FXCM Review 2021 – UK Broker Forex & CFDs

By | June 18, 2021

Fxcm is the first broker to provide online brokerage services. It is a UK-based broker offering trade in forex and CFDs.The broker provides 4 platforms to trade on and good customer service. This FXCM review is going to give an overview of the company and its products and services offered.

About FXCM :

FXCM Review

FXCM was founded in 1999 and is owned by a top financial group. The company is listed on the New York Stock Exchange(NYSE). 100% owned by Jefferies Financial Group. It provides trading assets like forex, shares, commodities, indices, and cryptocurrencies.

Serves countries like; UK, Australia, France, India, Israel and many others. 

FXCM operates its offices and branches in three major financial centers:
  • London, UK: Forex Capital Markets Limited (“FXCM LTD”) 
  • Sydney, Australia: FXCM Australia PTY Limited (“FXCM Australia”) 
  • Paris, France:  Forex Capital Markets Limited (“FXCM France”)

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Products Offered :

FXCM Products

FXCM provides only forex and CFDs for trading. 

It offers 39 pairs of different currency : AUD/CAD, GBP/CHF, AUD/CHF, GBP/JPY, AUD/JPY, GBP/NZD, AUD/NZD, GBP/USD, AUD/USD, NZD/CAD, CAD/CHF, NZD/CHF, CAD/JPY, NZD/JPY, CHF/JPY, NZD/USD, EUR/AUD, TRY/JPY, EUR/CAD, USD/CAD, EUR/CHF, USD/CHF, EUR/GBP, USD/CNH, EUR/JPY, USD/JPY, EUR/NOK, USD/MXN, EUR/NZD, USD/NOK, EUR/SEK, USD/SEK, EUR/TRY, USD/TRY, EUR/USD, USD/ZAR, GBP/AUD, ZAR/JPY, GBP/CAD.

FXCM provides trade-in 8 pairs of cryptocurrencies, under 4 types; Bitcoin, Ethereum, Litecoin, and Ripple.

FXCM offers different types of forex baskets and stock baskets. 

Forex Baskets :

  • US DOLLAR (The Dow Jones FXCM Dollar Index Basket)
  • JPYBasket (Yen Index)
  • EMBasket (Emerging Markets Index)

Stock Baskets : 

  • FAANG — Facebook Inc, Amazon.com Inc, Apple Inc, Netflix Inc, Alphabet Inc. Class C (Google) 
  • BIOTECH — AbbVie Inc, Amgen Inc, Gilead Sciences, Bristol-Myers Squibb Co, Vertex Pharmaceuticals Incorporated
  • CANNABIS — Tilray Inc, GW Pharmaceuticals PLC, Canopy Growth Corp, Aurora Cannabis Inc, Cronos Group Inc, Innovative Industrial Properties Inc 
  • ESPORTS — Adv Micro Devices, Nvidia, Electronic Arts, Activision, Sony 
  • CHINA E-COMMERCE — Alibaba, Trip.com, JD.com Inc, Pinduoduo Inc, Tencent Music Entertainment Group

FXCM Account Type :

Account opening at FXCM is easy and hassle-free. However, a minimum deposit is required for opening an account in FXCM. 

What is the minimum deposit at FXCM?

A minimum deposit of $300 is required in Europe, whereas only $50 is required in non-European countries.

Types of accounts offered :

FXCM Account
  • Individual – Standard
  • Individual – Active Trader
  • Joint
  • Corporate

Fees :

FXCM fees snapshot.

Assets Fee Terms
EURUSDThe fees are built into the spread; 1.4 pips are the average
spread cost during peak trading hours.
GBPUSDThe fees are built into the spread; 2 pips are the average
spread cost during peak trading hours.
S&P 500 CFDThe fees are built into the spread; 0.45 points is the average
spread cost during peak trading hours.
Inactivity fee$50 per year after one year of inactivity

Deposit fees :

FXCM does not charge any deposit fees. The deposit can be made in following ways:

  • Bank transfer
  • Credit/Debit card
  • Skrill
  • Neteller
  • UnionPay

Withdrawal fees :

*It does not charge any withdrawal fee for debit/credit cards. But charges up to $40 for bank transfer 

Trading Platform :

FXCM Trading Platform

Along with three basic types of platforms, it provides you with other different kinds of trading platforms. 

They are:

  • Trading Station 
  • MetaTrader 4 
  • NinjaTrader
  • ZuluTrade 
  • TradingView

Research and education tools :

FXCM provides a range of research tools. It provides charts, trading ideas, a news feed, and an economic calendar. Via the help of these tools, one can easily understand the basics of trading.

Charts are easy to understand and comprehensible. In addition, one can look for all the real-time updates in the news feed at the time of trading. 

They also offer good quality educational products. Video lectures, webinars, ebooks, and articles are good sources of information for a beginner and an experienced trader. Demo accounts also play a good role in teaching the basics of operations.

Pros/Cons

ProsCons
Fast and hassle-free account opening Limited product portfolio
High-quality educational content No two step authentication
Low financing rate Higher bank withdrawal fees 
 Free credit/debit card withdrawalNo price alerts
Good customizability No fundamental data available 

Customer Service :

FXCM Customer Service

You can contact them via:

  • Live chat
  • Phone 
  • Email
  • The only drawback is 24/7 service is not available.

Is FXCM safe ?

Is FXCM Safe

FXCM investor protection 

Country of clientsProtection amountRegulatorLegal entity
EU£85,000FCAForex Capital Markets Limited
AustraliaNo protectionASICFXCM Australia Pty. Limited
South Africa and some other African countriesNo protectionFSCAFXCM South Africa Pty. Limited
All other countriesNo protection
FXCM Markets Limited

Bottom line :

FXCM has a good name for forex trading.

Top financial institutions regulate it. It has a good transaction history. The benefit it has is that it provides quality educational and research tools. 

The drawback lies in limited product availability and customer support.

But overall, it is a good experience to work on FXCM; as the inactivity fee hits after a year, one can definitely try this. 


FAQs

Can I move my wallet of cryptocurrency?

They only offer the ability to buy and sell cryptocurrency at this time. Furthermore, they do not allow wallets to be moved.

How long does stock transfer take?

It takes almost 5-7 days to complete the transfer. It may take more days if it is taking place from FXCM to any other account.

When can I trade crypto?

You can trade crypto anytime 7 days a week. But it will be unavailable from 5:30 pm–6:30 pm ET for regular maintenance & settlement.

FXCM Review

7.8

Products Offered

7.5/10

Account Types

8.0/10

Service

7.5/10

Fees

8.0/10

Pros

  • High quality educational content
  • Low financing rate
  • Good customizability

Cons

  • Limited product portfolio
  • No price alerts
  • No fundamental data available
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