Brokers 2000 helped me choose exactly the right platform that suited me best. As a beginner, that little extra help and information to get started was closer than I thought.
- Sarah C. Chicago IL
Forex Capital Markets Limited: FCA registration number 217689 (www.fxcm.com/uk)
FXCM EU LTD: CySEC license number 392/20 (www.fxcm.com/eu)
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.
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:
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.
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.
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** |
Trading Station MetaTrader4 Ninja Trader** |
|
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 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:
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.
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.
★★★★★
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We carefully assess each forex broker to strict standards and compare them across a wide range of criteria. Although each forex broker will always have a slightly different set of advantages and disadvantages to their platform, the assessments are based on general performance, reliability, bonuses given, and other factors which are usually found or sought after in all forex broker platforms.
Brokers 2000 helped me choose exactly the right platform that suited me best. As a beginner, that little extra help and information to get started was closer than I thought.
- Sarah C. Chicago IL
An excellent service and it came just at the right time. After several unsuccessful attempts at a previous unknown forex platform, this was what I needed. Thank you Online Top Choice!
- Patrick R. Los Angeles CA
Choosing the right platform that I will stay with for a long time made me nervous. And with so few good comparison sites for Forex, I thought I'd never decide... until I stumbled upon Brokers 2000.
- Jennifer D. London UK