FXCM Review 2022: Best Trading Accounts

Introduction

The forex market is wide, and traders invest in the market for good returns with its number of instruments and offers. To trade in the market, investors need brokers who can assist and smooth the forex trade process. So, for that, there are several online brokers that work to guide traders, and FXCM is one of those brokers. 

FXCM is a highly regulated broker with various trading tools to help traders plan and analyse the market. As a result, traders can easily open an account with the broker and invest in the instruments of FXCM to earn high profits. 

The article discusses all the aspects of FXCM broker for the understanding of investors and traders of the market. 

FXCM Review: Pros and Cons

Here, we have the prominent pros and cons of the FXCM broker: 

Pros

  • Regulated and Authorised 
  • Segregated funds 
  • Minimum deposit of $ 50
  • High leverage ratio 
  • Trading Platforms 

Cons

  • Withdrawal fee
  • Limited instruments
  • No 24/7 customer support

FXCM: Regulation and Scam

FXCM forex broker is regulated and authorised by three authorities, namely, FCA, ASIC and FSCA. Thus, a three-tier jurisdiction makes it safe and secure to trade with FXCM brokers. 

Forex Capital Markets Limited is based in the United Kingdom and regulated by Financial Conduct Authority (FCA) that is licensed under the number 217689, Australian Securities and Investments Commission (ASIC) licensed 309763, and Financial Sector Conduct Authority (FSCA) licensed FSP No. 46534

The company operates under fully licensed regulators and with the guidelines of the authorities. Thus, making the broker legit and not a scam. 

FXCM Review: Trading Accounts

FXCM offers a simple trading account for the clients with a demo account to practice the trade. Investors can open active trading accounts and standard accounts to invest in the markets. FXCM broker has all the required features and functions incorporated in the accounts to trade effortlessly with the best possible services. So, let’s check out the accounts: 

Standard Account

Standard accounts are designed for retail traders who are interested in investing in the market. The account is an all day and all week support system for the traders as it backs them with access to the account whenever traders want to use it. Traders can buy and sell through the brokerage account with lower charges. Below mentioned are the features of the Standard account: 

  • Low commission 
  • Trading tools 
  • Minimum deposit of $ 50 
  • MetaTrader4 trading platform 
  • Minimum lot size of 0.1 
  • Market maker/ Dealing desk trade execution 
  • Social trading 
  • Scalping 
  • Hedging 
  • Trade automation 
  • Available base currencies 

Active Trader Account

An active trader account is designed for clients that are a bit more complex than a standard account. It has the most comprehensive market research information for traders. Investors get all the trade-related solutions and support for world wide trading. The account is for high trade volume traders that deal in high investments and profits. They can use all the features of the account to maximise their profits. Here is the list of the features and functions of an active trader account: 

  • Minimum deposit of $25000 for high equity 
  • Minimum trading lot of 0.1 
  • Commission charges applied 
  • Trading platforms 
  • Market maker/ Dealing desk trade execution 
  • Social trading 
  • Trade automation
  • Scalping 
  • Hedging 
  • Base Currencies 
  • Lowest spreads 
  • Dedicated support 

Moreover, traders are also offered Islamic trading account for Muslim traders who follow the Sharia Law. Thus, they can invest and earn as per the rules of the law and enjoy trading. Other than this, traders of FXCM brokers can enjoy a free demo account to practice trade before going live. This account helps them set strategies, analyse the market and use of the trading tools. 

FXCM Review: Account Opening

Account opening with FXCM is simple and quick; traders have to register with the broker to open an account and trade with the initial deposit. Here, we have discussed in steps the process of opening an account with FXCM brokers. 

  1. The first step of account opening needs traders to visit the official website of the broker.
  2. There they have to click on the option of live account to open a trade account. 
  3. The second step is to fill a form to register and open an account. Traders have to share personal information such as country of residence, name, email id, contact details and set a password to protect their account. 
  4. The third step of the process is to verify the details of clients, place of birth, insurance number and date of birth. 
  5. Traders also have to read the terms of the trade while opening an account. Brokers have their terms of trading, and for this, traders can go through the website in depth. 
  6. Next, traders choose the brokerage account type they want to use and deposit the minimum required amount for investments. 
  7. Thus, traders have access to the brokerage account with all the facilities.

FXCM Review: Trading Platforms 

FXCM traders can access the best and popular trading platforms with MetaTrader4, Trading Station, ZuluTrade, TradingView, Capitalise AI and NinjaTrader. The significant trading platforms of the FXCM brokers, traders interested in forex and CFD trading can use the brokerage accounts as per their requirements. Mentioned below are the features of the trading platforms in points for a better understanding of the trade: 

MetaTrader4

  • User-friendly trading platform 
  • Leading trading platform 
  • Supports trade of forex and CFDs 
  • Flexible trading platform 
  • Charts and patterns 
  • 30 built-in indicators and signals 
  • Customisable 
  • Expert advisor 
  • VPS 
  • Trading tools 

Trading Station

  • Proprietary platform of FXCM 
  • Multiple order types 
  • Advanced charting application 
  • Preloaded selected indicators 
  • Trade automation options 
  • Strategy development 
  • Backtesting 
  • Optimisation capabilities 
  • Easily downloadable 
  • Access through web or mobile devices 

ZuluTrade

  • A peer-to-peer platform 
  • Subscription option to custom built strategies 
  • Strategies 
  • Sorting functions 
  • Risk management 

NinjaTrader

  • Fully customisable 
  • Detachable windows 
  • Tabbed functions to promote efficient presentation 
  • Navigation 
  • Multiple monitors 
  • Advanced analytics 
  • Charting 
  • Automation 

FXCM Review: Trading Instruments

FXCM broker provides its clients with the following trading instruments: 

  • Forex 
  • Stocks 
  • Indices 
  • Commodities 
  • Crypto 

FXCM Review: Commission and Spreads

FXCM broker has low commission charges for the clients with an exemption for standard account holders. Investors with brokerage accounts have to pay zero commission while using the standard account. Whereas the active trader account holders have to pay commission as per the lot size traded. Also, there are withdrawal charges for the bank wire transfer services. 

Spreads are the bid and ask price difference that traders have to pay. FXCM has low spreads depending on the trading instrument and market. The spreads range from 1.3 to 2.8 pips. 

FXCM Review: Leverage

The leverage ratio is the high position loan that clients take from brokers on the initial investments. The risk of the trade increases with the leverage used. The maximum leverage provided by FXCM brokers is 30:1. 

FXCM Review: Deposit and Withdrawal

FXCM brokers have the easiest deposit system; traders can directly deposit funds in their accounts. With an account, opening traders can invest their money in trade with easy bank wire transfers and online payments. 

Similar, the withdrawal process is straightforward, with some charges for withdrawals. Traders can easily withdraw the funds within two business days as the broker verifies the trader before the transaction. 

Traders can use: 

  • Credit/Debit card 
  • ETF and Bank wire transfer 
  • E-payment via Skrill 
  • E-wallets 

 FXCM Review: Education and Research

FXCM broker offers the clients educational material to trade and learn in the process of investment. Traders can access many options with FXCM to enhance their trade skills and knowledge. Traders have webinars, articles, e-books, and a video library for the reference of the traders. 

For research purposes, traders of FXCM have: 

  • Economic Calendar 
  • Market news 
  • Charts 
  • Market scanner 
  • FXCM Plus 

FXCM Review: Customer Support

FXCM has 24 hours support for the traders who can take the help of the professionals to solve their queries regarding trade and use of the platform. Here are the details to contact the FXCM customer support team. 

  • Live Web Chat
  • Contact Number: +44 7537432259 
  • Email Address: [email protected] 
  • Customer service no.: +1 6462531491 

Final Verdict

FXCM broker is a legit broker with proper regulations and authorisation. Clients can use the various trading platforms with technical and fundamental tools to analyse the market for the best trading experience. FXCM has two accounts with significant features and functions to smooth the trade, low commission and spreads, with leverage and simple deposit and withdrawals. 

Traders would be satisfied with their services and trade smoothly with the best facilities. 

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