Here is an all-in-one explanation for everything you need to know about FXCM withdrawal methods and fees, also how to solve FXCM withdrawal problems.
FXCM is one of the best online forex brokers in the world. Although it has lost much in the aftermath of the 2015 SNB Black Thursday incident, FXCM still reigns supreme as traders' favorite due to many reasons. Small initial deposit requirements, popular Trading Station, and many others.
Are you interested to join FXCM? One of the more important steps in online trading is getting to know every process needed to get your money back, a.k.a. how to withdraw your fund from your broker.
You have to make sure that your broker's withdrawal method could be accessed from your country. You also have to know how to handle any glitches that may happen in the future. So, here's an all-in-one explanation for everything you need to know about FXCM withdrawal methods, fees, and more.
How do I withdraw money from FXCM?
FXCM offers a range of funding and withdrawal methods for their clients, but it may differ for each domain. FXCM.com offers withdrawal through debit card and bank wire. While FXCM EU provides more options, including:
- Credit or Debit Card
- Bank Wires
- SEPA (only for EUR-denominated account and EU-resident bank account)
- BACS (only for GBP-denominated account and UK-resident bank account)
A variety of withdrawal options via Neteller and other online payment processors may also available through each client's MyFXCM. See your client area after you registered.
Interest rate on funds
Trading by telephone
Requires sending documents via postal mail
FXCM (Forex Capital Markets) is a brand name of a retail broker for trading on the financial market, especially the foreign exchange market. The broker was founded in 1999 and was originally headquartered in the United States. After a series of lawsuits from customers and case settlements by the US regulator (CFTC), FXCM moved from the US and became a UK-based broker, authorized and regulated by the Financial Conduct Authority (registration number 217689).
Trading with FXCM is supported by enhanced execution with the Liquidity providers' stream pricing through the FastMatch Electronic Communication Network.
FXCM works with several global banks, financial institutions, and other market makers as their Liquidity providers including Barclays Bank, Citadel Securities, Citibank, Deutsche Bank, FASTMATCH, XTX Markets Limited, UBS, Morgan Stanley, Commerzbank, and Jefferies Financial Services.
This, in turn, enables FXCM to present its clients with fast trade execution, competitive spreads, low negative slippage, no re-quotes, no stop/limit restrictions, and up to 89% of orders are executed at the requested price or better.
For the trading platform, FXCM is remarkably known for its proprietary product called Trading Station. The latest version of this platform's web display is claimed to be built in Mac Friendly HTML5. It features a range of trading appliances such as integrated news, economic calendar, FXCM's top trading tools, social trading functionalities through FXCM Cloud, customized trading analytics, automated strategies, and advanced charting for better analysis. For flexible traders who prefer trading on-the-go, FXCM has also provided Trading Station in mobile version, both for iOS and Android users.
However, the company's in-house platform is not the only option presented for clients. FXCM also gives the choice to use MetaTrader 4 for clients who are more familiar with MetaQuote's product. Also, ZuluTrade access is enabled for clients with keen interests in copy trading schemes that transcend across brokers.
Instead of classifying account types based on minimum deposits, FXCM chooses to offer trading accounts based on the instruments traded. For FX traders, this broker provides Active Trader and Institutional accounts.
Active Trader is the ultimate account type for retail traders with two-tier pricing. Tier 1 applies a minimum deposit of $25,000 with a $30 commission for 1 million volumes traded, while Tier 2 has no detail on deposit requirement but gives better fee conditions. Spreads in both tiers start from 0.2 pips.
Institutional account, also known as FXCM Pro, is marketed as a wholesale execution and liquidity solution for retail brokers, hedge funds, and emerging market banks. The account presents trading spreads from 0.1 pips and other competitive benefits like API solutions as well as prime brokerage services.
For non-FX traders, FXCM provides a CFD trading account with low spread costs from 0.37 pips (in XAU/USD) and a wide range of class assets from precious metals, soft commodities, and indices.
Last but not least, a collection of in-depth articles is provided to help traders' knowledge and insights on the forex market. Trading tools like FXCM Plus, Market Scanner, Trading Signals, and Technical Levels are also developed to support traders who open accounts in FXCM.
In conclusion, FXCM is an experienced retail broker with a lot of "ammunition" to help traders with its best version of execution, pricing, and tools. It is a well-regulated broker backed with a long history in the financial market, even though it has a dark history in the United States' brokerage industry.
Still, the relatively high standard on minimum deposit ($25,000) puts FXCM as a broker suitable for experienced traders with good money management. It is not recommended for new traders with limited capital.
It is important to note that not all FXCM withdrawal methods may be available for you. Accounts funded via credit or debit card will be required to receive withdrawals via the exact same credit or debit card.
To withdraw your money from FXCM, first log into MyFXCM. Click on "Withdraw Funds", then create your withdrawal request by filling in the online form. You have to select your preferred withdrawal method, provide details of your bank account and other requirements depending on your preferred method, then submit it.
How long will it take for FXCM to process my withdrawal?
FXCM will process withdrawal requests within 3-4 business days. However, it could take several more days for the funds to arrive at your bank account. Your chosen payment method may determine how fast your money arrives.
Withdrawal through debit/credit card could be instantaneous. But it may also take up to one billing cycle to post back the principal amount (deposit amount) to the debit/credit card used for funding.
Domestic bank wires take about one to two business days, while international bank wires take about three to five business days. You can track the status of your online withdrawal through MyFXCM.
How much does FXCM charge for withdrawal fees?
FXCM withdrawal fees via debit/credit cards are zero dollars. However, other payment methods may charge you a certain amount of fees. The fees may also change from time to time.
According to the latest FXCM EU rate card, bank wire fees vary for each region. For example, domestic bank wire fees within France are USD25 while international bank wire fees (for receiving accounts outside France) are USD40.
How to solve FXCM withdrawal problems?
If you experience any unusual delay, contact FXCM support desk as soon as possible. Make use of live web chat, email, or international free phone numbers as shown on FXCM's official website. There are many possible reasons why your withdrawal is delayed, and you may be able to solve it just as soon as you know why it happens.
If you fail to communicate with FXCM and your problem extends for weeks, then you may consider contacting the regulator who supposed to oversee the company in your region. Read more about FXCM review and regulation here.