FXCM Review: Pros & Cons 2024

You can choose among the FXCM Trading Station, MetaTrader 4, NinjaTrader, ZuluTrade, Capitalise AI and TradingView trading platforms. You can also use a social trading platform to copy the transactions of other traders in your own account in real-time. FXCM offers Live accounts as well as demo accounts for South African traders. Reviewed below are the account types at FXCM & their features. Overall, we find them to be a genuine and reliable broker for South African traders, based on our check on multiple factors like trading fees, support and account types. For this review, we setup a trading account with FXCM, and have closely tracked their MT4 platform, trading environment, fees, customer support & more.

It confirms their commitment to continue investing and improving their trading environment and maintaining a competitive edge for its clients. I like that FXCM invested heavily into its algorithmic trading environment, and I rank it among the industry leaders in this category. No, but you can trade CFDs on major stocks through an online broker like FXCM. You will have to open an account with a stockbroker to buy stocks. Slippage, or the unexpected difference in an exchange rate specified in a stop order or market order, can be either negative or positive.

  1. The FXCM Python package is offered exclusively for the REST API and consists of CFD Python wrappers to simplify algorithmic trading solutions.
  2. FXCM has low trading costs overall and no withdrawal, account, or deposit fees.
  3. I didn’t have to repeat what my problem was when the robot transferred me to an individual.
  4. Yes, based on your detected country of NL, you can open an account with this broker.

An FXCM dealing desk determines the best execution means which can result in FXCM acting as a market maker or using a dealing desk. Select one or more of these brokers to compare against FXCM. FXCM’s in-house education is above average, and primarily takes the form of articles, videos, and content produced for its FXCM YouTube channel.

FXCM Account Types

Still, this leading online broker ranks highly among its competitors due to its impressive number of platform choices, quality research, helpful educational resources and tight dealing spreads. Also, institutional investors, retail brokers, emerging market banks and hedge funds can take advantage of FXCM Pro. This high-end broking service gives institutional clients excellent pricing and access to the forex and CFD markets. The broker’s proprietary Trading Station platform is available for iPhone and Android mobile devices.

Because of this discovery, im now quite hesitant and unimpressed to pursue fxcm as my broker. Yes, FXCM is trustworthy and regulated by reputable authorities such as FCA, ASIC, CySEC, CONSOB, BaFin, and BMA. I didn’t have to repeat what my problem was when the robot transferred me to an individual. The person immediately explained what I’d done wrong and what I needed to do to get the type of account I wanted.

FXCM Reviews

In Canada, FXCM has partnered with Friedberg Direct to offer its services to residents of Canada. This partnership allows Canadian traders to gain exposure to FXCM’s suite of products while maintaining the safety and accountability offered by Friedberg Direct which is a Canada-based company. Client funds with FXCM LTD are segregated according to FCA client money rules. This means that in the unlikely event of default, client funds held in segregated accounts are protected and cannot be used to benefit other creditors. Additionally, the FCA maintains records of all formal proceedings against regulated entities, offering transparency and increased investor protection.

What Platforms Does FXCM Offer?

All of these provide traders with diverse opportunities to explore the financial markets. The availability of these products may vary based on your trading account entity. With FXCM, you can choose from a wide spectrum of market instruments, including popular markets and exotic pairs. The charting indicators and trading tools you will have access to at FXCM are incorporated within the trading platforms the broker offers including MT4. In total you will have access to a range of 51 charting indicators and more than 30 drawing tools to help you refine and customize your charting experience. An Active Trader account can only be opened if the trader has a notional trading volume of over CAD 10 million.

Customer support representatives are praiseworthy and the educational content is superb. 70% of retail investor accounts lose money when trading CFDs with this provider. Experienced Australian forex traders that require a very specific niche forex platform should consider FXCM. Those that require high leverage or are looking for low spreads/fees should review our best Australian forex broker comparison table and a provider like Pepperstone for advanced traders.

FXCM’s educational resources and a stellar 4.6-star rating on Trustpilot cement its position as a reliable broker. For more information about regulated brokers like FXCM and EverFX, feel free to reach out to us. FXCM’s desktop trading platform, Trading Station, fxcm canada review proposes a powerful and superb environment for traders. Benefit from advanced charting tools, multiple order types, and automated trading strategies with testing and optimization capabilities. Take advantage of the platform’s intuitive interface and great tools.

Compare FXCM Competitors

Their low $50 minimum (applies to non-EU and UK clients) deposit makes them extremely accessible alongside a rewarding active trader program. At InvestinGoal, we adhere to strict standards to ensure an unbiased review process. We conduct our reviews by examining each broker’s offering and performance across 4 key categories. A final rating is produced for each forex broker based on a total of 187 data points. The exact fee depends on the type of account held by the trader, the type of instrument being traded, the timing of the trade, amongst other factors.

Later submit Limited Trading Authorisation (LTA) and for TRADINGVIEW PRO account email to with the subject line FREETRADINGVIEWPRO. With the email attach your username and FXCM account number. FXCM has a partnership with renowned Canadian brand Friedberg Direct which is a member of the esteemed IIROC. FXCM’s group entities are also regulated by the FCA of the UK and the ASIC of Australia. They also implement safety practices for traders such as negative balance protection and segregation of funds. Unfortunately, FXCM is unavailable to U.S. traders at this point in time.

Mobile trading apps

This simplified trading process makes the platform a great tool for beginner traders. Since 1999, FXCM has been a pioneer in developing online forex offerings for retail traders. With its headquarters in London, FXCM has grown to have multiple international offices and is licensed in several major regulatory hubs globally.

Here you can experience exactly what it is like to trade live but without any of the risk. Trading with virtual funds, you will also be under no obligation to deposit any real funds while you are using a demo account. In forex, your spreads typically start from 1.3 pips though this can drop to 0.2 pips if you are in the active trader program. The major averages are 1.3 pips for EUR/USD, and 2.3 pips for EUR/GBP as an example. They are safe for traders from Canada and their fees is quite reasonable. They offer a decent range of trading instruments and their trading platform can be used by anyone.

FXCM offers customer support through live chat, phone call, and email. All in all, FXCM doesn’t get a good rating when it comes to the range of investment types. The customer service representatives are very professional and respond quickly. Users can contact customer support via email, live chat, and phone.

This trading platform has been renowned for many years as one of the most powerful trading platforms of choice for all traders in the industry. FXCM has proven itself as a reliable and secure platform for both new and experienced traders. Education exists via free online forex trading courses, webinars hosted by FXCM Senior Market Specialist Russel Shor, and written content with exceptional quality. The Trading Guides provide more detailed educational content, and new traders get considerable material to deepen their knowledge base. FXCM is conducting research and education seriously while executing them well. With their standard live account a FXCM client can get active trader status by maintain a balance of 25,000 USD.

The company is regulated by the aforementioned tier-1 regulators and is considered a low-risk broker. Things are looking good for the future reputation of FXCM, but it will be a while before it is completely healed. This happened because FXCM had a relationship with an important market maker at the time. This concealed relationship led to a conflict of interest between FXCM and its users, which resulted in users losing money.

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