FXCM review: Trade forex, CFDs and commodities

Last updated:  

Trade 39 currency pairs with zero commissions and spreads from 1.0 pips.

If you're wanting a curated forex and CFD trading platform to suit your style, FXCM is worth looking at. With two different accounts designed for active or casual traders and 11 platforms to choose from, FXCM users can buy and sell 39 currency pairs, with average spreads as low as 1.0 for AUD/USD transactions.

1

Minimum Spreads for Major Currencies

1 lot

Minimum Trade Size

Trading Station
MetaTrader 4
NinjaTrader
+ more

Platforms

Details

Type of brokerOnline
Available markets39 currency pairs, commodities, indices
Minimum Spreads for Major Currencies1
Leverage400:1
CommissionAU$3.00 per 100k traded
Minimum opening balance$50 for the Mini account
Minimum Trade Size1 lot
PlatformsTrading Station
MetaTrader 4
NinjaTrader
+ more
SupportPhone, email

Disclaimer: Trading in financial instruments carries various risks, and you can lose more than your capital. This article may contain general advice. You should always seek professional advice when deciding if a product is right for you.

FXCM background

FXCM launched in 1999 and is headquartered in Sydney, Australia. As part of of the broader FXCM Group, it offers forex, CFDs, cryptocurrencies and commodities trading to more than 220,000 clients around the world.

When you sign up, you can choose between two account types, depending on your trading experience, or a demo account for practice. The standard account has zero commissions and requires a low minimum of $50 to begin trading, but it has slightly higher spreads. Meanwhile the Active account requires a $25,000 minimum deposit and $3 commission per lot but has spreads as low as 0.2 pips. Here are the features of each account type:

StandardActive
Minimum opening balance$50$25,000
SpreadsFrom 1.0 pipsFrom 0.2 pips
Commission per lot$0$3
Leverage1:1 - 400:11:1 - 100:1
Minimum trade size0.010.01

How many currency pairs are available to trade?

You can trade up to 39 currency pairs on either the standard or active accounts.

  • Major currency pairs: EUR/USD, USD/JPY, GBP/USD, USD/CHF, CAD/JPY CHF/JPY EUR/AUD EUR/CAD EUR/CHF EUR/GBP

If you’re new to forex trading, you can sign up for a practice account with $50,000 virtual funds and a free forex trading guide. Click on “Practice Account” on the top of any page. You can access your account via the platforms or the mobile app to trade 24 hours a day, 5 days a week.

What trading platforms are available?

You can test each platform with a free practice account.

  • Trading Station. This is FXCM’s proprietary platform allowing you to trade on your desktop, online and through a mobile application.
  • MetaTrader 4. This is one of the most popular trading platforms in the world. Buy and sell foreign exchange and CFD with one-click trading. MT4 allows for smooth integration with No Desk Dealing execution.
  • NinjaTrader. This platform is suited to active traders and offers advanced features for trading foreign exchange, commodities and stocks. This option is not available to Mini account holders.
  • Specialty platforms. FXCM also offers a range of specialty platforms designed for specific trading needs.

Snapshot of FXCM platform

FeatureDescription
Spread fee - AUD/USD$0.03 per $1,000
Education and resourcesYes
Does it offer fixed spreads?No
Leverage400:1 on the standard account
Is it MetaTrader supported?Yes
Minimum deposit required$50 for the standard account
Compatible devicesApple devices
Guaranteed stopsYes
Payment methodsCredit card, debit card, BPay, wire transfers
Promotional bonusLower commission for active traders
24-hour tradingYes (five days a week)
Demo account available?Yes

FXCM highlight features

  • MetaTrader supported. FXCM provides access to global forex markets through four trading platforms: MetaTrader 4 (the most popular trading platform in the world), MetaTrader 5, Trading Station and NinjaTrader. A mobile app is also available to allow you to trade on the go.
  • Dealing Desk or No Dealing Desk. FXCM pioneered the No Dealing Desk forex execution model (available on Standard and Active Trader accounts), which provides anonymous execution and increased transparency. However, traditional Dealing Desk execution is also available on Mini accounts.
  • Compatible devices. With apps available for download from Google Play and the Apple App Store, FXCM allows you to trade on Android and iOS devices.
  • Three accounts. FXCM offers three types of accounts: Mini, Standard and Active Trader accounts. These accounts have different minimum deposits, different spreads and access to different currency pairs. FXCM offers an online wizard to help you choose the account that meets your requirements.
  • Spread fee. Spreads vary depending on whether you choose a Mini, Standard or Active Trader account. The minimum average AUD/USD spread with FXCM is 1.9 for a Mini account, 0.5 for a Standard account and 0.5 for an Active Trader account.
  • Leverage. FXCM offers leverage of up to 400:1.
  • Minimum deposit. You can open a Mini account with FXCM for just $50, and you can start trading right away.
  • Regulated in Australia. FXCM Australia is regulated by the Australian Securities and Investments Commission.
  • Payment methods available. FXCM accepts Visa, Mastercard and Discover credit cards as well as BPAY, electronic funds transfer and bank wire deposits.

What support is available with FXCM?

FXCM operates an extensive online help section through its website where you can find the answers to trading queries and data. This is backed by a dedicated education section with webinars, video tutorials and a range of trading guides. You can also sign up for FXCM University, a free online course offering trading tips and knowledge.

If you need help, 24/7 customer support is available via phone, email and live chat.

What are the pros and cons of using the provider?

The pros

  • Free trading tools and education. Besides access to trading platforms, FXCM also provides a number of free trading tools and educational videos and webinars.
  • Practice account. If you’re new to trading or would like to try one of the platforms, you can sign up for a practice account with $50,000. Once you’re ready to start actually trading, you can sign up for a live account.
  • MetaTrader 4 supported. You can use MetaTrader 4 in conjunction with FXCM’s other programmes and platforms.

The cons

  • Risk. There is a great deal of risk involved in trading, especially if you’re new to it and you’re making trades with maximum leverage.
  • Client support not 24 hours. If you have queries or you need help with trades, you have to wait until the customer support and trading desk lines are open.
  • Mini clients limited. Mini account holders can only trade in 21 out of the 39 available currency pairs, and only have access to three out of the four trading platforms.

How do I sign up?

You can sign up for a live account online and start trading within one or two business days.

You will be asked to supply identification with your address on it. Either upload scanned versions through the website or send them via fax. Once your account is set up, you can start funding your account.

Did you have these questions about FXCM?

Ask an expert

To ask a question simply log in via your email or Facebook or create an account.

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.
Ask a question
Go to site