Is FXCM Scam Or Legit? Complete fxcm.com Review

FXCM Review

It is a well-known fact that there are numerous online brokers providing their trading services nowadays. Sure, it adds a bit of a challenge because you have to spend some time in finding the right one for you, but it also ensures that you can find a competitive broker that can help you make maximum profits. While every platform will claim to be competitive, it is not true in every case. FXCM is also advertised as a competitive platform, particularly when it comes to algorithmic trading solutions. But, can it really live up to these expectations? You can check this FXCM review to find the answer.

Established in 1999, FXCM has its headquarters in the United States and is regulated in various jurisdictions. It has a solid reputation, given how long it has been around, but you need to check whether its services are suitable for you or not. You can do this easily with the help of this FXCM review. Let’s take a look.

Regulation and security

If you want a fair and transparent broker, you need to sign up with a regulated one. Those operating without any oversight do not answer to anyone, which means they can come up with their own rules and policies. The chances of fraud and malpractice are high in the case of such platforms, but these issues do not exist with regulated ones. Fortunately, the FXCM broker is a regulated one and there are actually four entities that have issued a license to it.

This includes the Financial Conduct Authority (FCA) in the United Kingdom, the Cyprus Securities and Exchange Commission (CySEC), the Financial Sector Conduct Authority (FSCA) in South Africa, and the Australian Securities and Investment Commission (ASIC). It also has a subsidiary in Bermuda, but that is unregulated. As far as security is concerned, you will find that the FXCM broker keeps all client and corporate funds segregated to prevent misappropriation. Negative balance protection is provided and an investor compensation fund is also applicable in Cyprus and the UK.

Range of assets

The asset offerings of every broker are extremely vital because trading these assets is how you will generate your profits. Liquid and popular assets are likely to get you high returns, but some also come with high risks. The asset selection on the FXCM trading platform may seem a tad limited as opposed to other platforms in the market, but they still cover all the important sectors. This ensures that all traders can find something to trade as per their risk appetite.

You can find large-cap equity CFDs at your disposal, along with an impressive number of forex currency pairs. The crypto options on the FXCM trading platform could use some expansion, but there is a good number of indices and commodities available to cater to most traders.

Trading platform

Your trading experience is mostly shaped by the platform you use and the FXCM trading platform offerings are undoubtedly excellent. The focus is on algorithmic trading, so it is a given that you will have the MT4 trading platform available. Apart from that, there is also a proprietary Trading Station offered to clients. Social traders are given the option of connecting to ZuluTrade.

The proprietary FXCM trading platform comes with a charting package, advanced indicators, free of charge market data, and automated trading solutions. There are six specialty trading platforms for those interested in algorithmic trading. Third-party plugins are also available, so traders have the freedom to customize their platforms as per their preferences.

Customer support

The right support can also ensure that you have a good and enjoyable trading experience and the FXCM broker has delivered in this respect. 24/5 customer support is given via phone, live chat and also email. You can also contact the trading desk, or use messaging applications like WhatsApp. But, it is best to check the help center first because you are likely to find your answers there since it is so detailed.

Is FXCM a scam or legit?

With more than two decades of experience under its belt, there should be no doubts about an FXCM scam because its regulatory record remains utterly clean and spotless.

Closing Thoughts

This FXCM review can help you decide that the broker is an excellent choice for you to start your online trading journey.