FXCM Broker Review

Author By Jeffrey Cammack
Updated: September 24, 2021
Overall Rating
4.13 4.13 / 5
Rated #29 of 69 Recommended Brokers
Min. Deposit
USD 50
Regulators
Trading Desk
Trading Cost
USD 13
Website Language
English, Malay, Indonesian, Arabic, Chinese, Vietnamese
Support Language
English, Malay, Indonesian, Arabic, Chinese, Vietnamese
AlertAccepts Malaysian Clients. Average spread EUR/USD 1.30 pips on trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. MT4 & Ninja Trader platforms supported. FXCM is regulated by FCA, ASIC, and the FSCA.

Forex Malaysia follows a strict editorial standard in our review process. We may receive compensation when you click on links to products we review. Please read our advertising disclosure.

Summary

FXCM is a well-regulated, high-quality Forex and CFD broker offering trading on Forex, shares, indices, commodities, and cryptocurrencies.  With accounts starting at just 50 USD and tight spreads, FCXM is not just excellent value, it also stands out for its high-quality educational material and customer service. Furthermore, FXCM offers full support for MT4 in addition to its award-winning proprietary platform, Trading Station.  It also allows hedging and scalping.

One drawback for Malaysians considering FXCM is that it offers a limited selection of funding methods, but it charges no withdrawal or deposit fees. Malaysians will also be pleased to note that customer service is available in Malay and that FXCM offers Islamic Swap-Free accounts.  For traders looking for a big international brand with good regulation and educational resources, FXCM is a good choice.

Reviews

Regulation
11110.54.5/ 5
Trading Conditions
111104/ 5
Trading Platforms
11110.54.5/ 5
Deposit & Withdrawal
110.5002.5/ 5
Education & Research
11110.54.5/ 5
Assets Available
11110.54.5/ 5
Customer Service
111104/ 5
Beginner Friendly
Standard
Bonuses
None

Account Information

Base Currencies
USD, GBP, EUR
Number of FX Pairs
40
Copy Trading
Hedging Allowed
Scalping Allowed
Islamic Account

Trading Conditions

Min. Spread
0 pips
Commission
5 USD / lot
EUR/USD
1.3 pips
GBP/USD
1.8 pips
USD/JPY
1.4 pips
Max. Leverage
400:1

Company Details

Company Name
www.fxcm.com
Founded
1999
Website
Office Locations
South Africa, Australia, United Kingdom

Pros

  • Well regulated
  • Great platform choice
  • Excellent education
  • Innovative trading tools

Cons

  • Limited demo account

Is FXCM Safe?

FXCM has been a global FX and CFD broker since 1999. FXCM is regulated by numerous top-tier authorities, including the Financial Conduct Authority (FCA) UK, the Australian Securities and Investments Commission (ASIC), the Cyprus Exchange and Securities Commission (CySEC), and the Financial Sector Conduct Authority (FSCA) South Africa. However, Malaysian traders should be aware that the Securities Commission of Malaysia (SCM) does not currently licence trading with FXCM.  See below for a list of FXCM registered companies:

  • FXCM LTD has been regulated in the United Kingdom by the FCA, license: 217689, since 2003.
  • FXCM Australia Pty. Limited has been regulated by ASIC, license: 309763, since 2007.
  • FXCM South Africa (PTY) Ltd has been regulated by the FSCA in South Africa, FSP No 46534, since 2016.
  • FXCM EU LTD is authorised and regulated by the CySEC under license number 392/20.

Historically, FXCM has won many of the industry’s top awards, including Best Customer Support by FX Empire in 2017, and Best Technical Tools by BROKERCHOOSER in 2019. Other awards include Best Forex Trading Platform of the Year at the Global Forex Awards in 2020 and Best Trading Tools from the Online Personal Wealth Awards in 2020.

Malaysian traders are regulated under CySEC, which complies with the regulatory obligation to segregate Client Money from its own money.  Malaysian traders are also afforded negative balance protection, which means that retail clients will never lose more than the total funds invested in their trading account. Note that professional clients are not entitled to negative balance protection.

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Group Regulators
Trading Desk
Website
Year Founded
Office Locations
Inactivity Fee
FCA
ASIC
FSCA
CySEC
Market Maker
1999
South Africa, Australia, United Kingdom
Fees on withdrawals via Bank Transfer

 

Trading Conditions

FXCM offers commission-free trading and a simple account structure for retail traders. The minimum deposit for a live account is 50 USD, and leverage is up to 400:1 on Forex, and 200:1 on other CFDs.   Spreads average at 1.30 pips (EUR/USD) on the Standard account, but drop to 0.2 pips (EUR/USD) on the Active Trader account.  FXCM allows hedging, scalping, and copy-trading, and it offers Islamic swap-free accounts. 

Account Types

FXCM offers an unlimited demo account and a single live account, which can be upgraded to an ‘Active Trader’ account or a ‘Professional’ account. Traders can also sign up for the copy-trading Zulutrade account.

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Display Name
Min. Deposit
Max. Leverage
Min. Spread
Commission
Active Trader
USD 25000
400:1
0
Yes
Account Details
Standard
USD 50
400:1
1.30
None
Account Details

Standard Account

The Standard Account is a commission-free account with a minimum deposit of 50 USD, FX leverage of up to 400:1, and CFD leverage up to 200:1.  Traders have the option of becoming an Active Trader, a Professional Trader, or copy-trader on the Zulutrade platform. 

Active Trader is an account status achieved by maintaining a minimum account balance of 25,000 USD.  Active Traders have access to tighter spreads (0.2 on EUR/USD), market depth functionality on the Trading Station platform, and dedicated support in exchange for a small commission – 5 USD / lot.  Active Traders can develop trading programs for API trading, with access to high-quality institutional data. If you are interested in becoming an Active Trader, open a live account and discuss this possibility with your account manager.

Clients can also follow top traders through the Zulutrade platform for 30 USD/month.  A social trading platform, trades are executed with FXCM’s competitive spreads, and 25% of profits are paid to the trader if they earn a successful return on investment.   Clients can trade shares, forex, CFDs, and cryptocurrencies on Zulutrade.  Zulutrade selects its traders using advanced algorithms and a dedicated trading desk. 

Demo Account

The Trading Station Demo has 5000 USD virtual money and expires after 30 days of inactivity.

Spreads and Commissions

Standard account fees are included in the spread, which averages at 1.30 pips* on the EUR/USD. For those traders who qualify for Active Trader status, a tighter spread of 0.2 pips on the EUR/USD is offered in lieu of a commission of 5 USD / lot USD round turn per trade.

* Average Spreads: Time-weighted average spreads are derived from tradeable prices at FXCM. Spreads are variable and are subject to delay. The spread figures are for informational purposes only. FXCM is not liable for errors, omissions, or delays or for actions relying on this information.

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Broker
Trading Conditions
Base Currencies
EURUSD (Standard)
Trading Cost (Standard)
EURUSD (Best)
GBPUSD (Best)
USDJPY (Best)
Commission
111104/ 5
USD, GBP, EUR
1.30 pips
USD 13
1.3 pips
1.8 pips
1.4 pips
0.0
111115/ 5
USD, GBP, EUR, AUD, CHF
0.90 pips
USD 9
0.9 pips
1.6 pips
1.1 pips
0.0
1110.503.5/ 5
EUR, USD
4 pips
USD 40
0.8 pips
0.7 pips
1.0 pips
0.0

 

Deposit and Withdrawal Fees

A well-regulated broker, FXCM ensures that all Anti-Money Laundering rules and regulations are followed, and as such, all withdrawals are returned to the deposit source.  Malaysians can deposit and withdraw funds either by credit/debit card or via an EFT/Bank Wire Transfer.  FXCM does not charge administration fees for deposits via credit card, debit card, and bank transfer. There are also no withdrawal fees for credit or debit card transfers, but bank wire withdrawals may carry an administration charge.  Bank wire deposits take approximately three to five business days, often less, to arrive in your trading account

Inactivity Fee

An inactivity fee of 50 USD is charged if there is no trading activity for 12 months and a balance remaining in the account.

FXCM For Beginners

One of the major advantages of FXCM for beginner traders is the quality of the educational material they offer. This high standard of educational material won FXCM the Best Educational Materials Award from Investment Trends in 2013.

Education Material

The Forex Trading Guides at FXCM includes a set of 5 downloadable eBooks, a good educational resource for beginner traders. These books can be printed and used as study material when away from a computer screen. The eBooks introduce Forex basics, trading strategies, trading habits, the FXCM’s proprietary Trading Station platform, and how to identify potential trading opportunities on the market.

The video library is organised into different categories that span from more broker-focused topics like making deposits on the platform, to more advanced trading topics like order types that help traders manage risk in trades.

Additionally, this section has an introduction to the Trading Station platform on both desktop and mobile. Since this platform is unique to FXCM, new clients will find these videos very useful.  Unfortunately, none of these materials are translated into Malay.

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Broker
Beginner Course
Advanced Course

 

Analysis Material

Like other brokers, FXCM offers a complementary economic calendar and daily economic news containing some light analysis. However, FXCM takes its analytical offering one step further with Market Data Signals and the Market Scanner – tools to help traders uncover potential trading opportunities in the market.

The Market Data Signals, which are also posted to the FXCM Markets Data Twitter account, are a collection of technical signals ranging from indicator data to asset pricing and market impact.

The Market Scanner helps traders uncover potential trading opportunities based on preferred indicators and timeframes. Some traders prefer to trade a limited set of currency pairs, while others will enjoy trading unique patterns using specific indicators over longer or shorter timeframes.  In this way, the Market Scanner is a unique tool for technical traders. Still, it is important to note that it does not consider a trader’s personal circumstances and trading objectives; therefore it should not be considered investment advice. As always, be aware that past performance is not indicative of future results. 

Note that only some of the market analysis materials are translated into Malay.

Customer Support

Support is available 24/5 via live chat, phone, email, and drop-in. Support is available in 19 languages, including Malay. However, Malaysians should note that the live chat function is only available if one registers an account. Furthermore, FXCM does not have a local telephone number in Malaysia.

Trading Platforms

FXCM supports a wide range of trading platforms, including the industry-standard platform MetaTrader 4, its award-winning proprietary platform Trading Station, Ninja Trader, and other specialty platforms.  Note that Ninja Trader is not available for Malaysian traders.

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Broker
Platform Choice
Copy Trading
Platforms
11110.54.5/ 5
NinjaTrader
11110.54.5/ 5
Avatrade Social
11110.54.5/ 5

 

Trading Station

Winner of the award for Best Proprietary FX Platform 2012 from Forex Magnates, this award-winning platform has continued to impress FXCM customers.

The features are similar to MT4, including EA integration, micro-lot trading, custom indicators, strategy optimisation, strategy backtesting, and advanced charting. But in contrast to MT4, Trading Station is easy to use and requires less setup. That said, MT4 is still used by many other brokers, so traders who may switch brokers in the future might prefer to use the industry-standard software.

MetaTrader 4

MetaTrader 4 is still the industry standard even though its successor, MetaTrader 5, has been available for some time. MetaTrader 4 has been around since 2005, and most ECN and STP brokers offer its support.

The advantages of using MT4 are numerous, but most centre around the community support and the number of users that the tool boasts. Support is available for MT4 from FXCM customer support, and you will also find a wealth of guidance online.

Setting up MT4 is more involved than with Trading Station, but should you wish to change broker or operate multiple accounts at different brokers simultaneously, MT4 is a better platform choice.

Ninja Trader

Ninja Trader is another platform offered by FXCM, though it is aimed at more experienced traders. Ninja Trader has a cleaner user interface than many other more advanced software packages but is one of the favourites for traders who want to engage in auto trading.  However, it is not available for Malaysian traders.

Specialty Platforms

FXCM supports a number of specialty platforms for experienced traders.

  • QuantConnect – An algorithmic trading platform with API integration.
  • MotiveWave – A platform for technical traders with advanced tools.
  • AgenaTrader – A powerful platform for professional traders.
  • Sierra Chart – A professional platform with numerous 3rd party tool connections.
  • SeerTrading – An algorithmic trading platform with strong back-testing capabilities.
  • NeuroShell Trader – A technical trading platform for building custom strategies for manual and automated trading.
  • StrategyQuant – A machine-learning automated trading platform.

Trading Tools

FXCM is unique in the number of algorithmic trading tools available and a strong set of premium signals, a Technical Analyzer, and Trading Analytics. Additional major toolsets at FXCM are apps and API tools to build custom applications for algorithmic trading.

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Broker
Autochartist
Trading Central
Trading View

 

FXCM Apps

FXCM Apps include different expert advisors, apps, and indicators, some of which are free. The FXCM App Store has add-ons for all the supported platforms and is broken down into the following areas.

  • MT4 Expert Advisors and Automated Strategies
  • Indicators
  • Scripts and Add-ons
  • Standalone Apps

Importantly, a client can claim a 100 USD coupon for the FXCM App Store with the A-to-Z Education Program, allowing clients to get started with premium applications.

API Trading

The API trading toolset is a way for traders to build their own applications and use the APIs offered by FXCM to connect those applications to different data sources. These connections are required to build smarter algorithmic trading applications.

fxcmpy Python Package

The fxcmpy Python Package enables application builders to use a REST API in their applications, creating algorithmic trading strategies.

Mobile Apps

FXCM offers traders easy access to the Forex market with the Trading Station Mobile platform, where trades can be placed and managed on the go through its simple, intuitive interface.  Furthermore, MT4 is also available on Mobile and Web platforms.

Evaluation Method

We value transparency and openness in the way we review the partners. To bring transparency to the forefront, we have published our review process that includes a detailed breakdown of the FXCM offer. Central to that process is the evaluation of the reliability of the broker, the platform offering of the broker, and the trading conditions offered to clients, which are summarised in this review. Each one of these is graded, and an overall score is calculated and assigned to the broker.

FXCM Risk Statement

Trading Forex is risky, and FXCM Ltd would like you to know that: “Our service includes products that are traded on margin and carry a risk of losses in excess of your deposited funds. The products may not be suitable for all investors. Please ensure that you fully understand the risks involved.”.

Overview

Widely respected as one of the biggest names in the Forex CFD businesses, FXCM is a well-regulated broker. Compared to other brokers, FXCM excels in platform choice, selection of trading tools, quality of educational material, and customer support.  It also boasts competitive trading conditions, with a low minimum deposit, tight spreads, and high leverage. 

Overall, FXCM is a dependable choice for beginners looking for a strong, traditional and safe broker.

AlertAccepts Malaysian Clients. Average spread EUR/USD 1.30 pips on trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. MT4 & Ninja Trader platforms supported. FXCM is regulated by FCA, ASIC, and the FSCA.
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Overall Rating
Min. Deposit
Regulation
Trading Desk Type
Trading Instruments
Forex Pairs
Crypto Pairs
Pros
Cons
Regulation
Trading Conditions
Trading Platforms
Deposit & Withdrawal
Education & Research
Assets Available
Customer Service
% Lose with this broker
Leverage
Spread
Hedging
Scalping
Account Types
Islamic Account
Trading Platforms
Funding Methods
Trading Commission
11110.54.13/ 5
USD 50
Market Maker
Cryptocurrencies
Forex
Indicies
Metals
Equities
Bonds
WTIs
40
5
  • Well regulated
  • Great platform choice
  • Excellent education
  • Innovative trading tools
  • Limited demo account
11110.54.5/ 5
111104/ 5
11110.54.5/ 5
110.5002.5/ 5
11110.54.5/ 5
11110.54.5/ 5
111104/ 5
70% of retail investor accounts lose money when trading CFDs with this provider
400:1
0 pips
Active Trader
Standard
NinjaTrader
Bank Transfer
Visa
Mastercard
5 USD / lot
11110.54.48/ 5
USD 100
Market Maker
Commodities
Cryptocurrencies
Forex
Indicies
Equities
ETFs
50+
18
  • Good for beginners
  • Well regulated
  • Low minimum deposit
  • Dealing desk
  • Limited market analysis
111104/ 5
111115/ 5
11110.54.5/ 5
11110.54.5/ 5
111115/ 5
11110.54.5/ 5
111104/ 5
72% of retail investor accounts lose money when trading CFDs with this provider
400:1
0.90 pips
Islamic
Professional
Retail
Avatrade Social
POLi
Visa
Mastercard
Skrill
Neteller
Paypal
Bank Transfer
Fees Included in Spread
11110.54.03/ 5
USD 1
STP
ECN/DMA
Commodities
Cryptocurrencies
Forex
Metals
Equities
37
0
  • Tight spreads
  • Low minimum deposit
  • Excellent education
  • Excellent market analysis
  • Limited range of assets
  • Extreme leverage
111104/ 5
1110.503.5/ 5
11110.54.5/ 5
111003/ 5
11110.54.5/ 5
11110.54.5/ 5
11110.54.5/ 5
76% of retail investor accounts lose money when trading CFDs with this provider
3000:1
0 pips
Cent
ECN
Micro
Standard
Ultra
Zero Spread
Visa
Neteller
Unionpay
Skrill
Mastercard
PerfectMoney
Bitcoin
SticPay
6 USD / lot - ECN Account
Visit Broker

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