FXCM Review: Key Findings for 2023

It exceeds the scope of most proprietary broker platforms in that it offers trade automation and strategy development tools with backtesting and optimization capabilities. Please note that due to FCA regulation, UK retail traders are not able to trade cryptocurrencies with UK brokers. If you want access to crypto markets, you will need to sign up for an FXCM subsidiary outside of the United Kingdom. The range of markets available with FXCM is quite broad however you can find other brokers that offer more choices for each financial instrument. 39 currency pairs, for example, would put FXCM at the lower end of the broker for currency choices.

• FXCM is conducting research and education seriously, executing them well.
• If you subtract 0.2 pips from each spread, then the spreads appear to be more competitive.
• The FXCM Plus Exclusive Trading Signals service is free for Live Accounts, or available courtesy of a complementary 14-day trial.
• We compare brokers by calculating all the fees of a typical trade for selected products.
• As per our findings for this review, FXCM (Forex Capital Markets Limited) has reliable third-party trading platforms.

I think this is one of the best charting platforms out there and is ideal for anyone who like to get down to the nitty gritty of market analysis. You can get access to TradingView through a few other select brokers including Oanda. I could not find any time limitations on these accounts which is excellent, making them ideal for testing algorithmic trading solutions and new strategies.

How can I deposit into an FXCM account?

Apart from the above-mentioned, Iceland and Japan are FXCM’s retail clients’ restricted countries. Nevertheless, the FXCM website is easily accessible from anywhere across the world. Users are advised to note that the trading systems and instruments offered seldom vary from country to country. FXCM supports a wide range of payment providers making it easy to deposit and withdraw from your brokerage account. As for the credit and debit card deposits, they are often available immediately.

We strongly recommend FXCM broker for both beginner and professional traders. Seeing that the broker has suitable and favorable offers for both trader categories, all clients can benefit by signing with FXCM. With FXCM, you pay only the floating spread to trade indices and commodities, while enhanced index CFDs allow you to trade without stop and limit restrictions or re-quotes. See below the average spread costs on CFDs, and other fees like funding fees, yet for the most accurate data check the official website or FXCM platform. FXCM allows leverage trade of Forex and CFDs, this tool brings an advantage even on the smallest market moves.

To provide this service to its clients, FXCM has teamed with two well-known VPS providers. You can also get a free VPS from other brokers including Key to Markets. I think a VPS is great if https://traderoom.info/ you want to run automated systems 24/7 without your own computer switched on. ZuluTrade is one of the top social trading platforms, but not quite on par with the industry leading eToro.

I like the trading environment at FXCM, especially for high-volume traders using algorithmic trading solutions. FXCM is a very well-regulated global Forex broker with a large client base and a big reputation to maintain. All trading platforms fully support algorithmic trading, and FXCM provides four free APIs to developers on top of a wide selection of third-party plugins. The research section offers a tremendous asset to all traders and warrants an account opening to retrieve free access to it. Education is also taken very seriously with daily webinars and an excellent selection of very well-written content.

You can only withdraw money to accounts that are registered under you name. FXCM charges no withdrawal fees for credit/debit cards, but bank transfers may cost up to $40. FXCM Group (FXCM LTD) has been in the commodities and currency trading industry since 1999. FXCM is presently owned by Jefferies Financial Group, which is listed on the New York Stock Exchange.

Very poor service

I have always been treated with respect and courtesy would recommend them 100% to new traders. Besides all the benefits provided by this broker, we noticed that the range of instruments offered might be not enough for some traders, also the availability of certain assets depends on the entity. One of the biggest votes of confidence that a broker can receive is regulatory licensing from the UK’s Financial Conduct Authority (FCA). This means that relevant traders are protected by laws that segregate their funds, force pricing and instrument transparency, safeguard their data, and insure against losses in the event of insolvency. FXCM is regulated in similar fashion everywhere it operates including Australia and South Africa. Despite some regulatory hurdles experienced during FXCM’s attempts to navigate the US market, it remains a highly trusted and compliant broker in the country it’s headquartered in and elsewhere.

This can be a great way to get inspired about possible trade opportunities and to assist with making informed decisions. NeuroShell Trader’s point-and-click interface allows you to easily create complex technical analysis indicators, trading systems and neural network market forecasts without coding of any kind. This easy-to-use charting package is designed for both technical and algorithmic traders. MotiveWave specializes in Elliot Wave, Fibonacci, Gann and Ratio analysis and also allows for systematic trading using Java.

Any rates, terms, products and services on third-party websites are subject to change without notice. This enables more secure application access and is readily integrated with online apps, mobile devices, and desktop platforms. A simple online application form handles new account applications. New traders go through a quick three-step account application process at FXCM, including account verification.

FXCM is especially proud of their own Trading Station II (not to be confused with another platform TradeStation). It was built based on the feedback from FXCM traders and trading data accrued from over 10 years to meet the needs of their clients. FXCM can be compensated in several ways, which includes but are not limited to adding a mark-up to the spreads it receives from its liquidity providers, adding a mark-up to rollover, etc. Commission-based pricing is applicable to Active Trader account types. When comparing the spreads to other brokers, FXTM at first glance appears to have only average spreads.

FXCM Tradable Assets

However, for real money trading, users must make an initial deposit, which varies for the type of real accounts, which is standard and active trader accounts. FXCM’s active trader account requires users to make a minimum deposit of $25,000. As a complex trading account, it has all the features FXCM has to offer. Another unique feature of the active traders’ accounts is that users get expert advice from some of the top forex trading analysts.

The broker customer support is provided in various languages and available 24/5. They can be reached via many phone numbers listed on the website for different countries. I think they could improve by offering 24/7 support and I haven’t always had the quickest response via email. That being said, the live chat is online 24/5 so you may find that a better way of quickly speaking to someone. QuantConnect provides a comprehensive IDE designed by algo traders for algo traders. Built on the Lean Algorithmic Trading Engine, an open source cloud-based trading platform designed in C#.

As explained via Live chat 3 days ago, the trades were auto-closed due to expiration. As requested, we also tried to reach you via phone call but was not able to get a hold of you. Kindly reply Daniel’s email to discuss about your suitable time to talk and he will definitely ring you back to clarify any doubts from you. We strive to provide the best service possible, and we assure you that the quality will only improve further in the future. We are much thankful for you taking the time to evaluate our service, Raj K! We put great effort into ensuring that our clients are assisted promptly and effectively, and we are glad to hear that this was the case with your experience with Daniel as well.

Stefani Excellent Support Chat! FOLLOW-UP AWFUL!

So if you ever need anything else, do not hesitate to let us know. All information on 55brokers.com is only published for general information purposes. We do not present any investment advice or guarantees for the accuracy and reliability of the information. FXCM indeed conducts a very convenient way for account opening, so you can set up a free practice account, which allows testing the platform and experiencing account benefits.

Firstly, you need to choose your country of residence and your preferred trading platform. FXCM offers trading ideas via the Trading Signals and Technical Analyzer pages. On the other hand, it does not support fundamental data such as P/E ratios, market capitalization, and dividend yields.

There are clear portfolio and fee reports on the ‘Reports’ tab of the platform and at MyFXCM. Although it soon became the largest retail Forex broker globally, due to certain regulatory issues, FXCM’s US operations were permanently banned in February 2017. The ban was imposed as part of the settlement with CFTC (Commodity Futures Trading Commission). After the submission of the online form, the FXCM team will verify the user details. And once this is done, the registered users will receive an email sharing their MyFXCM username and password. We judged the quality and volume of research materials to be above average for the industry.

I would always prefer to use a regulated broker as it gives me the peace of mind that they will operate in an honest and transparent manner. I am pleased to see that FXCM is regulated in multiple jurisdictions which means that I wouldn’t have any problems using them for my day trading activities. FXCM has offices, partners, and affiliates in the major financial centres of the world, uniquely positioning FXCM to provide exceptional service to traders around the world. It is imperative to be aware that the products and protection can vary depending on the entity that you sign up with.

Lastly, the broker has trading instruments from a limited number of asset classes when compared to industry leaders such as IG. FXCM has a ton of educational and research resources, including market data, news, analysis, trading signals, and guides. You can also practice trading on a free demo account which can be a good way to see if the broker meets your needs whilst familiarising yourself with the platforms. The FXCM Python package is offered exclusively for the REST API and consists of CFD Python wrappers to simplify algorithmic trading solutions. This broker also provides market data, further supporting third-party automated trading solutions. Entry-level data is free of charge, while premium data comes at a (reasonable) price.

One of the key features of the platform is the free professional charting tool known as Marketscope 2.0 which consists of price alerts, charts and a wide selection of indicators. One of the key features of Marketplace is the ability to open and manage all your trades directly from the charts. This means you can perform all your trading analysis, opportunity identification and order execution all in one place.

• The following table summarizes the different investment products available to FXCM clients.
• FXCM, also known as Forex Capital Markets, is a global forex provider trading with various FXCM entities in the UK, Europe, Australia and South Africa.
• The news feed is very good and users can also use an economic calendar.
• Moreover, with crypto derivatives you do not have to worry about cold and hot crypto wallets for storing and holding your digital assets as you are only speculating on the price of the underlying asset.

I like how the broker offers free MT4 EAs and apps that can automate part or all of your strategy, saving you crucial time in technical analysis. FXCM maintains an excellent choice of trading platforms with a distinct focus on algorithmic trading. Social traders may connect to ZuluTrade, and FXCM offers services by TradingView Pro free of charge for one year to all new clients. Trading Station is fxcm review equipped with a charting package, intensive support for automated trading solutions, advanced indicators, and market data provided free of charge. FXCM offer many different platforms to suit your trading needs, including the popular MetaTrader 4 platform and their very own proprietary Trading Station. When you open an account with FXCM, you can choose to trade from any platform which is great.

Users also get free educational content when they sign up for the demo account. Keep in mind that the demo account is only available in a limited number of countries. It is a good trading software overall  and has a scripting language that allows users to develop their own indicators and scripts. MetaTrader 4 is much more accessible than Trading Station when it comes to the scripting language, but Trade Station seems to be the superior platform overall. The web platform is very similar to the desktop version, as it gives users access to videos, news, market data signals, etc. It also has almost as many charting and drawing tools as the desktop version, and a clean, intuitive interface.