In this video we will review FXCM Broker.
Broker Details
FXCM was founded in 1999 and its majority owner is the Jefferies Financial Group, which is listed on the New York Stock Exchange and has a background in merchant banking.
The broker is regulated under the UK’s Financial Conduct Authority (FCA), the Australian Securities and Investments Commission (ASIC), the Cyprus Securities and Exchange Commission (CySEC) and South Africa’s Financial Sector Conduct Authority (FSCA).
Assets and Markets
Users who hold accounts or thinking to open an account in FXCM Forex Broker can trade more than 300 assets across 5 asset classes, but to be more precise those are :
More than 45 Currency Pairs, with leverage up to 30:1
More than 200 Share CFDs on top companies such as Tesla, Amazon and Apple,
Indices such as Nasdaq100, US30 amd GER30
Commodities such as Gold, Silver, Oil and Natural Gas
And last but definitely not least cryptocurrencies like bitcoin, ethereum, litecoin and Cardano with 2:1 leverage.
Account Types
FXCM offers four account types. The standard, the active trader, the institutional and an islamic account.
The Standard account allows users to Trade currency pairs and CFDs . with an average low spread of 1.3 pips for EUR/USD and 1.8 pips for GBP/USD. The minimum amount to open such an account is 50$.
The active trader account is designed mostly for high-volume investors, and it offers benefits including dedicated support, premium services and custom solutions.
But the greatest benefit is that of rebate pricing. Users who trade high volumes, above 10mil in monthly bases become eligible to receive monthly cash rebates. The Rebates will be credited directly to users trading account in the subsequent month.
Lastly, FXCM offers institutional accounts , and they call them FXCM Pro, which is an account that offers wholesale execution and liquidity solutions for retail brokers, hedge funds and emerging market banks.
To create an account on FXCM, click the link below the video or watch our dedicated video on how to create and trade with an FXCM account.
Trading Platforms
FXCM offers three training platforms, those are their native trading station, the famous Metatrader 4, and Zulutrade.
Their native trading platform, the trading station,which you can use on the web or downloaded on your desktop, is a solid trading platform, and in our video on how to create and use an account on FXCM, we include a tutorial in it, which will demonstrate how to login, how to place orders and in general how to use the trading platform. You can find the video on the description.
When it comes to Metatrader 4 , if you are not familiar with it, we have created dedicated and detailed videos for both desktop and mobile versions . You can find the videos on your screen or in the description below.
Funding Options
FXCM accepts Visa , Mastercard, and Discover debit and credit cards.
Additionally users can fund their account with Bank Wire, Skrill , Unionpay, Neteller and recently they added cryptocurrencies .
There are no account, deposit, or credit/debit card withdrawal fees. However, users have to pay a $50 fee after one year of inactivity, so make sure to either remain active on the account once opened and funed.
Currently FXCM runs a promo, which is for a limited time, and allows their users to claim a bonus of up to 300$ with each time you deposit funds.
Of course this comes to Tiers, if you deposit between 50-990$ you you will get 25$, anything between 1000-2500 basically will get you $100, for tier 3, and deposit of above 25 hundred and below 5K you can get 200$, and finally if you deposit more than 5K you will get 300$.
Keep in mind that in order to qualify you have to fund your account with Crypot, Debit/Credit or wire.
Customer Support
Users can contact customer service via email, phone, live chat and whatsapp. FXCM provides free phone support for the residents of 42 countries.
Summary
So let’s have a look at the pros and cons of FXCM Forex Broker.
Starting with the pros:
It is a well Regulated Broker
Been around for more than 20 years
Has its own Native trading platform, tradestation
Offers Metatrader 4 as an option
4 Account Types ( Standard, Active Trader, Institutional and Islamic)
Low minimum deposit , 50$
And last deposit Bonus of up to 300$
On the cons now:
US Clients not allowed
Limited tradable assets compared to the competition
Metatrader 5 platform is not supported
Less Funding options compared to other brokers
Overall FXCM Broker is a well regulated forex broker that is been operating for more than 20 years. To open an account you can click the link below the video or watch our dedicated video “how to create, verify and use an FXCM Broker account”.
Thank you for watching FXCM review, we really hope that helped you decide if this is the right broker for you.
Also watch Top 5 Factors That Move The Forex Market, 5 Tips To Become A Successful Forex Trader, Top 5 Best Forex Brokers For 2022
