FXCM Australia Review & 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 CFDs in indices, commodities, crypto currencies and forex pairs available on the platform.
Our FXCM Australia review takes an in-depth look at this 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 FXCM Australia.
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 CFDs on the site go, users who are looking for diversity won’t be disappointed as there are 6 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 is only one account type available to you when you create your account with FXCM. 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.
On the other hand, if you are a high-volume professional investor, you can apply to join the Active Trader Rebate Program that includes benefits like rebate pricing, dedicated support, API trading, custom solutions, among other benefits.
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 Australia review 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 payment method. If you make the deposit via credit/debit card, your minimum account deposit is $50. A nominal fee, especially in comparison to some of FXCM’s competitors.
Fees – what fees you may encounter
The first thing that our FXCM Australia review 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.
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.
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.
As far as client money protection 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 forex markets, CFDs in cryptos, 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.