Pros / Mini accounts are available and only require a deposit of $50.
Cons / FXCM has the highest commission of the brokers we reviewed.
Verdict / FXCM offers a customizable desktop platform, relatively low spreads and account plans for investors of all sizes.
FXCM is a U.S.-based forex broker with offices in New York, California and Texas as well as 11 international offices. As one of the leading brokers in the forex market, FXCM offers both mini and standard account sizes as well as a demo account to practice forex trading. Because of the quality of its platform, its low pricing and its excellent set of investor resources, FXCM receives the Top Ten Reviews Bronze Award.
- Opening Deposit
- Trade Lot
- Currency Pairs
Platform & Tools
Trading Station is FXCM’s proprietary trading platform. We downloaded the demo account and compared it to the platforms of the other brokers in our review. Our reviewers found Trading Station to be among the best platforms we tested.
Unlike many other platforms, FXCM’s gives traders the ability to create multiple watchlists. This can be a useful way to separate the different currency pairs, especially if you’re interested in keeping major pairs and exotic pairs separate so you can monitor those markets separately. Though useful, this feature isn’t as easy to use as it is in other platforms; you need to subscribe to the watchlists and manage them from the subscription screen.
Trading Station gives you many options for alerts, including the ability to set up alerts for analytic thresholds, something that other platforms don’t offer. This may be of particular use for advanced traders who rely on more than just pricing signals to execute their forex trading strategies.
FXCM’s mobile app includes many of the same tools as the desktop platform, making it easy to monitor your positions or make trades from your phone. We were particularly impressed with the full array of charting options the app makes available. You can use all 57 available technical indicators on your phone. The one drawback of FXCM’s app is that you cannot schedule or adjust alerts through it.
For the purposes of this review, we evaluated the costs associated with a standard account. FXCM charges one of the highest commission costs in our review, but it also has some of the lowest spreads. The spreads are the difference in the bid/ask price and are constantly fluctuating based on factors such as a country’s economic outlook.
FXCM requires a minimum of $2,000 to begin forex trading through its platform. You can also open a mini account for only $50. The mini-account only allows you to trade 21 currency pairs as opposed to the 39 offered by a standard account. Mini-accounts also have higher spreads but no commissions.
Education & Support
While the forex market is complicated and best suited for advanced investors, we still consider it important for a brokerage to offer some educational resources. These resources can provide context on the market and provide insights on new trading strategies. FXCM offers some of the best of these resources, with daily FX courses, the Daily FX blog and a series of webinars that include daily market briefings as well as more in-depth sessions focusing on particular strategies.
FXCM also provides tutorials and step-by-step training on its platform. This training was the best our reviewers used.
FXCM is a U.S.-based forex broker with a standout trading platform and a wide array of investment resources. It has low spreads but a high commission price. It provides both standard and mini accounts and so may be a good choice for cautious investors curious about the forex market.