FXCM Review

1 Star2 Stars3 Stars4 Stars5 Stars (14 votes, average: 3.71 out of 5)
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User Rating:
1 Star2 Stars3 Stars4 Stars5 Stars (14 votes, average: 3.71 out of 5)
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Updated on: March 22, 2016
Deposit Options:
Regulation:
FCA
Min. DepositMax. LeverageSpreads FromForex PairsPlatformsMobile TradingBroker Highlights
£50 400:1 0.01

37 Currency Pairs

MT4

Downloadable platform

Web-based platform

Mobile app

iOS

Android

New trading contest

Active trader programme

CFDs carry risk. 79.79% of traders lose with this provider.

FXCM Broker Review

FXCM is a publicly listed holding company with a market cap of more than $750m and it has operated through Forex Capital Markets Limited in the UK since September 2000. This makes it one of the most stable of UK forex brokers with proven experience and a well-honed forex platform. FXCM offer some of the best forex trading facilities with information on almost any tradable ticker and up to date news for clients trading with CFD and forex accounts. The information offered from reliable sources is what enables FXCM users to successfully trade.

Trading Markets and Products

FXCM show live prices from four main asset classes, forex, world indices, commodities and metals. FXCM offers CFDs and spread bets with the majority of trades being forex. FXCM users can opt for dealing desk or no dealing desk options with no re-quotes on either and fractional pip pricing with options to use leverage and rollover interest.

Trading Platforms

The trading platform has a clear interface with pairs easily added or removed. Trading is performed from the dealing rates window and although the vast majority of products are forex, there are other options for users able to trade CFDs. Margins on forex pairs are set individually, which makes it easy to see the required margin and the amount needed to control each lot. There are options for stop and limit orders to enable users to minimise risk and the profit or loss on each position is clearly shown in pips or currency if you decide to trade with your finger on the button. Stops or limits can be added or adjusted at any time as well as when the initial trade is processed. You can use hedging to limit exposure, so unlike some platforms where an opposing position would in effect cancel your original trade, you would need to close a position by selecting and closing it.

FXCM Advantages and Disadvantages

Strengths

FXCM uses ten banks to compete for your business, which makes tighter spread possible than many other platforms. FXCM accounts are traded on margin, which means you can use leverage with funds in your account to make larger trades and have a larger position than on some other platforms. Rollover rates are some of the most competitive you will find and many forex reviews will hone in on this as a major plus point of FXCM. Rollover costs are shown at the time of the initial trade so you can see what you are getting into before you commit any funds.

What I like about FXCM

The use of entry orders is a great feature that allows you to trade with purchase prices set to trigger even if you are not sat staring at your screen. You can set up OCO (one cancels the other) and linking them is easy. This allows you to set up trades and not have to worry about risking overexposure if you have too many trades triggered by falling prices. Yes, you can get this with other platforms, but the interface literally takes a minute to learn because it is very intuitive.

Things I didn’t Like

As you would expect from a company of this size, there’s not a lot to dislike about the system. If I had to choose one thing to criticise, it would be because of the lack of zero pips that are found on some platforms. That is about as bad as I could criticise FXCM and that’s why FXCM are one of the top forex brokers serving customers not just in the UK, but worldwide.

Forex/CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 79.79% of retail client accounts lose money when trading Forex/CFDs with FXCM LTD. You should consider whether you understand how Forex/CFDs work and whether you can afford to take the high risk of losing your money.

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