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FXCM Review 2019: broker for lovers of automated trading

Registration, financial regulation

Forex Capital Markets UK has been operating in the financial market since 1999 and, depending on the jurisdiction, its activities are regulated by NFA (US), FS Authority (UK), ASIC(AU), BaFin(DE), CECEI(FR), CONSOB(IT), DMCC(AE), SFC(HK). CFDs on the FXCM are not subject to the FAIS Terms. The company’s shares are traded on a stock exchange (see NASDAQ:FXCM). FXCM does not provide services to residents of the United States, Israel, Iran, Belgium, but has IIROC approval for Canada and Australia.

 Rate: 9

Warranties and insurance

FXCM brokers offer segregated accounts under the control of the FSA from its bank reserves (for more details see www.fxcm.com ). In practice, a speculative negative balance on the trading account is possible, but the client does not compensate for the loss. The company does not participate in the European deposit protection system and the FATF program.

 Rate: 8
FXCM Review: Official website

Trading Asset

Forex Capital Markets, LLC offers customers all types of assets: 39 different currency pairs, 18 types of commodity CFDs, 12 market indices and dozens of stock indices, binary options, spread betting. For Forex assets, FXCM spreads from 1 point, for goods, indices − from 2 points. Instead of commissions for stocks, an extended spread is offered.

 Rate: 8

Specifications

There is no ECN trading in Forex Capital Markets UK. The currency of the trading account is offered, $, €, £, A $, ¥; min transaction volume 0.1 lot. FXCM demo account is available for 30 days.

FXCM Account Types:

  • Standard: 18 CFDs; 21 currency pairs, execution by Dealing Desk, leverage 1:200 on CFDs, on Forex − 1:400; FXCM minimum deposit $50;
  • Premium: 39 currency pairs; 18 CFDs; execution of Non Dealing Desk, FXCM leverage 1:100 for currency pairs, 1:200 for CFDs, the minimum deposit is $20000 (for the version of Active Trader $25000).

Guaranteed:

  • positive rollover;
  • trade orders inside the spread;
  • hedging positions;
  • free trade in the news period;
  • PAMM accounts for trust management.
 Rate: 8

Software

The main trading platform FXCM Trading Station is provided by default. In addition to standard functions, the system offers Marketscope 2.0 software for technical analysis, control of open positions and development of templates for automated trading. The system also supports online news, trading volume indicators and «good till date» trading orders.

fxcm software
FXCM Review: Trading terminal

The FXCM MT4 terminal is offered as standard with Expert Advisors (EAs) for automated trading, as well as the FXCM Active Trader web application and FXCM trading station mobile (Mobile TSII Platform). The quality of the software is average, but it performs the main functions.

ZuluTrade’s and FXCM mirror trading automated trading platform, as a peer-to-peer trading platform, is also available on fxcm.com.

Rate: 8

Deposit and withdrawal

Deposit in FXCM UK is possible only through credit/debit cards (Visa, MasterCard, Discover) or by bank transfer. There are no other options. Electronic payment systems are not supported, except for Skrill and Union Pay, but only in some areas. Withdrawal of funds is also carried out by credit card (free of charge) or by bank transfer (minimum commission $ 40). There are no limits on the amount of replenishment or withdrawal. Requests are processed within 3-5 business days.

 Rate: 5

Technical support

Multilingual customer support is available over the phone, via Live Chat on the website, or via the email feedback form. No support via external chat or SMS. The FXCM app technical service works best and the reaction to trade process requests is weak.

 Rate: 6

Training

Excellent training materials: FXCM tutorial, video tutorials, seminars, webinars, reference books − everything is available on the company’s website and inside the trading platform. Personal consultations are available to customers − the form and volume depend on the type of trading account and the size of the deposit. No external educational activity of Forex Capital Markets was noted.

 Rate: 8
Market Analysis and Automated Trading with FXCM
FXCM Review: Market Analysis and Automated Trading

h2: Information support and social communications
Professional market analytics is available only to FXCM customers through the website and the FXCM news channel, also, the trading platform works as an aggregator of information from major analytical agencies, trading signals, and recommendations. The company’s activity in social networks is weak.

Rate: 8

Bonuses & Promos & Partnership

The advertising policy is non-aggressive, the company does not need small clients. Currently, FXCM does not offer any bonuses and does not conduct promotions. The only incentive (except for low FXCM commissions) for traders is only the accrual of interest on the balance on the trading account. Also, the company offers a wide range of free applications, for example, you can check your trading using their NinjaTrader and a mechanism for copying transactions.

 Rate: 6

Аnd look how well that turned out?

Despite the long history of working in the financial market and the steady exchange growth of FXCM stock price, the company has established itself as a medium-quality broker with the usual technical tools, not very loyal technical support and weak guarantees. PAMM accounts have been claimed, but the mechanism for using them has not been worked out. Of practical interest in FXCM trading is the ability to automatically trade and spread betting.

Overall assessment from the point of view of the prospective client: 73 marks out of 100

You are free in your final choice and let it be the right one!

Rating
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