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FXCM review

FXCM Review

Overall, FXCM is considered low-risk, with an overall Trust Score of 93% out of 100. FXCM is licensed by two Tier-1 Regulators (high trust) and two Tier-2 Regulators (average trust). FXCM offers three different retail trading accounts and one professional account. 

Updated : February 12, 2024

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005 regulations book

Overview

005 feature selection

Regulation and Safety of Funds

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Awards and Recognition

007 fees

Account Types and Features

profile

Account Registration

comparison

Broker Comparison

003 responsive design

Trading Platforms

003 stock market

Range of Markets

charge

Fees

001 cash withdrawal

Deposit and Withdrawels

003 research

Education and Research

bonus

Bonuses and Promotions

001 cash withdrawal

Affiliate Programs

customer service

Customer Support

002 affiliate marketing

Social Responsibility

008 auction

Final Verdict

004 review

Pros and Cons

001 question

FAQ

Overall Rating

Min Deposit

USD 50 / 672 BWP

Regulators

FCA

Trading Desk

MetaTrader 4

Crypto

Yes

Total Pairs

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

Overview

Overview

 

FXCM, short for Forex Capital Markets Limited, is a UK-based foreign exchange (FX), contracts for difference (CFD), and spread betting broker.

In 1999, it opened its doors to the public. For twenty-two years, FXCM has been a leading broker in the foreign exchange (Forex) and contracts for difference (CFDs) markets.

 

Leucadia Investments is a merchant banking subsidiary of Jefferies Financial Group and the owner of FXCM Group (FXCM LTD), a publicly traded company with a history in investment banking and a presence on the New York Stock Exchange.

 

FXCM accepts Botswanan clients and has an average spread from 0.2 pips with 0.05 USD commission per lot on Forex. FXCM has a maximum leverage ratio up to 1:400 (1:30 under FCA), and a demo and Islamic account are available.

Trading Station, MT4, NinjaTrader, ZuluTrade, Capitalise AI, TradingView Pro, QuantConnect, MotiveWave, AgenaTrader, Sierra Chart, SeerTrading, and NeuroShell Trader platforms are supported. FXCM is headquartered in the United Kingdom and regulated by FCA, ASIC, CySEC, and FSCA.

 

Distribution of Traders

Distribution of Traders

 

The distribution of traders is as follows:

➡️ United Kingdom – 14%

➡️ United States – 9.4%

➡️ South Africa – 7.7%

➡️ Australia – 5.7%

➡️ France – 5.6%

 

Popularity among traders 

🥇 FXCM does not hold a significant market share in Botswana, but the broker is one of the top 100 brokers for Botswana traders.

FXCM At a Glance

🏛 HeadquarteredUnited Kingdom
⚖️ Local Market Regulators in BotswanaMinistry of Finance and Economic Development (MFED)
Bank of Botswana (BoB)
Non-Bank Financial Institutions Regulatory Authority (NBFIRA)
💰 Foreign Direct Investment in Botswana115.89 BWP Million in 2021
💸 Foreign Exchange Reserves in Botswana5270 USD Million in 2021
🏛 Local office in Gaborone?No
⚖️ Governor of SEC in BotswanaNone, Moses Dinekere Pelaelo is the Governor of the Bank of Botswana
✔️ Accepts Botswanan Traders?Yes
🗓 Year Founded1999
📞 Botswanan Office Contact NumberNone
📱 Social Media Platforms• Facebook
• Twitter
• YouTube
• RSS
• LinkedIn
• Instagram
⚖️ RegulationFCA, ASIC, CySEC, FSCA
1️⃣ Tier-1 Licenses• Financial Conduct Authority (FCA)
• Australian Securities and Investments Commission (ASIC)
2️⃣ Tier-2 Licenses• Cyprus Securities and Exchange Commission (CySEC)
• Financial Sector Conduct Authority (FSCA)
3️⃣ Tier-3 LicensesNone
🪪 License Number• United Kingdom – 217689
• Australia – AFSL 309763
• Cyprus – 392/20
• South Africa – FSP 46534
⚖️ MFED, BoB, or NBFIRA RegulationNone
❌ Regional RestrictionsUnited States, Ukraine, Turkey, Russia, and Iran, along with some other countries
☪️ Islamic AccountYes
💻 Demo AccountYes
🛍 Retail Investor Accounts3 Retail, 1 Professional
✔️ PAMM AccountsNo
💧 Liquidity ProvidersBarclays Bank, Citibank N.A., Deutsche Bank, FASTMATCH MKP, ХТХ Markets Ltd., UBS, Morgan Stanley
💰 Affiliate ProgramNone
💻 Order ExecutionMarket
📊 Starting spread0.2 pips on EUR/USD, Variable
💰 Minimum Commission per TradeFrom $3.5
💸 Decimal PricingUp to 5 digits after the comma
📞 Margin Call100%
🛑 Stop-Out50%
💰 Minimum Trade Size50 million per trade on Forex
💵 Maximum Trade SizeYes
✔️ Crypto trading offered?Yes
✔️ Offers a BWP Account?No
👥 Dedicated Botswanan Account Manager?No
📈 Maximum Leverage• 1:30 under FCA
• 1:400 under other market regulators
📋 Leverage Restrictions for Botswana?No
💰 Minimum Deposit 660 BWP or an equivalent to $50
✔️ Botswanan Pula Deposits Allowed?Yes
👥 Active Botswanan Trader Stats250,000+
🤝 Active Botswanan-based FXCM customersUnknown
💰 Botswana Daily Forex TurnoverUnknown, Forex overall is $6.6 Trillion
💵 Deposit and Withdrawal Options• Credit Card
• Debit Card
• CreditPay
• Bank Wire Transfer
• Skrill
• Neteller
• Klarna.
• Rapid Transfer
• Local Bank Transfer Philippines
• Local Bank Transfer Vietnam
• Local Bank Transfer LATAM
• Local Bank Transfer Malaysia
• Local Bank Transfer Indonesia
⏰ Minimum Withdrawal TimeInstant
🕙 Maximum Estimated Withdrawal TimeUp to 2 working days
✔️ Instant Deposits and Instant Withdrawals?Yes
🏧 Segregated Accounts with Botswanan Banks?No
💻 Trading Platforms• Trading Station
• MetaTrader 4
• NinjaTrader
• ZuluTrade
• Capitalise AI
• TradingView Pro
• QuantConnect
• MotiveWave
• AgenaTrader
• Sierra Chart
• SeerTrading
• NeuroShell Trader
💵 Tradable Assets• Forex
• Shares
• Indices
• Commodities
• Cryptocurrencies
• Forex Baskets
• Stock Baskets
✔️ Offers USD/BWP currency pair?No
📊 USD/BWP Average SpreadN/A
✔️ Offers Botswanan Stocks and CFDsNone
🗣 Languages supported on the WebsiteEnglish
📞 Customer Support LanguagesMultilingual
✔️ Copy Trading SupportYes, through ZuluTrade
⏰ Customer Service Hours24/5
🧑‍💻 Botswanan-based customer support?No
💰 Bonuses and Promotions for BotswanansYes
📚 Education for Botswanan beginnersYes
✔️ Proprietary trading softwareYes, Trading Station
🥇 Most Successful Botswanan TraderCurrently unknown
✔️ Is FXCM a safe broker for Botswanans?Yes
🥇 Rating for FXCM Botswana9/10
🎖 Trust score for FXCM Botswana93%
👉 Open Account👉 Open Account

Regulation and Safety of Funds

Regulation and Safety of Funds

 

The FXCM Group contains enterprises that are regulated in numerous countries. With the FXCM group of businesses (collectively, the “FXCM Group”), some of the world’s most respected regulatory agencies have registered and regulated FXCM as follows:

➡️ In the United Kingdom, Forex Capital Markets Limited (FXCM) is regulated by the Financial Conduct Authority under reference number 217689 and with the company registration number 04072877.

➡️ In South Africa, FXCM South Africa (Pty) Ltd is registered as a private company under registration number 2015/279499/07. FXCM is regulated by the Financial Sector Conduct Authority and is a licensed Financial Service Provider under FSP 46534.

➡️ In Cyprus, FXCM EU Ltd is well regulated by the Cyprus Securities and Exchange Commission (CySEC) under 392/20 with company registration number HE 405643.

➡️ In Australia, FXCM Australia Pty Limited is well-regulated and overseen by the Australian Securities and Investments Commission (ASIC) under AFSL 309763 with CAN 121 934 432.

 

FXCM secures websites and platforms using a Secure Socket Layer (SSL). SSL encryption secures data communication between customers’ computers and FXCM’s servers, keeping hackers out.

This is critical, since identity thieves and online fraudsters may try to steal critical user information, such as credit card numbers, verification papers, and user accounts.

 

All customer funds are separated into separate bank accounts. These accounts are maintained with reputable banks in Europe, Australia, and other FXCM operating countries. For instance, in Australia, customer money is stored by Citibank, a reputable multinational bank.

For European customers, their money is additionally safeguarded by the ‘Financial Services Compensation Scheme’ insurance (FSCS). If FXCM becomes insolvent in the future, the FSCS may compensate qualifying customers. Compensation under the FSCS is limited to £85,000.

FXCM does not provide services to citizens of the United States of America, Ukraine, Turkey, Russia, Iran, or some other countries.

 

Is FXCM a regulated broker?

The broker operates as a regulated broker and adheres to regulatory standards set forth by prominent financial authorities. The company is regulated by leading regulatory bodies such as the Financial Conduct Authority (FCA) in the United Kingdom, the Australian Securities and Investments Commission (ASIC) in Australia, and the Financial Services Commission (FSCA) in South Africa.

 

How does FXCM ensure the safety of clients’ funds?

The broker prioritizes the safety of clients’ funds through various measures designed to mitigate risks and safeguard assets. One key practice is the segregation of client funds, where client funds are kept separate from the company’s operational funds.

Awards and Recognition

Awards and Recognition

 

FXCM was awarded Best in Class for Platforms & Tools, Mobile Trading, Professional Trading, Ease of Use and received multiple star ratings in the ForexBrokers.com 2021 Online Broker Review.

 

Has FXCM received any awards or recognition for its services?

The broker has been recognized with numerous awards and accolades for its excellence in the financial services industry. The company has received recognition in categories such as brokerage services, trading platforms, customer service, and innovation.

 

How can I verify FXCM’s awards and recognition?

Clients interested in verifying FXCM’s awards and recognition can typically find a list of accolades on the company’s official website. FXCM may also publish press releases or announcements regarding recent awards received.

Account Types and Features

FXCM enables Botswana traders to approach the financial markets in four distinct ways by offering access to the following trading options:

➡️ Spread Betting

➡️ CFD Trading

➡️ Active Trader

➡️ Professional Trader

 

Live Trading Accounts

Spread Betting

Botswana traders must note that this option is offered exclusively to traders based in the United Kingdom.

Spread betting is a type of derivatives trading that is based on speculation about an asset class’s future price volatility. Simply put, it is a financial instrument that enables traders and investors to benefit from an imminent change in the price of an asset without possessing the item itself. Spread Betting is a convenient way to get exposure to the financial markets.

Profits are tax-free and spread bettors may profit on rising or falling markets without owning any assets. Additionally, spread bets are commission-free and leveraged.

 

The following are some of the advantages of spread betting:

➡️ Tax-free profits

➡️ No Stamp Duty

➡️ Commission-free trades

➡️ Speculation on both rising and falling prices

➡️ Leverage can be used to open larger positions

➡️ A range of markets if offered

 

CFD Trading

CFD trading allows Botswana traders to benefit from price movements in currencies, stock indices, and commodities like gold and oil without purchasing the underlying product.

Botswanans who trade CFDs with FXCM will benefit from a few benefits, including the following:

➡️ Leveraged trading on several financial instruments up to 1:400 for traders who are registered with other market regulators other than the FCA

➡️ Low and competitive trading fees and spreads

➡️ Zero Stamp Duty

➡️ The ability to trade 24/5 on most markets and 24/7 on cryptocurrency markets

 

Botswana traders can typically anticipate leverage of between 1:30 and 1:400, depending on the regulatory framework under which they create a trading account. Additionally, traders might anticipate the following spreads while trading with FXCM:

➡️ AUS200 – from 1.6 pips

➡️ FRA40 – from 1 pip

➡️ EUR/USD – from 0.3 pips

➡️ BTC/USD – from 58.87 pips

➡️ XAG/USD – from 0.04 pips

➡️ XAU/USD – from 0.4 pips

➡️ NAS100 – from 1.18 pips

➡️ SPX500 – from 0.44 pips

 

Active Trader

FXCM’s Active Trader account is designed for frequent traders in Botswana. When trading evolves beyond a hobby, you deserve the best. Become an Active Trader and benefit from customized assistance, premium services, and innovative solutions.

Active traders are eligible for a range of pricing categories, including a Tax-Free account with tight spreads and no commissions for residents of the United Kingdom and Ireland.

 

The Active Trader account was designed specifically for the committed trader. It shows FXCM’s highest quality of service and offers various unique advantages to its users:

➡️ Dedicated customer support

➡️ Access to API Trading

➡️ Institutional derived trading ideas

➡️ Market Depth

➡️ Customized solutions

 

The typical commission charge that FXCM levies is $25 per $1 million traded. In addition, there is a discount of 52.4$ for traders who trade volumes between $150 and $500 million.

 

Botswana traders should anticipate the following typical spreads as active trading:

➡️ EUR/USD – from 0.2 pips

➡️ GBP/USD – from 0.6 pips

➡️ NZD/USD – from 0.5 pips

➡️ USD/CHF – from 0.6 pips

➡️ USD/ZAR – from 64.5 pips

➡️ JPN225 – from 7.78 pips

➡️ NAS100 – from 1.18 pips

➡️ USOil – from 0.04 pips

➡️ XAG/USD – from 0.04 pips

➡️ XAU/USD – from 0.4 pips

 

Professional Trader

Botswana traders who match the following conditions may open a professional FXCM account:

➡️ If the trader has held significant leveraged derivatives holdings over the preceding four quarters.

➡️ If the trader’s financial portfolio is worth more than 500,000 EUR.

➡️ If the trader has worked in the financial industry for at least one year in a professional role that requires an understanding of derivatives trading.

 

Additionally, Botswana traders must possess the necessary competence, experience, and understanding to make intelligent investment choices to qualify for the professional account.

 

Traders must be aware that, as professional clients, they do not have the same degree of regulatory protection as retail consumers. Instances where this is applicable include, but are not limited to:

➡️ The trader must make sure that their account does not drop into a negative balance. The trader’s losses might be larger than the deposits if this happens, prompting extra payments to boost the account value above zero.

➡️ FXCM is compelled by the Financial Conduct Authority (FCA) to limit leverage on some retail products to comply with these requirements. Professional clients are immune from these constraints, hence utilizing additional leverage may backfire on investors by increasing losses.

➡️ For transactions involving more intricate financial products, FXCM will not be compelled to offer Professional Kenyan traders the same risk warnings that they already issue to ordinary clients.

 

Demo Account

Demo Account

 

A demo account is a practice account that offers traders a certain amount of virtual funds that they can use, allowing them to enter the live market without risking their capital. 

There is a certain degree of risk involved when trading financial markets and FXCM offers its clients a risk-free platform where they can test strategies, practice trading, and explore what the broker offers in a safe trading environment with real market conditions.

 

offers Botswana traders access to a range of markets that can be traded through a demo account. The features on the FXCM demo account include:

➡️ Virtual funding up to $20,000

➡️ Live buy and sell prices

➡️ The ability to trade 24 hours a day, 5 days a week

 

Botswanans must note that demo accounts do not have the same real-time market liquidity as live trading accounts. In addition, there may also be a delay in pricing and limits on some products.

 

Islamic Account

Depending on the trading style and the trading strategy of the forex trader, they may keep their trading positions open for longer than 24 hours on a trading day.

This means that the trader could incur an overnight or rollover fee. This is a type of interest that is prohibited by Riba principles of Sharia law, which means that Muslim traders are often restricted in forex trading.

 

FXCM increased the number of account types available to consumers by adding interest-free accounts. At 5 pm EST, when open positions are shifted to the next business day, regular forex trading accounts compute the rollover (interest paid or earned).

Instead of paying interest, FXCM increases the spreads or commissions on interest-free accounts. Depending on the account type and/or pricing model, the “surcharge” is expressed as a markup on the spread or as a distinct commission charge on the transaction.

 

What account types does FXCM offer?

FXCM offers several account types tailored to different experience levels and trading styles:

  • Standard Account: Ideal for beginners with minimum deposits starting at $50 and commission-free trades.
  • Active Trader Account: Suitable for more active traders with lower spreads and margin requirements, but commissions apply.
  • Select Account: Designed for high-volume traders with even tighter spreads and personalized service, available upon request.

 

How do FXCM’s account types differ in terms of features and benefits?

The brokers account types differ in terms of features and benefits tailored to the needs of different traders. Standard accounts may offer standard trading conditions with competitive spreads and access to educational resources.

How to Open an FXCM Account – A Step by Step Guide

 

Step 1: Open an Account

Start by clicking on the Open an Account under in bottom left of page.

 

How to Open an FXCM Account Step 1

 

Step 2: Fill your details

Fill in your email and password and Sign Up

 

How to Open an FXCM Account Step 2

 

Step 3: Choose your platform

Choose your preferred platform and press continue.

 

How to Open an FXCM Account Step 3

 

Step 4: Choose your currency

Choose in what currency will you trade in.

 

How to Open an FXCM Account Step 4

 

How to Open an FXCM Account Step 4

FXCM Vs easyMarkets Vs AvaTrade – Broker Comparison

🥇 FXCM🥈 easyMarkets🥉 AvaTrade
⚖️ RegulationFCA, ASIC, CySEC, FSCABVI FSC, CySEC, ASIC, FSACentral Bank of Ireland (CBI), BVI FSC, ASIC, FSCA, JFSA, FFAJ, ADGM, FRSA, CySEC, ISA
📱 Trading Platform• Trading Station
• MetaTrader 4
• NinjaTrader
• ZuluTrade
• Capitalise AI
• TradingView Pro
• QuantConnect
• MotiveWave
• AgenaTrader
• Sierra Chart
• SeerTrading
• NeuroShell Trader
• easyMarkets Platform
• MetaTrader 4
• TradingView
• AvaTradeGO
• AvaOptions
• AvaSocial
• MetaTrader 4
• MetaTrader 5
• DupliTrade
• ZuluTrade
💰 Withdrawal FeeYes, bank wireNoNo
📈 Demo AccountYesYesYes
📊 Min Deposit660 BWP310 BWP1,262 BWP
💰 Leverage• 1:30 (FCA)
• 1:400 (Other Reg)
Up to 1:4001:400
💳 SpreadFrom 0.2 pips EUR/USDFixed, 0.03 USD
Fixed, from 0.9 pips
✴️ Commissions$25 per $1m tradedNone
None
💳 Margin Call/Stop-Out100%/50%70%/30%25%/10%
📊 Order ExecutionMarketMarketMarket
💰 No-Deposit BonusNoNoNo
💰 Cent AccountsNoNoNo
📊 Account Types• Spread Betting
• CFD Trading
• Active Trader
• Professional Trader
• Standard Account (Web/App and MT4)
• Premium Account (Web/App and MT4)
• VIP Account (Web/App and MT4)
• Standard Live Account
• Professional Account Option
⚖️ MFED, BoB, or NBFIRA RegulationNoNoNo
💵 BWP DepositsNoYesYes
💳 Botswana Pula AccountNoNoNo
👥 Customer Service Hours24/524/524/5
🛍 Retail Investor Accounts3 Retail, 1 Pro31
☪️ Islamic AccountYesYesYes
📉 Minimum Trade Size0.01 lots0.01 lots0.01 lots
📈 Maximum Trade Size50 million per trade on Forex50 lotsUnlimited
⏰ Minimum Withdrawal TimeInstantInstant24 to 48 Hours
⏰ Maximum Estimated Withdrawal TimeUp to 2 working daysUp to 5 DaysUp to 10 days
✔️ Instant Deposits and Instant Withdrawals?YesYesNo

FXCM Trading Platforms

FXCM Trading Platforms

 

Offers Botswana traders a choice between these trading platforms:

➡️ Trading Station

➡️ MetaTrader 4

➡️ NinjaTrader

➡️ ZuluTrade

➡️ Capitalise AI

➡️ TradingView Pro

 

Additional trading platforms that Botswanans can gain access to through FXCM includes:

➡️ QuantConnect

➡️ MotiveWave

➡️ AgenaTrader

➡️ Sierra Chart

➡️ SeerTrading

➡️ NeuroShell Trader

 

Desktop Platforms

➡️ Trading Station

➡️ MetaTrader 4

➡️ Capitalise AI

 

Trading Station

Trading Station

 

Trading Station is the proprietary trading platform by FXCM, and the following are some of the Trading Station platform’s features:

➡️ Customization of charts over several periods

➡️ Analyses using a variety of metrics

➡️ Investing and trading directly through the Charts

➡️ Price notifications to keep a close eye on your favorite instruments

➡️ Assists with strategy automation

➡️ Direct access to trading analytics through the platform

➡️ The application incorporates news and an economic calendar

 

MetaTrader 4

MetaTrader 4

 

Metatrader 4, abbreviated as MT4, is a financial trading platform that enables users to trade on the world’s most renowned financial marketplaces. It already has dozens of tools and applications that extend the platform’s capability. FXCM does not impose any restrictions on traders’ usage of the MT4 platform.

 

Capitalise AI

Capitalise AI

 

Lastly, FXCM and Capitalise AI provide you with artificial intelligence trading. This unique collaboration and platform enable you to automate your approach without writing any code. With Capitalise AI on desktop, you can easily increase your trading efficiency with simple, intuitive, and code-free automation.

 

WebTrader Platforms

➡️ Trading Station

➡️ MetaTrader 4

➡️ ZuluTrade

➡️ TradingView Pro

 

Trading Station

Trading Station Web 2.0 was developed using HTML5, which means it is compatible with all web browsers and OS systems. It is designed to be seen on all screen sizes. The platform may be accessed directly via the FXCM website.

Trading Station includes a clean, contemporary design and a more intuitive user experience, in addition to exciting new features that make this FXCM’s greatest web-based platform to date.

 

MetaTrader 4

The MetaTrader 4 WebTrader allows Botswanans to log into their trading account from any device and browser connected to the internet. With MT4 Web, the following are some of the platform’s features:

➡️ Technical analysis is made easier with interactive charts and built-in indicators

➡️ Real-time asset quotes

➡️ Assists in the automation of plans via the use of Expert Advisors (EAs)

➡️ Access to the MetaTrader market, which has over 1,700 expert advisors and over 2,000 technical indicators

➡️ The platform is accessible in a total of 35 different languages

➡️ There are news and notifications available

➡️ Social trading is now accessible directly from the MetaTrader 4 interface

 

ZuluTrade

ZuluTrade

 

 ZuluTrade is the world’s top social trading platform today. Clients that are interested in trading are sent to the ZuluTrade platform, where they may choose from a variety of signal sources and automatically duplicate their transactions.

 

TradingView Pro

TradingView Pro

 

TradingView Pro offers live trading integration with FXCM. TradingView is a social network for Forex, Futures, and Stock market traders and investors. TradingView provides daily access to live quotations, stock charts, and professional trading suggestions, as well as the option to conduct a demo and live trading with FXCM.

 

Trading App

➡️ Trading Station

➡️ MetaTrader 4

➡️ Capitalise AI

 

The mobile version of Trading Station is compatible with Android and iOS smartphones. The applications are available for download from Google Play or Apple stores. It is equipped with all the necessary trading tools for effective trading and market research. Several of its characteristics include the following:

Account administration responsibilities include the creation of new live and demo accounts, as well as the deposit of monies.

➡️ Live quotes and charts for all instruments offered

➡️ Three chart types over thirteen different timeframes

➡️ Order management in its entirety, including risk management parameters, numerous order types, order history, and more.

 

The MetaTrader 4 trading app allows Botswana traders to trade while they are away from their terminals. It provides some of the best trading features and seamless account integration. Traders can also set alerts to ensure that they do not miss out on opportunities in the financial markets. Traders can download and install the MT4 app on any Android or iOS mobile device free of charge.

Lastly, Capitalise AI not only offers advanced analysis and backtesting capabilities, but the app also allows Botswanans to monitor their positions in real-time. With the Capitalise AI app, Botswanans can edit, stop, or automate their trading strategies from any mobile device on iOS or Android.

 

Specialty Platforms

QuantConnect

QuantConnect is a sophisticated integrated development environment (IDE) built by algorithm traders for algorithm traders. Constructed on the Lean Algorithmic Trading Engine, a C#-based open-source cloud-based trading platform. QuantConnect not only offers a development environment but also links the open-source community’s most adept algorithmic traders.

MotiveWave

 

This intuitive charting software is ideal for technical and algorithmic traders alike. MotiveWave is an Elliot Wave, Fibonacci, Gann, and Ratio analysis software that also supports systematic trading using Java. Features:

➡️ Market Analysers

➡️ Backtesting for Systematic Trading Development

➡️ Optimizing (genetic and exhaustive)

➡️ Tests of response and walk-forward

➡️ Tools for Technical Analysis that are unique

 

FXCM offers two key trading platforms: Trading Station and MetaTrader 4 (MT4), each catering to different preferences. Choosing the right one depends on your experience and needs.

What’s the difference?

Trading Station caters to power users with its advanced charting, technical analysis tools, and automated trading strategies. It’s available on desktop, web, and mobile for ultimate flexibility. While user-friendly, it may have a steeper learning curve compared to MT4.

 

MT4 shines with its industry-standard status, large user community, and highly customizable interface. It’s perfect for beginners or those who value simplicity and familiarity. However, it misses some of the advanced features found in Trading Station and sticks to desktop and mobile versions.

 

Which one is right for me?

If you’re a charting and analysis enthusiast who wants automation and mobility, go for Trading Station. If you prioritize ease of use, customization, and a large community, choose MT4. Both offer demo accounts to test them out before diving in! Remember, do your research before making your pick.

Range of Markets

Range of Markets

 

Botswana traders can expect the following range of markets:

➡️ Forex

➡️ Shares

➡️ Indices

➡️ Commodities

➡️ Cryptocurrencies

 

What instruments can I trade with FXCM?

offers a diverse range of markets to trade, catering to various investing styles:

  • Forex: Trade major, minor, and exotic currency pairs with competitive spreads and leverage.
  • Stocks: Buy and sell shares of individual companies from major global exchanges.
  • Indices: Gain exposure to entire stock markets by trading popular indices like the S&P 500 and Dow Jones.
  • Commodities: Trade precious metals like gold and silver, alongside energy resources like oil and natural gas.
  • Cryptocurrencies: Access popular digital currencies like Bitcoin, Ethereum, and Litecoin.

 

What are the benefits of trading multiple asset classes with FXCM?

Diversifying your portfolio across different markets offers several advantages:

  • Risk Management: Spread your risk by not relying solely on one asset class, potentially mitigating losses during market downturns.
  • Opportunity Capture: Access various investment opportunities and profit from different market movements.
  • Hedging: Use certain assets to hedge against potential losses in others, creating a more balanced portfolio.

Broker Comparison for Range of Markets 

🥇 FXCM🥈 easyMarkets🥉 AvaTrade
➡️️​ ForexYesYesYes
➡️️​ Precious MetalsYesYesYes
➡️️​ ETFsNoNoYes
➡️️​ CFDsYesYesYes
➡️️​ IndicesYesYesYes
➡️️​ StocksYesYesYes
➡️️​ CryptocurrencyYesYesYes
➡️️​ OptionsNoNoYes
➡️️​ EnergiesYesYesYes
➡️️​ BondsNoNoYes

Trading and Non-Trading Fees

Spreads

Spreads

 

The spreads that traders may anticipate from FXCM will vary according to the account type utilized, the financial instrument traded by Botswanans, and the live market circumstances on the trading day.

 

Commissions

FXCM charges fees based on the financial instrument and the size of the position. Traders might anticipate the following common commissions:

➡️ Forex Pairs – $2 per 100k traded per side

➡️ HKG33 – $0.50 per lot

➡️ Popular Indices – $0.10 per lot

➡️ Major Crypto pairs – $0.05 per lot

➡️ Precious metals and other Crypto pairs – $0.02 per lot

➡️ HK Shares and UK Shares – $0.01 per lot

 

Overnight Fees, Rollovers, or Swaps

Close your holdings each trading day by 5 p.m. Eastern Standard Time (EST) to avoid overnight and weekend rollover fees. Islamic trading accounts may be opened for Muslim Botswana traders that adhere to Shariah law.

 

Deposit and Withdrawal Fees

Deposit fees are not charged but traders may face withdrawal fees, especially when they use bank wire transfer, and it is an international transaction. The fees that are charged on bank wire are as follows:

➡️ USD – 40 USD for receiving accounts that are outside the United States or the UK

➡️ EUR Non-SEPA Payments – 30 EUR for receiving accounts that are outside the United Kingdom, France, Germany, or Italy

➡️ GBP Non-BACS Payments – 30 GBP for receiving accounts that are outside the United Kingdom

 

Other Fees

There is an inactivity fee charged on dormant accounts per year after 12 consecutive months of inactivity. This fee is $50 and will be deducted yearly until the account balance is zero, after which the account will be closed.

If a deposit, withdrawal, or transfer of funds involves a currency conversion from one currency to another certain mark-ups are added to the conversion rate. The rate that is used for the subsequent conversion is the most recent and updated buy price.

 

The pip mark-up that is applied is according to the USD equivalent amount. Therefore, if the trader’s initial currency in the conversion is any currency other than USD, it will automatically be converted according to the current rate, which will determine the mark-up.

 

What are the main trading fees I should be aware of with FXCM?

When trading with FXCM, you’ll encounter two main types of fees:

  • Spreads: This is the difference between the buy and sell price of an instrument, essentially the broker’s commission for facilitating your trade. FXCM offers competitive spreads, which vary depending on the instrument and account type. You can find detailed spread information on their website.
  • Commissions: While some accounts waive commissions, others, like the Active Trader account, charge per-trade commissions depending on the instrument and volume.

 

Are there any non-trading fees I need to consider?

Yes, besides trading fees, there are a few other potential charges:

  • Inactivity Fee: If your account remains inactive for a specific period (usually 6 months), a small monthly fee may apply.
  • Account Closure Fee: Closing your account may incur a one-time fee depending on your account type and activity.
  • Financing Charges: Holding open positions overnight (rolling over) incurs financing charges based on interest rates and leverage used.
  • Conversion Fees: Converting currencies within your account might involve a small conversion fee.

Overall Rating

Min Deposit

USD 50 / 672 BWP

Regulators

FCA

Trading Desk

MetaTrader 4

Crypto

Yes

Total Pairs

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

FXCM Deposits and Withdrawals

Deposits and Withdrawals

 

Offers the following deposit and withdrawal methods:

➡️ Credit Card

➡️ Debit Card

➡️ CreditPay

➡️ Bank Wire Transfer

➡️ Skrill

➡️ Neteller

➡️ Klarna.

➡️ Rapid Transfer

➡️ Local Bank Transfer Philippines

➡️ Local Bank Transfer Vietnam

➡️ Local Bank Transfer LATAM

➡️ Local Bank Transfer Malaysia

➡️ Local Bank Transfer Indonesia

 

Deposit Currencies, Minimum and Maximum Deposit, and Minimum Withdrawal Amounts

💰 Payment Method✔️ Accepted Currencies💸 Min Deposit📈 Max Deposit📉 Min Withdrawal
Credit CardEUR, USD, GBPNone30,000 CCY within one monthNone
Debit CardEUR, USD, GBPNone30,000 CCY within one monthNone
CreditPayEUR, USD, GBPNone30,000 CCY within one monthNone
Bank Wire TransferEUR, USD, GBPNone30,000 CCY within one monthNone
SkrillEUR, USD, GBP50 units20,000 unitsNone
NetellerEUR, USD, GBP50 units20,000 unitsNone
KlarnaEUR50 EUR5,000 EURNone
Rapid TransferEUR, GBP50 EUR, GBP5,000 EUR, GBPNone
Local Bank Transfer PhilippinesPHP2,500 PHP250,000 PHPWithdrawal not supported
Local Bank Transfer VietnamVND25,000 VND1,000,000,000 VNDWithdrawal not supported
Local Bank Transfer LATAMMXNNoneNoneWithdrawal not supported
Local Bank Transfer MalaysiaMYRNoneNoneWithdrawal not supported
Local Bank Transfer IndonesiaIDRNoneNoneWithdrawal not supported

 

How can I deposit funds into my FXCM account?

FXCM offers several convenient deposit methods to suit your needs:

  • Bank Wire Transfer: This secure method typically takes 1-2 business days for funds to appear in your account. Minimum deposit varies depending on your region.
  • Credit/Debit Card: A quick and easy option with funds appearing instantly. However, certain cards may have restrictions or fees.
  • PayPal: Available in select regions, this method allows deposits in supported currencies with instant processing.
  • Skrill: Another e-wallet option available in certain regions, offering instant deposits in supported currencies.

 

What are the fees and processing times for withdrawals?

Withdrawing funds from your FXCM account is equally straightforward:

  • Credit/Debit Card: Withdrawals are processed within 1-2 business days, but it may take up to a billing cycle for funds to appear on your statement. No fees apply.
  • Bank Wire Transfer: Expect 1-5 business days for processing, with a $40 fee per withdrawal.

How to Deposit Funds with FXCM

To deposit funds to an account with FXCM, Botswana traders can follow these steps:

 

Step 1: Log In

Once the trading account has been verified, Botswana traders can log into “MyFXCM” using their live account username.

 

How to Deposit Funds with FXCM step 1

 

Step 2: Deposit Funds

Traders can click on “Deposit Funds.”

Traders can select from the available deposit options and enter the amount they wish to deposit.

Traders can follow any additional steps as required by their payment provider to confirm and complete the deposit.

 

How to Deposit Funds with FXCM step 2

FXCM Fund Withdrawal Process

To withdraw funds from an account with FXCM, Botswana traders can follow these steps:

 

Step 1: Log In

Log into the MyFXCM and select “Withdraw Funds”

 

Fund Withdrawal Process step 1

 

Step 2: Submit

A withdrawal request will automatically be submitted by choosing a withdrawal method and clicking on “Submit.”

Traders must note that their withdrawal will be processed within one or two business days and funds will be sent back to the payment method used during account funding.

Education and Research

Education and Research

 

Offers the following Educational Materials:

➡️ What is Forex?

➡️ Becoming a better trader

➡️ Free online live classroom

➡️ Free SMS trade Alerts

 

FXCM offers Botswana traders the following Research and Trading Tools:

➡️ Economic Calendar

➡️ Market news

➡️ Live Forex charts

➡️ Trade Volatility

➡️ Market Scanner

➡️ FXCM Plus

➡️ Trading Signals

➡️ FXCM Apps

 

What educational resources does FXCM offer?

Whether you’re a seasoned trader or just dipping your toes in, FXCM wants you equipped. They provide a wealth of educational materials:

  • Live Webinars: Dive into daily market updates, analysis, and trading strategies presented by experts.
  • On-Demand Videos: Learn at your own pace with a library of insightful video tutorials covering various topics.
  • Articles & Guides: Deepen your understanding with comprehensive articles and guides on fundamental and technical analysis.
  • Trading Glossary: Demystify trading terms and jargon with their handy glossary.

 

How does FXCM’s research help me make informed trades?

FXCM empowers you with valuable research tools:

  • Economic Calendar: Stay ahead of market-moving events with a real-time calendar highlighting key economic releases.
  • Market News & Analysis: Gain insights from professional analysts who interpret market news and identify potential trading opportunities.
  • Trading Signals: Get technical analysis support through automated signals highlighting potential entry and exit points based on various indicators.
  • Charting Tools: Analyze price movements, identify trends, and make strategic decisions with advanced charting functionalities.

Bonuses and Promotions

Offers Botswana traders the following bonuses and promotions:

➡️ $25 Welcome Bonus on a minimum deposit of 660 BWP ($50)

➡️ Deposit bonus of up to $300 when depositing a minimum of 660 BWP ($50) or more.

➡️ Referral bonus of up to $200

➡️ FXCM Rebate Program

➡️ FXCM Trading Tournaments

 

Welcome Bonus

There are several advantages to trading with FXCM. Moreover, when you open a trading account with the broker, traders will receive a $25 bonus to help you get started. To qualify, Botswanans can follow these steps:

➡️ Complete the online application and verification

➡️ Deposit $50 or more into the trading account

➡️ Wait for the trading credit to be loaded within 14 working days

➡️ Withdraw profits once you have traded a notional trading volume of 50 Forex or CFD contracts, except JPN225 and XAG.

 

Deposit Bonus

Deposit Bonus

 

Depending on the deposit amount, Botswana traders can qualify for one of four tiers as follows:

➡️ Tier 1 with a deposit between $50 to $999 – a bonus of $25

➡️ Tier 2 with a deposit between $1,000 to $2,499 – a bonus of $100

➡️ Tier 3 with a deposit between $2,500 to $4,999 – a bonus of $200

➡️ Tier 4 with a deposit of $5,000 – a maximum bonus of $300

Traders must note that their bonus will become withdrawable when they have fulfilled the trading volume requirement of 50 Forex or CFD contracts, excluding JPN225 and XAG.

 

Referral Bonus

Referral Bonus

 

Botswanans who have a verified trading account with FXCM can sign up for the referral program by completing the Friends and Family Referral form under the promotion. Traders can invite a referral to register an account, ensuring that they add the trader’s email address in the referral field on the application form.

 

Once the trader’s referral has completed the trading volume requirement within 90 days after their account activation, referrals and the referring trader will be rewarded. Traders must note that there are certain deposit amount requirements which will determine the referrer and referral’s bonuses.

 

➡️ On a deposit of between $300 to less than $2,000 the referrer receives $50, and the referral receives $50 if the trading volume of 100 contracts is fulfilled.

➡️ On a deposit of between $2,000 and less than $5,000, the referrer receives $100, and the referral receives $100 if the trading volume of 200 contracts is fulfilled.

➡️ On a deposit of more than $5,000, the referrer receives $200, and the referral receives $200 if the trading volume of 500 contracts is fulfilled.

 

Rebate Program

Rebate Program

 

The FXCM Rebate Program is intended for active traders. Depending on your trading volume, you may be eligible for various rebate tiers.

To qualify, Botswanans must have a verified trading account with FXCM, and they must fulfil the minimum notional volume requirements of 10 million USD monthly.

 

Trading Tournaments

FXCM currently offers two contests throughout the year:

➡️ FXCM All Assets Battle is a high-paced trading competition across all trading instruments and the battle takes place monthly.

➡️ FXCM Share CFDs Marathon allows traders to trade high-profile stocks and aim for the highest yield. This competition is offered once every quarter and it runs for three months.

 

Does FXCM offer any deposit bonuses or promotions?

Yes, the broker occasionally offers various promotions and bonuses. However, it’s essential to understand the details before participating:

  • Types of promotions: FXCM has offered account opening bonuses, deposit match bonuses, and referral bonuses in the past. These promotions change frequently, so be sure to check their website for current offerings.
  • Eligibility: Not all promotions are available to all clients. They may have account type or regional restrictions.
  • Terms and conditions: Each promotion comes with specific terms and conditions, including minimum deposit or trading volume requirements. Read these carefully before participating to ensure you qualify and understand the obligations.

 

What should I consider before participating in a promotion?

  • Underlying risks: Trading involves inherent risks, and bonuses shouldn’t incentivize excessive or unsuitable trading. Focus on your trading strategies and risk management regardless of bonus opportunities.
  • Fees and conditions: Ensure you understand any associated fees or withdrawal restrictions linked to the bonus. Don’t let the bonus outweigh the potential costs or limit your account flexibility.
  • Long-term goals: Align the promotion with your trading goals and timeframes. Don’t chase bonuses that don’t fit your overall trading strategy or risk tolerance.

Overall Rating

Min Deposit

USD 50 / 672 BWP

Regulators

FCA

Trading Desk

MetaTrader 4

Crypto

Yes

Total Pairs

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

How to open an Affiliate Account with FXCM

Step 1 : Join Now

Traders can navigate to “FXCM Affiliates” and select the option to “Join Now” from the homepage. Both individuals and companies can join the affiliate program. Botswanans can choose the relevant option and complete the Affiliate Program application to get started.

 

How to open an Affiliate Account with FXCM step 1

 

Step 2: Choose your Account

Choose your preference of account type.

 

How to open an Affiliate Account with FXCM step 2

 

Step 3: Fill in Forms

Fill in both forms with your criteria.

 

How to open an Affiliate Account with FXCM step 3

 

How to open an Affiliate Account with FXCM step 3

 

Affiliate Program Features

Affiliate Program Features

 

With the FXCM Affiliate program, Botswanans can earn up to $750 per qualified client that they successfully refer to FXCM. Prospective affiliates can get access to sophisticated reports, and they can take control of their overall performance.

Set-up is quick and the FXCM Affiliate Program features a user-friendly environment. There is a dedicated Affiliate Manager that supports and guides all partners. In addition, FXCM also offers a wide range of tools, marketing materials, and several other features and benefits to affiliates.

 

How can I open an affiliate account with FXCM?

Opening an affiliate account with FXCM is a straightforward process. Interested individuals can visit the FXCM website and navigate to the “Affiliate Program” section. From there, they can find information on the program’s benefits, commission structures, and registration process. To open an affiliate account, individuals typically need to complete an online application form, providing necessary details such as personal information and contact details. Upon submission, the application will undergo review, and once approved, the individual will gain access to the affiliate dashboard and marketing materials to begin promoting FXCM’s services.

 

What are the requirements to qualify for an affiliate account with FXCM?

To qualify for an affiliate account with FXCM, individuals should have a genuine interest in promoting FXCM’s services and possess a platform to reach potential clients, such as a website, blog, or social media presence.

Customer Support

Customer Care

 

Customer SupportFXCM Customer Support
⏰ Operating Hours24/5
🗣 Support LanguagesMultilingual
🗯 Live ChatYes
📧 Email Address[email protected]
☎️ Telephonic Support+44 7537 432259
📞 Local Support in Botswana?No
🥇 Overall quality of FXCM Support9/10

Corporate Social Responsibility

There is currently no information available on the Corporate Social Responsibility of FXCM or the broker’s past, current, or future initiatives.

Verdict

FXCM is a winner for traders who value sophisticated trading tools and high-quality market analysis – particularly for algorithmic trading. While FXCM’s list of tradeable markets is expanding, it remains quite limited, and its pricing is just average.

FXCM is a seasoned broker that is regulated in numerous jurisdictions. The broker has invested in innovative technology solutions to assist in providing favourable trading circumstances to customers.

Pros and Cons

✔️ Pros❌ Cons
FXCM supports both CFD and forex trading and offers several trading optionsThere are high commission charges
Botswanans can access leverage up to 1:400An inactivity fee and currency conversion fee are charged
Several asset classes can be tradedThere is a limited choice between retail accounts
FXCM offers several trading platforms and trading tools that Botswanans can use to their advantageDoes not support MT5
There are competitive spreads on the CFD accountThere is no option to register an account denominated in BWP
There is a demo and Islamic accountWithdrawal fees apply
FXCM is well-regulated by four reputable entitiesThe Islamic Account faces additional fees
Client fund security and investor protection are guaranteed

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Frequently Asked Questions

Is FXCM regulated?

FXCM is well-regulated by the FSCA, CySEC, ASIC, and FCA.

 

Is FXCM a market maker broker?

FXCM is a No-Dealing Desk (NDD) broker that uses STP and ECN execution on trades.

 

How long do withdrawals with FXCM take?

Withdrawals can take up to 2 working days.

 

Is FXCM safe or a scam?

FXCM is a reputable and well-regulated forex and CFD broker with a trust score of 96%.

 

How does FXCM earn money?

Users of FXCM are subject to a variety of costs, including trading fees, service charges, and commissions. However, the system still makes a profit even with negative overnight lending rates.

 

Does FXCM have Volatility 75?

FXCM does not have VIX 75.

 

Does FXCM have Nasdaq?

FXCM offers Nasdaq under “NAS100” as a CFD on Indices with bid/ask spreads from 1 pip.

 

Does FXCM charge an inactivity fee?

After one year of inactivity, FXCM levies a $50 inactivity fee.

Addendum/Disclosure:

No matter how diligently we strive to maintain accuracy, the forex market is a volatile environment that may change at any time, even if the information supplied is correct at the time of going live.

9.5/10 - (2 votes)

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