FXCM Alternatives

The best alternatives to FXCM are

1. Forex.com - Global CFD and forex broker
2. Pepperstone - Australian forex broker
3. IC Markets - Global forex broker
4. Axi - Australian forex broker

Let's see in a bit more detail how the FXCM alternatives compare to FXCM and each other:

Why are these brokers considered good alternatives to FXCM? There are many areas based on which FXCM can be compared with others. When we say a given online broker is a good alternative to FXCM we mean these brokers are comparable in the following areas:

• The products they offer, meaning you can buy mostly the same things, i.e. stocks, CFDs, options, etc.
• The type of clients they target, i.e. beginners, experienced investors, or day traders.

FXCM alternatives recommendations

Brokers are different in a number of ways, which means each of them may be suitable for different people. Here's how they compare overall:

• FXCM is recommended for forex traders looking for easy account opening, funding and withdrawal
• Forex.com is recommended for forex traders looking for low fees and great research tools
• Pepperstone is recommended for forex traders looking for great account opening and customer service
• IC Markets is recommended for forex and cfd traders who value easy account opening and free deposit/withdrawal options
• Axi is recommended for forex traders familiar with the metatrader 4 platform

Important factors of finding FXCM alternatives

So far BrokerChooser has reviewed 94 online brokers in detail, which gives this comparison a solid starting point.

Not only that, but all of these brokers are reviewed using the exact same broker review methodology, which makes everything easily comparable. For each broker, we

• open a live account
• check over 100 criteria, with weighting based on readers' preferences
• refresh data regularly

Whether FXCM or one of its alternatives is the best choice for you is on the following five broker characteristics that most interest people:

Fees. There are different types of fees that your online brokerage may charge, and both the number and the size of these fees may vary significantly from broker to broker. Both of these aspects can impact your returns and your overall experience. FXCM is one of the cheaper brokers, so if this is an important consideration for you, make sure you pick a similarly low-cost FXCM alternative.

Deposit/withdrawal. The number of ways that you can deposit or withdraw money to or from your account matters a lot. For example, while you can make a deposit with a credit card at FXCM, this might not be the case at its alternatives.

Web trading platform. While online brokers are usually available on various platforms like mobile apps, tablet apps or desktop software, most people use them through their web platform in a browser. User-friendly trading platforms that offer many different resources can significantly increase your trading comfort.

Markets and products. A lot of people have specific products they would like to invest in. Knowing whether stocks, forex, mutual funds, and other products are available at the given FXCM alternative is a must.

Now let's dive into the details of how FXCM and its alternatives perform in the most important areas!

Forex.com is a global FX and CFD broker established in 2001. Forex.com is a brand of StoneX Financial Ltd, whose parent company StoneX Group Inc is listed on the NASDAQ Stock Exchange. The company is regulated by several financial authorities, including the top-tier Financial Conduct Authority (FCA) in the UK and the US Commodity Futures Trading Commission (CFTC).

Forex.com is considered safe because it has a long track record, it is regulated by top-tier financial authorities, and its parent company is listed on a stock exchange.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% 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.

Recommended for forex traders looking for low fees and great research tools

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77% of retail CFD accounts lose money

Fees

3.9

Forex.com has low fees for forex trades and there is no withdrawal fee. On the other hand, stock CFD fees are high and there is an inactivity fee.

Includes spreads, commissions, and financing rate for opening a $20k position, holding for a week, and closing.

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77% of retail CFD accounts lose money

Account opening

4.4

Forex.com's account opening is seamless and fully digital, with a low minimum deposit. On the other hand, account verification takes around 2 business days, which is not the fastest on the market.

If you are interested more in Forex.com minimum deposit, this overview will help you.

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77% of retail CFD accounts lose money

Deposit and withdrawal

4.3

Forex.com provides multiple deposit and withdrawal options, all free of charge. However, withdrawal is not possible with some credit cards.

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77% of retail CFD accounts lose money

Web trading platform

4.3

Forex.com's web trading platform is user-friendly and extremely customizable, with lots of order types. On the negative side, there is no two-step login.

Learn more about Forex.com's web trading platform in the detailed Forex.com review.

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77% of retail CFD accounts lose money

Markets and products

2.0

At Forex.com, you can only trade with forex, CFDs and cryptos. Other asset classes, like real stocks or funds, are not available.

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77% of retail CFD accounts lose money

Verdict

Forex.com is a great forex and CFD broker regulated by several financial authorities, such as the UK's FCA and the US CFTC.

On the positive side, it has low forex fees, many tradable currency pairs, and high-quality research tools.

It has some drawbacks though. Popular assets like real stocks or bonds are not available. Stock CFD fees are quite high, and the desktop platform is not easy to use.

Since there is no inactivity fee unless you don't trade for one year, feel free to try Forex.com today.

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77% of retail CFD accounts lose money

Pepperstone is an Australian forex broker that also offers CFDs. It was established in 2010 and opened a London office in 2015 to be able to better serve its European clients. After Brexit, new clients registering from the EU are served by their German and Cyprus arm.

Pepperstone is considered safe because it's regulated by three top-tier financial authorities: the UK's Financial Conduct Authority (FCA), Germany's BaFin 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. 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Recommended for forex traders looking for great account opening and customer service

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74-89% of retail CFD accounts lose money

Fees

4.4

Pepperstone has low forex and non-trading fees, as no inactivity or account fee is charged. However, the CFD financing rates, i.e. fees for holding CFD positions overnight, are high for a few assets.

Includes spreads, commissions, and financing rate for opening a $20k position, holding for a week, and closing.

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74-89% of retail CFD accounts lose money

Account opening

5.0

Pepperstone's account opening process is great. It is fully digital, user-friendly, and requires no minimum deposit for the Standard account.

If you are interested more in Pepperstone minimum deposit, this overview will help you.

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74-89% of retail CFD accounts lose money

Deposit and withdrawal

4.3

Pepperstone provides plenty of deposit and withdrawal options, as well as a wide selection of account base currencies. However, there is a high, $20 fee for bank withdrawals for clients outside the EU and Australia.

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74-89% of retail CFD accounts lose money

Web trading platform

2.8

Pepperstone's web trading platform is provided by MetaTrader. It is highly customizable, available in many languages, and has a clear fee report. On the other hand, it lacks two-step login and price alerts, and its design is outdated.

Learn more about Pepperstone's web trading platform in the detailed Pepperstone review.

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74-89% of retail CFD accounts lose money

Markets and products

1.7

At Pepperstone you can only trade with forex and other CFDs (commodities, stock indices, share CFDs, cryptos). This means that many popular asset classes, like real stocks and ETFs, are missing.

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74-89% of retail CFD accounts lose money

Verdict

Pepperstone is a great forex and CFD broker, regulated by the top-tier FCA, BaFin and ASIC.

The account opening is fast and fully digital. Customer service is great, giving you relevant answers within a short time. Deposit and withdrawal are a breeze, with no fees charged.

On the other hand, at Pepperstone you can trade only CFDs. If you're looking for advanced features in your trading platform then you might be disappointed with MetaTrader.

Feel free to try Pepperstone since there is no inactivity fee or minimum deposit for standard accounts.

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74-89% of retail CFD accounts lose money

IC Markets is an Australia-based global forex broker that was founded in 2007. The company has several branches and is regulated by the Cyprus Securities and Exchange Commission (CySEC), the Seychelles Financial Supervisory Authority (FSA) and the Australian Securities and Investments Commission (ASIC).

IC Markets is considered safe because it is regulated by the top-tier ASIC.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% 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.

Recommended for forex and cfd traders who value easy account opening and free deposit/withdrawal options

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75% of retail CFD accounts lose money

Fees

4.4

IC Markets has low trading and non-trading fees. There is no inactivity or withdrawal fee. On the negative side, financing rates for CFDs are high.

Includes spreads, commissions, and financing rate for opening a $20k position, holding for a week, and closing.

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75% of retail CFD accounts lose money

Account opening

5.0

The account opening process at IC Markets is user-friendly and fully digital. It was also very quick, as our account was approved within a day.

If you are interested more in IC Markets minimum deposit, this overview will help you.

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75% of retail CFD accounts lose money

Deposit and withdrawal

4.9

IC Markets's deposit and withdrawal services are great, with many options available, mostly free of charge. On the negative side, international bank withdrawals are expensive.

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75% of retail CFD accounts lose money

Web trading platform

2.8

The web trading platform of IC Markets is provided by MetaTrader. It is highly customizable, available in many languages, and has a clear fee report. On the other hand, it lacks a two-step login and price alerts, and the design is outdated.

Learn more about IC Markets's web trading platform in the detailed IC Markets review.

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75% of retail CFD accounts lose money

Markets and products

1.8

At IC Markets, you can trade only forex and CFDs. This means that many popular asset classes, such as real stocks or ETFs, are not available.

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75% of retail CFD accounts lose money

Verdict

IC Markets is a great forex broker. 

Its forex fees are low and opening an account is fast and easy. Deposits and withdrawals are free and the process is user-friendly. The education section of the website is also a plus.

On the other hand, IC Markets offers only forex and CFD products for trading. In addition, live chat support could be better, and non-EU clients are not covered by any investor protection scheme.

Feel free to try IC Markets, as you can have an account within a day and there is no inactivity fee.

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75% of retail CFD accounts lose money

Axi (previously known as AxiTrader) is an Australian forex broker founded in 2007. The new brand "Axi" was launched in 2020.

Axi is regulated by multiple financial authorities worldwide, such as the Financial Conduct Authority (FCA), the Australian Securities and Investments Commission (ASIC) and the Dubai Financial Services Authority (DFSA). As such, Axi is considered safe because it is regulated by several top-tier authorities.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74.6% 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.

Recommended for forex traders familiar with the metatrader 4 platform

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74.6% of retail CFD accounts lose money

Fees

4.6

Axi has low forex and CFD fees. Non-trading fees are also low, as no withdrawal or inactivity fees are charged.

Includes spreads, commissions, and financing rate for opening a $20k position, holding for a week, and closing.

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74.6% of retail CFD accounts lose money

Account opening

4.4

Account opening at Axi is user-friendly and fully digital, but it takes a bit longer than at similar online brokers.

If you are interested more in Axi minimum deposit, this overview will help you.

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74.6% of retail CFD accounts lose money

Deposit and withdrawal

4.4

Axi charges no deposit or withdrawal fees. You can use bank card, bank transfer or e-wallets for deposits and withdrawals, but withdraw only to the same card/e-wallet you made the deposit from.

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74.6% of retail CFD accounts lose money

Web trading platform

2.8

The web trading platform of Axi (provided by MetaTrader) is highly customizable and has a clear fee report. On the other hand, its design is outdated and it lacks a two-step login and price alerts.

Learn more about Axi's web trading platform in the detailed Axi review.

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74.6% of retail CFD accounts lose money

Markets and products

1.8

Axi provides only forex and CFDs. Popular asset classes, like real stocks or ETFs, are not available.

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74.6% of retail CFD accounts lose money

Verdict

Axi is regulated by multiple authorities globally, like the UK's FCA and ASIC in Australia.

On the plus side, forex fees are low and no inactivity fee is charged. Deposits and withdrawals are also free of charge. Account opening is easy and fully digital, without any minimum deposit, which is also great.

AxiTrader has some drawbacks, though. Its product range is limited to FX and CFDs, and its research tools lack recommendations and fundamental data. In addition, customer support is only 24/5.

Feel free to try Axi, as the trading fees are low and there are no deposit, withdrawal or inactivity fees.

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74.6% of retail CFD accounts lose money

Forex Capital Markets Limited: FCA registration number 217689 (www.fxcm.com/uk)

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 67% 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 EU LTD: CySEC license number 392/20 (www.fxcm.com/eu)

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74-89% 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, is a UK-based broker offering CFDs (on shares, stock indices, forex, commodities and cryptos) trading. FXCM was established in 1999 and the majority economic owner of FXCM is Jefferies Financial Group, which is listed on the New York Stock Exchange and has a background in merchant 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). It is also regulated by the Cyprus Securities and Exchange Commission (CySEC) and South Africa’s Financial Sector Conduct Authority (FSCA).

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

Fees

4.2

FXCM has low forex 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.

Includes spreads, commissions, and financing rate for opening a $20k position, holding for a week, and closing.

Account opening

4.4

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.

Learn more about FXCM minimum deposit here.

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.

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.

Learn more about FXCM's web trading platform in the detailed FXCM review.

Markets and products

1.6

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.

Verdict

FXCM is a great forex and CFD broker. Its majority economic owner is the Jefferies Financial Group. Also it  is regulated by multiple top-tier financial authorities, including the FCA and ASIC.

FXCM’s technical research and educational tools are high-quality and well-organized.

On the other hand, FXCM's product selection is limited to only CFDs (on shares, stock indices, forex, commodities 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.

Based on our analysis, there are several good alternatives to FXCM. They all offer similar products and target similar customers. Here's a recap of the results in a table.

Still unsure? Use our broker finder and find the best broker for you or learn more about investing your money.