On-line since: About the company: FXPCM founded in 2007 in the United Arab Emirates offers its customers a wide range of services and types of accounts (eight). Using several types of trading platforms, you can trade 58 currency pairs, 10 CFD instruments, precious metals, oil, and cryptocurrencies. The company has offices in Canada, Great Britain, and Mauritius. The broker has not set any trading limits. It allows scalping, trading with the help of experts, trading news, hedging, and take advantage of other services. Security of funds Although the company is based in Dubai, it is registered in Mauritius. This fact may raise some doubts about the security of trading with this broker. Some major companies are also regulated in Mauritius, but they are licensed by several authorities, including more reliable regulatory organizations. Trading conditions Minimum initial deposit The minimum initial deposit required by FXPCM for opening an account is $100. This is an average measure for the forex market. Average spreads and commissions The variable spreads offered by this company for trading on accounts without commissions (Micro, Mini, 1,000 Leverage) are about 1.6 pip for the EUR/USD pair. This figure is slightly above the average. As for such accounts as Elite, Zero Spread, ECN Pro, and Digital Currencies, the company charges a fee of $16 per standard lot. The Mini and Elite account types offer smaller spreads but require greater initial deposits ($ 2,000 and $ 10,000, respectively). In addition, regardless of the trading platform used, FXPCM can charge monthly payments if an account has been inactive for 30 days. Islamic accounts are also available with this broker. The company charges a service fee of $4 per lot in a day for positions held for more than a week. Maximum leverage FXPCM offers various leverage sizes (depending on the account type selected). The details can be found in the appropriate section on the website. The minimum size of leverage is 1:50, while the maximum one is 1:100. Trading platforms FXPCM provides customers with the following trading platforms: Currenex Classic, EOS Trader, and the industry standard MetaTrader4 (MT4) for computers (including Mac) and mobile phones. Special offers The broker offers its customers several bonus programs: a 10% welcome bonus, a bonus providing cashback of up to 55% of spreads, as well as a 10% bonus on all deposits made through WebMoney. Payment methods Customers of FXPCM can deposit and withdraw funds using credit or debit cards, bank transfers, and electronic wallets such as Skrill, Neteller, PayPal, WebMoney, Ukash, FasaPay, Yandex Money, and China UnionPay. However, the broker does not accept payments through VISA and MasterCard. Feedback from traders The network contains a number of negative reviews about this company, mainly due to the lack of reliable regulation (since it is registered in the offshore zone). Advantages:
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I am satisfied after dealing on the Currenex Classic platform with the FXPCM broker. Their platforms have super-fast order execution. Also, I can deal with a wide range of trading tools and my trading experience is good enough. Their spread is low and I didn't see any big slippage. I can invest or withdraw money within a day via Skrill. Till now I had withdrawn almost $500. Overall I found a professional service at FXPCM broker.
This offshore broker is totally untrustworthy. I had made a profit when I was trading with them for 4 months, and I lost it because they blocked my gain and froze my account. I have called them and sent them a report email to give my account back, but there is no reply. It seems they took my money, and it has been a month until now I didn't get any notifications from them. Stay away from this broker.
I have an ECN account, and I've faced several problems. The spread is high and floating. The platform is also shaky, especially during high volatility. I also haven't found live price quotes and instant order execution on the platform. They are not transparent for payment as well. For three months I'm trading with them, I didn't get a profit yet. I don't want to continue trading with them because they don't have any good service. So I decided to close my account and move to another broker.
It has been a year since I started trading with FXPCM and so far, my trading activities are going well. In fact, I was already able to earn enough to make a withdrawal. This broker provide great trading services but the problem is that they are bit slow when it comes to processing withdrawals. I have been waiting for my money for a week already and it still has not been transferred to me.
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