Our ForexBrokers.com team spent seven months and hundreds of hours assessing 43 different forex broker accounts
for trading FX. In total, over 6,000 data points were collected. For this review, we will compare Coinbase vs FXCM.
To start this comparison, first, we will take a look at the fees charged for trading forex. It's important to note this is no easy task. Not every broker shares their average spreads, spreads can be fixed or variable (floating), execution policies differ, and brokers can act as market makers (dealers) or act as agents for execution. To simplify things, we analyzed everything for you and provide a single star rating for cost. FXCM received a rating of 4.00 stars over Coinbase's 2.50 stars.
Cost aside, we can now turn our focus to regulation alongside currency availability. For regulation, it's very important to select a broker you can trust with your money. FXCM is regulated in a major hub, while Coinbase is not. FXCM is a publicly traded company while Coinbase is not. How many currency pairs are available to trade? FXCM boasts an offering of 39 different currency pairs compared to Coinbase's available pairs.
To round out our comparison, let's look at the popular tools and features forex traders prefer. For platforms, some FX traders prefer MetaTrader. FXCM makes Meta Trader available to clients, while Coinbase does not. Within the trading platform, charting should be robust, so we counted the number of drawing tools and total technical indicators made available. FXCM offers its clients access to 31 charting tools while Coinbase has charting tools, a difference of 31. FXCM boasts an offering of 51 different indicators (for example, moving averages) compared to Coinbase's available indicators.
Overall, FXCM boasts 4.50 stars versus Coinbase's 3.50 stars. And, when it comes to individual category awards, FXCM finished with awards Best in Class - Platforms & Tools, Best in Class - Mobile Trading and Best in Class - Investor Education in 2018, while Coinbase came up with none of these.