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. FXCM is currently not regulated by the CBN.
- Louis Schoeman
Jump to:
Regulation and Safety of Funds
Account Types and Features
Account Registration
Range of Markets
Fees
Deposits and Withdrawals
Education and Research
Affiliate Program
Final Verdict
Pros and Cons
FAQ
Company Block Shortcode
FXCM Review – 19 key points quick overview:
FXCM Overview
👉 According to research in Nigeria, as a popular market maker, FXCM has been around for two decades, established in 1999. FXCM is not regulated by the Central Bank of Nigeria (CBN), but the broker is overseen by the FCA.
👉 FXCM is a good place to start trading if Nigerian traders are new to the financial markets. A reduced deposit requirement for FXCM’s trading accounts, as well as social trading platforms, which allow novice traders to explore and mimic market professionals’ trades, make FXCM a popular choice for new traders.
👉 Experiential investors that have a multi-plugins and multi-tool approach will benefit the most from the FXCM platform. FXCM’s focus on combining value-added services and resources is best suited to experienced traders because of the range of platforms and tools accessible.
👉 This FXCM review will provide traders with the details that they need to consider whether the broker is suited towards their unique trading objectives and needs.
Distribution of Traders
👉 The distribution of traders for 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 AvaTrade
🥇 FXCM does not hold a significant market share in Nigeria, but the broker is one of the top 100 brokers for Nigerian traders.
FXCM at a Glance
| 🏛️ Headquartered | United Kingdom |
| 🏛️ Nigerian Based Office | No |
| 👍 Accepts Nigerian Traders? | Yes |
| 📅 Year Founded | 1999 |
| 📱 Nigerian Office Contact Number | No |
| ⚖️ Regulation | FCA, ASIC, CySEC, FSCA |
| 🔎 License Number | • United Kingdom – 217689 • Australia – 309763 • Cyprus – HE 405643 and CySEC 392/20 • South Africa – FSP 46534 |
| ⚖️ CBN Regulation | None |
| ✴️ Regional Restrictions | United States |
| ☪️ 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 |
| 📊 Crypto trading offered? | Yes |
| 🚀 Offers a Nigerian Account? | No |
| 💻 Dedicated Nigerian Account Manager? | No |
| 📈 Maximum Leverage | 1:30 (FCA), 1:400 (Other regulations) |
| 📈 Leverage Restrictions for Nigeria? | No |
| 💳 Minimum Deposit (₦) | 20,700 NGN equivalent to $50 |
| 💳 Nigerian Naira Deposits Allowed? | Yes |
| 💰 Active Nigerian Trader Stats | 1.3 million |
| 📈 Active Nigerian-based FXCM customers | Unknown |
| 💰 Nigeria Daily Forex Turnover | $1.25 million+ |
| 💳 Deposit and Withdrawal Options | • Credit Card • Debit Card • CreditPay • Bank Wire Transfer • Skrill • Neteller • Local Bank Transfer Philippines • Local Bank Transfer Vietnam • Local Bank Transfer LATAM • Local Bank Transfer Malaysia • Local Bank Transfer Indonesia |
| 💰 Segregated Accounts with Nigerian Banks? | No |
| 💻 Trading Platforms | • Trading Station • MetaTrader 4 • NinjaTrader • ZuluTrade |
| 💰 Tradable Assets | • Forex • Shares • Indices • Commodities • Cryptocurrencies |
| 🌐 Offers USD/NGN currency pair? | No |
| 🌐 USD/NGN Average Spread | N/A |
| 📈 Offers Nigerian Stocks and CFDs | None |
| 👨💼 Languages supported on Website | English |
| 👥 Customer Support Languages | Multilingual |
| 👥 Customer Service Hours | 24/5 |
| 👥 Nigerian-based customer support? | No |
| 💰 Bonuses and Promotions for Nigerians | None |
| ✴️ Education for Nigerian beginners | Yes |
| 📊 Proprietary trading software | Yes |
| 💰 Most Successful Nigerian Trader | Uche Paragon ($20 million net worth) |
| ✔️ Is FXCM a safe broker for Nigerians? | Yes |
| ✔️ Rating for FXCM Nigeria | 9/10 |
| ✔️ Trust score for FXCM Nigeria | 93% |
| 👉 Open an account | 👉 Open Account |
Regulation and Safety of Funds
The FXCM Group consists of companies that are regulated in many jurisdictions. With the FXCM group of firms (collectively, the “FXCM Group”), several of the world’s most reputable regulatory organizations have registered and regulated the FXCM Group’s enterprises.
This includes:
➡️ Forex Capital Markets Limited is regulated and authorized by the Financial Conduct Authority (FCA) in the United Kingdom under registration number 217689.
➡️ FXCM Australia Pty. Limited is a part of the FXCM Group, and the firm is authorized and regulated by the Australian Securities and Investments Commission (ASIC) under the Australian Financial Services License Number 309763.
➡️ FXCM EU LTD is a part of the FXCM Group, based in Cyprus. This entity is a Cyprus Investment Firm that is registered with the Cyprus Department of Registrar of Companies under HE 405643, regulated by the Cyprus Securities and Exchange Commission (CySEC) under the license number 392/20.
➡️ FXCM South Africa (PTY) Ltd is a subsidiary of FXCM Group of companies that are authorized and regulated by the Financial Sector Conduct Authority (FSCA) under Financial Service Provider number 46534.
The Financial Conduct Authority (FCA) mandates that FXCM LTD maintain a certain level of capital adequacy. FXCM LTD is obliged to file financial reports with authorities regularly. Those rules are enforced by the FCA, which has the authority to punish companies and revoke their regulatory status if they violate them.
It is the responsibility of the FCA to maintain track of any formal actions taken against regulated firms. Nigerian traders are urged to inspect a company’s history with the FCA by visiting the Financial Services Register (FSR).
In addition, FXCM LTD accounts are separated in compliance with FCA client money regulations. The client monies maintained in segregated accounts are thus safeguarded and cannot be utilized to benefit other creditors in the case of a default.
Account Types and Features
FXCM offers Nigerian traders four different ways to approach the financial markets by providing access to the following trading options:
➡️ CFD Trading
➡️ Active Trader
➡️ Professional Trader
Live Trading Accounts
Spread Betting
Nigerian traders must note that this option is only available for traders who reside within the United Kingdom.
Spread betting is derivatives trading that is based on speculation about the future price volatility of a particular asset class. Simply explained, it is a financial instrument that lets traders and investors profit from an impending change in the price of an asset without having to own the security. Spread Betting serves as an entry point to the financial markets.
Spread bettors benefit from tax-free profits and the ability to profit on rising or falling markets without acquiring any assets. Additionally, spread bets can be traded without fee and with leverage.
The benefits of spread betting include the following:
➡️ The profits are not charged any taxes
➡️ There is no stamp duty
➡️ Commission-free trading is offered
➡️ Traders can speculate on both falling and rising prices
➡️ Traders can use leverage to open larger positions
➡️ There is a range of markets that can be traded 24/5
CFD Trading
CFD trading enables Nigerian traders to profit from the swings in the prices of currencies, stock indexes, and commodities such as gold and oil without having to purchase the underlying commodity.
When Nigerians participate in CFD trading with FXCM, they will benefit from several advantages, including:
➡️ Access to leveraged products
➡️ Low trading fees and competitive spreads
➡️ The absence of stamp duty
➡️ 24/5 markets with trading sessions that overlap
The typical leverage that Nigerian traders can expect will range between 1:30 and 1:400 depending on the regulation under which they register a trading account. In addition, the typical spreads that traders can expect with FXCM are as follows:
➡️ AUS200 – 1.6 pips
➡️ FRA40 – 1 pip
➡️ EUR/USD – 0.3 pips
➡️ BTC/USD – 58.87 pips
➡️ XAG/USD – 0.04 pips
➡️ XAU/USD – 0.4 pips
➡️ NAS100 – 1.18 pips
➡️ SPX500 – 0.44 pips
The commissions that traders can expect when they trade with FXCM are as follows per financial instrument:
| Financial Instrument | Fee Charged |
| Forex Pairs | $2.00 per 100,00 lot traded, per side |
| USDOLLAR, EMBasket, JPYBasket | $1.00 per lot |
| HKG33 | $0.50 per lot |
| ESP35, CHN50, XAU/USD | $0.20 per lot |
| AUS200, FRA40, GER30, NAS100, SPX500, UK100, US30, EUSTX50, US2000, USOilSpot, UKOilSpot, USEquities, ATMX, ESPORTS, BIOTECH, CANNABIS, FAANG, CHN.TECH, CHN.ECOMM, AIRLINES, CASINOS, TRAVEL, US.ECOMM, US.BANKS, US.AUTO, WFH, Cryptostock, URANIUM | $0.10 per lot |
| JPN225, BTC/USD, BCH/USD, ETH/USD, LTC/USD, CryptoMajor, DOT/USD, BTC/AUD, BTC/EUR, BTC/GBP, ETH/AUD, ETH/EUR, AVAX/USD, SOL/USD, LUNA/USD, BNB/USD, KSM/USD, LINK/USD, US Shares, EU Shares, AU Shares | $0.05 per lot |
| XAG/USD, XLM/USD, EOS/USD, ADA/USD, DOGE/USD, XTZ/USD, MATIC/USD | $0.02 per lot |
| HK Shares, UK Shares | $0.01 per lot |
Active Trader
FXCM’s Active Trader account is for Nigerian traders who trade often. When trading becomes more than a pastime, you deserve the finest. The perks of becoming an Active Trader include personalized support, premium services, and unique solutions.
Active traders qualify for a variety of price tiers, including a Tax Free1 account with narrow spreads and no commissions for the UK and Irish residents. The Active Trader account was created with the devoted trader in mind. It reflects FXCM’s highest level of service and provides users with several unique features:
➡️ Dedicated customer support
➡️ Access to API Trading
➡️ Institutional derived trading ideas
➡️ Market Depth
➡️ Customized solutions
The forex commissions that are charged on the Active Trader account are as follows:
➡️ Commission per $1 million traded – $25 with a savings discount of 52.4% on a trading volume of between $150 million to $500 million.
The average spreads that Nigerian traders can expect as active traders are as follows:
➡️ EUR/USD – 0.2 pips
➡️ GBP/USD – 0.6 pips
➡️ NZD/USD – 0.5 pips
➡️ USD/CHF – 0.6 pips
➡️ USD/ZAR – 64.5 pips
➡️ JPN225 – 7.78 pips
➡️ NAS100 – 1.18 pips
➡️ USOil – 0.04 pips
➡️ XAG/USD – 0.04 pips
➡️ XAU/USD – 0.4 pips
Professional Trader
Nigerian traders who meet the following criteria can apply for a professional account with FXCM:
➡️ If the trader has traded large positions in leveraged derivatives for the past four quarters.
➡️ If the trader has a financial portfolio that exceeds 500,000 EUR.
➡️ If the trader has been employed in the financial sector in a professional position that demands knowledge associated with derivatives trading for at least a year.
In addition to this, to qualify for the professional account, Nigerian traders must possess the required expertise, experience, and knowledge to make informed investment decisions.
As professional clients, traders must be aware that they are not entitled to the same level of regulatory safeguards as retail customers. These include, but are not limited to, the following examples:
➡️ It is the trader’s responsibility to make sure that their account does not slip into a negative balance. The trader’s losses could be more than the deposits if this occurs, necessitating further payments to raise the account balance above zero.
➡️ FXCM is obliged by the Financial Conduct Authority (FCA) to restrict leverage on certain retail products to comply with these regulations. Professional customers are exempt from these limits, therefore using more leverage may backfire on investors by magnifying losses.
➡️ For transactions involving more complicated financial instruments, FXCM will not be obligated to provide Professional Nigerian traders with the same risk warnings that they now give to retail customers.
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.
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.
Nigerian traders who use FXCM may convert their live trading account into an interest-free account. However, Islamic account traders must note that additional fees apply to the Islamic account as follows.
| Financial Instrument | Fee Charged |
| XAU/USD | 15 pips |
| DOT/USD, LINK/USD | 12 pips |
| LTC/USD, EOS/USD, BTC/AUD, BTC/EUR, BTC/GBP, AVAX/USD, SOL/USD, LUNA/USD, XTZ/USD, MATIC/USD, US Shares, EU Shares, HK Shares, AU Shares | 10 pips |
| USOil, UKOil, USOilSpot, UKOilSpot, UK Shares | 5 pips |
| ATMX | 4 pips |
| XAG/USD | 2 pips |
| AUS200, ESP35, FRA40, GER30, HKG33, JPN225, NAS100, SPX500, UK100, US30, CHN50, EUSTX50, VOLX, USDOLLAR, US200, INDIA50, EMBasket, JPYBasket, BCH/USD, ETH/USD, CryptoMajor, XLM/USD, USEquities, ESPORTS, BIOTECH, CANNABIS, FAANG, CHN.TECH, CHN.ECOMM, AIRLINES, CASINOS, TRAVEL, US.ECOMM, US.BANKS, US.AUTO, WFH, Cryptostock, URANIUM, ADA/USD, DOGE/USD, ETH/AUD, ETH/EUR, BNB/USD, KSM/USD | 1 pip |
| Forex Pairs | 0.4 pips |
Account Registration
To register an account with FXCM, Nigerian traders can visit the official website and select the option to apply for a live trading account from the homepage. Nigerians can register an account in a few easy steps and when the application loads, they can select their country of residence, preferred platform, and select the option to start the application.
Traders must note that FXCM has several websites and if Nigerians are on the incorrect one, they will automatically be redirected to the right website to start their application. The registration form will appear once Nigerians are on the correct website, and traders must provide some personal information, information on their employment and source of funds, trading experience, and so on.
Lastly, traders must provide proof of their valid identity documents and residential address before the account can be approved. Once the information and documents have been compared and reviewed, the account will be approved, and traders can deposit the minimum amount to start trading.
FXCM Vs Trade Nation Vs eToro – Broker Comparison
| FXCM | Trade Nation | eToro | |
| ⚖️ Regulation | FCA, ASIC, CySEC, FSCA | FCA, ASIC, FSCA, SCB | CySEC, FCA, ASIC, FinCEN, FINRA, SIPC, DNB, FSA |
| 📱 Trading Platform | • Trading Station • MetaTrader 4 • NinjaTrader • TradingView • Capitalise AI | • MetaTrader 4 • Trade Nation | eToro proprietary platform |
| 💰 Withdrawal Fee | No | No | Yes |
| 📈 Demo Account | Yes | Yes | Yes |
| 📊 Min Deposit | 20,700 NGN | 0 NGN | 83,000 NGN ($200) |
| 💰 Leverage | • 1:30 (FCA) • 1:400 (Other Reg) | 1:30/1:200 | • 1:21:30 (Retail) • 1:400 (Professional) |
| 💳 Spread | From 0.2 pips EUR/USD | Fixed, from 0.4 pips | From 1 pip |
| ✴️ Commissions | $25 per $1m traded | None | None |
| 💳 Margin Call/Stop-Out | 50% | 50% | None indicated |
| 📊 Order Execution | Market | Instant, Market | Market/Instant |
| 💰 No-Deposit Bonus | No | No | No |
| 💰 Cent Accounts | No | No | No |
| 📊 Account Types | • Spread Betting • CFD Trading • Active Trader • Professional Trader | • High leverage • Low Leverage | • Retail Account • Professional Account |
| ⚖️ CBN Regulation | No | No | No |
| 💵 NGN Deposits | Yes | No | No |
| 💳 Nigerian Naira Account | No | No | No |
| 👥 Customer Service Hours | 24/5 | 24/5 | 24/6 |
| 🛍 Retail Investor Accounts | 3 Retail, 1 Pro | 2 | 1 |
| ☪️ Islamic Account | Yes | No | No |
Trading Platforms
FXCM offers Nigerian traders a choice between these trading platforms:
➡️ Trading Station
➡️ MetaTrader 4
➡️ NinjaTrader
➡️ ZuluTrade
Trading Station is FXCM’s own trading platform for forex and CFDs. The platform is strong, user-friendly, and full of vital trading tools. It can be used across several devices, including:
➡️ Trading Station Web 2.0 – All web browsers and OS systems can use this platform since it was created using HTML5. It is designed to work across several devices and there is a link to the platform on the FXCM website.
➡️ Trading Station Mobile is available on Android and iOS devices, offering Nigerian traders effective account management, live quotes, and charts, 13 timeframes, research, education, customizable alerts, and more.
➡️ Trading Station Desktop can be downloaded and installed on any Windows computer or laptop, providing Nigerian traders access to a range of functions and useful features.
MetaTrader 4 is the most popular trading platform in the world and thousands of tools and applications have already been built for the platform. The MT4 is available to all traders at FXCM with no restrictions. It is a desktop program for Windows that can be downloaded, as well as a mobile app for iOS and Android.
NinjaTrader is an advanced forex and CFD trading platform. Trading automation, advanced analytics, and charting are all included in NinjaTrader 8.0.
ZuluTrade is the world’s most popular social trading platform. There are several signal providers to choose from on the ZuluTrade platform and interested consumers may duplicate their trades from them.
Range of Markets
FXCM offers a vast selection of markets that can be traded spread across these asset classes:
➡️ Forex
➡️ Shares
➡️ Indices
➡️ Commodities
➡️ Cryptocurrencies
Broker Comparison for Range of Markets
| FXCM | Trade Nation | eToro | |
| 💰Forex | Yes | Yes | Yes |
| 🔨 Precious Metals | Yes | Yes | No |
| 💰 ETFs | N | No | Yes |
| 📊 CFDs | Yes | Yes | Yes |
| 📈 Indices | Yes | Yes | Yes |
| 💵 Stocks | Yes | Yes | Yes |
| 💳 Cryptocurrency | Yes | No | Yes |
| 💰 Options | No | No | No |
| 💸 Bonds | No | No | No |
| 🔋 Energies | Yes | Yes | Yes |
Trading and Non-Trading Fees
Spreads
The spreads that traders can expect with FXCM will depend on the account type that is being used, the financial instrument that Nigerians want to trade, and the live market conditions on the day of trading. Some typical spreads include:
➡️ CFD Trading – EUR/USD from 0.3 pips
➡️ Active Trader – EUR/USD from 0.2 pips
Commissions
The commissions that FXCM charges are calculated according to the financial instrument and the position size. Traders can expect some of the following typical 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
Traders may avoid overnight and weekend rollover fees by closing their positions by 5 p.m. Eastern Standard Time (EST) on each trading day. Muslim Nigerian traders who follow the Sharia law may convert their live trading account into an Islamic account.
Deposits and Withdrawals
FXCM offers the following deposit and withdrawal methods:
➡️ Credit Card
➡️ Debit Card
➡️ CreditPay
➡️ Bank Wire Transfer
➡️ Skrill
➡️ Neteller
➡️ Local Bank Transfer Philippines
➡️ Local Bank Transfer Vietnam
➡️ Local Bank Transfer LATAM
➡️ Local Bank Transfer Malaysia
➡️ Local Bank Transfer Indonesia
How To Minimize Risk While Trading?
1. Use Stop Losses
👉 A stop loss is a trading technique that takes you out of losing trades at a predetermined level in order to limit your losses. Utilize stop losses to ensure a 1:1 risk-reward ratio and above in all your trades in order to limit losses and maximize profits on each trade. For example, if you’re setting your stop loss at 50 pips below your entry point, set your take profit at least 50 pips above your entry point.
👉 A 1:2 risk-reward ratio and above will ensure that you remain profitable even if the majority of your trades are losing trades. Using a 1:2 risk-reward ratio means that you should place your stop loss at 100 pips if you have a profit target of 200 pips and so on.
👉 If you are a more aggressive trader, you can use a 1:3 risk-reward ratio, where you risk 100 pips for a profit target of 300 pips.
2. Use Proper Lot Sizes
👉 Trading using proper lot sizes is crucial to your success as a trader. That’s because the lot size determines the value of each point of the currency pair you are trading. A standard lot typically refers to 100,000 units of the base currency you are trading. Therefore, trading a standard lot of the EURUSD currency pair puts the value of each point at USD 100.
👉 The lot sizes you trade should be proportionate to the amount you are willing to risk on each trade, which is directly related to the size of your account and your risk appetite.
3. Control Your Losses
👉 You should only risk 2% or less of your trading account on each trade. This will ensure that you can survive any losing streak while minimizing the drawdown on your trading account.
👉 Remember: losses in forex trading are not linear. A 50% loss would require a 100% gain in order to recover your original trading account level.
4. Use Leverage Carefully
👉 Most forex brokers offer to trade with leverage, and with Exness traders can enjoy up to 1:Unlimited leverage. While trading with leverage is one of the great advantages of trading forex, it can also increase the risk of losses if used incorrectly. Leverage works as a ratio, meaning that if you trade with USD 10 at a leverage of 1:50 your market investment will be USD 500. This means that, if your investment moves in a favourable direction, your profits would be 50x bigger than they would have been without leverage. However, this also means that your losses if the currency moves in an unfavourable direction would be 50x greater as well. Traders are therefore reminded to apply leverage with care.
5. Choose The Time Of Day That You Trade
👉 Most traders tend to ignore the impact of the time of day that they trade. However, traders who are active during periods of less volatility tend to be more profitable than traders who trade during periods of high volatility.
👉 The high volatility periods for different currency pairs vary, but can generally be summarized as the opening hours of the Asian sessions, the London/European sessions, and the New York/American sessions.
👉 Experienced traders who are trading European currency pairs, such as EURUSD and GBPUSD, typically trade during off hours from 7PM to 11AM GMT. However, this data applies to range of traders who trade following the existing trends but might differ for traders using other trading strategies, such as scalping.
6. Buy The Rumor, Sell The News
👉 Many traders like to stay abreast of news that affects the forex market, but this is very hard to do given that it is near-impossible to accurately predict what will happen at any given time across the globe. However, experienced traders typically keep abreast of economic releases from different countries, which generally have an impact on many currency pairs.
👉 In most cases, markets typically discount the news based on investors’ expectations, which means that by the time the news is released, the big moves in the affected currency pairs would have already taken place. Therefore, it is important to make trades related to major news events way before the actual news is released.
All About FXCM’s Rebate System
How much rebate can I pay back?
👉 Rebate percentage can be set to be anything between 0% and 100%.
Payment schedule
👉 Rebates are paid daily to the selected referred clients who have closed any trades within the last 24 hours. Daily payments need to be approved by the partner.
👉 Once rebates are set up from your PA, rebates will be automatically calculated for the selected referred clients every time you receive rewards. Total daily rebates will then await your approval in the Approval section of the Rebates tab, or be automatically distributed if you have selected automated approval on rebates for specific referred clients; more information about this is available in the article about how to manage rebates.
FXCM Education and Research
The education materials that FXCM offers include the following:
➡️ What is Forex?
➡️ Becoming a better trader
➡️ Free online live classroom
➡️ Free SMS trade Alerts
The Research and trading tools that experienced traders can expect to include:
➡️ Economic Calendar
➡️ Market news
➡️ Live Forex charts
➡️ Trade Volatility
➡️ Market Scanner
➡️ FXCM Plus
➡️ Trading Signals
➡️ FXCM Apps
Bonuses and Promotions
FXCM offers Nigerian traders a deposit bonus when they fund the trading account for the first time. The promotion is offered until June 30 and traders can earn between $25 and up to $300. Depending on the initial deposit of the trader, the bonus can be broken down as follows:
➡️ Deposits from $50 up to $999 (20,700 NGN to 410,000 NGN) – $25
➡️ Deposits from $1,000 up to $2,499 (410,000 NGN to 1,000,000 NGN) – $100
➡️ Deposits from $2,500 up to $4,999 (1,000,000 NGN to 2,000,000 NGN) – $200
➡️ Deposits of $5,000 and up (2,000,000 NGN+) – $300
Verdict on FXCM
As a result of the FXCM’s solid background and long history of successful operation, it provides a safe and dependable trading environment. High volume or active traders might profit from a variety of interfaces, attractive value spreads, or services with extensive technology features.
Nigerians can start trading with a small amount of capital, giving them access to global financial markets and unlimited trading opportunities. In addition, Nigerian traders can make use of FXCM’s unique instructional features and an incredible selection of trading tools from Auto trading to a wide range of comprehensively supported indicators.
FXCM Pros and Cons
| ✔️ Pros | ❌ Cons |
| FXCM is multi-regulated and guarantees client fund security | The spreads are not the tightest |
| There is a choice between trading platforms | There are fees charged on the Islamic Account |
| FXCM offers investor protection | There is no Naira-denominated account for Nigerian traders |
| There is social trading offered through ZuluTrade | Currency conversion fees could be charged if Nigerian traders deposit in Naira |
| There is advanced charting offered through TradingView | There are no local deposit and withdrawal methods offered for Nigerians |
| Traders have access to daily analysis offered by Trading Central | The fee schedule is very complex |
| There are competitive trading conditions offered | |
| There is an Islamic Account and Demo account provided |
Frequently Asked Questions
Is FXCM a fake or scam broker?
No FXCM is not considered a scam broker because it is strictly regulated by FCA, ASIC, CySEC, and FSCA.
What is the overall rating for FXCM out of 10?
Overall rating for FXM is 9/10
Is FXCM suitable for beginner and professional traders?
Yes, FXCM is a broker that welcomes beginner traders and professionals.
What is the minimum deposit required to register an account with FXCM?
20,700 NGN equivalent to $50.
Does FXCM offer a Demo Account?
Yes, FXCM offers a demo account.
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