FXCM is a broker established in the United Kingdom that offers CFD trading on shares, market index, forex, metals, and cryptocurrencies. FXCM was founded in 1999, and its principal owner is the Jeffries Financial Group, which is traded on the New York Stock Market and has a commercial bank background.
FXCM is regarded as secure due to its long track record, powerful parent corporation, and regulation by top-tier financial regulators such as the UK’s Financial Conduct Authority and the Australian Securities and Investments Commission. You can find the the list of best forex broker philippines in this site. It is also governed by the Cyprus Securities Exchange Commission and the Financial Industry Conduct Authority of Southern Africa .
FXCM advantages and disadvantages
The account opening process at FXCM is simple, quick, and easy
It provides excellent technical research skills, including a plethora of chart patterns. The educational content supplied is of great quality.
On the negative side, FXCM only offers CFDs (forex, indices, commodities, cryptos, and shares), therefore popular asset classes such as genuine stocks and ETFs are not available. Bank withdrawals are also subject to a high cost. Finally, the trading platforms do not provide more secure two-step authentication.
Pros
FXCM Group (FXCM), founded in 1999, is a Leucadia Company that is part of Jefferies Financial (NYSE: JEF). FXCM is regulated in three tier-1 jurisdictions, giving it a safe (low-risk) broker for forex and CFD trading. FXCM received Best in Class (top 7) in our testing for its Platforms and Tools, Education, Professional Trading, Machine Learning, and Social Copy Trading. There is no doubt that FXCM delivers in the areas that are essential to traders. FXCM delivers extensive monthly execution reports that show slippage figures and trade execution quality for all order types. Instead of other platfroms the capital.com review also shows that it’s the best platform for brokers.
Cons
Although the research and educational content is of high quality, it lags below category leaders such as IG and Saxo Bank in terms of variety and quantity. FXCM provides a limited number of CFDs, but access to its large array of exchange-traded securities is restricted to a separate account and system. Forex and CFD trading effective spreads (after commissions) are slightly larger than the industry average.
FXCM Review Highlights
Platforms: An FXCM account has access to a wide range of platforms, including the usual MT4 on desktop, mobile, and online. Its own Trading Station platform is similarly capable, but has an updated look and some new features owing to website plugins. ZuluTrade access provides copy-trading functionality, but NinjaTrader allows traders to create and test automated methods, among other things.
A plethora of Trading Apps: A page on the FXCM website shows the plugins and extensions available for traders who want to quickly add functionality to the Trading Station and MT4 platforms, allowing for a wider range of tactics. New indicators, Expert Advisors, and numerous reporting and charting tools, such as Pivots Panel, CFD Auto Roll, Track ‘N Trade, and Visual Traders Studio, are included. The Capital.com review is headquartered in Cyprus and is regulated by four major entities.
Connected Customer Support: Contacting an FXCM agent is simple and quick. There is a number to call for each area in which FXCM works, with agents on the line fluent in the corresponding language. There is live chat available, however it is not always available. An email form also expedites inquiries, and we discovered that assistance responds in little more than one working day.
Active Trader Account: The Active Trader account is designed for more experienced traders who demand tools beyond the standard accessible set or who want to develop their own using open APIs (FIX, ForexConnect, and others). Active Trader accounts have premium spread pricing and lower costs than Standard Accounts, free institutional research via eFXplus, an unlocked Market Depth tool for Trading Terminal, and VPS hosting.
FXCM Examines Compliance and Regulation
Regulatory licencing from the UK’s Financial Conduct Authority is one of the most significant votes of confidence a broker can receive (FCA). This means that relevant traders are safeguarded by rules that segregate their funds, require pricing and instrument transparency, protect their data, and insure against losses in the case of insolvency. FXCM is regulated similarly in all of its locations, including Australia and South Africa. Despite certain regulatory challenges encountered while attempting to enter the US market, FXCM is a highly trusted and compliant broker in the country where it is headquartered and overseas.
FXCM Pricing Review
There are no commissions for Standard account trades; all fees are included in the instrument spreads.. FXCM quotes a cost of $30 per $1 million traded for Active Trader accounts, which can be reduced to $25 per million exchanged when monthly turnover exceeds $150 million.
