FXCM Review Australia & Test 2021
Is FXCM Safe Or Scam?
FXCM gives novice and experienced traders the chance to access a number of different trading instruments. You can take their pick from the plethora of indices, commodities, crypto currencies and forex pairs available on the platform.
Our FXCM review Australia takes an in-depth look at how you can create your account with the broker, what some of the payment methods are, the available trading tools and much more. You’’ know all there is to know about the broker after you finish reading our FXCM review. With that said, let’s take a look at how you can set up your account.
FXCM is a quality online broker option if you have yet to find a broker you feel comfortable with yet. What makes FXCM great is that they don’t bog you down with an excessively difficult sign-up process. New users on the site can get cracking with their trading account fairly quickly.
Navigate to the “open account” button in the top right-hand corner of the homepage. You’ll then start things off by providing FXCM with your email address, phone number, the account type you want to use, the trading platform you want to use and your prefered password. After that, you’ll need to add personal information like your name, surname, address, I.D. number etc. This shouldn’t take you more than a few minutes to complete. The KYC (know your customer) process is simple. You provide FXCM with the basics that we have mentioned, then you give them some more information on your current employment and financial information.
The most important part of your account creation process lies in the verification of the account. In order to have a fully functioning FXCM account, you need to provide the broker with a valid copy of one of your identification documents and proof of residence. Your proof of residence is usually verified by providing a bank statement from the last 3 months or a utility bill. Check out our City Index review to see how the sign-up process differs.
Once you enter the FXCM platform you already feel like this could be the site you have been looking for. The homepage is laid out in a clear and concise way in which you can see exactly what the broker is providing for you. The menu across the face of the homepage clearly shows you where to find everything from the available trading instruments to educational pieces on the site. You’ll have no problem finding just what you are after, hassle-free.
As far as the available cryptocurrencies on the site go, users who are looking for diversity won’t be disappointed as there are 7 different crypto pairs to choose from. You won’t be able to actually own the underlying crypto asset as you’ll be trading crypto CFDs but we’ll touch on this in more detail later. If you want to own the crypto outright then you’ll be better off using a platform like Coinbase. See how our TradeStation review differs in this regard.
There are a number of different account options available to you when you create your account with FXCM. They can be a little tricky to understand at first if you are unfamiliar with these account options but they are pretty simple in reality.
There are 4 different account options available to you. You can choose from an individual, joint, corporate or trust account. The first option in the individual account will give you an additional two options on what type of account you want. You will select either the active trader individual account or the standard trader individual account. If you are someone trading in large volumes on a regular basis then the active trader account is the best option. The spreads are better, the customer service more hands-on and you’ll have better access to forex pairs.
If you are unsure about what account you think is going to best suit you, FXCM has a handy little feature in which you can test their site out without contributing any of your own capital. The demo account option allows users to make trades with valueless capital in order to better understand the trading tools available to them and what account they may ultimately want to go with.
It’s important to remember that no matter what account you go with (other than a demo account) you will be charged with an inactivity fee of $50 if you don’t make a trade within 12 months of opening your account. Check out our Oanda review to compare inactivity fees.
Fees – what fees you may encounter
The first thing that our FXCM review Australia found was the broker charges absolutely no payment fees. This means that none of your deposits or withdrawals is subject to a fee from FXCM’s side. With that being said, you may still have to be up to $40 if you use a bank transfer to make a withdrawal from your FXCM account.
The fees you may need to pay when using FXCM will vary depending on a couple of different factors. If you are trading forex, your pip average will depend on the currency pairs you are trading. This means you may have to cover a spread anywhere from 0.45 to 2 points.
Your trading fees will also depend on how long you decide to hold your position open. Our FXCM review found that the broker is wholly transparent about their trading fees. You won’t be caught off guard by any fine print or unknowns, as FXCM are expressly clear about the spreads you need to cover on your trades. This not only increases our FXCM rating but gives us confidence in the fact that there is no FXCM scam going on here. See how our Blueberry Markets review compares to the FXCM trading fees.
The option that you will likely have encountered first, is the desktop version of the site. When accessing the FXCM platform via desktop users will have nothing short of a quality experience. The desktop platform is straightforward to use as all the information on the site is laid out in a clear way. Our FXCM review Australia found that this was the trend for both the mobile version of the site and in the app that is available via IOS and Android.
In terms of the actual trading platforms available to use, our FXCM review found that users could access a number of different options. TradeStation is the FXCM designed trading platform that gives you access to an exceptional amount of customizable widgets, order types and search functions. The self-developed TradeStation platform accentuates the overall quality of FXCM by providing users with an avenue to better understand trades and to better execute them as well.
The other trading platform options on the site include MetaTrader 4, Ninja Trader, ZuluTrade and Trading View. Each of these platform options has their own unique uses and advantages. For example, ZuluTrade is great for those looking to take up copy trading while MetaTrader 4 is the unrivalled option for forex trading. Our FXCM rating reflects how impressed we were with the range of trading platforms.
Our FXCM review Australia found that users can choose from a few of the most reputable payment methods around. These payment methods currently include the likes of e-wallets like Neteller and Skrill, more common methods like a bank wire or credit/debit card transfer and BPay. This is a fairly decent selection of payment methods, although we’d like to see a few more added in future.
Your minimum deposits on the site will differ depending on the account you have decided to open. If you are located in Australia, your minimum account deposit is $50 for a standard individual trading account. A nominal fee, especially in comparison to some of FXCM’s competitors. However, if you are looking to open an active trader account, then you will need to deposit a minimum of $25,000. This is pretty steep but it makes sense, as the active trader account is only really for those users who consider their vocation to be that of a trader. Essentially, people who trade for a living.
In order for our FXCM ranking to reach an acceptable point, we have to seriously take customer service into account. Our FXCM review has done just that as we decided to check out the customer service team for ourselves.
Our FXCM review found that the support staff on the site were more than helpful but more importantly, they were professional and patient with our questions. You can reach the customer support team via the live chat feature, their help desk phone number or via email. We found that for all three modes of contact that FXCM represented in a timely fashion.
The only thing we were a little disappointed by was the fact that the customer service was not available 24/7. This is somewhat disconcerting but if you are trading during business hours then it shouldn’t be too big of an issue for you. We do worry for those traders who may hold their position overnight though.
One of the most important things about any online broker is whether or not they are regulated by an official financial authority. Our FXCM review found that the broker is regulated by the Australian Securities and Investments Commission (ASIC). This is a strong indicator that FXCM is safe to use already. If you need even more reassurance, FXCM is regulated by a number of other top-tier financial authorities such as the Financial Conduct Authority (FCA) and the Financial Industry Regulatory Authority (FINRA).
As far as deposit insurance on the site goes, FXCM protects your capital investments by placing them in segregated accounts. This means that in the unlikely event that FXCM becomes solvent, your funds will be returned to you as they will never be used to cover the debts of FXCM Australia.
FXCM Australia is not only safe to use but is also a high-quality trading platform that caters to the needs of every kind of trader. Whether you are looking to cryptos, forex markets, indices or commodities you’ll find what you’re after on the FXCM Australia platform. After completing our FXCM review we were thoroughly impressed with what we found on the site.
However, if FXCM Australia is quite your style, then we suggest taking a look at our IG review or our AvaTrade review. Both of these are fantastic alternatives to FXCM Australia and provide you with outstanding trading platforms.