FXCM Review: Is FXCM any good?
FXCM Broker Overview and General Information
FXCM is a major British Forex broker, part of Jefferies Financial Group Merchant. Founded in 1999, FXCM has offices in the UK, Germany, Australia, France, Italy, Greece, Hong Kong and South Africa. It also has partners around the world, including Canada and Israel. In addition to Forex trading, FXCM also offers CFDs on stocks, commodities and cryptocurrencies. For more information, visit the FXCM website.
Licenses that FXCM Broker holds
All services and products accessible through the website www.fxcm.com/th are provided by Stratos Global LLC, registered at Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines. And if you ask whether FXCM is good or not, you have to start by considering the licensing factor first. The broker has the following licenses:
Australian Securities and Investments Commission (ASIC) License No. AFSL 309763 under Stratos Trading Pty. Limited
Financial Sector Conduct Authority (FSCA) License No. 46534 under STRATOS SOUTH AFRICA (PTY) LTD.
FXCM EU LTD is a Cyprus Investment Firm (“CIF”) registered with the Cyprus Department of Registrar of Companies (HE 405643) and is authorised and regulated by the Cyprus Securities and Exchange Commission (“CySEC”) under license number 392/20.
Financial Conduct Authority (FCA) License No. 217689 under Stratos Markets Limited.
⚠️Warning: The Financial Conduct Authority (FCA) has issued a regulatory licence number 217689 warning that Stratos Markets Limited has been the subject of regulatory or disciplinary action which may have occurred in the past or may have affected its current regulatory activities and that due diligence is advised before investing.
Products and services from FXCM Broker
FXCM offers a wide range of trading products including indices, commodities, forex, stocks and cryptocurrencies.
Commodities
Trade major commodities such as gold, silver, crude oil and natural gas. Commodity trading allows investors to diversify their portfolios and profit from commodity price fluctuations effectively.
Forex
A wide range of Forex trading services, including major, minor and exotic currency pairs to trade. With competitive spreads and fast order execution, traders can confidently speculate on the movements of the Forex market.
Stocks
Traders can invest in shares of leading companies from around the world through FXCM. Stock trading allows investors to access global stock markets and take advantage of stock price movements to increase their profit potential.
Index
Invest in leading indices from major global markets such as the S&P 500, NASDAQ, FTSE 100 and DAX 30. Indices trading allows traders to speculate on the movement of stock indices effectively.
Cryptocurrencies
Cryptocurrency trading services include Bitcoin, Ethereum, Litecoin, and Ripple. Cryptocurrency trading allows traders to access the crypto market and speculate on cryptocurrency price fluctuations 24 hours a day.
FXCM Trading Platforms and Tools
FXCM offers a variety of trading platforms, including MetaTrader 4, Trading Station, and NinjaTrader. There is also ZuluTrade for copy trading. These platforms come with advanced technical analysis and graphical tools to help traders analyze the market and make better trading decisions.
FXCM Trading Platform Features Comparison Table
|
Trading Station |
Metatrader 4 |
ZuluTrade |
1K Micro Lots |
✔️ |
✔️ |
✔️ |
Automatic Trading |
✔️ |
✔️ |
✔️ |
Pre-Loaded Strategy |
✔️ |
✔️ |
✔️ |
Advanced Backtesting |
✔️ |
✔️ |
|
Trading via charts |
✔️ |
✔️ |
|
One-click trading |
✔️ |
✔️ |
|
Email/SMS notification |
✔️ |
✔️ |
|
Customizable indicators |
✔️ |
✔️ |
|
Desktop |
✔️ |
✔️ |
|
Web and Mobile |
✔️ |
✔️ |
✔️ |
Copy Trading |
|
|
✔️ |
Considerations:Trading Station and MT4 lack Copy Trading feature
Zulutrade does not have many features like Trading Station and MT4, but it does allow Copy Trading.
Some users have reported frequent slippage, where orders may not be executed at the desired price and orders may sometimes be delayed in execution.
FXCM Broker Account Types
FXCM broker offers only two account types to choose from: Standard Account and Active Trader Account.
Standard Account
Minimum deposit: $50
Leverage: Up to 30:1 (depending on jurisdiction)
Spread: Variable Spread
Trading platforms: MT4, Trading Station, NinjaTrader, ZuluTrade
Instruments: Forex, CFDs on indices, commodities, cryptocurrencies and more.
Consider: No dedicated support or special benefits like premium research and API trading
Active Trader Account
Minimum deposit: $25,000
Leverage: Up to 30:1 (depending on jurisdiction)
Spreads: Spreads are lower than standard accounts.
Commission: Reduced commission rates
Trading platforms: MT4, Trading Station, NinjaTrader, ZuluTrade
Instruments: Forex, CFDs on indices, commodities, cryptocurrencies and more.
Additional benefits: Dedicated support, Premium research, API trading
Considerations: This account type is suitable for experienced traders with large sums of money, it may not be suitable for beginners or traders with limited budgets.
Pros and Cons of FXCM
Pros :
Cons :
The spread is quite expensive.
Live Chat does not support Thai language.
The minimum deposit is quite high, not suitable for beginners.
There are few account types to choose from.
There are few products to trade.
Leverage is quite low compared to other brokers in the market.
It takes a long time to withdraw money, it may take 3 days or more.
MT5 is not supported
Office location and contact channels
Location 20 Gresham Street, 4th Floor, London EC2V 7JE, United Kingdom.
Contact channels:
FXCM Broker Overview Summary
Overall, FXCM is a good choice for investors who want a copy trading service and features that are convenient for investors. However, FXCM has faced legal issues and penalties from financial regulators in the past, which has caused some investors to be concerned about the company's credibility. In addition, withdrawals take a long time, up to 3-4 days or more. With these limitations, investors should study the information and understand the risks that may occur before investing every time in order to choose a service that best meets and aligns with their needs and risk tolerance.
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FXCM Review Compare spreads, fees, trading platforms, deposit and withdrawal conditions and more with real user reviews to help you decide which broker suits your needs.
