FXCM Markets is a Bermuda-based company that offers a plethora of financial services worldwide. Registered under the British Financial Conduct Authority (FCA), it holds a license number 217689. FXCM is recognized for its global financial services and FCA regulation.
Traders Union conducted a comprehensive FXCM broker review where it proved its credibility and service excellence. Its recognition includes awards like “Best Trading Tools” and “Best Customer Support 2018” by FXEmpire.
FXCM: Advantages and disadvantages
Traders Union presents an insightful analysis of the pros and cons of engaging with FXCM:
Advantages:
- Access to a vast array of sought-after trading tools.
- Overseen by a dependable and esteemed regulator.
- Requires a minimum deposit as low as $50.
Disadvantages:
- Lack of trust management leads to the absence of PAMM accounts.
- No provision of incentives or bonuses to clients.
Expert review of FXCM
TU experts provide an analysis of FXCM broker’s features:
- Possesses vast expertise in the Forex market, ensuring reliability and optimal trading conditions.
- Offers two account types and a demo account option for beginners.
- Presents a wide array of trading instruments and platform choices (MetaTrader 4, MetaTrader Web, ZuluTrade, Trading Station Web).
- The absence of traditional bonus programs is a noticeable drawback.
- The broker’s website stands out with its functionality and user-friendly design.
Analysis of the main features of this broker
Per TU analysts, the evaluation of FXCM was based on several factors as detailed below:
- Overall score: 2.93
- Execution of orders: 2.72/10
- Investment instruments: 3.14/10
- Withdrawal speed: 2.78/10
- Customer Support work: 3.08/10
- Variety of instruments: 2.56/10
- Trading platform: 3.3/10
Trading conditions for FXCM users
TU sheds light on the trading conditions provided by FXCM broker:
- Acceptable trading conditions for all clients.
- Minimum deposit for a Mini account stands at $50.
- Spread size varies with specific trading tools; for example, as per FXCM’s Q1 2021 Spread Report, the minimum for EUR/USD is 0.2 pips.
- The minimum trade volume across all account types is 0.01 of a lot.
- For deposits up to $20,000, leverage is up to 1:400 for currency pairs and up to 1:200 for CFDs.
- For deposits exceeding $20,000, leverage is up to 1:100 for currency pairs and remains at up to 1:200 for CFDs.
Comparison of FXCM with other brokers
Traders Union presents a brief comparison of FXCM with other major brokers:
- RoboForex: Unlike FXCM’s $50 minimum deposit, RoboForex allows entry at as low as $10. However, FXCM offers a wider array of trading tools compared to RoboForex.
- Pocket Option: While Pocket Option excels in offering binary options, FXCM provides a more diversified offering with forex and CFDs. FXCM also boasts stronger regulatory oversight.
- Tickmill: Tickmill offers competitive spreads and is well-regulated like FXCM. However, FXCM provides more trading platform options, enhancing user experience.
- Exness: Exness stands out with its instant withdrawal service, whereas FXCM doesn’t. But FXCM counters with its wide array of trading tools and reliable regulatory oversight.
- AMarkets: AMarkets offer higher leverage than FXCM, appealing to risk-prone traders. But, FXCM has a more established market presence, providing a diverse range of trading tools.
In addition to all this, you can ask, is Forex.com a good broker? While the above comparison focused on FXCM and other brokers, it’s worth mentioning that Forex.com is also a reputable broker in the industry. Known for its strong regulatory framework, competitive trading conditions, and extensive range of trading instruments, Forex.com is a popular choice among traders. However, it’s essential for traders to conduct thorough research, consider their specific trading needs, and review customer feedback before making a decision.
Conclusion
Traders Union’s FXCM broker review highlights the company’s credibility, extensive range of trading tools, and reliable regulatory oversight. While lacking certain features like trust management and traditional bonus programs, FXCM offers acceptable trading conditions and a user-friendly platform. Traders seeking a reputable broker should consider visiting Traders Union’s website for more information and to make an informed decision based on their specific trading needs.
