FXCM has oversight in place from ASIC, the FSCA, and the FCA, all highly-regarded regulators. FXCM is particularly well-known and popular among South African traders. Founded in 1999 in the United States, FXCM is one of the longest-standing brokers in the industry. Trading in Forex/ CFDs and Other Derivatives is highly speculative and carries a high level of risk. These products may not be suitable for everyone and you should ensure that you understand the risks involved. FXCM offers bank wires, credit/debit cards, Skrill, Neteller, UnionPay, and cryptocurrencies.
Regulated By
Although it can be helpful, new traders should complete their education with a real money account before becoming overly confident. We also take an in-depth look at each broker’s commissions and fees, such as bid/ask spreads – including the average spread data for some of the most popular forex currency pairs. We research other trading costs, such as inactivity or custody fees, minimum deposit requirements, VIP rebates and/or discounts, and a range of other important fee-based data points. Overall, FXCM fits the needs of traders at all levels of expertise. The online broker even provides wholesale trade execution and liquidity solutions for retail forex brokers, smaller hedge funds and emerging markets banks through its FXCM Pro service. FXCM has proven itself as a reliable and secure platform for both new and experienced traders.
- Traders can also participate in online classrooms and ask knowledgeable instructors questions in real-time.
- Automated trading solutions often require a VPS service to operate effectively around the clock.
- The FXCM University is an online training program that covers everything from the basics of the forex market to real-world trading concepts.
Risk Management
Each year, we collect thousands of data points and publish tens of thousands of words of research. Traders can also participate in online classrooms and ask knowledgeable instructors questions in real-time. In addition to the live classrooms, traders can attend monthly in-person seminars.
You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Jay and Julie Hawk are a married financial writing and authorship team who co-founded TheFXperts, a notable financial writing services provider. The Hawks each worked professionally in the financial markets and have more than 40 years of trading experience among them. FXCM does provide as many tradable assets as some other major forex and CFD brokers. 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.
FXCM Demo Account
FXCM also added services by FinTech firm eFXplus, featuring simulation and Forex trading recommendations by sell-side analysts from major banks, Quant models, and insights. Traders must trade 5.0 standard lots monthly for free access. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 59% of retail investor accounts lose money when trading CFDs with this provider.
With its wide range of available platforms and deep offering of trading tools, FXCM has set the bar high and competes among the best brokers in the industry. Whether you are a beginner or an advanced algorithmic trader, FXCM has plenty of options. In our 2024 Annual Awards, FXCM finished Best in Class for its excellent Platforms and Tools. 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. Novice traders can take advantage of FXCM’s extensive educational and research resources, as well as its video library that covers a wealth of trading topics.
This lets you assess the broker’s research and educational resources and practice trading. Filippo Ucchino created InvestinGoal, a comparison site and educational portal for the online trading and investing industry. Through hotforex broker review InvestinGoal, Ucchino helps users navigate the world of online investing and trading by providing trading guides, best brokers rankings, broker reviews, and broker comparisons. These are the same you will find as available on their website.
Our ratings, rankings, and opinions are entirely our own, and the result of our extensive research and decades of collective experience covering the forex industry. Your review is important to us xm broker review and the abundance of substance in it is greatly appreciated. We will make sure to let the agents know that you are happy with their work. The quality of our service is just important to us, as it is to our clients. The broker has 2 support email addresses that give you access to general or account-specific inquiries. You can even contact the FXCM trading desk and place orders directly if you have a problem such as no Internet access or a failure to connect to an FXCM server.
FXCM no longer accepts U.S. clients because it had to pay $7 million in 2017 and give up its registration with the U.S. Commodity Futures Trading Commission (CFTC) for failing to disclose a deal with a market maker to its clients. The broker then sold its substantial number of U.S.-based accounts to Gain Capital that operates FOREX.com, so U.S.-based traders might consider using that broker instead. Founded in 1999, FXCM was the first forex broker to list on the New York Stock Exchange. However, as of February 2017, FXCM ceased operations in the United States. The brand employs over 550 people worldwide and has main offices in the UK, Italy, Germany, France, Australia and Hong Kong.
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Thanks to the global presence of the broker, they also have in excess of 20 numbers you can call from around the world to access customer service. Besides telephone, you can also contact FXCM customer service through the website-based live chat, and email. FXCM social and copy trading are both made available in connection with Zulutrade. The Zulutrade social copy trading platform allows you to open and account and connect it to your broker, in this case FXCM. Here we will take a more detailed look at exactly which trading platforms are available when you are trading at FXCM on both desktop and mobile. If you are interested and want to learn more about these account types, then feel free to check out our article on the best Islamic forex brokers.
The FXCM spread betting account is perfect if you are interested in spread betting. Currently the account is only available to UK and Ireland based traders with FXCM. This also means that even if you open a live trading account, you can still maintain your demo account.
Since 1999, FXCM, has been a pioneer in developing online forex offerings for retail traders. With its headquarters in London, Stratos Markets Limited (“FXCM”) has grown to have multiple international offices and is licensed in several major regulatory hubs globally. Finally, some of FXCM’s educational content is only available if your balance exceeds certain minimum thresholds. While minimum balance requirements could incentivize some traders to utilize the educational resources, I think it’s better to make the content free for all clients. Motivation can instead be inspired by creating interactive courses that feature quizzes and incorporate progress tracking.
