To understand whether FXCM is suitable for you or not, I recommend to pay attention to these 3 things: reputation, trading conditions, and regulation.
For how long the company is in the market?
- FXCM is in the market since 1999.
What are the main advantages here?
- FXCM is regulated in the US, and although it has several fines from CFTC, it has the strictest regulation in the world. That gives confidence that traders are well secured and their funds are protected.
Did you find any reasons not to work with this broker?
- This company has several fines from CFTC (Commodity Futures Trading Commission of the United States of America). In February 2017 FXCM was fined $7 million by the CFTC for defrauding retail forex customers. FXCM to deregister from the CFTC.
Does FXCM have swap-free (Islamic) accounts?
- Yes, FXCM is suitable for Middle-East traders.
What is the minimum deposit amount?
- It is possible to start trading at $50.
Is this broker regulated?
- The Companies That Make Up the FXCM Group Are Regulated In Several Jurisdictions. Forex Capital Markets Limited (FXCM LTD) is regulated by the Financial Conduct Authority (FCA) in the UK.
Anything special about spreads and margin leverage?
- The company offers 1:50 leverage for US clients and 1:200 for clients outside the US.
|Avg rebate per lot||$7|
|Trading platform||MT4, NinjaTrader, FXCM Trading Station|
|Regulation||ASIC, AFSL, FSCA, FCA|
|Minimum trade size||0.01|
Suspicious reviews that we found
I had an account with FXCM in the past, I wanted to withdraw all of my funds in the account at the time, but I was told by Jason Rogers that I had to leave $50 so as to keep my account open just in case I changed my mind and want to come back with FXCM in the future. So I left $50 in the account. Today I decided I will put some money into my FXCM forex account. I logged in to FXCM back office and successfully did. To my surprise the balance shows $0.00, my $50.00 gone. My account stayed open alright, but my money was stolen by FXCM. Jason Rogers please respond.*
*We found this review on Forexpeacearmy.com and the reply of customer support was:
In order for an account to remain active, there must be funds in the account. However, you should bear in mind if there has been no activity in the account for more than 1 year an inactivity fee may be charged as outlined in the trading agreement. Clients are emailed in advance of the inactivity fee being charged for you to either withdraw the funds or continue trading. If you have any additional questions, our customer support team is available 24 hours a day to help.
So bear in mind that if you go inactive for a long time, there is no need to keep funds on your trading account.