5.2

Written by

Robert J. Williams Fact checked by

Alexandra Winters Updated Сентябрь 10, 2025 CategoryForex Brokers

FXCM Review 2025: Is FXCM Good For Beginners?

Item: FXCM
Rating: 5.2
Author: Robert J. Williams

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5.2/10 (Expert Score)

Product is rated as #49

Trust

Fees

Platforms and Tools

8.5

Customer Support

6.5

Tradeable Instruments

Account Types and Terms

3.5

Deposit and Withdrawals

Research and Education

FXCM Overviews

FXCM is a well-known broker amongst retail traders and professionals alike. It was founded all the way back in 1999 and has had its fair share of ups and downs. This review covers everything you can expect to find from this online international forex CFD broker. Let's see how they fare compared to the rest.

FXCM is a retail forex trading broker. They were established in 1999, and its headquarters are based in New York. This broker is regulated by multiple authorities, including ASIC, CySEC, FSA, FSCA, FCA, and the FSC.

This broker is quite well-known among retail traders and professionals for a good reason. Clients can trade forex, stocks, commodities, indices, and crypto in the form of CFDs through the one account type that this broker offers, besides their demo and Islamic account. Forex traders can also trade using several trading platforms: MetaTrader, Trading Station, ZuluTrade, and even TradingView.

However, this broker has had legal issues in the past, including bankruptcy. Hence, this review covers all you need to know about this broker: its services and features, and everything else there is to know. Let’s see how good this broker is and if you should consider opening an account with them or another broker we have reviewed.

Forex Trading: Forex CFD Broker

Broker Feature	Overview
Type of Broker	Forex CFD Broker
Regulation & Licensing	Australian Securities and Investments Commission (ASIC) Cyprus Securities and Exchange Commission (CySEC) Financial Services Authority of Seychelles (FSA) Financial Sector Conduct Authority (FSCA) Financial Conduct Authority (FCA) Financial Services Commission (FSC)
Applicable Countries Allowed To Trade	Australia, the United Kingdom, Europe (most countries), Japan, Canada, South Africa, Switzerland, and New Zealand, etc.
Assets Offered	Forex, stocks, commodities, indices, crypto
Platforms Available	Trading station, MT4, ZuluTrade, TradingView
Mobile Compatibility	Yes
Payment & Withdrawal Options	Debit/credit card, Bank wire, Skrill, China, Online payment, Neteller, Crypto

Pros and Cons

PROS

Established in 1999
Regulated by multiple authorities
One account type
Four trading platforms to choose from
TradingView is available
Copy trading is available
MetaTrader is available

CONS

Multiple websites depending on the region
Websites can be confusing
One account type
Limited trading resources and educational material
Limited assets list

Is FXCM Safe? Broker Regulations

When it comes to forex trading or foreign exchange trading, a multi-regulated broker holds more credibility and is more trustworthy. So is the case with FXCM.

Multiple financial authorities regulate FXCM, and typically, you will head to the broker’s website and then to the footer section, where these will be detailed. However, it should be noted that depending on your region, the FXCM website will have a different layout and then also different regulatory information.

This is because this broker operates in various regions under different entities. Go to FXCM, you will find that the FCA, CySEC, ASIC, FSC, and the FSCA regulate the global brand. Here you will also find the physical address of the company, including some of its licenses;

Forex Capital Markets Limited is authorized and regulated in the United Kingdom by the Financial Conduct Authority. The FXCM Group is headquartered at 20 Gresham Street, 4th Floor, London EC2V 7JE, United Kingdom—registration number 217689.
It is registered in England and Wales with Companies House company number 04072877. FXCM EU LTD is a Cyprus Investment Firm (“CIF”) registered with the Cyprus Department of Registrar of Companies (HE 405643) and authorized and regulated by the Cyprus Securities and Exchange Commission (“CySEC”) under license number 392/20.
FXCM Australia Pty. Limited is regulated by the Australian Securities and Investments Commission, AFSL 309763. FXCM AU ACN: 121934432.
FXCM South Africa (PTY) Ltd is an authorized Financial Services Provider regulated by the Financial Sector Conduct Authority under registration number 46534. FXCM Trading Ltd.
(“FXCM TL” or under its trade name “FXCM Israel), was incorporated in Israel, and its official registrar number is 515234623. FXCM TL is an authorized and licensed company supervised by the Israeli Securities Authority.

FXCM also has many accolades that they have achieved throughout the years since they have been in operation. Spanning all the way back to 2011, with their most recent award being received in 2023. They have received everything from “best forex trading platform” to “best forex research team.”.

In terms of their Trustpilot score, FXCM has a 4.4 rating out of a possible 5 stars from about 350 or so customer reviews. We regard this as average, but for a broker that has been in business since 1999, you would expect there to be many more reviews.

Australian Securities and Investments Commission (ASIC)
Cyprus Securities and Exchange Commission (CySEC)
Financial Services Authority of Seychelles (FSA)
Financial Sector Conduct Authority (FSCA)
Financial Conduct Authority (FCA)
Financial Services Commission (FSC)

What Can I Trade with FXCM?

FXCM offers the “standard” tradable assets that most online top-tier brokers offer. That is to say; clients can trade forex, stocks, commodities, indices, and crypto all in the form of CFDs.

Forex

Visiting the forex page can be a tad overwhelming as you will find a lot of information, not necessarily regarding the instruments you can trade. They do list all the currency pairs you can trade in a table that we have provided, and here they state that forex leverage goes up to 400:1.

Stocks

Clients are able to trade multiple stocks from the US, Hong Kong, the EU, and the UK. There are too many to mention, but rest assured, you will be able to find the most popular stocks here, from Amazon to Zoom.

Commodities

The commodities list for this broker is quite small, so only expect to trade gold, silver, oil, natural gas, and copper. At least these are the only details they provide you with, then visiting the relevant page.

Indices

The same layout applies to their indices page, and here you will see that they offer most of the popular indices from around the globe. Understanding leverage for commodities and indices requires you to visit the “margin requirements” page.

Crypto

Crypto is the last asset class they offer, and there is more here than what is available for commodities and indices. However, expect only to trade this broker’s 10 most popular coins as CFDs.

Cryptocurrency
Stocks (Shares)
Indices
Commodities
Forex - 40+ Currency pairs including major forex pairs

How to Trade with FXCM?

Trading Platforms

There are four ways you can start forex trading and CFD trading with FXCM. The first is with MetaTrader 4, which we have covered extensively here on PipPenguin. Then you can also try their proprietary software, Trading Station.

FXCM Trading Station

Trading Station includes news, calendar events, educational tools, research, analytics, and charts when combined should help with improving an investor’s trading strategies. It also has some additional benefits that FXCM put in table form for a comparison between it and the other platforms which are namely;

1k micro lot trading
Automated trading
Pre-loaded strategies
Advanced backtesting
Chart trading
Email/SMS alerts
Custom indicators
Available for desktop
Available for web and mobile
Copy trading

Next is ZuluTrade. This is a social trading platform and is made not proprietary. This is to say it is a 3rd-party platform. It is mainly used for social/copy trading. Its features give clients direct access to everyone else (members of FXCM) that use the platform. Here you can see their growth and return and choose to copy them if you like.

Below is the table comparison of what each trading platform has and what clients can expect when signing up with FXCM and using each.

Lastly, trading through TradingView is also an option for clients, but not much information on this is given. However, TradingView is fast becoming one of the most popular online web terminal trading platforms, and many brokers now have accounts linking to it. It is important to note that most platforms are available on all devices, including Windows, Mac, iOS, and Android.

Feature	Trading Station	MT4	ZuluTrade
One-Click or One-Tap Trading	Yes	Yes	Yes
Trade Straight off Charts	Yes	Yes
Email Alerts or Push Notifications	Yes	Yes	Yes
Mobile Alerts	Yes	Yes	Yes
Stop Order	Yes	Yes	No
Market Order	Yes	Yes	Yes
Trailing Stop Order	Yes	Yes	No
OCO Orders (One-Cancels-The-Other)	Yes	Yes	No
Limit Order	Yes	Yes	No
24hr trading	Yes	Yes	Yes
Charting Package	Yes	Yes	No
Streaming News Feed	Yes	Yes	No

Trading Station
ZuluTrade
MetaTrader 4 (Windows, macOS, iOS, Android)
TradingView

How Can I Open FXCM Account? A Simple Tutorial

Retail investor accounts with FXCM are one of the most flexible and offered in 4 types: Standard Account, the Active Trader Account, an Islamic, Swap-Free Account plus the FXCM Risk-Free Demo Account.

The Standard Account and Active Trader Account allow currency trading in USD, EUR, GBP while the Islamic, Swap-Free Account entitles traders to an Extended Swap-Free status when they open certain accounts in non-Islamic countries.

In order to open an account with this broker, you will need to make sure that you visit the correct website. Note that depending on your region, you will be redirected to the appropriate page, and the layouts vary slightly because of this.

This tutorial will show you how to open an account through the global brand with the website FXCM-markets.com. First, you must click on the “open account” button in the top part of the header.

You will then be redirected to the account creation page. However, here you will need to select your country and again be redirected to the appropriate region-based server. Note that depending on the region, the signup process may differ slightly.

We were redirected to the UK website. Here you will see the country you selected, and now you will also need to select the trading platform you wish to use.

You will then be taken to the signup page, where you will need to fill in some personal information such as your name, surname, Email, base account currency, and platform.

Next, you will need to fill in some additional personal information, such as your country of residence, ID type, ID number, and date of birth.

The next step is to fill out your employment status as well as your trading experience.

The last step in the registration process of opening a trading account is to fill out a security question, provide your password, and agree to the terms and conditions.

Lastly, you will be prompted with a risk and disclosure notice, and your trading account will have then been created. After clicking proceed, you will be given your account details, but you will still need to verify your identity, and you are prompted to do so here.

Visit the FXCM-Markets.com website
Click on the Open Account button located in the header
Choose your country
Select the appropriate website
Follow the prompts and fill in the necessary information to create your account
Follow the verification process

FXCM Charts and Analysis

FXCM has an array of educational resources, but we have left some out because all brokers have these, and their impact is not as resourceful as you can find this information almost anywhere. In terms of educational tools, clients will be able to peruse such sections as;

Market news
Market data signals
FXCM plus
Learn Forex

You can see from the image below that there are a few more pages. However, visiting these pages will show you that some are missing information while others are overviews of tools, indicators, and apps available through MT4. Also, the calendar and scanner are essentially just updated to events, and an online app allows you to see the price of any instrument you like. This is why we did not include these.

Then in terms of Market News, we can’t really discuss what it has or entails, as every time we tried to visit the page, it said that the server was busy.

The Market Data Signals section is just a feed of the FXCM Twitter account. They don’t give much in the way of analysis, but you can see images based on forex trading using the speculative sentiment technical indicators like the index indicator.

Then FXCM plus has features and data such as economic insight, trading signals, technical analyzers, trading analytics, and more. However, this is locked behind a paywall, so we can not give you further information on it.

Lastly is the “learn forex” page, where you will get a brief overview of what forex is. There is nothing special about this page, and it barely covers the basics, if that. It is more of a platform tutorial showing users how to buy and sell using Trading Station.

Overall, the trading resources and educational material of FXCM are quite basic and are lacking in many areas compared to the top forex brokers we have reviewed. Many brokers like ZFX and XM have top quality trading resources and education available to everyone. This is something that FXCM needs to look into, especially since they were established in 1999.

Market news
Market data signals
FXCM plus
Learn Forex

FXCM Account Types

This broker technically offers only one account type, even though other sites claim that there are more. We don’t consider Islamic and demo accounts as account types per se because, technically, almost all brokers offer these as a substitute for regular accounts.

Then the active rebate account that FXCM offers its clients requires fulfillment of a trading volume in excess of 10 million USD per month. Moreover, this is tied to the standard account that all clients will open and only becomes available once these quotas are met.

Moreover, unlike other top-tier brokers (and top-tier brokers that allow copy trading), FXCM does not have a dedicated page for the account you will open. As such, we can’t give you details on the account, such as base currency, leverage, and other conditions. You will need to sift through the FXCM site to find out if the information is available.

The only way you can get any information on your account is to actually open one with this broker and then visit the client area (MyFXCM). However, it should be noted that this is the only information we could find on the global brand site. Depending on your region, you may be able to find more details, and each entity might offer varying account types depending. Thus, it would be impossible for us to navigate and search through all the entities and the account types they offer (if there are any). Thus you should visit the global brand website and redirect to the FXCM site for your region for more details.

Start Trading With A Demo Account

Another alternative for novice traders who want to start fx trading with this broker is by opening a demo account or risk-free trading account with them. Likewise, experienced traders may also check out if this broker compares to other powerful trading platforms before deciding to start trading with their trading platform.

Most forex brokers offer a trial or demo account, but some of its key features are:

Demo Account Features

$20,000 Virtual Money
Live Market Prices
Real-time Access to Forex Market

Forex CFD Broker	Standard Account
Features	Trading Station, MT4, ZuluTrade, TradingView Platforms
Account Currencies	USD, GBP, EUR
Available Leverage	Forex is 400:1
Minimum Deposit	50 USD*
Commission Per Trade	Unknown
Decimal Pricing	Unknown
Trading Instruments	Unknown
Min. Lot Size Per Trade	Unknown
Max. Lot Size Per Trade	Unknown
Spreads	Variable
Demo Account	Yes
Swap/Rollover Free	Yes
Hedging	Yes
Scalping	Yes
Copy Trading Support	Yes
Available to US Residents	No

Standard account

Do I Have Negative Balance Protection with This Broker?

FXCM is one of the only brokers that does not offer negative balance protection. Furthermore, it does not offer any compensation scheme. This is unlike many top-tier brokers and the best ECN brokers that are available to almost anybody. This is what FXCM has stated if you visit this page concerning negative balance protection;

“You are responsible for ensuring that your account does not fall into a negative balance. If it does, you will need to make additional payments to bring your balance back above zero – meaning that your losses can exceed your deposits.”

FXCM does not offer negative balance protection

Before trading in the forex market, a forex trader should seriously consider if the broker of their choosing offers negative balance protection. It’s a type of insurance that covers a forex trader from losses exceeding their account deposits. Apart from preventing clients from owing their forex brokers a negative balance, it’s also a good risk mitigating practice.

Security of Client Funds

Another form of client fund security a reliable forex and cfd broker would offer is the practice of segregrating client funds from those belonging to the broker or firm. This ensures that client funds are free from risks that broker accounts are exposed to.

FXCM Deposits and Withdrawals

The only information this broker provides on depositing and withdrawing funds is found on the “deposit funds” page. Here you can see that FXCM lets clients deposit funds through;

Debit/credit card
Bank wire
Skrill
China online payment
Neteller
Crypto

On this page, you will also find a step-by-step guide on how to deposit funds. Funny enough, this client does not do the same for withdrawals. Research from other broker review sites doesn’t even include depositing and withdrawing methods, which shows you the lack of information available depending on your region.

It will help to remember that depending on your region, your MyFXCM account will vary, so we cannot show you the account details due to inconsistencies.

The minimum deposit for a standard account is 50 USD*
Debit/credit card
Bank wire
Skrill
China online payment
Neteller
Crypto

Support Service for Customer

To view the channels of customer support that are available to clients you will need to head to the contact FXCM page. Here you will find details on their Email support, phone, and a complete list of international offices and their numbers. Also, you will be able to find a live chat option. It should be noted that most top-tier brokers offer live chat as a pop-up feature on their website, and we do not know why this is not available through FXCM. Support channels such as live chat should be easy to find.

One thing FXCM has in terms of customer support that many other brokers do not have is international customer support phone numbers for many regions, as shown in the image below. However, this may be different depending on your region and the website you visit. It should also be noted that this broker does not have a FAQ section or any other form of support.

FXCM Customer Support	Overview
Supported Languages	Unknown
Customer Service By	FXCM
Customer Service Hours	Unknown
Email Response Time	Within 24 hours
Telephonic Support	Yes
Personal Account Manager	No

Customer Service Channels: Live chat, phone, Email
Customer Service Hours: 24/5

Prohibited Countries: Where Can I Not Trade with this Broker?

Luckily, unlike many other brokers, FXCM has a dedicated page where you can find detailed information on where they are allowed to operate. It will help to remember that brokers may not be allowed to trade in specific regions depending on the entity where they operate, regulatory authorities, laws, sanctions, etc.

Here is some information that FXCM provides about where they are allowed to operate and the entities that do so;

London, United Kingdom: Forex Capital Markets LTD
Sydney, Australia: FXCM Limited Australia PTY
Paris, France: FXCM France LTD
China: FXCM Bullion Limited
Hong Kong: FXCM Bullion Limited
India: FXCM Markets
Canada: Friedberg Direct
South Africa: FXCM South Africa (PTY) LTD
Israel: FXCM Israel Limited

Then, below is the information this broker provides on where they are not allowed to operate;

“In an effort to respect and abide by local laws and regulations, FXCM does not provide forex brokerage services to citizens of the following nations”;

Africa: Burundi, Central African Republic, Ivory Coast, Liberia, Libya, Sudan, Zaire, Zimbabwe
Asia: North Korea, Singapore, South Korea
Eastern Europe: Belarus, Russian Federation, Ukraine
Island Nations: Cuba, Vanuatu
Middle East: Iran, Syria, Turkey, Afghanistan

Africa: Burundi, Central African Republic, Ivory Coast, Liberia, Libya, Sudan, Zaire, Zimbabwe
Asia: North Korea, Singapore, South Korea
Eastern Europe: Belarus, Russian Federation, Ukraine
Island Nations: Cuba, Vanuatu
Middle East: Iran, Syria, Turkey, Afghanistan

Special Offers for Customers

The only form of special offers that this broker has besides the active trader (which we do not regard, seeing as the quota of 10 million USD in volume needs to be traded per month) is that of an opening account bonus reward. As you can see from the image below, this is new, and prior to this, FXCM might not have had any promotions, competitions, affiliate programs, etc., that other brokers offer.

The bonus is based on the cumulative funded amount during the calendar week of your initial deposit in that week. There are three tiers, with the minimum bonus being 25 USD and the most being 200 USD (which will need you to deposit 5,000 USD minimum).

Active trader
Signup Bonus

FXCM Review Conclusion

They have also won numerous awards over the years and have a decent score on Trustpilot. As such, we rate this broker as safe even if they do not offer negative balance protection.
PIPPENGUIN

FXCM is an international online broker that has been in business since 1999, making it one of the oldest brokers we have reviewed here at PipPenguin. Multiple authorities also regulate them, including CySEC, ASIC, FSC, FSA, FSCA, and more. They have also won numerous awards over the years and have a decent score on Trustpilot. As such, we rate this broker as safe even if they do not offer negative balance protection.

Summary and Key Takeaways

The broker offers one account type where you are able to trade CFDs in the form of forex, stocks, commodities, indices, and crypto. Potential new clients should consider that there are multiple sites for this broker depending on the region. The sites and details differ, so it is best to visit the appropriate site for your location.

In terms of depositing methods, you can expect your very basic and typical methods, including debit/credit cards, e-wallets, crypto, and bank transfers. There is not much in the way of trading resources and only a signup bonus for special promotions.

Founded in 1999
There is one account type
Very limited trading resources and educational material
Limited depositing methods
The website is convoluted at times and differs per region
Regulated by top-tier financial authorities

FAQs

Is FXCM a legit broker?

FXCM is a legitimate broker as they have been in operation since 1999. They are also overseen by multiple top-tier financial authorities that include ASIC, CySEC, FSA, FSC, FSCA, and more.

What is the minimum deposit for FXCM?

The minimum deposit for FXCM is 50 USD to open an account. However, there is no minimum deposit for earning interest with the broker.

Which countries accept FXCM?

The countries accepting FXCM include Australia, the United Kingdom, Europe (most countries), Japan, Canada, South Africa, Switzerland, and New Zealand.

Does FXCM use MT4?

Yes, FXCM uses MT4. They also have Trading Station, their proprietary trading software, ZuluTrade, and clients can use TradingView.

About Author

Robert J. Williams

Robert J. Williams, a finance graduate from the London School of Economics, dove into finance clubs during her studies, honing her skills in portfolio management and risk analysis. With a career spanning prestigious firms like Barclays and HSBC, she's become an authority in asset allocation and investment strategy, known for her insightful reports.

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FXCM Review 2025: Is FXCM Good For Beginners?

FXCM Overviews

Forex Trading: Forex CFD Broker

Pros and Cons

Is FXCM Safe? Broker Regulations

What Can I Trade with FXCM?

Forex

Stocks

Commodities

Indices

Crypto

How to Trade with FXCM?

Trading Platforms

FXCM Trading Station

How Can I Open FXCM Account? A Simple Tutorial

FXCM Charts and Analysis

FXCM Account Types

Start Trading With A Demo Account

Demo Account Features

Do I Have Negative Balance Protection with This Broker?

Security of Client Funds

FXCM Deposits and Withdrawals

Support Service for Customer

Prohibited Countries: Where Can I Not Trade with this Broker?

Special Offers for Customers

FXCM Review Conclusion

Summary and Key Takeaways

FAQs

Is FXCM a legit broker?

What is the minimum deposit for FXCM?

Which countries accept FXCM?

Does FXCM use MT4?

About Author

Robert J. Williams

User Reviews

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