FXCM is a South African regulated forex broker. They are regulated with top-tier regulators i.e. FSCA & FCA in UK & ASIC. They offer competitive spread, zero deposit charges & 20% Bonus. Read our FXCM Review to decide if you should choose them or not!
FXCM is one of the oldest global forex broker with office in Johannesburg, South Africa. They were established in 1999, and are regulated with various regulatory authorities including with the FSCA in South Africa.
They are popular for their reliable and user friendly trading platform which does not hang while opening or closing the trade.
Their spread is not the lowest, but it is still very competitive as compared with other brokers.
For this review, we setup a trading account with FXCM, and have closely tracked their Mt4 platform, trading environment, fees, customer support & more.
Overall, we find them to be a genuine and reliable broker for South African traders, based on our check on multiple factors like trading fees, support and account types.
Below is our full review on FXCM’s “good & bad side”.
Table of Contents
|Broker Name||FXCM South Africa|
|Registered Address||114 West Street, 6th Floor, Katherine & West Building Sandton, 2196, Johannesburg, South Africa|
|FXCM Minimum Deposit||$50|
|Major Regulations||Financial Sector Conduct Authority (FSCA), Financial Conduct Authority (FCA), Australian Securities and Investments Commission (ASIC)|
|Trading Instruments||Forex Trading, Metals, Cryptocurrencies|
|Trading Platforms||MT4 for PC & Mobile, Zulutrader and Ninjatrader|
FXCM is a regulated broker & they are also regulated with the South African regulator FSCA. We found them to be very trusted in terms of the regulations.
FXCM is regulated with the top regulatory authorities as described under:
Is trading with FXCM safe?
FXCM is a reputed forex broker that has been around for quite long time. It is also regulated by the major regulators like FSCA & FCA. So your funds with them are safe.
FXCM offers really competitive fees with low spread on most pairs. Below is the full breakdown of all the fees charged by FXCM:
Moreover, your account will be marked as close if the amount after the deduction of inactivity charges is zero.
Overall, we have found FXCM’s trading fees to be nominal expect for their inactivity charges. But most brokers charge fees for dormant accounts, so we can say that FXCM’s fees is just as low as some other top brokers!
FXCM offers Live accounts as well as demo accounts for South African traders. Reviewed below are the account types at FXCM & their features.
FXCM offer new traders the option to start trading on their demo account. So you can practice yourself and start actual live trading after you familiarize yourself with the forex market.
Moreover they offer 5000 USD in their demo account as virtual money to start trading for learning. You can use their demo account to test your strategies. But their virtual money & demo account will be expire after 30 days of inactivity.
Moreover, you must note that demo accounts are different from Live accounts. So the trading environment on both are likely to vary. It is advised that after practicing on demo, you should create a live account with low deposit, and then test their actual trading environment.
FXCM offers only one Live account, and it comes with all their features.
The minimum deposit to start with the standard live account is 50 USD with leverage of 400:1.
Moreover, FXCM has another account for big traders. With their standard live account a FXCM client can get active trader status by maintain a balance of 25000 USD. For active traders there is even tighter spread and dedicated support and also there is a less commission on the traded volume.
Opening account with FXCM is very simple. You just need to follow the below steps to create an account with them.
Here are the detailed steps that you can follow while opening an account with FXCM:
Step 1) Visit Open Account Page: First of all you need to visit the open account page of FXCM. There you will see the form that you need to fill.
Step 2) Select Country & Platform: Now you need to select your county and the trading platform which you want to use.
Note: We recommend you to choose MetaTrader 4 as your trading platform from drop down menu.
Step 3) Complete the online application: In this next screen, you need to fill your details to complete the registration and you also need to select Base currency and Leverage in this same section.
Step 4) Deposit Funds: On the completion of the application, you will get username and password. Now you need to login to your account and make a deposit to start trading with them.
Congratulations! Your account has been set up now. You can also verify your created account by uploading the required documents which should be any ID proof like passport, driving license, etc. and one address proof like electricity or water bill.
Note: It can take up to 24 hours to verify your uploaded documents. Once documents are verified, your account is marked as verified and you will get confirmation mail regarding this.
FXCM have a wide range of trading platforms which include the following:
1) FXCM Meta Trader: FXCM offers MT4 platform, but they don’t have MT5 version. MetaTrader 4 is still a popular trading platform in the forex industry even after the MetaTrader 5 version, and there are some upsides of using MetaTrader 4, as it is tried & tested.
Their MT4 is fast & we did not notice any freezing or issues like downtime during any order. Plus, they also have EAs & news feed available in their platforms. Their MT4 is available for both mobile & desktop.
On the downside, they don’t have the latest Metatrade 5 version available. If you are looking for a MT5 broker then you should look elsewhere.
Other than Metatrader, FXCM also offers Zulutrader, Ninjatrader & their own mobile trading app.
FXCM supports various payment methods to allow their South African clients to make a deposit with them and withdraw the funds from their account.
Below are the detailed methods using which you are deposit and withdraw funds with them:
Below are the funding option that FXCM offers:
1) Credit/Debit Cards: This is a fastest way to deposit the funds in your FXCM account. You can use the debit or credit card like VISA, Master Card, etc. to make a deposit. And this method does not include any charges on transaction, so you will get 100% of your deposited amount.
2) Bank Wire Transfer: You can also transfer from your bank account to their bank account. For this method, you will get the details in the client panel after login to your account with FXCM. There are no charges and it is free from their end but your bank will most likely charge you for the wire.
The following are the withdrawal options available at FXCM:
1) Credit/Debit Cards: This option is only available for you if you used your card for funding. Withdrawal can be received in the card which you have used on their website to add funds in your account. You can send your debit or credit card details to support team to process the withdrawal.
2) Bank Wire Transfer: FXCM also offers withdrawals via bank wire. You can send your bank account details to them for this method. But they will charge fees for this method, as normal wire transfer charges will be deducted by them depending on your bank.
FXCM have very limited bonus offers for South Africans. They only have one ongoing welcome bonus program for new traders.
Below are the bonus offers available at FXCM currently.
It is for new clients or traders which will be received after creating and verifying account with them.
FXCM could do better with their bonus offers & loyalty program for South African traders.
The good thing about FXCM is that they are providing customer support for 24 hours during 5 days in a week via:
Chat Support: Chat Representatives are always available 24 hours for resolving or helping clients with their queries. We have noticed that there is low hold time on chat but their chat becomes very unresponsive for some queries. We think they could be more knowledgeable.
Email Support: Visitors can also contact them by sending a mail to their email [email protected] from their email. They normally take upto 24 hours for replying back to clients which is not better as compared to another brokers.
Phone Support: The most important and good thing is that FXCM have local phone number to provide support to their client. You can contact them by dialing their number +27 10 590 6301 for any kind of query.
South African Office: FXCM has local registered office in South Africa, which we consider to be a pro. You can visit their office at 114 West Street, 6th Floor, Katherine & West Building Sandton, 2196, Johannesburg, South Africa.
Yes, we do. But there are some better forex brokers out there if you have to choose only one.
FXCM has been around for years now, and they are also highly regulated with FSCA FCA in UK, so we can say that they are very safe.
Their minimum deposit of $50 to start trading is also very low as compared to others brokers in South Africa. They don’t have multiple accounts, so the fees structure & platforms are very clear.
We found them to be very competitive with their spread. Their support is also good enough.
But they don’t have the latest MT5 platform. They also lack in their bonus offers, and some of the withdrawal methods come with high fees.
"Do you have experience with FXCM? Please consider sharing your experience with a review below – good or bad – doesn’t really matter as long as it’s helpful to other traders!"
We only accept user reviews that add value to fellow South African Traders. Unfortunately, not all reviews that you post with us will be published on the website. For your review to be approved, please share your detailed & honest experience with the broker – either positive or negative. Thank you for helping out other traders with your valueable feedback!
Important: We don't accept any payments or kickbacks from any forex broker(s) to delete or change any reviews. We welcome Forex Brokers to reply to reviews on our website & share their side of the story to keep the process honest and fair for both sides.