FXCM Review : Scam or a Good All-Round Broker?

The cutting edge feel of some of the tools coming from the broker’s exposure to institutional grade clients. The number of markets in the Demo account is only 19 “rates” but all asset classes are covered, so it is possible to trade from Bitcoin through to the Nasdaq. There are limited charting and indicator functions in the mobile version of Trading Station.

• Although financial authorities are constantly working to enhance market integrity, it’s important to take an active role one’s own in forex security.
• Active or high-volume traders can enjoy their benefits with various available interfaces, good and competitive value spreads, or offerings with advanced technical features.
• However, this is defined according to the FXCM’s entity, likewise, UK and EU clients would need GBP300 at the start.
• Still, this leading online broker ranks highly among its competitors due to its impressive number of platform choices, quality research, helpful educational resources and tight dealing spreads.
• Margin trading allows traders to hold a position much larger than the actual account value.

We look forward to continuing our relationship with you in the future, and should you have any suggestions how we can improve your trading experience here, please do not hesitate to drop us a note or call. Spot opportunities, trade and manage your positions from a full suite of mobile and tablet apps. At BrokerChooser, we consider clarity and transparency as core values. BrokerChooser is free to use for everyone, but earns a commission from some of its partners with no additional cost to you .

Lower fees, lower costs?

Accounts are opened with and are held by Friedberg Direct which clears trades through a subsidiary within the FXCM group of companies (collectively, the “FXCM Group”). Customers of Friedberg Direct may, in part, be serviced through subsidiaries within the FXCM Group. The FXCM Group does not own or control any part of Friedberg Direct and is headquartered at 20 Gresham Street, 4th Floor, London EC2V 7JE, United Kingdom.

They will also claim that it is happening by the Interbank Market Rate, but lets face it, when your positions are closed, the spread goes to them, nobody else. This is not even what I would call dubious practices, this is theft and fraud against their customers, the people who provide them with business every day. I have ran an account alongside Alpari before with exactly the same trades and margin available and been stopped out and margin called out of trades by FXCM where Alpari did not. They only issue I have had with Alpari is that sometimes you cannot get in on the positon at your desired price but the don’t steal your money and use smoke and cloud excuses to cover the theft up.

ZuluTrade, on the other hand, enables traders to copy the trades of other successful traders. The minimum deposit with this broker is $50 (€300 for EU accounts), and it does not provide any deposit bonus. Furthermore, FXCM has its proprietary trading platform as well as MT4, and Ninja Trader.

For instance, let’s say you buy and sell the EUR/GBP currency pair and during a given calendar month you reach $160 million in notional volume traded. As you reach Tier 4, you will earn $20 per million traded, giving you a total rebate of $3,200. Funds deposited via debit cards and credit cards are typically processed instantly, whereas bank wire deposits usually take 1-2 business days.

Is FXCM a legit broker?

I here them all the time say we wished all our clients were millionaires from trading with us so we can make more commission of them. Furthermore their so called specialized in house trades who run webinars provide misleading information to their clients when to buy and sell. FXCM business does not operate ethical and moral to their clients, they are in it for themselves.

I note some providers list their overnight financing per instrument in a readily accessible table, whereas others provide the information primarily in the transaction record after the event. Perhaps this has its origins in different standards prevailing across territories. The list of investment products isn’t impressive https://forexbroker-listing.com/ compared to the other big names in the forex world. FXCM offers users five cryptocurrencies that are provided through CFDs. These are Bitcoin, Etherium, Litecoin, Ripple, and Bitcoin Cash ABC. The demo account and the lessons are great if you are a beginner at forex trading and you want to practice with virtual money.

Trading Station is compatible with iOS and Android mobile devices and is available as a web and desktop app. FXCM review 2023, we cover all the key metrics from supported markets, fees and commissions, account types, mobile trading, payments, regulations, and much more. The offer of market research and analysis tools is not exactly at the top of the food chain but is certainly above-average. The offer of educational content is extensive, providing great overall forex-related education to traders of all skill levels. FXCM also provides ZuluTrade, a social and copy trading platform.

FXCM Features, Charting Tools, and Analysis

FXCM offers trading ideas via the Trading Signals and Technical Analyzer pages. On the other hand, it does not support fundamental data such as P/E ratios, market capitalization, and dividend yields. Trading cryptocurrency CFDs with FXCM appeals to many traders as they can control their position sizes with small contract sizes. For example, a single contract of BTC/USD at FXCM is the same as one percent of the underlying price of Bitcoin. FXCM users can buy and sell 40 different currency pairs including majors, minors, and exotics. These include AUD/CAD, EUR/JPY, GBP/JPY, USD/JPY, EUR/USD, USD/TRY, just to name a few.

FXCM have obviously invested considerable resources in their Cryptocurrency trading service. Our testers reported one very popular feature of Ninja Trader and one that helps them stand out from the crowd was the ability to load multiple time frames and markets on a single chart to spot evolving patterns. The attention to detail and the focus on offering a quality product has seen the firm collect many industry awards over recent years. We also use different external services like Google Webfonts, Google Maps, and external Video providers. Since these providers may collect personal data like your IP address we allow you to block them here. Please be aware that this might heavily reduce the functionality and appearance of our site.

FXCM clients also have the opportunity to choose from top-rated online platforms such as Trading Station, and MetaTrader 4. Low non-trading fees including free withdrawals to accounts accepting SEPA and BACS payments. Another benefit of CFD trading is that you can go short or long.

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Forex trading is very popular amongst beginner and experienced traders as it offers access to high levels of liquidity and often requires a low amount of capital to get started. What I am interested to know is whether FXCM is allowing their “liquidity providers” to cancel orders AFTER said liquidity providers have been matched with a retail client. To be clear, with a central exchange, or in my opinion “fair” decentralized exchange facilitation business, both parties take a RISK of putting out an order, not just one side.

The attractive features of this platform run far deeper than the aesthetics. Featuring extensive forex functionality, the brand-new Ninja Trader 8 is an industry leader in the provision of advanced analytics, charting and automation capabilities. Ninja Trader is particularly strong in terms of market liquidity and accesses the same pools of liquidity as global banks, financial institutions, prime brokers and market makers. The core of the Trading Station offering is its ability to take traders into the heart of the markets. The execution GUI is packed full of trade management and risk management tools. Time-of-trade services are based on custom indicators, strategy optimisation, strategy back-testing, and robust charting functionality.

With their history laid to rest, FXCM now offers great prices and a quality education suitable for most traders. The trading platform/website is globally great but what’s standing out is the amazing customer service and support through the chat. fxcm canada review FXCM offers a great range of educational tools, such as educational videos and webinars. Demo accounts are also available, but only for a limited set of countries. It is user-friendly, offers many order types and has a good search function.

Trading Station, MetaTrader 4 and ZuluTrader are four of the forex industry leaders in market connectivity. Spoofing is an illegal trading practice that occurs when a trader places a large buy or sell order with no intent to execute. This activity floods the market with “fake” orders, artificially influencing supply and demand. These scams can be incredibly difficult to spot and account for, but their presence must be respected in the marketplace.

67% of retail investor accounts lose money when trading CFDs with this provider. FXCM will tell you that if you read their clauses and conditons it says that during periods of volatility the spread will increase. I have seen the spread on Gold go to 10 dollars before on a weekend close.