Forex Capital Markets review (2021) Review

FXCM, also known as Forex Capital Markets, is a global forex provider, founded in 1999. It is owned by the Jefferies Financial Group, which is listed on the New York Stock Exchange and has a background in investment banking. It’s regulated by UK’s Financial Conduct Authority (FCA) and the Australian Securities and Investments Commission (ASIC). It offers low trading fees and a demo account along with good education support and customer service.

share trading

What can be traded with FXCM

Forex is the most significant asset class that this broker offers. FXCM provides also CFDs (on stocks, stock indices, commodities and cryptos), but do not offer Popular asset classes, like real stocks and bonds. FXCM offers a social trading service via the third-party service ZuluTrade, through their platform.

forex

FXCM regulation

FXCM has companies registered and regulated by many of the most appreciated regulatory bodies in the world. FXCM EU LTD („FXCM EU“) is a Cyprus Investment Firm („CIF“) registered with the Cyprus Department of Registrar of Companies and authorised and regulated by the Cyprus Securities and Exchange Commission („CySEC“).

regulation

Demo account

One of the best education tools is a demo account. It mirrors a normal live account, only without risk. It comes preloaded with virtual money and you gain skills and learn everything about the trading platform. FXCM preloaded their demos with 50 000 Euro and its demo account is free of charge. It’s very simple to register for a demo account, as it’s offered on the main page and also in offered products.

demo

 

Broker fees

FXCM has low forex fees and standard non-trading fees. There are no account maintenance, deposit, or withdrawal fees. But you have to pay a $50 fee after one year of inactivity.

broker fees

Registration process

To register is simple. The option is at the top of their pages. You can choose to register for a demo or live account. As I am a beginner, I chose to start with a demo account. A small form came up and I had it filled in a minute. They needed your email and country. I received an email with the next steps to take, opt in for emails and a guide to Forex.

registration process

Trading platforms

FXCM offer many platforms:

  • Trading station
  • MT4
  • Zulu Trade

On web, mobile or desktop. I chose the web platform because I would like to try it before I download any app.

From what I discovered, FXCM’s web trading platform is extremely customizable, provides a wide range of order types and has a great search function.

trading platforms

It`s user-friendly, important features and information is shown on the main page, like the account number, the balance etc. From the left menu, you can choose from many languages, search what you`re looking for, get help, go to settings and so on. You can also go to a live chat if you have any questions.

FXCM website

The website is well designed, smooth and stylish colors. Works well and it’s very well organised. I intuitively found everything I was looking for. To register is on the main page, the first thing you see, then, when you go further into the web it’s pinned to the top, so no need to look for the join button, once you`ve decided to go for it. The main page simply explains in short sentences, no blabber, why you should go with FXCM markets. At the top you have the main menu:

  • Trading
  • Markets
  • Knowledge
  • Insights
  • Clients
  • About
  • Institutional

knowledge

I checked out their education support. They offer a great range of educational tools, such as educational videos and webinars and a demo account. You can also find the economic calendar and market news and get free trade alert SMS. They offer a Market scanner, where you get a quick way to screen Forex and CFDs using the technical parameters you like best. And another tool, FXCM PLUS. Trading signals and Technical Analysis that can help you dive deeper into your trading experience.

economic insight

FXCM social networks

They have an account with Facebook, Twitter and YouTube. On Facebook, they post several times a day. You`ll find all sorts of posts. Analysis, news etc. The same activity I found with Twitter and YouTube is full of useful videos.

youtube

twitter

Advantages and disadvantages

The bottom line is, that FXCM is a great forex and CFD broker. It has a strong parent company and is regulated by multiple authorities, including the FCA and ASIC. The education support is good, they are active on social networks and the platform works well too. I was missing a live chatbot on their website and the product selection is limited to only forex, CFDs and cryptos. I couldn`t find how much is the minimum deposit and what accounts they offer.

Cons:

  • Limited product selection
  • Live chatbot missing
  • High fees with bank withdrawals
  • The platforms could be more secured

Pros:

  • Well-designed web
  • High-quality education support
  • Platforms to choose from
  • Regulated

Pros / Cons
  • Well-designed web
  • High-quality education support
  • Platforms to choose from
  • Regulated
  • Limited product selection
  • Live chatbot missing
  • High fees with bank withdrawals
  • The platforms could be more secured

FXCM, also known as Forex Capital Markets is a global forex provider. It offers low trading fees along with good education support and customer service.