4.5/5

Your capital is at risk

    Available Countries
  • United Kingdom, Australia, Europe, Switzerland, Canada, New Zealand, United Arab Emirates, Qatar, Singapore, Hong Kong, Malaysia, Bahrain, Russia, Slovakia (Show More)
  • Deposit Methods
  • Credit Card, Debit Card, Bank Transfer (Show More)
  • Cryptocurrency CFDs
    Platform Type
  • CFD Trading Platform (CFD)
  • CFD Instruments
  • Crypto, Indices, Forex, Commodities, Shares
Margin Trading
  • Yes
  • Built In Wallet
  • No
  • Compensation Scheme
  • No
  • Regulated
  • No
  • Minimum Deposit
  • Varies, $360 for European accounts, $50 for non-European accounts
  • Deposit Fees
  • Free (Show More)
  • Withdrawal Fees
  • Varies, EUR SEPA and GBP BACS are free, non-SEPA and non-BACS are charged at EUR15 or GBP15 (Show More)
  • Trading Fees
  • Varies, Floating spread free on cryptos (Show More)
  • Limits
  • Varies, 1:2 leverage limit for cryptocurrencies (Show More)
  • Verification
  • KYC Verification (Show More)
  • Jump to page contents

    FXCM Platform Review

    Forex Capital Market, better known as FXCM, is a UK-based broker specialising in Forex and Contracts for Difference (CFDs). Set up in 1999, it is owned primarily by Jefferies Financial Group, a company listed on the New York Stock Exchange with decades of experience in the investment and financial industries. FXCM has built a strong and positive reputation and is regulated by the UK’s Financial Conduct Authority (FCA), South Africa’s Financial Sector Conduct Authority as well as the Australian Securities and Investments Commission.

    FXCM lets traders invest in CFDs across several markets including cryptocurrencies. These are complex instruments that are marked as high risk due to the involvement of leverage trading. 75.38% of retail investor accounts lose money when trading with this provider. It is important that you understand how CFDs work and that you are able to afford any potential losses.

    As a regulated entity, the CFD trading platform forms part of the Financial Services Compensation Scheme. Should it ever file for insolvency, client funds would be protected and cannot be used for any reimbursement of the company’s creditors. In addition, all retail investors who reside in the UK are guaranteed compensation for up to £85,000.

    Over the years, FXCM has been able to improve its online trading solution and today offers advanced research tools and high-quality educational resources. This makes the platform especially useful for novice traders looking to develop their investment strategy. In addition, account opening and use of the free demo account consist of simplified processes that will have you trading in minutes.

    FXCM Platform Review
    Screenshots are shown for illustration purposes only. Actual product may vary.

    This FXCM review will go through the most important elements of this online CFD trading platform. Since the company is continually updating its service we recommend that you visit FXCM’s website to catch up on the latest news. We will endeavour to update this Cryptimi review as soon as practical and will also include any important news on our dedicated page.

    Is FXCM Safe?

    There are several reasons to consider FXCM as being significantly safe. The company has been in operation for over 20 years and is regulated and overseen by several national authorities. Although the company was hacked in 2015 only a small number of accounts were affected and all client funds were refunded. In addition, the company also forms part of investor compensation schemes in Europe, guaranteeing balances of up to £85,000 in case of insolvency.

    FXCM also protects against negative balance for Forex spot and CFD trading. This feature is currently only available to retail accounts registered in the UK and EU, although the platform also provides up to $50,000 per account registered in Australia and South Africa.

    Another reason to consider that the FXCM trading platform is safe is the sheer number of awards it has won over the years. There are simply too many to list here, but it won top awards for Best CFD Platform Features, Best Customer Care, and Best Value for Money, amongst many others. Had it not been a safe platform it would not have amassed such a collection of trophies, which continue to increase every year.

    Your capital is at risk

    FXCM Platform

    The FXCM platform is fully customisable and lets you invest in a variety of markets from a single interface. For your convenience, the company offers several different trading platforms to choose from. These are:

    • Trading Station – The flagship trading platform provided directly by FXCM lets you trade on the web, on desktop and on mobile. Award-winning, regularly tested and fully integrated, this platform is an ideal way to start trading CFDs and Forex online.
    • Meta Trader 4 – If you already have experience using MT4 then you don’t need to start over with a new platform. FXCM lets you use the award-winning Meta Trader 4 platform which accepts all EAs, including scalping EAs.
    • NinjaTrader 8 – Best-suited for Forex traders, NinjaTrader 8 provides advanced analytics, charting tools, and advanced automated tools. Ideal for experienced traders, this platform offers spread betting to accounts registered in the UK and Ireland.
    • ZuluTrade – Fully-integrated with FXCM’s trading platform, ZuluTrade lets you Copy Trade using one of the world’s largest social auto trading platform. Leave your investment decisions to experience and successful traders as you learn from their strategies and profit from their successes.

    FXCM gives you the opportunity to invest in a variety of markets, including cryptocurrencies CFDs. This is a great way to benefit from the price volatility of these assets without having to invest in safe storage devices for your coins. There are several different pairs to trade, including popular ones, such as BTCUSD, ETHUSD, and LTCUSD. In addition to Bitcoin CFDs, you can also invest in contracts of commodities, indices, and shares.

    Your capital is at risk

    FXCM lets traders invest in CFDs across several markets including cryptocurrencies. These are complex instruments which are marked as high risk due to the involvement of leverage trading. 75.38% of retail investor accounts lose money when trading with this provider. It is important that you understand how CFDs work and that you are able to afford any potential losses.

    FXCM Demo Account

    FXCM offers a demo account to all users, no matter whether you have already registered an account or not. All you need to do to get started is to visit FXCM and click on “Try Demo” at the top of the page. You will be asked to enter your basic details and will be provided with a username and password to use. The demo account looks and behaves like the real thing, and FXCM also provides you with educational resources to help you try out different strategies.

    FXCM Wallet

    FXCM is a cryptocurrency CFD trading platform, which means that you cannot directly buy Bitcoin or any other digital currency. As a result, the platform does not provide you with a wallet to store or send cryptocurrencies to. The platform can only accept traditional currencies, such as EUR or USD.

    FXCM Platform Account

    The FXCM website is easy to navigate, with the most important and useful links located right on the front page. Opening an account is easy and fast, with low minimum deposits and a choice of account type to suit your trading requirements. These include:

    • Individual Standard – Ideal for the occasional or hobby trader who can access basic services
    • Individual Active Trader – Designed for frequent traders who can access dedicated support and premium services
    • Professional – An account designed for serial investors with significant capital
    • Institutional – An account designed for corporate entities looking for whole executions and liquidity solutions
    The different account types come with varying fees, leverage, and other features. You should opt to open an account which best meets your trading frequency and investment capital. If you are unsure which account is best you should contact FXCM’s customer care team. The “Support” link is located at the very top of the page.

    How to Sign Up on FXCM

    FXCM Sign Up
    Screenshots are shown for illustration purposes only. Actual product may vary.
    Creating your new FXCM account is extremely easy. All you need to do is follow these steps:
    1. Visit FXCM and click on “Open Account”
    2. Select your country of residence and the platform you wish to use
    3. Enter your details and select your base currency and account type
    4. Click on “Continue” and enter the additional information required
    5. Enter your employment status and trading experience details
    6. Set up your security question which you will use in case you forget your password
    7. Confirm your acceptance of the platform’s terms and click on “Finish”
    Your FXCM account is now open and will be checked by a member of staff. At this point, it is a good idea to submit the verification documents necessary to verify your account and then proceed with your first deposit. Information on these processes is provided in the following sections of this FXCM review.

    How to Login on FXCM

    FXCM Login Page

    Once your FXCM account has been opened you can log in whenever you wish. All you need to do is:
    1. Visit FXCM and click on “Launch Platform”
    2. Select the “Real” tab (unless you are logging into your demo account)
    3. Enter your username and password and click on “Sign In”
    If you have forgotten either your username or password click on the “Need Help?” link located below the login form.

    Verification Requirements

    As a regulated trading platform, FXCM requires all users to verify their identity by providing suitable identification documents. Whilst the precise documentation required varies depending on your country of residence and the type of account you have selected, individual accounts would normally require:
    • Government-issued photo ID
    • Proof of residence document
    • Documentation to support the source of funds
    • Documentation to support the source of wealth

    You can find more information about applicable documentation and submission instructions by logging into your FXCM account.

    How to Buy Bitcoin CFDs with FXCM

    FXCM Buy Bitcoin CFD
    Screenshots are shown for illustration purposes only. Actual product may vary.

    Buying or selling Bitcoin CFDs or any other asset on FXCM is quite the simple feat, even if you’ve never traded online before. In this example we will be using the platform’s own flagship platform, however, instructions for the other options are very similar. To buy your first Bitcoin CFD follow these examples:

    1. Open your trading platform and scroll down to “Symbol List”
    2. Selection “Cryptocurrencies” and select the appropriate pair, such as “BTCUSD”
    3. Select “Buy” or “Sell” depending on whether you believe the price will increase or decrease
    4. Enter the amount you wish to trade
    5. Click on “Advanced” and select both “Stop” and “Limit” orders
    6. Fill in the relevant thresholds and click on “OK”

    Although the “Stop” and “Limit” orders are optional we strongly recommend that you use them. These automated tools will close off any positions which surpass the thresholds you have set, ensuring that you do not lose more capital than you planned to. You need to be aware that these instructions are not guaranteed and might not activate during periods of high volatility and trading volumes.

    Your capital is at risk

    FXCM lets traders invest in CFDs across several markets including cryptocurrencies. These are complex instruments which are marked as high risk due to the involvement of leverage trading. 75.38% of retail investor accounts lose money when trading with this provider. It is important that you understand how CFDs work and that you are able to afford any potential losses.

    How to Cash Out on FXCM

    FXCM Cash Out
    Screenshots are shown for illustration purposes only. Actual product may vary.

    To close an open trade on FXCM all you need to do is:

    1. On your trading platform click on the “Open Positions” window
    2. Right-click on the position you wish to close and click on “Close Position”
    3. Fill in the details of your order and click on “OK”

    Once your order has been processed the position will be closed and any relevant fees charged to your balance. The remaining funds will be deposited into your FXCM account, ready to be re-invested or to be withdrawn.

    Supported Cryptocurrencies

    Although FXCM does not let you buy or sell Bitcoin and other cryptocurrencies directly it is a good platform to trade cryptocurrency CFDs. Unfortunately, it does not offer an extensive range of coin pairs to choose from. The seven options currently available are:

    • BTCUSD
    • ETHUSD
    • LTCUSD
    • XRPUSD
    • BCHUSD
    • EOSUSD
    • XLMUSD

    Supported Countries

    FXCM is able to offer its services to users in most countries across the world. However, due to licensing restrictions and the banning of CFD trading in certain countries, certain exceptions do apply. You will be able to ensure that your country is amongst the list of supported ones in the first step of opening a new account.

    Supported Countries

    FXCM is available across the world, including in the UK, EU, and Australia. In fact, if your country is not listed in the Excluded list below, chances are you will be allowed to open an account.

    Your capital is at risk

    Excluded

    The most significant excluded country is the United States of America since it outright bans CFD trading. Other notable countries include Japan, Brazil, Turkey, Cuba, Sudan, and Syria. UN-sanctioned countries, Iran and North Korea are also excluded.

    Platform Fees & Limits

    In order to sustain its operations and grow, FXCM charges several fees for its services. The website clearly shows these fees, andthe company is transparent about what it charges, promising no hidden fees.

    Fees

    FXCM Fees
    Screenshots are shown for illustration purposes only. Actual product may vary.

    The platform’s fee structure varies depending on whether you are trading Forex or CFDs. In the case of Forex, FXCM charges a fixed commission for every currency pair. The commission is based upon 100,000 worth of trades but calculated pro-rata based on the amount you actually trade. Moreover, a rollover charge is applied to any position which if kept open overnight.

    In the case of CFD trades, FXCM does not charge any commissions. The spread is the main trading fee, and can easily be calculated by subtracting the sell price of a contract from the buy price. In reality, this fee is already included in the price, which is why it is known as an “all-in” quote. FXCM charges some of the lowest CFD spreads in the industry, even though the range of options is fairly limited.

    Just like in the case of Forex, a rollover fee is applied to any positions open after a particular contract’s end of day.

    When you open your FXCM account you will have the option to choose your base currency. Any trading pair which is quoted in another currency which you invest in will be subject to a currency conversion fee. This fee will be applicable twice, once when you open a position and once when you close it.

    Although deposits into your FXCM account are free, there are cases where withdrawals are subject to a fee. There are exceptions, however, such as if you are transferring EUR funds via SEPA or GBP funds via BACS.

    Accounts with a negative balance are subject to a 1.75% interest rate fee which is added over and above the rollover fee. This charge is applied monthly. Inactive accounts, meanwhile, are charged $50 or €50 per year. Should your account hold less than this amount it might be closed. An inactive account is considered to be one which features no client-initiated activity in the preceding 12 months.

    Additional fees and conditions apply to professional and institutional accounts, however, these are not covered in this FXCM review. Finding the FXCM’s rate card can be difficult to navigate to. The easiest way is to visit FXCM and click on the search icon at the top of the screen. Enter “Rate Card” in the search box and click on “Search”.
    FXCM lets traders invest in CFDs across several markets including cryptocurrencies. These are complex instruments which are marked as high risk due to the involvement of leverage trading. 75.38% of retail investor accounts lose money when trading with this provider. It is important that you understand how CFDs work and that you are able to afford any potential losses.

    Limits

    FXCM implements a very simple limit to the holder of individual accounts. Minimum deposits are set at £300 for UK and European accounts and $50 for non-European ones. Apart from this, you can trade with virtually no limits, and withdraw all your funds if and when you wish to. In line with its operating licence, FXCM might request information or restrict your account in cases of suspicious activity, such as depositing funds only to withdraw them without trading a few days later.

    This CFD trading platform does not allow users to trade or withdraw funds before their account is fully verified.

    Supported Payment Methods

    FXCM Supported Payment Methods
    Screenshots are shown for illustration purposes only. Actual product may vary.

    FXCM provided several convenient payment methods for deposits and withdrawals. These include:

    • Debit & credit cards
    • eWallets
    • Instant bank transfers
    • Traditional bank transfers

    For each payment method available to you, FXCM provides detailed instructions on how to make your payment.

    FXCM Security

    Unfortunately, security is an area where FXCM delivers short of expectations. Although the platform is relatively safe, with industry-standard measures such as SSL encryption and data firewalls, it does not offer two-factor authentication (2FA) or logging insurance.

    FXCM Customer Support

    Whilst security might be an area which needs improvement, FXCM’s customer support is truly awesome. New and registered users can get in touch via the live chat option which is available 24/5, or opt for more conventional methods such as email or SMS. If you would like to call the broker, the website offers an extensive list of local numbers from across the globe which you can call for free.

    The platform is often applauded for its customer service online and even offers a comprehensive FAQ directory to help you find instant answers online. In addition, FXCM operates several social media pages where you can get up to date with the latest developments and news directly from the company.

    FXCM Coming Soon Features

    The platform is continually developing its solutions and releasing new products and trading pairs. Since competition is fierce between CFD trading platforms the company has not released any information about upcoming features as yet. We will update this FXCM review once new features are released to the public.

    Top Competitors

    FXCM vs eToro

    Both FXCM and eToro enjoy a global position and are owned by major corporations which have been operating for several decades. They are both considered to be reputable, offering a range of products and services for new and experienced investors. Whilst their features are similar, with both offering Copy Trading and mobile trading, with eToro you can also buy actual cryptocurrencies and store them in a free, in-built wallet.

    FXCM vs XTB

    Both FXCM and XTB are large CFD trading platforms with a number of offices located around the world. Regulated and safe, these platforms have won the trust of millions of investors, providing educational resources and analysis tools to help individual traders develop winning strategies. Like FXCM, XTB also provides an investor compensation scheme, and both platforms offer their own trading interface as well as the option to use Meta Trader 4. XTB offers a significantly greater number of assets to trade, and both platforms charge similar spreads and fees.

    FXCM vs Plus500

    As one of the world’s largest CFD trading platforms, Plus500 offers an extensive selection of markets and instruments, including a significant number of cryptocurrency CFDs. For its part, FXCM’s choice of assets is small when compared to Plus500’s. Fees are on par, as are important features, such as available leverage and educational resources. FXCM has a stronger global presence, with a number of offices across the world, whilst Plus500 focuses primarily on its online presence.

    Is FXCM regulated?

    Yes, FXCM is regulated in several jurisdictions, including the UK and Australia. In addition, the platform's owner is listed on the NYSE.

    Can I trade cryptocurrency CFDs with leverage?

    Yes, FXCM lets you trade with up to 1:2 leverage. Higher ratios are available for other markets.

    Are there any deposit fees?

    No matter which deposit method you choose, FXCM will not charge you any fees. However, your payment provider might, such as if sending a bank transfer.

    Can I trade on FXCM anonymously?

    FXCM is a regulated CFD trading platform which requires all users to verify their account before trading.

    Conclusion

    FXCM has been around for over 20 years, which means it is clearly providing a great service to its users. Whilst the interface and range of tools have changed and improved over the years, the company still adheres to its motto of Customer Face, Integrity, and Agility. It offers choice and convenience throughout its services and charges competitive fees, no matter what account you open. As a result, it ranks amongst the top CFD trading platforms in the world.

    Your capital is at risk

    FXCM lets traders invest in CFDs across several markets including cryptocurrencies. These are complex instruments which are marked as high risk due to the involvement of leverage trading. 75.38% of retail investor accounts lose money when trading with this provider. It is important that you understand how CFDs work and that you are able to afford any potential losses.

    Rating Score

    4.5 out of 5

    Pros

    • A regulated platform with over 20 years in the industry
    • Low trading fees and no deposit fees
    • Free demo account and educational resources
    • Trade on desktop, mobile or web

    Cons

    • A limited choice of cryptocurrency CFDs
    • Missing key security tools, such as 2FA

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