FXCM Alternatives

May 2019
Our top picks for FXCM alternatives
Pepperstone Oanda
FXCM Alternatives

The best alternatives to FXCM are

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

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

FXCM alternatives comparison
FXCMPepperstoneOandaIC MarketsForex.com
Overall score4.34.44.24.54.3
Fees score 4 stars 4 stars 3 stars 5 stars 3 stars
Account opening score 4 stars 4 stars 4 stars 5 stars 4 stars
Deposit and withdrawal score 4 stars 4 stars 4 stars 5 stars 4 stars
Web platform score 3 stars 4 stars 5 stars 4 stars 4 stars
Markets and products score 1 stars 1 stars 1 stars 1 stars 1 stars
Visit broker Visit broker Visit broker Visit broker Visit broker

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 processes
  • Pepperstone is recommended for forex traders aiming for a good customer service
  • Oanda is recommended for price sensitive forex and traders
  • IC Markets is recommended for forex traders preferring easy account opening and free deposit and withdrawals
  • Forex.com is recommended for forex traders looking for great research tools and customer service

Important factors of finding FXCM alternatives

So far Brokerchooser has reviewed 29 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!


FXCM

FXCM logo

FXCM, or Forex Capital Market, is a London-based forex broker that also offers some CFDs. FXCM was established in 1999 and has two main shareholders: Jefferies Financial Group and Global Brokerage. Both parent companies are listed on stock exchanges.

FXCM is considered safe, as it is regulated by top-tier financial authorities, like the UK FCA and the Australian ASIC.

FXCM is a forex and CFD broker. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 79.79% 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.

Best technical tools

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

Pros
  • Low trading fees and financing rates
  • Good technical research tools
  • Fast and straightforward account opening
Cons
  • Limited product portfolio
  • Poor mobile platform
  • Poor desktop trading platform

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FXCM
Fees 4 stars

FXCM offers low trading fees and average non-trading fees.
Pros
  • Low trading fees
  • No withdrawal fee
  • Low financing rate
  • Transparent fee structure
Cons
  • Inactivity fee
FXCM alternatives trading fees
FXCMPepperstoneOandaIC MarketsForex.com
EURUSD benchmark fee$13.8$17.6$19.4$15.7$14.6
EURGBP benchmark fee$16.4$14.1$14.7$12.0$15.7

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

More Visit broker

FXCM
Account opening 4 stars

The account opening process at FXCM is hassle-free and straightforward. Furthermore, there is no minimum balance requirement.
Pros
  • Fully digital account opening
  • No minimum account balance
  • User-friendly
Cons
  • Account opening takes several days
FXCM alternatives minimum deposit and account open times
FXCMPepperstoneOandaIC MarketsForex.com
Minimum deposit$0$0$0$200$50
Time to open account1-3 days1-3 days1-3 days1 day>3 days

Learn more about the FXCM minimum deposit here.

More Visit broker

FXCM
Deposit and withdrawal 4 stars

There are several options both for deposit and withdrawal. Also, the deposit is free of charge. On the negative side, withdrawal can be slow.
Pros
  • Credit/Debit card deposit and withdrawal
  • No deposit fee
  • User-friendly
Cons
  • Slow funding and withdrawal - over 3 days
  • Withdrawal fee for bank transfer can be high
FXCM and alternatives withdrawal options and fees
FXCMPepperstoneOandaIC MarketsForex.com
Bank TransferYesYesYesYesYes
Credit/Debit cardYesYesNoYesYes
Electronic walletsNoYesNoYesNo
Withdrawal fee$0$20$35$0$0

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FXCM
Web trading platform 3 stars

FXCM's trading platform is extremely customizable. It also offers a lot of order types. On the other hand, there is no two-step login and setting alerts is a pain.
Pros
  • Clear fee report
  • Good customizability (for charts, workspace)
  • Available in several languages
Cons
  • No two-step (safe) login
  • Setting alerts is complicated
FXCM - Web trading platform
FXCM and alternatives trading platform scores
FXCMPepperstoneOandaIC MarketsForex.com
Web platform score 3 stars 4 stars 5 stars 4 stars 4 stars
Mobile platform score 2 stars 4 stars 4 stars 4 stars 4 stars
Desktop platform score 3 stars 4 stars 3 stars 4 stars 3 stars

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

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FXCM
Markets and products 1 stars

At FXCM you will only have access to some forex, some CFDs, and Bitcoin trading.
FXCM and alternatives markets and products
FXCMPepperstoneOandaIC MarketsForex.com
StockNoNoNoNoNo
ETFNoNoNoNoNo
ForexYesYesYesYesYes
FundNoNoNoNoNo
BondNoNoNoNoNo
OptionsNoNoNoNoNo
FuturesNoNoNoNoNo
CFDYesYesYesYesYes
CryptoYesYesNoYesYes

More Visit broker

#1 FXCM alternative - Pepperstone
Pepperstone

Pepperstone logo

Pepperstone is an Australian forex broker that also offers some CFDs. It was established in 2010 and opened a London office in 2015 to better serve European clients.

Pepperstone is considered safe, as it is regulated by top-tier financial authorities, like the UK FCA and the Australian ASIC.

Pepperstone is a forex and CFD broker. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 78% 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.

Best customer support

Recommended for forex traders aiming for a good customer service

Pros
  • Great customer service
  • User-friendly and fast account opening
  • Easy-to-use and good-looking platforms
Cons
  • Limited product portfolio
  • Limited research
  • Limited education

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Pepperstone
Fees 4 stars

Pepperstone has low trading fees and average non-trading fees. It has no inactivity fee. On the negative side, the withdrawal fee is high.
Pros
  • Low trading fees
  • No inactivity fee
  • Transparent fee structure
Cons
  • Withdrawal fee
FXCM vs. Pepperstone: Trading fees
PepperstoneFXCM
EURUSD benchmark fee$17.6$13.8
EURGBP benchmark fee$14.1$16.4

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

More Visit broker

Pepperstone
Account opening 4 stars

Pepperstone account opening is great. It is fully digital and user-friendly. On the negative side, it can take several days.
Pros
  • Fully digital account opening
  • User-friendly
  • Many account types
  • No minimum deposit for Standard Account
Cons
  • It can take 4-5 business days
FXCM vs. Pepperstone: Minimum deposit, time to open an account
PepperstoneFXCM
Minimum deposit$0$0
Time to open account1-3 days1-3 days

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

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Pepperstone
Deposit and withdrawal 4 stars

Pepperstone offers a lot of deposit options, which are user-friendly. However, the withdrawal fees are high.
Pros
  • User-friendly
  • Free bank and electronic wallets deposit
  • Free credit and debit cards withdrawal
Cons
  • High withdrawal fee
FXCM vs. Pepperstone: Withdrawal options
PepperstoneFXCM
Bank TransferYesYes
Credit/Debit cardYesYes
Electronic walletsYesNo
Withdrawal fee$20$0

More Visit broker

Pepperstone
Web trading platform 4 stars

Pepperstone offers only third-party trading platforms. We tested cTrader, which is a great platform: it is well-designed and user-friendly. On the negative side, it lacks the two-step login.
Pros
  • User-friendly
  • Good search function
  • Good customizability (for charts, workspace)
Cons
  • No two-step (safe) login
Web trading platform of Pepperstone, a FXCM alternative
FXCM vs. Pepperstone: Trading platform scores
PepperstoneFXCM
Web platform score 4 stars 3 stars
Mobile platform score 4 stars 2 stars
Desktop platform score 4 stars 3 stars

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

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Pepperstone
Markets and products 1 stars

At Pepperstone you can only trade with forex, some CFDs, and cryptos.
FXCM vs. Pepperstone: Markets and products
PepperstoneFXCM
StockNoNo
ETFNoNo
ForexYesYes
FundNoNo
BondNoNo
OptionsNoNo
FuturesNoNo
CFDYesYes
CryptoYesYes

More Visit broker

#2 FXCM alternative - Oanda
Oanda

Oanda logo

Oanda is an American FX broker established in 1996. It is considered safe, as it is regulated by top-tier financial authorities, like the UK FCA and the Australian ASIC.

Oanda is a forex and CFD broker. 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.

Best API

Recommended for price sensitive forex and traders

Pros
  • Easy-to-use web trading platform
  • Easy and digital account opening
  • Powerful research tools
Cons
  • Only FX, and some CFDs
  • Poor customer service
  • Pricey withdrawal

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Oanda
Fees 3 stars

Oanda offers low trading fees and high non-trading fees. The withdrawal fee can be really high.
Pros
  • Low trading fees
Cons
  • Withdrawal fee
  • High financing rate
  • Financing rate calculation is non-transparent
FXCM vs. Oanda: Trading fees
OandaFXCM
EURUSD benchmark fee$19.4$13.8
EURGBP benchmark fee$14.7$16.4

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

More Visit broker

Oanda
Account opening 4 stars

Oanda account opening is hassle-free and straightforward. There is no minimum balance required. On the other hand, the sales team is pushy.
Pros
  • Fast account opening
  • Fully digital account opening
  • No minimum account balance
Cons
  • Sales team pushy
  • It can take up to 3 business days
FXCM vs. Oanda: Minimum deposit, time to open an account
OandaFXCM
Minimum deposit$0$0
Time to open account1-3 days1-3 days

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

More Visit broker

Oanda
Deposit and withdrawal 4 stars

You can use many options for both deposit and withdrawal, and the first withdrawal is free for cards. However, the withdrawal can take long and the withdrawal fee can be high.
Pros
  • Several account base currencies
  • User-friendly
  • First withdrawal is free for credit/debit cards and electronic wallets
Cons
  • High withdrawal fee
  • Slow funding and withdrawal - over 3 days
FXCM vs. Oanda: Withdrawal options
OandaFXCM
Bank TransferYesYes
Credit/Debit cardNoYes
Electronic walletsNoNo
Withdrawal fee$35$0

More Visit broker

Oanda
Web trading platform 5 stars

The Oanda trading platform is great. It is very user-friendly with great customizability and good search functions. On the other hand, you cannot set price alerts.
Pros
  • User-friendly
  • Good search function
  • Good customizability (for charts, workspace)
Cons
  • No price alerts
Web trading platform of Oanda, a FXCM alternative
FXCM vs. Oanda: Trading platform scores
OandaFXCM
Web platform score 5 stars 3 stars
Mobile platform score 4 stars 2 stars
Desktop platform score 3 stars 3 stars

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

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Oanda
Markets and products 1 stars

At Oanda, you can trade only forex and some CFDs.
FXCM vs. Oanda: Markets and products
OandaFXCM
StockNoNo
ETFNoNo
ForexYesYes
FundNoNo
BondNoNo
OptionsNoNo
FuturesNoNo
CFDYesYes
CryptoNoYes

More Visit broker

#3 FXCM alternative - IC Markets
IC Markets

IC Markets logo

IC Markets is an Australian forex broker offering some CFDs too. It was founded in 2007.

IC Markets is considered safe because it is regulated by the top-tier Australian regulator, the Australian Securities and Investments Commission (ASIC).

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 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 preferring easy account opening and free deposit and withdrawals

Pros
  • Low fees
  • Easy and fast account opening
  • Free deposit and withdrawal
Cons
  • No investor protection
  • No negative balance protection
  • Only forex, CFD, and crypto trading is provided

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IC Markets
Fees 5 stars

IC Markets has low trading and non-trading fees.
Pros
  • Low trading fees
  • Low non-trading fees
  • No withdrawal fee
Cons
None
FXCM vs. IC Markets: Trading fees
IC MarketsFXCM
EURUSD benchmark fee$15.7$13.8
EURGBP benchmark fee$12.0$16.4

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

More Visit broker

IC Markets
Account opening 5 stars

The account opening at IC Markets is user-friendly and fully digital. It was also very fast, it took only 1 day until our account was approved.
Pros
  • Fast account opening
  • Fully digital account opening
  • User-friendly
Cons
None
FXCM vs. IC Markets: Minimum deposit, time to open an account
IC MarketsFXCM
Minimum deposit$200$0
Time to open account1 day1-3 days

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

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IC Markets
Deposit and withdrawal 5 stars

IC Markets does great at deposit and withdrawal. There are no fees for deposit and withdrawal. You can also use a lot of options for transferring money.
Pros
  • Credit/Debit card deposit and withdrawal
  • Free withdrawal
  • User-friendly
Cons
None
FXCM vs. IC Markets: Withdrawal options
IC MarketsFXCM
Bank TransferYesYes
Credit/Debit cardYesYes
Electronic walletsYesNo
Withdrawal fee$0$0

More Visit broker

IC Markets
Web trading platform 4 stars

IC Markets offers only third-party trading platforms. We tested cTrader which is a great platform. It is well designed and user-friendly. On the flip side, it lacks the two-step login.
Pros
  • User-friendly
  • Good search function
  • Good customizability (for charts, workspace)
Cons
  • No two-step (safe) login
Web trading platform of IC Markets, a FXCM alternative
FXCM vs. IC Markets: Trading platform scores
IC MarketsFXCM
Web platform score 4 stars 3 stars
Mobile platform score 4 stars 2 stars
Desktop platform score 4 stars 3 stars

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

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IC Markets
Markets and products 1 stars

At IC Markets, you can trade only forex, some CFDs, and cryptos. It lacks real stock, fund, bonds, options, and futures asset classes.
FXCM vs. IC Markets: Markets and products
IC MarketsFXCM
StockNoNo
ETFNoNo
ForexYesYes
FundNoNo
BondNoNo
OptionsNoNo
FuturesNoNo
CFDYesYes
CryptoYesYes

More Visit broker

#4 FXCM alternative - Forex.com
Forex.com

Forex.com logo

Forex.com was founded in 2001 and it is a global forex broker. It is regulated by top tier regulators, like the UK FCA or the US CFTC.

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

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% of retail investor accounts lose money when trading 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 great research tools and customer service

Pros
  • Low forex fees
  • Great variety of currency pairs
  • Superb technical research tools
Cons
  • Limited product portfolio
  • High stock CFD fees
  • Not user-friendly desktop trading platform

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Forex.com
Fees 3 stars

Forex.com has average trading and average non-trading fees. It has low forex but high stock CFD fees. Its financing rates are low.
Pros
  • No withdrawal fee
  • Low financing rate
Cons
  • Inactivity fee
FXCM vs. Forex.com: Trading fees
Forex.comFXCM
EURUSD benchmark fee$14.6$13.8
EURGBP benchmark fee$15.7$16.4

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

More Visit broker

Forex.com
Account opening 4 stars

Forex.com account opening is fully digital and you can choose from more account types. But, the account opening can take more days.
Pros
  • Fully digital account opening
  • User-friendly
  • Many account types
Cons
  • Slow account opening
FXCM vs. Forex.com: Minimum deposit, time to open an account
Forex.comFXCM
Minimum deposit$50$0
Time to open account>3 days1-3 days

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

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Forex.com
Deposit and withdrawal 4 stars

Forex.com deposit and withdrawal are free and user-friendly. However, the withdrawal can take long.
Pros
  • Credit/Debit card deposit and withdrawal
  • Free withdrawal
  • No deposit fee
Cons
  • Lengthy withdrawal - over 3 days
FXCM vs. Forex.com: Withdrawal options
Forex.comFXCM
Bank TransferYesYes
Credit/Debit cardYesYes
Electronic walletsNoNo
Withdrawal fee$0$0

More Visit broker

Forex.com
Web trading platform 4 stars

Forex.com web trading platform is user-friendly and extremely customizable. It has also a lot of order types. On the flip side, there is no two-step login and we found a couple of bugs.
Pros
  • User-friendly
  • Good customizability (for charts, workspace)
  • Good variety of order types
Cons
  • No two-step (safe) login
  • Bugs
Web trading platform of Forex.com, a FXCM alternative
FXCM vs. Forex.com: Trading platform scores
Forex.comFXCM
Web platform score 4 stars 3 stars
Mobile platform score 4 stars 2 stars
Desktop platform score 3 stars 3 stars

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

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Forex.com
Markets and products 1 stars

At Forex.com, you can trade only with forex, CFDs, and cryptos. Other asset classes, like real stocks or funds, are not available.
FXCM vs. Forex.com: Markets and products
Forex.comFXCM
StockNoNo
ETFNoNo
ForexYesYes
FundNoNo
BondNoNo
OptionsNoNo
FuturesNoNo
CFDYesYes
CryptoYesYes

More Visit broker

FXCM alternatives
Bottom line

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.

FXCM alternatives
BrokerInfoRecommended for
FXCMUK-based forex brokerForex traders looking for easy account opening, funding, and withdrawal processes
PepperstoneAustralian forex brokerForex traders aiming for a good customer service
OandaAmerican FX brokerPrice sensitive forex and traders
IC MarketsAustralian forex brokerForex traders preferring easy account opening and free deposit and withdrawals
Forex.comGlobal FX and CFD brokerForex traders looking for great research tools and customer service

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

AUTHOR

Dan Sallai
Dan Sallai
CMO
My goal is to help people find our resourceful content when they need the most. I combine my 10+ years online marketing experience with the team's finance knowledge to reach that every day. On the side I'm paying bowling, tennis and enjoy spending great time with my children.
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