While FP Markets have more Forex pairs with 64 (vs 45) and lower spreads (from 0.0 pips), FXCM has more trading platforms (TradingView, MetaTrader 4). Read our FP Markets vs FXCM review to find the best Forex broker.
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Our full comparison covers the 10 most important trading factors. Here are five key differences:
To compare these brokers, we will be looking at the accounts offered, which include standard and commission accounts. These accounts have different fee structures, so are suitable for different trading styles. Try the FXCM vs FP Markets fee calculator below based on the most popular forex pairs and base currencies.
Spreads with this FP Markets are ultra-low as your trades do not involve a dealing desk. To ensure faster and more efficient trades, they use straight through processing (STP) execution, which means your trades are passed on to liquidity providers without any intervention from the broker. In this model, the liquidity provider is your counterparty, not the broker, which keeps spreads.
FXCM broker uses what they call FXCM enhanced execution to carry out your trades. Enhanced execution means all trades pass through the FXCM trading engine, and the broker will then determine how the trade is carried out. Most of the time, the broker will act as your counterparty, but because quotes are aggregated from their pool of liquidity providers, the broker does not have a say in the price. For this reason, FXCM does not consider itself to be a market maker.
Standard Accounts Comparison
When using standard accounts, you won’t have to worry about paying commissions on trades, which helps you keep track of trading fees. Instead, brokers include their fees within the bid-ask spread, which is why standard account spreads are larger compared to on-commission accounts.
The module below compares the spreads of standard accounts using spreads published from brokers’ websites.
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Standard Account Spreads
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0.10 | 0.20 | 0.30 | 0.30 | 0.20 |
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0.30 | 0.40 | 0.70 | 0.90 | 0.60 |
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1.10 | 1.20 | 1.40 | 1.40 | 1.40 |
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1.13 | 1.01 | 1.71 | 1.66 | 1.12 |
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1.20 | 0.90 | 1.50 | 1.80 | 1.80 |
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1.20 | 1.40 | 1.50 | 1.60 | 1.50 |
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1.10 | 1.20 | 1.40 | 1.50 | 1.20 |
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1.10 | 1.20 | 1.30 | 1.30 | 1.30 |
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1.20 | 1.80 | 1.90 | 1.90 | 1.60 |
Avg. spreads are taken from each broker's website and updated monthly. Last update on 04/01/2024
View FP Markets ReviewVisit FP Markets
Based on the spreads module, we can see, on average, that there are better options for no-commission trading, such as Pepperstone or IC Markets.
FP Markets spreads start from 1 pip for major pairs, but as our spreads module shows, they are floating slightly higher on average. When using the FP Markets Standard account, you can trade with either the MetaTrader 4 or MetaTrader 5 trading platform. IRESS is not available.
A swap-free Islamic account is also available for traders who follow Sharia law. Swap-free accounts don’t charge overnight interest fees on trades, as doing so would be considered a violation of the Islamic faith.
The FXCM standard accounts have average minimum spreads of 0.7 (EUR/USD) but are usually higher. Like with FP markets, these spreads are variable and, therefore, subject to change depending on market conditions. The EUR/USD, for example, can be 1.3 pips (or higher), which means the broker may be significantly more than their minimum spread.
Unlike FP Markets, FXCM does not offer a swap-free Islamic account.
Standard Account Spreads
Looking at the average standard account spreads for the forex pairs, it’s clear that there are some differences between FP Markets, FXCM, and the industry average.
FP Markets consistently offers lower spreads across all forex pairs compared to FXCM. For instance, the spread for EUR/USD is 1.1 for FP Markets, while it’s 1.3 for FXCM. This trend continues across all pairs, making FP Markets the more cost-effective option in terms of spreads.
| Forex Pair | FP Markets | FXCM | Industry Average |
|---|---|---|---|
| EUR/USD | 1.1 | 1.3 | 1.35 |
| USD/JPY | 1.3 | 1.5 | 1.54 |
| GBP/USD | 1.3 | 1.4 | 1.68 |
| AUD/USD | 1.3 | 1.7 | 1.63 |
| USD/CAD | 1.5 | 2.1 | 1.93 |
| EUR/GBP | 1.3 | 2.1 | 1.69 |
| EUR/JPY | 1.5 | 1.7 | 2.04 |
| AUD/JPY | 1.6 | 2.4 | 2.31 |
Standard Account Analysis Updated April 2024[1]April 2024 Published And Tested Data
However, when we compare these brokers to the industry average, the picture changes slightly. The industry average spread for EUR/USD is 1.35, which is higher than that of both FP Markets and FXCM. This suggests that both brokers offer competitive spreads, with FP Markets having a slight edge.
In conclusion, if you’re looking for the most cost-effective option in terms of spreads, FP Markets would be my recommendation. However, it’s important to remember that spreads are just one aspect of trading costs. Other factors such as commission fees, ease of use, and customer service should also be taken into account when choosing a forex broker.
Commission Account Comparison
Commission accounts have spreads that are closer to true market condition spreads, which makes them suitable for scalping and higher volume trading. The tighter spreads, however, mean you also need to pay commissions.
Compared to standard accounts, commission accounts have no markup, which results in tighter spreads. Even after adding commission fees, this type of account is likely to benefit you.
The spreads module below shows what kind of spreads one can expect by gathering data published on the broker’s website, and this is updated monthly.
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ECN Broker Spreads
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0.20 | 0.30 | 0.10 | 0.30 | 0.20 |
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0.40 | 0.60 | 0.10 | 0.40 | 0.20 |
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0.20 | 0.30 | 0.20 | 0.40 | 0.20 |
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0.30 | N/A | 0.30 | 0.50 | 0.40 |
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0.24 | N/A | 0.17 | 0.54 | 0.30 |
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0.30 | 0.70 | 0.20 | 0.50 | 0.40 |
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0.30 | 1.10 | 0.10 | 0.60 | 0.50 |
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0.77 | 1.41 | 0.44 | 1.13 | 1.23 |
Avg. spreads are taken from each broker's website and updated monthly. Last update on 04/01/2024
While FXCM does not provide their average spreads, spreads published by FP Markets indicate that, on average, they may be slightly higher than their competitors. This difference, however, is marginal, and some currency pairs compete very well compared to other brokers.
FP Markets ‘Raw’’ account has spread with zero pips. This is true for most pairs; however, some major currencies crossed with exotics like SGD, HKD, CZK, and TRY have higher minimum spreads. Commission pricing is $7 USD/AUD round-turn per standard lot (100k units) traded; you pay half to open your trade and the other half to close your position.
FXCM has 2 commission accounts. These accounts have commissions starting from 0.2 pips.
With a minimum deposit of $25,000, the Active Trader account is for high-volume traders and uses tiered commissions. To be eligible, you must trade at least 150 million (50 million in Canada), and your commission costs will be $25 for every million you trade. Canadian traders with Friedberg Direct with FXCM technology also have the option of a fixed fee commission account. To qualify, you must trade at least 50 million in a month and deposit $5000 or more. If you trade above 150M, then you will receive an extra $10 discount for each million traded.
Verdict
The winner of the account comparison is FP Markets. They have tighter average spreads as well as the swap-free account option. If you’re trading high-volume, you might want to go with FXCM, but for all other purposes, we recommend FP Markets.
View FP Markets ReviewVisit FP Markets
While both brokers have MetaTrader 4, FXCM offers a larger range of trading platforms overall.
Platforms for Both Brokers
MetaTrader 4
MetaTrader 4 is available with both brokers. It is the most widely used for forex trading, giving access to 31 trading indicators, 33 analytical tools and 9 timeframes, as well as Expert Advisors, which help automate trading. As long as you don’t plan to trade CFD stocks, this is the obvious platform to choose.
FP Markets Platforms
MetaTrader 5
With over 40 technical indicators and drawing tools, 6 pending orders and 21 timeframes, MT5 is a powerful upgrade on MT4. Other features MT5 offers are that MT4 does not include centralised trading so you can trade stocks and depth of market pricing for better control of your trades. Since MT5 still receives support and development from Metaquotes, it is more future-proof than MT4 so it can be a smarter choice than other platforms.
FP Markets Mobile Trading App
FP Markets also has its own Mobile Trading App that you can use; it gives users a wide range of trading tools and technical indicators to conduct market analysis. It also has over 60 currency pairs to trade and is available on Apple iOS and Android.
IRESS
The IRESS trading platform is only available for Australian traders. Thanks to direct market access trading execution, this platform is best for stock trading since it gives users the ability to access financial market prices directly from the exchange. The IRESS platform is Web-Based and gives you access to 59 technical indicators and over 50 drawing tools.
FXCM Platforms
FXCM Trade Station
Trade Station is FXCM’s proprietary trading platform and is available on desktop (Windows), web browser and mobile app (iOS and Android). Features include 3rd party tools to help analyse the market and place trades. One such feature includes the RadarScreen, which helps traders find real-time trading opportunities in the market.
Other 3rd part tools include:
NinjaTrader*
FXCM offers a platform called NinjaTrader which provides full functionality for traders and their own brokerage. The trading platform is highly flexible, allowing you to customise your platform functionality and trading experience. It also comes with advanced trade management features.
Capitalise.ai*
Capitalise.ai is a trading platform available with FXCM for algorithmic trading. It allows you to write code in plain English without having to learn complex coding languages.
TradingView*
You can also use the TradingView platform with FXCM; this platform has a large collection of charts and indicators, giving you the chance to improve your trading and make better trading decisions.
*Not available in Canada
If you wish to engage in social trading or copy trading, Myfxbook and FP Markers social trading apps are available with FP Markets, while FXCM has ZuluTrade.
Verdict
FXCM and FP Markets have very similar platforms and tools, but FXCM emerged as the winner in this category. While FXCM doesn’t have MetaTrader 5, it offers a range of very useful tools for traders.
*Your capital is at risk ‘67% of retail CFD accounts lose money’
FXCM Account Offerings
FXCM provides over 40 forex pairs, including popular options like USD/EUR and USD/JPY. They also have 7 cryptocurrency pairs available, but this option is not available for Canadian residents. FXCM’s Active Trader account, designed for high-volume traders, uses tiered commissions and requires a minimum deposit of $25,000.
Leverage Differences
Australian and European retail traders can trade Major Forex pairs with FP Markets at 1:30 leverage and minor and exotics at 1:20. In contrast, FXCM offers 1:30 for retail in Australia, Europe, and the UK, with higher leverage options available for professional traders and those outside these regions.
Verdict
While both brokers offer solid account features, FP Markets stands out with its diverse forex pairs and zero-pip spreads, making it the preferable choice for traders seeking superior account types.
FP Markets has an intuitive interface that is user-friendly and specifically designed for beginners. Traders never have to worry about missing important moments thanks to the platform’s quick responsiveness. On the other hand, FXCM’s platform is rich, offering a plethora of tools and charts that cater to both novice and seasoned traders.
Both brokers have their strengths. FP Markets is user-friendly with swift execution, while FXCM impresses with platform diversity and customisation features.
Verdict
FP Markets offers a blend of user-friendliness and efficient trading tools for the best overall trading experience.
FXCM has a higher trust score of 78 versus the 60 points scored by FP Markets in our analysis. The decision was influenced by a few key factors such as the regulation of the brokers, their reputation, and the reviews they have received.
FXCM Trust Score
FP Markets Trust Score
Regulation
FP Markets is regulated by entities such as ASIC (Australia), CySEC (EU), and FSCA (South Africa). FXCM, however, is governed by more regulatory entities, including ASIC (Australia), FCA (UK), and CySEC (EU), suggesting a broader regulatory oversight.
| FP Markets | FXCM | |
|---|---|---|
| Tier 1 Regulation | ASIC (Australia) CYSEC (Cyprus) |
ASIC (Australia) FCA (UK) CYSEC (Cyprus) CIRO (CANADA) BaFin (Germany) |
| Tier 2 Regulation | FSCA (South Africa) ISA (Israel) |
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| Tier 3 Regulation | FSA-S (Seychelles) FSC-M (Mauritius) FSCA (South Africa) |
FP Markets is regulated by the following:
If you are outside Australia or the European Union, you will be joining the FP Markets subsidiary based in St Vincent and the Grenadines. This country doesn’t have a Forex regulator, which means FP Markets regulated itself. You will find the broker applies regulation in line with the standard set by ASIC.
FXCM have more regulators covering a range of jurisdictions in five countries. They are governed by more regulatory entities than FP Markets, which include the UK, Canada and South Africa.
Reputation
FP Markets has been around since 2005, with headquarters in Sydney, Australia. FXCM is much older, having been established in 1999 in New York, USA.
FXCM gets searched monthly in Google around 38,100 times, while FP Markets gets 27,100 hits.
Reviews
FP Markets received excellent marks on TrustPilot, gaining a 4.9/5.0 score from 5,478 reviews. While FXCM only garnered 455 reviews, they did well with a score of 4.5 out of 5.
Verdict
In this comparison, we will give FXCM the winning verdict for regulation. They have more regulators suggesting that they aim for more reputable practices as a forex broker.
*Your capital is at risk ‘67% of retail CFD accounts lose money’
FP Markets have a comprehensive range of major, minor and exotic forex pairs, with 63 available in total. If you prefer trading shares, MT5 is a better option than MT4 with its 814 shares and IRESS platform offering over 10,000 shares to trade. A well-rounded broker, FP Markets offers a great selection of cryptocurrencies, indices, bonds/treasuries and ETFs.
Australian and European retail traders can trade Major Forex pairs with 1:30 and minor and exotics with 1:20. Traders outside of Australia and the European Union, including those in the UK, who are comfortable with high-risk trading will have access to leverage up to 1:500.
FXCM has over 40 pairs available, including popular options such as the USD/EUR and USD/JPY pairs. They offer 7 cryptocurrency pairs, including Bitcoin, but these are not available to Canadian residents.
Forex Leverage with FXTM depends on which subsidiary of FXCM you join:
Verdict
FP Markets is the winner in this comparison. This is because they have more forex pairs available to trade, including ETFs and fewer limitations based on locality. We believe traders will benefit from this extensive range.
FP Markets:
FXCM:
Verdict
FP Markets scores higher in educational resources, making it the superior choice for traders seeking comprehensive learning materials.
In the world of forex trading, the quality of customer service can determine a trader’s experience. FP Markets and FXCM recognise its importance and have invested considerably in their customer support infrastructure.
FP Markets prides itself on its efficient customer service and knowledgeable support team. They’ve ensured that traders have multiple channels to reach out, be it through live chat, email, or phone. FXCM has a global support team available in various regions, offering timely assistance to traders.
The table below highlights the key customer service features of each broker:
| Feature | FP Markets | FXCM |
|---|---|---|
| Live Chat Availability | 24/5 | 24/7 |
| Email Support Response Time | Within 2 hours | Within 4 hours |
| Phone Support Availability | 24/7 | 24/5 |
| Multilingual Support | Yes (Multiple Languages) | Yes (Multiple Languages) |
| Dedicated Account Manager | Available for VIP clients | Available for all clients |
| Educational Support | Webinars, Tutorials, Articles | Webinars, Guides, Video Lessons |
Both brokers provide excellent customer support, but their services differ in subtle ways. Each broker has its own strengths, whether it’s the availability of live chat, fast email responses, or a dedicated account manager.
Verdict
FP Markets edges out slightly, offering a more comprehensive and responsive customer support experience.
Both FP Markets and FXCM provide various funding options to meet the diverse needs of their clients. FP Markets provides a broader range of options, including bank wire transfers, credit/debit cards, and several e-wallets.
On the other hand, FXCM has a more limited selection of funding methods compared to others. It’s essential for traders to have multiple funding options at their disposal, as it allows for flexibility and convenience, especially when dealing with international transactions.
The table below provides a detailed comparison of the funding options available for both brokers:
| Funding Option | FP Markets | FXCM |
|---|---|---|
| Bank Wire Transfer | ✅ | ✅ |
| Credit/Debit Card | ✅ | ✅ |
| PayPal | ❌ | ✅ |
| Skrill | ✅ | ❌ |
| Neteller | ✅ | ❌ |
| UnionPay | ✅ | ✅ |
| BPay | ✅ | ❌ |
| POLi | ✅ | ❌ |
| FasaPay | ✅ | ❌ |
| Broker to Broker | ✅ | ✅ |
Verdict
Based on the available funding options, FP Markets offers a more diverse and comprehensive range compared to FXCM.
FXCM has a lower minimum deposit of $50 against the $100 set by FP Markets. Do note that FXCM has different minimum deposit requirements depending on the account type you are using.
In general, here are the available funding methods by FXCM:
| GBP | USD | EUR | AUD | |
|---|---|---|---|---|
| Credit Card / Debit Card | £50 Minimum Deposit | $50 Minimum Deposit | €50 Minimum Deposit | $50 |
| Bank Wire | £50 Minimum Deposit | $50 Minimum Deposit | €50 Minimum Deposit | $50 |
| Skrill | £50 Minimum Deposit | $50 Minimum Deposit | €50 Minimum Deposit | $50 |
| Neteller | £50 Minimum Deposit | $50 Minimum Deposit | €50 Minimum Deposit | $50 |
In the same manner, FP Markets’ minimum deposit requirement is global:
| GBP | USD | EUR | AUD | |
|---|---|---|---|---|
| Credit Card / Debit Card | £100 Minimum Deposit | $100 Minimum Deposit | €100 Minimum Deposit | $100 |
| Paypal | £100 Minimum Deposit | $100 Minimum Deposit | €100 Minimum Deposit | $100 |
| Bank Wire | £100 Minimum Deposit | $100 Minimum Deposit | €100 Minimum Deposit | $100 |
| Skrill | £100 Minimum Deposit | $100 Minimum Deposit | €100 Minimum Deposit | $100 |
Verdict
The winner of this category is FXCM because of their lower minimum deposit requirement of $50. However, we think that the difference in amounts between the two brokers should not be a significant factor when deciding which one to trade with.
FP Markets is the winner because of its comprehensive offerings across multiple categories, including lower spreads, superior educational resources, and better funding options. The table below summarises the key information leading to this verdict:
| Criteria | FP Markets | FXCM |
|---|---|---|
| Lowest Spreads And Fees | ✅ | ❌ |
| Better Trading Platform | ❌ | ✅ |
| Superior Accounts And Features | ✅ | ❌ |
| Best Trading Experience And Ease | ✅ | ❌ |
| Stronger Trust And Regulation | ❌ | ✅ |
| Top Product Range And CFD Markets | ✅ | ❌ |
| Superior Educational Resources | ✅ | ❌ |
| Superior Customer Service | ✅ | ❌ |
| Better Funding Options | ✅ | ❌ |
| Lower Minimum Deposit | ❌ | ✅ |
FP Markets is the ideal choice for beginner traders due to its user-friendly platform and extensive educational resources.
For seasoned traders, FXCM offers a more advanced trading environment with a robust platform and diverse product range.
FP Markets generally offers lower costs compared to FXCM. They boast competitive spreads, often starting from as low as 0.0 pips. This cost efficiency can significantly impact a trader’s profitability in the long run. For a more detailed breakdown of brokers with low commissions, you can check out this comprehensive guide on lowest spread brokers.
Both FP Markets and FXCM offer MetaTrader 4, but FP Markets provides a more streamlined experience with additional tools and features. MetaTrader 4 is a popular choice among traders globally, and its versatility is unmatched. If you’re keen on exploring more about the best MT4 brokers, this detailed review of top MT4 brokers might be of interest.
FXCM offers social trading features, allowing traders to mimic the strategies of seasoned professionals. Social or copy trading can be an excellent way for beginners to learn and for experienced traders to diversify their strategies. If you’re interested in diving deeper into the world of social trading, here’s a comprehensive list of the best forex social trading platforms.
FXCM offers spread betting, a popular trading method in the UK. Spread betting allows traders to speculate on price movements without owning the underlying asset. It’s tax-free in the UK and offers a unique way to engage with the markets. For those interested in exploring spread betting further, here’s a detailed guide on the best spread betting brokers in the UK.
In my opinion, FP Markets stands out for Australian forex traders. Not only is it ASIC regulated, ensuring a high level of trust and security, but it’s also an Australian-founded broker. This local foundation means they have a deep understanding of the Australian market and its traders’ needs. Their offerings are tailored to suit the unique requirements of Aussie traders. For a broader perspective on the best brokers in Australia, you might want to check out this comprehensive list of top Australian forex brokers.
From my perspective, FXCM is a superior choice for UK forex traders. They are FCA regulated, which brings a significant level of trust and security for UK-based traders. While they are not founded in the UK, their global presence and adherence to FCA regulations make them a reliable choice for UK traders. Their platform offerings and customer service are tailored to cater to the unique needs of the UK market. For more insights on the best brokers in the UK, here’s a detailed review of top UK forex brokers.
No commission account spread propiety testing data and published wesbite spread information, centralised on our standard account spread page..
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