FXCM vs FXTM: In-Depth Comparison 2024 Update

Retail account holders don’t pay commissions on most trades, while active trader accounts and professional accounts do. FXCM was one of the first brokerage firms to offer online forex trading to retail traders. Further to having some of the best regulatory oversight in the industry, FXCM’s regulated entities also make a number of other considerations to help protect you as a trader. This protection means that you are unable to lose more than the money available on their account.

FXCM Forex Trading Regulation and Security

John Bringans is the Senior Editor of BrokerNotes.co and ForexBrokers.com. An experienced media professional, John has close to a decade of editorial experience with a background that includes key leadership roles at global newsroom outlets. He holds a Bachelor’s Degree in English Literature from San Francisco State University, and conducts research on forex and the financial services industry while assisting in the production of content. We’ve researched the MetaTrader offerings of 60+ forex brokers and found that 78% of brokers offer the more famous version of MetaTrader, MT4, while only 63% offer the newest version, MT5.

FXCM Platform Review

For the European clients, their funds are further protected by the insurance provided by the ‘Financial Services Compensation Scheme’ (FSCS). If in the future FXCM goes bankrupt, the FSCS can pay compensations to eligible clients. FXCM’s pricing for forex trading is slightly higher than the industry average. The Active Trader account uses a tiered commission structure which means the more you trade, the lower your commission cost will be. Our forex comparisons and broker reviews are reader supported and we may receive payment when you click on a link to a partner site. In addition, FXCM provides a list of international free call numbers for its clients.

  1. The broker’s multilingual phone service and the live chat feature on its website are available 24 hours a day, 5 days a week.
  2. As explained via Live chat 3 days ago, the trades were auto-closed due to expiration.
  3. FXCM no longer accepts U.S. clients because it had to pay $7 million in 2017 and give up its registration with the U.S.
  4. These include 3 energies assets, 3 metals, and 3 agricultural commodities.

Popular Forex Broker Reviews

66% of retail investor accounts lose money when trading CFDs with this provider. This trading platform has been renowned for many years as one of the most powerful trading platforms of choice for all traders in the industry. This includes a selection of major, minor, and exotic pairs with some forex futures also available. The spread here typically starts from 1.3 pips for EUR/USD unless you are in the active trader program where this can drop to 0.2 pips. They are a broker who have been around for years and are regulated in multiple jurisdictions which gives me comfort that I can trust them with my funds.

FXCM Islamic Account

FXCM provides traders with its proprietary Trading Station, the MT4 trading platform and ZuluTrade. It also maintains six specialty trading platforms for algorithmic traders and Capitalise AI. The broker offers a variety of platforms to trade on, including MetaTrader 4, NinjaTrader, ZuluTrade, and the Trading Station Mobile App for iOS and Android users. FXCM provides customer support via live chat, phone, and e-mail, with free international dials.

Overall, there is more than enough content for everyone to learn something new. Powered by ZuluTrade, a leading social trading platforms, FXCM gives you direct access to view and copy the trading strategies of others. You can join the thousands of people who now trade in this hassle-free way with this broker.

MetaTrader 4 is much more accessible than Trading Station when it comes to the scripting language, but Trade Station seems to be the superior platform overall. The web platform is very similar to the desktop version, as it gives users access to videos, news, market data signals, etc. It also has almost as many charting and drawing https://forexhero.info/ tools as the desktop version, and a clean, intuitive interface. All reviews, research, news and assessments of any kind on The Tokenist are compiled using a strict editorial review process by our editorial team. Neither our writers nor our editors receive direct compensation of any kind to publish information on tokenist.com.

However, our scores, ratings, and rankings of online brokers are based on our in-depth product testing and thousands of hand-collected data points. Determining the legitimacy of a forex broker (and avoiding forex scams) can be a real challenge. If your broker lacks regulation, and you are scammed in any way, you often have no recourse for recovering your funds. However, users can only trade a limited selection of forex and CFDs, and the mobile and desktop platforms are lacking in usability when compared to the competition.

Clients can contact FXTM for general and account-specific inquiries via email. Last but not least, the STP broker has provided short Forex trading videos focused on concepts such as Forex Basics, Trading Basics and Technical Analysis. For example, FXTM offers a selection of free eBooks that cover topics such as 50 Successful Traders’ Habits, Elliott Wave Theory, Bitcoin trading, and Bullish and Bearish Candlestick Patterns.

Now, after diving deep into both platforms and considering all aspects, it’s time to give our verdict. Overall, FXCM ranks #45 out of the 62 brokers that have been evaluated and scored within our investment types category. FXCM has a Trust Score of 95, compared to the industry average of 83, and BrokerNotes.co considers FXCM to be Highly Trusted. There are only 39 currency pairs to choose from, as well as 14 Stock Index CFDs and 10 Commodity CFDs. For credit cards or debit card, there are no withdrawal fees, but third-party providers or banks may cost up to 40$. Since 2010, FXCM has received 35 industry awards from well-respected sources.

The only downside is a lack of customization in the applications, and there is no additional security, just the login password. You can use the mobile version of MT4 or download the mobile application for Trading Station for full functionality. FXCM has an online application form, which is the standard operating procedure.

FXCM offers low prices, very good research tools, and multiple powerful platforms. Tech-savvy traders will find many great features for algorithmic trading, and opening an account is very quick and simple. Customer support representatives are praiseworthy and the educational content is superb. DailyForex.com adheres to strict guidelines to preserve editorial integrity to help you make decisions with confidence.

Please provide us with your email or account number so we can locate your account in our system and address your specific situation. We strive to ensure our clients have a positive experience, and we’re here to help resolve any issues you may have encountered. fxcm broker This company can be trusted, and legit, and credit card payment works. Some cases, the things that are been advertised are not true for Canada. The time it takes to withdraw your funds depends on the state of your account and the payment provider you use.

The majority of clients will use their Standard Account, which is designed for retail traders’ high volume traders will prefer their Active Traders account to save on costs. Other account types available include an Interest-free account, which is designed for Islamic traders who can’t pay swaps. Clients should be aware that all the educational and research content is provided with sole informational purposes and should not be taken as investment advice. If you have an inquiry about the online trading service offered by any of the two brokerage trading firms, don’t hesitate to contact them directly.

Leave a Comment

Your email address will not be published. Required fields are marked *

Scroll to Top