Regulated

Score

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/10

FXCM

United Kingdom

|

2-5 years

Investment Advisory License|

Common Financial Service License|

Suspicious Overrun|

Medium potential risk|

https://www.fxcm.com/uk/

Website

Rating Index
Influence

Influence

A

Influence Index NO.1

United Kingdom 7.78

Better than 99.53% exchange(s)

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A

Licenses

FCA

FCARegulated

Investment Advisory License

ASIC

ASICExceeded

Common Financial Service License

Exchange Info

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Company Name
FXCM
Phone of the company
+44 08081891034
+44 (0)207398 4050
Customer Service Email Address
info@fxcm.co.uk

WikiBit Risk Alerts

1
Previous Detection 2024-02-28

Common Financial Service License goes beyond their business with the licenses Australia ASIC (license number: 309763), please be aware of the risk!

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Time Machine

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User Reviews

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7 ratings

Participate in evaluation
snazii
FXCM provides access to a wide range of financial instruments, allowing users to trade forex pairs, commodities like gold and oil, indices from global markets, and cryptocurrencies.
2023-11-27 04:02
2
0
Grachi3727
FXCM’s pricing for forex trading is slightly higher than the industry average.
2023-12-21 08:47
5
0
Kelvin49289
Really enjoy trading 福汇 tokens, innovative technology yet user-friendly interface! Plus, the transaction fees are impressively low. Absolutely recommended!
2023-09-14 14:20
2
0
ike 917
wow
2022-11-04 05:38
0
0
JHAY02
interesting
2022-10-20 23:45
0
0
Rizkialbab
Awesome project good luck 🚀🚀🚀
2022-10-29 00:14
0
0
Audz
nice!
2022-10-26 03:58
0
0

FXCM · Company Summary

Aspect Information
Company Name FXCM
Registered Country/Area United Kingdom
Founded Year 1999
Regulatory Authority FCA (regulated), ASIC (Exceeded)
Cryptocurrencies Offered Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), etc.
Maximum Leverage 1:30 for retail clients, 1:400 for professional clients (assuming this is for forex)
Trading Platforms MetaTrader 4, Trading Station, NinjaTrader
Deposit & Withdrawal credit/debit card, EFT/Bank Wire, PayPal, Google Pay, Apple Pay, Open Banking, Skrill, Neteller, Rapid Transfer
Educational Resources Webinars, Video Tutorials, Trading Guides
Customer Support Email, Phone, Live Chat

Overview of FXCM

FXCM, also known as Forex Capital Markets, is a leading virtual currency exchange that was founded in 1999. The company is registered in the United Kingdom and has two licenses. FXCM offers a range of cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC).

One of the notable aspects of FXCM is its maximum leverage, which is set at 1:30 for retail clients and 1:400 for professional clients, assuming this is for forex trading. This allows traders to potentially amplify their gains while managing their risks.

FXCM provides traders with multiple trading platforms, including MetaTrader 4, Trading Station, and NinjaTrader. These platforms offer a seamless trading experience and a variety of tools and features to enhance trading strategies.

In terms of deposit and withdrawal options, FXCM supports various methods, including credit/debit card, EFT/Bank Wire, PayPal, Google Pay, Apple Pay, Open Banking, Skrill, Neteller and Rapid Transfer.

To support traders in their journey, FXCM offers a wide range of educational resources. These include webinars, video tutorials, and trading guides, which are designed to help traders improve their skills and understanding of the market.

Lastly, FXCM provides customer support through various channels, including email (info@fxcm.co.uk, admin@fxcm.co.uk) , phone (442073984050, 08001456477) , and live chat. This ensures that traders can reach out for assistance or resolve any issues they encounter during their trading experience.

Overview of FXCM

Pros and Cons

Pros Cons
Wide range of cryptocurrencies Have a more limited selection compared to other exchanges
Maximum leverage options Potential risk of larger losses
Multiple trading platforms Preference for other platforms vary
Various deposit and withdrawal methods Some preferred payment options not be available
Educational resources available Additional resources or personalized support is needed
Customer support through multiple channels Response time and effectiveness of support vary

Pros:

- FXCM offers a wide range of cryptocurrencies for trading, including Bitcoin, Ethereum, and Litecoin. This allows traders to have access to diverse investment opportunities in the virtual currency market.

- The maximum leverage provided by FXCM, set at 1:30 for retail clients and 1:400 for professional clients (assuming this is for forex trading), allows traders to potentially amplify their gains while managing their risks.

- FXCM provides multiple trading platforms, including MetaTrader 4, Trading Station, and NinjaTrader, which offer a variety of tools and features to enhance trading strategies.

- The exchange supports various deposit and withdrawal methods, such as credit/debit card, EFT/Bank Wire, PayPal, Google Pay, Apple Pay, Open Banking, Skrill, Neteller and Rapid Transfer, making it convenient for traders to fund their accounts and withdraw their profits.

- FXCM offers a range of educational resources, including webinars, video tutorials, and trading guides, to support traders in improving their skills and understanding of the market.

- Customer support is available through various channels, including email, phone, and live chat, ensuring that traders can seek assistance or resolve any issues they encounter.

Cons:

- While FXCM offers a wide range of cryptocurrencies, it not have as extensive a selection as some other virtual currency exchanges.

- The maximum leverage options provided by FXCM can be both an advantage and a potential risk. While it allows for potential higher gains, it also increases the potential for larger losses.

- Some traders prefer other trading platforms over the ones offered by FXCM, as platforms can vary in terms of user interface and functionality.

- Although FXCM supports various deposit and withdrawal methods, some traders find that their preferred payment options are not available.

- While FXCM provides educational resources, some traders find that they require additional resources or personalized support to fully enhance their trading skills and understanding.

- While customer support is available through different channels, the response time and effectiveness of support vary.

Regulatory Authority

FXCM is regulated by multiple regulatory agencies, ensuring compliance with stringent standards and regulations in the virtual currency exchange industry. The Financial Conduct Authority (FCA) in the United Kingdom serves as one of its regulatory authorities. FXCM is registered with the FCA under the regulation number 217689 and holds an investment advisory license granted by Forex Capital Markets Limited.

Regulatory Authority

Additionally, FXCM is also regulated by the Australia Securities & Investment Commission (ASIC) in Australia. The exchange holds a common financial service license and is registered with ASIC under the regulation number 309763. However, it's important to note that ASIC has determined that FXCM exceeded the statutory Financial Resource requirements under its license, which impacts its regulatory status.

Regulatory Authority

Overall, FXCM is subject to regulatory oversight from both the FCA and ASIC, ensuring that the exchange operates in accordance with regulatory guidelines and safeguards the interests of traders.

Security

FXCM prioritizes the security of its users and employs various measures to protect their funds and personal information. The exchange implements encryption technology to secure data transmission and storage, helping to safeguard against unauthorized access. At the forefront of its security strategy lies the implementation of cutting-edge encryption technology, which plays a pivotal role in fortifying the transmission and storage of sensitive data. By leveraging robust encryption protocols, FXCM effectively shields against any unauthorized access attempts, thereby fortifying the confidentiality and integrity of user information. This comprehensive approach extends beyond encryption, encompassing multi-layered authentication mechanisms, routine security audits, and stringent adherence to industry standards.

Cryptocurrencies Available

FXCM offers a range of cryptocurrencies for trading, including Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC). These cryptocurrencies are subject to price fluctuations, which can vary across different exchanges and market conditions. It is important for traders to monitor the cryptocurrency market and stay informed about the latest price movements before making trading decisions.

In addition to cryptocurrencies, FXCM also offers other products and services. This includes forex trading, where traders can trade various currency pairs in the global foreign exchange market. FXCM provides access to a wide range of currency pairs, allowing traders to take advantage of currency fluctuations and potentially profit from their trades.

Cryptocurrencies Available

Furthermore, FXCM offers trading platforms with a variety of tools and features to enhance trading strategies. These platforms provide real-time market data, charting tools, and technical analysis indicators, enabling traders to make informed decisions.

Overall, FXCM aims to provide a comprehensive trading experience by offering a diverse range of cryptocurrencies, forex trading, and various trading tools and features. Traders can choose the products and services that best suit their trading needs and preferences.

How to Open an Account?

The registration process for FXCM is as follows:

1. Visit the FXCM website and click on the “Open Account” button.

2. Fill in the required personal information, including your name, email address, and country of residence.

3. Choose the type of account you wish to open, such as a retail or professional account, and provide any necessary documentation to verify your identity.

4. Review and agree to the terms and conditions of FXCM.

5. Fund your account by selecting a deposit method and following the instructions provided.

6. Once your account is funded and verified, you can start trading on the FXCM platform.

Deposit & Withdrawal

FXCM supports various deposit and withdrawal methods for traders to fund their accounts and withdraw their profits. Deposit methods include credit/debit card, EFT/Bank Wire, PayPal, Google Pay, Apple Pay, Open Banking, Skrill, Neteller and Rapid Transfer. Visit www.myfxcm.com for details on your trading account, request change to account settings as well as deposit funds.These options provide flexibility and convenience for traders to choose the method that best suits their needs.

Credit and debit card deposits are often available immediately. However, FXCM does not exhibit control over the entire funding process and may rely on third parties to facilitate verification and transfer of funds depending on the deposit origin. Therefore, delays of up to one business day can occur.

Third Party Payments: FXCM does not accept Third Party payments. Deposits received from an account in a different name and/or held by someone other than the trading account holder constitutes a third party deposit. This also applies to corporate funds received for an individual account and similar scenarios.

Mobile Trademarks: iPhone, iTunes and iPad are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc. Android and Google Play are trademarks of Google LLC.

Deposit & Withdrawal

The processing time for deposits and withdrawals vary depending on the chosen method. Deposits made via credit/debit card are usually processed instantly, allowing traders to start trading promptly. Bank transfers take longer, typically ranging from 1 to 5 business days. When it comes to withdrawals, processing times can also vary. FXCM aims to process withdrawal requests promptly, but it is advised to consider additional time for funds to reflect in the trader's designated account due to potential delays caused by intermediary processors or the respective financial institutions.

Traders should refer to the FXCM website or contact customer support for more detailed information on the specific processing times associated with their chosen deposit and withdrawal methods.

Educational Resources

FXCM provides a range of educational resources and tools to support traders in their trading journey. These include trading guides, video tutorials, and webinars that cover various topics such as market analysis, technical analysis, and trading strategies. These resources are designed to help traders enhance their knowledge and skills in virtual currency trading.

In addition to these resources, FXCM also offers community support and communication platforms. These can include forums or social media groups where traders can connect with each other, share insights, and discuss trading ideas. These platforms provide an opportunity for traders to engage with a community of fellow traders and potentially learn from their experiences.

Overall, these educational resources and communication platforms aim to provide traders with the necessary tools and support to make informed trading decisions. However, it is important for traders to supplement these resources with their own research and analysis to develop a well-rounded understanding of the virtual currency market.

Customer Support

FXCM offers customer support through multiple channels to assist traders.

Traders can contact the customer support team via phone (442073984050, 08001456477) or email (info@fxcm.co.uk, admin@fxcm.co.uk). FXCM provides contact numbers specific to different regions, ensuring that traders can easily reach out for assistance. In terms of supported languages, FXCM offers support in multiple languages, but the specific languages supported depend on the region.

It is important to note that the effectiveness and response time of the customer support team vary depending on the volume of inquiries and the complexity of the issues. Traders should consider these factors and be prepared for potential delays in receiving a response.

Is FXCM a Good Exchange for You?

FXCM caters to a diverse range of traders, including both beginners and experienced traders. The platform provides a user-friendly interface and educational resources that can benefit novice traders who are new to virtual currency trading. The trading guides, video tutorials, and webinars offered by FXCM can help beginners develop a basic understanding of market analysis, technical analysis, and trading strategies.

For more experienced traders, FXCM offers advanced trading tools and features. The trading platforms provide real-time market data, charting tools, and technical analysis indicators, allowing experienced traders to analyze the market in depth and make informed trading decisions.

Additionally, FXCM offers a community support platform, such as forums or social media groups, where traders can connect with each other, share insights, and discuss trading ideas. This can be a valuable resource for both beginners and experienced traders to learn from each other's experiences and gain different perspectives on the virtual currency market.

It is important for traders to consider their individual trading preferences, experience level, and goals when choosing a trading platform. Traders who value educational resources and a supportive community may find FXCM to be a suitable choice.

Conclusion

In conclusion, FXCM is a virtual currency exchange that offers a user-friendly platform and a range of educational resources for traders of all experience levels. On the positive side, FXCM provides traders with an extensive array of cryptocurrencies for trading, coupled with a choice of multiple trading platforms equipped with a suite of tools and features. The inclusion of various deposit and withdrawal methods adds to the convenience of users, while the availability of educational resources and responsive customer support demonstrates the platform's commitment to enhancing traders' skills and addressing their concerns.

However, the platform does have a few drawbacks. While it offers a good selection of cryptocurrencies, some traders might desire an even broader variety available on other exchanges. The leveraged trading options, while potentially lucrative, also come with the inherent risk of substantial losses. Customer support, although accessible through different channels, can be inconsistent in terms of response time and effectiveness.

FAQs

Q: What are the deposit and withdrawal fees of FXCM?

A: FXCM does not charge any fees for deposits made via debit/credit card or bank transfer. However, fees may apply for certain non-USD denominated deposits or withdrawals, as well as for withdrawals made via Skrill or Neteller.

Q: What are the deposit and withdrawal methods supported by FXCM?

A: FXCM supports various methods for depositing and withdrawing funds, including credit/debit card, bank transfer, Skrill, and Neteller. Each method has its own processing time and traders are advised to refer to the FXCM website for detailed information on the specific processing times.

Q: Is FXCM suitable for beginners or experienced traders?

A: FXCM caters to both beginners and experienced traders. The platform offers a user-friendly interface and educational resources that can benefit novice traders, while more experienced traders can take advantage of advanced trading tools and features.

User Review

User Review

User 1:Yo, FXCM's crypto exchange is pretty cool! Love their security measures, makes me feel safe trading my crypto. The regulation vibes are solid too, being registered in the UK and all. Interface is smooth, easy on the eyes. Got my hands on BTC, ETH, and LTC easily. But, man, their customer support is like a sleepy snail. Fees? Meh, kinda high. Still, I'm staying for the security blanket they got going.

User 2:Hey there, had a go at FXCM's crypto exchange. Security game is on point, feels like Fort Knox. Appreciate the UK regulation too, adds trust. Interface? Clean and intuitive, no rocket science needed. Liquidity? Not bad, made my trades without major hiccups. They offer BTC, ETH, LTC - basic but solid. But hold up, their customer support needs a Red Bull infusion. Watch out for those trading fees, they can nibble. Overall, good place for safety-first traders.

Risk Warning

Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.