FXCM Review

Forex and algo traders

FCA ASIC CySEC FSCA

Founded 1999 · United Kingdom · Jefferies Financial Group

Why investors choose this broker

No account opening or deposit fees
Strong algorithmic trading support with APIs and third-party integrations
Spread betting available for UK clients (tax-free gains)
Multiple regulated entities across UK, Australia, EU, and South Africa

Review summary

FXCM is a forex and CFD broker founded in 1999, offering 40+ currency pairs, CFDs, crypto CFDs, spread betting for UK clients, and strong algorithmic trading support.

Pros

No account opening or deposit fees
Strong algorithmic trading support with APIs and third-party integrations
Spread betting available for UK clients (tax-free gains)
Multiple regulated entities across UK, Australia, EU, and South Africa
Free demo account with up to $20,000 in virtual funds
Commission-free standard accounts
Advanced Trading Station platform with 115+ indicators
Active Trader rebates for high-volume traders

Cons

Banned from US market since 2017 following CFTC fraud findings
Past regulatory fines from FCA and CFTC remain on record
Inactivity fee after 12 months
Wire withdrawal carries a $25 correspondent bank charge
Limited stock CFD range compared to multi-asset competitors
No MetaTrader 5 support
Active Trader minimum deposit is $25,000

Company background

FXCM is a retail forex and CFD broker founded in New York in 1999. The business relocated its headquarters to London and now operates internationally through a group of regulated entities under the Stratos brand, which is owned by Jefferies Financial Group. FXCM has more than 25 years of operating history, making it one of the longer-running providers in the retail forex space.

The broker's history includes significant regulatory incidents, including a 2017 CFTC ban from US markets following fraud findings and a 2014 FCA fine. FXCM does not serve US residents as a result of the CFTC action. Outside the United States, the broker continues to operate under FCA, ASIC, CySEC, and FSCA oversight.

Fees and pricing

FXCM does not charge account opening or deposit fees. Standard accounts are commission-free, with trading costs built into the spread. EUR/USD spreads on standard accounts average around 0.9 pips for the UK/EU entity during normal London and New York session hours. Active Trader accounts offer tighter spreads of around 0.2 to 0.4 pips on EUR/USD in exchange for a per-lot commission, with tiered volume rebates for qualifying monthly volume. The minimum deposit is $50 for standard accounts and $25,000 for Active Trader accounts.

An inactivity fee of up to 50 units of the account's base currency applies after 12 months of no trading activity. Withdrawals via wire transfer carry a $25 correspondent bank charge. Card, Skrill, and Neteller withdrawals do not incur an FXCM fee. Overnight financing charges apply to open leveraged positions.

Regulation and safety

FXCM operates through multiple regulated entities. Stratos Markets Limited is authorised and regulated by the FCA in the UK under registration number 217689. Stratos Trading Pty. Limited is licensed by ASIC in Australia under AFSL 309763. Stratos Europe Limited holds a CySEC licence. Stratos South Africa (Pty) Ltd. is registered with the FSCA. Client funds are held in segregated accounts at tier-1 banks, separate from the company's own funds.

Platform experience

FXCM offers the proprietary Trading Station platform on desktop, web, and mobile, as well as MetaTrader 4 and TradingView with live trade execution integration. Trading Station provides advanced charting with over 115 indicators, market depth, and support for automated strategies through APIs and integrations with platforms such as QuantConnect, NinjaTrader, ZuluTrade, and MotiveWave. A free demo account is available with up to $20,000 in virtual funds and real-time market data. Spread betting accounts for UK clients are supported on Trading Station and MetaTrader 4.

Pros and cons

FXCM's main advantages are its long operating history, strong algorithmic trading infrastructure, commission-free standard accounts, spread betting for UK clients, and multiple tier-1 regulated entities. The main drawbacks are its exclusion from the US market following the 2017 CFTC action, past regulatory fines, an inactivity fee, a wire withdrawal charge, and the lack of MetaTrader 5 support compared with some competitors.

Ready to open an account at FXCM?

Open an account directly with the broker. Confirm current fees and account eligibility on the broker's website before depositing.

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Your capital is at risk. Other fees apply.

Trading fees & commissions

Standard accounts are commission-free with spreads typically around 0.9 pips on EUR/USD. Active Trader accounts carry a commission but tighter spreads, and an inactivity fee of up to 50 units of account currency applies after 12 months.

Fees

Item	Fee
Cfds	Spreads vary by instrument; stock CFDs, index CFDs, and commodity CFDs available
Crypto	Crypto CFDs available; spreads vary by asset
Margin	Overnight financing charges apply to leveraged positions
Account	No account opening fee
Deposit	No deposit fee
Inactivity	Up to 50 units of account base currency after 12 months of no trading activity
Withdrawal	Wire transfers: $25 correspondent bank charge; card, Skrill, and Neteller withdrawals: no FXCM fee
Spread Betting	Commission-free; spread costs apply; UK accounts only

Trading platform & features

Platforms

Trading Station
MetaTrader 4
TradingView
Web app
iOS app
Android app

Regulation and investor protection

FXCM operates through entities regulated by the FCA in the UK, ASIC in Australia, CySEC in Cyprus, and FSCA in South Africa. Client funds are held in segregated accounts at tier-1 banks.

Broker FAQs

Is FXCM safe?

FXCM operates through entities regulated by the FCA, ASIC, CySEC, and FSCA. Client funds are held in segregated accounts at tier-1 banks. However, the broker has a history of regulatory penalties, including a 2017 CFTC ban from US markets.

Is FXCM a scam?

No. FXCM is regulated by the FCA, ASIC, CySEC, and FSCA and has operated since 1999. The broker was banned from US markets in 2017 following a CFTC fraud finding, but continues to operate under regulatory oversight in other jurisdictions.

Is FXCM regulated and by whom?

Yes. FXCM entities are regulated by the FCA in the UK (Stratos Markets Limited, registration 217689), ASIC in Australia (Stratos Trading Pty. Limited, AFSL 309763), CySEC in Cyprus, and FSCA in South Africa.

Does FXCM keep client funds in segregated accounts?

Yes. FXCM states that client funds are held in segregated accounts at tier-1 banks, separate from the company's own operational funds.

What happens to my money if FXCM goes bankrupt?

Client funds are held in segregated accounts at tier-1 banks. UK clients may have access to the Financial Services Compensation Scheme (FSCS). The level of protection depends on which entity holds the account and the applicable regulatory regime.

What products does FXCM offer?

FXCM offers forex pairs, CFDs on shares, indices, and commodities, crypto CFDs, trading baskets, and treasuries. UK clients can also access spread betting accounts.

Does FXCM offer forex trading?

Yes. FXCM offers over 40 currency pairs including majors, minors, and exotics, and is primarily known as a forex broker.

Does FXCM offer CFDs?

Yes. FXCM offers CFDs on shares, indices, commodities, and cryptocurrencies in addition to forex. 67% of retail investor accounts lose money when trading CFDs with FXCM.

Does FXCM offer spread betting?

Yes, but only for UK residents. Spread betting accounts are available on the Trading Station and MetaTrader 4 platforms and are commission-free.

Does FXCM offer crypto trading?

Yes. FXCM offers crypto CFDs. Availability may be restricted for retail clients in certain jurisdictions.

What does FXCM charge for forex trading?

Standard accounts are commission-free with spreads typically around 0.9 pips on EUR/USD (UK/EU entity). Active Trader accounts offer tighter spreads of around 0.2 to 0.4 pips with a per-lot commission, plus volume rebates for qualifying monthly volume.

Is there a withdrawal fee at FXCM?

Wire transfer withdrawals carry a $25 correspondent bank charge. Withdrawals via card, Skrill, or Neteller do not incur an FXCM fee.

Does FXCM charge an inactivity fee?

Yes. FXCM charges up to 50 units of the account's base currency after 12 months of no trading activity.

Does FXCM charge a deposit fee?

No. FXCM does not charge a deposit fee.

Does FXCM have a demo account?

Yes. FXCM offers a free demo account with up to $20,000 in virtual funds and access to real-time market data.

Does FXCM have a mobile app?

Yes. FXCM provides Trading Station on iOS and Android, and also supports mobile trading through MetaTrader 4 and TradingView mobile apps.

Is FXCM good for beginners?

FXCM offers a free demo account, educational resources, and a low $50 minimum deposit. However, its primary focus is on forex and CFD trading, and its platform depth may suit intermediate and advanced traders more than beginners.

Is FXCM good for long-term investing?

FXCM is primarily a trading platform for forex and CFDs rather than a long-term investment platform. It does not offer traditional stock ownership, ISAs, or other long-term investment wrappers beyond spread betting for UK clients.

Bottom line

FXCM suits users who want a well-established forex and CFD broker with strong algorithmic trading support, multiple regulated entities, and spread betting for UK clients. It may not suit users who want to avoid inactivity fees, need MetaTrader 5, require access from the United States, or prefer a broad multi-asset investment platform with traditional stock ownership.

FXCM

Forex and algo traders

Open Account

Your capital is at risk. Other fees apply.