The broker’s commodity list includes gold and silver as well as energies and a few soft commodities, while the Euro-Bund Futures Index is also available to trade. Moreover, I rate the forex baskets on offer, covering the US Dollar and Japanese Yen. While not a fxcm broker review deal breaker, there is an inactivity fee charged to dormant accounts after 12 months of inactivity.
Trading Restrictions
FXCM offers a ‘forex simulator’ that provides traders with a realistic and risk-free environment to practice their trading strategies. The simulator is designed to replicate live market conditions and allows traders to execute trades, monitor price movements, and analyze their performance without risking actual capital. A news feed below the chart adds fundamental analysis to the mix, making this a great all-in-one platform that beginners should find easy to pick https://forexarena.net/ up.
FXCM Account Types
The exception here being if you are trading through an FXCM Islamic account. The only exception here is if you are depositing in a non-base currency at which time you may incur a currency conversion fee. Your bank may also charge you for making wire transfers depending on their policy. Here are some more details in regard to the FXCM minimum deposit and the deposit methods that are available to you as a trader with FXCM. You should note though that this offering is not available in all countries, while they do also offer stock baskets also known as blends that are not offered by too many other major brokers. These include the fact they are no longer regulated in the US as well as the fact their asset selection is a little limited compared to many of the top brokers.
Demo Account
From the moment you submit and confirm the request to withdraw money from your account the accounting department typically processed and confirms withdrawal within 2 business days. Nevertheless, allow your payment provider to add on some working days to process the transaction as well. Further on, when you wish to withdraw funds, you may use the same payment methods. There are no fees for withdrawals by credit card or debit card, however, a $40 withdrawal fee will be charged for international Bank Wire requests.
Does FXCM Have A Forex App?
Steven Hatzakis, an industry veteran with decades of experience in the forex market, leads the BrokerNotes research team. All BrokerNotes content is researched, fact-checked, and edited by the research team. Our review shows that it is a publicly traded company authorized by major regulatory bodies including ASIC in Australia, MiFID in Europe, and FCA in the UK. According to ForexBrokers.com, FXCM’s trust score is 95, making it highly trusted. FXCM has multiple payment options for deposits and withdrawals, including wire transfers, debit/credit cards, and e-wallets.
- Forex trading ‘A to Z course’ is available to account holders upon request.
- This includes pros, cons and an overall rating based on our findings.
- This represents a good selection of payment options and the absence of a crypto deposit option is the only minor complaint I have.
- All CFD option is commission-free, which means costs are included in the spread.
These include the brand’s proprietary Trading Station as well as the popular MetaTrader 4, TradingView, and Capitalise.ai. With that said, most retail traders will only regularly trade a small selection of currency pairs. For that reason, I don’t mark brokers like FXCM too harshly for the more limited offering – as long as your preferred pairs are on the list, you should be fine. As well as priority support, market depth is stronger with multiple levels of liquidity at each price, offering useful information for high-frequency traders. Experienced Australian forex traders that require a very specific niche forex platform should consider FXCM.
The broker does well in providing you with the premium version of the service for one-year for free. The tradingview software is excellent for research and can help you very much in identifying market patterns. On the more traditional trading side, FXCM allows both scalping, and hedging, and of course, you can open a spread betting account if you are trading under the UK entity of the company. Crypto trading at FXCM is also available with 7 crypto assets up for trading.
FXCM’s slippage was reported as +87% positive or zero in its July 2021 Slippage Statistics. The broker has 2 support email addresses that give you access to general or account-specific inquiries. You can even contact the FXCM trading desk and place orders directly if you have a problem such as no Internet access or a failure to connect to an FXCM server.
The range of markets available with FXCM is quite broad however you can find other brokers that offer more choices for each financial instrument. 39 currency pairs, for example, would put FXCM at the lower end of the broker for currency choices. FXCM is especially proud of their own Trading Station II (not to be confused with another platform TradeStation).
Those that require high leverage or are looking for low spreads/fees should review our Best Forex Brokers In Australia and a provider like Pepperstone for advanced traders. The FXCM Trading Station forex platform is generally hard to fault, it has a very user-friendly design and comes with has become FXCM’s hub for investment advice. One of the key features of the platform is the free professional charting tool known as Marketscope 2.0 which consists of price alerts, charts and a wide selection of indicators.
The result is that FXCM is now a great option for traders seeking tight spreads in a commission-free trading account. We have evaluated more than 400 forex brokers and FXCM scores well when it comes to trading fees. This platform is the most widely used platform by traders and the most offered platform by brokers, many consider MetaTrader 4 to be the ‘gold’ standard when it comes to platforms.