FXCM.com Review: Is this broker legit, safe and trustworthy for UAE citizens and residents?
FXCM.com - Oldest brand when it comes to retail online forex trading.
Yes, this broker's official website and app are legit, safe and trustworthy for UAE citizens and residents.
FXCM broker has decent reviews on Reddit and Quora, including satisfactory ratings on sites like Trustpilot. Thus, overall this broker is considered reliable for online trading of currencies, cryptocurrencies, CFDs and stocks.
For popular currency combinations like EUR/USD, FXCM, a UK-based online
broker, offers tight spreads as low as 1.3 pips. This FXCM broker review is a
good starting point for anybody interested in opening an account.
In addition to the UK's Financial Conduct AuthorityFXCM logo and the
Financial Sector Conduct Authority of South Africa, CySEC and ASIC, prominent
online forex and CFD trading platform FXCM is licenced by major financial
The only trading options available to FXCM customers are forex and CFDs. Since there are over 40 distinct currency pairings available, you may anticipate to make a variety of investments throughout these asset classes. Does this raise the issue of why CFD trading attracts investors? Trading in CFDs involves using prices from the underlying market as a basis for your trades.
Contracts for difference trading provide investors with the opportunity to borrow money. Because just a small portion of the investment's overall margin is necessary to open positions, your buying power grows when you use leverage. On the one hand, this reduces the total cost of initiating a trade, but on the other hand, leverage increases the possibility for losses.
Traders pay no commissions since trading costs are included into the spread.
Available crypto-derivatives with spreads of under 0.5% for exchanges dealing in XLM/US Dollar (USD/XLM).
Beginner traders will benefit greatly from the user interface's simplicity and clarity.
1.3 pips for EUR/USD and 1.7 pips for GBP/USD are typical spreads for this currency pair.
With the press of a button, CFD traders may go short or long on prominent large stock CFDs like Amazon (AMZN) and Apple (AAPL) (AAPL).
Trading Station, MetaTrader 4, NinjaTrader, ZuluTrade, and Capitalise AI are just few of the platforms available to FXCM customers for automated trading services.
Free paper trading account for risk-free experimentation of trading methods with $50,000 in paper money.
ZuluTrade's social and copy trading capabilities are available to ZuluTrade members.
Free withdrawals to accounts that support SEPA and BACS payments are among the low non-trading costs.
FXCM exclusively gives access to CFD and forex trading, as previously stated. The markets and products you may access while trading with FXCM are described below.
Beginners and professional traders alike love forex trading because of the easy access to large amounts of liquidity and the cheap initial capital requirements. In light of this, FXCM requires a minimum deposit of £300.
Tweets by FXCM_Arabic FXCM likewise provides narrow spreads, with an average EUR/USD spread of 1.3 pips at FXCM. In addition, the spreads are quite minimal. As well as its main Trading Station platform, FXCM now provides support for a wide variety of trading platforms. You may also use MetaTrader 4, a highly regarded and popular trading platform, as well as the additional capabilities of robo-advisors, sometimes known as Expert Advisors.
Automated trading systems known as "Expert Advisors" are used to manage and trade financial markets using complex algorithms.
Tweets by FXCM
Major, minor, and exotic currency pairings are all available for trading at FXCM. Just a few examples include the AUD/CAN, EUR/USD, EURUSD, GBP/JPY, USD/TRY and USD/JPY.
Depending on the currency pair you're trading, FXCM provides a range of leverage options, from 30:1 to 20:1 for key currency pairings.
It's possible to invest as little as 1/10th of a share in a stock with no commissions when trading stock CFDs. Traders at FXCM may purchase and sell foreign share CFDs of equities listed on the NASDAQ, New York Stock Exchange, London Stock Exchange, Hong Kong Stock Exchange, and European stock markets with a 20% margin requirement.
For example, let's imagine that Amazon (AMZN) stock is now trading at $3,492.90 per share. FXCM's fractional share trading allows you to buy as little as a tenth of a share for $349.29, with a margin requirement of 20%, resulting in a transaction entry cost of $69.86.
A CFD trader may go short or long by betting on the underlying asset's probable price changes without owning it. Online trading platforms like Trading Station and MetaTrader 4 are available to FXCM customers.
With an FXCM account, you may benefit from trading stock index CFDs:
With micro-contract sizes, you have more control over your position sizes, allowing you to risk a smaller amount of money per trade.
In the case of non-major stock indexes like the FTSE 100, FXCM offers 10:1 leverage, while the company's leverage for big indices like the S&P 500 is 20:1. By using 20:1 leverage on the UK 100, you may trade with £100,000 by depositing only £420 as a security deposit on an index CFD.
Because the transaction costs are included in the spreads, you may trade without paying any commissions or exchange fees because of the low transaction costs. Just one pip separates a typical spread for the UK100 index and 0.43 pip separates the US2000 index.
In addition to commission-free commodities CFD trading, FXCM customers may take advantage of spreads as low as 0.90 percent for CORNF and 0.05 percent for Brent Crude Future (UKOil). One of the most appealing aspects of commodities CFD trading is that it enables traders to engage in market activity without really owning ownership of the assets that they are trading on.
Small contract sizes allow traders to better manage their position sizing when trading bitcoin CFDs with FXCM. To put it another way, a single contract of BTC/USD at FXCM is equivalent to one percent of the actual Bitcoin price.
Furthermore, you may use 2:1 leverage to buy and sell key digital assets and bet on the rise and fall of cryptocurrency values.
Crypto derivatives also eliminate the need for cold and hot crypto wallets since you are simply gambling on the price of the underlying asset. Because the trading expenses are included into the spread, you may trade bitcoin CFDs free of commission and without paying any exchange fees. BCH/USD, for instance, has an average spread of 3.50 pips.
FXCM does not charge commissions for establishing or closing positions when trading crypto CFDs. Trading costs are already included into the spread.
FXCM's minimum transaction sizes for fractional crypto trading are designed to allow traders to control their exposure to a certain asset. The minimum deal size, for example, is equivalent to 1 percent of the BTC price. If Bitcoin is trading at $30,000, one contract of BTC/USD would be priced at $300 per contract.
FXCM does not charge trading commissions, as previously stated. Trading commissions aren't an issue when opening and closing positions. Trading expenses are thus included in the variable spread, which changes continuously during each day in accordance with general market circumstances. When making orders, it is important to keep in mind that certain assets have smaller spreads than others.
The Tiered Margin method used by FXCM trading accounts is based on an entrance, maintenance, and liquidation margin.
The initial deposit required to initiate and maintain a trade is known as the entry/maintenance margin. If you want to know exactly how much money you need to create a trade, you may check the MMR column on the Trading Station interface.
All open trades will be liquidated if your account equity falls below a certain percentage of your initial deposit, known as the liquidation margin or minimum necessary margin.
Both novice and expert traders will discover that FXCM has a lot to offer in terms of trading platforms and tools to assist them achieve their financial objectives.
This web-based trading platform is extremely flexible, supports a wide range of order types, and provides a wealth of instructional tools, including online Live Classrooms and Free SMS Trade Alert notifications.
Multiple trading platforms are available to FXCM customers, including:
This social auto-trading tool, ZuluTrade, allows traders to follow and duplicate the trading tactics and actions of a diverse network of investors directly in their FXCM brokerage account. To have access to other traders' techniques, you'll have to pay $30 a month.
There are a variety of customised charts and powerful analytical tools in FXCM's Trading Station interface. Trading Station is an online and desktop programme that may be used on iOS and Android mobile devices.
It is possible to use MetaTrader 4 on a Mac, a Windows PC, an iPhone or an Android device. Additionally, the MT4 platform includes a demo account where you may practise your forex, crypto, and CFD trading methods without risking your money.
In addition to automatic trading, NinjaTrader provides a risk-free demo account, and a wide range of FX functions.
For FX traders, TradingView offers live quotes, detailed charts, and trading tips in one place. Using the Trading Panel at the bottom of the screen, you may access your FXCM trading account directly from your TradingView charts.
With the Capitalise AI platform, traders can enjoy automated trading without any trouble. In order to engage in the markets passively, Capitalise.ai monitors real-time market data, technical analysis and indicators, and macroeconomic events throughout the day.
Using the FXCM online trading platform is a joy because to its user-friendly and straightforward layout. FXCM's customizability is perfect for traders searching for a bespoke trading experience.
FXCM, on the other hand, does not support two-factor authentication. Market orders, limit orders, and time limitations like GTD and IOC are just some of the order types available on the FXCM platform.
With the use of Trading Signals and Technical Analyzer, FXCM gives traders access to trading ideas. P/E ratios and market capitalization aren't supported by this data.
FXCM offers more than 50 technical indicators, including Bollinger Bands and Klinger Oscillators, on its charting platform. Technical indicators may be used to generate buy and sell recommendations in the FXCM Market Scanner function.
FXCM also offers a news feed, an economic calendar, and the opportunity to sign up for a newsletter as additional features.
With FXCM, you may establish either a Standard or an Active Trader individual account, as well as a Joint account or a Corporate account, depending on your financial needs.
For aggressive traders, FXCM's Active Trader account is a great option since it provides lower spreads than a typical individual trading account would. For example, the EUR/USD currency pair typically has a spread of 0.2 pips.
You may trade on the Trading Station, MT4, or the ZuluTrade mobile trading app with FXCM since they provide a range of trading platforms.
Mobile devices running iOS and Android may use FXCM's own trading platform, Trading Station. We observed that the online platform provides a better user experience than the mobile app since you cannot configure price alerts or push notifications, and 2FA (two-factor authentication) is not enabled on the mobile app.
FXCM's mobile app has a 3 out of 5 star rating on the App Store, with the bulk of user feedback requesting an upgrade to the current iOS versions and a "Buy More" option on all screens and locations.
In terms of placing orders, the procedure is quite similar to that of the online platform.
In order to make quick and safe payments, FXCM offers a wide range of financing methods. Customers of FXCM may log in to the customer care portal using the credentials they use to trade on the FXCM platform.
Investors that participate in the financial markets will benefit greatly from the FXCM Rebate Program. Rebates are depending on the volume of trades that you make.
You must have a current FXCM trading account and a monthly notional volume of at least $10 million to qualify for this offer.
Let's imagine, for example, that you purchase and sell the EUR/GBP currency pair for $160 million in notional volume within a particular calendar month. When you reach Tier 4, you will get a reimbursement of $3,200 for every million exchanged dollars you earn.
FXCM's customer service department may be reached by live online chat, email, or phone.
The FXCM currency trading desk is also accessible to customers with live accounts. The FXCM trading desk allows customers to place and manage orders over the phone. On Sundays, the trading desk is open from 5:00 p.m. to 5:15 p.m. and closes at 4:55 p.m. on Fridays.
When is the right time to contact the trade floor? If you are unable to access the internet, do not get an order confirmation while placing an order online, or are unable to connect to the FXCM servers, you should contact the trading desk immediately.
More than one country has jurisdiction over the entities in the FXCM Group. As a result, FXCM adheres to the rules and regulations put out by a number of prestigious financial regulatory bodies, including the Financial Conduct Authority of Great Britain, the ASX, the Cyprus Securities and Exchange Commission, and the Financial Sector Conduct Authority of South Africa.
What about the safety of the client's money? Segregated client money cannot be utilised to reimburse shareholders in the event of an FXCM bankruptcy. In addition, qualified UK customers may claim up to £85,000 in compensation under the Financial Services Compensation Scheme if FXCM cannot meet any repayment requests.
FXCM's account opening procedure is completely digital and simplified, making it a breeze to get started. First, you need to decide where you live and which trading platform you like. FXCM has a secure site where you'll submit your personal information and upload copies of your ID and bank statements in order to finish the online registration process, which is a normal KYC step.
You will get your login information after you have finished the application process. Using a credit or debit card is the fastest way to put money into your account.
Using a credit or debit card is as simple as logging onto the client service portal, selecting Deposit, and following the onscreen instructions.
It's as simple as putting money in your account and clicking a button to begin trading. Determine which of the available trading platforms, such as MT4 and Capitalise.ai, best suits your trading objectives and needs. Leverage, margin, whether to go long or short, order type, and many other factors come into play when you place your first trade.
Using eToro, you may trade stocks and ETFs commission-free, mimic the trades of professional investors like-for-like with sophisticated copy trading tools, and practise your trades with $100,000 of paper money if you're new to online trading.
Investors using eToro may take advantage of some of the lowest spreads available, 17 different stock markets, fractional share trading, and a variety of cutting-edge copy trading capabilities.
A spread betting and forex broker located in the United Kingdom, Forex Capital Markets Limited (FXCM LTD) is more often referred to as FXCM. In 1999, it was formed. FXCM has been in the forex and CFD trading business for more than two decades and is one of the oldest brokers in the market. One of the merchant banking branches of Jefferies Financial Group, Leucadia Investments Inc., owns FXCM Group (FXCM LTD), which has a solid heritage in investment banking and is listed on the New York Stock Exchange as well.
One of the most popular forex, spread betting, CFD, and other online brokers is FXCM. On its official website, FXCM states that they provide traders access to some of the world's most liquid marketplaces. In addition, the site promises to provide traders with some of the most cutting-edge and cutting-edge trading tools and online trading courses.
For our analysis of FXCM, we conducted a thorough investigation of the FXCM online broker. To help both novice and seasoned traders alike, we've compiled a summary of the positives and negatives of trading with FXCM. However, readers should be aware that trading CFDs carries a significant degree of risk. When trading CFDs with leverage, retail investors lose money. We advise them to seek the assistance of financial advisors or other services if they want to learn more about trading Forex and CFDs. To have a better understanding of FXCM, check out this review.
Backtesting your trading technique is possible with this trading simulator, as the name indicates. It's also a great way to learn how to trade. A user's email address and password may be used to access their demo accounts. A virtual bankroll of $20,000 awaits them after they've completed the registration process.
When studying the price fluctuations of currency pairs or CFDs, a demo account is a great tool. Real-time trading is also used to test the technique before putting it into practise. It's a great choice for beginner traders.
It is possible to test methods for real trades using FXCM's demo function, which includes an economic calendar, which shows predicted values and actual values. This trial tool may also be used by experienced traders and experts to test out various trading techniques.
User accounts often lose money while trading Forex and CFDs. We advise users to begin with a demo account rather than a real-time trading one in order to assess the risk and minimise it.
Both the regular and active trader accounts are part of a single real-time trading platform Access to the broker's official website is usually included with a regular account. Users must deposit a minimum of $2,000 to activate this account.
A deposit of $25,000 is required to open an active trader account with FXCM. Professional traders should not use this account. All of FXCM's capabilities are available with this account, which is a complicated trading account. Active traders' accounts also have the unique benefit of providing their customers with access to professional advise from some of the most well-known forex trading experts. There are also free API trading, Trading Station, and a specialised customer support team for active traders.
So, what are the prerequisites for registering for an FXCM credit card? Users from countries other than those listed as restricted in this review must verify their nationality and complete a simple application form with information such as their name, phone number, email address, and so on. To begin trading in CFDs and Forex, the new user will need to deposit money into their MyFXCM account, which will be sent to them after their application has been reviewed and accepted.
The broker provides access to over 43 exchanges in Asia, Europe, and North America, allowing traders to trade in anything from cryptocurrency CFDs to exchange-traded securities and foreign exchange. The trading instruments might differ depending on the worldwide exchange assigned to the trader.
Over 39 Forex pairs and spot trading were listed on the company's website throughout our research for this evaluation. For those who like to copy or socially trade, there is the option of doing so. In addition to cryptocurrency and commodities CFDs, FXCM offers 82 other types of CFDs. To avoid confusion, the broker only allows customers to trade CFDs on cryptocurrencies, not the underlying asset.
There are a variety of trading platforms available from the broker, including its own Trading Station. These trading platforms are equipped with some of the most advanced features for both novices and experts alike.
Forex trading systems include MetaTrader 4 or MT4, NinjaTrader 8, TradingView, and ZuluTrade, among others. Trading Station, MetaTrader4, NinjaTrader 8, and TradingView may be used for algorithmic trading, while ZuluTrader and Trader Workstation can be used for copy or social trading. For stock trading, FXCM offers IBKR. Traders with Active Trader accounts can use all platforms, however those with Standard accounts can only use a restricted number of platforms, according to our research.
For traders of every skill level, Trading Station is an ideal platform for trading Forex and CFDs. In terms of desktop, online, and mobile apps (including those for Mac OS X, Android, and iOS), the platform has some of the greatest analytical tools available today.
The desktop edition of Trading Station includes a charting tool called Marketscope 2.0, which is a direct competitor to MetaTrader. In the case of backtesting your trading techniques, Trading Station is an excellent choice.
Numerous trading tools and features are available on the online edition of the Trading Station platform, such as research analysis from Trading Central, access to other sites, trading signals, and more. FXCM Cloud is built on HTML5 and includes important aspects like an economic calendar as well as tools for education and research.
The FXCM online version claimed to include over 52 trading indicators and 26 trading tools during our investigation for this review. There are a few things missing from this online experience, though. The desktop version of Trading Station, then, is best suited for experienced traders, whereas Trading Station web 2.0 is more user-friendly for those just getting started. However, the Trading Station online version is the finest in the business and quite useful for traders when it comes to web-based trading systems.
In addition to MetaTrader, FXCM provides NinjaTrader desktop, a newer version of the software. This platform includes a wide range of trading capabilities, including automated trading, market replay, and an analyst. More than 150 built-in indicators are available in NinjaTrader. There are more than a thousand NinjaScripts available for users to customise their own trading indicators and methods.
Many technical indicators, automated trading robots, and add-ons are available in the broker's app store for algorithmic trading. The broker is also compatible with algorithmic trading platforms including AlgoTerminal, AgenaTrader, Capitalise platform, MotiveWave, NeuroShell Trader, Sierra Chart, and StrategyQuant platform, in addition to its standard in-house and third-party trading systems. Traders may also design their own MT4 Expert Advisors with the aid of the FXCM support staff.
Foreign exchange trading company FXCM has a list of restricted countries that includes the following: Afghanistan American Samoa Belarus Burundi CAR Central African Republic DR Congo CIRIA Crimea Guam Iran Ivory Coast Liberia Libya New Zealand North Korea North Korea Cook Islands Northern Marian Islands Puerto Rico Singapore Somalia South Korea Sudan Syria United States of America Vanuatu Western Sahara Zaire and Zimbabwe.
FXCM's retail customers are only allowed to trade in Iceland and Japan. FXCM's website, however, may be accessed from anywhere in the globe. Users are urged to keep in mind that the trading methods and trading instruments available in different countries are seldom different.
With other Forex brokers, FXCM charges a relatively minimal price for its services. In spite of this, usual bark costs still apply, which are established by the bank of the user.
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The non-trading charge is on the average side, despite the low trading fee. Non-trading expenses include inactivity fees, withdrawal fees, and deposit fees. A typical inactivity charge is $50 for accounts that have been idle for more than a year.
FXCM's customer support department is well-liked among traders. Traders may contact the platform's customer care by phone, email, and SMS five days a week. Active traders may get help from the 24-hour trading desk.
According to FXCM's competitors, it's the only regulated broker that has a physical location throughout the globe. As a result, customers may get in touch with them through the methods listed above, or they can just stop by their local office. If you have questions about your account, you may reach us at email@example.com or firstname.lastname@example.org by emailing us directly. Traders may also use live webchat to communicate with the support staff.
The FXCM trading broker is compatible with a wide range of devices, making it easy to trade on mobile devices like smartphones. Additionally, FXCM provides a variety of third-party trading platforms for mobile trading, including the Trading Station platform and MetaTrader4. The unique mobile platform features mobile app charting with a variety of sketching tools and 60 indicators for a hassle-free charting experience on mobile devices.
The FXCM trade app offers an auto-zoom-in option that makes trading more convenient and less time-consuming. In addition to OCO, the FXCM trading mobile app provides trade tickets for more advanced order types (one-cancels-other orders)
Spread betting, CFD trading, and Forex trading are all supported across a wide range of marketplaces. Certain instruments command disproportionately large commissions in comparison with other goods.
CFD trading with low spread fees.
Forex and indices, as well as commodities, offer leverage of up to 400:1 and 200:1, respectively.
Exotic, minor, and major currency pairings as well as cryptocurrencies are supported.
Optional usage of proprietary trading software and third-party algorithmic software.
Tools for doing research and instruction that are well-structured.
FXCM has customer service that you can trust.
A wide range of payment methods are available at FXCM for making deposits. Using a payment method such as a wire transfer, Skrill, or Union Pay usually does not incur any extra fees. There are several options available for users when it comes to putting money into their Neteller or Klarna or Rapid Transfer accounts. With a few exceptions, there are no withdrawal fees associated with the restricted payment choices available for withdrawing money. Traders may withdraw cash via a debit or credit card, Neteller, Skrill, or bank transfer, as well as through a wire transfer. Bank transfer withdrawals will incur typical bank fees, as should be noted by the reader.
To make deposits and withdrawals, traders at FXCM may utilise the MyFXCM user site. To make a deposit or a withdrawal, all customers have to do is sign in to their accounts and choose the appropriate option from the account summary area. When a user selects a feasible choice, they are sent to the payment page where they may choose a payment method that works best for them.
Different user accounts have different trading charges, as well as different trading costs depending on where the deal is made. In most cases, trading spreads is free of commission for any CFD, Forex, or spread betting account. The broker, on the other hand, charges a fee for wider spreads.
A mix of third-party research and FXCM-exclusive information is available to traders. From novice traders to seasoned professionals, the educational and research resources are suitable for all skill levels. Trading Central, Invetsing.com, FXStreet and eFXData provide some of the research resources. The market screener research tool is also available on the online version of FXCM.
Videos featuring FXCM experts discussing current markets and indications, such as the price movement of major currency pairings, may be seen on the company's YouTube channel. Additionally, the broker provides educational resources for novice traders, such as a step-by-step guide to trading forex and CFDs, spread betting, and other types of CFDs.
FXCM has some of the greatest video lessons and textual training tools for consumers who want to improve their trading abilities, according to our research. The resources cover a wide variety of subjects, from the fundamentals to the most complex concepts. FXCM's historical data is included into the lessons to offer students with first-hand knowledge and expertise.
In addition to the videos, there are more than 70 articles devoted to novice traders, as well as 20 pieces on charting and everything it includes and 17 articles on trading indicators. In addition to the video instructions available on the official website, FXCM also has a YouTube channel where users may access past webinars, platform tutorials, and other video content.
Technical analysis and trading alerts are two of the features available in the FXCM Plus live account interface. After successfully registering, all active trading accounts get access to the FXCM Plus function.
In the account summary part of the FXCM customer site, customers may access a list of custom-made trade analytics reports based on their own trading habits and preferences. These reports may be used to improve a trader's abilities.
Our study of the FXCM broker platform is about complete, so let us move on to the process of creating an account.
Hedge funds, emerging market banks, and retail brokers all use FXCM Pro, the platform's institutional arm, for liquidity solutions and wholesale Forex and CFD transaction execution. FXCM's worldwide influence in the financial markets is mostly due to its affiliation with banks and other financial organisations.
Open an FXCM demo or real account by following these steps:
The registration procedure for the broker FXCM is straightforward. After confirming their nationality, users are then required to fill out a simple online application.
User information will be checked by the FXCM staff after an online form submission. Users who have registered will receive an email with their MyFXCM username and password.
New customers may log into their accounts by using the username and password provided by the FXCM customer care staff. For security reasons, we advise users to change their passwords.
Demo and genuine accounts are the two kinds of FXCM user accounts discussed in this study. The demo account option may be used by new users to get a feel for how the trading platform functions (demo accounts never lose money while checking the platform). When they are confident in their knowledge of the trading tools and methods, they may begin actual trading. To begin real money trading, customers must make an initial deposit, which varies depending on whether they are using a normal or an active trader account.
Customers may begin trading in Forex, CFDs, and spread betting with the FXCM broker after making the necessary minimum deposit.
Since 1999, FXCM Group (FXCM LTD) has been operating in the commodities and currency trading market. Jefferies Financial Group, which is traded on the New York Stock Exchange, currently owns FXCM.
The FCA or Financial Conduct Authority licences it as a highly regulated broker under licence number 217689. (FXCM UK). There are further regulators in France, Australia, and South Africa that oversee FXCM, including the Financial Sector Conduct Authority (FSCA) in South Africa, the AMF in France, and FXCM Australia Pty. Limited in Australia. In addition, the Cyprus Securities and Exchange Commission (CSEC) has approved and regulated FXCM EU (CySEC).
In accordance with the ESMA and MiFID laws, FXCM is able to trade in foreign currencies (Financial Instruments Directive). Financial services licences are not required to operate goods or services provided by FXCM Markets Limited ("FXCM Markets").
Despite quickly becoming the world's biggest retail Forex broker, FXCM's US activities were permanently suspended in February 2017 owing to regulatory problems. As part of the agreement with the CFTC, the ban was imposed (Commodity Futures Trading Commission).
In the same year, Jefferies Financial Group, formerly Leucadia National Corp, bought out FXCM's remaining stockholders.
FXCM is currently authorised to do business in several European nations, including the UK, Australia, South Africa, France, and many more. As of the now, FXCM has several sales offices throughout the globe. As a forex broker in both the UK and Australia, it is well-known.
There is a great danger of losing money quickly while trading CFDs since they are sophisticated products that come with leverage. More than 75% of retail accounts lose money while trading CFDs. Customers should be aware that the goods and services supplied by FXCM revolve on leverage trading, which always comes with equal odds of profiting or losing money. Thus, having sound knowledge of trading CFD and the risks involved is imperative to buy and sell CFDs. For educational reasons, this FXCM review has included all the facts you need to know about FXCM, but it should not be considered financial advice.
The third-party trading platforms of Forex Capital Markets Limited (FXCM) are reputable, according to our results in this evaluation. Complex algorithms and automated trading techniques are also supported through APIs.
For both retail and professional traders, the FXCM platform is an excellent choice for trading CFDs and Forex, spread betting, and other associated services.
Is FXCM a broker? FXCM does not act as a market maker; instead, it uses a no dealing desk trading approach, in which all of its customers' orders are linked together.
What does FXCM do to make a profit? Users of FXCM are subject to trading costs, as well as additional service fees and commissions. Negative overnight financing rates are also a source of revenue for the company.
What is the minimum lot size at FXCM? Currency CFDs have a minimum lot size of 1.0 lots, but currency currency swaps have a minimum lot size of 0.01 lots.
When does FXCM issue a margin call? A margin call is made when the equity margin falls below 50%.
Is FXCM's trading platform open source? In addition to its own Trading Station, FXCM offers the MT4 trading platform, NinjaTrader, and ZuluTrade.
FXCM's maximum leverage is what? For regular traders, FXCM offers a maximum leverage of 1:30 and for professional account holders, 1:400.
What is FXCM's minimum deposit requirement, and how much may I deposit? FXCM requires a minimum deposit of $50 or an equal amount in another currency.
How long does it take to exit FXCM? Our research shows that FXCM typically processes withdrawal requests within three to four working days. The user's bank account is credited a few days after the request is processed.
Do you know how long it takes FXCM to move money between accounts? Transferring money across a user's accounts may take anywhere from two to three working days on average.
Is FXCM a regulated Forex broker? FXCM is overseen by the Financial Conduct Authority (FCA) in the UK, as well as the Australian Securities and Investments Commission (ASIC) and the French AMF.
Setting up trading accounts costs what? In most cases, there is no charge for opening a new account, except in the case of business customers. Standard and active trader accounts for retail customers may be set up for nothing. Customers of corporations, partnerships and superannuation funds must pay a one-time maintenance fee, which varies depending on their organisation type.
How much money can I put down in a single month? For one month, the maximum deposit is $20,000, while the minimum deposit is always $25. However, the minimum deposit requirements for account activation vary from account to account.
CFD trading carries a high degree of risk. In addition, the risk considerations often result in user accounts losing money. FXCM, on the other hand, offers two distinct sorts of accounts: demo and genuine. In order to improve their chances of success, individuals may practise and plan using the free accounts. FXCM provides a wide range of trading tools, research materials, and educational seminars to help novice and experienced traders alike get the most out of their trading experience.
Learn more about online trading brokers for UAE citizens and residents.
Sites like FXCM in the UAE
Here is a list of top online brokers to open an account for trading Forex, Bitcoin, CFDs and Stocks in the UAE. These brokers have above-average reviews on sites like Reddit, Quora and Trustpilot; and are totally legit, safe and trustworthy for UAE citizens and residents.
The brokers listed on this webpage accept clients from within the United Arab Emirates. Most of these companies provide an online trading platform for fiat currencies (such as Pound Sterling, the Euro, the US dollar, Japanese Yen etc.), buying and selling of cryptocurrencies (for example Bitcoin, Ethereum, Tether, XRP etc.), stocks (this includes listings on Abu Dhabi Securities Exchange, Borse Dubai, Dubai Mercantile Exchange, Dubai Financial Market and NASDAQ Dubai), CFDs (Apple, Microsoft, Amazon, Google, Tesla etc.), UAE government and corporate bonds, and short-term to long-term fixed income securities.
- Olymp Trade - People simply love this one (Olymp Trade Review)
- Binance - World's largest cryptocurrency e-wallet and exchange that also has an online trading platform, where their members can invest or trade in virtually hundreds of cryptocurrencies and new tokens. (Binance Review)
- IG Markets UAE - UK broker located at Tower 2, Level 27, Al Fattan Currency House, DIFC. (IG Markets UAE Review)
- City Index Middle East - London-city broker with a branch in the UAE. (City Index Middle East Review)
- eToro - Social trading platform, but much better options are available out there. (eToro Review)
- Swissquote - It's a Swiss bank that offers an online trading platform for forex and CFD trading. (Swissquote Review)
- easyMarkets - Israeli brand that is big all over. (easyMarkets Review)
- OANDA - American broker that is now spreading its wings. (OANDA Review)
- Forex.com - Google ranks them in the top 10 for the term "forex". (Forex.com Review)
- Plus500 - UK brand that has its own platform, OK for CFDs, with mediocre reviews. (Plus500 Review)
- AvaTrade - Regulated by ADGM's Financial Services Regulatory Authority (FSRA) in Abu Dhabi. (AvaTrade Review)
- Mashreq Neo - An online trading platform provided by Mashreq Bank. (Mashreq Neo Review)
- ForexTime (FXTM) - Owned by Andrey Dashin from the Alpari broker fame. (ForexTime FXTM Review)
- Noor Capital - Licensed and Regulated by the UAE Central Bank and SCA. (Noor Capital Review)
- XM.com - XM broker is big in Africa and South East Asia, and now promoting themselves hard in the UAE. (XM.com Review)
- Saxo Bank - Danish Investment Bank with a long history of catering for premium forex investors. It also provides crypto trading facility. (Saxo Bank Review)
- Pepperstone - Originally Australian, but licensed locally by Dubai Financial Services Authority. (Pepperstone Review)
- ADSS - Based out of Abu Dhabi and regulated by the Central Bank of the United Arab Emirates. (ADSS Review)
- CMC Markets - UK-based broker that is popular among CFD traders. (CMC Markets Review)
- Orient Finance - Local online-trading broker that caters to novice traders looking to invest in the foreign exchange markets. (Orient Finance Review)
- Alfa Financial - Their office is located at City Centre Deira on Port Saeed Road; and generally tends to attract investors within Dubai. (Alfa Financial Review)
- One Financial Markets - Local forex broker with an office at Dubai International Financial Centre at Index Tower. (One Financial Markets Review)
- Amana Capital - A broker located at Central Park Towers, Dubai International Financial Center. (Amana Capital Review)
- ETX Capital - UK broker that has a decent reputation among Arab investors. (ETX Capital Review)
- Century Financial - Old online-trading broker with an office at Level 6, Building 4, Emaar Square, Downtown Dubai. (Century Financial Review)
- IFCM UAE - Nothing special about IFC Markets, but it does have a dedicated .AE website for UAE clients. (IFCM UAE Review)
- EARNEX - This one is present at Jumeirah Lakes Towers and is licensed by the SCA. (EARNEX Review)
- Interactive Brokers - American online-trading broker that is expanding into Asian and Arab markets nowadays. (Interactive Brokers Review)
- Rakuten Securities - Japanese broker that usually looks out for large institutional investors. (Rakuten Securities Review)
- Dukascopy Bank SA - Swiss bank that offers online forex trading on its own proprietary platform. (Dukascopy Bank SA Review)
- Gulfbrokers ae - Dubai Multi Commodities Centre (DMCC) regulates this broker, but there nothing extraordinary about this brand. (Gulfbrokers AE Review)
- IQ Option - It's a below-average broker with no Dubai office, but does have a toll-free virtual number for UAE: 800 032 0891 -> No Arabic, English only. (IQ Option Review)
Reviewed by Arpita Singh
Arpita Singh is the main writer at ForexBroker.ae. As a senior investment professional with 10+ years of experience working at top-tier Private Equity and Sovereign Wealth Fund; she is also responsible for fact-checking concepts, reviews, and related details about brokers and exchanges listed on this website. Full Bio.