FXCM was established in 1991 in the US and has become the second-largest forex retail brokerage. It is also known as Forex Capital Markets and as a global Forex provider. It offers trading under different entities in the UK, Europe, South Africa, and Australia. FXCM offers CFD trading accounts for professional and retail accounts and spread betting. Clients can trade on various asset classes that include Forex Baskets, Forex, Commodities, Cryptos, and Indices. Traders are provided with an active trader account with competitive pricing and dedicated customer support. In this article, we have explained FXCM fees, leverage, spreads, commission, and their costs.
FXCM Fees and Spreads
There are good FXCM reviews that it offers competitive spreads, CFD instruments, and currency pairs. If you are an active trader, you get good discounts on spread costs depending on the volume traded. Commissions are charged as low as $0.10 per lot on CFDs; the spreads start from as low as 0.2 pips with EUR/USD.
FXCM Trading Fees
FXCM charges low trading fees and is transparent in every way. It offers a summary of fees along with a spread list. The spreads will depend upon the account type that the trader chooses. The trading fees are based on the financial instrument type being traded.
FXCM Non-Trading fees
FXCM’s some of the non-trading fees are a bit high; few are low, others are not charged at all. Some of the non-trading fees are various brokerage fees and the charges you pay that are not related to buying or selling of assets. Some of the non-trading fees include deposit fees, inactivity fees, withdrawal fees, and account fees.
FXCM Deposit Fee
Deposit fees are added when you transfer money from your bank account to your trading account. Unlike other brokers, FXCM does not charge any deposit fees, and the money you transfer from your bank account to your brokerage account remains the same. FXCM deposit methods include credit or debit cards, electronic wallets, and bank transfers.
FXCM Withdrawal Fee
Like other online brokers, FXCM does not charge withdrawal fees; this implies that the amount of money is the same when you transfer from your bank account to your brokerage account.
FXCM Inactivity Fee
FXCM charges low inactivity fees. Inactivity fees of $50 per year are charged for one year of inactivity. This implies that you should be well aware of your trading activity to avoid these inactivity charges when you do not trade.
Additional Trading Fees
- FXCM does charge overnight fees, which are also known as rollover fees or swap fees. These are charged for open positions for more than a day.
- This broker offers its traders of Ireland and the UK access to spread betting. The spread betting fees are based on the financial instruments included with other trading costs built into the spread.
- Even though FXCM does not charge any withdrawal or deposit fees, the trader should pay fees that the banking institutions might charge for their deposits and withdrawals.
1) What is the Minimum and Maximum leverage offered by FXCM?
FXCM’s new accounts have default leverage of 400:1 for Forex and leverage of 200:1 for CFDs. This broker has a maximum leverage of 1:400 for its non-EU/ UK customers.
2) What is the minimum lot size at FXCM?
FXCM’s minimum lot size is 0.01 lots for currencies and 1.0 lot for CFD contracts.
3) Does FXCM offer a bonus?
FXCM does not offer any promotional schemes or bonuses for its clients because of regulatory measures. Since it is a European regulated broker, they cannot provide promotions and bonuses for their clients.
4) Is FXCM regulated?
Yes, this broker is regulated by ASIC in Australia, FCA in the UK, FSCA in South Africa, and CySec in Cyprus.
5) Is FXCM offering a FREE Demo Account?
A demo account is offered by the brokers that help beginners know about the feature and tools and how to use them; it is also useful for experienced traders to test their trading strategies before they proceed with a live account. Simply put, the FXCM demo account offers traders to practice trading in a risk-free environment.