FXCM Broker Review: this is a forex broker that claims to be based in London, United Kingdom. Is fxcm.com a legit brokerage or a scam?
The broker mentions that it belongs to the FXCM Group which is a company with headquarters in the UK. The address provided for the company is:
20, Gresham Street, Fourth Floor, London EC2V 7JE, United Kingdom.
However, fxcm.com, which is the website of the FXCM Markets Limited, the brokerage, is registered at:
Clarendon House, 2 Church Street, Hamilton, HM 11, Bermuda.
It claims to be a leading CFD, cryptocurrency trading and Forex broker, providing services 24/5. They claim to have a customer service that has won many awards both regionally and internationally.
There are sections of the page that are edicated to giving what is termed “critical market news”. This broker mentions that it has a trading station that traders can customize to suit their needs and experience.
Asides, forex currency pairs, FXCM Markets claims that it has a trading portfolio that includes indices in several countries and commodities.
FXCM Trading Platform
FXCM Trading Platform makes use of the MetaTrader 4 trading platform as well as the NinjaTrader and FXCM Trading Station.
These platforms are very good signs as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating system. All can be used on desktops, Linus, windows, iOS and Android.
Tools that comes with these trading platforms are also found to be useful for traders. It has proven to be user friendly as well and helps traders in analyzing the market easily.
Trading products as have been hinted on, offered by this broker includes: forex currencies (35+), cryptocurrencies (3+) and CFDs on commodities like silver, gold, precious metals, stock, indexes, oil and so on.
The maximum leverage offered by FXCM Markets Limited is 1:30 and it claims that its spreads on the EUR/USD starts from 0.1 pips.
Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.
Deposit and Withdrawal on FXCM
Means of making deposit and withdrawing funds on this broker are as follows: Bank Wire, Visa, MasterCard, Neteller, Skrill.
Standard and legit brokers make deposit and withdrawals available via Visa, MasterCard and Wire Transfer. Many offer e-wallets like: Skrill, Neteller, UnionPay, FasaPay, and so on. It is so for FXCM and this is a good sign.
Minimum deposit requirement for this broker is $50 which is encouraging as the obtainable average is between $100-$250. Withdrawal charges and fees are not mentioned on the page.
This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.
Is FXCM Licensed?
FXCM Group holds a license from notable financial commissions like ASIC and FCA. However, on the page, we discovered that FXCM Markets do not own a license. Further, it was mentioned that since it is located in Bermuda, it “is not required to hold any financial services license”.
Withdrawal Issues About FXCM
Many complaints have been lodged against this broker about investors getting their funds stuck. It is stated on the website that the broker does not provide services for residents of the US, Canada, European Union, Hong Kong, Australia and Japan.
Clients are invited for a live chat using the link on the page or to call or email: +44 20 7398 4050 or firstname.lastname@example.org
The lack of license by FXCM Markets is a disadvantage and the fact that there are lots of negative reviews found online. It has an affordable deposit requirement and the trading platforms are good.
COMPARE WITH A TRUSTED BROKER
Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide..visit their official website