FXCM Review & User Rating 2021
FXCM (Forex Capital Market) is an international forex broker based in London that also offers CDFs. The forex brokerage company was founded in 1999 and has two shareholders: Global Brokerage and Jefferies Financial Group.
FXCM is known to be safe since it is regulated by superior financial institutions such as UK FCA and the Australia ASIC. In this article, we give you a detailed review of FXCM and help you understand how it works.
The forex broker is licensed and regulated by the Financial Conduct Authority (FCA). Regulated and supervised brokers won’t influence market prices. Once you submit your withdrawal request to FXCM, they will honor it. It insures a customer against default through FSCS (Financial Service Compensation Scheme). FXCM doesn’t provide any extra fortification through a private coverage firm.
FXCM features a robust platform that supports all kinds of trading formats and account levels. Additionally, it comes with a steady educational portal that concentrates on semi-skilled customers. However, the research portal is less comprehensive, doesn’t have webinars, necessary analyst study, and videos. Bottom line trading expenses are hard to evaluate from website documentation. That generates transparency issues for active trader and standard accounts. The shortage of comprehensive disclosure will benefit from several real-world illustrations and detailed side-by-side cost evaluation.
Customers can open CFD, Forex, and spread their trades using the broker’s homegrown trading station or MetaTrader 4. Nevertheless, the majority of high-end items attract subscription gee or are not allowed in the active trader account. Recently, its trading station web system migrated from Adobe flash to HTML 5. So, this added a layer of safety that lacked in the Adobe flash.
Trading stations for android, web, and iOS are more intuitive and diverse than MetaTrader 4 mobile apps, available as a substitute. Customers can access a wide variety of technical pointers and cutting-edge order types. However, two hitches undermine the functionality of the app. It doesn’t offer second step verification. Another drawback is that the push signals for android aren’t enabled and real-time notifications.
The research portal has a basic set of trading tools like financial calendar, diurnal technical levels, and third party market apprises. But, the gravity of innovative and standard fundamental analysis is below the usual, with fewer macro and internal market resources. The research section doesn’t offer videos or webinars.
The learning portal offers an extensive forex education and board tutorials. Customers can register for live courses or listen to the previous recordings. There is a separate video collection that focuses on platform tutorials instead of technical and fundamental education. Customers can essential trading guides via email or signing up for option marketing list. The section doesn’t offer CFD training.
Commission and Fees
Even though the recorded spreads commissions are average to competitive, they don’t have the side-by-side comparison. So, real-world examples bring confusion about bottom-line expenses. The website records spread but the trades and break out made during the off-market hours won’t incur high costs. That lack of predictability can daunt many potential customers. However, FXCM issues recurrently updated negative and positive slippage statistics to re-establish trust.
The forex broker offers industry-standard phone and lives chat coverage 24/7, with an extensive collection of toll-free phone numbers and a direct line to the trading desk.