Unfortunately, the market scanner only works for a limited number of products. FXCM users have access to a basic pack of tools plus a great selection of technical analysis tools. The charting tools are outstanding and very customizable with more than 50 available fxcm canada review indicators. 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. Always check FXCM’s website or contact their customer support for the most up-to-date information on any special offers, as promotions may change over time.
What are FXCM’s spreads?
At ForexBrokers.com, our online broker reviews are based on our collected quantitative data as well as the observations and qualified opinions of our expert researchers. Each year we publish tens of thousands of words of research on the top forex brokers and monitor dozens of international regulator agencies (read more about how we calculate Trust Score here). Today, as it has grown in size and fame, FXCM seems to be dealing with a newer problem. Along with years of experience in media distribution at a global newsroom, Jeff has a versatile knowledge base encompassing the technology and financial markets.
However, tax laws vary, so traders should consult a professional to understand their obligations. FXCM adheres to client money rules, ensuring that client funds are held in segregated accounts, separate from the company’s funds. This practice is in line with regulations like the FCA’s Client Assets Sourcebook (CASS), providing an added layer of security. Yes, FXCM is regulated by several reputable authorities, including the 🇬🇧 FCA, 🇦🇺 ASIC, 🇨🇾 CySEC, and 🇿🇦 FSCA.
Trading Hours
- This is the one of the best trading platforms when it comes to CFDs and user-friendliness.
- Partnerships with TradingView, Trading Central, and VPS providers are examples of this.
- You may use TradingView every day and conduct your demo and live trading with FXCM since it includes live quotes, stock charts, and expert trading suggestions.
FXCM has formed alliances with respected professionals in order to provide its clients with top services. Partnerships with TradingView, Trading Central, and VPS providers are examples of this. However, when compared to other brokers who provide thousands of assets, the amount of tradable assets accessible is quite restricted. I also feel they may be slightly overwhelming for beginners who may prefer the simplicity of what Trading 212 have to offer in comparison. FXCM offers reliable customer support, available 24 hours a day, 5 days a week.
Account Types
Based on my experience, credit card and debit card deposits are typically processed on the same day, though withdrawals to cards are restricted to the original deposit amount. These accounts allow for higher leverage and reduced regulatory constraints, comparable to offerings from firms such as IG. Clients who meet specific criteria based on experience, trading volume, and portfolio size may qualify for a Professional account. The CompareForexBrokers team created a trading platform selector so you can work out what trading software best matches your trading needs. I recommend you complete the short 5 step questionnaire which will help you determine your most suitable forex platform. Lag time, which naturally occurs due to the time taken between placing your order and completing your order, can see prices change.
FXCM obtains its pricing from premium liquidity providers which includes global banks and financial institutions. Some of them are Barclays Bank Plc, Citibank N.A, Deutsche Bank AG, Jefferies Financial Services, etc. FXCM’s price engine examines the price feed from the liquidity providers and selects the best price. What this all means is that you can get your trades execute quickly and at the best available prices at all times.
- 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.
- The brokerage also cut its trading fees by up to 54% in 2022, bringing it in line with other low-cost forex brokers.
- In summary, the FXCM web trading platform is highly customizable, supports heaps of order types, and has a plethora of educational resources from online Live Classrooms, to Free SMS Trade Alerts.
Then, invite friends or family to open an account, ensuring they enter your email as the referrer. Complete the steps and get rewarded once they meet the trading volume in 90 days. Once approved, you’ll get your account login credentials for MyFXCM and your chosen trading platform so you can access your account. Select your country of residence and choose your preferred trading platform, such as Trading Station or MT4. No, traders who buy or sell CFDs with FXCM do not pay stamp duty, as CFDs are derivatives. This helps traders reduce costs compared to directly trading physical securities.
How do I open an account with FXCM?
FXCM’s customer support stands out with its 24/5 availability and worldwide reach. Whether you need urgent trading help or general account assistance, the dedicated service teams are responsive, knowledgeable, and always ready to help. FXCM offers a secure trading environment backed by top-tier regulatory oversight and stringent client fund protection measures. Traders can have confidence in the safety of their investments when trading with FXCM. However, users can only trade a limited selection of forex and CFDs, and the mobile and desktop platforms are lacking in usability when compared to the competition. Spread pricing data is available on the spreads cost page on their website.
Author & Platform
These groups make sure FXCM follows strict rules and works openly, helping protect client money. FXCM also gives retail clients negative balance protection for extra safety. Although FXCM had problems in the past, it has rebuilt its name and now offers a secure place for traders around the world. For higher-volume clients, the Active Traders account offers reduced spreads and lower commissions, similar to those offered by brokers like Pepperstone.
Trading Platforms and Tools
FXCM has multiple payment options for deposits and withdrawals, including wire transfers, debit/credit cards, and e-wallets. I think they could improve by adding support for crypto payments to keep up with competitors who already so, such as InstaForex. This tool tells you about market sentiment and volatility across different trading instruments. It can be a useful tool to help gauge in which direction the market may be heading. When it comes to depositing and withdrawing, our FXCM review team was pleased to find that the broker accepts convenient methods. No matter your budget or your location, you can always fund your account with ease.
In Australia, for example, customer money is kept by Citibank, Australia, a well-established multinational bank. The ‘Financial Services Compensation Scheme’ insurance provides additional protection for European clients’ funds (FSCS). Several trading articles are available to help new traders learn the ropes.
Past performance is by no means a guarantee of what will happen in the future. FXCM’s platforms include its own Trading Station, MetaTrader 4 (MT4), TradingView, and NinjaTrader 8, all of which offer algorithmic trading. FXCM also provides ZuluTrade for social copy trading and Trader Workstation for stocks, both powered by Interactive Brokers. In addition, the broker useful tools such as VPS, hosting for its clients who want to automate their trading 24/7. FXCM offers decent spreads starting from 0.2 pips on EURUSD on the standard account with zero commission fees. These are not the lowest spreads that you will find but that is because the commission is included as a spread mark-up.
He has served as a registered commodity futures representative for domestic and internationally-regulated brokerages. Steven holds a Series III license in the US as a Commodity Trading Advisor (CTA). At first glance of FXCM’s account deposit, one may say that its requirements are rather costly than most Forex brokers, and they wouldn’t be wrong for thinking so. Recently, FXCM has been criticized for taking its brand name and recognition for granted and as an excuse to raise its prices.
This includes debit and credit cards, bank wire transfer, PayPal, Google and Apple Pay, Open Banking, Skrill, Neteller and Rapid Transfer. This represents a good selection of payment options and the absence of a crypto deposit option is the only minor complaint I have. Overnight costs are also applied for positions held after 10 pm GMT, but this is industry standard. While not a deal breaker, there is an inactivity fee charged to dormant accounts after 12 months of inactivity. The fee is up to 50 units of the currency your account is denominated in or the balance of your account, depending on which is less. This is the fastest way to fund credit accounts as deposits are instant.
The commission amount depends on the base currency of your account, which can make a difference depending on where you’re trying to go. FXCM also supports many e-wallets and alternative payment systems, including Skrill, UnionPay, PayPal, Apple Pay and Google Pay. Deposits via these methods generally process within 30 minutes to two days, and withdrawals take a similar amount of time. These levels are broadly consistent with other international brokers, though some offshore firms we’ve tested offer higher flexibility depending on your jurisdiction. Having traded since 1998, Justin is the CEO and Co-Founded CompareForexBrokers in 2004.
Compared to the industry, FXCM ranks highly in terms of regulatory oversight. However, investor protection varies by entity, with the FCA offering up to £85,000 and CySEC up to €20,000. FXCM’s strong regulation instills trust, though traders should understand the implications of each license.