FXCM, also known as Forex Capital Markets, was founded as an American forex and CFD broker based in New York but has since moved the business to England where they are now regulated by the Financial Conduct Authority (FCA).
The broker is owned by a holding company called Leucadia National Corporation, and FXCM has been active on the market since 1999.
By offering a good selection of assets, four cutting-edge trading platforms, and charting tools that can satisfy even the most technical trader, FXCM has established themselves as an innovative leader in the industry.
Lets get started with our FXCM review.
Is FXCM a Scam?
There are multiple rumors online saying that FXCM is a scam operator and that they are not trustworthy but we are here to debunk that misconception.
FXCM used to be available in the United States where they were regulated by the Commodity Futures Trading Commission (CFTC). However, after failing to meet the CFTC’s extremely demanding requirements, the broker decided to move to England and shift focus to the European market.
CFTC is known to have the strictest regulations in the world and most forex and CFD brokers are unable to live up to their standards and FXCM’s case is not unique. With that being said, FXCM is regulated today by the British Financial Conduct Authority (FCA) – like most of our recommended brokers – and to us, that is more than enough. In fact, any broker that has been authorized by the FCA can be considered safe and trustworthy to use.
So, to answer the question above FXCM is not a scam, and we would never recommend a broker if we weren’t confident that we and all of our readers could trust them.
FXCM’s Trading Platforms
In order to cater to as many traders as possible, FXCM offers four separate trading platforms.
The main platform is FXCM’s own platform called the Trading Station. It was designed based on 10 years worth of customer feedback and can be used to trade both forex and CFDs. Trading Station features cutting edge charting tools and tools for automated trading. Moreover, the platform is available in a downloadable desktop version as well as a slightly limited web-based version. You can also access Trading Station on your mobile device by downloading FXCM’s trading app for Android and iOS.
On top of that, FXCM has integrated the Metatrader 4 which is the best forex trading platform on the market. In fact, the MT4 is so good that most of the industry’s leading brokers offer it either as their main platform or as a complement to their other trading tools. Just like Trading Station, the MT4 can be downloaded, used in a web browser, and accessed on mobile devices.
In addition to these two cutting-edge platforms, FXCM also provides access to two other platforms for specific purposes.
- NinjaTrader is a trading platform for traders that like to build their own trading strategies and tools from the ground. It’s innovative and practical.
- ZuluTrade is an automatic trading platform that was designed for traders that don’t have time for analytic work and strategic planning.
FXCM’s Demo Account
If you want to start trading with FXCM, you can open an account for one of the above-mentioned platforms, deposit money, and start trading right away. The other option is to open an FXCM demo account and take the platforms for a test drive. We usually recommend that beginners start with a demo account, but they offer benefits for experienced traders as well.
Note that FXCM usually refers to their demo account as a practice account.
FXCM Assets and Trading
Compared to some of the brokers we recommend, FXCM has a limited selection of assets. However, the assets that are offered have clearly been hand-picked based on popularity and trading opportunities.
It’s obvious that FXCM’s focus is on the forex market, but there are definitely some other interesting investment opportunities as well.
FXCM License and Regulation
FXCM is regulated by the FCA who, among other things, oversees the forex and CFD market in Europe together with CySEC and a few other organizations. It is definitely not easy to get an FCA license, and it’s even harder to keep it due to their increasing regulations and regular audits. Because of this, you can always trust a broker that is being regulated by the FCA.
FXCM Payment Methods and Customer Service
There are four methods that can be used to fund an FXCM trading account. The most popular is using a credit or debit card, but traders can also transfer money using a regular wire transfer. Otherwise, you can opt to use the online payment provider Skrill or Union Pay.
Withdrawals, on the other hand, can only be done to a debit or credit card or directly to your bank account via a bank transfer. The quickest option for European traders is a SEPA transfer.
If you have any questions or need to help with anything you can contact FXCM’s customer service directly. In our opinion, the most practical way of contacting them is using the live chat provided on FXCM’s website, otherwise, you can choose one of the following methods:
- Telephone: +44 (0)207398 4050
- Toll-Free Phone: 0808 234 8789
- Email: [email protected]
- Address: Northern and Shell Building 10 Lower Thames Street, 8th Floor London
Final Thoughts on FXCM
FXCM is a very good and completely regulated broker for all traders that are interested in forex trading. Unfortunately, their selection of CFDs isn’t too impressive even though all of their four trading platforms support CFDs. But don’t just take our word for it – try to check the broker out for yourself by opening an FXCM demo account today!