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.
- Louis Schoeman
Jump to:
Regulation and Safety of Funds
Account Types and Features
Account Registration
Trading Platforms
Range of Markets
Fees
Deposits and Withdrawals
Education and Research
Affiliate Program
Final Verdict
Pros and Cons
FAQ
Overall Rating
- 4.6/5
Min Deposit
$50 / 660 BWP
Regulators
FCA
Trading Desk
MetaTrader 4
Crypto
Yes
Total Pairs
–
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
FXCM Review – 21 key points quick overview:
FXCM OverviewFXCM 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
👉 The distribution of traders with FXCM is as follows:
➡️ United Kingdom – 14%
➡️ United States – 9.4%
➡️ South Africa – 7.7%
➡️ Australia – 5.7%
➡️ France – 5.6%
Popularity among traders who choose FXCM
🥇 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
| 🏛 Headquartered | United Kingdom |
| ⚖️ Local Market Regulators in Botswana | Ministry of Finance and Economic Development (MFED) Bank of Botswana (BoB) Non-Bank Financial Institutions Regulatory Authority (NBFIRA) |
| 💰 Foreign Direct Investment in Botswana | 115.89 BWP Million in 2021 |
| 💸 Foreign Exchange Reserves in Botswana | 5270 USD Million in 2021 |
| 🏛 Local office in Gaborone? | No |
| ⚖️ Governor of SEC in Botswana | None, Moses Dinekere Pelaelo is the Governor of the Bank of Botswana |
| ✔️ Accepts Botswanan Traders? | Yes |
| 🗓 Year Founded | 1999 |
| 📞 Botswanan Office Contact Number | None |
| 📱 Social Media Platforms | • Facebook • YouTube • RSS |
| ⚖️ Regulation | FCA, 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 Licenses | None |
| 🪪 License Number | • United Kingdom – 217689 • Australia – AFSL 309763 • Cyprus – 392/20 • South Africa – FSP 46534 |
| ⚖️ MFED, BoB, or NBFIRA Regulation | None |
| ❌ Regional Restrictions | United States, Ukraine, Turkey, Russia, and Iran, along with some other countries |
| ☪️ Islamic Account | Yes |
| 💻 Demo Account | Yes |
| 🛍 Retail Investor Accounts | 3 Retail, 1 Professional |
| ✔️ PAMM Accounts | No |
| 💧 Liquidity Providers | Barclays Bank, Citibank N.A., Deutsche Bank, FASTMATCH MKP, ХТХ Markets Ltd., UBS, Morgan Stanley |
| 💰 Affiliate Program | None |
| 💻 Order Execution | Market |
| 📊 Starting spread | 0.2 pips on EUR/USD, Variable |
| 💰 Minimum Commission per Trade | From $3.5 |
| 💸 Decimal Pricing | Up to 5 digits after the comma |
| 📞 Margin Call | 100% |
| 🛑 Stop-Out | 50% |
| 💰 Minimum Trade Size | 50 million per trade on Forex |
| 💵 Maximum Trade Size | Yes |
| ✔️ 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 Stats | 250,000+ |
| 🤝 Active Botswanan-based FXCM customers | Unknown |
| 💰 Botswana Daily Forex Turnover | Unknown, 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 Time | Instant |
| 🕙 Maximum Estimated Withdrawal Time | Up 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 Spread | N/A |
| ✔️ Offers Botswanan Stocks and CFDs | None |
| 🗣 Languages supported on the Website | English |
| 📞 Customer Support Languages | Multilingual |
| ✔️ Copy Trading Support | Yes, through ZuluTrade |
| ⏰ Customer Service Hours | 24/5 |
| 🧑💻 Botswanan-based customer support? | No |
| 💰 Bonuses and Promotions for Botswanans | Yes |
| 📚 Education for Botswanan beginners | Yes |
| ✔️ Proprietary trading software | Yes, Trading Station |
| 🥇 Most Successful Botswanan Trader | Currently unknown |
| ✔️ Is FXCM a safe broker for Botswanans? | Yes |
| 🥇 Rating for FXCM Botswana | 9/10 |
| 🎖 Trust score for FXCM Botswana | 93% |
| 👉 Open Account | 👉 Open Account |
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.
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
👉 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.
👉 FXCM 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.
Account Registration
👉 Botswana traders interested in opening an account with FXCM may visit the company’s official website. From here, they can choose the option to apply for a live trading account from the homepage.
👉 After the application loads, users can choose their country of residence, and their preferred platform, and click the option that will initiate the application.
👉 Traders should be aware that FXCM has many websites, and if Botswanans access the wrong one, they will be promptly transferred to the proper one to begin their application.
👉 Once Botswanans get to the relevant website, a registration form will appear, and traders will be required to give some personal information, information about their work and source of cash, and trading experience, among other things.
👉 Finally, before an account can be authorized, traders must present verification of their genuine identification papers and residence address. After comparing and reviewing the information and papers, the account will be authorized, and traders may deposit the minimal amount to begin trading.
FXCM Vs easyMarkets Vs AvaTrade – Broker Comparison
| 🥇 FXCM | 🥈 easyMarkets | 🥉 AvaTrade | |
| ⚖️ Regulation | FCA, ASIC, CySEC, FSCA | BVI FSC, CySEC, ASIC, FSA | Central 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 Fee | Yes, bank wire | No | No |
| 📈 Demo Account | Yes | Yes | Yes |
| 📊 Min Deposit | 660 BWP | 310 BWP | 1,262 BWP |
| 💰 Leverage | • 1:30 (FCA) • 1:400 (Other Reg) | Up to 1:400 | 1:400 |
| 💳 Spread | From 0.2 pips EUR/USD | Fixed, 0.03 USD | Fixed, from 0.9 pips |
| ✴️ Commissions | $25 per $1m traded | None | None |
| 💳 Margin Call/Stop-Out | 100%/50% | 70%/30% | 25%/10% |
| 📊 Order Execution | Market | Market | Market |
| 💰 No-Deposit Bonus | No | No | No |
| 💰 Cent Accounts | No | No | No |
| 📊 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 Regulation | No | No | No |
| 💵 BWP Deposits | No | Yes | Yes |
| 💳 Botswana Pula Account | No | No | No |
| 👥 Customer Service Hours | 24/5 | 24/5 | 24/5 |
| 🛍 Retail Investor Accounts | 3 Retail, 1 Pro | 3 | 1 |
| ☪️ Islamic Account | Yes | Yes | Yes |
| 📉 Minimum Trade Size | 0.01 lots | 0.01 lots | 0.01 lots |
| 📈 Maximum Trade Size | 50 million per trade on Forex | 50 lots | Unlimited |
| ⏰ Minimum Withdrawal Time | Instant | Instant | 24 to 48 Hours |
| ⏰ Maximum Estimated Withdrawal Time | Up to 2 working days | Up to 5 Days | Up to 10 days |
| ✔️ Instant Deposits and Instant Withdrawals? | Yes | Yes | No |
Trading Platforms
👉 FXCM 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 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 favourite 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, 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
👉 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
➡️ NinjaTrader
➡️ 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
NinjaTrader
👉 With substantial forex features, the all-new NinjaTrader 8 is a market leader in sophisticated analytics, charting, and automation. If you are looking to maximize your potential profit in the forex market, NinjaTrader can assist you in taking market research and order execution to the next level.
👉 Botswanans can easily stay on top of their trading and investment activities with Ninja trader, which provides customers with a professional-grade charting package and a straightforward method for designing a customized visual experience. Some NinjaTrader features include:
➡️ Simultaneous display of bid and ask prices in real-time
➡️ Chart styles pre-loaded with hundreds of technical indicators
➡️ A comprehensive assortment of artistic drawing instruments
➡️ Capability to load various timeframes and marketplaces into a single chart to readily recognize emerging trends
➡️ Capability to set proprietary or custom indicators to put price action quickly and easily in the correct context
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 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
AgenaTrader
👉 This multi-asset platform was built with experienced traders in mind and has a wide feature set. Everything is included, from the 130 indicators and 14 chart types that are built into powerful automated trading through AgenaScript(C#).
Sierra Chart
👉 Sierra Chart is a professional trading platform for financial markets that integrates with a variety of third-party trading platforms. It offers both manual and automatic trading as well as simulated trading.
SeerTrading
👉 The Seer Trading Platform is used to develop, test, optimize, and deploy automated trading systems. It was created and constructed from the bottom up with the express intention of developing and deploying algorithms.
NeuroShell Trader
👉 The point-and-click interface of NeuroShell Trader enables you to develop technical analysis indicators, trading systems, and neural network market predictions quickly and simply without any code. It offers both manual and automatic trading as well as simulated trading.
Range of Markets
👉 Botswana traders can expect the following range of markets from FXCM:
➡️ Forex
➡️ Shares
➡️ Indices
➡️ Commodities
➡️ Cryptocurrencies
Broker Comparison for Range of Markets
| 🥇 FXCM | 🥈 easyMarkets | 🥉 AvaTrade | |
| ➡️️ Forex | Yes | Yes | Yes |
| ➡️️ Precious Metals | Yes | Yes | Yes |
| ➡️️ ETFs | No | No | Yes |
| ➡️️ CFDs | Yes | Yes | Yes |
| ➡️️ Indices | Yes | Yes | Yes |
| ➡️️ Stocks | Yes | Yes | Yes |
| ➡️️ Cryptocurrency | Yes | Yes | Yes |
| ➡️️ Options | No | No | Yes |
| ➡️️ Energies | Yes | Yes | Yes |
| ➡️️ Bonds | No | No | Yes |
Trading and Non-Trading Fees
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.
Overall Rating
- 4.6/5
Min Deposit
$50 / 660 BWP
Regulators
FCA
Trading Desk
MetaTrader 4
Crypto
Yes
Total Pairs
–
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Deposits and Withdrawals
👉 FXCM 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 Card | EUR, USD, GBP | None | 30,000 CCY within one month | None |
| Debit Card | EUR, USD, GBP | None | 30,000 CCY within one month | None |
| CreditPay | EUR, USD, GBP | None | 30,000 CCY within one month | None |
| Bank Wire Transfer | EUR, USD, GBP | None | 30,000 CCY within one month | None |
| Skrill | EUR, USD, GBP | 50 units | 20,000 units | None |
| Neteller | EUR, USD, GBP | 50 units | 20,000 units | None |
| Klarna | EUR | 50 EUR | 5,000 EUR | None |
| Rapid Transfer | EUR, GBP | 50 EUR, GBP | 5,000 EUR, GBP | None |
| Local Bank Transfer Philippines | PHP | 2,500 PHP | 250,000 PHP | Withdrawal not supported |
| Local Bank Transfer Vietnam | VND | 25,000 VND | 1,000,000,000 VND | Withdrawal not supported |
| Local Bank Transfer LATAM | MXN | None | None | Withdrawal not supported |
| Local Bank Transfer Malaysia | MYR | None | None | Withdrawal not supported |
| Local Bank Transfer Indonesia | IDR | None | None | Withdrawal not supported |
How to Deposit Funds with FXCM
👉 To deposit funds to an account with FXCM, Botswana traders can follow these steps:
➡️ Once the trading account has been verified, Botswana traders can log into “MyFXCM” using their live account username and user-selected password.
➡️ 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.
FXCM Fund Withdrawal Process
👉 To withdraw funds from an account with FXCM, Botswana traders can follow these steps:
➡️ Log into the MyFXCM and select “Withdraw Funds”
➡️ 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
👉 FXCM 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
Bonuses and Promotions
👉 FXCM 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
👉 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
👉 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.
FXCM 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.
FXCM 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.
Overall Rating
- 4.6/5
Min Deposit
$50 / 660 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
👉 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.
👉 Once submitted, FXCM will contact the prospective affiliate to further discuss their partnership.
FXCM 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.
FXCM 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 on FXCM
👉 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.
FXCM Pros and Cons
| ✔️ Pros | ❌ Cons |
| FXCM supports both CFD and forex trading and offers several trading options | There are high commission charges |
| Botswanans can access leverage up to 1:400 | An inactivity fee and currency conversion fee are charged |
| Several asset classes can be traded | There is a limited choice between retail accounts |
| FXCM offers several trading platforms and trading tools that Botswanans can use to their advantage | Does not support MT5 |
| There are competitive spreads on the CFD account | There is no option to register an account denominated in BWP |
| There is a demo and Islamic account | Withdrawal fees apply |
| FXCM is well-regulated by four reputable entities | The Islamic Account faces additional fees |
| Client fund security and investor protection are guaranteed |
FAQ
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.
