FXCM Review

Author By Jeffrey Cammack
Updated: May 10, 2021
Overall Rating
4.13 4.13 / 5
Rated #25 of 57 Recommended Brokers
Min. Deposit
AUD 50
Regulators
Trading Desk
Trading Cost
USD 13
Website Language
English, Malay, Indonesian, Arabic, Chinese, Vietnamese
Support Language
English, Malay, Indonesian, Arabic, Chinese, Vietnamese
AlertAccepts Australian Clients. Average spread EUR/USD 1.30 pips on trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. MT4 & Ninja Trader platforms supported. FXCM is regulated by FCA, ASIC, and the FSCA.

Forex Australia follows a strict editorial standard in our review process. We may receive compensation when you click on links to products we review. Please read our advertising disclosure.

Summary

FXCM is a well-regulated, high-quality Forex and CFD broker offering trading on Forex, shares, indices, commodities, and cryptocurrencies.  FXCM offers a single live account with a reasonable minimum deposit of 50 USD, but spreads average at 1.3 pips on the EUR/USD, which is wider than other similar market makers.  However, no commission is charged on the standard account and no fees are charged on deposits or withdrawals.

FCXM stands out for its high-quality educational material and customer service and allows drop-ins to its local office in downtown Sydney. Clients also have the advantage of one-click order execution and trading from real-time charts across MT4, NinjaTrader, or FXCM’s award-winning Trading Station platform – which has many of MT4’s best features without the lengthy setup or complications. 

For traders looking for a big international brand with good regulation and educational resources, FXCM is a good choice.

Reviews

Regulation
11110.54.5/ 5
Trading Conditions
111104/ 5
Trading Platforms
11110.54.5/ 5
Deposit & Withdrawal
110.5002.5/ 5
Education & Research
11110.54.5/ 5
Assets Available
11110.54.5/ 5
Customer Service
111104/ 5
Beginner Friendly
Standard
Bonuses
None

Account Information

Base Currencies
AUD, USD
Number of FX Pairs
40
Copy Trading
Hedging Allowed
Scalping Allowed
Islamic Account

Trading Conditions

Min. Spread
0 pips
Commission
5 USD / lot
EUR/USD
1.3 pips
GBP/USD
1.8 pips
USD/JPY
1.4 pips
Max. Leverage
400:1

Company Details

Company Name
FXCM
Founded
1999
Website
Office Locations
Australia, South Africa, UK

Pros

  • Well regulated
  • Great platform choice
  • Excellent education
  • Innovative trading tools

Cons

  • Limited demo account

Is FXCM Safe?

FXCM has been a global FX and CFD broker since 1999. FXCM is regulated by numerous top-tier authorities, including the Financial Conduct Authority (FCA) UK, the Australian Securities and Investments Commission (ASIC), the Cyprus Exchange and Securities Commission (CySEC), and the Financial Sector Conduct Authority (FSCA) South Africa. See below for a list of FXCM registered companies:

  • FXCM LTD has been regulated in the United Kingdom by the FCA, license: 217689, since 2003.
  • FXCM Australia Pty. Limited has been regulated by ASIC, license: 309763, since 2007.
  • FXCM South Africa (PTY) Ltd has been regulated by the FSCA in South Africa, FSP No 46534, since 2016.
  • FXCM EU LTD is authorised and regulated by the CySEC under license number 392/20.

Historically, FXCM has won many of the industry’s top awards, including Best Customer Support by FX Empire in 2017, and Best Technical Tools by BROKERCHOOSER in 2019. Other awards include Best Forex Trading Platform of the Year at the Global Forex Awards in 2020 and Best Trading Tools from the Online Personal Wealth Awards in 2020.

Australian traders will be trading under the subsidiary FXCM Australia Pty. Limited, which is regulated by ASIC, as such all client funds are segregated from the operating capital of the company.   Australian traders are also afforded negative balance protection, which means that retail clients will never lose more than the total funds invested in their trading account. Note that professional clients are not entitled to negative balance protection.

Scroll for more detailsPreviousNext
Group Regulators
Trading Desk
Website
Year Founded
Office Locations
Inactivity Fee
FCA
ASIC
FSCA
CySEC
Market Maker
1999
Australia, South Africa, UK
Fees on withdrawals via Bank Transfer

Investment Offering

FXCM offers a variety of different CFDs to trade including Forex. 

Scroll for more detailsPreviousNext
Fx Pairs
CFD Investments
40
Cryptocurrencies
Forex
Indicies
Metals
Equities
Bonds
WTIs

Trading Conditions

FXCM offers commission-free trading and a simple account structure for retail traders. The minimum deposit for a live account is 50 USD, and leverage is up to 30:1 on major pairs, 20:1 on minors, and up to 10:1 on other CFDs.   Spreads average at 1.3 pips (EUR/USD), but no commissions are charged.  Lastly, FXCM allows hedging, scalping, and copy-trading, and it offers Islamic swap-free accounts. 

Account Types

FXCM offers an unlimited demo account and a single live account, which can be upgraded to a ‘Professional’ account.

Scroll for more detailsPreviousNext
Display Name
Min. Deposit
Max. Leverage
Min. Spread
Commission
Active Trader
USD 25000
400:1
0
Yes
Account Details
Standard
USD 50
400:1
1.30
None
Account Details

Standard Account

The Standard Account is a commission-free account with a minimum deposit of 50 USD, FX leverage of up to 30:1, and CFD leverage up to 10:1. Spreads are slightly wider than other similar brokers, averaging at 1.3 pips on the EUR/USD, but no commissions are charged.  Traders also have the option of becoming a Professional Trader.

Professional Account

Pro trader is an account status achieved by fulfilling the following criteria:

  • The trader has carried out transactions, in significant size, on the relevant market at an average frequency of 10 per quarter over the previous four quarters;
  • Has a financial portfolio exceeding EUR 500,000; and
  • Has worked in the financial sector for at least one year in a professional position, which requires knowledge of the products to be traded.

Professional traders are offered leverage of up to 400:1 on major pairs, and 200:1 on other CFDs.  Pro traders are also offered tighter spreads based on trading volume, but this must be discussed with your account manager.  Note that professional traders are not afforded negative balance protection. 

Scroll for more detailsPreviousNext
Broker
Trading Conditions
Base Currencies
EURUSD (Standard)
Trading Cost (Standard)
EURUSD (Best)
GBPUSD (Best)
USDJPY (Best)
Commission
111104/ 5
AUD, USD
1.30 pips
USD 13
1.3 pips
1.8 pips
1.4 pips
0.0
11110.54.5/ 5
USD, GBP, EUR, AUD, CHF, JPY, PLN, ZAR
1.40 pips
USD 14
1.9 pips
2.4 pips
1.6 pips
0.0
11110.54.5/ 5
USD
0.50 pips
USD 5
0.8 pips
2.0 pips
1.4 pips
0.0

Demo Account

FXCM offers a demo account that is loaded with 5000 USD in virtual money and expires after 30 days of inactivity.  Traders can practice trading on FXCM’s platforms, including Ninja Trader, Trading station, and MT4. 

Spreads and Commissions

FXCM Spreads

Standard account fees are included in the spread, which average at 1.3 pips* on the EUR/USD. No commissions are charged on this account.

* Average Spreads: Time-weighted average spreads are derived from tradeable prices at FXCM. Spreads are variable and are subject to delay. The spread figures are for informational purposes only. FXCM is not liable for errors, omissions, or delays or for actions relying on this information.

Deposit and Withdrawal Fees

A well-regulated broker, FXCM ensures that all Anti-Money Laundering rules and regulations are followed, and as such, all withdrawals are returned to the deposit source.  Australians can deposit and withdraw funds either by credit/debit card or via an EFT/Bank Wire Transfer.  FXCM does not charge administration fees for deposits via credit card, debit card, and bank transfer. There are also no withdrawal fees for credit or debit card transfers, but bank wire withdrawals may carry an administration charge.  Bank wire deposits take approximately three to five business days, often less, to arrive in your trading account.

FXCM Deposit

Inactivity Fee

An inactivity fee of 50 USD is charged if there is no trading activity for 12 months and a balance remaining in the account.

FXCM For Beginners

One of the major advantages of FXCM for beginner traders is the quality of the educational material they offer.

The analytical services available, while not as uniquely excellent as the education section, are also very good and will be useful to beginner and experienced traders alike.

Education Material

FXCM-Education

The education section at FXCM is exceptional when compared to its peers. It is split into five sections:

  1. New to Forex – This is a detailed, yet easy to read, breakdown of how Forex trading works and the tour of the major aspects to be aware of when trading. This covers Quotes, Pips, Spread, Leverage and Margins – not in detail, but enough for real beginners to understand the terms.
  2. Traits of Successful Traders – This is a list of best practices used by successful traders and is essential reading for new traders. This covers the importance of a Stop Loss, the effective use of Leverage and Trading Hours.
  3. Webinars – This one should be obvious from the title. Here you can catch the live webinars (every weekday at 18.00 AEST for the London Open, 23.30 AEST for the US Open and every Wednesday at 17.00 AEST for a look at the Crypto week ahead) as well look through the library of past webinars on subjects such as Learn NinjaTrader, Algo Trading, Using Fibonacci’s in Your Trading and Automated Trading.
  4. Video Library – This is the full library of FXCM’s videos. Many of these cover more prosaic topics such as Deposits and Withdrawals, or how to use the Accounts Window but this is also an excellent resource for almost any aspect of Forex trading. Some of the more useful videos are Trading from the Charts, Complex OCO Orders, Low-Volatility Trading and Price Action. I cannot overstate how important this section is for new traders. Additionally, you don’t even have to be an FXCM customer to take advantage of the video library.

In addition to the above, all live accounts have access to FXCM’s proprietary Trading Analytics tool. This tool is the result of a survey of millions of trades over the course of 2014, it is designed to highlight the areas in which you can improve your trading.

This tool can help you:

  • Visually find mistakes in your trading
  • Recognize your best trading habits
  • Improve your trading performance
  • Find out what time of day you are most successful
  • How good you are at managing your trading risk.
Scroll for more detailsPreviousNext
Broker
Beginner Course
Advanced Course
Well Structured Education
Education Quality
Webinars
Medium
Medium
High

Analysis Material

FXCM Analysis

Like other brokers, FXCM offers a complementary economic calendar and daily economic news containing some light analysis. However, FXCM takes its analytical offering one step further with Market Data Signals and the Market Scanner – tools to help traders uncover potential trading opportunities in the market.

The Market Data Signals, which are also posted to the FXCM Markets Data Twitter account, are a collection of technical signals ranging from indicator data to asset pricing and market impact.

The Market Scanner helps traders uncover potential trading opportunities based on preferred indicators and timeframes. Some traders prefer to trade a limited set of currency pairs, while others will enjoy trading unique patterns using specific indicators over longer or shorter timeframes.  In this way, the Market Scanner is a unique tool for technical traders. Still, it is important to note that it does not consider a trader’s personal circumstances and trading objectives; therefore it should not be considered investment advice. As always, be aware that past performance is not indicative of future results. 

Scroll for more detailsPreviousNext
Broker
Economic Calendar
Autochartist
Trading Central
Trading View
Free VPS

Customer Support

Support is available 24/5 via live chat, phone, email, and drop-in, and is available in 19 languages.  FXCM’s Australian office is located at Level 13, 333 George Street Sydney, NSW 2000, Australia.  For the purposes of this review, we found the customer service responsive and knowledgeable.    

Trading Platforms

FXCM supports a wide range of trading platforms, including the industry-standard platform MetaTrader 4, its award-winning proprietary platform Trading Station, Ninja Trader, and other specialty platforms. 

Trading Station

Winner of the award for Best Proprietary FX Platform 2012 from Forex Magnates, this award-winning platform has continued to impress FXCM customers.

The features are similar to MT4, including EA integration, micro-lot trading, custom indicators, strategy optimisation, strategy backtesting, and advanced charting. But in contrast to MT4, Trading Station is easy to use and requires less setup. That said, MT4 is still used by many other brokers, so traders who may switch brokers in the future might prefer to use the industry-standard software.

MetaTrader 4

MetaTrader 4 is still the industry standard even though its successor, MetaTrader 5, has been available for some time. MetaTrader 4 has been around since 2005, and most ECN and STP brokers offer its support.

The advantages of using MT4 are numerous, but most centre around the community support and the number of users that the tool boasts. Support is available for MT4 from FXCM customer support, and you will also find a wealth of guidance online.

Setting up MT4 is more involved than with Trading Station, but should you wish to change broker or operate multiple accounts at different brokers simultaneously, MT4 is a better platform choice.

Ninja Trader

Ninja Trader is another platform offered by FXCM, though it is aimed at more experienced traders. Ninja Trader has a cleaner user interface than many other more advanced software packages but is one of the favourites for traders who want to engage in auto trading. 

Speciality Platforms

FXCM-Platforms

FXCM supports a number of speciality platforms for experienced traders.

  • QuantConnect – An algorithmic trading platform with API integration.
  • MotiveWave – A platform for technical traders with advanced tools.
  • AlgoTerminal – The ultimate solution for back-testing and executing a portfolio of algorithmic trading strategies
  • AgenaTrader – A powerful platform for professional traders.
  • Sierra Chart – A professional platform with numerous 3rd party tool connections.
  • SeerTrading – An algorithmic trading platform with strong back-testing capabilities.
  • NeuroShell Trader – A technical trading platform for building custom strategies for manual and automated trading.
  • StrategyQuant – A machine learning automated trading platform.
Scroll for more detailsPreviousNext
Broker
Platform Choice
Copy Trading
Platforms
11110.54.5/ 5
NinjaTrader
111115/ 5
FxProEdge
111104/ 5
xStation5

Trading Tools

FXCM is unique in the number of algorithmic trading tools available, as well as a strong set of premium signals, a Technical Analyzer, and Trading Analytics. Additional major toolsets at FXCM are apps and API tools to build custom applications for algorithmic trading.

FXCM Plus

With a minimum deposit of 50 AUD traders get access to FXCM Plus, which has all the trading tools you need to enhance your trading experience:

  • Trading Signals – These easy-to-follow trading signals can help you decide when to buy, when to sell, and where to set your stops and limits. Signals are generated and updated in real-time 24 hours a day, 5 days a week.
  • Technical Analyzer – Discover critical technical levels on charts (three levels of support, three levels of resistance). Stay informed of important indicator crossovers like moving averages, MACD, and RSI. And view significant candlestick patterns on charts.
  • Trading Analytics – How good are you at managing your trading risk? What time of day are you most successful? FXCM’s Trading Analytics can help you answer these questions. Trading Analytics offers a simple but powerful way to visually find mistakes in your trading, recognize your best trading habits, and improve your overall trading performance.

FXCM Apps – FXCM Apps include different expert advisors, apps, and indicators, some of which are free. The FXCM App Store has add-ons for all the supported platforms and is broken down into the following areas.

  • MT4 Expert Advisors and Automated Strategies
  • Indicators
  • Scripts and Add-ons
  • Standalone Apps

Importantly, a client can claim a 100 USD coupon for the FXCM App Store with the A-to-Z Education Program, allowing clients to get started with premium applications.

FXCM-Apps

API Trading

The API trading toolset is a way for traders to build their own applications and use the APIs offered by FXCM to connect those applications to different data sources. These connections are required to build smarter algorithmic trading applications.

fxcmpy Python Package

The fxcmpy Python Package enables application builders to use a REST API in their applications, creating algorithmic trading strategies.

Mobile Apps

FXCM offers traders easy access to the Forex market with the Trading Station Mobile platform where trades can be placed and managed on the go through its simple, intuitive interface. MT4 and NinjaTrader are also available on mobile devices.

Evaluation Method

We value transparency and openness in the way we review the partners. To bring transparency to the forefront, we have published our review process that includes a detailed breakdown of the FXCM offer. Central to that process is the evaluation of the reliability of the broker, the platform offering of the broker, and the trading conditions offered to clients, which are summarised in this review. Each one of these is graded, and an overall score is calculated and assigned to the broker.

FXCM Risk Statement

Trading Forex is risky, and FXCM Australia Pty Limited would like you to know that: Trading FX/CFDs on margin carries a high level of risk, and may not be suitable for all investors. Leverage can work against you. Before deciding to trade FX/CFDs offered by FXCM Australia Pty. Limited (“FXCM AU” or “FXCM Australia”) you should carefully consider your objectives, financial situation, needs, and level of experience.

Overview

Widely respected as one of the biggest names in the Forex CFD businesses, FXCM is a well-regulated broker. Compared to other brokers, FXCM excels in platform choice, selection of trading tools, quality of educational material, and customer support.  However, its trading conditions are slightly more expensive than other similar brokers with spreads averaging at 1.3 pips on the EUR/USD. 

Overall, FXCM is a dependable choice for beginners looking for a strong, traditional and safe broker.

AlertAccepts Australian Clients. Average spread EUR/USD 1.30 pips on trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. MT4 & Ninja Trader platforms supported. FXCM is regulated by FCA, ASIC, and the FSCA.

Scroll for more detailsPreviousNext
Overall Rating
Min. Deposit
Regulation
Trading Desk Type
Trading Instruments
Forex Pairs
Crypto Pairs
Pros
Cons
Regulation
Trading Conditions
Trading Platforms
Deposit & Withdrawal
Education & Research
Assets Available
Customer Service
% Lose with this broker
Leverage
Spread
Hedging
Scalping
Account Types
Islamic Account
Trading Platforms
Funding Methods
Trading Commission
11110.54.13/ 5
AUD 50
Market Maker
Cryptocurrencies
Forex
Indicies
Metals
Equities
Bonds
WTIs
40
5
  • Well regulated
  • Great platform choice
  • Excellent education
  • Innovative trading tools
  • Limited demo account
11110.54.5/ 5
111104/ 5
11110.54.5/ 5
110.5002.5/ 5
11110.54.5/ 5
11110.54.5/ 5
111104/ 5
73.42% of retail investor accounts lose money when trading CFDs with this provider
400:1
0 pips
Active Trader
Standard
NinjaTrader
Bank Transfer
Visa
Mastercard
5 USD / lot
11110.54.24/ 5
AUD 100
Market Maker NDD
Forex
Indicies
Metals
Equities
Energies
Futures
70+
5
  • Well regulated
  • Great platform choice
  • Tight spreads
  • Limited education
111104/ 5
11110.54.5/ 5
111115/ 5
111115/ 5
1110.503.5/ 5
1110.503.5/ 5
111104/ 5
77% of retail investor accounts lose money when trading CFDs with this provider
30:1
0.60 pips
FxPro cTrader
FxPro MT4
FxPro MT5
Islamic
FxProEdge
Bank Transfer
Visa
Mastercard
Maestro
Skrill
Neteller
Unionpay
9 USD / lot
11110.54.14/ 5
USD 5
Market Maker NDD
Commodities
Forex
Indicies
Metals
ETFs
Cryptocurrencies
49
16
  • Well regulated
  • Tight spreads
  • Low minimum deposit
  • Good for beginners
  • Limited platform choice
111104/ 5
11110.54.5/ 5
111104/ 5
111003/ 5
111115/ 5
11110.54.5/ 5
111104/ 5
82% of retail investor accounts lose money when trading CFDs with this provider
500:1
0.80 pips
Islamic
Standard
xStation5
Bank Transfer
Visa
Mastercard
Skrill
Neteller
Paypal
Fees Included in Spread

Visit Broker
AlertMost retail CFD accounts lose money. Your capital is at risk.

Share your knowledge

Stay updated

This form has double opt in enabled. You will need to confirm your email address before being added to the list.

Featured Brokers

Close
>