FXCM

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).

FXCM provides traders with multiple trading platforms, including MetaTrader 4, Trading Station, and Capitalise AI. 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.

Pros and Cons

Security

FXCM prioritizes security by adhering to the FCA's Client Assets Sourcebook regulations, ensuring clear segregation between client funds and company assets. Client Money is held in segregated bank accounts, providing added protection. FXCM meticulously selects and regularly reviews credit institutions where Client Money is held, thus to maintain the integrity and safety of client funds.

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.

Fees

The broker does not charge any fees for account maintenance, deposit, or credit/debit card withdrawal. However, there is an inactivity fee and bank withdrawal fees apply. All fees are included in the spread, so no separate commission is charged.

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.

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.

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 processes 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.