FXCM Review 2023: Pros, Cons, and More All Things Money

FXCM Review 2023: Pros, Cons, and More All Things Money

Opening a live forex trading account with FXCM is a quick and straightforward process. There are no account minimums, enabling traders of all sizes to start their forex trading journey as they see fit. The broker customer support is provided in various languages and available 24/5. They can be reached via many phone numbers listed on the website for different countries. I think they could improve by offering 24/7 support and I haven’t always had the quickest response via email.

Leverage

These insights and summaries can be accessed through the FXCM website, trading platforms, or through specialized research tools provided by FXCM. The wide selection of powerful trading platforms is one of the biggest selling points of FXCM for me. These include the brand’s proprietary Trading Station as well as the popular MetaTrader 4, TradingView, and Capitalise.ai. We have evaluated more than 400 forex brokers and FXCM scores well when it comes to trading fees. The customer service of FXCM is in English and French to provide the Canadians the chance to contact the broker in several ways. Traders can contact the staff by phone, email or live chat if they have any questions or problems.

Is FXCM Regulated And Legit?

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. FXCM is a market-making broker with a long history in the market, having been founded in 1999 in New York. With FXCM, you can get trading signals delivered daily to your mobile. Geo-political events as well as many other macroeconomic factors influence price action and create volatility. You can sign up to receive SMS Trade Alerts (powered by the brilliant Autochartist) to help you spot potential trading opportunities.

FXCM provides a respectable variety of market research from a combination of in-house content and third-party materials. Overall, FXCM’s research is a touch above the industry average and will satisfy most forex traders, though it’s not as rich or diverse as what’s offered by the best brokers in this category. FXCM offers a variety of account types to suit different needs and experience levels. Moomoo does not currently offer copy trading or social trading features. This means users cannot replicate the strategies of other successful traders or participate in community-based trading discussions directly on the platform.

How to File a Complaint Against a Broker in 2025?

• All content on ForexBrokers.com is handwritten by a writer, fact-checked by a member of our research team, and edited and published by an editor.
• He develops investment strategies adaptable to any level of experience and has been actively investing in stocks, bonds and ETFs since 2018.
• Further, FXCM’s group entities are regulated in the UK, in Australia, in Cyprus, and in Bermuda.
• FXCM is one of the largest Forex brokers in the world with over 200,000 active clients.
• However, if you live in the EU or in the UK, then the minimum deposit is much higher (£300).
• Moomoo is best suited to active traders who prioritize low fees, robust trading tools, and a user-friendly mobile experience, particularly those focused on U.S. and Canadian equities.

For example, indices like the S&P 500 or the FTSE 100 will have trading hours that correspond to the opening fxcm canada review hours of the underlying stock exchanges. I do note, however, that I had to enable hedging before I could make use of this strategy, though I did this easily by accessing my account settings. For these reasons, I rate Trading Station highly among the dozens of proprietary platforms I have tested. Overnight costs are also applied for positions held after 10 pm GMT, but this is industry standard. Professional and corporate accounts are also available upon request.

• In Canada, income generated through trading with Moomoo is subject to taxation.
• When choosing a broker, regulation is one of the first things that I look for.
• Next review the information you have provided and click ‘Submit’.
• To guarantee the security and privacy of data, the broker utilizes sophisticated encryption technologies like Secure Socket Layer (SSL) across its websites and trading platforms.
• We consider FXCM an excellent broker – it is overseen by tier-one regulators, has a strong industry presence, and offers tight spreads on forex pairs.

FXCM Account Types

FXCM has a partnership with renowned Canadian brand Friedberg Direct which is a member of the esteemed IIROC. FXCM’s group entities are also regulated by the FCA of the UK and the ASIC of Australia. Commissions start from $0.07 per side of 1,000 lot, $0.70 per side of 10,000 lot, $7 per side of 100,000, and $70 per side of 1,000,000 lot, which applies to major forex pairs.

ForexBrokers.com 2025 Annual Awards

Both analysis and trades can take place directly from the chart with a few clicks, and the handy sidebar makes it very easy to cycle through tradeable assets. This includes debit and credit cards, bank wire transfer, PayPal, Google and Apple Pay, Open Banking, Skrill, Neteller and Rapid Transfer. This represents a good selection of payment options and the absence of a crypto deposit option is the only minor complaint I have. This level of regulatory scrutiny brings stringent requirements and compliance checks, ensuring that UK and Australian traders in particular will be well covered. Traders who register with the FSCA branch will be able to access higher leverage, though the regulatory oversight is not quite as strong.

The overnight fee, as with every broker, is the fee that you incur if holding a position overnight. This is charged by FXCM at the closing hour of the market and since they are a CFDs broker, this fee is applied to every asset. The exception here being if you are trading through an FXCM Islamic account. Overall, if you are into spread betting then FXCM could be a good value starting point with a low spread and accessible minimum deposit.

How To Open An Account

At the end of each month, FXCM analyzes your trading volume in US dollars. Rebate amounts are calculated according to the achieved volume level and paid within 15 business days of the following month. For example, if your volume were 400 million dollars, you would receive a rebate of $25 per million, which would total $10,000. FXCM employs standardized procedures for verifying identity and address, ensuring high security and streamlining the verification process for new clients. The 1st tier ranges from $10 to $25 million traded per month and pays $5 per million, while the 5th tier pays $25 per million if you traded a minimum notional amount of $300 million per month. The trading hours for CFDs on stocks, indices and commodities may vary depending on the specific market.