Best more detailed review of fxcm forex broker 2023

Best more detailed review of fxcm forex broker 2023, For traders who value advanced trading tools and high-quality market research, FXCM is a winner – especially for algorithmic trading. Although the range of its tradable markets has grown, it is still fairly narrow, and pricing at FXCM is only average.

Overall, FXCM is considered low risk, with an overall trust score of 93% out of 100. FXCM is regulated by two Tier 1 regulators (high trust) and two Tier 2 regulators (medium trust). And FXCM offers three different trading accounts and one professional account. However, FXCM is not currently regulated by the Central Bank of Nigeria.

FXCM Review: How Safe Is It?

FXCM is the  world’s largest independent online forex broker  with over 800,000 clients globally.

They are considered a first class brokerage due to their industry leadership.

Their client base continues to grow and the company’s reputation is among the strongest in the industry.

FXCM Industry Awards

Over the course of providing retail traders access to the markets, FXCM has received numerous awards to highlight its services.

These awards include:

• Best broker without commission 2022
• Best forex trading platform 2021
• Best forex broker 2021
• Best Customer Service 2021

Is FXCM regulated?

definitely. If the broker is not regulated, it cannot operate in major countries like the UK.

FXCM is a well-known forex broker that has been operating since 1999.

These regulatory bodies include:

• Financial Conduct Authority ( FCA )
• Australian Securities and Investments Commission ( ASIC ),
• South African Financial Sector Conduct Authority ( FSCA ),
• The Cyprus Securities and Exchange Commission ( CySEC ).

Take in FXCM | Best more detailed review of fxcm forex broker 2023

Is FXCM Safe? | Best more detailed review of fxcm forex broker 2023

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FXCM is considered highly reliable, with an overall trust score of 96 out of 99. FXCM’s parent company is publicly traded, does not operate a bank, and is regulated by three Tier 1 (High Trust) regulators, three levels- 2 regulators (medium confidence), and 3 level zero regulators (low confidence). FXCM is authorized and regulated by the following Tier 1 regulators: the Australian Securities and Investments Commission (ASIC), the Financial Conduct Authority (FCA) and, via Friedberg Direct, with the Investment Industry Regulatory Organization of Canada (IIROC). Learn more about Trust Score.

Offering investments | Best more detailed review of fxcm forex broker 2023

The range of products available to you depends on the global entity within the FXCM Group that houses your trading account. In addition to a growing portfolio of over 300 CFDs that include fractional stocks and 41 forex pairs, FXCM offers exchange-traded securities across 43 exchanges in Europe, North America and the Asia Pacific regions. The following table summarizes the different investment products available to FXCM clients.

Cryptocurrency:  Trading cryptocurrencies is available on FXCM through CFDs, but not through trading the underlying asset (such as buying Bitcoin). Note: Cryptocurrency CFDs are not available to retail traders from any UK brokerage entity, nor to UK residents.

Commissions and fees

FXCM’s forex pricing is slightly above the industry average.

Standard Account Margins:  Using time-weighted average tradable prices from April 1, 2020 to June 30, 2020, the overall spread on FXCM’s EUR/USD was 1.4 pips, which is higher than the industry average (although it is also worth Noting that the second quarter of 2020 witnessed more fluctuations due to the impact of the Corona virus on the markets).

Active Trader Discounts:  The FXCM Active Rebate Program (not available in the UK or EU) has five levels. Depending on the level, traders can get a discount ranging from $5 per million traded (Level 1) to up to $25 per million traded (Level 5). It’s good, but not great – Tickmill and FP Markets offer more competitive pricing for active traders. For example, FXCM’s commission-based pricing has base spreads as low as 0.2 pips during peak hours (using Q2 2020 data for EUR/USD), yet the effective spread is close to 1.1 pips after including the equivalent commission. $0.90 per mini lot.

Active Trader Requirements:  Requirements for each category may vary depending on which FXCM Group entity you are using. In the UK, for example, a $25,000 account balance with at least $50m (or 500 lots) of monthly volume will see the commission per side drop to $3 (the whole $6). This brings the effective spread to 0.8 pips, based on an average base price of 0.2 pips (using Q2 2021 data for EUR/USD). Above $150 million in monthly volume, commissions drop slightly to $5 per turn, which would make the effective spread 0.7 pips in the example above. Deeper discounts are available if you trade more than $500 million per month at FXCM.

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Execution methods via order type:  FXCM offers “in market” orders, which have a potential for slippage, and “market range” orders, which have a reduced risk of slippage but can be rejected if the requested price or price range is no longer available. Likewise, limit orders are more likely to experience positive slippage. I found the ability to specify the execution type in order more convenient than separating the execution method by account type as FxPro does.

Other Notes:  FXCM publishes detailed monthly execution statistics showing the percentage of orders filled with positive or negative slippage across the order types offered. During the eight months ended August 31, 2021, FXCM delivered average price improvements on at least 23.78% of executed orders each month, compared to negative slippage on just 12.69% of all orders. The remaining 63.54% of monthly orders suffered any slippage. According to its spread tool, FXCM’s effective spread on EUR/USD in August 2020 is closer to 1 pip than the quoted price. This effective spread is due to the possibility of price optimization (mainly on its limit orders).

FXCM Editor’s Verdict

FXCM remains one of the most competitive options for traders, especially those looking for algorithmic trading solutions. Besides its trading terminal, FXCM offers the MT4 platform and ZuluTrade. Capitalize AI, its latest addition, allows traders to automate strategies using an easy-to-use, code-free environment. FXCM also offers six specialized platforms for algorithmic traders and fully supports API trading. FXCM Plus provides clients with high-quality research, while novice traders receive valuable educational content. I reviewed FXCM to assess whether this broker delivers on its client-first, trader-driven mission statement. Does FXCM maintain beneficial trading conditions for traders? Best more detailed review of fxcm forex broker 2023

Mobile trading applications

With its combined offering of Trading Station and MetaTrader 4 (MT4), FXCM offers a reliable and feature-rich mobile experience for forex traders.

Applications Overview:  FXCM does not offer MetaTrader 5 (MT5), but the broker makes up for this shortcoming with its wide support for third-party algorithmic trading platforms.

Ease of use:  While the Trading Station mobile app may appear to lack official watchlist functionality, it is worth noting that traders can choose the tools to display, and that these tools will sync across devices and platforms. Also, the app includes a comprehensive trading ticket, which offers advanced order types such as one-to-one (OCO) orders.

Charts:  With nearly 60 indicators and multiple charting tools, charting in the FXCM mobile app is a pleasure. Direction lines can be drawn accurately thanks to the magnifying glass feature that automatically zooms in as you drag the direction line into position. Best more detailed review of fxcm forex broker 2023

The first sight:

• FXCM is a Leucadia  owned by US-based and publicly traded Jefferies Financial Group Inc
• Excellent trading platforms focused on algorithmic trading
• Trading conditions vary between regulatory authorities , and not all traders have identical cost structure options
• Research and education quality
• Stock trading without commissions and an expanded asset list
• Dedicated app store and many free trading platform upgrades
• VPS hosting and volume based rebate program. Best more detailed review of fxcm forex broker 2023

Noticeable:

• Most international traders will manage their accounts with an unregulated subsidiary in Bermuda
• FXCM operates four well-regulated units, is under excellent corporate ownership, and has a good reputation to maintain, which is why  I am not worried about the lack of regulation in its Bermuda subsidiary.
• The South African subsidiary offers a similar trading environment but has a capable regulator, while cryptocurrency deposits and welcome bonuses are not available. Best more detailed review of fxcm forex broker 2023

Reasons for the best subsidiary company in Bermuda:

• Higher leverage
• Negative balance protection
• Separate customer deposits from corporate funds
• Cryptocurrency deposits
• Flexible trading conditions

What could be better?

• third party insurance or
• Membership of the Financial Commission
• Basic management features

Noticeable:

• The UK subsidiary has an investor compensation fund of up to £85,000
• The CySEC subsidiary offers an Investor Compensation Fund of up to 90% or €20,000  in deposits but under less flexible trading conditions.
• As a Leucadia company, FXCM has a clean regulatory record. Best more detailed review of fxcm forex broker 2023

FXCM’s forex trading system and security

Trading with a regulated broker will reduce the possibility of fraud and malpractice. I always recommend traders to check and verify the regulations with the regulator by checking the license provided with their database. FXCM offers its clients four well-regulated entities.

Other trading platforms

With its wide range of available platforms and deep offering of trading tools, FXCM has set a high bar and competes among the best brokers in the industry. Whether you are a beginner trader or an advanced algorithmic trader, FXCM has plenty of options. In our 2023 Annual Awards, FXCM was named Best in Class for its excellent platforms and tools.

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Platforms Overview:  FXCM’s platforms include its proprietary trading platform, MetaTrader 4, and TradingView – all of which support algorithmic trading. FXCM also offers ZuluTrade for social trading, although ZuluTrade is not available to clients based in the UK, Australia, France or Italy.

Charts:  FXCM’s flagship trading platform, Trading Station, caters to forex traders of all skill levels. A highlight is the Marketscope 2.0 charting tool, a powerful charting package that runs parallel to the platform’s main window. A vital competitor to MetaTrader, Trading Station features sophisticated back-testing options such as the ability to calculate potential historical slippage and trading costs. Best more detailed review of fxcm forex broker 2023

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Trading Tools:  The web version of Trading Station comes with a decent set of features wrapped in a responsive and modern design. I found the platform rich in options, with news headlines, videos, research, signals, and analysis from Trading Central, along with links to external sources. The web version of Trading Station offers 55 charting indicators (almost the same as the desktop version), and the 26 charting tools are generally easy to use. There are even seven preset layouts to choose from, like the News Trader theme.

Algorithmic Trading:  The FXCM App Store offers many add-ons, technical indicators and automated trading robots. However, FXCM supports a wide range of specialized platforms, including QuantConnect, MotiveWave, AlgoTerminal, AgendaTrader, Sierra Chart, NeuroShell Trader, StrategyQuant, Capitalize and Seer Trading Platform for algorithmic trading. There is also a technical support team dedicated to helping traders develop Expert Advisors (EAs) on MT4.

Find the store

FXCM provides a respectable variety of market research from a mixture of in-house content and third-party material. Overall, FXCM’s research is a touch above the industry average and will satisfy most forex traders, although it is not as rich or diverse as what the best brokers in this category have to offer.

Research Overview:  FXCM’s research tools include premium content from Trading Central, headlines from Investing.com and FxStreet, and a Market Scanner tool on the FXCM website. There is also premium content available from eFX Data, which I have found to be a source of high quality market analysis. Finally, FXCM Plus provides trading signals and ideas powered by Trading Central, along with Autochartist which is available as an indicator from the FXCM App Store.

Market News and Analysis:  FXCM produces a Daily Snapshot video series on its YouTube channel that features market coverage from in-house analysts. There is also the recently launched FXCM Market Talk podcast and daily articles as part of the Market News section. I found the insights section to be rich, but more focused on educational content than recent developments in the market.

If you are located in the European Union:  Some of FXCM’s research services and content are not available to residents of the European Union, such as internal Insights research (eg trading signals, live online classes, SMS trade alerts, video library, trade volatility tool ).

education

FXCM’s in-house education is above average, primarily in the form of articles, videos, and content produced for its YouTube channel.

Learning Center:  However, The diverse range of content written for FXCM includes two comprehensive guides, as well as an extensive library of articles (nearly 200 in total) covering topics such as trading tips and strategies, charts, and indicators. It also provides a selection of articles broken down by experience level, with options for beginner, intermediate, and advanced traders.

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Room for improvement:  FXCM’s video library contains dozens of videos, and has been updated to include embedded content from its YouTube channel. However, I would like to see FXCM expand its educational video content beyond platform tutorials and archived webinars.

Finally, some FXCM educational content is only available if your balance exceeds a certain minimum. While the minimum balance requirements can motivate some traders to use educational resources, I think it is best to make the content free for all customers. Alternatively, get inspired by creating interactive courses that feature quizzes and include progress tracking. However, It should be noted that your trading account balance must meet a minimum threshold to access certain educational content.

FXCM Pros and Cons