FXCM UK Review

Regulation - 5/5

What is FXCM?

FXCM is a trading platform regulated by the Financial Conduct Authority (FCA) here in the UK.

FXCM is also a member of the Financial Services Compensation Scheme (FSCS) which covers FXCM clients in the UK with limited investor protection.

Deposit & Withdrawal - 3.8/5

What is the FXCM Minimum Deposit in UK?

The FXCM minimum deposit in the UK is $50 & there are no deposit fees.

FXCM Deposit Methods for UK Traders

• Domestic UK Banks (instant)
• Credit/Debit Card
• Skrill (instant)
• Neteller (instant)
• International Bank Wire (3-5 days)

What is FXCM Minimum Withdrawal Amount?

FXCM minimum withdrawal amount is $0, so you can withdraw any profits you make no matter how little they may be.

How Fast is FXCM Withdrawal?

Withdrawals via UK banks are instant, while International bank Wire withdrawals can take between 3 and 5 days to reach your account.

FXCM Range of Accounts - 4/5

1. CFD Trading Account

This is basically an entry level account with spread-only pricing. The minimum deposit for opening this account is $50. You will experience spreads from 1.2 pips on this account, because the commission is built into the spread.

2. Active Trader Account

This is for regular traders who have more trading experience. The minimum deposit for this account is also $50.

This account features raw spreads which are thin and close to zero but in return you pay commissions on every trade.

On the FXCM Active Trader Account, you get rebates on spread when you trade a certain volume of instruments & this helps lower trading cost.

FXCM Account Management - 3.5/5

Does FXCM Have GBP Account?

Yes, FXCM allows UK traders to assign GBP as their account currency thus you will not be charged currency conversion fees on GBP deposits/withdrawals.

USD Account currency is also available incase this is your preference.

What is FXCM Maximum Leverage?

FXCM traders in the UK can access up to 1:30 in leverage & you can adjust this leverage from your FXCM personal area.

How To Open an FXCM Account

Step 1 - Register

Go to the FXCM website or mobile app and click on register then fill in your email address & create a password. FXCM does not give you the option of registering with your Google or Apple Account which could have made the registration process faster.

Step 2 - Choose a trading platform

Choose the FXCM Trading Station Platform, the MT4 platform or both.

Step 3 - Choose your base currency

Step 4 - Profile setup

Here, you will be required to fill in personal information and input your UK National Insurance Number

Next, you will be prompted to answer a few questions on your means of livelihood and trading experience then after that your FXCM profile & free demo account is created for you.

you can then login to your FXCM dashboard to open a live account and upload you South African government ID for verification.

Once your ID is verified, your live account will be activated and you can make your first deposit for trading.

FXCM Range of Markets - 3/5

1. Forex CFDs

At FXCM UK you can trade CFDs on the major currency pairs & commodity pairs as well as minors plus exotics.

2. Indices CFDs

FXCM has the NASDAQ CFD on their menu, along side other popular indices such as S & P 500 mini, GER30, etc.

3. Shares CFDs

We saw a lot of Share CFDs listed of the FXCM menu ranging from the oil sector, to technology, to aerospace etc.

4. Commodity CFDs

For Commodities we saw Gold, Silver, Oil, Natural Gas & Copper on the menu but they were no soft commodities such as Grains, Livestock etc.

5. Forex Basket CFDs

At FXCM you can trade the US Dollar Basket which compares how strong the USD is against the currencies inside the basket (EUR, AUD, GBP & JPY).

You can also trade CFDs on the Emerging Markets Basket which measures how strong the USD is against the constituents of the basket (ZAR, CHN, TRY, MXN).

Then there is the JPY Basket that beasures how strong the Japanese Yen is against the members of the basket (AUD, GBP, USD, EUR & CAD).

FXCM Trading Fees - 4.5/5

1. FXCM Spread

FXCM spreads are variable so they fluctuate up and down as per market volatility. However on the Standard CFD Trading Account, spreads start from around 0.7 pips.

Users of the Active Trader (ATG) Account get access to lower spreads from 0.2 pips but they must pay a $2.5 per side commission per trade.

Active Trader Account users also get up to 62% rebates on spread, if they execute trades valued at up to $150 million in volume every month.

2. FXCM Commissions

At FXCM you only pay commissions of $2.5 per side when using the Active Trader Account to trade forex.

Trading Share & Commodity CFDs is commission free as everything is included in the spread.

3. FXCM Overnight Rollover Fees

FXCM will charge you a rollover fee if you leave your CFD positions open overnight into the next day.

Does FXCM Charge Inactivity Fee?

Yes, FXCM UK charges a $50 inactivity fee after 12 months of account dormancy.

If you have more than one dormant account, each account will be charged separately for inactivity.

FXCM Trading Platforms - 5/5

1. Trading Station (with back testing capability)

FXCM Trading Station is a proprietary homegrown trading platform developed by FXCM for its customers.

Trading Station comes as a mobile app, desktop app & a web trader. The Trading Station platforms allow you trade from charts & use Expert Advisors (EAs).

Because FXCM does not offer MT5, the Trading Station Platform does a good job at replacing MT5 due to its advanced functionality & back-testing capability.

2. MetaTrader 4 (with free VPS)

FXCM has MT4 and it comes in mobile, web & desktop versions. You can use the free FXCM Virtual Private Server (VPS) to host your Expert Advisor & let it run 24 hours without interruption.

3. TradingView PRO

FXCM is a TradingView broker so you get access to use the TradingView platform at no cost.

On the TradingView platform you can trade from advanced charts and access modern features that are updated regularly by the TradingView team.

How To Connect FXCM To TradingView

Log in to TradingView

Visit the TradingView website, click on sign in and you get the option to sign in with your Google Account, Apple Account, LinkedIn Account, X Account, or email. elect any sign in method to proceed.

Choose an instrument to trade

To select an instrument to trade on TradingView, click on Markets and then select any instrument of choice.

Navigate To Super Charts

After choosing an instrument to trade, opt to view the instrument on Super Charts by clicking on the "see on super charts" button.

Open Trading Panel

To see a list of brokers on TradingView, click on Trading Panel.

Proceed to expand the trading panel by clicking on the expand icon by the bottom far right hand side.

Choose Your Broker

After the trading panel opens, you will see a list of all the forex brokers on TradingView.

Locate FXCM on the list and connect with your login details.

4. Capitalise AI Platform

Capitalise AI is basically a platform that lets you build your trading robot using simple English language.

FXCM offers you the Capitalise AI platform at no cost so you can implement automated trading strategies with ease.

5. API Trading Platform/Interface

An API is a set of protocols that allow to apps to talk to each other. FXCM offers 3 free APIs (FIX, Java & Forex Connect) to enable you extract data from FXCM and feed to your trading robot.

6. Specialty Apps

FXCM several specialty apps that can be downloaded to perform specialized functions. Some of the specialty apps include:

• Advanced Historical Data Downloader App
• StrongWeak Standalone App
• Tick Data Downloader App
• CFD Auto Roll App
• Speculative Sentiment Index App

Customer Support - 3/5

FXCM offers 24/5 customer support to UK traders.

There is live chat but you need to fill out a form before the chart starts & there are occasional long hold times before an agent responds to you. You can also reach FXCM via WhatsApp.

FXCM telephone support is toll-free & you can request a call back and an agent will get in touch with you on phone.

Personal Account Managers are only assigned to Active Traders who trade large volumes.

FXCM email support is also available but responses can take up to 1 day.

FXCM education is not in-depth but you can access it from their website. Unlike some competing brokers, FXCM does not structure their education program into a learning academy with different levels.

The FXCM demo account is also helpful for starter to learn how to trade using fake cash.

Final Verdict - 8/10

When it comes to technology & pricing, FXCM is one of the best forex brokers in the UK.

FXCM drawbacks include their customer support which should be improved on & their range of markets.