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FXCM Review

Overall, FXCM is considered low-risk, with an overall Trust Score of 93% out of 100. FXCM is licensed by two Tier-1 Regulators (high trust) and two Tier-2 Regulators (average trust). FXCM offers three different retail trading accounts and one professional account. FXCM is currently not regulated by the CMA of Kenya

Updated : August 30, 2022

Jump to:

Regulation and Safety of Funds

Account Types and Features

Account Registration

Range of Markets

Fees

Deposits and Withdrawals

Education and Research

Affiliate Program

Final Verdict

Pros and Cons

FAQ

Overall Rating

Min Deposit

USD 300 / 3499 KES

Regulators

FCA

Trading Desk

MetaTrader 4

Crypto

Yes

Total Pairs

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

FXCM Overview

👉 Overall, FXCM is considered low-risk, with an overall Trust Score of 96 out of 100. FXCM is licensed by two Tier-1 Regulators (high trust), two Tier-2 Regulators (average trust), and zero Tier-3 Regulators (low trust). FXCM offers four different retail trading accounts namely a Spread Betting Account (the UK only), CFD Trading Account, Active Trader Account, and Professional Trader Account.

 

👉 Forex Capital Markets (FXCM) is a market leader in online forex trading, CFDs, and spread betting. The broker was created in 1999 to facilitate access to financial markets via the use of innovative technologies and excellent trading conditions.

 

👉 FXCM is a leading worldwide forex broker with locations in London, Johannesburg, Hong Kong, Athens, Paris, Sydney, Berlin, and Milan. Additionally, the business has affiliate locations in Toronto and Tel Aviv, Israel.

 

👉 The broker works on the No Dealing Desk (NDD) methodology. According to FXCM, the powerful trading technology used enables 31 millisecond execution times.

 

👉 FXCM has received several industry awards for excellence over the past few years. The awards include a variety of categories, including platform, customer support, and analysis.

 

👉 This FXCM review will provide traders with the details that they need to consider whether the broker is suited to their unique trading objectives and needs.

 

Distribution of Traders

Distribution of Traders

👉 The distribution of traders with FXCM is as follows:

➡️ United Kingdom – 14%

➡️ United States – 9.4%

➡️ South Africa – 7.7%

➡️ Australia – 5.7%

➡️ France – 5.6%

 

Popularity among traders who choose FXCM

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

 

FXCM At a Glance

🏛 HeadquarteredUnited Kingdom
⚖️ Local Market Regulator in KenyaCapital Markets Authority (CMA)
💰 Foreign Direct Investment in Kenya1.3% of the overall GDP
💸 Foreign Exchange Reserves in Kenya8.2 billion USD
🏛 Local office in Nairobi?No
⚖️ Governor of SEC in KenyaNone
✔️ Accepts Kenyan Traders?Yes
🗓 Year Founded1999
📞 Kenyan Office Contact NumberNone
📱 Social Media Platforms• Facebook
• Twitter
• YouTube
• RSS
• LinkedIn
• Instagram
⚖️ RegulationFCA, ASIC, CySEC, FSCA
1️⃣ Tier-1 LicensesFinancial Conduct Authority (FCA)
Australian Securities and Investments Commission (ASIC)
2️⃣ Tier-2 Licenses• Cyprus Securities and Exchange Commission (CySEC)
• Financial Sector Conduct Authority (FSCA)
3️⃣ Tier-3 LicensesNone
🪪 License Number• United Kingdom – 217689
• Australia – AFSL 309763
• Cyprus – 392/20
• South Africa – FSP 46534
⚖️ CMA RegulationNone
❌ Regional RestrictionsUnited States, Ukraine, Turkey, Russia, and Iran, along with some other countries
☪️ Islamic AccountYes
💻 Demo AccountYes
🛍 Retail Investor Accounts3 Retail, 1 Professional
✔️ PAMM AccountsNo
💧 Liquidity ProvidersBarclays Bank, Citibank N.A., Deutsche Bank, FASTMATCH MKP, ХТХ Markets Ltd., UBS, Morgan Stanley
💰 Affiliate ProgramNone
💻 Order ExecutionMarket
📊 Starting spread0.2 pips on EUR/USD, Variable
💰 Minimum Commission per TradeFrom $3.5
💸 Decimal PricingUp to 5 digits after the comma
📞 Margin Call100%
🛑 Stop-Out50%
💰 Minimum Trade Size50 million per trade on Forex
💵 Maximum Trade SizeYes
✔️ Crypto trading offered?No
✔️ Offers a KES Account?No
👥 Dedicated Kenyan Account Manager?No
📈 Maximum Leverage• 1:30 under FCA
• 1:400 under other market regulators
📋 Leverage Restrictions for Kenya?No
💰 Minimum Deposit (KES)5,700 KES or an equivalent to $50
✔️ Kenyan shilling Deposits Allowed?Yes
👥 Active Kenyan Trader Stats70,000+
🤝 Active Kenyan-based FXCM customersUnknown
💰 Kenya Daily Forex Turnover$100 million+
💵 Deposit and Withdrawal Options• Credit Card
• Debit Card
• CreditPay
• Bank Wire Transfer
• Skrill
• Neteller
• Klarna.
• Rapid Transfer
• Local Bank Transfer Philippines
• Local Bank Transfer Vietnam
• Local Bank Transfer LATAM
• Local Bank Transfer Malaysia
• Local Bank Transfer Indonesia
⏰ Minimum Withdrawal TimeInstant
🕙 Maximum Estimated Withdrawal TimeUp to 2 working days
✔️ Instant Deposits and Instant Withdrawals?Yes
🏧 Segregated Accounts with Kenyan Banks?No
💻 Trading Platforms• Trading Station
• MetaTrader 4
• NinjaTrader
• ZuluTrade
• Capitalise AI
• TradingView Pro
• QuantConnect
• MotiveWave
• AgenaTrader
• Sierra Chart
• SeerTrading
• NeuroShell Trader
💵 Tradable Assets• Forex
• Shares
• Indices
• Commodities
• Cryptocurrencies
• Forex Baskets
• Stock Baskets
✔️ Offers USD/KES currency pair?No
📊 USD/KES Average SpreadN/A
✔️ Offers Kenyan Stocks and CFDsNone
🗣 Languages supported on the WebsiteEnglish
📞 Customer Support LanguagesMultilingual
✔️ Copy Trading SupportYes, through ZuluTrade
⏰ Customer Service Hours24/5
🧑‍💻 Kenyan-based customer support?No
💰 Bonuses and Promotions for KenyansYes
📚 Education for Kenyan beginnersYes
✔️ Proprietary trading softwareYes, Trading Station
🥇 Most Successful Kenyan TraderPatrick Mahinge (Net Worth – Private)
✔️ Is FXCM a safe broker for Kenyans?Yes
🥇 Rating for FXCM Kenya9/10
🎖 Trust score for FXCM Kenya93%
👉 Open Account👉 Open Account

Regulation and Safety of Funds

Regulation and Safety of Funds

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

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

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

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

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

 

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

 

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

 

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

 

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

 

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

Account Types and Features

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

➡️ Spread Betting

➡️ CFD Trading

➡️ Active Trader

➡️ Professional Trader

 

Live Trading Accounts

Spread Betting

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

 

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

 

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

 

👉 The following are some of the advantages of spread betting:

➡️ Tax-free profits

➡️ No Stamp Duty

➡️ Commission-free trades

➡️ Speculation on both rising and falling prices

➡️ Leverage can be used to open larger positions

➡️ A range of markets if offered

 

CFD Trading

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

 

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

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

➡️ Low and competitive trading fees and spreads

➡️ Zero Stamp Duty

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

 

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

➡️ AUS200 – from 1.6 pips

➡️ FRA40 – from 1 pip

➡️ EUR/USD – from 0.3 pips

➡️ BTC/USD – from 58.87 pips

➡️ XAG/USD – from 0.04 pips

➡️ XAU/USD – from 0.4 pips

➡️ NAS100 – from 1.18 pips

➡️ SPX500 – from 0.44 pips

 

👉 The fees that traders might anticipate while trading with FXCM are as follows:

💰 Financial Instrument💸 Fee Charged
Forex Pairs$2.00 per 100,00 lot traded, per side
USDOLLAR, EMBasket, JPYBasket$1.00 per lot
HKG33$0.50 per lot
ESP35, CHN50, XAU/USD$0.20 per lot
AUS200, FRA40, GER30, NAS100, SPX500, UK100, US30, EUSTX50, US2000, USOilSpot, UKOilSpot, USEquities, ATMX, ESPORTS, BIOTECH, CANNABIS, FAANG, CHN.TECH, CHN.ECOMM, AIRLINES, CASINOS, TRAVEL, US.ECOMM, US.BANKS, US.AUTO, WFH, Cryptostock, URANIUM$0.10 per lot
JPN225, BTC/USD, BCH/USD, ETH/USD, LTC/USD, CryptoMajor, DOT/USD, BTC/AUD, BTC/EUR, BTC/GBP, ETH/AUD, ETH/EUR, AVAX/USD, SOL/USD, LUNA/USD, BNB/USD, KSM/USD, LINK/USD, US Shares, EU Shares, AU Shares$0.05 per lot
XAG/USD, XLM/USD, EOS/USD, ADA/USD, DOGE/USD, XTZ/USD, MATIC/USD$0.02 per lot
HK Shares, UK Shares$0.01 per lot

 

Active Trader

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

 

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

 

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

➡️ Dedicated customer support

➡️ Access to API Trading

➡️ Institutional derived trading ideas

➡️ Market Depth

➡️ Customized solutions

 

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

 

👉 Kenyan traders should anticipate the following typical spreads as active trading:

➡️ EUR/USD – from 0.2 pips

➡️ GBP/USD – from 0.6 pips

➡️ NZD/USD – from 0.5 pips

➡️ USD/CHF – from 0.6 pips

➡️ USD/ZAR – from 64.5 pips

➡️ JPN225 – from 7.78 pips

➡️ NAS100 – from 1.18 pips

➡️ USOil – from 0.04 pips

➡️ XAG/USD – from 0.04 pips

➡️ XAU/USD – from 0.4 pips

 

Professional Trader

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

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

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

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

 

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

 

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

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

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

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

 

Demo Account

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

 

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

 

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

➡️ Virtual funding up to $20,000

➡️ Live buy and sell prices

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

 

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

 

Islamic Account

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

 

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

 

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

 

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

 

👉 The following table indicates the commission charges that Islamic account traders can expect.

 

💰 Financial Instrument💵 Fee Charged
XAU/USD15 pips
DOT/USD, LINK/USD12 pips
LTC/USD, EOS/USD, BTC/AUD, BTC/EUR, BTC/GBP, AVAX/USD, SOL/USD, LUNA/USD, XTZ/USD, MATIC/USD, US Shares, EU Shares, HK Shares, AU Shares10 pips
USOil, UKOil, USOilSpot, UKOilSpot, UK Shares5 pips
ATMX4 pips
XAG/USD2 pips
AUS200, ESP35, FRA40, GER30, HKG33, JPN225, NAS100, SPX500, UK100, US30, CHN50, EUSTX50, VOLX, USDOLLAR, US200, INDIA50, EMBasket, JPYBasket, BCH/USD, ETH/USD, CryptoMajor, XLM/USD, USEquities, ESPORTS, BIOTECH, CANNABIS, FAANG, CHN.TECH, CHN.ECOMM, AIRLINES, CASINOS, TRAVEL, US.ECOMM, US.BANKS, US.AUTO, WFH, Cryptostock, URANIUM, ADA/USD, DOGE/USD, ETH/AUD, ETH/EUR, BNB/USD, KSM/USD1 pip
Forex Pairs0.4 pips

Account Registration

Account Registration

👉 Kenyan traders interested in opening an account with FXCM may visit the company’s official website. From here, they can choose the option to apply for a live trading account from the homepage.

 

👉 After the application loads, users can choose their country of residence, and their preferred platform, and click the option that will initiate the application.

 

👉 Traders should be aware that FXCM has many websites, and if Kenyans access the wrong one, they will be promptly transferred to the proper one to begin their application.

 

👉 Once Kenyans get to the relevant website, a registration form will appear, and traders will be required to give some personal information, information about their work and source of cash, and trading experience, among other things.

 

👉 Finally, before an account can be authorized, traders must present verification of their genuine identification papers and residence address. After comparing and reviewing the information and papers, the account will be authorized, and traders may deposit the minimal amount to begin trading.

FXCM Vs easyMarkets Vs AvaTrade – Broker Comparison

🥇 FXCM🥈 easyMarkets🥉 AvaTrade
⚖️ RegulationFCA, ASIC, CySEC, FSCABVI FSC, CySEC, ASIC, FSACentral Bank of Ireland (CBI), BVI FSC, ASIC, FSCA, JFSA, FFAJ, ADGM, FRSA, CySEC, ISA
📱 Trading Platform• Trading Station
• MetaTrader 4
NinjaTrader
• ZuluTrade
• Capitalise AI
• TradingView Pro
• QuantConnect
• MotiveWave
• AgenaTrader
• Sierra Chart
• SeerTrading
• NeuroShell Trader
• easyMarkets Platform
• MetaTrader 4
• TradingView
• AvaTradeGO
• AvaOptions
• AvaSocial
• MetaTrader 4
• MetaTrader 5
• DupliTrade
• ZuluTrade
💰 Withdrawal FeeYes, bank wireNoNo
📈 Demo AccountYesYesYes
📊 Min Deposit5,700 KES2,800 KES11,400 KES
💰 Leverage• 1:30 (FCA)
• 1:400 (Other Reg)
Up to 1:4001:400
💳 SpreadFrom 0.2 pips EUR/USDFixed, 0.03 USD
Fixed, from 0.9 pips
✴️ Commissions$25 per $1m tradedNone
None
💳 Margin Call/Stop-Out100%/50%70%/30%25%/10%
📊 Order ExecutionMarketMarketMarket
💰 No-Deposit BonusNoNoNo
💰 Cent AccountsNoNoNo
📊 Account Types• Spread Betting
• CFD Trading
• Active Trader
• Professional Trader
• Standard Account (Web/App and MT4)
• Premium Account (Web/App and MT4)
• VIP Account (Web/App and MT4)
• Standard Live Account
• Professional Account Option
⚖️ CBN RegulationNoNoNo
💵 KES DepositsNoYesYes
💳 Kenyan KES AccountNoNoNo
👥 Customer Service Hours24/524/524/5
🛍 Retail Investor Accounts3 Retail, 1 Pro31
☪️ Islamic AccountYesYesYes
📉 Minimum Trade Size0.01 lots0.01 lots0.01 lots
📈 Maximum Trade Size50 million per trade on Forex50 lotsUnlimited
⏰ Minimum Withdrawal TimeInstantInstant24 to 48 Hours
⏰ Maximum Estimated Withdrawal TimeUp to 2 working daysUp to 5 DaysUp to 10 days
✔️ Instant Deposits and Instant Withdrawals?YesYesNo

Trading Platforms

👉 FXCM offers Kenyan traders a choice between these trading platforms:

➡️ Trading Station

➡️ MetaTrader 4

➡️ NinjaTrader

➡️ ZuluTrade

➡️ Capitalise AI

➡️ TradingView Pro

 

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

➡️ QuantConnect

➡️ MotiveWave

➡️ AgenaTrader

➡️ Sierra Chart

➡️ SeerTrading

➡️ NeuroShell Trader

 

Desktop Platforms

Desktop Platforms

➡️ Trading Station

➡️ MetaTrader 4

➡️ Capitalise AI

 

Trading Station

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

➡️ Customization of charts over several periods

➡️ Analyses using a variety of metrics

➡️ Investing and trading directly through the Charts

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

➡️ Assists with strategy automation

➡️ Direct access to trading analytics through the platform

➡️ The application incorporates news and an economic calendar

 

MetaTrader 4

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

 

Capitalise AI

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

 

WebTrader Platforms

WebTrader Platforms

➡️ Trading Station

➡️ MetaTrader 4

➡️ NinjaTrader

➡️ ZuluTrade

➡️ TradingView Pro

 

Trading Station

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

 

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

 

MetaTrader 4

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

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

➡️ Real-time asset quotes

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

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

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

➡️ There are news and notifications available

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

 

NinjaTrader

👉 With substantial forex features, the all-new NinjaTrader 8 is a market leader in sophisticated analytics, charting, and automation. If you are looking to maximize your potential profit in the forex market, NinjaTrader can assist you in taking market research and order execution to the next level.

 

👉 Kenyans can easily stay on top of their trading and investment activities with Ninja trader, which provides customers with a professional-grade charting package and a straightforward method for designing a customized visual experience. Some NinjaTrader features include:

➡️ Simultaneous display of bid and ask prices in real-time

➡️ Chart styles pre-loaded with hundreds of technical indicators

➡️ A comprehensive assortment of artistic drawing instruments

➡️ Capability to load various timeframes and marketplaces into a single chart to readily recognize emerging trends

➡️ Capability to set proprietary or custom indicators to put price action quickly and easily in the correct context

 

ZuluTrade

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

 

TradingView Pro

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

 

Trading App

Trading App

➡️ Trading Station

➡️ MetaTrader 4

➡️ Capitalise AI

 

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

 

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

➡️ Live quotes and charts for all instruments offered

➡️ Three chart types over thirteen different timeframes

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

 

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

 

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

 

Specialty Platforms

QuantConnect

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

 

MotiveWave

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

➡️ Market Analysers

➡️ Backtesting for Systematic Trading Development

➡️ Optimizing (genetic and exhaustive)

➡️ Tests of response and walk-forward

➡️ Tools for Technical Analysis that are unique

 

AgenaTrader

👉 This multi-asset platform was built with experienced traders in mind and has a wide feature set. Everything is included, from the 130 indicators and 14 chart types that are built into powerful automated trading through AgenaScript(C#).

 

Sierra Chart

👉 Sierra Chart is a professional trading platform for financial markets that integrates with a variety of third-party trading platforms. It offers both manual and automatic trading as well as simulated trading.

 

SeerTrading

👉 The Seer Trading Platform is used to develop, test, optimize, and deploy automated trading systems. It was created and constructed from the bottom up with the express intention of developing and deploying algorithms.

 

NeuroShell Trader

👉 The point-and-click interface of NeuroShell Trader enables you to develop technical analysis indicators, trading systems, and neural network market predictions quickly and simply without any code. It offers both manual and automatic trading as well as simulated trading.

 

Range of Markets

👉 Kenyan traders can expect the following range of markets from FXCM:

➡️ Forex

➡️ Shares

➡️ Indices

➡️ Commodities

➡️ Cryptocurrencies

Broker Comparison for Range of Markets 

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

Trading and Non-Trading Fees

Spreads

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

➡️ CFD Trading• AUS200 – 1.6 pips
• FRA40 – 1 pip
• EUR/USD – 0.3 pips
• BTC/USD – 58.87 pips
• XAG/USD – 0.04 pips
• XAU/USD – 0.4 pips
• NAS100 – 1.18 pips
• SPX500 – 0.44 pips
➡️ Active Trader• EUR/USD – 0.2 pips
• GBP/USD – 0.6 pips
• NZD/USD – 0.5 pips
• USD/CHF – 0.6 pips
• USD/ZAR – 64.5 pips
• JPN225 – 7.78 pips
• NAS100 – 1.18 pips
• USOil – 0.04 pips
• XAG/USD – 0.04 pips
• XAU/USD – 0.4 pips

 

Commissions

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

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

➡️ HKG33 – $0.50 per lot

➡️ Popular Indices – $0.10 per lot

➡️ Major Crypto pairs – $0.05 per lot

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

➡️ HK Shares and UK Shares – $0.01 per lot

 

Overnight Fees, Rollovers, or Swaps

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

 

Deposit and Withdrawal Fees

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

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

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

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

 

Other Fees

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

 

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

 

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

 

👉 The typical conversion mark-up per amount converted to USD is as follows:

💰 Amount⬆️ Mark-up
$0 to $9,999.00Converted using a 150-pip mark-up
$10,000 to $49,999.99Converted using a 100-pip mark-up
$50,000 to $99,999.99Converted using a 50-pip mark-up
$100,000 and moreConverted using a 10-pip mark-up

Overall Rating

Min Deposit

USD 300 / 3499 KES

Regulators

FCA

Trading Desk

MetaTrader 4

Crypto

Yes

Total Pairs

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

Deposits and Withdrawals

👉 FXCM offers the following deposit and withdrawal methods:

➡️ Credit Card

➡️ Debit Card

➡️ CreditPay

➡️ Bank Wire Transfer

➡️ Skrill

➡️ Neteller

➡️ Klarna.

➡️ Rapid Transfer

➡️ Local Bank Transfer Philippines

➡️ Local Bank Transfer Vietnam

➡️ Local Bank Transfer LATAM

➡️ Local Bank Transfer Malaysia

➡️ Local Bank Transfer Indonesia

 

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

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

How to Deposit Funds with FXCM

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

➡️ Once the trading account has been verified, Kenyan traders can log into “MyFXCM” using their live account username and user-selected password.

➡️ Traders can click on “Deposit Funds.”

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

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

FXCM Fund Withdrawal Process

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

➡️ Log into the MyFXCM and select “Withdraw Funds”

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

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

Education and Research

Education and Research

👉 FXCM offers the following Educational Materials:

➡️ What is Forex?

➡️ Becoming a better trader

➡️ Free online live classroom

➡️ Free SMS trade Alerts

 

👉 FXCM offers Kenyan traders the following Research and Trading Tools:

➡️ Economic Calendar

➡️ Market news

➡️ Live Forex charts

➡️ Trade Volatility

➡️ Market Scanner

➡️ FXCM Plus

➡️ Trading Signals

➡️ FXCM Apps

Bonuses and Promotions

👉 FXCM offers Kenyan traders the following bonuses and promotions:

➡️ $25 Welcome Bonus on a minimum deposit of 5,700 KES ($50)

➡️ Deposit bonus of up to $300 when depositing a minimum of 5,700 KES ($50) or more.

➡️ Referral bonus of up to $200

➡️ FXCM Rebate Program

➡️ FXCM Trading Tournaments

 

Welcome Bonus

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

➡️ Complete the online application and verification

➡️ Deposit $50 or more into the trading account

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

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

 

Deposit Bonus

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

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

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

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

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

 

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

 

Referral Bonus

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

 

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

 

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

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

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

 

FXCM Rebate Program

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

 

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

 

FXCM Trading Tournaments

👉 FXCM currently offers two contests throughout the year:

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

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

Overall Rating

Min Deposit

USD 300 / 3499 KES

Regulators

FCA

Trading Desk

MetaTrader 4

Crypto

Yes

Total Pairs

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

How to open an Affiliate Account with FXCM

Affiliate Account

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

 

👉 Once submitted, FXCM will contact the prospective affiliate to further discuss their partnership.

 

FXCM Affiliate Program Features

Affiliate Program Features

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

 

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

FXCM Corporate Social Responsibility

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

Verdict on FXCM

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

 

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

FXCM Pros and Cons

✔️ Pros ❌ Cons
FXCM is a multi-regulated and award-winning brokerThe spreads are not the tightest
The broker is a member of the FSCS, offering all clients investor protectionThere are additional fees charged on the Islamic Account
There is a choice between an impressive range of trading platformsThere are currency conversion fees and an inactivity fee
There are social opportunities offered through ZuluTradeWithdrawal fees apply on bank wire transfer
There are advanced charting capabilities offered through TradingViewThere is no KES-denominated account and KES is not a deposit currency
The daily analysis is provided by Trading Central
FXCM offers an innovative proprietary trading platform
There is a choice between trading accounts, each suited to different types of traders

FAQ

Is FXCM regulated and by whom?

Yes, FXCM is a well-regulated broker that has regulation and authorization with FCA, ASIC, CySEC, and FSCA.

 

Is FXCM a fake or a scam broker?

FXCM is a verified broker that has a Trustpilot score of 4/5. In addition, FXCM is well-regulated and has a high trust score of 96 out of 100.

 

Which trading platforms can I use when I trade with FXCM?

You can use any of these trading platforms when you register a live account with FXCM:

  • Trading Station
  • MetaTrader 4
  • NinjaTrader
  • ZuluTrade
  • Capitalise AI
  • TradingView Pro
  • QuantConnect
  • MotiveWave
  • AgenaTrader
  • Sierra Chart
  • SeerTrading
  • NeuroShell Trader

 

Can Kenyans register a live trading account with FXCM?

Yes, Kenyans can register any of these live accounts with FXCM:

  • Spread Betting Account (the UK only)
  • CFD Trading Account
  • Active Trader Account
  • Professional Trader Account

 

What is the overall rating for FXCM?

We give FXCM an overall rating of 9/10. This rating is based on FXCM’s regulatory status, high trust score, range of markets, choice in trading platforms, and bonuses and promotions offered to Kenyan traders, amongst several other advantages.

Addendum/Disclosure:

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

9.8/10 - (16 votes)