Trading 212 Review

FXCM Review

FXCM

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Forex Capital Markets Limited: FCA registration number 217689 (www.fxcm.com/uk)

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

FXCM EU LTD: CySEC license number 392/20 (www.fxcm.com/eu)

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

ABOUT FXCM

FXCM was founded in 1999. It is a Leucadia Company, which falls under the jurisdiction of Jefferies Financial. FXCM's regulation in three tier-1 jurisdictions makes it a protected broker, with relatively low risk for trading forex and CFDs. The entities below include operating subsidiaries within the FXCM group of Companies (collectively, the "FXCM Group"). All references in this review to "FXCM" refer to the FXCM Group. FXCM have offices situated in the following regions:

The headquarters of FXCM Group is situated at Gresham Street in central London, United Kingdom. Forex Capital Markets Limited is authorized and regulated by the Financial Conduct Authority (FCA) with the UK registration number 217689. FXCM is also regulated by the Australian Securities and Investments Commission (ASIC) in Australia. With the Brexit transition period having ended in 2020, FXCM formed FXCM EU Limited in Cyprus and received an operating license with the Cyprus Securities and Exchange Commission (CySEC) in 2020.
For forex trading, FXM utilise Jefferies Financial Services Inc. as the overhead broker. For prime services, they pay JFS with a prime broker fee. Leucadia Investments has become the majority economic owner of FXCM. Leucadia Investments and JFSI are both part of the Jefferies company.

Trading Platforms

As a trader on FXCM you have access to essentially four global trading platforms, which makes FXCM a leader in this category. Here are the trading platforms that are offered at FXCM:

API Trading

In the world of artificial intelligence and automated machines, everyone is seeking a way in which the work through human effort is minimized to save time and money. Following the trend, FXCM is also committed to automated trading solutions for its traders. It provides four free API solutions for traders across the spectrum to develop automated trading solutions that communicate directly with the FXCM trading server. It offers a Python package named as 'fxcmpy' exclusively for REST API users, and consists of CFD Python wrappers to simplify algorithmic trading solutions. Automated trading solutions often require a VPS service to operate 24/7, and FXCM offers two VPS solutions charged at around $30 per month.

Investment Offers

The range of investment types for you will depend on which global entity under the FXCM Group you have your trading account. In addition to CFDs. The table below shows the different investment products, that FXCM offers to its customers.

Products

FXCM

Forex Trading

Yes

CFDs(Total)

51+

Forex pairs (Total)

39

Cryptocurrency(Physical)

No

Cryptocurrency(CFD)

Yes*

Social Trading

Yes

* Cryptocurrency (CFD) trading is currently not available to UK retail clients

Thirty-nine Currency pairs makes FXCM a significantly useful forex broker for traders. It is also fascinating that FXCM collaborates with ten liquidity providers and prime brokers to fetch the best prices for each trade.

Account Types

FXCM comes with a simple account structure that can be understood by all of its customers. If you are relatively new, use the standard account that is specifically designed for retail traders. Active traders account is preferred by high volume traders to save costs.

The table below shows the comparison of the standard account and Active trader account.

 

Standard Account

Active Trader Account

Minimum Account Opening

Starts from $50 (depending on payment method)

$25,000

Minimum Lot Trading Size

0.1

0.1

Commission Costs - Forex/ CFDs     

No commissions*

$50M to 150M - $3 per 1K lot

$150 to 500M - $2.5 per 1K lot

Trading Platforms

Trading Station

MetaTrader4

Ninja Trader**
And more

Trading Station

MetaTrader4

Ninja Trader**
And more

Trading Execution

Dealing Desk, Non-dealing desk

Dealing Desk, Non-dealing desk

Social Trading

Yes

Yes

Trading automation

Yes

Yes

Scalping

Yes

Yes

Hedging

Yes

Yes

Base Currencies - Australia

AUD, USD, NZD and more

AUD, USD, NZD and more

Base Currencies – UK, Europe

GBP, USD, EUR, CHF and more

GBP, USD, EUR, CHF and more

Base Currencies – South Africa

USD, EUR, GBP and more

USD, EUR, GBP and more

* FXCM can be compensated in several ways, which includes but are not limited to adding a mark-up to the spreads it receives from its liquidity providers, adding a mark-up to rollover, etc. Commission-based pricing is applicable to Active Trader account types.

** Currently Ninja Trader is available for non-EU residents.

Research and Education

FXCM comes with a detailed economic calendar and third party forex trading market news. However, apart from this it also sends a daily newsletter powered by Trading Central to non-EU/UK clients. FXCM also provide free of charge trading signals* to non-EU traders for better research in analyzing, developing and applying trading strategies. The Market Scanner by FXCM gives traders an option to select a series of technical indicators and provides buy and sell recommendations based on the user's options. Education at FXCM is offered through following services:

* Trading Signals do not constitute and should not be regarded as investment advice. Traders act on the signals entirely at their own risk.

Customer Support

Customer support at FXCM is provided 24 hours a day, 5 days a week. Customers seeking help are guided to first access the help center with the hope they might get their answer from there. If not, they can reach the customer support team directly. Customer support is provided via:

This wide range of customer support services makes FXCM significantly stand out amongst other brokers in the forex market.

Overall Verdict

In the end, the question that comes to mind with plenty of other choices for brokers is "Why choose FXCM?" FXCM comes with a superior trading platform selection that makes it different enough to possibly be the best in its category. The FXCM platforms come with dedicated platform automation solutions for all of its trading accounts.

Your FXCM account also comes with a five-tier volume-based compensation program (for non-EU/UK residents only) with excellent trade execution workflow. As more and more people are joining the trader market, FXCM is making sure it provides a robust trading platform for all.

Overall Brokers2000.com Rating

★★★★

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