FXCM Review: Forex & CFD Broker

A broker regulated by the FCA in the United Kingdom, the FSCA in South Africa and ASIC in Australia, with French-speaking customer support, no problems with deposits and withdrawals, index spreads that are among the best currently available on the French market, and good execution: FXCM earns a positive review from us. Can you trust FXCM?

FXCM is one of the pioneers of trading worldwide, with more than two decades in the business. The broker has held its own despite increasingly fierce competition in its sector, and this longevity shows it has what it takes to stay in the market. What should you make of this brokerage group? Is it reliable? What are its strengths? Can it be considered the best Forex broker? Yes, it is a trustworthy FX broker, just like AxiTrader.com, which also has good reviews.

Who Is FXCM?

FXCM, short for Forex Capital Markets, is a broker operating on the foreign exchange market. It has offered Forex trading services since 1999. In general, traders using FXCM can speculate on currency pair prices. The FXCM platform also lets them trade CFDs (contracts for difference) on certain assets, notably commodities and indices. They can also place FXCM spread bets and use additional trading-related services.

Through its activities and client portal, FXCM is especially focused on traders. The firm wants to give them access to a vast market and as much liquidity as possible so they can trade with peace of mind. In its drive to offer unrivaled service, FXCM also provides trading assistance, positioning itself as a source of support and guidance for its community.

If this topic interests you, also read “Best Forex Broker in Canada” and “Low-Spread Forex Brokers”.

Key Dates in FXCM’s History

The broker has been active in trading for 21 years, years of experience marked by some notable events. Here are a few that trace the firm’s history:

• 1999: Shalish Capital Markets is founded;
• 2000: name change to Forex Capital Markets;
• 2003: expansion into Europe and opening of a London office;
• 2003: in January, the Refco group forms a partnership with FXCM;
• 2005: Refco files for bankruptcy;
• 2007: a consortium of buyers acquires Refco’s stake;
• 2009: FXCM takes over ODL’s US business;
• 2010: in May, FXCM acquires ODL’s UK branch;
• 2010: in December, FXCM goes public;
• 2011: the NFA (National Futures Association) fines FXCM $2 million;
• 2012: FXCM takes a majority stake in Lucid Markets;
• 2013: purchase of $12 million of Infinium Capital Management securities;
• 2014: the FCA (Financial Conduct Authority) fines FXCM $4 million;
• 2015: Leucadia injects $300 million into FXCM after a heavy loss of funds;
• 2015: FXCM Inc. becomes Global Brokerage, Inc.;
• 2017: Global Brokerage files for bankruptcy;
• 2018: FXCM becomes “FXCM, A Leucadia Company”;
• 2019: the company celebrates its 20th anniversary.

Awards Received by FXCM

FXCM’s trophy cabinet is well stocked, to say the least. Over the years, the broker has won no fewer than fifteen awards from various institutes, which recognize the quality of its work. The list is as follows:

• 2010: Multiple winner in three categories (FX Traders’ Choice);
• 2011: Best Forex Broker for retail clients (Global Finance);
• 2011: Best Research Team (FX Street);
• 2012: Largest Forex broker in France (Investment Trends);
• 2012: Best Forex Broker (IBTimes Trading);
• 2013: FXCM wins the award for the second year in a row;
• 2013: Best Online Broker (Money AM);
• 2013: Best contributor for trading sales analysis (FX Street);
• 2013: Best Retail Trade Execution award (Forex Magnates London Summit);
• 2013: UK Broker of the Year (UK Forex);
• 2014: Largest broker in France (Investment Trends);
• 2015: Multiple winner in various categories (Investment Trends);
• 2015: Innovation in technical indicators (Grand Prix de la Confiance);
• 2015: Broker certified in several areas (Label Warning Trading);
• 2016: Multiple winner in several categories (Investment Trends);
• 2025: Best Education and Best Trading Tools (Personal Wealth);
• 2025: Best Broker in Europe (Global Forex Awards).

Although long, this list is not exhaustive. It does, however, include most of the awards the FXCM platform has received.

FXCM Key Figures

Here is a summary table of some key information about the broker FXCM.

Is FXCM Authorized by the AMF?

As in many countries around the world, FXCM operates in France, which accounts for a significant share of its clients. To operate there as a broker, AMF authorization is essential. It is a relevant criterion when analyzing FXCM reviews, as the AMF is one of the most credible and respected bodies in trading. There is indeed an FXCM–AMF link through the regulator’s supervision of the broker.

Is There an FXCM France?

FXCM has a French branch called FXCM France. This office operates under AMF supervision according to its “Rules of Conduct and Execution Principles”. FXCM France is registered with the Paris Trade and Companies Register under number SIREN 509 690 905. Its offices are at 35 avenue Franklin D. Roosevelt, 75008 Paris. FXCM’s servers therefore operate in France, and FXCM France’s contact details are easy to find (FXCM REGAFI).

ECN Broker or Market Maker?

FXCM has several liquidity providers, including prestigious banks, financial groups and other major players. Among its providers, the broker lists Barclays Bank, Citibank NA and UBS AG. These entities compete to offer clients the best price: each must send the broker buy and sell prices, which are fed into a price comparison engine developed by FXCM for quick comparison. The result is the best price, in other words the tightest possible spread. This important service helps the broker earn positive reviews from its users.

When a trader opens a position, FXCM hedges it with the liquidity provider whose prices were selected. The financial institution receives the buy or sell order as an action by the brokerage firm, so it has no information about who placed the order or the specifics of the trade. This is a key part of the process that prevents market manipulation.

This pricing model is called “No Dealing Desk”, also known as ECN. Clearly, the British broker is not a market maker but an ECN broker.

Can You Trust This Broker?

FXCM is one of those brokers with real longevity and experience, which have had time to make a name for themselves and build a reputation.

The Quality of FXCM’s Service

The platform’s services are very attractive. Its strengths include:

• The low spreads that FXCM traders appreciate;
• Operations backed by many companies;
• Its membership of a very large financial group;
• Thousands of accounts opened on the platform;
• Numerous licenses from various financial bodies;
• Its many branches around the world.

All these features show how its business has grown, as well as the confidence regulators have in its services.

Problems Faced by FXCM

Unfortunately, in 21 years in the trading business, FXCM has not only had its glory days. Notably, the platform is banned from operating in the United States, where the broker’s story began. Numerous complaints, large fines, fraud allegations, regulatory actions and arbitration rulings have marked the brokerage’s history. The company was affected, and its clients were hurt too, suffering heavy losses that had to be offset by refunds ordered by the authorities.

FXCM is nevertheless trying to turn the page on the dark chapters of its past. Even though these cases have tarnished its reputation, the broker is transparent, as FXCM forums and FXCM broker reviews show. Its goal is to provide quality service, optimal security and unmatched benefits. It will still be hard to trust the group completely because of the lawsuits brought against it in the past. However, this broker continues to satisfy its many users worldwide with quality services.

FXCM Regulation

Besides the Autorité des Marchés Financiers, which supervises FXCM’s activities in France, several other bodies regulate the broker. FXCM is regulated by:

• The Financial Sector Conduct Authority in South Africa;
• The Financial Conduct Authority in Greece, the United Kingdom and Germany;
• The Australian Securities and Investments Commission in Australia;
• BaFin, partially, in Germany;
• CONSOB in Italy.

How Are Client Funds Protected?

FXCM ensures full transparency and optimal security in managing client funds by using segregated accounts. A segregated account is an account created for a client at a bank chosen by the broker. It belongs exclusively to the holder of the trading account, and the funds in it are kept apart from those of other clients.

The company acts only as an intermediary between the client and the bank. Client capital never belongs to FXCM and is kept separate from the company’s own equity, so the broker cannot use it.

There is a backup fund, the FSCS (Financial Services Compensation Scheme), which can compensate clients if the platform is unable to process withdrawals. To qualify, account holders must belong to an authorized financial services firm. They can then receive compensation of £85,000. Even in the worst case, at least £50,000 can be paid out. All these measures support the various reviews of FXCM.

Scams Involving the Broker

There have been scam cases involving the broker. An NFA (National Futures Association) fine required FXCM to compensate clients affected by abnormal prices on the platform, as the broker was accused of professional misconduct over slippage. The same year, another body, the CFTC (Commodity Futures Trading Commission), ordered the company to compensate clients, again over slippage. These FXCM problems forced the firm to pay $14.2 million.

The brokerage group’s troubles did not end there. Fraud and racketeering complaints and negative FXCM broker reviews further tarnished its image. The final blow came in 2017 with yet another CFTC action targeting FXCM’s “No Dealing Desk” model, which led to its ban from US markets. Since then, the platform has bounced back in Europe and is trying to restore its reputation. All these events raise the question of whether FXCM is a scam. The answer, however, can be seen in the new positive FXCM reviews the platform has received in recent years. The broker works every day to offer its clients better conditions.

Note that after opening an account, FXCM also lets dissatisfied clients terminate their contract: closing an FXCM account is fairly simple.

Account Types

Several trading options are available on the broker’s platform, which fall into groups of accounts.

• CFD Accounts – FXCM’s CFD accounts let you trade on several markets without buying the underlying product. The big advantage is leverage, which can amplify gains, and losses just as much. With low spreads, the possibilities are wide: you can open several trades without fear of exceeding your FXCM margin and seeing your balance drop.
• Securities Accounts – Although it has the features to trade stocks, the platform is limited to stock CFDs, so clients cannot buy the asset outright. However, there is a “Hedging” option for stocks: an FXCM trader who fears a drop in the value of their shares can speculate short term on downward moves to hedge their investment.
• Islamic Accounts – As mentioned above, no specific account has been created for Muslim traders. They can still use the platform, as the conditions suit them.

Which Trading Accounts Does the Broker Offer?

• Live Account – To make money trading Forex, you need a live account. FXCM offers several categories with varying benefits.
• Standard Account – The first account type is the standard account. It gives you access to around twenty currency pairs on the platform. It requires an FXCM minimum deposit of €300 as starting capital, which applies only in Europe; in the rest of the world, a deposit of €50 is enough to get started. FXCM spreads are low. These conditions are ideal for less experienced traders or those just starting out.
• Active Trader Account – Considered the premium service, including in FXCM reviews, this account requires a deposit of €25,000. You must also trade a monthly volume of 150 to 500 million. As its name suggests, the account is designed for traders who speculate regularly on the markets. They get a range of services:

1. Special pricing;
2. Very tight spreads;
3. A team of professionals to help manage the account;
4. Access to the Trading API as a developer;
5. Subscription access to data from financial institutions to better anticipate market prices;
6. Special features unlocked;
7. Solutions tailored to each client.

• Limited Risk Account

This is also known as the FXCM mini account. It offers greater protection against the risk of losses. FXCM only offers this account on the MT4 platform. Spreads remain attractive. A stop loss is applied to every position to limit your funds’ exposure. However, the net balance must not exceed €10,000; above that, the account is immediately converted to a standard account.

The restrictions are not burdensome, and FXCM traders remain free to adjust their positions. While traders have access to Forex, indices and commodities, some account categories are only available in France.

• Professional Account

This is the last type of live account FXCM offers, dedicated to professional traders. To qualify, you must meet certain conditions:

1. Have traded in significant volumes over the past year;
2. Have at least €500,000;
3. Have worked for at least one year in finance or in a role requiring in-depth knowledge of derivatives trading.

If you meet two of these three conditions, you are eligible for the professional account. You will, however, lose some protections against the risk of losses, namely compensation schemes and FOS (Financial Ombudsman Service) services. If your balance goes negative, your deposits will cover your losses until the account is back to zero or positive.

Which Account Types Do We Recommend FXCM For?

FXCM designs its platform for all types of traders, so the broker is recommended for those with small and large capital alike. Whether you are a beginner, a seasoned investor or a professional, FXCM offers a tailored service. The Forex, FXCM stock, index and commodity markets are all available. If you plan to trade any of these markets, FXCM is for you.

The broker lets you open individual accounts, the most common type. You can hold one or several depending on your category, and the benefits of each individual account category vary with your capital. You can also open joint accounts, managed by two people, as couples might do.

Finally, there are professional accounts, designed for those who have made trading their career and trade with high leverage. Businesses that want to speculate on the markets can also open an account, which requires more documents and evidence than other account types.

Demo Account

One advantage of this broker is that you can open a free, time-limited FXCM demo account. The broker lets clients practice using virtual money. With this account, they can watch the market, carry out technical analysis and take positions. You can also backtest on FXCM and review your history to fine-tune your strategy and your FXCM signals.

Demo or simulated trading on FXCM uses quotes that update automatically, with no difference from a live trading account. The account holder gets €50,000 to practice, test strategies and refine their technique. The market is open all week, Monday to Friday; at weekends the market is closed and no trading is possible. The FXCM MT4 demo account (MetaTrader 4 download, MT4 download, FXCM demo MetaTrader 4) runs for 30 days and can no longer be accessed or used after that.

To register, you provide personal details such as:

• First name
• Last name
• City
• Country of residence
• Email address
• Phone number

Educational content is provided through a newsletter, which you must subscribe to. A disclaimer applies to the FXCM demo account, and it is worth reading before you start. You will then easily be able to form your own view of FXCM.

Payment Methods

FXCM offers many options for deposits and withdrawals.

Deposits to an FXCM Live Account

To fund your FXCM trading account, you can choose from several payment methods: bank transfer, card deposits and e-wallets such as Skrill, Neteller and UnionPay are accepted.

Note that bank transfers take a little longer to process, around 4 days, unlike e-wallet payments, which are instant.

Withdrawing Money From FXCM

You are strongly advised to use the same method for withdrawals as for deposits. With this broker, you cannot withdraw your profits to e-wallets, so you can choose between bank transfer and Visa card. Expect around 4 days for the former and 3 days for the latter.

FXCM Fees

One of FXCM’s selling points is its fairly affordable fees, and FXCM reviews back this up. But what is the reality?

Spreads

The broker’s spreads (spread cost) are fairly competitive (fixed, low, etc.).

FXCM – Forex Spreads

FXCM – Index Spreads

FXCM – Commodity Spreads

Commissions

FXCM charges “spread + commission” together. No other FXCM fee is added to each open position, and the principle is the same for FXCM Forex and FXCM CFDs. Costs remain lower than those of most competing brokers.

Swaps

The platform does not charge swaps on short- or long-term open trades. This is one reason its services are popular with traders looking for low fees, as user reviews of FXCM show.

Account Maintenance Fees

These are charged once a year, only on accounts that have been inactive for the twelve months before the charge. The fee is 50 units of your account currency: if your account is in euros, €50 will be deducted. If your account balance is below this amount, it will be taken from your bank account.

Even blocked accounts that have been inactive for a year are subject to this charge, which is FXCM’s inactivity fee. You can avoid it by making a deposit or withdrawal from MyFXCM. There are other ways to avoid the charge, and you can check the various FXCM reviews and forums for more tips.

Other Fees

The broker charges its clients no other fees. Opening an account is free, as are deposits and withdrawals.

Beyond these details on FXCM’s trading fees, it is worth explaining FXCM rollover. Common to all Forex brokers, it is the interest paid or earned for holding a position beyond one trading day. The rates applied are clearly displayed on the FXCM platform.

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Islamic Account Fees

FXCM has not created a trading option exclusively for Muslim traders. However, they can use the platform to speculate on the markets: no fees apply other than spreads and account administration charges, and as there is no swap, this is in line with their religious beliefs.

Securities Account Commissions

FXCM does not offer a securities account. It is worth noting, though, that for stock CFDs the broker sticks to its principles: no fees are charged for trading stocks. The broker keeps to its aim of minimizing costs, especially for low-volume trades.

Instruments Offered

To satisfy its clients, the brokerage has diversified its instruments, which cover five distinct markets. The best known and most used is undoubtedly Forex.

The Forex Market

The foreign exchange market is open 24 hours a day, 5 days a week. Around forty currency pairs are available on the platform, from majors to minors, mainly made up of fiat currencies. They include FXCM EUR/USD, USD/JPY, GBP/USD, AUD/USD, USD/ZAR, TRY/JPY and more.

Note that the Forex market is an over-the-counter (OTC) market, as is what FXCM offers.

The Stock CFD Market

This covers shares in major international companies such as Apple, Google, Netflix, Amazon, Boeing, Exxon Mobil and others. By trading these shares, you use part of your capital to speculate, without actually owning a physical stake in the company.

The Index Market

The index market lets you gauge how an economy is performing more broadly. An index groups together a number of shares from different companies. FXCM offers 14, including VOLX, US30, NAS100, ESP35, AUS200 and JPN225, to name a few. The spreads offered on this market (DAX, S&P 500, Dow Jones, Nasdaq, DAX 30, Bund, etc.) are also very attractive.

The Commodity Market

On the commodity market, the broker offers 11 instruments, including:

• NGAS;
• UKOIL;
• COPPER;
• XAG/USD;
• XAU/USD;
• WHEATF, etc.

Recently, FXCM has opened up to several other markets, allowing a new category of clients to sign up on its platform. Its spreads are among the lowest in the industry.

Leverage Offered

The leverage applied to each open position depends on the instrument traded. FXCM therefore applies different leverage levels for currency pairs, indices and stocks. Leverage is capped at 30:1 for major currency pairs and 20:1 for minor pairs. For commodities other than gold, as well as minor indices, it is 10:1. Finally, 5:1 is the maximum for individual stocks.

FXCM Analysis Tools

Through its software, FXCM provides clients with many market analysis tools. First, there are the indicators. Traders will find:

• Support and resistance levels;
• Pivot points;
• Bollinger Bands;
• Moving averages;
• Oscillators and momentum indicators.

Beyond these, you can download your own indicators or use customizable templates such as FXCM Heikin Ashi, Ichimoku, ATR, CCI, SAR and more.

With the FXCM Apps Store, the broker gives registered users access to digital trading tools. Many FXCM apps available on the platform can be used from a computer or an Android smartphone. On smartphones, users can download FXCM MT4 platforms from the Apple App Store (FXCM MT4, MetaTrader 4 Mac) or the Play Store. These serve as analysis tools for traders, such as the FXCM “candlestick analysis tool” app, which identifies major trends based on Japanese candlestick sequences. Traders can display the chart and FXCM gaps to refine their analysis.

All these tools can be used on FXCM’s trading platforms. To do so, download FXCM Trading Station, FXCM MetaTrader 4 or NinjaTrader, or use FXCM WebTrader, ZuluTrade, TradingView or other automated trading solutions. These may include FXCM Expert Advisors, Forex trading robots, copy trading, algo trading, automatic or dynamic trailing stops, trailing orders and more.

All trading styles are possible with FXCM: scalping, day trading and swing trading. It gives every user the chance to form their own view and enjoy a good trading experience.

Trading Calculator

FXCM offers a trading calculator that works out the value of a pip in FXCM Forex, so you can calculate your potential profit or loss on a position. To use it, you just need to enter a few details.

First, select the currency pair. The most and least traded pairs are available in the pip calculator, as are exotic pairs. Next comes the market entry price, which must be that of the selected currency pair. This is your chance to calculate the FXCM margin required before going further (to anticipate a margin call).

Then specify your account currency, which is needed to convert into the base currency. Add the leverage value as well. Changing FXCM leverage is easy, so calculate your leverage beforehand. It can be in units or lots (FXCM lot size).

Finally, enter the current exchange rate, i.e. the value of the account’s base currency against the counter currency of the pair. This is also used for conversions. Once you validate the calculation, the pip value is displayed.

Training

One way the British broker helps its clients improve is by offering training, available in several formats. Traders just choose the option that suits them best.

Newsletter

You are automatically subscribed when you open an account, whether an FXCM demo or live account. Courses, articles, tips, advice and information are sent to your inbox periodically.

YouTube

The FXCM France channel on Google’s video platform offers training and courses to help you trade better. Video length varies by topic, and a plus is that they can be watched at any time.

On-Site Content

The site’s editors write many interesting articles on trading, sharing explanations, lessons and guides. All of this is very useful, especially for new traders.

You will also find stock prices, information on contests and various FXCM bonuses. The economic calendar, for example, is an important tool on the FXCM web platform. Information on FXCM trading hours and market opening times is also available.

Training Programs on the Website

On the website, you will find guides and courses on FXCM trading and its various aspects (FXCM conferences, CFD guide, etc.). There are also immersion days for training, plus free webinars and afterwork events every two weeks.

Slippage and Order Execution

Slippage, or price slippage, happens very often on trading platforms, and FXCM is no exception. The price at which your order is executed may be better than the one shown when you opened your trade; this is positive slippage. The opposite can also happen, with the executed price less favorable than the requested price.

Some platform statistics on order execution show how often this happens: 28.34% of orders with a stop loss and limit order benefited from positive slippage, versus 12.19%. The percentage of positions opened with a limit order that benefited from positive slippage is 72.78%, while 43.03% were affected by negative slippage. These figures cover a 9-month period from January to September 2025.

Comparing the types of slippage during order execution, positive slippage dominates. Negative slippage is small in proportion compared with positive slippage, which shows there is no glaring imbalance.

How to Become an FXCM Affiliate

You can become an FXCM affiliate by joining its Forex affiliate program. To do so, go to its website and sign up, stating whether you want to join as an individual or as a company. Once you have chosen, complete the process until your FXCM affiliation is approved.

The benefits of being an FXCM IB affiliate are:

• Commission payments of up to €750;
• Additional materials;
• An affiliate manager;
• Performance reports.

Customer Support Review

The broker’s customer support is available 24 hours a day, Monday to Sunday. This is a big plus in FXCM reviews, as competitors cannot keep up such hours. There is also a range of channels to reach it, all of them operational. Response times are not the fastest, but they are acceptable. This is an advantage that earns FXCM good reviews on withdrawals.

How to Contact the Broker: All Contact Options

The following options are available in France:

• Phone: +33 (0) 1 73 00 28 60;

In the United Kingdom:

• Phone: +44 (0) 207 398 4050;
• Freephone: 0808 234 8789

There is also a live chat on the platform, as well as international numbers to reach customer support. You can use these channels to ask any questions. Even if it is about how to close your FXCM account, you will find customer support available and efficient.

Negative Reviews of the Broker

Many websites criticize FXCM for its turbulent past and paint a very unflattering picture. They point to the FXCM scams recorded in the United States, inconsistencies between published information and reality, and the bankruptcies the company has gone through. It must also be said that the broker does not offer FXCM MetaTrader 5 to its community, which also explains some negative reviews.

FXCM’s Position on the French Market

Given the importance of its activities in France, it is worth looking at its position on the financial market there.

FXCM Summary: Pros & Cons

Here is a quick summary of FXCM’s strengths and weaker points.

Is This Broker the Best Forex Broker?

FXCM offers very attractive services. Its many years of experience allow it to focus on distinctive offerings, which are the strengths highlighted in FXCM reviews and make the platform competitive. However, it needs to reinvent and modernize itself further. The platform’s lack of intuitiveness makes it hard to use, and even though it offers rich educational content, novice traders may be drawn to other brokers. Still, this broker’s many advantages make it one of the best Forex brokers.

Have you used FXCM and want to share your experience? Leave us a comment!