FXPCM

About company:

FXPCM, founded in 2007 in the United Arab Emirates, offers its clients a wide range of services and account types (8 types). You can trade with this broker on several types of trading platforms using 58 currency pairs, 10 CFD instruments, precious metals, oil, cryptocurrencies. Has offices in Canada, UK and Mauritius. The broker has not set any trading restrictions (it allows scalping, trading with experts, trading news, hedging, etc.).

 

Fund security

Despite the fact that the company is based in Dubai, it is registered offshore in Mauritius, which may raise some doubts about the safety of trading with this broker. Some large companies are also regulated in Mauritius, however they hold several licenses, including those in more reliable regulatory bodies.

 

Trading conditionsMinimum initial deposit

The minimum initial deposit required by FXPCM to open an account is $ 100, which is the average for the Forex market.

 

Average spreads and commissions

The floating spreads offered by this company for trading on commission-free accounts (Micro, Mini, 1000 Leverage) are around 1.6 pips for the EUR / USD currency pair. These figures are slightly above average.

 

Elite, Zero Spread, ECN Pro and Digital Currencies accounts have a commission of $ 16 per standard lot. The Mini and Elite account types offer tighter spreads but require higher initial investment ($ 2000 and $ 10000 respectively).

 

In addition, it is worth noting that FXPCM can charge monthly payments on any trading platform that is not active for 30 days.

 

Islamic accounts are also available from this broker. For positions held for more than a week, the company charges a service fee of $ 4 per lot per day.

 

Maximum leverage

FXPCM offers different leverage (depending on the type of account selected). Specific figures can be found in the corresponding section of the site. The minimum leverage is 1:50, the maximum is 1: 100.

 

Trading platforms

FXPCM brokers offer the following trading platforms: Currenex Classic, EOS Trader and the industry standard MetaTrader4 (MT4) for computer (including Mac) and mobile phone.

 

Promotions

FXPCM offers its clients several bonus programs at once: a 10% welcome bonus, a bonus offering cashback up to 55% of spreads, and a 10% bonus on all deposits replenished using WebMoney.

 

Payment methods

FXPCM customers can deposit and withdraw funds using credit or debit cards, bank transfers and e-wallets Skrill, Neteller, PayPal, WebMoney, Ukash, FasaPay, Yandex Money, China UnionPay. It should be noted that the broker does not accept payments using VISA and MasterCard.

 

Criticism of traders

There is a number of negative reviews about this company in the network, mainly related to the lack of reliable regulation of the broker (since it is registered in an offshore zone).

 

Pros:

 

more than 10 years of experience in the market; a wide range of trading platforms; a huge selection of trading accounts for every taste;

 

Minuses:

 

registered offshore; spreads are slightly above average.