Broker Freestyle Options reviews and review of the trading platform

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Contents

OlympTrade Broker Review 2020

OlympTrade is a broker with a variety of tempting fixed time trades and excellent trading platform. According to the broker, there are over 370 thousands traders that are registered with OlympTrade. In our OlympTrade review, we will talk about the quality of their services and most important facts that are crucial for traders before they register and start trading. During our OlympTrade review, we have acknowledged that broker is a FinaCom member.

OlympTrade broker is a broker that allows low minimum deposit of just $10 and traders can place minimum investment of $1. According to the broker, the maximum payout is 80% which is considered to be industry average. Read more about trading accounts, banking information and customer support in our OlympTrade review below.

OlympTrade Account Features

Unlike many other brokerage companies, OlympTrade review discovered that broker doesn’t provide more trading accounts to choose from. OlympTrade considers all traders need to have the same chances that might lead to success in trading fixed time trades. From our perspective, this sounds like a very democratic decision and besides that, it also enables a clear overview of fixed time trades for their clients.

As we have already mentioned, OlympTrade starts with only $10 minimum deposit which is another indicator that enables every trader to have the opportunity to start investing in fixed time trades. The usual minimum deposit for other brokers goes between $200 and $250 which could potentially reject traders that have no trading experience. Because of this fact, OlympTrade might be an excellent place for binary newbies too.

In our OlympTrade review, we have ascertained that traders can start investing from just $1 and they have the option to choose between EUR and USD. Some brokers don’t allow the option to choose the investment currency, which is another benefit of this broker. It might be important to mention that once the currency is chosen it cannot be changed afterward.

While we were researching the OlympTrade services we have found this broker provides a vast amount of very important features that will help traders in their trading process. The broker doesn’t just allow traders to deposit and trade, they have developed very useful and friendly analytics tools, account manager support and access to financial markets. Besides that OlympTrade traders have the opportunity to get free education materials, but we will talk about that a bit later.

Since there is no option to trade with the different trading account, the OlympTrade review has found there is an option to trade with OlympTrade demo account. Of course, OlympTrade demo account is only available for traders that register with OlympTrade first.

According to the OlympTrade, demo account is filled with 10.000 of virtual funds and it is equipped with complete set of trading tools like real OlympTrade account. A demo account allows traders to test their trading abilities before they start placing trades with real money. OlympTrade review found that demo account allows trading without any investments. According to the OlympTrade support manager, a demo account is available that moment when traders register with broker. There is no need to make a first deposit in order to activate demo account. We are sure many traders will like this decision because most brokers activated demo accounts after traders make a deposit.

Our OlympTrade review found that traders are welcomed with $10 initial bonus after they make a deposit with OlympTrade. Besides a welcome bonus traders can activate other on pay bonuses and promo code bonuses.

OlympTrade Trading Software

While we were doing the OlympTrade review we have also analyzed the fixed time trades that are offered and which trading platform is integrated with this broker. According to the OlympTrade, they have implemented a famous Proprietary platform which will give traders a variety of underlying assets to trade with.

OlympTrade review found that traders can choose to trade with standard High/Low fixed time trades.

Besides that, OlympTrade offered traders to choose between several trading intervals:

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  • 3 – 5 minutes
  • 10 minutes
  • 30 minutes
  • One hour
  • One day

We could say that OlympTrade focuses on short-term trading where traders are accepting to trade with higher risk, but with higher profit rates too.

OlympTrade platform is simple and easy to handle with. The menu is placed on the upper part of the platform where prices are positioned vertically. Traders can choose preferred visibility of their trading platform so charts can be either in the form of the line or they could look like colored rectangles.

Below the price scale, the interface allows traders to choose preferred time period. We like that traders can change the appearance of the platform according to their own preferences. The platform also allows traders to select technical analysis option with the opportunity to impose the line indicator.

The bottom part of OlympTrade platform shows all trades that have been placed in the past. This way traders have a great overview of their trading portfolio and history. History is often used for making plans and future strategies so it is very important to use this information too.

OlympTrade review also found out that broker provides mobile applications for iOS and Android. Most of the brokers have decided to cover mobile trading since traders want to track their performance while they are on the go. OlympTrade app let traders track, place and monitor all current trades.

We have to say that browsing through OlympTrade website was a great experience. The site is simple and it welcomes traders with a lot of useful information. The menu is positioned in the upper part of the site with information about the regulation and company. Terms and conditions

OlympTrade Support Information

No matter that OlympTrade is not regulated by CySEC or similar regulators, our OlympTrade review found out that broker takes a lot of care when we speak about their customer support. We couldn’t found any difference between OlympTrade and other regulated brokers. In fixed time trades trading, it is very important to have the access to high-quality customer support agents. Traders usually need to find out necessary information about payments, promotions and available fixed time trades.

The research we conducted for our OlympTrade review discovered that OlympTrade provides several options for customer support. Traders can reach them via phone, live chat, contact form and email. During writing our OlympTrade review we have tested their live chat support and we were very satisfied with their service. The agent we have talked with wasn’t pushing us to open their account, he politely answered all our questions and wished us a good day.

When we speak about the website, traders can choose among several languages, according to their preferences. OlympTrade website is reachable in:

When we speak about the education, OlympTrade has made incredible work in this section. We have found various education materials about fixed time trades . The materials include webinars, educational videos, introduction to their platform, trading strategies, ebooks and guides with a lot of explanations. We loved this part in our OlympTrade review because we think education of traders is very important.

Interactive Brokers Review 2020

Summary

Recommended for traders looking for low fees and a professional trading environment

Interactive Brokers was founded in 1978 and is one of the biggest US-based discount brokers. The broker is regulated by several financial authorities globally, including top-tier ones like the UK’s Financial Conduct Authority (FCA) and the US Securities and Exchange Commission (SEC).

As it has licenses from multiple top-tier regulators, the broker is considered safe. Also, having a long track record and publicly disclosed financials while being listed on a stock exchange are also great signs for its safety.

We selected Interactive Brokers as Best online broker, Best broker for day trading and Best broker for futures for 2020, based on an in-depth analysis of 57 online brokers that included testing their live accounts. Check out the complete list of winners.

Interactive Brokers pros and cons

Interactive Brokers has the widest selection of markets and products among online brokers, with a lot of great research tools, and it is regulated by a lot of financial authorities.

On the other hand, most users can only make deposits and withdrawals via bank transfer. We recommend this broker for advanced traders, as the account opening process is complicated and the desktop trading platform is not user-friendly.

Pros Cons
• Wide range of products • Extremely complex desktop trading platform
• Many great research tools • Complicated account opening process
• Regulated by several authorities • High inactivity fee
Interactive Brokers main features and highlights
��️ Country of regulation UK, USA, India, Australia, Canada, Japan, Hong Kong
�� Trading fees class Low
�� Inactivity fee charged Yes
�� Withdrawal fee amount $0
�� Minimum deposit $0
�� Time to open an account 1-3 days
�� Deposit with credit card Not available
�� Depositing with electronic wallet Not available
�� Number of base currencies supported 19
�� Demo account provided Yes
��️ Products offered Stock, ETF, Forex, Fund, Bond, Options, Futures, CFD, Crypto, Warrants, Structured Products, Indices, Metals

Gergely Korpos

Author of this review

Everything you find on BrokerChooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology

Interactive Brokers review
Fees

Interactive Brokers has low trading fees and for US clients, stock and ETF trading is free. On the negative side, there is a high inactivity fee for non-US clients.

Pros Cons
• Low trading fees • Inactivity fee
• Low stock and ETF fees
• Low financing rate
• Free stock and ETF trading for US clients

Interactive Brokers fees snapshot

Assets Fee level Fee terms
US stock Low $0.005 per share, min. $1, max. 1% of trade value. Free for US clients choosing IBKR Lite plan.
EURUSD Average Trade value less than $1,000 million: 0.2 bps * trade value with $2 min.
Mutual fund Average $14.95 per transaction or 3% of trade value, whichever is lower
Inactivity fee High $20 per month if you have less than $2,000 account balance and if you don’t generate minimum $20 in commissions. $10 for accounts having at least $2,000 account balance, while no inactivity fee for US clients choosing IBKR Lite plan.

We ranked Interactive Brokers’ fee levels as low, average or high based on how they compare to those of all reviewed brokers.

To get things rolling, let’s go over some lingo related to broker fees. What you need to keep an eye on are trading fees and non-trading fees.

  • Trading fees occur when you trade. These can be commissions, spreads, financing rates or conversion fees.
  • Non-trading fees include charges not directly related to trading, like withdrawal fees or inactivity fees.

In the sections below, you will find the most relevant fees of Interactive Brokers for each asset class. For example, in the case of stock investing commissions are the most important fees.

We also compared Interactive Brokers’s fees with those of two similar brokers we selected, Saxo Bank and Degiro. This selection is based on objective factors such as products offered, client profile, fee structure, etc. See a more detailed rundown of Interactive Brokers alternatives.

To have a clear overview of Interactive Brokers, let’s start with the trading fees.

Interactive Brokers trading fees

Interactive Brokers’s trading fees are low. Because of this, it is also recommended if you a lot of trades frequently.

You can choose between Interactive Brokers’s fixed rate and tiered price plans:

  • The fixed rate price plan typically charges a fixed rate per contract or share. This charge covers all commissions and exchange fees.
  • The tiered price plan charges fees based on your monthly trading volume. The more you trade, the lower the commissions are. However, exchange, regulatory and clearing fees may be charged additionally.

Since the end of 2020, clients from the US can choose a new service plan, called IBKR LITE. With this service plan, you can trade US-listed stocks and ETFs commission-free without any inactivity fees.

In this review, we tested the fixed rate plan.

Stock fees and ETF fees

Interactive Brokers has generally low stock and ETF commissions.

Stock and ETF commission of a $2,000 trade

Interactive Brokers Saxo Bank DEGIRO
US stock $1.0 $10.0 $0.6
UK stock $7.2 $9.6 $2.4
German stock $4.4 $11.0 $5.4

The Interactive Brokers stock trading fee is volume-based: either per share or a percentage of the trade value, with a minimum and maximum. ETF fees are the same as stock fees.

Interactive Brokers stock fees

Belgium, France, Xetra, Italy, Netherlands

Market Commission Min Max
North America
$0.005 / share $1 1% of the trade value
CAD 0.01 / share CAD 1 0.5% of the trade value
0.1 % of the trade value MXN 60 No
Europe
UK up to £50,000 trade volume £6.00 £6 £6
UK more than £50,000 trade volume £6.00 + 0.05% of trade value £6 £29
0.1% of the trade value €4 €29
Switzerland 0.1% of the trade value CHF 10 No
Spain 0.1% of the trade value €4 No
Austria 0.1% of the trade value €4 €120
Poland 0.1% of the trade value PLN 15 No
0.05% of the trade value NOK/SEK 49 No
0.15% of the trade value €6 No
Estonia, Latvia, Lithuania 0.2% of the trade value €10 No
Hungary 0.1% of the trade value HUF 200 No
Asia-Pacific
0.08% of the trade value AUD 6 No
0.08% of the trade value HKD 18 No
0.08% of the trade value JPY 80 No
0.08% of the trade value SGD 2.5 No
India 0,01% of the trade value INR 6 INR 20

If you prefer stock trading on a margin or short sale, you should check Interactive Brokers’s financing rates.

What is the financing rate? Financing rates or margin rates are charged when you trade on margin or short a stock. This basically means that you borrow money or stocks from your broker to trade, for which you have to pay interest. This is the financing rate, and it can be a significant proportion of your trading costs.

Interactive Brokers financing rates are low. The financing rates vary based on your account base currency and the amount you borrow.

Interactive Brokers annual financing rates for stocks, futures and options

Interactive Brokers Saxo Bank DEGIRO
USD margin rate 2.6% 3.1%
GBP margin rate 2.0% 1.9%
EUR margin rate 1.5% 0.8%

As of March 2020, the rates for different debit balances in USD ranged between 2.15-3.35%.

Interactive Brokers annual financing rates, USD

Debit balance Rate%
$200,000,000.01 – 1.39%
$3,000,000.01 – $200,000,000 1.39%
$1,000,000.01 – $3,000,000 1.59%
$100,000.01 – $1,000,000 2.09%
Under $100,000 2.59%

Forex fees

Interactive Brokers’s forex fees are average, with higher fees for the most-traded EURUSD.

To have a clear picture of forex fees we calculated a forex benchmark fee for major currency pairs. This catch-all benchmark includes commissions, spreads and financing costs for all brokers.

Forex benchmark fee of a $20,000 30:1 long position held for one week

Interactive Brokers Saxo Bank DEGIRO
EURUSD benchmark fee $17.9 $15.5
GBPUSD benchmark fee $13.6 $12.8
AUDUSD benchmark fee $12.0 $13.7
EURCHF benchmark fee $7.1 $4.6
EURGBP benchmark fee $13.0 $10.2

When you trade forex, IB charges a volume-based commission. The higher the volume of your trades, the lower commission you pay.

Interactive Brokers forex commissions

Monthly traded amount Commission Min
USD ≤ 1,000,000,000 0.20 basis point of the trade value $2.00
USD 1,000,000,001 – 2,000,000,000 0.15 basis point of the trade value $1.50
USD 2,000,000,001 – 5,000,000,000 0.10 basis point of the trade value $1.25
USD > 5,000,000,000 0.08 basis point of the trade value $1.00

Fund fees

Interactive Brokers’s mutual fund fees are average. We calculated the fees for US mutual funds.

Interactive Brokers commission for a $2,000 fund purchase

Interactive Brokers Saxo Bank Degiro
Mutual fund $15.0 $0.0 $10.3

The mutual fund fees are different among ranges. The fee structure is percentage based and can have a minimum and a maximum.

Interactive Brokers fund fees

Country Commission Min Max
US 3% of the trade value or $14.95, whichever is lower
US funds with no transaction fees 0% $0 $0.00
Europe 0.1% of the trade value €4 €29.00
Global 3% of the trade value or $14.95, whichever is lower

Bond fees

Interactive Brokers has generally low bond fees.

Commission of a $10,000 government bond trade

Interactive Brokers Saxo Bank DEGIRO
US Treasury bond $5.0 $88.0
EU government bond $10.0 $88.0 $10.5

Interactive Brokers charges a volume-based commission with a minimum amount.

Interactive Brokers bond fees

Bonds Volume Commission Min Max
US Corporate Face value ≤ 10,000 0.10% * face value $1 $250 or 1% of trade value, whichever is lower
US Treasuries Face value ≤ 1,000,000 0.02% * face value $5 No
Europe Trade value ≤ 50,000 0.10% * trade value €2 No
Hong Kong Government Trade value ≤ 15,000,000 0.08% * trade value HKD 18 No

Options fees

The options fees at Interactive Brokers are generally low.

Stock index options commission of 10 contracts

Interactive Brokers Saxo Bank DEGIRO
US stock index options $7.0 $40.0 $5.0
UK stock index options $20.4 $36.0
German stock index options $12.1 $44.0 $9.9

You pay options fees depending on the number of contracts you trade.

Interactive Brokers options fees for stock index options

Market Commission Min
North America – all options
US, monthly contracts Stock index futures commission of 10 contracts
Interactive Brokers Saxo Bank DEGIRO
US stock index futures $8.5 $40.0 $5.0
UK stock index futures $20.4 $36.0 $27.5
German stock index futures $22.0 $44.0 $8.3

Similarly to options, you pay a commission based on the number of contracts you trade.

Interactive Brokers futures fees for stock index futures

Futures Commission
North America
US $0.85 / contract
Canada CAD 2.4 / contract (min CAD 2.4)
Mexico MXN 20 / contract (min MXN 20)
Europe
Belgium €4.5 / contract (min €4.5)
France, Germany €2 / contract (min €2)
Italy, Netherlands, Spain €3 / contract (min €3)
Switzerland CHF 4 / contract (min €4)
UK GBP 1.7 / contract (min GPB 1.7)
Asia-Pacific
Australia AUD 6.25 / contract (min AUD 6.25)
Hong Kong HKD 30 / contract (min HKD 30)
Japan JPY 500 / contract (min JPY 500)
Singapore SGD 4 / contract (min SGD 4)

CFD fees

Interactive Brokers charges low CFD trading fees.

To have a clear understanding of CFD fees we calculated a CFD benchmark fee for the selected products. This catch-all benchmark includes commissions, spreads and financing costs for all brokers.

CFD benchmark fees, for a $2,000 long position held for one week

Interactive Brokers Saxo Bank DEGIRO
S&P 500 index CFD fee $3.6 $2.2
Europe 50 index CFD fee $2.9 $2.1
Apple CFD fee $3.5 $22.2
Vodafone CFD fee $8.2 $21.3

We calculated with 20:1 leverage for stock index CFDs and 5:1 leverage for single stock CFDs.

In the case of stock index CFDs, all fees are incorporated into the spreads. When you trade stock CFDs, you pay a volume-tiered commission.

Interactive Brokers stock CFD fees

CFDs Monthly traded amount Commission Min
US share CFDs ≤ $300,000 $0.005 per share $1.0
European share CFDs ≤ €10,000,000 0.05% €3.0
Australian share CFDs ≤ AUD 10,000,000 0.05% AUD 5.0
Hong Kong Share CFDs ≤ HKD 300,000,000 0.05% HKD 12.0
Japanese Share CFDs ≤ 9,000,000,000 0.03% JPY 100.0
US 500 index CFD 0.005% $1.0
UK 100 index CFD 0.005% GBP 1.0
Japan 225 index CFD 0.01% JPY 40.0
Forex CFD ≤ 1,000,000,000 0.20 basis points * trade value $2.0

Crypto fees

You can trade cryptocurrencies through futures and ETNs (exchange-traded notes).

  • You can trade with Bitcoin futures on the CME Group and Chicago Board Options Exchange (CBOE). The commission on one Bitcoin futures contract is $10 at the CME and $5 at the CBOE.
  • Bitcoin and Ether ETNs are available on the Stockholm Stock Exchange. IB charges a 0.05% fee when you trade on the Stockholm Stock Exchange and the minimum amount is SEK 49.

If you want to learn more about crypto trading, check out our crypto blogpost.

Asset management service

Interactive Brokers provides an asset management service, called Interactive Advisors. It is a mix of mutual funds and a robo-advisor. It’s suitable for you if you don’t want to manage your investments on your own or just need a bit more confidence in investing.

Besides the usual brokerage commissions, there is an annual management fee ranging from 0.08% to 1.50%, depending on the amount you invest. The required minimum investment amount is $5,000.

There are two ways to invest with Interactive Advisor:

  1. Answer a couple of questions, based on which Interactive Advisor will compile a portfolio that is automatically rebalanced.
  2. Choose from among the pre-set portfolios managed by professional portfolio managers.

Non-trading fees

Interactive Brokers has average non-trading fees. There is no account or deposit fee. The first withdrawal each month is also free of charge, while subsequent withdrawals carry a fee.

On the negative side, the inactivity fee is high. The amount of inactivity fee depends on many factors.

Interactive Brokers non-trading fees

Interactive Brokers Saxo Bank DEGIRO
Account fee No No No
Inactivity fee Yes Yes No
Deposit fee $0 $0 $0
Withdrawal fee $0 $0 $0

The inactivity fee depends on your account balance, your age, and there are waivers which might apply:

Interactive Brokers’ inactivity fee

1) First three calendar month it’s waived

2) Total assets’ value is more than $100,000

1) First three calendar month it’s waived

2) Total assets’ value is more than $100,000

*If you generate a commission in the calendar month, then it’ll be the difference between the commission you generated and the inactivity fee. For example, if you generate a $15 commission and have an account balance of less than $2,000, then the monthly inactivity fee is $5.

Interactive Brokers review
Account opening

IB’s account opening process is fully digital and the required minimum deposit is low. On the negative side, the online registration is complicated and account verification takes around 2 business days.

Account balance less than $2,000 Account balance above $2,000 Account owner is younger than 25 years old
Monthly inactivity fee $20* $10* $3*
Potential waivers Not applicable
Pros Cons
• Fully digital • Not user-friendly
• No minimum deposit for most accounts types • Confusing messages throughout the process

Can you open an account?

Interactive Brokers is present on every continent, so you can most likely open an account. Only countries with highly unstable political or economic backgrounds are excluded, such as North Korea.

What is the minimum deposit at Interactive Brokers?

The required Interactive Brokers minimum deposit is $0 . However, there is a $2,000 minimum if you would like to trade on margin or short sale. Trading on margin means that you are trading with borrowed money, also known as leverage.

Account types

Interactive Brokers offers many account types, which fall into two big groups:

  • accounts for individual traders and investors
  • accounts for institutions

As an individual trader or investor, you can open many account types. A few of them, like an IRA account, are available only for US clients.

Interactive Brokers account types

Account types Short description
Individuals Account is owned and used by a single individual
Joint Account is owned and used by two individuals
Trust Account is held by a Trustee (separate legal entity) for your benefit
IRA Individual retirement account, which is only available for US clients
UGMA/UTMA Account for clients who are minors, which is only available for US clients
Friends and Family Account for a client group of up to 15 members
Family Office Account for an individual who is a Family Office Manager
Small Business Account for small corporations
Advisor Account for an individual who manages both client administration and the client’s money
Money Manager Account for an individual who is hired on behalf of another advisor.

Besides the various account types, you can choose from the IBKR PRO and IBKR LITE service plans if you are a US resident. They differ in pricing and available trading platforms.

Comparison of IBKR LITE and IBKR PRO

Features IBKR LITE IBKR PRO
Commission US exchange-listed stocks and ETFs are commission-free, while other products have fixed or tiered pricing Fixed or tiered pricing for all products
Account fee No account fee Up to $10 account fee per month
Trading features Client Portal, IBKR Mobile and IBot are available, but the desktop trading platform is not All platforms are available, including the desktop trading platform

Integrated Investment Management

Interactive Brokers has expanded the account features for US residents with the introduction of the Interactive Brokers debit card, and the Integrated Investment Management program. Such new features include:

  • Direct debit card deposits
  • Borrowing
  • Paying bills without checks through Bill Pay

All US cash and margin accounts are eligible for application. To apply, go to your Client PortalTransfer & Pay, then Debit Card menu.

How to open your account

The account opening process is fully digital but overly complicated. After your online registration, the account verification takes around 2 business days, which is a bit slower than the usual account verification time for most brokers.

At first, you have to go through a 5-step registration process, which takes roughly an hour. We experienced a few bugs and errors throughout the process, such as disappearing information and various error messages. It was complicated, with confusing and unclear messages.

During the account opening process, you have to provide some personal information and there are also questions about your trading experience.

In the end, you have to verify your identity and residency by uploading the required documents:

  • Verification of identity: passport / national ID / driver’s license
  • Verification of residency: bank statement / utility bill / driver’s license / credit card statement / other document

This is a standard process, which in financial lingo is called a KYC (know-your-customer) process. This is required to make sure you are truly identifiable.

Interactive Brokers review
Deposit and withdrawal

Interactive Brokers offers many account base currency options and one free withdrawal per month. The main drawbacks are that you can only use bank transfer and the process is not user-friendly.

Pros Cons
• No deposit fee • Credit/Debit card not available
• Several account base currencies • Not user-friendly
• First withdrawal each month free

Account base currencies

Interactive Brokers provides a lot of account base currencies, which is great if you trade with assets in various currencies.

Interactive Brokers account base currencies

Australian Dollar British Pound Canadian Dollar Chinese Yuan
Czech Koruna Danish Krone Euro Hong Kong Dollar
Hungarian Forint Israeli Shekel Japanese Yen Mexican Peso
New Zealand Dollar Norwegian Krone Russian Rouble Singapore Dollar
Swedish Krona Swiss Franc US Dollar

Compared to its competitors, you can see that IB’s selection is similar to that of Saxo Bank, while Degiro offers less base currencies.

Base currencies at Interactive Brokers compared to similar brokers

Interactive Brokers Saxo Bank DEGIRO
Number of base currencies 19 19 9

Why does this matter? For two reasons. If you fund your account in the same currency as your bank account or you trade assets in the same currency as your account base currency, you don’t have to pay a conversion fee.

A convenient way to save on the currency conversion fees is by opening a multi-currency bank account at a digital bank. Revolut or Transferwise both offer bank accounts in several currencies with great currency exchange rates as well as free or cheap international bank transfers. Opening an account only takes a few minutes on your phone.

Deposit fees and options

Interactive Brokers deposits are free of charge. However, deposit options are limited, as neither credit/debit cards nor electronic wallets can be used.

If you reside in the US, however, you have multiple extra options, such as:

  • ACH (Automated Clearing House)
  • Check
  • Online bill payment
  • Direct Rollover (IRA accounts only)
  • Trustee-to-Trustee (IRA accounts only)

Also, since early 2020 Interactive Brokers introduced direct debit card deposits as part of their Integrated Investment Management account. This is only available for US residents.

Australian clients can also use BPAY as a deposit method.

Interactive Brokers deposit options

Interactive Brokers Saxo Bank DEGIRO
Bank transfer Yes Yes Yes
Credit/Debit card No Yes No
Electronic wallets No No Yes

A bank transfer can take 2-3 business days to arrive. You can only deposit money from sources that are in your name.

Interactive Brokers withdrawal fees and options

The first withdrawal each month is free of charge, while subsequent withdrawals have a fee.

Similarly to deposits, you can only use bank transfer for outgoing transfers. US residents can also withdraw via ACH or check.

Interactive Brokers withdrawal fees and options

Interactive Brokers Saxo Bank DEGIRO
Bank Transfer Yes Yes Yes
Credit/Debit card No No No
Electronic wallets No No No
Withdrawal fee $0 $0 $0

The fee for subsequent withdrawals after the first free one depends on the currency and the method you use for withdrawal.

Interactive Brokers withdrawal fee

Withdrawal’s currency Wire BACS/GIRO/ACH/EFT/SEPA
USD* 10 1
EUR 8 1
GBP 7 1
CAD 12 2
CNH 60 7
HKD 95 8
NZD, SGD 15 1
AUD 15 N/A
CHF 11 N/A
CZK 300 N/A
DKK 30 N/A
HUF 6,000 N/A
ILS 30 N/A
JPY 1,600 N/A
NOK, SEK 50 N/A
MXN 100 N/A
PLN 40 N/A
RUB 330 N/A
ZAR 200 N/A

*Check payments are also available in USD and they carry a $4 fee.

How long does it take to withdraw money from Interactive Brokers? We tested it and it took 2 business days. While you wait, a new feature since early 2020 lets you track your withdrawal in real-time on the Client Portal.

How do you withdraw money from Interactive Brokers?

  • First, log into the Client Portal then click on ‘Transfer & Pay’ and ‘Transfer funds.’
  • Select the account you want to use for the transaction.
  • At the top of the page, click on the ‘Withdraw Funds’ tab.
  • Select the currency of your withdrawal, then the withdrawal method.
  • Fill out the required information.
  • Submit your withdrawal request.
  • You can see the status of your request in ‘View Transaction History.’

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Interactive Brokers review
Web trading platform

Interactive Brokers’s web platform is simple and easy to use even for beginners. On the negative side, it is not customizable.

Pros Cons
• User-friendly • Limited customizability (for charts, workspace)
• Clear fee report
• Two-step (safer) login
Interactive Brokers platforms to choose from
Trading platform Score Available
Web 4.3 / 5 stars Yes
Mobile 3.5 / 5 stars Yes
Desktop 3.0 / 5 stars Yes

When you trade online at IB, you can choose between two web platforms: the Client Portal and Webtrader. In this review, we tested the Client Portal since it is more user-friendly and easier to use than Webtrader. For IBKR Lite users, only the Client Portal is available.

The Client Portal is available in multiple languages: Dutch, English, French, German, Italian, Japanese, Russian, Simplified Chinese, Slovakian, Spanish, Traditional Chinese.

Look and feel

The Client Portal platform is particularly user-friendly and intuitive. You will easily find every feature even if you have just started trading. On the negative side, it is not customizable at all.

Login and security

Interactive Brokers provides several options for safe logins:

  1. You can use two-step authentication through SMS messaging.
  2. IB Key is a two-step authentication feature available through IBKR Mobile.
  3. A bit old-fashioned way is the Secure Login System, where you get a plastic code card.

Search functions

The search function is easy-to-use and works better than on the desktop platform.

All you have to do is type in the preferred asset’s name, and you can see a list of exchanges and products. The search bar can be found in the upper right corner.

Placing orders

Client Portal offers many order types. If you prefer more sophisticated orders, you should use the desktop trading platform. Available order types are:

  • Limit
  • Market
  • Stop
  • Stop Limit
  • Limit-on-Close
  • Market-on-Close
  • Trailing Stop
  • Trailing Stop Limit

If you are not familiar with the basic order types, read this overview.

You can also use a lot of order time limits:

  • Day
  • Good-til-Canceled (GTC)
  • Immediate or Cancel
  • Market-on-Open
  • Limit-on-Open

Alerts and notifications

You can set alerts and notifications, but only through the built-in chat. We think that it would be better if users could set alarms when they set up their order.

Portfolio and fee reports

Portfolio and fee reports are transparent. The portfolio tab gives a clear overview of your performance, including historical profit/loss balance and the fees you paid.

Interactive Brokers review
Mobile trading platform

The Interactive Brokers mobile trading platform has a lot of functions and a useful chatbot, but its user interface could be better.

Pros Cons
• Two-step (safer) login • User interface is a bit complex
• Good search function
• Good variety of order types

IBKR Mobile, Interactive Brokers’s mobile trading platform, is available both for iOS and Android. In this review, we tested it on Android.

The number of available languages is almost the same as at the web trading platform, only Slovakian is not supported.

Look and feel

The mobile trading app is handier compared to the web platform. On the other hand, its overall look and user-friendliness lags behind the competitors’ mobile platforms.

Login and security

You can use a two-step login, which is safer than a simple login. Furthermore, if your device has a fingerprint sensor, you can also use biometric authentication for convenience.

Search functions

The search function works well, just like at the web trading platform. You can access the search button easily from any menu.

When you type in the asset you are looking for, the app lists all asset types. For example, if you search for Apple, you can choose between Apple stock, futures, options, warrants, as well as CFDs.

After you have chosen the product are you interested in, you will be greeted by an information and trading window, which shows:

  • Asset market information
  • An interactive chart with technical indicators
  • Related news
  • Some fundamental data
  • Summary of the latest analyst report
  • The buy and sell buttons that transfer you to the order panel.

Placing orders

IBKR Mobile has the same order types as the web trading platform.

Alerts

You can set alerts only via the chatbot, which is not the most intuitive method.

Special feature – Chatbot

The most innovative and exciting function within the app is the chatbot, call IBot. You can use the chatbot to execute or close an order, or to get basic info quickly.

The chatbot understands basic commands, such as “apple price” or “buy 1 apple share.” On top of this, you can also search for company fundamentals, like dividend yields or PE ratios. Some of the functions, like displaying a chart, are also available via the chatbot.

Interactive Brokers review
Desktop trading platform

Interactive Brokers provides a desktop platform for IBKR PRO accounts with many customizable options and advanced execution functions. However, the platform is not user-friendly and is more suited for advanced traders.

Pros Cons
• Clear fee report • Not user-friendly
• Good customizability (for charts, workspace) • Poor search function
• Good variety of order types • Too complex for beginners

Interactive Brokers’s desktop platform Trader Workstation (TWS) is so advanced that even a separate review would not be able to cover all of its features. Nevertheless, we tried to provide you with a comprehensive summary of TWS.

In the desktop trading platform, you have literally every feature you could desire. Whether you were dreaming of replicating your favorite ETF or trading with chatbots – with Interactive Brokers, you can do them both.

The desktop trading platform is available in multiple languages, but fewer than the web trading platform. For example, Dutch and Slovakian are missing.

Look and feel

To be honest, this is by far the most complex platform that we at Brokerchooser have ever reviewed. This platform is ideal for you if you consider yourself a professional user. If you are a beginner or someone who seeks long-term investments, you may have difficulty navigating all of TWS’s features.

Despite its complexity the platform is highly customizable, for example, you can set up your own templates.

Login and security

It has the same security features as the web trading platform. You can turn on two-step authentication, which makes the platform safer to use.

Search functions

The search function is the platform’s weakest feature. Search results are not structured and it is quite difficult to filter out the product you are looking for.

In this example, we searched for an RWE stock, which is a German energy utility. However, when we typed in “rwe,” all the structured and derivative products were listed in the results as well, which made it harder to find the real stock.

Using the chatbot is great substitute solution. When you search for RWE directly through this feature, it will direct you to the stock listed on the main stock exchange.

Placing orders

Trading through TWS, IKBR PRO offers many different order types.

Order types at Interactive Brokers

Limit Mid Price Market Market-to-Limit
Stop Stop-Limit Trail Trail-Limit
Relative Retail Price Improvement Snap Market Snap To Midpoint
Snap to Primary Market-on-Close Limit-on-Close IBALGO
Hedge (with Forex, or Pair Stock)

On its desktop platform, Interactive Brokers provides Smart Routing, a great feature that detects the best possible route (e.g. exchange) for your trades automatically. TD Ameritrade also has a similar service.

If you are not familiar with the basic order types, read this overview.

The order term options also include some special types beyond the usual ones:

  • Good ’till Canceled (GTC)
  • Good-Til-Date (GTD)
  • Market-on-open (MOO)
  • Limit-on-open (LOO)
  • Immediate-or-cancel (IOC)
  • Fill-or-Kill (FOK)
  • Day ‘Til canceled (DTC)

Alerts and notifications

Alerts and notifications can be set in the ‘Configuration panel.’ You can select email, SMS, or mobile pop-up notifications.

You can also set additional alerts, for example for price changes, daily profits or losses, executed trades, etc.

Reports on the Interactive Brokers desktop platform are really transparent, just like on the web platform.

Interactive Brokers review
Markets and products

Through Interactive Brokers you can access an extremely wide range of markets, with every product type available.

Interactive Brokers Saxo Bank DEGIRO
Stock Yes Yes Yes
ETF Yes Yes Yes
Forex Yes Yes No
Fund Yes Yes Yes
Bond Yes Yes Yes
Options Yes Yes Yes
Futures Yes Yes Yes
CFD Yes Yes Yes
Crypto Yes Yes Yes

Interactive Brokers has a great selection of products, with an exceptional range of ETFs and bonds. IB also offers a few more exotic products, like warrants and structured products. It only lags behind its competitors in terms of its FX pair and CFD selection.

Regarding accessible stock exchanges, the Israeli Tel Aviv Stock Exchange has been added for ETF and stock trading. Since we last checked, IB provides access to almost 140 exchanges worldwide, with alternative services as well, such as Interactive Advisors. This is an asset management service, a mix of robo advisory and social trading.

Stocks and ETFs

Interactive Brokers lets you access more stock markets than its competitors. This includes major stock markets like the NASDAQ, the New York Stock Exchange (NYSE) or the London Stock Exchange (LSE), but also minor ones such as the Warsaw Stock Exchange in Poland or the Mexican markets. Other than regular stocks, penny stocks are also available.

Besides stocks, you can also trade with more than 13,000 ETFs at IB. This is much less than it was in early 2020, but it is still the most extensive selection among competitors.

Stocks and ETFs

Interactive Brokers Saxo Bank DEGIRO
Stock markets (#) 78 36 30
ETFs (#) 13,000 3,100 5,400

Since December 2020, fractional shares are available at Interactive Brokers for individual accounts on all trading platforms. This means you can trade with only a portion of a share which is a great feature if you want to cut share costs.

Forex

Interactive Brokers provides a vast selection of more than 100 currency pairs; only Saxo Bank has more.

Currency pairs

Interactive Brokers Saxo Bank DEGIRO
Currency pairs (#) 105 182

Funds

Through IB, you have access to more than 250 fund providers including big market names like Blackrock and Vanguard. Only Swissquote offers more fund providers than Interactive Brokers.

Fund providers

Interactive Brokers Saxo Bank DEGIRO
Fund providers (#) 257 17 68

Bonds

Interactive Brokers gives you access to a massive number of bonds. Out of all government and corporate bonds available at IB, 1.4 million are so-called municipal bonds: these are fixed income investments issued by local US governments, cities, states or counties, but they are tradable only for US residents. The table below does not include municipal bonds in the overall number of bonds product, but even so the number of bonds available is still higher than at competitor brokers.

Bonds

Interactive Brokers Saxo Bank DEGIRO
Bonds (#) 72,900 38,000 870

Options

As with other product types, Interactive Brokers has an extremely wide range of options markets. You can access the biggest options markets, like the Chicago Board Options Exchange (CBOE) or the CME Group, as well as smaller markets, such as the Korea Stock Exchange (KSE) or the Mexican Derivatives Exchange (MEXDER).

Options markets

Interactive Brokers Saxo Bank DEGIRO
Options markets (#) 33 5 13

Futures

Interactive Brokers offers an extensive selection of futures products and markets. There are now 32 markets available, which is more than what competitors provide. Similarly to options, you will find both major and minor markets.

Futures markets

Interactive Brokers Saxo Bank DEGIRO
Futures markets (#) 32 23 15

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% 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.

Only clients who are trading through Interactive Brokers (U.K.) Limited are eligible to trade with CFDs. Compared to other products and competitors, IB offers an average range of CFDs, mainly stock and stock index CFDs.

Interactive Brokers Saxo Bank DEGIRO
Stock index CFDs (#) 13 29
Stock CFDs (#) 7,100 8,800 900
ETF CFDs (#) 675
Commodity CFDs (#) 19
Bond CFDs (#) 5
Futures CFDs (#)

Cryptos

At IB you can trade with Bitcoin and Ethereum ETNs and Bitcoin Futures:

  • Bitcoin and Ether ETNs are traded on the Stockholm Stock Exchange and the US OTC (Pink) markets
  • Bitcoin Index is available on the New York Stock Exchange (NYSE) and on the CME Group and Chicago Board Options Exchange(CBOE)
  • Bitcoin futures are available on the CME Group and Chicago Board Options Exchange(CBOE)

If you want to know more about crypto investing, we recommend our crypto blogpost.

Interactive Brokers Saxo Bank DEGIRO
Cryptos (#) 2 2 2

Asset management service

Interactive Advisors, IB’s own asset management service, allows you to copy professional portfolio managers, letting you automatically make trades as professionals do.

You can choose from many portfolio managers to find the one that fits you best, with real-time portfolio performance available.

The minimum investment depends on the portfolio you want to invest in: the lowest investment amount starts at $5,000.

Interactive Brokers review
Research

Interactive Brokers has almost limitless research possibilities, but the user interface is overly complicated, hard to follow and not well designed.

Pros Cons
• Good interactive chart • Not user-friendly
• Trading ideas
• Data on asset fundamentals

The quality of the research available is good and you always have the freedom to choose between third-party providers.

Recommendations

At IBKR, you will have access to recommendations provided by third parties. These research tools are mostly free, but there are some you have to pay for.

Several famous news sources, like Thomson Reuters, Morningstar and Dow Jones, are available for free.

Since January 2020, Interactive Brokers incorporated two new recommendation tools called Validea and TheLeadingEdge. They provide real time analysis, in-depth reports and model portfolios for a monthly subscription. You can enable these features via your Client Portal: to do so, select Menu-Settings-User Settings and then Research Subscriptions.

Fundamental data

Interactive Brokers provides a broad selection of fundamental data on all of its platforms. These include income statements for the past six years, a dividend calendar and peer group companies, for example.

Charting

The charting features are almost endless at Interactive Brokers. There are 120 technical indicators; however, similar to the platforms, the charting tool is not user-friendly.

Other special technical tools include:

  • Stock/ETF benchmarker: helps you to benchmark your stock or portfolio versus a selected benchmark
  • Mutual fund and ETF replicator
  • Volatility lab
  • Option probability lab: a group of option analysis functions
  • VaR, Sharpe: portfolio performance analyzers

News feed

You have access to:

  • News
  • Dailysummaries
  • Multiple economiccalendars

Interactive Brokers has its own news domain called Traders’ Insight. It also provides integrated third-party news and recommendations to its desktop platform.

Upon entering the platform, you have the option to read daily summaries of the markets through the Daily Lineup. This feature helps you to be informed about the latest news and analyst recommendations. An Earnings and an Economic Calendar are also helpful quick shortcuts to start off your day.

The Economic Calendar informs you about upcoming events that will have an economic impact. The feature can be accessed separately at any time from the menu, though the design could be better. If you look for an all-around economic calendar that includes upcoming national holidays for the year 2020, find it here on IB’s page.

Interactive Brokers review
Customer service

Interactive Brokers customer service is good. They can be contacted via phone, email, live chat and an automated ‘iBot’ and provide fast and relevant answers. However, most options are not available 24/7.

Pros Cons
• Phone support • No 24/7 support
• Live chat
• Fast response time

You can contact Interactive Brokers via:

Customer service is available in several regions and languages, namely in English, Russian, Chinese, Indian and Japanese.

Regional Service Desks and hours of operation

Location Number Hours of operation (Time Zone)
United States 1 (877) 442-2757 Toll free
1 (312) 542-6901 Direct dial
14:00 (Mon – Fri) – 02:00 (Tue – Sat) (Europe/Berlin)
19:00 (Sun) – 01:00 (Mon) (Europe/Berlin)
Canada 1 (877) 745-4222 Toll free
1 (514) 847-3499 Direct dial
14:00 – 23:30 (Mon – Fri) (Europe/Berlin)
Europe 00800-42-276537 Toll free
+41-41-726-9500 Direct dial

+44 207-710-5695 Direct dial United Kingdom

09:00 – 18:00 (Mon – Fri) (Europe/Berlin)
Russia 8-800-100-8556 Toll free
+41-41-726-9506 (Russian)
08:00 – 17:00 (Mon – Fri) (Europe/Berlin)
Hong Kong +852-2156-7907 Direct dial 02:00 – 11:00 (Mon – Fri) (Europe/Berlin)
Australia +61 (2) 8093 7300 Direct dial 00:30 – 10:00 (Mon – Fri) (Europe/Berlin)
India +91 22 61289888 Direct dial
+91 22 39696188 Direct dial
02:30 – 14:00 (Mon – Fri) (Europe/Berlin)
China +86 (21) 6086 8586 Direct dial 03:00 – 12:00 (Mon – Fri) (Europe/Berlin)
Japan +81 (3) 4588 9700 Direct dial
+81 (3) 4588 9710 Direct dial (English)
01:30 – 10:30 (Mon – Fri) (Europe/Berlin)

We had lots of problems with customer service when we tested it in 2020, with long wait times one of them. On one occasion, we sent an inquiry in English and received an answer email only after four days – in Russian.

In 2020 we tested the chat, email and phone support, three times. Since 2020, the Interactive Brokers customer service improved a lot, we did not encounter any major problems. Email responses arrived within a day. The wait time for a representative in a live chatroom was rather long (e.g. more than three minutes), but after they came online, the experience was smooth with relevant answers.

The waiting time for a phone call was around one minute.

Also, since we last checked, the Inquiry Response Center got a facelift: now known as Message Center, it has improved a lot in design. We liked the modern look of the interface.

Despite all of the above, the lack of 24/7 availability is still a problem.

Interactive Brokers review
Education

Interactive Brokers offers a wide range of quality educational materials and tools, including videos, courses, webinars, a glossary, and even a demo account.

Pros Cons
• Demo account • Courses only available after registration
• Trading platform tutorial
• Educational videos

At Interactive Brokers you can learn in the following ways:

  • Paper (demo) account
  • Online courses
  • Webinars
  • Educational videos
  • Platform tutorial videos
  • Glossary
  • News

Once you set up a trading account, you can also open a Paper Trading Account. This is a demo account: all paper accounts start with $1,000,000 in virtual money, which you can use to experiment with IB’s platforms and trading services. Similar to this is IBKR Mobile’s Read-only mode, which lets you check out the mobile interface, although you won’t be able to make any trades. In summary, we think these are great services, and the best way to learn how a trading platform works.

In addition to the above services, you can choose from multiple courses based on your trading skills. There is also a glossary that helps you to understand technical terms, unfamiliar expressions and acronyms.

Interactive Brokers review
Safety

Interactive Brokers is regulated by several financial authorities, including top-tier ones like the SEC in the US and the UK’s FCA. Its parent company is listed on the Nasdaq Exchange.

Pros Cons
• Listed on stock exchange None
• Negative balance protection
• Regulated by top-tier financial authorities

Is Interactive Brokers regulated?

Yes, it is regulated by multiple top-tier financial authorities, like the US Securities and Exchange Commission (SEC) and the UK Financial Conduct Authority (FCA).

Is Interactive Brokers safe?

To be certain, we highly advise that you check two facts: how you are protected if something goes wrong and what the background of the broker is.

How you are protected

Not all investments are protected by SIPC. In general, SIPC covers notes, stocks, bonds, mutual funds and other investment company shares, and other registered securities. It does not cover instruments such as unregistered investment contracts, unregistered limited partnerships, fixed annuity contracts, currency, and interests in gold, silver, or other commodity futures contracts or commodity options.

Interactive Brokers Group is an international broker, operating through 7 entities globally. This matters for you because Interactive Brokers provides negative balance protection, and the investor protection amount and the regulating authority differ from entity to entity.

Interactive Brokers provides negative balance protection for forex spot and CFD trading, but only for retail clients from the European Union. Professional and non-EU clients are not covered with any negative balance protection

Interactive Brokers legal entities

Covered by the Canadian Investor Protection Fund (CIPF), regulated by the Investment Industry Regulatory Organization of Canada (IIROC)

Country of clients Protection amount Regulator Legal entity
European countries* £85,000 Financial Conduct Authority (FCA) Interactive Brokers (U.K.) Limited
USA $500,000 ($250,000 cash limit) Financial Industry Regulatory Authority (FINRA) Interactive Brokers LLC
Canada $1,000,000 Interactive Brokers Canada Inc.
Australia No protection Australian Securities and Investments Commission (ASIC) Interactive Brokers Australia PTY LTD
India No protection Securities and Exchange Board of India (BSE) Interactive Brokers (India) PVT. LTD.
Japan No protection Financial Services Agency (FSA) Interactive Brokers Securities Japan Inc.
Hong Kong No protection Hong Kong Securities and Futures Commission Interactive Brokers Hong Kong Limited

*If you are from Europe, the picture is a bit more complicated. The regulator and the protection amount also depends on what you are trading with:

  • If you trade with forex, CFDs, non-US stock index options or futures, you are protected by the FCA, up to £85,000.
  • If you trade with stocks, bonds, funds or US stock index options, you are protected by the US investor protection, i.e. $500,000, with a cash limit of $250,000.

As you can see, the details are not very transparent. Our best advice is to ask customer service from time to time about the protection amount of your actual portfolio.

Background

Interactive Brokers is based in the USA and was founded in 1978. During the last more than 40 years, despite multiple economic crises, IB managed to stay on top on the brokerage market, which is a good sign for the broker’s safety.

Interactive Brokers Group (the holding company of the different entities) is listed on the Nasdaq Stock Exchange. The listing makes the broker more transparent, as it has to publish financial statements regularly.

Being listed on the Nasdaq and regulated by both the UK’s FCA and the US SEC are all great signs for Interactive Brokers’s safety.

Interactive Brokers review
Bottom line

Interactive Brokers is one of the biggest US-based discount brokers, regulated by several top-tier regulators globally. We recommend this broker for advanced traders.

On the plus side, IB has a vast range of markets and products available, with diverse research tools and low costs.

There are some drawbacks though: there is a high inactivity fee and the account opening process is complicated. The desktop platform is complex and hard-to-understand, especially for beginners.

If you have experience navigating complex platforms and you like transparent low-cost trading, Interactive Brokers could be a great fit for you.

E*TRADE Review

Founded in 1982 as one of the first online brokerages in the United States, E*TRADE understands what investors need to succeed in the market. E*TRADE highlights include $0 trades, two excellent mobile apps, and the Power E*TRADE platform, which is great for options trading.

Top Takeaways for 2020

After spending five months testing 15 of the best online brokers for our 10th Annual Review, here are our top findings on E*TRADE:

  • In our testing, we found that E*TRADE shined most in two areas, mobile trading and options trading, finishing No. 1 overall in both categories.
  • E*TRADE also finished Best in Class (top 5) for Research, Education, Active Trading, Futures Trading, and IRA accounts.
  • Thanks to the sleek designs and overall usability of E*TRADE’s Mobile apps and the Power E*TRADE platform, which is our favorite web-based platform for 2020, E*TRADE is also a winner for beginners.

Overall Summary

Feature E*TRADE
Overall 4.5 Stars
Commissions & Fees 4.5 Stars
Offering of Investments 4.5 Stars
Platforms & Tools 4.5 Stars
Research 4.5 Stars
Education 4 Stars
Mobile Trading 5 Stars
Customer Service 4.5 Stars
Ease of Use 4.5 Stars

Commissions & Fees

Thanks to a pricing war in the beginning of October 2020, regular stock and ETF trades are now $0 (previously $6.95) and options trades run $0 + $.65 per contract (previously $6.95 + $0.75 per contract).

However, despite $0 trades, when trading during pre- and post-market hours, an ECN fee of $.005 per share is added to the regular commission rate. There is also still a $6.95 charge for trading penny stocks. As a result, we do not recommend E*TRADE for these two styles of trading.

E*TRADE pricing summary:

Feature E*TRADE
Minimum Deposit $0.00
Stock Trade Fee (per trade) $0.00
ETF Trade Fee $0.00
Options Base Fee $0.00
Options Per Contract Fee $0.65
Mutual Fund Trade Fee $19.99
Broker Assisted Trades Fee $25.00
Commission-Free ETFs all

Platforms & Tools

Built as a web-based platform, Power E*TRADE innovates and delivers speed, ease of use, and the tools needed for traders to succeed. Once again, in our 2020 Review, Power E*TRADE won our award, “Best Web-Based Platform.” E*TRADE also took our top spot for options trading.

Charting: Power E*TRADE’s charting engine is powered by Chart IQ, an excellent third-party provider of HTML 5 charts. Highlights include extremely smooth panning and zooming, integrated Recognia technical analysis, 119 optional technical indicators, and 32 drawing tools. To uncover flaws, we had to get picky. For example, running multiple charts at the same time can be a bit cumbersome, versus say the preset grid functionality offered by TD Ameritrade’s thinkorswim platform.

Options trading: For casual and active options traders, Power E*TRADE offers the perfect blend of usability, excellent tools (screening via StrategySeek, scanning via LiveAction), and seamless position management (custom grouping, real-time streaming greeks, risk analysis, and more). And, for newer investors, there isn’t a better platform than Power E*TRADE on which to learn how to trade options. For example, using the Snapshot Analysis tool, not only is Risk/Reward translated with smiley faces, but key events to watch out for are also listed alongside a P&L chart. It’s a work of art.

Futures Trading: Like options trading, Power E*TRADE also provides a great experience for trading futures. Multiple futures ladders can be run at once, orders can be fired off with ease thanks to the Quick Trade widget, and like options, managing positions is a breeze.

Research

While E*TRADE’s research experience is thorough and provides investors with nearly everything they need to succeed, some aspects that left us wanting more.

Good stuff: For investors who value analysts’ recommendations, E*TRADE offers consensus ratings from multiple third-parties, including breakdowns from individual analysts via TipRanks. Also, charting on the website includes the Trefis price estimate right on the chart, with a quick link to view Trefis’s full analysis.

Bad stuff: When it comes to usability and modern design, E*TRADE’s screening and quote experiences do not stack up to the hand-crafted designs of Fidelity and Charles Schwab. Also, while E*TRADE provides in-house market commentary and analysis (articles), it trails its closest competitors in quality, depth, and quantity. Finally, live broadcasting is absent, which is an area both TD Ameritrade and Charles Schwab excel.

Customer Service

To score Customer Service, StockBrokers.com partners with customer experience research group Confero to conduct phone tests from locations throughout the United States. For our 2020 Broker Review, 280 customer service tests were conducted over ten weeks.

Results

  • Average Connection Time: 1 – 2 minutes
  • Average Net Promoter Score: 8.9 / 10
  • Average Professionalism Score: 8.4 / 10
  • Overall Score: 8.62 / 10
  • Ranking: 6 th (14 brokers)

Mobile Trading

In our 2020 Review, E*TRADE once again placed first because its apps, E*TRADE Mobile and Power E*TRADE Mobile, are easy to use and feature-rich. My recommendation: use E*TRADE mobile for stock trading and Power E*TRADE Mobile for options trading.

Mobile features: Both apps are supported in iOS and Android, while E*TRADE Mobile also supports the Apple Watch. Furthermore, E*TRADE Mobile has a handful of features few other brokers offer. Unique features include streaming live Bloomberg TV, customized stock screening, third-party research ratings, and a customizable dashboard, among others. In our testing, the modern designs of both apps, which are built for speed, shine.

Mobile charting: Charting is a clean experience on Power E*TRADE, thanks to the fact that ChartIQ, the same engine that runs the charting experience on web-based Power E*TRADE, is used. That said, depth varies by app. While Power E*TRADE Mobile provides 40 indicators, E*TRADE Mobile offers ten. Indicator differences aside, panning, zooming, and conducting high-level analysis are all extremely user-friendly.

Offering of Investments

E*TRADE provides everything an investor would come to expect from a full-service brokerage. All investment vehicles offered, from stocks and options to bonds, banking products, and financial-planning services.

The only notable offerings E*TRADE lacks include international trading and forex trading, both of which are uncommon among US-based brokerages.

Education

Relying mostly on third-party content providers, E*TRADE provides a thorough selection of educational content. All investing topics are covered, from stock trading to retirement, and at least 12 free webinars offered each month.

However, overall, E*TRADE’s learning experience left us disappointed and wanting more for beginner investors. As part of E*TRADE’s website overhaul, all educational content is now organized by topic in a “Library.” Once you select a topic, there are no preset flows or progress tracking. Yes, there is a lot of content, but if you easily can’t find what you’re looking for and it isn’t engaging, then it won’t get used.

Banking

Besides trading, E*TRADE also offers essential banking services with 30 branch office locations across the US. Banking services include checking accounts with no ATM fees, high-yield savings accounts, and debit cards. E*TRADE Bank is a registered member of the Federal Deposit Insurance Corporation (FDIC), which insures bank deposits up to $250,000.

Compared to leaders Bank of America Merrill Edge and Chase You Invest Trade, E*TRADE doesn’t come close to competing. That said, FDIC-insured banking is rare in the online brokerage industry.

Final Thoughts

E*TRADE is an industry leader in its mobile and options trading (thanks to Power E*TRADE) offerings and continues to innovate each year. Overall, E*TRADE provides a well-rounded offering.

Regardless of your investing style, E*TRADE is a reliable, full-service broker that gives its competitors a run for their money.

About E*TRADE

Headquartered in New York City, E*TRADE was founded in 1982 and, like its closest competitors, was also one of the first online brokerages in the United States (1). E*TRADE acquired online broker OptionsHouse in September 2020 for $725 million, paving the way for what is now branded as the Power E*TRADE platform (2). As of December 31st, 2020, E*TRADE had 4.9 million brokerage accounts and processed over 280,000 online trades per trading day (3).

2020 Review Methodology

For the StockBrokers.com tenth annual best online brokers review published in January 2020, a total of 3,540 data points were collected over six months and used to score brokers. This makes StockBrokers.com home to the largest independent database on the web covering the online broker industry.

Participation is required to be included. Each broker completed an in-depth data profile and provided executive time (live in person or over the web) for an annual update meeting. Our rigorous data validation process yields an error rate of less than .001% each year, providing site visitors quality data they can trust. Learn more about how we test.

FXCM Review: Is FXCM a good broker?

FXCM real time & average spread

FXCM execution and slippage

Slippage is the difference between the price at which the order has been placed and the price at which it has been executed by the broker. The less slippage you get, the better your trading results will be.

Our slippage data about FXCM is sampled by 10 of the most popular forex trading strategies in Zulutrade.com.

FXCM slippage with Kama-spot trading strategy

Kama-spot is a forex trading strategy, based on technical analysis. It trades mainly EUR/USD, GBP/USD and USD/CHF

Average profit: 14.0 pips
Average trade lifespan: 19 hours
Most traded pairs: EUR/USD, GBP/USD and USD/CHF

FXCM slippage with Saved FX trading strategy

Average profit: 16.0 pips

Average trade lifespan: 1 day

FXCM slippage with Qurenix trading strategy

Average profit: 9.0 pips

Average trade lifespan: 5 hours

FXCM slippage with Forex Cruise Control trading strategy

Average pips/trade: 5.0

Average trade lifespan: 18 hours

FXCM slippage with For333 trading strategy

Average pips/trade: 12.0

Average trade lifespan: 15 hours

FXCM slippage with Azar Consulting trading strategy

Average profit: 28.0 pips

Average trade lifespan: 3 days

FXCM slippage with The Best Player trading strategy

Average profit: 22.0 pips

Average trade lifespan: 13 hours

FXCM slippage with Xiaolidao trading strategy

Average pips/trade: 9.0 pips

Average trade lifespan: 1 day

FXCM slippage with Youron trading strategy

Average profit: 9.0 pips

Average trade lifespan: 11 hours

FXCM slippage with Duanxian(GBP\USD) trading strategy

Average profit: 10.0 pips

Trading Accounts

Account type Minimum deposit Minimum trade size Maximum leverage Average Spreads
Standard $300 1000 1:30 1.5 pips + commission $4 (£3 in the UK)*
AciveTrader $25 000 0.01 1:30 0.4 pips + commission $1.8 – $4 (£1.8 – £3 in the UK) *
Account type Minimum deposit Minimum trade size Maximum leverage Spreads
Standard $50 1000 1:400 1.5 pips + commission $4 (£3 in the UK)*
AciveTrader $25 000 0.01 1:400 0.4 pips + commission $1.8 – $4 (£1.8 – £3 in the UK) **

FXCM offers two account types: Standard and Active Trader. For those unwilling to expose themselves to the greater risk related to trading in large volumes, micro lots are available on all account types.

Trading Conditions

Minimum initial deposit

In order to open an account with FXCM Australia, one has to invest just $50, which is a low minimum initial deposit. FXCM UK requires minimum deposit of $300, in line with the industry average.

FXCM offers competitive variable spreads, averaged 1.5 pips on EURUSD on commission-free accounts.

Active Trader account holders may benefit from tighter spreads and commission discounts, provided that they satisfy certain trading volume requirements. For further information, you may check out and compare real-time spreads of 10 leading brokers here.

FXCM UK offers the highest possible under ESMA regulations spread levels to all of its clients:

30:1 leverage restriction for major currency pairs

20:1 for non-major currency pairs, gold and major indices

10:1 for commodities other than gold and non-major equity indices

5:1 for individual equities and other reference values

The maximum leverage offered by ASIC-regulated FXCM Australia is quite higer:

400:1 leverage for Forex trading

200:1 leverage for CFD trading

The Company. Security of funds

Company Country Regulation
FXCM LTD UK FCA
FXCM Australia Pty. Limited Australia ASIC
FXCM South Africa (PTY) Ltd (IB) South Africa FSCA

This broker takes regulation, financial transparency and investor protection very seriously. In order to maintain transparency of operations, the company provides regular press releases where anyone can see the broker’s monthly execution data. Besides, the companies within the FXCM group are regulated by some of the most respected regulatory bodies in the world: FCA in UK and ASIC in Australia.

Both FCA and ASIC regulated brokers are under strict supervision and are very well controlled. To acquire a license from the UK financial watchdog, financial services providers need to maintain net tangible assests amounting to at least EUR 730 000. Australian brokers, on the other hand, must hold at least AUD 1 000 000 to prove their financial stability.

Besides, under the UK regulations, investors’ funds are kept in segregated bank accounts separated from the company’s operating funds and, in case of default, sums of up to GBP 50,000 are protected under the Financial Services Compensation Scheme (FSCS).

Trading platforms

This broker offers a selection of robust trading platforms to its clients, including the most popular MetaTrader 4, its award-winning Trading Station, and NinjaTrader. In addition, Copy trading is available through the advanced web platform ZuluTrade.

FXCM’s In-house award-winning platform Trading Station is available as desktop, web, and mobile versions. Apart from its sleek design and intuitive interface, Trading Station comes equipped with Marketscope – a powerful charting package. Here are some of its key features:

– – Place and manage trades from the charts;

– – Pre-loaded Indicators: over 30 popular indicators like MA, MACD, Bollinger Bands and RSI;

– – Custom Indicators: over 600 custom indicators available;

FXCM’s Trading Station. Click to enlarge.

As trading robots are extremely popular among forex investors, Trading Station offers automated strategies that take the human element out of trading and what is more, you don’t need to stare at the PC screen all the time. You may easily determine key areas where your trading strategies can be improved, and gain confidence in your robots prior to applying them by using the platform’s strategy optimizer conducts excessive backtesting.

There are also some exclusive tools with Trading Station, like the unique order type, Good Till Date, which lets you execute at specific times; and the broker’s exclusive Real Volume indicators, which opens FXCM’s trading book of traders around the world.

NinjaTrader is another platform supported by FXCM. It has simplified interface and offers all of the functionalities that you can make use of if you trade on Metatrader 4 or the desktop version of Trading Station, and even more. You can also benefit from fast execution, trading from charts, creating your own trading strategies, superior back-testing options, custom indicators and alerts.

Those traders who stick to the good old MetaTrader 4 (MT4) will not be disappointed with FXCM, as the broker fully supports this powerful multiasset software. The platform comes equipped with an outstanding charting package, numerous built-in technical indicators, Fibonacci retracements, trend lines, support and resistance levels, and so on – pretty much everything a trader needs. Those who are handy with code may create their own automated strategies (EAs) and custom indicators in the MQL programming language.

Payment methods

Clients of FXCM may make deposits and withdrawals from and to their accounts via debit/credit card, bank wire transfer, check, and ACH (Automated Clearing House).

Conclusion

One of the biggest FX brokerages worldwide, FXCM is an excellent choice: a reliable and well-regulated broker, offering excellent trading conditions on a wide range of trading platforms. Here are, in a nutshell, the advantages and disadvantages with regard to this broker:

Pros Cons
Group of companies with multiple regulations Stocks, options, and futures are not available for trade
Tight spreads
Low initial deposit
A selection of trading platforms offered
Advanced copy trading options
Price improvement (e.g. positive slippage) is available
  • FXCM Group’s May metrics recover from April Jun 14 2020 14:25:17
  • Global Brokerage announces poor financial metrics for Q1, will probably delist from the Nasdaq May 16 2020 08:01:39
  • FXCM’s March, Q1 2020 metrics drop Apr 12 2020 11:59:15
  • FXCM launches forex & CFDs market scanner Apr 04 2020 07:26:48
  • FXCM reports 21.6% annual rise in trading revenue for Q4 2020 Mar 20 2020 13:01:34
  • FXCM Group reports declining February metrics Mar 15 2020 09:00:35
  • FXCM has $155 million left to repay to Leucadia Feb 28 2020 13:24:05
  • FXCM changes name to Global Brokerage Feb 21 2020 12:54:05
  • FXCM’s Jan metrics: trading volumes up 18% MoM, US operations making up less than 20% Feb 15 2020 14:42:05
  • FXCM pays $650 K CFTC fine for 2020 undercapitalization Feb 14 2020 13:13:17
  • FXCM expects its US exit to trigger international growth Feb 13 2020 10:10:07
  • Gain Capital to pay up to $500 for each FXCM client, conditions apply Feb 10 2020 08:49:12
  • FXCM gets $7 mln fine from CFTC, sells US business to Gain Capital Feb 07 2020 08:31:03
  • FXCM sees December, Q4 2020, annual trading volumes fall Jan 12 2020 14:31:39
  • FXCM’s November retail client deposits fall YoY Jan 05 2020 09:29:51
  • FXCM’s stock price ended the year on a low note Jan 03 2020 09:15:49
  • FXCM’s November metrics rise MoM, YoY Dec 14 2020 07:59:30
  • FXCM integrates algo trading platform QuantConnect Dec 05 2020 15:48:14
  • FXCM expands to South Africa, opens office in Johannesburg Nov 16 2020 13:11:25
  • FXCM turned to a net income of $71 million in Q1 – Q3 of 2020 Nov 10 2020 12:39:05
  • FXCM hikes margins for select currency pairs ahead of US elections Nov 03 2020 09:02:13
  • FXCM closes on sale of DailyFX to IG, almost half of its debt to Leucadia repaid Oct 31 2020 08:30:53
  • FXCM’s retail trading volume in September post 20% increase MoM Oct 11 2020 14:01:17
  • US forex broker FXCM to offer for sale up to $15 million in shares Oct 03 2020 13:45:08
  • FXCM sells DailyFX to IG Group for $40 mln Sep 30 2020 09:03:34
  • FXCM improves its API trading technology Sep 21 2020 08:27:34
  • FXCM adds Grid Sight Index to Trading Station platform Aug 11 2020 14:36:58
  • FXCM’s client deposits wane in June, but it’s still number one in the US Aug 11 2020 13:54:41
  • FXCM reports $60.5 million net profit in Q2, Leucadia expects full repayment of the loan in 2020 Aug 04 2020 15:28:43
  • FXCM UK order execution saves its customers over 150 million in a year and a half Aug 03 2020 16:47:31
  • FXCM partners with SwipeStox to ofer social trading mobile app Jul 27 2020 13:24:34
  • Leading US forex broker FXCM on the way to raise $125 million Jul 13 2020 14:27:40
  • US forex deposits in March: FXCM is still number one, Gain Capital remains a solid second May 12 2020 13:28:57
  • FXCM & Gain Capital April Monthly Metrics: FXCM Retains Leader Position in terms of Retail Trading Volume May 10 2020 14:47:11
  • US forex client deposits: FXCM retains leader position, followed by Gain Capital Apr 05 2020 12:48:18
  • FXCM signs white label agreement with New Zealand forex broker Halifax Mar 31 2020 14:54:01
  • FXCM’s client deposits reach $176.5 million in January Mar 10 2020 14:20:59
  • FXCM reports $11 average transaction cost per standard lot in 2020 Mar 01 2020 16:58:10
  • FXCM registers steady rise in monthly retail trading volumes Feb 10 2020 10:28:21
  • FXCM order execution saves clients over $90 million in 11 months Feb 03 2020 11:58:36
  • FXCM reports December trading volumes, stock drops 12% Jan 13 2020 17:12:10
  • FXCM Asia announces updates to Trading Station Desktop platform Jan 11 2020 12:41:45
  • FXCM Securities sold to Expobank, becomes Walbrook Capital Markets Dec 03 2020 09:36:36
  • FXCM’s net revenues down 34.8% in Q3 2020 Nov 06 2020 11:16:43
  • FXCM lowers spreads and promises no-requotes on indices Oct 26 2020 16:29:30
  • FXCM Hong Kong sold to top 5 FX broker in Japan Sep 15 2020 13:51:32
  • FXCM releases Q2 2020 results and July customer trading metrics Aug 07 2020 14:40:56
  • FXCM reports higher institutional and retail forex trading volume in June Jul 15 2020 13:03:06
  • FXCM UK partners with London Academy of Trading to provide forex education Jun 23 2020 10:38:09
  • FXCM reports 40% rise in retail trading volume in March Apr 15 2020 22:44:31
  • FXCM reports second highest retail trading volume ever in January Feb 12 2020 08:37:20
  • FXCM adds Real Volume indicators to Trading Station platform Feb 10 2020 19:51:16
  • FXCM suffers losses of $225 million after SNB abandoned EURCHF floor Jan 16 2020 14:51:46
  • FXCM average daily trading volumes set new record in November Dec 13 2020 13:48:20
  • FXCM Japan has stopped offering Gold and Indices trading Oct 01 2020 12:15:11
  • FXCM US introduces raw spreads with no mark-up Sep 22 2020 16:20:41
  • FXCM enjoys a 14% retail trading volume increase MoM in August Sep 10 2020 08:19:36
  • FXCM acquires US and Australian MT4 retail forex accounts of IBFX Sep 05 2020 15:52:58
  • FXCM launches raw-spread forex accounts in Japan Sep 03 2020 11:52:01
  • FXCM July report reflects difficult market conditions Aug 08 2020 09:25:48
  • FXCM: Institutional Trading Volume 23% Up YoY, Retail – 33% Down Jul 16 2020 13:53:36
  • FXCM Adds Real Forex Volume Indicator to Trading Station Jun 17 2020 13:17:29
  • FXCM Reports 5% Growth in Retail Forex Trading Volumes in May Jun 10 2020 13:15:32
  • FXCM Announces Revenues of $115 Million in Q1 2020 – 6% down YoY May 08 2020 10:57:01
  • FXCM to Acquire FXDD’s US Forex Business May 07 2020 19:49:45
  • FXCM Still at the Top amid US Retail Forex Brokers in Feb’2020 Apr 16 2020 13:50:15
  • FXCM Sees Spike in Institutional Trading Volumes in Q1’2020 Apr 15 2020 04:34:35
  • FXCM Now Offers USD/CNH Trading to Clients Worldwide Apr 09 2020 10:11:00
  • FXCM Bullion Accounts Bring 5% Annual Interest Mar 19 2020 09:57:56
  • FXCM Completes Purchase of Infinium Capital’s Assets, Launches New JV Mar 17 2020 06:59:19
  • FXCM Generates Greater Share of FX Volumes in US, Europe Mar 13 2020 12:48:59
  • FXCM Plans to Launch Single Share CFDs in Europe Mar 07 2020 12:53:36
  • FXCM Announces Record Retail, Institutional Forex Volumes for 2020 Mar 06 2020 11:26:47
  • Get Paid to Develop FXCM Apps Mar 05 2020 14:01:18
  • FXCM UK Settles with FCA over Trade Execution Issues Feb 26 2020 09:41:22
  • FXCM’s DailyFX Shows More Information about Metals, Gas, Oil Feb 22 2020 09:55:05
  • FXCM Sheds Light on Infinium Capital Acquisition Feb 11 2020 21:18:32
  • Retail Forex Volumes at FXCM Grow 26% M/M in January Feb 11 2020 06:58:21
  • FXCM Organizes Trading Tour in Germany, Austria and Switzerland Feb 10 2020 13:10:46
  • FXCM’s DailyFX Offers Dedicated Pages for Various Currency Pairs Feb 07 2020 13:27:32
  • FXCM Adds Seer Trading to Forex Platform Lineup Feb 06 2020 11:13:38
  • Regulator Revokes Business Improvement Order for FXCM Japan Jan 24 2020 06:39:41
  • How Changes in Key Interest Rates May Affect FXCM Performance Jan 16 2020 14:59:57
  • FXCM Geo Footprint: Infographics Jan 15 2020 14:58:35
  • Retail Forex Volumes at FXCM Show Monthly Drop in Dec’2020 Jan 14 2020 06:59:36
  • FXCM Now Offers NinjaTrader Platform for Free Jan 13 2020 14:52:32
  • Change of Heart: FXCM to Purchase Assets of Infinium Capital Jan 10 2020 13:25:48
  • 2020 in Review: FXCM Dec 27 2020 10:40:00
  • FXCM, Alpari Raise Their Forex Market Share in the UK Dec 25 2020 10:21:46
  • FXCM Sees Sharp Rise in Institutional Trading Volumes in November Dec 17 2020 06:46:13
  • FXCM Now Offers Corporate Hedging Service Nov 26 2020 14:12:34
  • FXCM Beefs Up and Extends Credit Facility Nov 19 2020 07:08:45
  • FXCM’s Next Big Deal to Happen before June 2020? Nov 08 2020 13:54:17
  • FXCM Sees 22% Jump in Revenues in 9-mo 2020 Nov 07 2020 14:30:00
  • FXCM Invites Forex Traders to Conferences in France, Germany Oct 28 2020 14:57:37
  • FXCM Clients Can Now Deposit via Trading Station Mobile App Oct 17 2020 14:16:48
  • FXCM Sees Y/Y Increase in Forex Volumes in Q3’2020 Oct 17 2020 04:50:51
  • FXCM Purchases $12m Note Issued by Infinium Capital Oct 08 2020 11:53:07
  • FXCM Acquires a Global Leader in Institutional Forex Intelligence Sep 23 2020 14:00:00
  • FXCM to Take on Forex Accounts from Alpari US Sep 21 2020 06:22:49
  • Three US Prop Trading Firms in which FXCM May Be Interested Sep 20 2020 13:38:48
  • Retail Forex Volumes at FXCM Rise by 13% Y/Y in August Sep 11 2020 06:01:27
  • FXCM Rewards New Live Accounts on AutoTrade with a Cash Bonus Sep 09 2020 09:35:41
  • Deal between FXCM and Infinium Capital: Yes or No? Aug 23 2020 07:58:31
  • FXCM Reports 53% Increase in Forex Revenues, Plans Future Acquisitions Aug 07 2020 12:49:16
  • Manage a $1 Million Forex Portfolio at FXCM with TopTradr’s Live Contest Jul 19 2020 11:36:05
  • FXCM’s Breaks Its Own Record for Retail Forex Volumes. Again Jul 16 2020 09:25:04
  • FXCM Asia to Launch a Forex Educational Platform in China Jul 15 2020 12:30:38
  • U.S. Retail Forex Assets Keep Shrinking, FXCM Registers Growth Jul 11 2020 10:30:00
  • FXCM: America’s Top Forex Broker Jul 09 2020 15:12:00
  • FXCM Expands Its Forex App Store Jun 27 2020 12:05:23
  • FXCM Expands Forex Signal Capabilities, DailyFX Alerts Now Live on Mirror Trader Jun 25 2020 13:23:32
  • FXCM Registers the Highest Increase in Customer Assets This April Jun 13 2020 11:59:03
  • FXCM’s May 2020 Metrics: Forex on Steroids Jun 06 2020 09:03:17
  • The Forex Customer Support Challenge: FXCM May 21 2020 15:46:46
  • FXCM Hits Record Institutional Trading Volumes, Retail Forex Does Exceptionally Well Too May 07 2020 10:54:34
  • FXCM Sets Up FXCM Markets: An Unregulated Global Subsidiary Apr 23 2020 15:36:56
  • FXCM Freestyle App Challenge: Winners Announced Apr 18 2020 09:48:01
  • FXCM Shuts Down FXCM Micro Apr 11 2020 13:35:34
  • FXCM Offers to Acquire Gain Capital for $210.4 million Apr 09 2020 08:21:34
  • FXCM Retail Trading Volumes Down by 11% in March Apr 09 2020 07:05:22
  • FXCM Australia Is the Broker With the Happiest Customers Down Under Mar 20 2020 13:18:45
  • $147 Million in Customer Assets Entrusted to FXCM US This January Mar 13 2020 15:24:27
  • FXCM Announces Record Retail Trading Volumes in February and Pretty Good Results for Q2 and 2020 Mar 07 2020 16:42:00
  • FXCM to Sponsor the Jordan Forex Expo & Award 2020 Mar 05 2020 14:01:55
  • FXCM Expands Its Social Trading Offering by Adding Tradeo Feb 15 2020 16:10:00
  • FXCM Reports 42% Increase in Retail Forex Volumes Feb 12 2020 08:40:33
  • FXCM Is Extending the Deadline for the Freestyle App Challenge Feb 04 2020 13:10:37
  • FXCM: We’re Gearing Up for Some Major Growth in China Jan 17 2020 09:45:13
  • FXCM trading volumes down in December 2020 Jan 15 2020 22:05:51
  • Mirror Trader Now Available to Each and Every FXCM Customer Jan 10 2020 09:04:51
  • 2020 In Review: FXCM Dec 21 2020 15:09:06
  • FXCM Releases November 2020 Metrics; Low Volatility Doesn’t Explain Low Volumes Any More Dec 18 2020 15:59:40
  • FXCM Encourages CFTC to Impose Better Rules for Customer Protection Dec 17 2020 11:46:56
  • FXCM to Introduce Margin Changes to Hedged Positions Nov 20 2020 16:04:18
  • FXCM Q3 Results: Tradable Accounts Increase to 203,714, Revenue Up 5% Nov 08 2020 11:59:28
  • FXCM Teams Up with GVC Gaesco, Trading Station II Now Available on EsTuBroker.com Nov 06 2020 14:11:19
  • FXCM US Exceeded 20,000 Active Forex Trading Accounts In Q3 Oct 25 2020 14:59:48
  • FXCM Cuts Spreads Worldwide Oct 16 2020 14:28:12
  • FXCM’s Retail Clients Funds Up $112 Million in August 2020 Oct 12 2020 12:12:02
  • FXCM Introduces Dealing Desk Forex Trading to the UK Market Oct 09 2020 16:05:08
  • Claim a Share of $59,000 Prize Pool in FXCM Freestyle App Challenge Oct 05 2020 12:59:57
  • Barclays teams up with FXCM to offer retail forex trading in UK Sep 27 2020 13:31:42
  • FXCM Expo: Three Days of Intensive Stock, Options, Futures and Forex Education Sep 11 2020 11:37:31
  • FXCM announces record growth in client equity Aug 09 2020 10:44:56
  • FXCM becomes the first retail forex broker to offer NinjaTrader Jul 18 2020 13:14:26
  • FXCM named Number One in Overall Client Satisfaction Jul 18 2020 07:55:18
  • FXCM institutional trading volume 123% up YoY Jul 17 2020 08:06:35
  • Traders vote FXCM Number One Forex Education Provider Jul 03 2020 12:34:39
  • FXCM acquires Lucid Markets for approximately $176 million Jun 18 2020 20:51:43
  • FXCM recognised as the biggest forex broker in France Jun 12 2020 10:28:27
  • FXCM sees jump in institutional trading volume Jun 07 2020 13:34:08
  • FXCM Apps: Get $225 of forex trading apps for free May 16 2020 15:06:19
  • DIF Broker to White Label FXCM’s MT4 Platform May 11 2020 15:27:50
  • FXCM announces Q1 2020 results: Active accounts up 22% YoY May 09 2020 14:57:56
  • FXCM sponsored its first University forex contest May 08 2020 08:15:56
  • FXCM reports 20% year on year growth in retail trading volume Apr 17 2020 09:12:10
  • FXCM launches TS II Mobile platform for iPad and Android tablets Apr 04 2020 14:27:27
  • FXCM’s stock rockets on strong Q4 2020results Mar 15 2020 11:49:40
  • FXCM announced revenues of $412.4 million in 2020 Feb 29 2020 23:41:38
  • E*TRADE partners with FXCM to offer retail forex trading Feb 21 2020 14:54:42
  • FXCM launches improved MetaTrader 4, micro lots available Jan 24 2020 14:43:14
  • FXCM announced December 2020 operating metrics Jan 18 2020 15:28:46
  • Zulutrade forex signals on a FXCM UK account – Is it a good idea? Jan 17 2020 00:20:09
  • FXCM Canada now open, forex accounts are protected by the CIPF for up to $1 millon Jan 12 2020 11:22:16
  • FXCM announces $75 million credit facility with Bank of America Dec 21 2020 10:40:32
  • FXCM reports operating metrics for November 2020 Dec 14 2020 23:53:38
  • FXCM got rid of Boston Technologies’ Metatrader 4 Dec 05 2020 18:53:05
  • FXCM announced Q3 results: Revenues up 20% year-on-year Nov 10 2020 12:14:57
  • Free forex signals from FXCM’s DailyFX Plus Nov 04 2020 08:34:46
  • FXCM Inc. Announces Q3 2020 Earnings Conference Call Oct 31 2020 13:10:47
  • FXCM to teach traders how to build automated forex trading systems Oct 26 2020 07:57:52
  • FXCM debuts currency rates on the NYSE trading floor Oct 19 2020 15:21:26
  • FXCM increases its share repurchase program to $50 million Oct 17 2020 20:22:54
  • FXCM announces a record Q3 forex trading volume Oct 14 2020 09:38:11
  • FXCM Japan acquired Foreland Forex for $17 million Oct 14 2020 09:21:06
  • Bourse Direct White Labels FXCM’s Trading station forex platform Oct 13 2020 08:56:15
  • FXCM to Acquire Japanese Forex Broker Foreland Forex Co Sep 14 2020 18:52:58
  • Regisiter for CNBC Million Dollar Portfolio Challenge sponsored by FXCM Aug 19 2020 23:30:02
  • Registration for the 2020 FXCM Currency Trading Expo is now open! Aug 16 2020 18:15:08
  • FXCM refunds $8 million to clients on price improvements Aug 15 2020 09:22:37
  • FXCM announced over $100 million revenue for Q2 Aug 11 2020 10:54:15
  • FXCM caught between CFTC’s and FSA’s rules Aug 04 2020 07:47:35
  • FXCM’s New to Forex trading guide Jul 26 2020 16:58:26
  • US Federal Debt Ceiling and How You May Trade it Jul 20 2020 12:40:48
  • FXCM launches forex webinar calendar Jul 13 2020 21:00:00
  • FXCM King of the Micro winner made an outstanding profit of 2116.39% Jun 30 2020 21:00:00
  • FXCM Now Offers US Stock and ETF Trading Jun 20 2020 21:00:00
  • Hedge Fund Manager Richard Farleigh Shares his Winning Forex Strategies Jun 19 2020 21:00:00
  • MyFXBook Forex Trading Contest – Win $5 000! Jun 16 2020 21:00:00
  • FXCM SSI: British Pound and Canadian Dollar to Weaken Further Jun 16 2020 21:00:00
  • Register and Watch FXCM Expo online. It is free! Jun 14 2020 21:00:00
  • Forex Broker Regulation and Capitalization: How Important is it to You? Jun 12 2020 21:00:00
  • FXCM CEO Drew Niv Speaks at 2020 Sandler O’Neill Global Exchange and Brokerage Conference Jun 01 2020 21:00:00
  • Citadel Investment Rockets Up FXCM Stock May 30 2020 21:00:00
  • FXCM King of the Micro: L. Bonato sees 1084.79% return May 26 2020 21:00:00
  • ICE US Dollar Index and Dow Jones FXCM Dollar Index – What is the Difference? May 15 2020 21:00:00
  • FXCM Launches Dow Jones FXCM Dollar Index May 04 2020 21:00:00
  • Speculative Sentiment Index (SSI) continues to prove to be a reliable forex forecasting tool Apr 24 2020 21:00:00
  • FXCM lower spreads of GER30 and UK100 to 1 pip Apr 05 2020 21:00:00
  • FXCM Funny Ad: Cut Through the Forex Noise Apr 03 2020 21:00:00
  • FXCM’s shares rose 7.7% on acquisition speculation Mar 29 2020 21:00:00
  • FXCM contribute $25 000 to Japan quake victims Mar 21 2020 22:00:00
  • FXCM Trading Station II vs. FXCM Metatrader 4: Which platform to choose Mar 20 2020 22:00:00
  • FXCM to acquire GCI Capital of Japan Mar 09 2020 22:00:00
  • FXCM SSI: Sell into USD weakness Feb 24 2020 22:00:00
  • FXCM banner next to the Morgan Stanley Banner in Time Square Feb 16 2020 22:00:00
  • FXCM sponsors CNBC’s new show “Money in Motion Currency Trading Feb 13 2020 22:00:00
  • Trading the News? Try FXCM Price Improvements Feb 01 2020 22:00:00
  • FXCM King of the Micro winner achieved 756.86% return Jan 25 2020 22:00:00
  • FXCM SSI: US Dollar May Fall Further Jan 20 2020 22:00:00
  • FXCM: How No Dealing Desk Works Jan 17 2020 22:00:00
  • FXCM is releasing Trade Station Update Jan 09 2020 22:00:00
  • FXCM King of the Micro winner achieve 1,093.29% return Dec 20 2020 22:00:00
  • And the winner of FXCM Automated Trading Challenge is. Dec 13 2020 22:00:00
  • FXCM offers custom MT4 programming Dec 06 2020 22:00:00
  • FXCM SSI: Extreme USDCAD Longs Dec 06 2020 22:00:00
  • FXCM IPO Successful Dec 01 2020 22:00:00
  • 3 days to the end of FXCM Automated Trading Challenge Nov 29 2020 22:00:00
  • FXCM – over $1 000 000 000 market cap? Nov 24 2020 22:00:00

less news.

Broker Advantages

FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.

Trading212 is a European broker with an excellent proprietary trading platform, which is now available as an iPhone app as well (we tried it out and we loved it). Trading 212’s customers enjoy fast execution a vast selection of trading instruments.

XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.

FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.

FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.

FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.

FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.

HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.

Broker Country Regulation Platform Min Deposit Review
Cyprus, UK, Mauritius CySec, FCA, FSC MT4, MT5, Web $10 Review Website
UK FCA Web €29 Review Website
Australia, Cyprus ASIC, CySEC MT4, MT5, Iress $100 Review Website
Cyprus, Australia CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia, South Africa FCA, ASIC, FSCA MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Australia, Singapore FCA, ASIC, MAS, BaFin MT4, Web,
ProRealTime,
2Dealer
$0 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
Markets,
cTrader
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
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Traders` reviews for FXCM

Spread

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Our SpreadMonitor is designed to scan FXCM quotes tick by tick and to provide you with unbiased information about the average, minimum and maximum spread for a certain timeframe.

At the present moment we are able to provide spread data only from FXCM MT4 account. The spreads on FXCM’s ActiveTrader ECN platform are a way better, however you need $50,000 to open an ECN accouunt and get access to them.

Although spreads are an important factor in choosing a forex broker, you also should take into account commisions, slippage, regulation and broker’s reputation.

The spreads above reflect a 0.1 pip mark-up for the use of MT4. The 0.1 pip is in addition to the regular mark-up of 2 pips FXCM adds to the spreads it receives from liquidity providers.

FXCM Micro account holders are charged a service fee of $0.10 (1 pip) per 1,000 unit lot for each trade entered using the Mobile TS II.

Slippage

Slippage is the difference between the price you’ve placed your market or pending order at and the price broker have executed it. Our slippage data is sampled from over 1000 real accounts, following the top 10 Zulutrade signal providers.

Keep in mind that slippage may vary from trader to trader, depending on trading style, liquidity during the time of day when orders are executed, server location, network lag etc. Trading during volatile market (e.g. news releases) and low liquidity times (e.g. pre-Tokyo open Asian session) can lead to excessive slippage. To find our what is the slippage on your own trades with FXCM or any other MT4 broker, download our free EA.

According FXCM in-house statistics over 60% of all limit orders have received positive slippage add over 60% of all stop orders have received negative slippage. Average positive slippage and average negative slippage in pips are not disclosed.

Requotes

On FXCM Trading Station you can choose between two execution modes: “At Market” and “Market Range”. By default execution is set to “At Market” .

“At Market” orders are executed at best available price. You will never again get “The market has moved” or “The price has expired” messages; however during volatile market your order may be executed a few pips away from the price displayed when order is submitted. “At market” means “No requotes”

“Market range” orders are filled within a user predefened price range. If the order can’t be executed in that range, it’s killed and you get “The price has expired” message. “Market range” set to zero means “No slippage”

On FXCM Metatrader 4 all orders are executed at first available price. You will never get requoted, however positive slippage as well as negative slippage may occur.

Price feed

FXCM has obtained relationships with 10 of the most aggressive liquidity providers. With so many LPs, competing to provide you with tradable quotes you can be sure that even an individual bank try to skew its prices off the market, the prices streamed to you will not be affected.

FXCM does not take the other side of your positions, avoiding conflict of interest. So you don’t need to worry about price manipulation and stop hunting.

Platform

FXCM METATRADER 4

MT4 is a user frienly and at the same time powerful forex trading platform. It comes equipped with an advanced charting package and autotrading capabilities.

Benefits of using FXCM MT4

– No trade restriction – No restrictions on placing SL, TP or pending orders – you can place them inside the spread. Micro lot trading is available. Partial position closing is permitted. Scalping is allowed.

– Build and backtest your own automated trading strategies. If you are not familiar with MT4 program language, FXCM can code your trading strategy for you. To learn more about forex trading robots visit forexforums.dailyfx.com/mt4

– No requotes. Ever.

FXCM TRADING STATION II

Trading Station II (TS II) is the FXCM’s in-house developed forex trading platform, available in Desktop, Web and Mobile version. TS II Web version is a very useful solution if you are a Mac user.

Benefits of using FXCM TS II

– One click dealing – open and close trades with a single click

– Trade directly from the charts with Marketscope built-in charting package

– Automated forex trading – Strategy Trader add-on allows you to automate and backtest your forex strategies or run some of the preloaded ones

– No trade resrictions – you can employ any trading strategy including scalping

FXCM ACTIVE TRADER

Active Trader is FXCM’s most advanced web based platform, designed for high volume traders. However you need $50,000 or 100 standard lots monthly trading volume in order to open an Active Trader account.

Benefits of using FXCM Active Trader

– 0.7 pips spread on EUR/USD (+$3.5 commission per lot per side)

– Up to 10 levels of market depth – it’s a perfect short term market direction indicator

– One click dealing – perfect for scalpers and day-traders

– VIP customer service

Mirror Trader is a web-based automated trading platform designed to provide traders with access to hundreds of 600 auto trading strategies. Mirror Trader accounts incur 1 pip round turn commission in addition to the FXCM spread, which is how the platform developer makes its money

Benefits of using Mirror Trader

– more than 600 auto trading strategies available to choose from

– no trading or programming skills required

Deposit/Withdraw

Bank Wire
Credit Card – $50 min deposit
Cheque – $2000 min deposit
ACH Deposits (US)

Bank Wire
Credit Card
Cheque

Customer service

FXCM Customer service reps are available 24/7. They are really polite and ready to help.

Summary

FXCM is one of the world’s largest and most reliable forex brokers. The company is listed on NYSE and regulated on three continents. Its no dealing desk execution prevents conflict of interest and ensures transparency. Highly recommended.

Upgrade your trading account

I deposited $400 than i made profit of 5182.74 and i get email saying “You have reached your trade limit and your to upgrade your trading account .Your account is placed on trade and withdrawal exemptions until the upgrade completed.Please provide a valid ID CARD and Make a deposit of $350 into your trading account in order to gain full function on your account”

FXCM is reliable

I used to trade with forex.com. forex.com is also ok, they are not scammers. But i like fxcm Better.
Withdrawal is fast especially wire. I literally get my USD cash next working day. Also they charged
Only 5$ wiring fee.

I honestly do not know why others are having difficulty (if true)
With fxcm. I do not believe their complaints because My
Experience now with fxcm is good

withdrawal problem

I opened a trading account with FXCM, made a deposit of $ 1800 and then made a profit of approximately $ 2,700. After that I ordered the withdrawal of the principal capital ($ 1800) and the withdrawal was successful.
Then I asked to withdraw the profits of ($ 2715) and the amount was deducted from my trading account with notification that the transfer needs 3 to 5 working days to reach my bank account, but on the fourth day on 03/07/2020 the amount was returned to the trading account.
After that I was notified through email that your trading account has been temporarily suspended, and to this day the account is suspended and I can not trade or withdraw money, and whenever i communicate with them, they tell me that your account is under review.
They have been reviewing my account for more than a month without any updates, and I need to withdraw my money but they are preventing me from doing so under the pretext of reviewing the account.
(account no: 96053170 / name: EISA ALMASRY / broker: FXCM.COM)
Attachment: Account statement from the beginning to the day

FXCM Friedberg Mercantile Group Ltd

If you willing to trade, with FXCM than thing before.They lost my ID, document few times before to open account, than after they lock my account and when market turn on in my direction, I was not able to trade even if I had enough margin to keep my position floating, regarding that I lost much more than I planet at beginning. I did what they ask , but Friedberg Mercantile Group Ltd was so busy to take care problems what they create for me.
They don’t know what’s going on and you are not important for them.
Make conclusion: if you are going to be satisfy wit company who don’t care about you.

FXCM Contract expiry date

For sure the Contract expiry dates are available, but I would prefer if the dates where visible on the trading station, I know it’s done with other brokers, and I think it would be an improvement to a very good broker if FXCM also showed this vital info in a clearer manner.

How safe is your trading company?

Do you use PayPal?

How much money is possible to make?

What is your minimum deposit to start trading?

How often can you withdraw your money??

spreads are sometimes good

Spreads are good!

good broker

Safety of funds

FXCM receives a lot of bad reviews from amateur traders.

Serious traders/investors choose FXCM because they are licensed by the most rigorous regulatory bodies in the world and withdrawals are processed in extremely prompt manner.

I wish their spreads were a bit lower, but I would not change them for a less regulated broker.

Traders The FXCM

Warning Traders. stay away from FXCM the compliance may lock your account for any resend they like and ask you for crazy and unnecessary compliance requirements even after your account is open and funded. They can slip your trades and when you close your account they my return your USD funded account in any currency they like causing you conversion fees. This all happen to us. plus they did not pay the 5% APR they advertised with out notice.

Good platform and prompt payments

I made $4000 for 10 days trading EURUSD on FXCM’s Trading Station.

I decided to withdraw my profit because of the lowering market cap of FXCM and the funds appeared in my bank account in 24 hours.

Don’t expect too much from the customer support once you get your account open and funded. It took a week and 3 email to get my questions answered.

Bottom line: I’ll keep trading with FXCM because I like their platform and prompt payments.

FXCM Trading Station II platform is brilliant

Trading with FXCM for 2 years now. Their Trading Station II platform is brilliant, I’m making money on it.

Funding your account with credit card takes a minute and withdrawals usually take two days. Only my last withdrawal took a little longer, most probably because of the high number of withdrawal requests after FXCM got hit by SNB decision to abandon the EURCHF floor.

Support is helpful, available 24/7. Usually some Indian or Malay guys answer the phone during weekends.

My only concern is the rescue loan they get from Leucadia at brutal and bitter conditions.

Avoid news trading and enjoy low spreads with FXCM

I’ve used FXCM’s MT4 platform for 2 months now. I’m trading on a raw spreads account and I like the tight spreads and transparent pricing. I avoid trading during important news reports because of the wide spreads and extensive slippage (as it is for all brokers, FXCM is my 6th).

The good thing is that positive and negative slippage seem to run 50/50.

Short history on MT4

I’ve tried a few brokers and FXCM is one of the good ones.

– Timely processing of withdrawal requests – I get my profits paid within couple of days.

– Good educational materials, videos and webinars.

– Wide choice of platforms, including MT and Trading Station. The most important for me are the Andoid and Windows mobile apps.

– Friendly support, although it might take awhile if you are in chat with inexperienced employee.

– Short chart history on MT4. I’m a signal provider and I need longer history to display correct strategy statistics and attract subscribers.

– Decent spreads on major currency pairs – not the lowest compared to other brokers, but good enough.

Trading with FXCM since 2009.

I’m trading forex with FXCM since 2008 and I like this broker because of their reliable support, free educational videos and training webinars. Do not try to cheat and you will have no problems.

FXCM: Quality and dependability

The good:
Fast execution during all market conditions
Fast and helpful customer service.
Beeing a NYSE traded company these guys care about their brand

The not so good:
Their spreads are not the lowest out there

Bottom line:
With FXCM you get certain quality and dependability that you will not get at other fx brokers. Recommended.

FXCM is a good spread betting broker

I’m from London and I’ve been spread betting with FXCM UK for 2 years now with no problems.

Unlike other spread betting brokers FXCM allows me to place pending orders as close as 1 pip away from the market price. Furthermore I’m able to trade micro lots, which is very important if you want control the risk.

Customer support is very helpful and I’ve had no problems with withdrawals. Out of all the forex brokers I have tried FXCM UK is my number one so far.

The only drawback I can think of is that FXCM spreads are slightly wider than the spreads of other forex and spread betting brokers.

My money is safe with a $700M NYSE listed company

I have just started using FXCM as I was looking for a safe place to put my money and trade, I have seen all the things written below, slippage, moving rates, it took them a week to connect me to Zulutrade, however there are also some positives, I feel quite safe that my money is with a $700m company listed on the NYSE. If everyone here is seriously going to choose slippage and a couple of pips difference in a rate as their reason to choose a broker, then when that broker charges you a large undisclosed fee to withdraw your money, or they just don’t pay up, or they go broke, you only have yourself to blame. This is a solid and stable company and I have been monitoring their rates (for Zulutrade anyway) and they really are not that bad, in many cases, good! It’s your money at the end of the day.

I use this broker for Zulutrade and have been very happy with them, I only copy one person and the slippage for him is relatively low, I think 0.96. also the spread isn’t that bad, I am looking at eurusd now, it is 3.4 take away the 2 pips for zulutrade and you have 1.4 pip spread. The main reason I started using them is that they are the biggest and listed on the NYSE, so I fell that my money is safe, which is most important to me. Also their withdrawals are free. If I had one criticism it would be that when I deposit in AUD, they have to convert it to USD for Zulutrade and they take a 150 pip margin for that.

FXCM is a big and professional brokerage firm

FXCM is a big and professional brokerage firm. It certainly has some unhappy customers. However, my own experience with FXCM has been quite pleasant and sweet so far.

Their customer support staff are very professional, efficient, thoughtful and helpful. They do deserve 5 stars! It will be super if they can add more deposit and withdraw methods.

The bigger the brokerage is the more bad reviews it gets

FXCM is a good company,I havent been trading with them that long buy my experiences so far is great. So far no requotes nor any other problems.

The best thing about FXCM is they have there own TS II platform for the people who want something different of MT4, and it looks great.Don’t pay attention to the bad reviews,it seems like the bigger the brookerage the more bad reviews it get.That is just because the big companies such as forex.com/fxcm attract a lot of NEW traders,they lose all their money in a couple of weeks and blame the broker.

Bottom line: Go with FXCM

FXCM teaches you how to become a pro trader at NO ADDITIONAL COST

I’ve been trading with FXCM for about 6 months. I’ve spent a ton of money trying to educate myself on trading the stock and forex markets. FXCM is, beyond a shadow of a doubt, in my opinion, the best company to associate yourself with.

If you have a live account ($2,000.00), you have access to their insturctor’s teaching webinars. Their instructors are EXCELLENT. They teach practical trading application, money/risk management, trading psychology and much more. You can choose an instructor that is trading in the time frame you are interested in.

Their website is expertly done and loaded with meaningful information. If you want to give yourself the best start in trading you don’t have to spend the money and the time that I did. Let the instructors at FXCM teaches you how to become a professional trader at NO ADDITIONAL COST TO YOU.

FXCM’s MT4 is unstable, it Boston Technology’s bridge

I have been using FXCM for 18 months.

My advice is simple.

Do not use their Mt4 platform for live trading. It is unstable.

Mt4 connects to FXCM via a bridge with Boston Technology. This means that ‘open’ orders disappear in the synchronization process, execution is often slow and at times the interface can hang for up to 5-15 minutes depending on news events and volatility.

So, if you plan to trade seriously and eventually with size, find another mt4 broker.

On top of all this, FXCM takes no responsibility for technology issues and while their customer support has been good at times, when it really counts they fail to deliver.

Their proprietary Trade Station platform is more stable but lacks features and has an awkward interface.

Given the wide spreads and brokerage you pay FXCM, I would expected more from them.

I doubt that a perfect broker exists but you can most certainly do better than FXCM.

FXCM’s spreads are higher than a lot of brokers, but I value security

I’ve been with FXCM for two years now.

I never had an issue depositing or withdrawing funds. If a problem ever developed, support guys was always cordial and quick to remedy the issue.

Yes, FXCM’s spreads are still higher than a lot of brokers’ especially non-regulated brokers, but I value the security. I would recommend FXCM.

FXCM is a reliable and reputable choice for any forex trader

There are many foreign exchange market brokers to choose from these days; sticking with a prominent, well-known company is always a good idea.

With FXCM, more than ten years of topnotch forex market experience and a global presence ensures that traders are enjoying some of the most balanced and fair trading today.

The ease of using the FX Trading Station software makes FXCM a great choice for novices and experts alike, and FXCM’s No Dealing Desk trading execution policy enhances traders’ opportunities to nail down the best profits possible.

All told, FXCM is a reliable and reputable choice for any forex trader.

My only problem is with the FXCM’s iPhone app

I retract my previous comment about FXCM being a SCAM, they are quite good brokers. My only problem is with the iPhone app.

Whenever there is news or higt network traffic, it is impossible to connect with the mobile app. This does not happen in the trading station, and from now, I will use the mobile app only to check on my trades if I’m away from my workstation. These guys are not a SCAM, they are good brokers, and their software is amazing. A lot of the people who complain here either dont know what they are doing, dont know how to trade, or have poor risk management, end up losing their money.

My biggest problem, which I have since overcome was the psychology and money management. I’d find that I am in a losing trade, and the market would go against me. I’d start to get anxious, and after losing more than I should since I didn’t have a stop loss, I’d double down, either place an even bigger order to recover my losses, and lose even more.

My other problem was I was over leveraging, and would often get a margin call.

First problem resolved by placing a stop loss on all trades, I can move it towards my open price but not away (that is one of my rules) and also for the psychology, I now if I lose 2 trades in a row, I stop trading for that day. These 2 rules have really helped.

FXCM hunting stops? You must be kidding!

I have been trading with them them for a number of years now and they are a good solid company. There have been a few admin problems but they were sorted out fairly quickly.

I get really annoyed at the accusations of stop hunting simply because a stop is hit.The only way to confirm this activity is by comparing price against other reliable brokers. In the years I have dealt with them I have seen no evidence of this sort of activity. Their pricing is always identical or within a pip of other brokers.

If three or 4 brokers prices all go to a certain point then THAT IS THE CORRECT MARKET PRICE, confirm pricing against other brokers prices before making accusations.

As for margin calls, probably for nubies who unfortunatley know nothing about money management and allow greed to dictate their actions.

Rather take heed of the risk warnings and be grateful you were closed out on margin or you might have lost more than you deposited.

Spend some money on educating yourself specially “Money Management” and a person with mediocre trading skills can make money in this industry.

I do agree that they can buck up on their admin side, but their trade execution is good and I have never had a position added that I never placed or a trade closed for no rhyme or reason.

I note with a bit of dismay that all the larger brokers, who also happen to be the most regulated and adhere to the rules are all branded scams, this all seems like a bit of a joke.

Any further regulation in this industry will kill it for all of us.

I was interested in opening another account with a different broker simply to diversify and decided to do some homework as I did not know the broker when I came across this site.

Maybe a simple questionair will cut out a lot of the bogus accusations from inexperienced traders.eg. Years or months of trading experience? gearing used on trade? did you confirm pricing on another platform. Was there a fundamental at the time.

I am aware that there are some crooked brokers out there and maybe even some justified criticism on this review site, but to brand every second broker a scam because some ill advised, greedy, ignorant traders lose their money. This is a bit of a joke and certainly not a fair reflection of all the brokers branded scam artists.

Whilst I am all for freedom of expression maybe a few pertinent questions posed before a comment can be made will give a fairer more balanced view.

I am an independent forex trader with 12 years full time trading experience not affiliated to or working for any Forex broker; and find that I really cannot use the reviews found here as a reliable barometer to review any particular broke.

Take MT4 and FXCM, and you get ECN trading – no Market Making

So, I am soo German, let’s be more detailed *smile*:

MT4 sometimes make problems or has time lags with FXCM. Right.
Because that tool is build for MARKET MAKER broker – and FXCM isn’t!
If you get the MT4 via FXCM they give information about that. via email and via telephone talk.
I believe they offer the MT4 – and have sometimes problems with that – because sooo many people asked about that tool. They heard about that tool and didnt wanna talk about other possibilites.

So, if there are sometimes problems with that tool – lets be fair and detailed – then its a problem of the software, not FXCM.

I trade via the Trading station of FXCM – manual.
Excellent fast and good tool. No problems!
But I wouldnt trade manual with the MT4.

If you wanna take MT4 and FXCM, you get ECN trading – no Market Making.
But sometimes time lags.
If you take MT4 with other brokers – mostly of them are Market Maker and you get bad execution.

So, decide avout that 2 possibilities!
Or trade manualwith FXCM without problems.

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