FXCM is not a binary options broker as such but is more a Forex broker that also offers options for spread betting and CFD trading. This licensed and regulated broker does not appear to offer any bonuses or VIP programs for either new or existing clients, however it does boast several choices of impressive trading platforms as well as 24/7 access to knowledgeable and helpful customer service support. There are numerous assets available for trading.
FXCM provides Forex trading, spread betting and CFD trading to both new and experienced investors around the world. This broker offers traders access to the most liquid and largest market in the world together with innovative trading tools, educational resources and meeting the highest financial standards of protection for trader funds. With more than 130,000 active trader accounts, FXCM have a presence in 12 countries worldwide and have been supplying their services for 15 years. FXCM is also an award winning broker with numerous accolades to its name.
Forex Capital Markets Ltd, otherwise known as FXCM, is part of the FXCM group of companies and is regulated and authorised in the UK by the FCA. This reliable broker keeps all client funds in segregated accounts for complete peace of mind, and all clients are protected by the Financial Services Compensation Scheme. Registration number 21768
FXCM offers a good choice of assets for traders to select from.
Their list of assets includes:
Forex currency pairs
Bonuses & VIP Programs
FXCM does not seem to offer any kind of bonuses or perks either for newly registered clients or for loyal existing customers. Although there is a higher volume trader account, the Active Trader option, it doesn’t seem to offer any specific advantages or VIP programs.
As expected from most of today’s brokers, FXCM has recognised the need for clients to check their assets and to carry out their trades while they are on the go. They are aware that traders do not want to be tied to their laptop or PC and, with the knowledge that downloading and installing memory intensive software slows down transactions by causing problems with computer memory, FXCM therefore offers a trading interface which can be accessed through the internet as well as their standard MetaTrader trading platform which requires a download. This enables trade executions to be carried out more swiftly from anywhere worldwide and at any hour of the night or day using a tablet, iPad or Android smartphone as long as it has a functional internet connection. As well as having a mobile-optimised website, FXCM also has a free mobile application which makes it even easier to trade from a mobile device. It is easy to download this mobile app from the Google Play Store, Apple Store or even from the broker’s website.
Deposits and Withdrawals
FXCM offers several payment methods including:
- Credit Card and Debit cards
- Bank wire transfer
- Paper Cheque
Processing takes can take as little as 1 working day for Skrill, UnionPay, debit or credit card up to as long as 5 working days for bank transfer or ACH. If you opt for a cheque payment, it could take up to 10 days to clear.
There are several account types which require different minimum deposit amounts, with the basic level Mini account requiring a low deposit of just £50 minimum. The Standard account requires a minimum deposit of £10,000 and the Active Trader account requires a minimum amount of £25,000 to begin trading.
There are several methods through which clients can contact the FXCM customer support centre. These include:
- Email – 2 addresses, 1 for general enquiries, 1 for account enquiries
- Live Chat
- FAQs page for fast responses to the most common questions
- Phone helplines in 44 countries around the world
The customer support team are available 24 hours a day 7 days a week to offer client assistance and problem resolution, although the live chat facility is only available 24/5.
The website is also available in 11 languages for the convenience of clients around the world including:
Extra Features and Resources
FXCM has a useful educational resource centre which includes video courses aimed at the needs of a wide range investors who are looking for ways to deepen their knowledge of trading and investment. There are also technical analysis tools as well as market insights available.
Overall, FXCM has quite a lot to offer its potential clients, however it is also important to bear in mind that there are several negative points too.
- A range of different trading platforms to suit the needs of a range of traders
- 100% online trading interface available requiring no installations or downloads
- Mobile trading apps for iPhone and Android
- Choice of customer service contact methods including instant live chat
- Multilingual customer support
- Multilingual website
- Strong SSL encryption site wide
- Choice of account types
- Free demo accounts available
- Free educational resources
- Good choice of trades available
- 24 hour 7 day a week customer service
- Regulated by FCA
- No bonuses appear to be available
- Limited online payment methods available
Is FXCM a reliable broker?
FXCM is a licensed and regulated broker which is registered with the FCA (the Financial Conduct Authority) in the UK. This means that clients can have complete peace of mind that their personal details and finances are in safe hands. All client funds are held in segregated accounts and this broker complies with stringent anti-money laundering and compliance regulations to ensure that its clients are well protected from potential fraud. FXCM has won numerous awards, which show that this is a highly regarded broker around the world.
Is there a registration fee payable to FXCM?
Clients do not need to pay any registration fee when they open a live trading account with this broker.
Can I open a demo account with FXCM?
FXCM offers potential clients the option of opening a free of charge demonstration account to try out the features of their website without having to risk any of their own funds. This is a handy way for beginner traders to learn the basics of Forex trading without making any kind of financial commitment as well as providing a useful way for more experienced investors to try out a new trading strategy risk-free.
Is there a choice of trading platforms?
Traders who choose to use FXCM’s services can from a range of impressive platforms. The MetaTrader platform is downloadable but is extremely reliable and easy to use, even for beginners, and the broker’s own Trading Station platform is also popular and user-friendly, and which can be accessed from a desktop PC or mobile device. There is also the NinjaTrader software and Zulutrade for peer to peer trading. There is also a convenient mobile app which is suitable for both Apple and Android devices and which can be downloaded free of charge to suit the needs of traders on the go.
What are the account types available?
FXCM offers three different types of live trading account (as well as their free demo account). These include:
Mini Account – this requires a minimum deposit of £50 and gives clients access to 21 currency pairs as well as 18 CFDs.
Standard Account – this requires a minimum deposit of £10,000 and gives clients access to all currency pairs and CFDs
Active Trader Account – for a minimum deposit of £25,000 clients can access all CFDs and currency pairs
Are there any educational resources available?
FXCM provides an impressive selection of educational resources to help brand new traders to get to grips with the basics of the financial markets as well as to widen the knowledge of those who have more experience in investment. The comprehensive selection of resources includes trading guides, an extensive on demand video library, in-person seminars and a live classroom as well as the unique FXCM University. This unusual feature offers four levels of training to enable all levels of trader to broaden their knowledge. From the basics of investment up to trading psychology and advanced methodologies, these courses are extremely useful.