FXCM is one of the oldest and most mature forex trading brands, which is why many traders choose the stability this broker offers. If you’ve already decided to trade with FXCM, keep reading this guide to help you know which FXCM account is right for you. If you’re still making up your mind on FXCM, this guide may still help you, but our comprehensive FXCM review might help you even more.
FXCM Account Types
Demo Account
Like most brokers, FXCM offers a demo account to allow you to test the trading environment, platform and service provided. The FXCM demo account will enable you to trade the products offered using virtual money, meaning you don’t need to take any risks while testing or practising.
You won’t be obligated to open a live FXCM account. You may use the demo account as long as you need, but keep in mind that it expires if you don’t use it for thirty days. Demo accounts are an essential component when choosing a new broker, therefore we recommend checking our guide dedicated to FXCM demo accounts.
FXCM Standard Account
To open a standard account with FXCM, you should expect to comply with a minimum deposit which varies a lot by region. Traders who are not resident of EU and UK only need to fund their standard account with $50.
The FXCM standard account will give you access to a selection of 39 forex currency pairs. The spreads can be considered competitive, starting from 1.3 pips for EUR/USD. The spread may be even lower if you qualify for the active trader program. If you are eligible, you could enjoy EUR/USD spreads of 0.2 pips. The platforms available with FXCM are a proprietary trading platform called Trading Station, everyone’s favourite platform MetaTrader 4, and social trading platform ZuluTrade.
FXCM Islamic account
For traders of the Islamic faith, FXCM provides an Islamic account. This account’s main characteristic is that no swap fee is charged to be compliant with Sharia laws on finance. When trading with this account type, you may experience slightly higher spreads on some products. The mark-up on this account starts from 0.4pips. The higher transaction costs offset the broker’s borrowing costs, even if they are not passed onto the trader. As the standard account, Trading Station, MetaTrader 4 and ZuluTrade are available.
FXCM Spread Betting Account
Currently, the FXCM account for spread betting is only available to UK and Ireland based traders with FXCM. Traders can start trading with FXCM with £300. With FXCM, you can spread bet on 39 instruments using Trading Station, MT4 and ZuluTrade platforms. Spread Betting is a popular product in the UK for speculating on financial markets. The UK is home to many leading spread betting providers, and we’ve compared the best spread betting accounts available. The guide will help you see how the FXCM spread betting account compares to others.
FXCM Account Opening
Live Account Opening
Opening an FXCM live account is a simple and straightforward process. Keep in mind that you’re not required to verify your identity to open a demo account, and we recommend that if you’re not an expert, you should just try a demo account, which you can open by following this link. Once you’re ready to proceed with trading your money, verify your account and deposit the amount you’re prepared to risk.
66% of retail CFD accounts lose money
Account Verification
Account verification with FXCM is generally speedy. To open the account, in most cases, all you will need is one document to verify your identity, typically a passport, national ID or driver’s license, and one document to verify your address, usually a bank statement or utility bill. In rare circumstances, you might be asked to provide additional information.
Account Funding
Account funding is another aspect that can vary depending on your location. Bank transfers and major credit and debit cards are almost always available. Various e-wallets such as Skrill, Neteller, UnionPay, Klarna and Rapid Transfer might be available in your location. The available deposit currencies correspond to the ones used as account base currencies: USD, GBP, and EUR.
Minimum Deposit
The minimum deposit varies by location. The minimum deposit is generally $50 for non-EU and UK clients. For clarity on the minimum deposit requirements with FXCM, head over to our dedicated guide on FXCM minimum deposits.
Account Currency
FXCM offers EUR, GBP, and USD base currencies for trading accounts.
FXCM Account Bonus
FXCM offers various bonuses and promotions to clients. Unfortunately, they are not available in all jurisdictions, including Australia, UK and the EU. Here are some of the most popular FXCM account promotions and bonuses*.
- Vietnamese traders can enjoy a $25 bonus credit as a welcome gift. To qualify, all you need to do is open the account with FXCM Markets, fund it, and send an email to the broker to get the reward. Please note that FXCM Markets is not required to hold any financial services license or authorization in Bermuda to offer its products and services.
- If you refer your friends and family to the broker, you could be eligible to receive a $200 bonus in FXCM ZA’s trading account. This promotion is also available for traders in various countries in South Africa.
- FXCM offers a rebate program for active traders. The promotion consists of rebate rates for index CFDs and five tiers for forex and commodities. To be eligible for rebates, you need to meet the minimum combined notional trading volume of $10 million each month. Not all instruments qualify for the FXCM Rebate Program. Additionally, you are bound by FXCM’s Terms of Business.
If none of the trading bonus options listed above appeal to you or aren’t available in your location, we’ve prepared a detailed overview of the best forex bonuses and promotions.
*Terms and conditions apply. Please visit fxcm.com for details.
FXCM Account Deposit & Withdrawal
FXCM does not charge any fees to receive funds to your trading account. But don’t forget that while FXCM won’t charge you, your bank may. What your bank does is not something that FXCM can control. For more information about the costs involved when transferring funds to FXCM’s bank account, contact your bank to discuss it directly. Another fee you could be charged if you deposit in a non-base currency, and currency conversion will need to be performed.
Various deposit methods take different amounts of time to be processed. A bank wire may take a couple of business days to complete. International wire transfers will take longer, usually between three and five business days. Credit/debit cards are processed in one business day but often much faster than that. eWallets such as Skrill and Neteller are also processed very quickly, usually within one business day.
As with deposits, FXCM withdrawals are normally processed without any additional fees from the broker. However, there is an exception for bank wire requests, where a $40 withdrawal fee will be charged.
Due to internal processing times, withdrawals may take up to 48-hours to complete. International wire transfers may take an additional three to five business days after being processed internally.
FXCM Account Management
FXCM Account Inactivity
FXCM offers a limitless demo account that never expires. When you open a live account, you’ll be charged $50 per year after 12 months of being inactive.
FXCM Account reactivation
If your FXCM account becomes inactive, it can be reactivated. All you have to do is reach out to the customer support team to request reactivation.
How to close and delete the FXCM account
Closing your FXCM account is effortless. The first step is to withdraw your funds. The second step is to contact the FXCM customer support team and inform them of your decision to close your account.
InvestinGoal is acting in a capacity of a marketing affiliate of FXCM EU LTD.
