FXCM CFD Broker Review 72

Indeed, FXCM (Forex Capital Markets) is one of the pioneers of the online trading world. The operation was founded way back in 1999, which – in internet terms – makes it downright ancient. The brokerage has a rather rough history to look back on too, which included a near-bankruptcy situation at one point.

Overview

The operation was founded in New York, but unsurprisingly, nowadays, its headquarters are located in London. FXCM maintains offices in several other countries too though. Its operations extend to Australia, Italy, and France, and it is regulated/licensed in every one of those locations.

FXCM made the news for not exactly the most savory of reasons, back in 2015-2016. The massive tweaking of the price of the Swiss Franc, in relation to the Euro, sent the markets into a brief tailspin at the time, and it impacted FXCM especially hard, due to its massive exposure. Long story short: the operation lost some $225 million, due to the said CHF tweak, and that called for a reshuffling of the company capital. This restructuring process ended up bringing aboard Leucadia National Corporation, to the tune of about $300 million. That is the reason why to this day, FXCM is designated a “Leucadia Company”. That, and of course the fact that its chairman of the board is a Leucadia employee.

In the UK, the brand is represented by Forex Capital Markets Limited, a company registered in England and Wales, under Companies House number 04072877. Registered with and regulated by the FCA (reg. number: 217689), the operation can legally peddle its online trading services all over the UK and the EEA.

FXCM Australia Pty Ltd. is the Australian branch of the operator. As such, it is licensed by ASIC – one of the most exigent national regulators – (under license number AFSL 309763) and it is registered in Australia, under ACN number 121934432. There are a couple of other, unlicensed, corporate entities in the FXCM fold too: FXCM Markets and FXCM Global Services LLC.

Why should you pick FXCM as your top trading destination? The brokerage offers more than decent market-selection, good trading conditions and decent leverage (maxed out at 1:400). Its trading platforms are also rather interesting. Free live trading signals are part of the FXCM package too.

Account Types

FXCM offers a free demo option for those looking to first dip but a toe into the potentially treacherous waters of online spread betting and CFD trading. The demo accounts feature some GBP 5,000 in virtual funds and they give traders access to live prices, as well as to the full selection of tradable assets featured by the brokerage.

In terms of real money accounts, we’re looking at 3 distinct options: the Standard Trading Account requires a minimum deposit of only $50. Needless to say, this is the most accessible account option at the site. The maximum available leverage is 1:200 on CFDs and 1:400 on Forex.

The Premium Trading Account features slightly more currency pairs than the Standard one, and the same number of CFDs. The minimum deposit requirement for this one is $20,000 though – quite a leap from the $50. The maximum available leverage is 1:100 on currencies and 1:200 on CFDs with this account.

The PAMM account is aimed at managers who handle the trading accounts of several clients and as such, it is indeed massively different from the accounts described above.

Trading Platform/Software

Interestingly, FXCM’s “flagship” trading platform is an in-house creation called Trading Station. Trading Station offers Desktop, Web and mobile platforms, each of which provides all the features one may possibly need to successfully trade off the charts, or even using EAs and VPS.

MT4 is the other trading platform made available to FXCM traders. MT4 needs no introduction: it is the most popular and capable trading platform out there, featuring EA integration and free VPS.

Deposit Options

The brokerage supports various credit-and debit cards for deposits (and withdrawals) such as MasterCard, VISA, and Discover. Bank wire transfers are also accepted.

Markets

FXCM’s market selection covers a fair number of commodities, Forex pairs, and indices. Product guides are available on each of those markets at the FXCM website.

Customer Support

Live chat and email are the available support channels at FXCM. Support is available in no fewer than 14 languages, which is indeed very impressive.

Safety

The overall safety of the FXCM trading experience can only be rated as great.

Final Thoughts

FXCM is a global trading brand with a decent reputation, featuring convenient platform options and market selection. The trading conditions are quite impressive at the brokerage as well.

Pros

  • Good trading conditions
  • Handy platforms
  • Regulated and licensed by FCA
  • Minimum required deposit of just $50

Cons

  • No ECN
  • Monetary losses in the past
FXCM Overview
Regulation: FCA
Assets offered: CFDs, Forex, Spread betting
Minimum Deposit: £50
Deposit Options