Should You Trade with FXCM? Read This Broker Review First?
About FXCM
FXCM is the right choice for people who want to enjoy cutting-edge trading styles, such as algorithmic trading and social copy trading. It has a wide variety of trading platforms (although it lacks MetaTrader 5) and has received stellar reviews for its excellent selection of research tools. FXCM holds licenses from top-tier regulators, is safe and provides significant oversight for its clients.
| Year Founded | 1999 |
| Regulation | ASIC, FCA and IROC (the latter via Friedberg Direct) |
| Minimum Deposit | $50 |
| Product Types | Forex, CFDs, stocks,indices |
| Products Offered | 276 tradeable symbols, 42 forex pairs |
Regulation
FXCM meets the requirement of licensing and has top-tier licenses from ASIC and the FCA and through Friedberg Direct it has a license from the Investment Industry Regulatory Organization of Canada (IIROC). This is more than sufficient to determine that FXCM is at least a trustworthy broker.
Accounts, Fees
When it comes to spreads, FXCM is a bit pricer than the industry average with the USD/EUR pairs at 1.4 pips. Those who trade large amounts can benefit from FXCM’s Active Trader Program and get significant discounts on spreads and commissions.
Platforms and Trading Products
FXCM offers fewer than average types of CFDs, with just 276 symbols and 42 forex pairs. However, what it lacks in types of available assets it makes up for in innovative styles of trading and advanced platforms.
Although FXCM lacks MetaTrader 5, it does offer MetaTrader 4 along with:
- Proprietary Trading Station mobile app
- Marketscope charting tool
- Ninja Trader 8–which support algorithmic trading
- ZuluTrade–social copy trading
- TraderWorkstation-stocks
- Supports a wide variety of algorithmic trading platforms such as QuantConnect, MotiveWave and AlgoTerminal
Education and Research
FXCM’s research tools are first-class and include:
- Premium Trading Central Content
- Headlines from FXStreet. eFxData, Autochartist and Trading.com
- Market screener tool
- FXCM’s Daily Snapshot videos on YouTube–created by FXCM analysts
- FXCM Market Talk podcast
It should be noted that some of FXCM’s research content is not available in the EU.
Its educational materials are average with educational articles, instructional videos and some YouTube videos for beginners.
Pros and Cons of FXCM
Pros
- Outstanding resources for algorithmic and social copy trading
- Top-tier regulation
- Excellent research resources
Cons
- Spreads slightly higher than average
- Not huge selection of CFDs
- No MetaTrader 5
Should You Trade with FXCM?
FXCM is first-rate when it comes to licensing, selection of new trading styles such as algorithmic and social copy trading, and research tools. Some downsides are in its slightly higher than average spreads, lack of MetaTrader 5 and small number of tradeable symbols.
FXCM is the ideal choice if you are interested in algorithmic and social copy trading. Given its reliable licenses, it seems to be a trustworthy broker.
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