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Score

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/10
The WikiFX Score of this broker is reduced because of too many complaints!

FXCM

Australia|Above 20 years| Benchmark B|
Regulated in Australia|Market Making(MM)|MT4/5 full license|Global Business|High potential risk|

https://www.fh-zh.com/?cmp=7017V000001wNLMQA2&utm_source=fxeye&utm_medium=flatrate-text&utm_campaign=hplink

Website

Rating Index

Benchmark

Benchmark

B

Average transaction speed (ms)

517.2

MT4/5

Full License

FXCM-AUDDemo01

United States
MT4
19

Influence

A

Influence index NO.1

Germany 6.80
The WikiFX Score of this broker is reduced because of too many complaints!

Benchmark

Speed:A

Slippage:AAA

Cost:A

Disconnected:AAA

Rollover:C

MT4/5 Identification

MT4/5 Identification

Full License

19
Server Name
FXCM-AUDDemo01 MT4
Server Location United States

Influence

Influence

A

Influence index NO.1

Germany 6.80

Surpassed 9.83% brokers

Biz AreaSearch StatisticsAdvertisingSocial Media Index

Contact

+44 (0)207398 4050
infoasia@fxcm.com
https://www.fh-zh.com/?cmp=7017V000001wNLMQA2&utm_source=fxeye&utm_medium=flatrate-text&utm_campaign=hplink
https://www.facebook.com/FXCM.Deutschland

Licenses

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

Single Core

1G

40G

Open Now

Disclosure

More

Contact number

English

+44 (0)207398 4050

German

+49 030 801 97 22 50

Broker Information

More

Company Name

FXCM AUSTRALIA PTY LIMITED

Company Abbreviation

FXCM

Platform registered country and region

Australia

Company website
Twitter
Facebook
YouTube

Pyramid scheme complaint

Expose

Check whenever you want

Download App for complete information

WikiFX Risk Alerts
Previous Detection : 2023-10-02
  • The number of the complaints received by WikiFX have reached 19 for this broker in the past 3 months. Please be aware of the risk and the potential scam!

WikiFX Verification

FXCM · Benchmark
Average transaction speed(ms)
517.2
The highest transaction speed(ms)
78 Great
The highest speed of opening positions(ms)
141 Good
The highest speed of closing position(ms)
78 Great
The lowest speed of opening positions(ms)
1979
The lowest speed of closing position(ms)
1854
Ranking: 85 / 130
Test user 512
Orders 3,044
Ocuppied margin $1,254,791 USD
Data Source WikiFX Data provide
Updated: 2023-09-29 01:09:00

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Pyramid scheme complaint
Expose

    Total Margin Trend

    • VPS Region
    • User
    • Products
    • Closing time
    • Seoul
    • 433***
    • EURAUD
    • 09-27 06:01:27
    • Frankfurt
    • 855***
    • XAUUSD
    • 09-27 04:36:02
    • Taipei
    • 247***
    • XAUUSD
    • 09-27 03:40:02

    Stop Out

    1.30%

    Stop Out Symbol Distribution

    6 months

    Sources

    FXCM · Company Summary

    FXCM Review Summary in 10 Points
    Founded 1999
    Headquarters London, UK
    Regulation FCA, ASIC
    Market Instruments currency pairs, precious metals, commodities, global stock indices, treasury bonds
    Demo Account Available
    Leverage 1:30-1:400
    EUR/USD Spread 1.3 pips
    Trading Platforms MT4
    Minimum deposit $50
    Customer Support 24/5 phone, email, and live chat

    What is FXCM?

    FXCM is a retail forex broker that was founded in 1999. The company is headquartered in London, UK, but has offices and affiliates in a number of other countries, including Australia, Germany, France, Italy, Greece, Hong Kong, Japan, South Africa, and the United States.

    The company provides online trading services in forex, contracts for difference (CFDs), and other financial instruments. FXCM offers various trading platforms including the popular MetaTrader 4 (MT4) platform and its own proprietary platform, Trading Station. The broker provides customer support in multiple languages and offers educational resources and market analysis tools to help traders make informed trading decisions.

    What Type of Broker is FXCM?

    FXCM is a retail forex and CFD broker that operates as a No Dealing Desk (NDD) broker. This means that FXCM does not take the opposite side of clients' trades and instead uses Straight Through Processing (STP) to send client orders to liquidity providers in the interbank market. This model is designed to provide traders with faster execution and more transparent pricing. FXCM also offers commission-based pricing, as opposed to spreads, which may appeal to traders who prefer a more transparent fee structure.

    FXCM's website

    Pros & Cons

    FXCM is a well-established and reputable forex broker with over two decades of experience in the industry. Its strengths include its comprehensive educational resources, a wide range of trading instruments and platforms, and a global presence. FXCM also offers competitive pricing and flexible account options, making it accessible to traders of all levels.

    However, FXCM's weaknesses include limited deposit and withdrawal options, high fees for certain services, and the potential for slippage during periods of high volatility. Some traders have also reported issues with customer support, particularly in non-English speaking regions.

    Pros Cons
    • Regulated by FCA and ASIC • US clients are unaccepted
    • Commission-free trading available on Standard accounts • Limited product offerings beyond forex and CFDs
    • Multiple trading platforms to choose from, including MetaTrader 4 and Trading Station • Limited educational resources compared to some other brokers
    • Competitive spreads on forex pairs • Limited research and analysis tools
    • No deposit or withdrawal fees • Limited customer support availability on weekends
    • Low minimum deposit requirement • Limited payment options

    It's worth noting that the pros and cons listed above are not exhaustive and may not necessarily apply to every trader's individual experience with FXCM.

    Overall, FXCM can be a good choice for traders who prioritize education and a diverse range of trading options, but it may not be the best fit for those who require a specific deposit or withdrawal method, or who prioritize low fees above all else.

    Is FXCM Safe or Scam?

    FXCM is a legitimate broker with a long-standing reputation in the industry. The company is regulated by top-tier financial authorities, such as the FCA in the UK and the ASIC in Australia, which ensures that it operates under strict financial and ethical guidelines. FXCM also has a solid track record of handling client funds in a secure and responsible manner.

    However, like any broker, there are potential risks involved in trading, such as market volatility and the possibility of losses. It's important to carefully evaluate the risks and benefits before deciding to trade with any broker.

    How are you protected?

    FXCM provides negative balance protection and offers its clients access to segregated accounts, providing additional security measures. More details can be found in the table below:

    Protection Measure Detail
    Regulation FCA, ASIC
    Segregated Funds Yes
    Investor Protection Up to £85,000
    Negative Balance Yes
    Financial Audit Yes
    Insurance No

    Note: The table only includes a few of the many safety measures that FXCM employs to protect its clients.

    Our Conclusion on FXCM Reliability:

    FXCM is a well-regulated and reputable broker with a long-standing history in the industry. The company is regulated by top-tier financial authorities and has multiple licenses, demonstrating a commitment to client protection.

    However, FXCM has faced regulatory penalties in the past and the company's reputation was negatively impacted. Overall, while FXCM has had some past issues, the broker has taken steps to address them and appears to be a reliable choice for traders.

    Market Instruments

    FXCM offers investors a diverse range of tradable instruments, including currency pairs, precious metals, commodities, global stock indices, treasury bonds, as well as a forex basket, a stock basket, CNH, and other popular products.

    Accounts

    There are two types of accounts: Regular Accounts and Premier Accounts. Regular accounts have a minimum deposit of $50 and allow investors to trade up to 39 popular currency pairs and the entire CFD range.

    The Premier Account is designed for high-volume investors and requires, firstly, an FXCM account or a new account, a total USD notional trading volume of $10 million per natural month. The account offers investors a range of benefits: exclusive support, premium services, and tailor-made trading solutions.

    Leverage

    FXCM offers different leverage levels based on the jurisdiction of the client and the type of trading account. In general, FXCM offers leverage up to 1:400 for forex trading, and up to 1:200 for CFD trading on certain instruments. It's important to note that high leverage increases the potential for both profits and losses, so traders should use it with caution and have a good risk management strategy in place.

    It's also worth noting that different regulatory bodies have different restrictions on leverage. For example, in the United States, the maximum leverage for forex trading is limited to 1:50, while in Europe, it's limited to 1:30 for retail clients. Traders should always check the specific leverage restrictions for their jurisdiction and account type before trading.

    Spreads & Commissions

    The spreads are 1.3 pips for EUR/USD, 2.3 pips for EUR/GBP, and 1.8 pips for AUD/USD. The Premier account offers investors a cashback offers. If a client trades EUR/USD pair and reaches $300 million in notional volume for the month (for the fifth step), then the cashback amount is $25/million, for a total cashback amount of $7,500. The cashback for equity index CFD products ranges from $1 to $3 per million USD.

    Below is a comparison table about spreads and commissions charged by different brokers:

    Broker EUR/USD Spread Commission
    FXCM 1.3 pips $25/1M traded
    IG 0.6 pips No
    Oanda 0.9 pips No
    Pepperstone 0.0 pips AUD $3.5 / side / 100k traded
    XM 0.6 pips No
    Plus500 0.6 pips No

    Note: Spreads can vary depending on market conditions and volatility.

    Trading Platforms

    FXCM has fully optimized and upgraded its MT4 platform to execute traders' orders faster and more consistently. The advantages of MT4 are setting stop-loss/stop gain before execution, setting stop loss and stop gain of 0.01 (micro) lot when creating a new trade, trading with more accurate lot sizes, enhancing risk management by partially closing positions, and controlling when traders want to close a position and how much of a position traders want to close.

    In addition, FOREX offers a free MT4 Virtual Private Server (VPS) storage service. This VPS has three advantages: EA will continue to operate when the computer is turned off; the server is dedicated to EA trading and will not operate other applications; and traders can log into their platform from any computer even if they do not have MetaTrader4 installed.

    MetaTrader4

    Overall, FXCM's trading platforms offer a range of advanced features and tools that can appeal to traders of all levels and styles.

    Broker Trafing Platform
    FXCM MetaTrader4
    IG IG Trading, MetaTrader4
    Oanda Oanda Trade, MetaTrader4, Oanda Web Trading
    Pepperstone MetaTrader4, MetaTrader5, cTrader, Pepperstone Webtrader
    XM MetaTrader4, MetaTrader5
    Plus500 Plus500 WebTrader, Plus500 Windows Trader

    Deposits & Withdrawals

    FXCM welcomes several payment methods, including online banking payments, bank transfers, and other payments. The minimum single deposit for CUP is $100, and the minimum deposit for a credit card or wire transfer is $50. Besides, traders can withdraw funds once a month for free.

    Minimum deposit requirement

    The minimum deposit requirement for FXCM varies depending on the account type and the region of the client. For example, in the UK and some other regions, the minimum deposit for a Standard account is £300 or equivalent in another currency, while for the Mini account, it is £50 or equivalent.

    However, in some other regions, such as the US, the minimum deposit for a Standard account is $5,000, while for the Mini account, it is $50. It is important to check the minimum deposit requirement for the specific account type and region before opening an account with FXCM.

    FXCM minimum deposit vs other brokers

    FXCM Most other
    Minimum Deposit $50 $100

    FXCM Money Withdrawal

    To withdraw funds from your FXCM account, you need to follow these steps:

    Step 1: Log in to your FXCM account on the FXCM website.

    Step 2: Click on the “MyFXCM” menu and select “Withdraw.”

    Step 3: Select the account you wish to withdraw from and choose your withdrawal method.

    Step 4: Enter the amount you wish to withdraw and provide any additional information that may be required for your chosen withdrawal method.

    Step 5: Review and confirm your withdrawal request.

    Step 6: Once your withdrawal request has been processed, you will receive an email confirmation with details of the transaction.

    It's important to note that the time it takes for your funds to be withdrawn will depend on the withdrawal method you choose and the processing times of your bank or payment provider.

    Fees

    Apart from spreads and commissions, FXCM also charges overnight fees. Overnight fees, also known as swap fees, are charged for positions that are held overnight.

    FXCM does not charge any deposit fees, but there are withdrawal fees depending on the withdrawal method used. For example, bank wire withdrawals are subject to a $40 fee, while credit card withdrawals are subject to a 1.8% fee.

    Inactivity fees may also be charged if an account is inactive for a certain period. For example, FXCM charges an inactivity fee of $50 per year if there are no trades or open positions for 12 months.

    It is important to review the fee schedule on FXCM's website before opening an account to ensure a full understanding of the fees associated with trading.

    See the fee comparison table below:

    Broker Deposit Fee Withdrawal Fee Inactivity Fee
    FXCM Free for most methods Free for most methods $50/year
    IG Free Free $18/month
    Oanda Free Free $10/month
    Pepperstone Free Free for Australian bank transfer, $20 for international wire transfer $0
    XM Free Free $5/month after 90 days of inactivity
    Plus500 Free $10 $10/quarter

    Please note that these fees may be subject to change and may vary depending on your location and account type. It's always a good idea to check with the broker directly for the most up-to-date information.

    Customer Service

    FXCM offers customer support via phone, email, and live chat 24/5 during market hours. They also have a FAQ section on their website to provide answers to common questions. FXCM provides localized support in various languages and countries, and they have a team dedicated to handling account-related inquiries.

    In addition, they offer remote assistance through TeamViewer to assist clients with any technical issues they may encounter. Overall, FXCM is known for their responsive and helpful customer support.

    Pros Cons
    • 24/5 customer support through phone and chat • No 24/7 customer support
    • Multilingual support • No local office in some countries
    • Comprehensive FAQ section on the website • No dedicated account manager
    • Personalized support for VIP clients • Some clients report slow response times for inquiries

    Note: The above information is based on general feedback from clients and may not be applicable to every individual experience.

    Education

    FXCM offers a range of educational resources to help traders improve their knowledge and skills. Some of the educational resources available on the FXCM website include:

    • Webinars: Live and recorded webinars covering a variety of trading topics, including market analysis, technical analysis, and trading strategies.

    • Video library: A collection of videos covering various trading topics, including trading psychology, chart patterns, and trading platforms.

    • Trading guides: In-depth guides on various trading topics, including Forex trading, stock trading, and trading psychology.

    • Forex news: Daily updates on market news and analysis from FXCM's team of experts.

    • Trading signals: Trading signals based on technical analysis and market trends.

    Conclusion

    In conclusion, FXCM is a well-established and reputable broker that offers a range of trading instruments and account types with competitive spreads and commissions. The broker's trading platforms are user-friendly and offer advanced features for traders of all levels. Additionally, FXCM provides educational resources and excellent customer support, including 24/5 support in multiple languages.

    However, FXCM does have some drawbacks, including the lack of negative balance protection and the high inactivity fee. The broker is also not available in all countries, which may limit accessibility for some traders. Overall, FXCM is a reliable and trustworthy broker that can meet the needs of both beginner and experienced traders.

    Frequently Asked Questions (FAQs)

    Q 1: Is FXCM regulated?
    A 1: Yes. It is regulated by FCA and ASIC.
    Q 2: Does FXCM offer demo accounts?
    A 2: Yes.
    Q 3: Does FXCM offer industry-standard MT4 & MT5?
    A 3: Yes. It offers MT4 and Trading Station.
    Q 4: What is the minimum deposit for FXCM?
    A 4: The minimum initial deposit to open an account is $50.
    Q 5: Is FXCM a good broker for beginners?
    A 5: Yes. It is a good choice for beginners because it is regulated well and offers various trading instruments with competitive trading conditions on the leading MT4 platform. Also, it offers demo accounts that allow traders to practice trading without risking any real money.

    News

     FXCM UK changes name to Stratos Markets

    News FXCM UK changes name to Stratos Markets

    2023-09-12 16:52

    Forex Capital Markets Limited, the UK subsidiary of the FXCM Group, has changed its name to Stratos Markets Limited.

    WikiFX
    2023-09-12 16:52
    News
     FXCM UK changes name to Stratos Markets
    FXCM UK Rebrands to Stratos Markets

    NewsFXCM UK Rebrands to Stratos Markets

    2023-09-12 15:06

    FXCM UK rebrands to Stratos Markets Limited, aligning with recent changes in its Cyprus-based entity. This restructuring aims for greater flexibility, with FXCM operating under Stratos, akin to Google under Alphabet Inc.

    WikiFX
    2023-09-12 15:06
    News
    FXCM UK Rebrands to Stratos Markets
    The Top 4 FSCA-Regulated Brokers You Can Find on WikiFX

    NewsThe Top 4 FSCA-Regulated Brokers You Can Find on WikiFX

    2023-07-21 16:04

    If you are investing in the forex market in South Africa, then a forex broker that is regulated by FSCA may suit you the most. But how can you choose this kind of broker? On WikiFX, you can find as many reputable brokers as you want by selecting the FSCA category. In this article, we will discuss the four FSCA-regulated brokers that we think you can rely on.

    WikiFX
    2023-07-21 16:04
    News
    The Top 4 FSCA-Regulated Brokers You Can Find on WikiFX
    FXCM Inc. and Drew Niv Are Requesting A Review Of The Summary Judgment Order

    NewsFXCM Inc. and Drew Niv Are Requesting A Review Of The Summary Judgment Order

    2022-09-22 16:29

    According to the plaintiffs, the truth about this financial relationship was revealed three years after it ended on February 6, 2017, when news broke that FXCM had settled with the Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA) regarding its relationship with Effex.

    WikiFX
    2022-09-22 16:29
    News
    FXCM Inc. and Drew Niv Are Requesting A Review Of The Summary Judgment Order

    User Reviews

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    User comment

    56

    Comments

    Write a review

    Wendy52114
    more than one year
    Yes, I gotta say, this trading platform is pretty solid overall. The spreads are tight, the trading platform is smooth, and I haven't experienced any slippage. Plus, the fees are transparent and fair, which is a big plus in my book.However, the only area where they need to step up their game is in customer service. There have been times when I've had account issues and couldn't get ahold of anyone to help me out. It can be hella frustrating, you know what I mean? So, they definitely need to work
    2023-04-23 15:25
    Reply
    0
    0
    쭈쭈마미
    more than one year
    Honestly, I use FXCM a lot for trading. The reason I use them is because they always have some bonuses and promotions going on. And let me tell you, when I'm trading on the MT4 platform, I've never experienced any lag or delays. But there is one thing that grinds my gears a bit - the customer service response time can be slower than a sloth climbing a tree. Like, c'mon FXCM, step up your game and train your reps to be quicker on the draw. Other than that, I have nothing but good things to say.
    2023-04-23 15:13
    Reply
    0
    0
    FX1213894772
    more than one year
    Fast execution time, low leverage bothers me though, it's heavily regulated so they can't offer much leverage. however you won't get funny business with them.
    2023-02-17 11:16
    Reply
    0
    0
    linsingi
    more than one year
    My favorite broker! Both novices and experienced ones can invest here. There is no need to worry about the safety of funds because their regulatory status is very good. The trading conditions are very competitive, and the team staff is very professional!
    2023-02-13 17:09
    Reply
    0
    1
    chinto302
    6-12months
    #Hello.All frnds 😍 💕 How are you 😉
    2023-01-25 13:07
    Reply
    0
    1
    m rafiq3943
    6-12months
    plz hilp me
    2023-01-16 23:38
    Reply
    0
    2
    m rafiq3943
    6-12months
    thanyou
    2023-01-16 23:34
    Reply
    0
    1
    Hufangu
    more than one year
    I opened a new account not long ago, and it said that I can get 150 US dollars for deposit, and I can also get a bonus for trading. But now I have been trading for two weeks and I haven't seen the money yet. I asked their customer service to let me wait. . . God knows how long I've been waiting for this.
    2022-12-14 15:15
    Reply
    0
    2
    Legit001
    6-12months
    Would you say that your broker has ripped you off? If so, then you're certainly not alone.
    2022-12-13 18:46
    Reply
    0
    4
    Legit001
    6-12months
    Would you say that your broker has ripped you off? If so, then you're certainly not alone.
    2022-12-12 12:46
    Reply
    7
    5
    Legit001
    6-12months
    Forex traders must discern fact from fiction while investigating brokers. Faced with forum posts, articles, and negative broker remarks, we could think all traders fail and never make a profit. Traders who lose money accuse their brokers
    2022-12-10 12:49
    Reply
    0
    4
    Legit001
    6-12months
    Forex traders must discern fact from fiction while investigating brokers. Faced with forum posts, articles, and negative broker remarks, we could think all traders fail and never make a profit. Traders who lose money accuse their broker (or another outside influence) online
    2022-12-09 17:52
    Reply
    0
    4
    Omotehin
    more than one year
    A very good app for usage and for trading
    2022-12-09 14:55
    Reply
    0
    2
    Phoenix8431
    6-12months
    very smooth and easy to trading while simply and successful withdrawal fxcm is the best
    2022-12-09 14:29
    Reply
    0
    3
    nazir4h
    6-12months
    that's great and good platform ever seen,let join to invest here
    2022-12-09 12:19
    Reply
    0
    1
    nazir4h
    6-12months
    that's great platform ever seen, let's invest here!
    2022-12-09 12:17
    Reply
    0
    1
    hajia
    6-12months
    perfect and fine site for trading
    2022-12-09 03:44
    Reply
    0
    1
    ASMAN222
    6-12months
    very smooth and easy to trading while simply and successful withdrawal process came on to trade this broker FXCM is nice go up
    2022-12-08 18:18
    Reply
    0
    1
    Sameer5753
    6-12months
    hi
    2022-12-08 16:54
    Reply
    0
    2
    APEX 2036
    6-12months
    Very good and nice brokas
    2022-12-08 14:42
    Reply
    0
    2
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