Summary

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

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75.38% of retail CFD accounts lose money

FXCM, or Forex Capital Markets, is a UK-based broker offering forex and CFDs trading. FXCM was established in 1999 and is 100% owned by the Jefferies Financial Group, which is listed on the New York Stock Exchange and has a background in investment banking.

FXCM is considered safe as it has a long track record, a strong parent company, and is regulated by top-tier financial authorities like the UK's Financial Conduct Authority (FCA) and the Australian Securities and Investments Commission (ASIC).

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75.38% 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
4.4
Fees
3.7
Account opening
4.4
Deposit and withdrawal
4.0
Trading platform
3.2
Markets and products
1.6
Research
4.3
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, including many technical indicators. The available educational content is high-quality.

On the negative side, FXCM provides only forex CFDs and cryptos, 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.

Pros Cons
Fast and straightforward account opening Limited product portfolio
Good technical research tools High bank withdrawal fees
High-quality educational content No two-step authentication on trading platforms
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 $300
🕖 Time to open an account 1-3 days
💳 Deposit with credit/debit card Available
👛 Depositing with electronic wallet Available
💱 Number of base currencies supported 4
🎮 Demo account provided Yes
🛍️ Products offered Forex, CFD, Crypto
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75.38% of retail CFD accounts lose money

Author of this review

Gergely Korpos

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.

Gergely Korpos

Co-founder, CPO

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

3.7
FXCM has low trading fees and average 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.
Pros Cons
Low trading fees Inactivity fee after one year
Low CFD fees
FXCM fees snapshot
Assets Fee level Fee terms
EURUSD Average The fees are built into the spread, 1.4 pips is the average spread cost during peak trading hours.
GBPUSD Low The fees are built into the spread, 2 pips is the average spread cost during peak trading hours.
S&P 500 CFD Low The fees are built into the spread, 0.45 is the average spread cost during peak trading hours.
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.

First, let's go over some basic terms 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 the most important fees are spreads, commissions and financing rates.

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 chose popular instruments in each asset class usually provided by 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 was:

  • 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 mostly average.

FXCM forex benchmark fees of a $20,000 30:1 long position held for one week
  FXCM Pepperstone Oanda
EURUSD benchmark fee $16.5 $14.8 $15.9
GBPUSD benchmark fee $12.3  $12.4 $11.9
AUDUSD benchmark fee $17.0 $11.9 $8.3
EURCHF benchmark fee $4.2 $3.1 $7.1
EURGBP benchmark fee $11.8 $10.7 $10.7

CFD fees

FXCM has generally low CFD trading fees.

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
Apple stock CFD fee $1.8 $2.4 -

Non-trading fees

FXCM has average non-trading fees. There are no fees charged for account maintenance, deposit, or credit/debit card withdrawal. 

However, there is an inactivity fee and bank withdrawal fees. The inactivity fee is $50 after each year of inactivity. The bank withdrawal fees depend on the currency and where your bank account is located.

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, but the minimum deposit is $360 (£300) in Europe and $50 in non-EU countries. Also, the account opening time is longer than usual.
Pros Cons
Fully digital Slower than at most forex brokers
Low minimum deposit
User-friendly

Can you open an account?

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75.38% of retail CFD accounts lose money

FXCM accepts customers from most countries around the world. There a few exceptions, like residents from the USA, Japan, Brazil, Turkey, Hong Kong, Iran, Cuba, Russia, New Zealand, Syria and South Korea.

What is the minimum deposit at FXCM?

The FXCM minimum deposit is $/€/£300 in the EU, but only $50 in non-EU countries for the 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 in high volumes, FXCM's Active Trader account would be the best option for you. This provides better spreads and customer support compared to the standard accounts. For example, the EURUSD spread is 0.2 with the Active Trader account, compared to 1.2 at the standard account.

There is a one-time fee of $300 if you open a corporate account. This fee is deducted from your first deposit. 

How to open your account

The account opening is fully digital and straightforward. 

You have to go through the following steps:

  1. Choose your platform, account type and base currency.
  2. Add personal information and do a KYC questionnaire. KYC means "Know Your Customer", and 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 multiple options both for deposits and withdrawals, but bank withdrawals have high fees and only a few account currencies are available.
Pros Cons
Credit/Debit card available High bank withdrawal fees
No deposit fee No minor account base currencies are accepted
Free credit/debit card withdrawal

Account base currencies

At FXCM, you can choose from four major currencies: EUR, USD, GBP and CHF. No minor currencies are accepted.

This account base currency selection lags behind the competitors.

Base currencies at FXCM vs similar brokers
  FXCM Pepperstone Oanda
Number of base currencies 4 10 9

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

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

Compare digital banks

Deposit fees and options

FXCM charges no deposit fees. You can use the following deposit options:

  • 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 that 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 $40.

You can use bank transfer, debit/credit cards and electronic wallets for withdrawing funds. 

FXCM withdrawal fees and options
  FXCM Pepperstone Oanda
Bank Transfer Yes Yes Yes
Credit/Debit card Yes Yes Yes
Electronic wallets Yes Yes Yes
Withdrawal fee $0 $0 $0

The bank withdrawal fees depend on the currency and where the target bank account is located.

FXCM bank withdrawal fees
Currency Domestic International
USD $25 in the UK and US $40 outside the UK or US
EUR (SEPA) €0 for receiving accounts accepting SEPA €0 for receiving accounts accepting SEPA
EUR (non-SEPA) €15 in the UK, France, Germany and Italy €30 outside the UK, France, Germany and Italy
GBP (BACS) £0 for receiving accounts accepting SEPA £0 for receiving accounts accepting SEPA
GBP (non-BACS) £15 in the UK £30 outside the UK
JPY JPY 0 in Japan JPY 3,000 outside Japan
CAD CAD 25 in Canada CAD 40 outside Canada
AUD AUD 15 in Australia AUD 30 outside Australia
NZD NZD 15 in New Zealand NZD 30 outside New Zealand
CHF CHF 15 in Switzerland CHF 30 outside Switzerland

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

You can only withdraw money to accounts that are registered under you name. 

How do you withdraw money from FXCM?

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

More funding and withdrawal info
75.38% of retail CFD accounts lose money

FXCM review
Web trading platform

3.3
FXCM's web trading platform is extremely customizable, provides a wide range of order types and has a great search function. On the other hand, it lacks two-step authentication and price alerts.
Pros Cons
Good search function No two-step (safer) login
Good customizability (for charts, workspace) No price alerts
Good variety of order types
FXCM platforms to choose from
Trading platform Score Available
Web 3.3 stars Yes
Mobile 3.0 stars Yes
Desktop 3.3 stars Yes

With FXCM you can trade on many platforms:

  • Trading Station – FXCM's own self-developed trading platform
  • MetaTrader 4 – a third-party trading platform designed for forex trading
  • NinjaTrader – a US broker's platform, which has advanced charting and technical tools
  • ZuluTrade – a trading platform for social (copy) trading 
  • TradingView – you can integrate FXCM into the TradingView platform and trade directly from there

In this review, we tested Trading Station, as this is FXCM's own platform.

FXCM's 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 relatively user-friendly. Important features, like account management or some research tools, are not integrated with the trading platform and you have to open separate web pages to use them.

On the other hand, the customizability is great and extremely advanced. 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 work well. You can search by using the traditional search field or by finding assets categorized by type, e.g. forex or commodity products. 

You can find the Search function under the Subscription List menu. 

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
  • OCO (one-cancels-the-other)

To get a better understanding of these terms, read this overview of order types.

You can choose from several order time limit options:

  • Good-til-date (GTD)
  • Good-til-canceled (GTC)
  • Immediate or cancel (IOC)
  • Fill or kill (FOK)
FXCM review - Web trading platform - Order panel

Alerts and notifications

You cannot set up price alerts or notifications on FXCM's Trading Station.

Portfolio and fee reports

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

Visit web platform page
75.38% of retail CFD accounts lose money

FXCM review
Mobile trading platform

3.0
FXCM has a mediocre mobile trading platform. It has a great design, is user-friendly and offers many order types. On the negative side, there is no two-step login and you cannot set price alerts.
Pros Cons
User-friendly No two-step (safer) login
Good variety of order types Poor search function
Order confirmation No price alerts

With FXCM, you can use the following mobile trading platforms:

  • Trading Station – FXCM's own mobile trading platform
  • MetaTrader 4 – a third-party mobile trading platform
  • ZuluTrade – a mobile trading platform for social (copy) trading 

Similarly to FXCM's web trading platform, we tested FXCM's own mobile trading platform, Trading Station. It is available both for iOS and Android.

Trading Station is available in English, Spanish, Italian, Russian, Turkish, French, Greek, Chinese and Japanese.

Look and feel

The FXCM mobile trading platform is user-friendly and well-designed. However, when we tested the platform on iOS, we felt that the platform's layout was not optimized for newer iOS versions.

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

FXCM's search functions could be better. It is surprisingly difficult to find the search option, as the 'Settings' menu is not at all an obvious location for it – but that's where it is. Once you pass this hurdle, 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 order terms on the mobile platform as on the web trading platform.

FXCM review - Mobile trading platform - Order panel

Alerts and notifications

You can't set price alerts or notifications on the FXCM mobile platform.

Visit mobile platform page
75.38% of retail CFD accounts lose money

FXCM review
Desktop trading platform

3.3
FXCM's desktop platform has great customizability and a good variety of order types. However, you cannot set 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

You can use Trading Station or MetaTrader 4 as FXCM's desktop trading platform. We tested FXCM's own desktop platform, Trading Station.

Trading Station is available in many languages:

FXCM's desktop trading platform languages
Arabic Chinese English French German
Greek Hebrew Hungarian Italian Japanese
Korean Polish Portuguese Russian Spanish
Turkish        

Look and feel

Just like Trading Station's web version, the desktop trading platform has great customizability. It is fast and stable and its charting solution is really advanced. You can build and save your own layout.

However, first you need to get used to the logic of the platform before you can become a power-user. 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 function works well. You can search by typing in the name of the product, while there is also a categorized breakdown, for e.g. major currency pairs.

FXCM review - Desktop trading platform - Search

Placing orders

There are 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-Cancels-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 can't set price alerts or notifications on the desktop trading platform.

Portfolio and fee reports

The FXCM desktop platform has clear portfolio and fee reports.

Visit desktop platform page
75.38% of retail CFD accounts lose money

FXCM review
Markets and products

1.6
FXCM provides only forex and CFDs (on stocks, stock indices, commodities and cryptos). Popular asset classes, like real stocks and bonds, are not available for trading.

FXCM is primarily a forex broker with some CFD and cryptocurrency instruments. 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. 75.38% 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's forex offering lags behind, while its CFD and crypto offerings are in line with the selected competitors. 

FXCM product selection
  FXCM Pepperstone Oanda
Currency pairs (#) 40 61 71
Stock index CFDs (#) 16 14 16
Stock CFDs (#) 48 64 -
ETF CFDs (#) - - -
Commodity CFDs (#) 10 16 31
Bond CFDs (#) 1 - 6
Cryptos (#) 7 5 -

You can't change the leverage levels of the products, which is a drawback. Changing the leverage manually is a very useful feature when you want to lower the risk of your trade. Be careful with forex and CFD trading, as the preset leverage levels may be high.

FXCM offers a social trading service via the third-party service ZuluTrade. Access is provided through ZuluTrade's own trading platform, where all you have to do is register with your FXCM account number.

FXCM review
Research

4.3
FXCM provides great research tools for technical analysis, e.g. good charting and market screener. On the negative side, fundamental data on assets is not available.
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 that 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 Technical Analyzer pages. These recommendations are based on technical analysis. 

FXCM review - Research - Recommendations

Fundamental data

FXCM does not offer data on asset fundamentals.

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 search terms by category, like currency pairs or popular searches.

There is also a daily newsletter called 'Before the Bell'. This includes 5-6 trading ideas, 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
75.38% 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
  • phone
  • email

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

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

We also received relevant answers to queries sent by email. The response time was around one day.

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

FXCM review - Customer Service

Contact customer service
75.38% of retail CFD accounts lose money

FXCM review
Education

5.0
FXCM offers a great range of educational tools, such as educational videos and webinars. Demo accounts are also available, 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, although only for certain countries. FXCM also sends free educational material via email when you open a demo account, which is a nice touch.

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

The FXCM video library is very extensive: you can find content on topics such as charts, and various order and product types.

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

FXCM review - Education

Visit education page
75.38% of retail CFD accounts lose money

FXCM review
Safety

FXCM is regulated by top-tier authorities, like the UK's FCA. Its parent company is listed on the stock exchange and has a banking background.
Pros Cons
Majority of clients belong to a top-tier financial authority Non-EU customers are not covered by negative balance or investor protection
Parent company is listed on stock exchange
Negative balance protection in the EU

Is FXCM regulated?

Yes, it is regulated by the UK's Financial Conduct Authority (FCA), the Australian Securities and Investments Commission (ASIC) and the Financial Sector Conduct Authority of South Africa (FSCA).

Is FXCM safe?

To be certain if a brokerage is safe, we highly advise that you check two facts:

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

How you are protected

Depending on your country of residence, you can open an account at one or more of FXCM's legal entities.

This can be important because the investor protection amount, the maximum leverage allowed and the regulator differs depending on the entity. Only the clients of Forex Capital Markets Limited are covered by investor protection.

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

FXCM provides negative balance protection for retail clients onboarded under FCA regulation and trading with spot forex or CFDs. If the balance on your account goes into negative, you will be protected.

Professional and non-EU customers are not covered by negative balance protection.

Background

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

The Jefferies Group is a strong parent company, as it has an investment banking background and is listed on the New York and London stock exchanges. The banking background indicates higher security, since the bank can provide additional funds in case of insolvency. The strict regulation for banks also results in higher safety for you. Meanwhile, the stock exchange listing increases transparency, as the company publishes annual reports.

FXCM was founded in 1999. The company's more than 20-year history signals that FXCM can sustain operations despite periods of economic distress. It is also a sign 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 is a great forex and CFD broker. It has a strong parent company and is regulated by multiple top-tier financial authorities, including the FCA and ASIC.

FXCM has a great account opening process, and its technical research and educational tools are high-quality and well-organized.

On the other hand, FXCM's product selection is limited to only forex, CFDs and cryptos. Bank withdrawal fees are high and trading platforms lack a secure two-step login. 

Feel free to try FXCM, as their minimum deposit requirement is low and the inactivity fee only kicks in after a year.

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75.38% of retail CFD accounts lose money

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