FXCM Review

 

Overall, FXCM is considered a low-risk and can be summarized as trustworthy and reliable. In terms of trading conditions, FXCM offers a user-friendly trading environment with low spreads and high leverage.

FXCM has an overall average trust score of 4.8/5

 

 

 

 

FXCM Spider Chart

 

 

 

Pros and Cons

 

Featured Offered

• FXCM (Forex Capital Markets) is a reputable broker in South Africa, and it provides a good trading environment to both new and professional traders.
• The FXCM is regulated by the FSCA and leads to a safe and transparent trading environment.
• South African traders can take advantage of the competitive spreads, commission-free trading on the major forex pairs, and access to powerful trading platforms such as Trading Station and MetaTrader 4.

 

 

FXCM Customer Reviews

• Customer reviews of FXCM are mostly favorable, with the company being praised especially due to its floater platforms that are easy to use, consistent trade execution, and educational capabilities.
• A large number of South African traders value the domestic FSCA license and the opportunity to trade in ZAR, which makes it easier to fund an account and withdraw money.
• The platform Trading Station is regularly mentioned by users as the one that is intuitive and provides helpful tools, although some people prefer MetaTrader 4 because of its familiarity and ability to be customized.

 

 

Customers Ratings

 

Overview

• FXCM is a UK-based broker that offers CFD trading on shares, stock indices, forex, commodities, and cryptos to a global market.
• FXCM has offices in a wide variety of global locations, including Berlin and Sydney, with more than 130'000 customer accounts registered worldwide.

 

 

FXCM Safety and Security

 

 

 

Is FXCM a trusted and regulated broker?

Yes. FXCM is regulated by multiple financial authorities including the FCA (UK), ASIC (Australia), FSCA (South Africa), and CySEC (Cyprus), ensuring a high level of compliance.

 

Does FXCM provide negative balance protection?

Yes. FXCM offers negative balance protection under most of its regulated entities, which means retail clients can’t lose more than their deposit even during extreme market volatility or slippage.

 

FXCM at a Glance

 

FXCM Account Types

 

• FXCM provides four different account types: the Standard Account, Active Trader Account, an Islamic, Swap-Free Account, plus the FXCM Risk-Free Demo Account.
• The minimum deposit amount required to open an FXCM live trading account is USD 50 / R750 ZAR.

 

 

Islamic, Swap-Free Account

• FXCM does offer an Islamic, Swap-Free trading account that is roll-over fee-free.
• FXCM offers Extended Swap-free status by default to all applicable trading accounts created by clients in non-Islamic countries. Spreads plus Commission may apply.

 

 

Demo Account

• FXCM does offer a free demo trading account for beginners to practice forex trading in a 100% risk-free environment.
• A demo account generally expires after 30 days.
• The FXCM Demo Account comes pre-loaded with  £50,000 in virtual funds.

 

 

 

What types of accounts does FXCM offer?

FXCM offers Standard and Active Trader accounts. Standard accounts are commission-free with spreads included, while Active Trader accounts feature tighter spreads.

 

Is there a demo account at FXCM?

Yes. FXCM provides a free demo account that simulates live trading with virtual funds. It’s ideal for beginners or those who want to test strategies on platforms.

 

How to Open an FXCM Account – A Step-by-Step Guide

 

Step 1: Start Process.

• Click on the blue Open Account button located on the FXCM homepage to start the process.
• Once this step has been completed, the applicant will be met with an explanation page with a larger Open Account Button. Click the button to continue.

 

 

 

Step 2: Apply Now.

• The applicant must now select their country of residence plus their preferred platform for trade.

 

 

Step 3: General Information.

• The following step is for the applicant to complete a selection of general information, including their preferred account option.

 

 

Step 4: Personal Information.

• The applicant will be required to complete a Personal Information section, including citizenship, date of birth, and more.

 

 

Step 5: Contact and Employment Information.

• The fifth step in the application process is to complete both contact and employment information, followed by questions in regards to the applicant's trading history.

 

 

 

Step 6: Security and Referral

• The final set of questions to complete will be concerning security measures, plus a referral.

 

 

Step 7: Terms and Conditions

• The account applicant must now carefully read, consider, and ensure that they understand FXCM's terms and conditions.
• Once they are secure in their choice to open an FXCM live trading account, they can now click on Finish.

 

 

FXCM Fees, Spreads, and Commission

 

• FXCM is considered a low-risk and can be summarized as trustworthy and reliable.
• Trading with FXCM involves fees from $50 USD / R750 ZAR, spreads from 0.2 pips to 1.3 pips, and commissions depending on the account type selected.
• With a minimum deposit fee of $50 USD / R750 ZAR.

 

 

What are the typical spreads at FXCM?

Spreads start from 1.3 pips for major pairs like EUR/USD on Standard accounts. Active Traders can benefit from tighter spreads, and there are no additional commissions on Standard accounts.

 

Are there any hidden or inactivity fees?

FXCM charges an inactivity fee of $50 after 12 months of no trading. Withdrawal fees may apply depending on the method, but deposits are usually free of charge.

 

FXCM Trading Platforms

 

• FXCM makes multiple trading platforms available, including its own proprietary platform, Trading Station.
• Other available trading platforms include MetaTrader 4 and NinjaTrader.

 

 

What platforms can I use with FXCM?

FXCM supports MT4, Trading Station (its proprietary platform), NinjaTrader, and TradingView. These platforms offer tools for technical analysis, automated trading.

 

Can I trade via mobile with FXCM?

Yes. FXCM platforms are available on mobile apps for both iOS and Android. Traders can monitor the markets, execute trades, and manage accounts on the go.

 

FXCM Minimum Deposit

• The minimum deposit amount required to register an FXCM live trading account is $50 USD.
• This minimum deposit is equivalent to R750.00 ZAR at the current exchange rate between the US Dollar and the South African Rand at the time of writing.

 

 

What’s the minimum deposit to open an FXCM account?

FXCM requires a minimum deposit of $50 or the local currency equivalent for Standard accounts, making it accessible for beginners looking to start trading with a small capital.

 

Can I open an FXCM account without depositing?

Yes. You can open and explore the FXCM platform using a demo account without making a deposit. However, to place live trades, a minimum deposit is required.

 

FXCM Deposit and Withdrawal

• FXCM clients will have access to the client service portal through their live trading account credentials.
• FXCM offers a range of secure funding options, including Credit/Debit Cards, Bank Wire transfers, plus Skrill, and Neteller.
• In regard to withdrawals, withdrawal requests are submitted online.  A withdrawal request can be submitted online by selecting your withdrawal method and clicking “Submit”.

 

 

What funding methods does FXCM accept?

FXCM supports credit/debit cards, bank transfers, Skrill, and Neteller for both deposits and withdrawals.

 

Are deposits and withdrawals free at FXCM?

FXCM does not charge deposit fees. Withdrawal fees may apply, particularly for wire transfers, so it's recommended to check the specific fees based.

 

FXCM Affiliate Program

FXCM makes two promotional offers available to its clientele. This includes a Rebate Program and a Friends + Family offer.

FXCM's Rebate Program is designed for traders who are active in the market, whereas the Friends and Family Referral Promotion is for those who wish to refer their friends and family to FXCM.

 

The requirements to become a part of the rebate program are:

• Have an account with FXCM or open a new account
• Meet a minimum notional volume requirement of USD 10 million on a monthly basis

 

Does FXCM offer an affiliate program?

Yes. FXCM runs a comprehensive affiliate program with CPA (Cost Per Acquisition) and revenue-sharing options, enabling partners to earn by referring new clients to the platform.

 

What benefits do FXCM affiliates get?

Affiliates receive access to marketing tools, tracking software, multilingual support, and performance analytics. They can earn commissions based on volume or qualified leads depending on the agreement.

 

Sign Up Bonus

 

FXCM does offer both a Sign-Up / Welcome bonus of USD 25 / R370 ZAR plus a Deposit Bonus of up to USD 300 / R4500 ZAR, respectively.  A Trader has to deposit a minimum of USD 50 to earn a deposit of up to USD 300.

 

$300 Deposit Bonus

FXCM does offer a multi-tier sign-up bonus of up to $300 USD / R4500 ZAR. A Trader has to deposit $50 USD or more to earn a deposit of up to $300 USD / R4500 ZAR.   The minimum deposit amount required to open an FXCM live trading account is $50 USD / R750 ZAR.

 

 Sign Up Bonus Promotion Tiers

🔎 Broker		-
🚀 Sign Up Bonus	Yes	-
✅ Tier	Deposit	Bonus
1️⃣ Tier 1	$50 - $999	$25
2️⃣ Tier 2	$1000 - $2499	$100
3️⃣ Tier 3	$2500 - $4999	$200
4️⃣ Tier 4	$5000	$300
🎉 Claim Bonus Now!	👉 Open Account	👉 Open Account

 

$25 Welcome Bonus

FXCM does offer a welcome, sign-up bonus of  $25 USD / R400 ZAR. A Trader has to deposit $50 USD or more to earn a welcome bonus of up to $25 USD / R400 ZAR.   The minimum deposit amount required to open an FXCM live trading account is $50 USD / R750 ZAR.

 

Does FXCM offer a welcome bonus?

FXCM occasionally runs regional promotions including welcome or deposit bonuses. These are subject to terms and may not be available in all jurisdictions. Check the official website for current offers.

 

Can South African traders claim FXCM bonuses?

Bonus availability in South Africa depends on FSCA rules and current FXCM promotions. South African clients should confirm with FXCM’s support team or website for up-to-date offers.

 

FXCM vs Plus500 vs XM – A Comparison

 

Customer Reviews

 

⭐Great Experience.

Excellent attention from the Customer Support Team. I really appreciate it. The platform is fast and easy to use, and everyone I could talk to was very nice and professional. Thank you so much! – Fred

 

⭐Very Good Service.

Very good service! Very fast, practical, and effective. – Rafael

 

⭐Highly Recommend!

I am giving FXCM ten stars for customer service. Everything has been consistent and professional. – Keith

 

 

Conclusion

Overall, FXCM can be summarised as a trustworthy broker that provides Contracts for Difference (CFDs) and trading facilities on shares, forex, commodities, cryptocurrencies, ETFs, options, and indices to a global market.

 

You might also like:

FXCM Account Types Overview

FXCM Demo Account – Step by Step

FXCM Fees and Spreads

FXCM Minimum Deposit

FXCM Sign up Bonus

 

References

Stratos Markets Limited

 

Disclaimer

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 67% of retail investor accounts lose money when trading CFDs with this provider.

You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

The trading of financial instruments involves a high level of risk where traders can lose amounts that exceed their initial deposit thus, trading financial instruments and this level of risk is not suitable for all traders.

 

Frequently Asked Questions

 

Is FXCM a fake or a scam?

No, FXCM is not considered a scam or fake broker as our review revealed that it is a trustworthy broker who is authorized by three tier-1 regulators (high trust), three tier-2 regulators (average trust), and zero tier-3 regulators (low trust).

 

What are the advantages of trading with FXCM?

FXCM is an excellent broker choice for algorithmic forex traders.  This is due to its wide array of related platform options, advanced charting tools, and support for automated trading strategies.

 

Which trading platforms are supported by FXCM?

FXCM proprietary Trading Station platform, MetaTrader 4 (MT4), integrates with TradingView and provides access to ZuluTrade for copy trading.

 

What is the overall rating for FXCM out of 10?

FXCM holds an overall rating of approximately 8 out of 10, reflecting its solid reputation as a regulated and reliable forex and CFD broker.

 

What type of broker is FXCM?

FXCM is a No Dealing Desk (NDD) forex broker that mostly acts as a market maker on smaller accounts and as an agency broker on larger or institutional accounts.

 

Refreneces

Stratos Europe Ltd