June 5, 2020

FXCM Review

Regulators: FCA, ASIC, FBS, ISA

Available Major Cryptocurrencies: No

Minimum Deposit:$50

Maximum Leverage: 1:400

Spreads: Medium

My Score: 5.6

FXCM is a broker from the capital stores after all 1999. Together with its headquarters at New York, FXCM was providing forex currency trading for US investors for all years. In this technique, the corporation continued to develop globally. The business is licensed by International reputed authorities like FCA, ASIC. However, in 2017, the firm exited US stores with no further takes US clients. At the point I hunted this choice.

The simple fact is that FXCM is prohibited in the US. Because FXCM suggested they failed to behave as “no dealing desk” with their shareholders. They told investors into their own trading orders directly implemented inside the forex store, there’s not any using store maker or liquidity provider. But it was they functioned as a working desk during Effex Capital LLC.So that the business was prohibited in the US.

It is standard to get a forex broker to use a working table version. Many brokers do so. Nevertheless, the unexpected situation is deceiving clients. This episode hurt the confidence of the consumers. Because of this comprehension I write cons point out the FXCM.

In the meantime, FXCM has tried to lower the effect of this harm. Can it be FXCM a fantastic broker today? FXCM’s inhouse platform – How is Trading Station? Can it be FXCM minimum deposit and also spreads valuable? What’s the most leverage and also the accounts type s? Let’s perform the FXCM review together.

FXCM Regulation

The FXCM is governed by 4 Distinct watchdogs. A few of these, FCA and ASIC, are exceptionally dependable and dependable regulators in most around the globe. Both would be FBS for both FXCM South Africa and ISA to get FXCM Israel.

Both FCA and ASIC are reliable and well-regulated labs. Additionally they have reimbursement capital within their own jurisdiction. The control mechanics of these experiments are predicated on a harmless system. As an instance; In businesses under FCA law, customers ‘ funds are kept in segregated bank accounts separated from the company’s operational funds. So even if the company goes bankrupt, clients’ capital won’t be hurt. Additionally, customers ‘ funds are guaranteed up to 50,000 by the Financial Services Compensation Scheme.

In 2016, FXCM expanded to the Israeli and South African stores. The company is licensed for FSB (Financial Services Board) in South Africa and ISA (Israel Securities Authority) in Israel.FXCM does not accept US clients.

FXCM Spreads and Account Types

Account type Minimum deposit Maximum leverage Average Spreads Execution
Standard $50 1:400 1.4 pips DD
Premium $2 000 1:100 0.4 pips commission $8 per lot -round turn – (6 in the UK) NDD
AciveTrader $25 000 1:100 0.4 pips USD commission per lot -round turn – $3.6 – $8 (3.6 – 6 in the UK) ** NDD

FXCM offers 3 different account types. When we look at account types, we can see that FXCM is trying to produce account types that are compatible with the 3 basic investor types.

The minimum deposit in the standard account type is $ 50. When we make FXCM vs Pepperstone, we see that there is less minimum deposit than FXPro.But when compared to brokers like XM or FXTM, we see that the minimum deposit is high.

We can also see that spreads and commissions are slightly higher in all account types compared to their competitors. The other negative feature is that the dealing desk model is used in the standard account type.

In the premium account, the minimum deposit is 2000 dollars. This account type is similar to the ECN account. But I see it is disadvantageous when compared to ECN account types in other brokers like Pepperstone or IC Markets. Both spreads and minimum deposit conditions are more advantageous with these brokers.

The Active Traders account is preferred by investors with higher trading volumes.

In summary, FXCM account types are inadequate. There is no variety of account types in accordance with each investor type. In addition, both spreads and minimum deposits are disadvantageous compared to competitors.In addition to this, the maximum leverage is lower.

FXCM Withdrawal and Deposit Methods

One of the most common complaints for investors at FXCM is payment methods. The deposit and withdrawal methods really seem very limited. Investors can use technological payment methods such as Neteller, Webmoney, Fasapay or Qiwi wallet in many brokers. However, in FXCM only Skrill is reached from among these methods. Also FXCM does not offer a deposit method with BitCoin and does not offer bitcoin trading either. Major cryptocurrencies are not available in FXCM.

Methods Processing Times Currencies

Instant USD, EUR, GBP,
1-2 days (domestic)
3-5 days international
USD, EUR, GBP
24 hours USD, EUR, GBP
24-48 hours USD, RMB

FXCM

5.6

Trust

6.0/10

Commissions and charges

6.0/10

Customer Service

5.0/10

Platform & Tools

7.0/10

Product Portfolio

4.0/10

Pros

  • Regulated by FCA and ASIC

Cons

  • Not Available Crypto Currencies
  • Payment approaches are somewhat restricted
  • Banned in US
  • Account forms and trading requirements are somewhat restricted.