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PepperstoneFXCM Review
Written by Steven Hatzakis
Edited by John Bringans
Fact-checked by Blain Reinkensmeyer
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
For traders who appreciate advanced trading tools and quality market research, FXCM is a winner – especially for algorithmic trading. Though its range of tradeable markets is growing, it remains fairly narrow. Pricing at FXCM is just average. Average spreads at FXCM are more favorable for active traders or clients residing in the EU, U.K., or Australia.
-
Minimum Deposit:
Starts from $50 -
Trust Score:
95 -
Tradeable Symbols (Total):
440
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FXCM pros & cons
Pros
- Founded in 1999, FXCM Group (FXCM) is a wholly-owned subsidiary of Jefferies Financial (NYSE: JEF).
- FXCM is regulated in four Tier-1 jurisdictions and two Tier-2 jurisdictions.
- In our 2024 Annual Awards, FXCM earned Best in Class honors for Platforms & Tools, Professional Trading, Algorithmic Trading, and Copy Trading.
- FXCM publishes detailed monthly execution reports highlighting slippage statistics and trade execution quality across all order types.
- In addition to the native Signals market on MetaTrader, FXCM offers the ZuluTrade for copy trading (in certain regions).
- FXCM is a leader in algorithmic trading solutions, whether you’re a beginner using Capitalise.ai or an advanced coder using Python.
- FXCM now supports connectivity to the TradingView trading platform.
- Spreads for active trader accounts are competitive, when factoring the round-turn commission based on January 2024 data.
Cons
- Research and educational content are of good quality, but trails category leaders such as IG and Saxo in terms of quantity and variety.
- FXCM offers a limited selection of CFDs, and its offering of exchange-traded securities was recently discontinued.
- Although a wide variety of third-party platforms are supported for algorithmic trading, MetaTrader 5 (MT5) is not available at FXCM.
- Spreads for January 2024 on the EUR/USD are higher at FXCM's SVG entity, compared to its other global entities.
Overall summary
| Feature |
FXCM
|
|---|---|
| Overall Rating |
|
| Trust Score | 95 |
| Offering of Investments |
|
| Commissions & Fees |
|
| Platform & Tools |
|
| Research |
|
| Mobile Trading |
|
| Education |
|
ForexBrokers.com has been reviewing online forex brokers for over eight years, and our reviews are the most cited in the industry. Each year, we collect thousands of data points and publish tens of thousands of words of research. Here's how we test.
Is FXCM safe?
FXCM is considered Highly Trusted, with an overall Trust Score of 95 out of 99. FXCM's parent company is publicly traded, does not operate a bank, and is authorised by four Tier-1 regulators (Highly Trusted), two Tier-2 regulators (Trusted), zero Tier-3 regulators (Average Risk), and zero Tier-4 regulators (High Risk). FXCM is authorised by the following Tier-1 regulators: Australian Securities & Investment Commission (ASIC), Canadian Investment Regulatory Organization (CIRO), Financial Conduct Authority (FCA), and regulated in the European Union via the MiFID passporting system. Learn more about Trust Score or see where the different FXCM entities are regulated.
| Feature |
FXCM
|
|---|---|
| Year Founded | 1999 |
| Publicly Traded (Listed) | Yes |
| Bank | No |
| Tier-1 Licenses | 4 |
| Tier-2 Licenses | 2 |
| Tier-3 Licenses | 0 |
| Tier-4 Licenses | 0 |
Offering of investments
The range of products available to you will depend on which global entity under the FXCM Group houses your trading account. In addition to a growing selection of over 300 CFDs that includes fractional shares and 43 forex pairs, FXCM offers exchange-traded securities across 43 exchanges in Europe, North America, and the Asia-Pacific region. The following table summarizes the different investment products available to FXCM clients.
Cryptocurrency: Cryptocurrency trading is available at FXCM through CFDs, but not available through trading the underlying asset (e.g. buying Bitcoin). Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents.
| Feature |
FXCM
|
|---|---|
| Forex Trading (Spot or CFDs) | Yes |
| Tradeable Symbols (Total) | 440 |
| Forex Pairs (Total) | 43 |
| U.S. Stock Trading (Non CFD) | No |
| Int'l Stock Trading (Non CFD) | No |
| Social Trading / Copy Trading | Yes |
| Cryptocurrency (Physical) | No |
| Cryptocurrency (Derivative) | Yes |
| Disclaimers | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). |
Commissions and fees
FXCM’s pricing for forex trading is slightly higher than the industry average.
Standard account spreads: Using the time-weighted average tradeable prices for May 2024, spreads on the EUR/USD at FXCM averaged 0.78 for its EU, U.K., and Australia offerings. Average spreads for the broker's St. Vincent and the Grenadines entity came to 1.38, which is higher than the industry average. Conversely, average spread on its commission-based accounts averaged 0.28 pips, excluding commissions, for the month of May 2024. That said, it's worth mentioning that with its active trader group discounts, spreads can be discounted significantly, depending on the volume you trade and whether the program is offered in your country of residence. As with many forex brokers, spreads can widen significantly during rollover periods or under abnormal market conditions.
Active trader discounts: FXCM’s Active Trader Rebate Program (not available in the U.K. or EU) has five tiers. Depending on the tier and provided that you trade at least $10 million in volume per month , traders can receive a rebate ranging from $5 per million traded (Tier One) to as much as $25 per million traded (Tier Five). It’s good, but not great – Tickmill and FP Markets offer far more competitive pricing for active traders. For example, FXCM’s commission-based pricing has low underlying spreads of 0.28 pips using May 2024 data, yet the effective spread is closer to 0.74 pips after including the commission-equivalent of 0.50 pips per round-turn trade.
Active Trader requirements: The requirements for each tier may vary depending on which FXCM Group entity holds your account. In the U.K., for example, a $25,000 account balance with at least $50 million (or 500 lots) of monthly volume will see the commission per side drop to $2.5 ($5 round-turn). This brings the effective spread to 0.78 pips, based on an average core price of 0.28 pips (using January 2024 data for the EUR/USD). Deeper discounts are available depending on the volume you trade per month at FXCM and the applicable discount /rebate tier.
Execution methods via order type: FXCM offers “At Market” orders, which have the potential for slippage, and “Market Range” orders, which are less likely to experience slippage but can be rejected if the requested price or price range is no longer available. Likewise, limit orders are more likely to experience positive slippage. I found the ability to select execution type by order to be more favorable than having the execution method separated by account type like FxPro does.
Other notes: FXCM publishes detailed execution statistics, showing the percentage of orders filled with positive or negative slippage across its offered order types. In 2024, FXCM executed 61.85 % of all orders with no slippage, whereas 25.55% had price improvements (positive slippage) and 12.60% were filled at a worse price (negative slippage). For comparison, 68.9% of all limit and limit entry orders had positive slippage, whereas 59.9% of stop-loss and stop entry orders had negative slippage, reinforcing the notion that limit orders have a better likelihood of price improvements, compared to stop orders which can likely result in a worse execution price.
| Feature |
FXCM
|
|---|---|
| Minimum Deposit | Starts from $50 |
| Average Spread EUR/USD - Standard | 0.78 |
| All-in Cost EUR/USD - Active | 0.78 |
| Active Trader or VIP Discounts | Yes |
| ACH or SEPA Transfers | Yes |
| PayPal (Deposit/Withdraw) | Yes |
| Skrill (Deposit/Withdraw) | Yes |
| Visa/Mastercard (Credit/Debit) | Yes |
| Bank Wire (Deposit/Withdraw) | Yes |
Mobile trading apps
Thanks to its combined offering of both Trading Station and MetaTrader 4 (MT4), FXCM delivers a reliable, feature-rich mobile experience for forex traders.
Apps overview: FXCM doesn’t offer the MetaTrader 5 (MT5) platform, but the broker makes up for that shortcoming with its wide support for third-party algo trading software.
Ease of use: Though the Trading Station mobile app may appear to lack an official watchlist function, it’s worth noting that traders can select instruments for display, and that these instruments will sync across devices and platforms. Also, the app includes a comprehensive trade ticket, which offers advanced order types such as one-cancels-other (OCO) orders.
Charting: With nearly 60 indicators and multiple drawing tools, charting in the FXCM mobile app is a pleasure. Trendlines can be drawn with precision thanks to a magnifying glass feature that auto-zooms while dragging the trendline into position.
| Feature |
FXCM
|
|---|---|
| Android App | Yes |
| Apple iOS App | Yes |
| Mobile Alerts - Basic Fields | Yes |
| Watchlists - Total Fields | 13 |
| Watchlist Syncing | Yes |
| Charting - Indicators / Studies (Total) | 115 |
| Charting - Drawing Tools (Total) | 10 |
| Mobile Charting - Draw Trendlines | Yes |
| Mobile Charting - Multiple Time Frames | Yes |
| Mobile Economic Calendar | Yes |
Other trading platforms
With its wide range of available platforms and deep offering of trading tools, FXCM has set the bar high and competes among the best brokers in the industry. Whether you are a beginner or an advanced algorithmic trader, FXCM has plenty of options. In our 2024 Annual Awards, FXCM finished Best in Class for its excellent Platforms and Tools.
Platforms overview: FXCM’s platforms include its proprietary Trading Station platform, MetaTrader 4, and TradingView– all of which support algorithmic trading. FXCM also offers ZuluTrade for social copy trading, though ZuluTrade is not available for clients residing in the U.K., Australia, France, South Africa, or Italy.
Charting: FXCM’s flagship trading platform, Trading Station, caters to forex traders of all skill levels. One highlight is the Marketscope 2.0 charting tool, which is a powerful charting package that runs parallel to the main platform window. Trading Station is a viable competitor to MetaTrader, and features complex back-testing options such as the ability to account for potential historical slippage and trading costs.
Trading tools: The web version of Trading Station comes with a respectable array of features wrapped in a responsive and modern design. I found the platform to be rich with options, with news headlines, videos, research, signals, and analysis from Trading Central. Traders also gain access to TipRanks. Trading Station’s web version was recently upgraded with 115 charting indicators (almost as many as the desktop version) and its drawing tools are generally easy to use. There are even seven predefined layouts to choose from, such as the News Trader theme.
Algorithmic trading: The FXCM App store provides various add-ons, technical indicators, and automated trading robots. FXCM supports a wide array of specialty platforms, including QuantConnect, MotiveWave, AlgoTerminal, AgendaTrader, Sierra Chart, NeuroShell Trader, StrategyQuant, Capitalise, and the Seer Trading Platform for algorithmic trading. There is also a dedicated technical support team to assist traders in developing their MT4 Expert Advisors (EAs). Learn more about the best algo trading software.
| Feature |
FXCM
|
|---|---|
| Virtual Trading (Demo) | Yes |
| Proprietary Platform | Yes |
| Desktop Platform (Windows) | Yes |
| Web Platform | Yes |
| Social Trading / Copy Trading | Yes |
| MetaTrader 4 (MT4) | Yes |
| MetaTrader 5 (MT5) | No |
| DupliTrade | No |
| ZuluTrade | Yes |
| Charting - Indicators / Studies (Total) | 115 |
| Charting - Drawing Tools (Total) | 10 |
| Charting - Trade From Chart | Yes |
| Watchlists - Total Fields | 13 |
Market research
FXCM provides a respectable variety of market research from a combination of in-house content and third-party materials. Overall, FXCM’s research is a touch above the industry average and will satisfy most forex traders, though it’s not as rich or diverse as what’s offered by the best brokers in this category.
Research overview: FXCM’s research tools include premium content from Trading Central, news headlines from Investing.com and FxStreet, and a market screener tool powered by TipRanks. There is also premium content available from eFX Data, which I found to be a source for high-quality market analysis, including headlines from Refinitiv. Finally, FXCM Plus provides signals and trading ideas powered by Trading Central.
Market news and analysis: FXCM produces a Daily Snapshot video series on its YouTube channel that features market coverage from its in-house analysts. There is also the FXCM Market Talk podcast, and daily articles as part of its Market News section. I found the Insights section rich, yet more focused on educational content than up-to-the-minute market developments.
If you reside in the EU: Some of FXCM’s research services and content are not available to EU residents, such as its Insights in-house research (e.g., trading signals, live online classroom, SMS trade alerts, video library, and trade volatility tool).
| Feature |
FXCM
|
|---|---|
| Daily Market Commentary | Yes |
| Forex News (Top-Tier Sources) | Yes |
| Autochartist | No |
| Trading Central (Recognia) | Yes |
| Social Sentiment - Currency Pairs | Yes |
Education
FXCM’s in-house education is above average, and primarily takes the form of articles, videos, and content produced for its FXCM YouTube channel.
Learning center: FXCM’s diverse range of written content includes two comprehensive guides, as well as a vast library of articles (nearly 200 in total) that cover topics like trading tips and strategies, charting, and indicators. It also provides a selection of articles broken down by experience level, with options for beginner, intermediate, and advanced traders.
Room for improvement: FXCM’s video library has dozens of videos, and has been updated to include embedded content from its YouTube channel. That said, I’d like to see FXCM expand its educational video content beyond platform tutorials and archived webinars.
Finally, some of FXCM’s educational content is only available if your balance exceeds certain minimum thresholds. While minimum balance requirements could incentivize some traders to utilize the educational resources, I think it’s better to make the content free for all clients. Motivation can instead be inspired by creating interactive courses that feature quizzes and incorporate progress tracking. It’s worth mentioning that your trading account balance must meet a threshold to access certain educational content.
| Feature |
FXCM
|
|---|---|
| Education (Forex or CFDs) | Yes |
| Client Webinars | Yes |
| Client Webinars (Archived) | Yes |
| Videos - Beginner Trading Videos | Yes |
| Videos - Advanced Trading Videos | Yes |
| Investor Dictionary (Glossary) | Yes |
Final thoughts
FXCM is an excellent choice for algorithmic forex traders thanks to its wide array of related platform options that provide advanced charting tools and support automated trading strategies.
FXCM is also a great option for beginners, due to its wide range of educational materials and easy-to-use platforms, including its latest integration with TradingView.
For forex and CFDs trading, FXCM earned Best in Class honors in our 2024 Annual Awards across multiple categories, including Platforms & Tools, Social Copy Trading, Algo Trading, and Professional Trading.
About FXCM
Since 1999, FXCM, has been a pioneer in developing online forex offerings for retail traders. With its headquarters in London, Stratos Markets Limited ("FXCM") has grown to have multiple international offices and is licensed in several major regulatory hubs globally. Stratos Europe Limited (trading as "FXCM or "FXCM EU"), is a Cyprus Investment Firm ("CIF") registered with the Cyprus Department of Registrar of Companies (HE 405643) and authorised and regulated by the Cyprus Securities and Exchange Commission ("CySEC").
With its exit from the U.S. market in 2017, FXCM no longer accepts U.S. clients. Today, FXCM operates as a subsidiary of Jefferies Financial Group Inc (NYSE: JEF), formerly known as Leucadia. Jefferies holds over $57 billion in total assets as of November 30th, 2023, and employs more than 7,000 people globally. Read more on Wikipedia.
ForexBrokers.com 2024 Annual Awards
For the ForexBrokers.com 2024 Annual Awards, brokers were evaluated against ForexBrokers.com’s 8 Primary Categories: Commissions & Fees, Offering of Investments, Platforms & Tools, Mobile Trading Apps, Research, Education, Trust Score, and Overall.
Best in Class honors were awarded to the Top 7 forex brokers in each of the following areas: Beginners, Social Copy Trading, Ease of Use, MetaTrader, Algo Trading, Crypto Trading, and Professional Trading.
For more information, see how we test.
Category awards
| Rank #1 | Streak #1 | Best in Class | Best in Class Streak | |
| Platforms & Tools | 8 | |||
| Algo Trading | 3 | |||
| Professional Trading | 3 | |||
| Social Copy Trading | 3 |
2024 Review Methodology
At ForexBrokers.com, our reviews of online forex brokers and their products and services are based on our collected data as well as the observations and qualified opinions of our expert researchers. Each year we publish tens of thousands of words of research on the top forex brokers and monitor dozens of international regulator agencies (read more about how we calculate Trust Score here).
Our research team conducts thorough testing on a wide range of features, products, services, and tools (collecting and validating thousands of data points in the process). We test all available trading platforms for each broker – whether they are proprietary or come from third-party providers – and evaluate them based on a host of data-driven variables.
We also take an in-depth look at each broker’s commissions and fees, such as bid/ask spreads – including the average spread data for some of the most popular forex currency pairs. We research other trading costs, such as inactivity or custody fees, minimum deposit requirements, VIP rebates and/or discounts, and a range of other important fee-based data points.
Some of the other important research categories that are factored into our testing include mobile trading accessibility and capability, availability of market research and educational content, and each broker’s overall Trust Score.
All content on ForexBrokers.com is handwritten by a writer, fact-checked by a member of our research team, and edited and published by an editor. Our ratings, rankings, and opinions are entirely our own, and the result of our extensive research and decades of collective experience covering the forex industry.
Read our full explanation and accounting of our research and testing process to learn more about how we test.
Forex Risk Disclaimer
There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Read more on forex trading risks.
Article Resources
FXCM Regulation FXCM Education, FXCM YouTube channel
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About the Editorial Team
Steven Hatzakis is the Global Director of Online Broker Research for ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. A forex industry expert and an active fintech and crypto researcher, Steven advises blockchain companies at the board level and holds a Series III license in the U.S. as a Commodity Trading Advisor (CTA).
John Bringans is the Managing Editor at ForexBrokers.com. An experienced media professional, John has 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.
Blain Reinkensmeyer has 20 years of trading experience with over 2,500 trades placed during that time. He heads research for all U.S.-based brokerages on StockBrokers.com and is respected by executives as the leading expert covering the online broker industry. Blain’s insights have been featured in the New York Times, Wall Street Journal, Forbes, and the Chicago Tribune, among other media outlets.