FXCM Review: UK Edition 2023

The advantages of using MT4 are numerous, but most centre around the community support and the number of users that the tool boasts. Support is available for MT4 from FXCM customer support, and you will also find a wealth of guidance online. This is accentuated by a long list of awards and accolades for provision of brokerage and trade-related services. For all of our broker reviews, we research, validate, analyse and compare what we deem to be the most important factors to consider when choosing a broker.

Volume, trader sentiment, and other off-the-shelf trading tools turn FXCM data into powerful market insights. FXCM only offers accounts denominated in USD, EUR, and GBP to British traders. This is an advantage for British traders who will likely have bank accounts denominated in GBP, and who will be able to avoid paying currency conversion fees on deposits and withdrawals. Currency conversion fees can make trading expensive and affect profitability.

They are a broker who have been around for years and are regulated in multiple jurisdictions which gives me comfort that I can trust them with my funds. The broker has continually invested in advanced technological solutions to help provide clients with good trading conditions. This is evident with the absolutely outstanding range of trading platforms and tools available. The selection really does blow the competition out of the water, most brokers only have a few platforms at most. You can trade your opinion of the world’s largest markets with low spreads and enhanced execution.

Non-trading fees

This tool is designed to highlight the areas in which you can improve your trading. FXCM offers a limited range of tradable assets compared to other large international brokers. FXCM offers two VPS solutions, charged at 30 USD or a currency equivalent per month. Traders who exceed 500K USD notional trading volume for three consecutive months will have the fee reimbursed. Overall, the range of platforms available at FXCM should satisfy most traders.

As an innovator in retail forex trading with over 20 years of experience, this broker also has an industry-leading range of research and educational resources. One of the best-known names in the forex industry, FXCM offers an impressive range of technology, tools, and research. The London-based broker was founded in 1999, making it one of the first retail forex brokers and a pioneer in bringing online currency trading into the mainstream. In its early days, the company introduced innovations such as automated trading and flexible position sizing.

FXCM Forex broker description

MetaTrader 4 is still the industry standard even though its successor, MetaTrader 5, has been available for some time. MetaTrader 4 has been around since 2005, and most ECN and STP brokers offer its support. FXCM’s trading platform support is excellent compared to other brokers. UK residents can deposit and withdraw funds either by credit/debit card, Skrill, Neteller, or via an EFT/Bank Wire Transfer. FXCM does not charge administration fees for deposits via credit card, debit card, and bank transfer. There are also no withdrawal fees for credit or debit card transfers, but bank wire withdrawals incur a fee of 25 USD.

• Some of the reviews and content we feature on this site are supported by affiliate partnerships from which this website may receive money.
• Traders can withdraw funds via debit or credit card, Neteller, Skrill, and via bank transfer.
• FXCM also supports the popular MetaTrader4 trading platform, so you can download the MT4 mobile app that is also available for iPhone and Android.
• A social trading platform, trades are executed with FXCM’s competitive spreads, and 25% of profits are paid to the trader if they earn a successful return on investment.
• FXCM maintains an excellent choice of trading platforms with a distinct focus on algorithmic trading.
• All trading platforms fully support algorithmic trading, and FXCM provides four free APIs to developers on top of a wide selection of third-party plugins.

If you prefer to trade through a designated trading application on your desktop instead of the internet browser, then FXCM offer’s a range of desktop trading platforms for its clients. As per our findings during this review, FXCM offers https://forexhero.info/ some of the best video tutorials and written educational materials for users interested in broadening their trading skills. The materials range from the basics for beginners to advanced topics for professionals and expert traders.

Alternative Brokers

No, but you can trade CFDs on major stocks through an online broker like FXCM. But finding a good Forex broker can be difficult because there are so many to choose from. If you want to find information on Forex brokers, read along to determine if FXCM is the right Forex broker for you. The MetaTrader Web Platform (Web Trader) is a slightly stripped-down version of the desktop platform. It allows you to trade without any additional software, only an internet connection is required. The Web Platform allows users to trade directly from any browser and operating system.

FXCM offers the MetaTrader 4 mobile app, which is available for Android and iOS. The app offers popular features such as alerts, 1-click trading, and trading from the chart. When trading with a broker authorized by the FCA, client funds are also protected by the Financial Services Compensation Scheme (FSCS). The FSCS protects investments of up to £85,000 if a firm becomes insolvent.

The ForexConnect API offers the same functionality that is available on the powerful FXCM Trading Station. This includes all of the available order types, streaming live prices, managing your positions, downloading historical instrument rates, getting account reports, and more. ForexConnect supports C++, C#, Java, VB, VBA, compatible with .Net, Linux, iOS and Android, and it is free which is great.

Is FXCM legit features all the key aspects you need to look at to see if a broker is safe and legit. The majority economic owner of FXCM is the Jefferies Financial Group. The background of the broker matters, as a strong economic owner company reduces the chance that the company will go bust.

The company is regulated by top-tier financial authorities and has multiple licenses, demonstrating a commitment to client protection. With FXCM, you pay only the floating spread to trade indices and commodities, while enhanced index CFDs allow you to trade without stop and limit restrictions or re-quotes. See below the average spread costs on CFDs, and other fees like funding fees, yet for the most accurate data check the official website or FXCM platform. On the negative side, which we think are not so many, there is a withdrawal fee for Bank Wire transfers in some regions and the support is not available on a 24/7 basis. Also, the broker might not be suitable for futures and options traders due to the lack of these assets. One of the most ignored trading costs is swap rates on leveraged overnight positions.

It also offers numerous trading tools, including various API tools, TradingView, Zulutrade, and a host of FXCM apps. The broker also offers various trading platforms, such as the popular MetaTrader 4 (MT4) and Trading Station, as well as a proprietary platform called NinjaTrader. FXCM is known for its competitive spreads and customer service, making it a popular choice among traders worldwide. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading CFDs with this provider.

Spread pricing data is available on the spreads cost page on their website. There are no side-by-side comparisons to help users determine the real cost of the trade, though. This lack of data is a potential deterrent for traders, but it is by no means a huge concern. The demo account and the lessons are great if you are a beginner at forex trading and you want to practice with virtual money. The news feed is very good and users can also use an economic calendar.

Its strengths include its comprehensive educational resources, a wide range of trading instruments and platforms, and a global presence. FXCM also offers competitive pricing and flexible account options, making it accessible to traders of all levels. I like the trading environment at FXCM, especially for high-volume traders using algorithmic trading solutions. FXCM is a very well-regulated global Forex broker with a large client base and a big reputation to maintain. All trading platforms fully support algorithmic trading, and FXCM provides four free APIs to developers on top of a wide selection of third-party plugins. The research section offers a tremendous asset to all traders and warrants an account opening to retrieve free access to it.

It can do everything that I need it to and much more, from complex market analysis to automated trading. That being said, each platform is good in its own right with different advantages and disadvantages that we will cover in this section. Powered by ZuluTrade, a leading social trading platforms, FXCM gives you direct access to view and copy the trading strategies of others.

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 offers a social trading service via the third-party service ZuluTrade. Access is provided through ZuluTrade’s own trading platform, where all you have to do is register with your FXCM account number. If you plan to trade in high volumes, FXCM’s Active Trader account would be the best option for you. This provides better spreads and customer support compared to the standard accounts.

This includes pros, cons and an overall rating based on our findings. We aim to help you find the best broker according to your own needs. With FXCM, you can get trading signals delivered daily to your mobile. Geo-political events as well as many other macroeconomic factors influence price action and create volatility. You can sign up to receive SMS Trade Alerts (powered by the brilliant Autochartist) to help you spot potential trading opportunities. This is a set of quality tools designed to assist you with your trading activities.

Losses can exceed deposits.Past performance is not indicative of future results. The performance quoted may be before charges, which will reduce illustrated performance.Please ensure that you fully understand the risks involved. This association of FXCM with banks, financial institutions is the major reason for the overall reach of FXCM across financial markets globally. FXCM exclusive content includes YouTube videos showcasing analysts highlighting trending markets and signals like the price movement of popular currency pairs. Apart from the regularly updated market news, the broker also features study material for new traders, walking them through the dynamics of trading Forex and CFD, spread betting, etc. FXCM offers yet another contemporary to MetaTrader, the latest version of NinjaTrader desktop.

FXCM is a multi-asset broker, this means they offer different assets that are allowed to be traded under one account. They don’t break it down to what account type you have either, so you don’t know if the spreads being shown are from an Active fxcm broker Trader account (lowest spreads offered) or from a Standard account. By using the effective spread chart provided, you can see they quote a 1 pip spread on average for EUR/USD, however, the effective spread over this time has been 0.4 pips.

• Our sell entry will be at 1.0941, which is a pullback resistance level.
• A well-regulated broker, FXCM offers trading on an average number of tradable assets compared to other brokers, but at 13 USD, trading costs are higher than other similar brokers.
• In simple words, leverage is a credit shoulder that is given by the broker to your trading account with the purpose to multiply the trading size of your positions.
• You can download FXCM’s proprietary trading platform to your desktop, however, it is not available for Apple Mac desktops.
• FXCM has bounced back and is currently owned by Jefferies Financial Group, a financial services giant with over $51 billion in assets.

Live webinars, pre-recorded videos and pdf booklets are available for free. These cover topics ranging from trading basics to platform tips and tricks. FXCM provides free phone support for the residents of 42 countries. You can search by typing in the name of the product, while there is also a categorized breakdown, for e.g. major currency pairs.