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FXCM REVIEW & RATING 2017 - FOREX BROKER REVIEW

#7 of 11 Forex Broker Comparison - Best UK Forex Brokers

Founded in USA in 1999, FXCM (Forex Capital Markets) is one of the first online brokers and early pioneers of internet based trading. Formerly headquartered in US, FXCM has moved its location to UK and has satellite locations in France, Italy, Australia and many countries across the globe. The broker is one of the fastest growing companies in the America and has an ever increasing client base. The company is publicly traded on Nasdaq Exchange. The firm offers spread betting and CFD trading of currencies, commodities among other instruments. The broker has had a massive organizational restructuring resulting from a sudden loss of $225 million due to an extremely sharp movement in the value of the Swiss Franc against Euro in 2015 and 2016. This has made the company’s board chaired by Leucadia National Corporation, who now owns almost half of the company shares.

DEMO
Free unlimited demo account

HIGHLIGHTS

  • Tight spreads
  • Low initial deposit
  • FCA regulated broker
  • Advanced trading tools
  • Flexible order types for increased trading flexibilities
  • Direct market model available

User ratings

01Trading Offer & Conditions 9.5
02Trading Platforms & Demo Account 8.5
03Bonus for New and Existing Customers 7.5
04Mobile Trading 8.5
05Payments9.0
06Security / Regulation 8.0
07Customer Service 8.5
08Account Opening 8.0

FXCM – OUTSTANDING BROKER

Every subsidiary location in various parts of the world is run as an independent entity, and therefore FXCM Inc., which is the parent company, has no operational input on how the individual companies operate, which gives a high degree of freedom and flexibility to customize services according to the trading needs of a particular region. This gives operational independence to FXCM branches worldwide which enables them to mitigate risk and shield their clients in the event of adverse global occurrence.

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Trading Offer & Conditions

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01 Trading Offer & Conditions

Our FXCM review shows that just like many other brokers in our forex comparison, forex spread betting on any type of account on FXCM only attracts the cost of spreads. Trading through the broker’s dealing desk is commission-free. Trading on the Active Trader account with FXCM has a lot of advantages, some of which includes the reduction of spreads when monthly volume or balance requirements are met.

For Spread betting, tax exemption is exclusive for UK and Ireland residents only and residents of other nationalities are not eligible. The spread betting contract is not intended to be executed by anyone whose country’s legislation forbids it. Spread betting is an option for both the Standard and Mini accounts and spreads are variable and subject to delay.

*Our FXCM trading review shows that spreads in UK100, FRA40, AUS200 and GER30 may widen from 1 to 2 pips when the cash indices exchange for those instruments are closed for the day. As an online broker, FXCM offers forex, indices and commodity trading. With the standard account, traders have the opportunity to trade up to 39 currency pairs and 18 index/commodity instruments. This broker does not offer stocks, options and futures to clients. Some other brokers offer a larger base value catalog, the list of tradable values, for eyample IG. It is generally desirable for FX brokers to allow the trading of CFDs for other asset classes. Many trading strategies are based on signals generated by scanning processes, which are available in the required quality only when a large number of markets are considered. However, in some areas, the offer is still capable of improvement. In particular, the integration of share CFD trading into the variable account would be helpful to their client base and also to customers.
  • No commissions on FX trading
  • Many instruments available

Trading Platforms & Demo Account

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02 Trading Platforms & Demo Account

FXCM offers a selection of trading platform which includes the popular MetaTrader4, Trading Station, and NinjaTrader. Copy trading is also available for traders who would like to follow and replicate the trades of top traders in real time. This feature is available through ZuluTrade and MirrorTrader.

FXCM’s Trade Station is available as for desktop and mobile devices, and the web version is also available which can be on any compatible browser with the Java app installed. This platform comes with a lot of features including Marketscope, which is a sophisticated charting package that has over 30 traditional indicators and 600 custom indicators.

FXCM also offers the Active Trader platform which is a special offer for traders with a large account size of not less than £25,000 or traders who trade a monthly volume of not less than £10 million. This platform gives traders the ability to access up to ten levels of market depth, which enables traders to identify potential market support and resistance level, thereby giving traders an edge during market analysis and trade execution. Spreads of this platform are especially tight but commissions are charged on every trade.

FREE AND UNLIMITED DEMO ACCOUNT

For our FXCM trading review, we also looked at their demo account. The demo accounts are made to replicate live markets, they operate in a simulated market environment, therefore they’re quite different from real accounts in terms of liquidity and delays on pricing. However, their risk free demo platform is perfect for getting yourself acquainted with their trading environment and testing your strategies. By signing up for a demo, you can also opt for their academy where you can get free forex education.

  • Trade throughout active market sessions
  • £50,000 of virtual money
  • Test your strategies
  • Get an a quality forex education from FXCM and practice as you learn
Important: Charting tools and analysis data are available as plugins or can be downloaded outside the trading platform. Traders can also download their toolbar to your browser; this application gives instant access to FX market news and currency rates, and also has an alarm feature that notifies traders when the market reaches desired rates.

Bonus for New and Existing Customers

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03 Bonus for New and Existing Customers

Apart from upgrading their services and covering more markets, brokers usually offer traders some interesting offers. These very attractive offers are usually seasonal and could come in form of no-deposit bonuses, deposit bonuses, trading rebates, welcome bonuses, referral bonuses and demo contests. FXCM has offered a combination of these offers in the past but the broker does not offer any cash or trading bonus at the moment. These promotional offers are seasonal and therefore traders need to check their website regularly for updates.

BONUS
Free unlimited demo account
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    Yes

    Bonus for non-clients too?
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    Yes

    Free unlimited demo account
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    Yes

    Trainings and webinars
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    Unlimited

    Duration of bonus offers
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    £50

    Minimum deposit
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    No

    Tournaments and competitions
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    No

    Personal contact person
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    No

    No deposit bonus
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    Without deposit

    Account opening

FXCM would be attractive to many traders if they offer any kind of bonuses, however, it is important to understand that brokers are not into charity business, so they’re not looking for whom to give money. It is important to get a broker that takes trading seriously and gives you a fair trading environment that would enable you trade the markets with peace of mind. This is exactly what FXCM offers. If you are looking for a broker with a no-deposit bonus, we recommend you Plus500.

  1. 01 | Free unlimited demo account
Open your free unlimited demo account now!

Mobile Trading

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04 Mobile Trading

MOBILE APPS FOR ANDROID AND IOS DEVICES

FXCM makes mobile versions of its trading platforms available to traders who wish to use their phones and tablet PCs to execute trades and monitor the markets whenever they’re not in front of their PCs.

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Apple

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Android

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Windows

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Web App

01 | rating

The high ratings on the respective app stores testify to their mobile platform’s functionality and flexibility. They are simple and intuitive, and have numerous features, making trading easy as you monitor your trades from anywhere. All important functions and charting tools are also available. Whether you want to monitor your open positions, check your account balance, read news, or watch specific exchange pairs – you’re good to go.

02 | tip

Even if a chart analysis by a broker’s app on the smartphone is possible, we recommend that you do a comprehensive analysis on your PC. This would give you more concentration for intensive market analysis.
  • Access the trade account at any time with the FXCM mobile app
  • Instantly respond to news & events

Payments

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05 Payments

Funding for all account types can be done via credit cards, debit cards, bank transfers, cheques, e-wallets and internal transfer. The broker does not charge on all deposits.

Their extensive payment/withdrawal options give traders increased flexibility of account funding. Aside bank transfer, traders get instant funding on all payment methods.

Important: As our FXCM experience confirms, the broker will process all payments immediately. The duration of a withdrawal depends, of course, on the payment service provider. As a result, the broker has an average duration of 2 to 5 business days.

No minimum withdrawal limit

All withdrawals are free of charge. Banks may deduct their charges for withdrawals; however, the broker does not charge any fees for this. There is also no limit to how much a trader can withdraw from his account.

  1. 01 | Option of paying via credit and debit cards
  2. 02 | £50 minimum withdrawal

Security / Regulation

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06 Security / Regulation

At Yourate.com, client’s deposit guarantee comes first; therefore we did an in-depth FXCM review on their regulations and financial environment, and the role it plays to guarantee the security of traders’ funds. Since the inception of its online operations in 2001, FXCM has been enjoying continued success in the markets due to their reliability and security of customers’ funds. The broker is regulated in more than 8 jurisdictions by several regulatory bodies FCA, BaFin, CFTC, NFA, CONSOB etc.

As stated earlier, the ability of each branch to exist as a separate entity gives FXCM UK the opportunity of having a platform that is fully suited for the needs of UK clients. This gives the right protection needed to ensure customers’ safety in the event of adverse global occurrence.

LICENSE
license
FCA license 217689
CNMV register number 981

BaFin register number 122556
Consob register number 76
Regafi register number 19843

Their presence in UK’s trading environment and FCA regulation ensures customer safety because they are obliged to follow the money rules in FCA’s Client Assets Sourcebook (CASS). The rule ensures that clients’ funds safety is guaranteed by housing the funds in segregated accounts which are different from the company’s asset account.

In the unlikely event of liquidation or bankruptcy, clients’ funds are insulated and cannot be used for the reimbursement of the broker’s creditors. If payment claims cannot be satisfied, eligible clients have the right to compensation by FSCS up to £50,000.

At Yourate.com, we’re honest with our dear readers and as part of our FXCM forex review, we’ll plainly state that multiple regulation should guarantee a safe and secure trading environment for clients, but the company has had its share of shady dealings with clients’ money in the past and has been found guilty of price manipulations in separate incidents between 2006 to 2010. FXCM was massively fined by both FCA and CFTC after being found in breach of regulatory guidelines, they were then directed by the regulatory authorities to award monies to their clients that suffered from such financial manipulation.

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    Secure payments
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    50,000 GBP Deposit protection
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    Compliance with all MiFID regulations
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    Regulated by FCA
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    Listed on the NYSE

The company has since pulled her acts together and has become more customer-conscious by performing a total revamp of their services. Listed on NYSE in 2010, they’re one of the fastest growing FX companies in the world.

  • Customer deposits are kept separately from the company's capital
  • FXCM does not speculate with clients’ funds
  • The company uses only its own capital for hedging positions
  • In the event of insolvency, no creditor has access to customers’ money
  • Listed on NYSE

Customer Service

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07 Customer Service

The customer support department of any forex broker speaks volume about their dedication to providing solutions to clients’ needs. It is advisable that traders should look for a broker that has a helpful and responsive customer service department.

EMAIL

LIVE CHAT

TELEPHONE

Address
Forex Capital Markets Limited

Northern and Shell Building 10 Lower Thames Street, 8th Floor London EC3R 6AD, UK

Email
[email protected]
Phone
+44 (0)2073984050

The FXCM forex review is not complete without complementing their customer service and support department that which is oriented and focused towards effectively answering the queries of customers and assisting in providing solutions on any issue that a prospective customer or client might have.
FXCM is very reliable in terms of customer support and satisfaction. Providing a multilingual support network, they are available 24/7 to answer clients’ queries. The customer care centre is easily reachable through their helpful live chat and email follow-up system. They also add extra flexibility through their international toll-free lines.

Account Opening

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08 Account Opening

FXCM offers three main account types for any category of trader. If you’re trying to be conservative, you can first try out their service by opening the mini account. Upgrading to the Active Trader account will make you fully enjoy their elite services.
The typical spreads for the Standard Account are 0.5 pips for EUR/USD and 1.3 pips for GBP/USD. Other instruments are also quoted with similarly competitive spreads.

The main account types offered are:

The Mini account which requires a minimum initial deposit of £50 has a leverage of up to 1:200 on forex and CFDs for non US nationals and 1:50 for US residents, meaning that UK nationals also get to enjoy their relatively large leverage. The account has a 1k minimum lot size. Many traders would want to start with this sort of trading account to try out the platform, but there is the downside of dealing desk forex execution. Transactions in this account are commission-free and only spreads are charged.

The Standard account requires a minimum initial deposit of £5,000 and traders enjoy a leverage of up to 1:100 on forex and 1:200 on CFDs. Unlike the mini account, this account offers traders the opportunity of trading up to 39 pairs of currencies. This account offers traders low variable spreads and commissions, and traders get the opportunity of trading without dealing desks. There are no trading restrictions on this account.

The Active Trader account offers so much more. This account requires a minimum initial deposit of £25,000 and traders enjoy a leverage of up to 1:100 on forex and 1:200 on CFDs. Traders on this account also have access to all 39 forex pairs provided by FXCM and like other accounts, traders get to trade up to 18 index/commodity instruments. This account also has a 1K minimum lot size. It operates on a low, variable spread with reduced commissions. This account also has no trading restrictions whatsoever; clients trade with reduced cost and get to have access to other elite features like Market Depth, Premium Research and Custom Solutions

  1. 01 | Enter data and open an account
  2. 02 | Deposit money
  3. 03 | Trade the markets on any of their platforms
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