Recommended for
- Investors and traders globally
Trusted broker
Regulated by top-tier financial authorities
Popularity
566
people
chose this broker in the last 6 months
BrokerChooser Score
4.4/5
FXCM review summary
FXCM is a UK-based broker offering forex and CFD trading. FXCM’s account opening process is straightforward, easy and fast. It has great technical research tools, including many technical indicators. The available educational content is high-quality. On the negative side, FXCM provides only CFDs (forex, indices, commodities, cryptos and shares), thus popular asset classes like real stocks or ETFs are missing. There is also a high fee for bank withdrawals. Lastly, the trading platforms don’t offer safer two-step authentication. BrokerChooser gave FXCM a 4.4/5 rating based on analyzing 500+ criteria and testing via opening a live account.
Is FXCM a legit broker?
See how FXCM is regulated and whether you should have any concerns using it.
FXCM pros and cons
Pros
Cons
- Fast and straightforward account opening
- Good technical research tools
- High-quality educational content
- Limited product portfolio
- High bank withdrawal fees
- No two-step authentication on trading platforms
FXCM main highlights
🗺️ Country of regulation
UK, Australia, South Africa and Cyprus
💰 Trading fees class
Low
💰 Inactivity fee charged
Yes
💰 Withdrawal fee amount
$0
💰 Minimum deposit
$50
🕖 Time to open an account
1-3 days
💳 Deposit with bank card
Available
👛 Depositing with electronic wallet
Available
💱 Number of base currencies supported
4
🎮 Demo account provided
Yes
🛍️ Products offered
CFDs (forex, indices, commodities, cryptos and shares)
Fees
FXCM has average forex and non-trading fees. There are no account, deposit, or credit/debit card withdrawal fees. However, you have to pay a $50 fee after one year of inactivity and bank withdrawal can be costly.
Account opening
The account opening process at FXCM is hassle-free, but the minimum deposit is $50 in Europe and in non-EU countries as well. Also, the account opening time is longer than usual.
Deposit and withdrawal
There are multiple options both for deposits and withdrawals, but bank withdrawals have high fees and only a few account currencies are available.
Web trading platform
FXCM’s web trading platform is extremely customizable, provides a wide range of order types and has a great search function. On the other hand, it lacks two-step authentication.
Mobile trading platform
FXCM has a good mobile trading platform. It is user-friendly, offers many order types and has a good search function. On the negative side, there is neighter two-step, nor touch/face ID login.
Desktop trading platform
FXCM’s desktop platform has great customizability and a good variety of order types. However, you cannot set price alerts.
Markets and products
FXCM provides only CFDs (on shares, stock indices, forex, commodities and cryptos). Popular asset classes, like real stocks and bonds, are not available for trading.
Research
FXCM provides great research tools for technical analysis, e.g. good charting and market screener. On the negative side, fundamental data on assets is not available.
Customer service
FXCM’s customer support is great. You can reach them in many ways and you will get fast and relevant answers.
Education
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.
Safety
FXCM is regulated by top-tier authorities, like the UK’s FCA. Its parent majority economic owner company is listed on the New York stock exchange and has a banking background.
