ForexBrokers.com has been reviewing online forex brokers for over eight years, and our reviews are the most cited in the industry. Each year, we collect thousands of data points and publish tens of thousands of words of research. Thanks to its combined offering of both Trading Station and MetaTrader 4 (MT4), FXCM delivers a reliable, feature-rich mobile experience for forex traders.
FP Markets (Best Alternate)
FXCM provides a comprehensive and internationally recognized environment for Canadian traders who focus on leveraged derivatives. The platform excels in its coverage of major and minor forex pairs, offering both deep liquidity and a strong execution framework via its Trading Station and MT4 platforms. I value the access to not only common currency pairs but also a selection of exotic pairs, which can be important for advanced trading strategies or geographic diversification.
FXCM Deposits & Withdrawals
- ETF access is also missing for Canadian residents, so portfolio builders or passive investors may find the lineup less accommodating than equity-focused platforms.
- Beyond point-of-trade costs, hidden fees are minimal and clearly disclosed.
- If you trade with FXCM in Canada, you should read this to learn about some important details of the minimum deposit requirement.
- For Forex trades, FXCM typically charges via spread markups—EUR/USD spreads often start near industry averages for Canadian brokers, but can widen in volatile markets.
- FXCM does not offer cryptocurrencies and they do not offer customer support during weekends.
- The FXCM trading platform has been upgraded to allow flawless integration of the very popular MT4 trading platform.
Steven is an expert writer and researcher who has published over 1,000 articles covering the foreign exchange markets and cryptocurrency industries. He has served as a registered commodity futures representative for domestic and internationally-regulated brokerages. Steven holds a Series III license in the US as a Commodity Trading Advisor (CTA).
This partnership allows Canadian traders to gain exposure to FXCM’s suite of products while maintaining the safety and accountability offered by Friedberg Direct which is a Canada-based company. A watchlist on FXCM’s mobile app showing popular assets to trade along with information about spreads, bid/ask prices, and account balances. Our researchers open personal brokerage accounts and test all available platforms on desktop, web, and mobile for each broker reviewed on ForexBrokers.com.
PROGRAMMING SERVICES
Even though the broker’s high minimum deposit ($5,000 CAD) creates a barrier for many, it also suggests a commitment to more experienced and well-capitalized traders, adding a degree of operational fxcm canada review seriousness. I personally spent several days testing FXCM using a real account set up through Friedberg Direct, accessing their Trading Station and trying out MetaTrader 4. You can also withdraw funds to the local bank account used in funding your FXCM trading account.
- Though its range of tradeable markets is growing, it remains fairly narrow.
- Copy trading is not available for Canadian retail clients; all trading is self-directed.
- FXCM provides a strong level of security and reliability for Canadian traders, primarily due to its CIRO (formerly IIROC) regulation via Friedberg Direct.
- Finally, some of FXCM’s educational content is only available if your balance exceeds certain minimum thresholds.
- Further, FXCM also offers Islamic account for traders of the Islamic faith and the Demo account for beginners to practice trading.
- FXCM was founded in 1999 and offers a variety of trading services in partnership with Friedberg Direct in Canada.
Friedberg Direct is a member of the IIROC which is the relevant financial authority of Canada overseeing financial services in the country. Steven Hatzakis is the Global Director of Online Broker Research for ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. A forex industry expert and an active fintech and crypto researcher, Steven advises blockchain companies at the board level and holds a Series III license in the U.S. as a Commodity Trading Advisor (CTA). All content on ForexBrokers.com is handwritten by a writer, fact-checked by a member of our research team, and edited and published by an editor. Our ratings, rankings, and opinions are entirely our own, and the result of our extensive research and decades of collective experience covering the forex industry.
Fees, Spreads & Commissions
FXCM stands out for its range of Forex and CFD products and strong regulation via CIRO, but the high minimum deposit means it suits more advanced or well-funded traders. If you’re weighing FXCM against other brokers, everything I share is rooted in real usage and side-by-side comparison, so you can make your decision on honest, practical evidence. FXCM offers a variety of account types to suit different needs and experience levels. These include Standard Retail Accounts, Professional Account and Demo Accounts that beginners can use to get familiar with the platform practicing with virtual money before putting in their real money.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. In terms of CFD markets, FXCM’s selection includes equity indices from North America, Europe, and Asia, as well as popular commodities like gold, silver, and crude oil.
On approval, a confirmation email will grant you access to platform login and your new funded trading account. The mobile Trading Station app delivers a fluid, responsive trading experience and supports all essential order types, along with watchlists, alerts, and position management. While charting on mobile is robust, the desktop and web versions offer greater technical depth, including multi-screen support and advanced analytical tools for professional use. Copy trading is not available for Canadian retail clients; all trading is self-directed.
What is the minimum deposit for FXCM?
FXCM’s fee structure is shaped by its focus as a CIRO-regulated Forex and CFD broker. The standout factor in my analysis is the relatively high minimum deposit ($5,000 CAD), positioning FXCM as a solution for more experienced or well-capitalized clients. On standard accounts, the pricing model is primarily based on spreads, which are variable and, in most cases, consistent with other regulated brokers—though not always the tightest available for major pairs.
FXCM provides prime brokerage services to institutional clients who require access to market data and execution across multiple trading venues with settlements managed through a centralized source. All your trades, deposits/withdrawals will be measured in your base account currency. An experienced media professional, John has a decade of editorial experience with a background that includes key leadership roles at global newsroom outlets. He holds a Bachelor’s Degree in English Literature from San Francisco State University, and conducts research on forex and the financial services industry while assisting in the production of content.
It can be instant or take up to 3 business days, depending on your payment method. If you deposit using cards the funds are credited instantly to your trading account or takes up to 2 hours. In this review, we’ll talk about everything Canadian traders need to know about FXCM and its services including pros and cons, overall fees, customer support, trading instruments, and more.
FXCM does not charge any fees for depositing or withdrawing with this method. See what you can do trading stock indices, energies, metals, and treasuries. FXCM has a partnership with renowned Canadian brand Friedberg Direct which is a member of the esteemed IIROC.
The FXCM broker also offers PAMM Accounts for traders who want to trade in certain markets but have little experience with which to research, formulate and place successful trades. FXCM PAMM Accounts are managed by professional investors who usually have expertise in the fields of finance, marketing or other related fields. The broker does not offer stocks, futures or options trading, although international clients do have access to trading Contract for Difference (CFD) assets. This primary focus on forex trading makes FXCM a superb choice for traders interested in trading predominantly foreign assets. Blain Reinkensmeyer has 20 years of trading experience with over 2,500 trades placed during that time.
The minimum deposit required to open an account with FXCM for Canadian users is $5,000 CAD. Although some methods may allow smaller deposits for top-ups, all new accounts must meet this initial minimum threshold before trading. FXCM also also allows you to withdraw funds to your cards, there is no fixed minimum amount for withdrawal, it usually takes about 5 business days for you to receive the funds in your card. This applies to all payment methods accepted on the platform and to the Retail Account.
