXCM provides only CFDs (on shares, stock indices, forex, commodities and cryptos). Popular asset classes, like real stocks and bonds, are not available for trading.
Read more
“I recommend FXCM for forex traders looking for easy account opening, funding and withdrawal.”

FAQ

Read more
Got questions?
Engage with our growing community of traders and investors like you to find your answers.
Join now

Author of this review

Gyula Lencsés, CFA
Gyula Lencsés, CFA

Gyula is a former analyst expert and Head of Content at BrokerChooser. With over a decade in finance, he led content creation at BrokerChooser and personally evaluated some of our 100+ listed brokers. He opened real-money accounts, executed transactions, and engaged with customer services, offering firsthand assessments. Prior to BrokerChooser, he managed mutual funds in wealth management, trading stocks, ETFs, bonds, commodities, forex, and derivatives. His goal: simplify the hunt for top brokers in a dynamic investment landscape.

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.

Visit FXCM 73% of retail CFD accounts lose money

Follow us

Regional settings

×
I'd like to trade with...