Between 54-87% of retail CFD accounts lose money. Based on 69 brokers who display this data.

BrokerDNA

The BROKERDNA score tells you, overall, how reputable, suitable, and affordable a broker is compared to other brokers.

This score is algorithmically-generated based on 31 factors. Neither our team, nor the brokers featured on our site, are able to change this without changing their service offering. Learn more here.

FXCM
9.2 /10

The BROKERDNA score tells you, overall, how reputable, suitable, and affordable a broker is compared to other brokers.

This score is algorithmically-generated based on 31 factors. Neither our team, nor the brokers featured on our site, are able to change this without changing their service offering. Learn more here.

VISIT FXCM
Axitrader
9.3 /10

The BROKERDNA score tells you, overall, how reputable, suitable, and affordable a broker is compared to other brokers.

This score is algorithmically-generated based on 31 factors. Neither our team, nor the brokers featured on our site, are able to change this without changing their service offering. Learn more here.

VISIT AXITRADER
XTB
10 /10

The BROKERDNA score tells you, overall, how reputable, suitable, and affordable a broker is compared to other brokers.

This score is algorithmically-generated based on 31 factors. Neither our team, nor the brokers featured on our site, are able to change this without changing their service offering. Learn more here.

VISIT XTB
About

FXCM is regulated by the Financial Conduct Authority and NFA. FXCM have provided Forex trading services since 1999.

Axitrader is regulated by the Financial Conduct Authority. Axitrader have provided Forex trading services since 2007.

XTB is regulated by the Financial Conduct Authority. XTB have provided Forex, CFD, and social trading services since 2002.

Why choose them?
  • Yes Over 19 years in business
  • Yes Segregates clients funds
  • Yes Regulated by Financial Conduct Authority
  • Yes Over 11 years in business
  • Yes Segregates clients funds
  • Yes Regulated by Financial Conduct Authority and ASIC
  • Yes Over 16 years in business
  • Yes Segregates clients funds
  • Yes Regulated by Financial Conduct Authority, KNF, and CMB.
Headquarters NY, USA Sydney, Australia Level 34, One Canada Square, Canary Wharf, E14 5AA, London, UK

TRADING SERVICES OFFERED

Spot Forex Yes Yes Yes
Forex (CFD) Yes Yes Yes
CFD Yes Yes Yes
Spread Betting Yes No No
Social Trading Yes Yes No
MARKETS & INSTRUMENTS
Forex (currency pairs) 39 80 48
Commodities Offered 0 0 21
Stocks Offered 0 0 1606
Bitcoin No Yes Yes
Majors Yes Yes Yes
Indices Yes No Yes
US Stocks No No Yes
Penny stocks No No Yes
Energies Yes No Yes
Metals Yes No Yes
Agriculturals Yes No Yes
FTSE Yes No Yes
Dow Jones No No Yes
Dax Yes No Yes
Nikkei Yes No Yes
ETFs No No Yes
IPO No No Yes
See all instruments

79.79% of retail investor accounts lose money when trading CFDs with this provider.

See all instruments

74% of retail investor accounts lose money when trading CFDs with this provider.

See all instruments

77% of retail investor accounts lose money when trading CFDs with this provider.

PLATFORM & FEATURES

See the platforms and features offered by each broker

Screenshot image image image
MT4 Yes Yes Yes
MT5 No No No
MT4 Mac No Yes Yes
WebTrader Yes Yes Yes
Mirror Trader No No Yes
ZuluTrade Yes Yes No
Sirix No No No
cTrader No No No
PAMM No No No
Custom Platforms No No Xstation5

APPS

iOS image Yes Yes Yes
Android image Yes Yes Yes
Windows image Yes No Yes
Available Languages

English, Italian, Spanish, German, Russian, French, Portuguese, Hebrew, Arabic, Chinese, Japanese, and Urdu

English, Chinese, Spanish, German, Japanese, Russian, Romanian, and Arabic

English, Spanish, Czech, Chinese, German, French, Italian, Polish, Portuguese, Romanian, Slovenian, Turkish, Arabic, and Russian.

See platform & features

79.79% of retail investor accounts lose money when trading CFDs with this provider.

See platform & features

74% of retail investor accounts lose money when trading CFDs with this provider.

See platform & features

77% of retail investor accounts lose money when trading CFDs with this provider.

ACCOUNT INFORMATION

From micro accounts to ECN accounts, compare the accounts offered by FXCM and Axitrader

Demo account Yes Yes Yes
Mini account Yes Yes Yes
Micro account No Yes Yes
Standard account Yes Yes Yes
ECN Account No Yes No
Islamic account Yes Yes Yes
Zero spread account No No No
VIP account No Yes Yes
Fixed spreads No No Yes
Variable spreads Yes Yes Yes
See account options

79.79% of retail investor accounts lose money when trading CFDs with this provider.

See account options

74% of retail investor accounts lose money when trading CFDs with this provider.

See account options

77% of retail investor accounts lose money when trading CFDs with this provider.

TRADING CONDITIONS

Scalping Yes Yes Yes
Hedging Yes Yes Yes
Expert advisors (EAs) Yes Yes Yes
Virtual private server Yes Yes No
Direct market access No Yes Yes
STP broker Yes Yes Yes
Market maker Yes Yes Yes
Min trade Varies 0.01 Lot 0.01 Lot
Max trade Varies 50 Lot 100 Lot
Min deposit $1 $200 $1

RISK MANAGEMENT

Stop losses Yes Yes Yes
Limit orders Yes Yes Yes
One-click trading Yes Yes Yes
Trailing stops Yes Yes Yes
Price alerts Yes Yes Yes
Signal trading Yes Yes Yes

FUNDING METHODS

Credit card Yes Yes Yes
Bank transfer Yes Yes Yes
Standard account Yes Yes Yes
Paypal No No Yes
Neteller No Yes Yes
Skrill No No Yes
Payment processing time 1 business day Varies Same day if requested before 1PM
Withdrawal processing time 1-2 business days Varies Same day if requested before 1PM
See all funding options

79.79% of retail investor accounts lose money when trading CFDs with this provider.

See all funding options

74% of retail investor accounts lose money when trading CFDs with this provider.

See all funding options

77% of retail investor accounts lose money when trading CFDs with this provider.

DETAILED INFO

Excluded countries US, JP US, JP US,IN,PK,BD,IQ,IR,IL,AF,AU,CA
Contact email Send Email Send Email Send Email
Phone number +44 02073984050 44 207 096 7488 44 2036953085
Live Chat Yes No Yes
Website https://www.fxcm.com/ www.axitrader.com www.xtb.com
Spreads:
EUR/USD (Average: 0.7 pips) 1.4 pips + $8.00 1.24 pips + $14.00 0.1 pips
GBP/USD (Average: 1.1 pips) 1.2 pips + $8.00 1.73 pips + $14.00 0.1 pips
USD/JPY (Average: 1.1 pips) 1.6 pips + $8.00 1.42 pips + $14.00 0.1 pips
AUD/USD (Average: 0.8 pips) 0.8 pips + $8.00 1.32 pips + $14.00 0.2 pips
USD/CHF (Average: 2.3 pips) 1.9 pips + $8.00 1.66 pips + $14.00 0.2 pips
USD/CAD (Average: 2.9 pips) 2.2 pips + $8.00 1.73 pips + $14.00 0.3 pips
NZD/USD (Average: 3.6 pips) 2.1 pips + $8.00 1.5 pips + $14.00 0.3 pips
EUR/GBP (Average: 2.4 pips) 2.4 pips + $8.00 1.61 pips + $14.00 0.1 pips
View all spreads

79.79% of retail investor accounts lose money when trading CFDs with this provider.

View all spreads

74% of retail investor accounts lose money when trading CFDs with this provider.

View all spreads

77% of retail investor accounts lose money when trading CFDs with this provider.

FEES

Inactivity Fee No No No
Commission 0.08% per share charge per side Yes Yes
Deposit Fee No Varies No
Withdrawal Fee Varies Varies No
View All Fees

79.79% of retail investor accounts lose money when trading CFDs with this provider.

View All Fees

74% of retail investor accounts lose money when trading CFDs with this provider.

View All Fees

77% of retail investor accounts lose money when trading CFDs with this provider.

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Last update

All information collected from https://www.fxcm.com/. Last updated on 01/11/2019.

All information collected from www.axitrader.com. Last updated on 01/11/2019.

All information collected from www.xtb.com. Last updated on 01/11/2019.

Company

Since 1999, FXCM (AKA FXCM) have become one of the most popular forex brokers, with over 220,000 active accounts. In 2014 alone, their retail trading volume exceeded $4 trillion. If you are looking for a reputable broker with low spreads, FXCM are a great option.

Axitrader is an online forex trading sevice provider who are regulated by the Financial Conduct Authority and ASIC. To open an account with Axitrader, minimum deposits start from $200.

With Axitrader you can trade 61 FX pairs, metals, and CFDs. If you like to trade on the go, Axitrader have iPhone, iPad and Android apps so you can trade from anywhere on your phone.

Axitrader offer MT4 for PC, MT4 for Mac, MT4 for Mobile, MT4 NexGen, MT4 Trading Signals, AxiTrader's Multi Account Manager platforms to make your trades and support 6 different languages.

They also offer a free demo account for traders who want to refine their trading skills.

The spreads offered by Axitrader for the most popular instruments are:
0.6 EUR/USD, 0.5 FTSE 100, 0.5 GOLD,
1 GBP/USD, 1 DOW/JONES, 0.5 Crude Oil,
see all the spreads here.



For more information about trading with Axitrader, we have put together an indepth Axitrader review with all the pros and cons about this broker.

XTB provides hyper fast execution and facilitates seminars with external professional traders, providing personalised education depending on your individual circumstances.

XTB operates with two factors in mind; to provide traders with the fastest execution speeds and to be the most transparent broker on the market, which is reflected by the services and products they provide.

XTB also have a dedicated education area - the Trading Academy - which contains material to help you become a better trader, including video tutorials, trading courses, articles and much more to improve your skills at every step of your trading journey.

If you are looking for a broker that is regulated by the Financial Conduct Authority and focuses on transparency, fast execution speeds and customer service, XTB is a great option.

For more information about trading with XTB, we have put together an in-depth XTB review covering the pros and cons of this broker.

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FXCM or Axitrader?

Low spreads or ECN execution?

If you’re a trader looking for a broker with low spreads on popular instruments like EUR/USD, FXCM is likely a better option. However, if you want a broker with ECN execution, Axitrader may be more appropriate.

Which broker is more reliable?

You can determine a broker’s reliability & trustworthiness by looking at eight factors:

  • Who are they regulated by?
  • How long have they been around for?
  • Do they hold your money in a separate bank account?
  • Do they use reputable “tier-1” banks like Barclays, Goldman Sachs or HSBC?
  • Have they been fined or penalised in the last five years?
  • The popularity of their service/website
  • Are they publicly listed?
  • Where are they located?

Based on these eight factors, we consider FXCM to be the more reliable broker. We’ve broken down why below:

Who are they regulated by?

FXCM is regulated by Financial Conduct Authority, while Axitrader is regulated by Financial Conduct Authority and ASIC.

As the Financial Conduct Authority are one of the most stringent regulators in the world, both FXCM and Axitrader will have very strict guidelines to follow to ensure they protect their retail trader clients.

XTB are also regulated by the Financial Conduct Authority.

How long have they been around for?

If a broker has been around for a long period of time, they’re likely to be more reliable (in comparison, most scam brokers only exist for several years before they disappear).

This also suggests that a broker has good risk management processes that have prevented them being caught out by major financial events, as was the case with Alpari UK going bust when they were there was a policy reversal of capping the Swiss Franc against the Euro.

FXCM has been around for 20 years, while Axitrader have been around for 12 years. Our third alternative broker, XTB, have been around for 17 years.

Do they hold your money in a separate bank account?

You wouldn’t want your broker paying their staff out of the same bank account account that you’re depositing your trading funds into, would you?

Fortunately, all regulated brokers must use segregated bank accounts to hold client money. This is one of the reasons why we only feature regulated brokers here on BrokerNotes.

All three brokers above will hold your money in a separate bank account.

Do they use reputable “tier-1” banks like Barclays, Goldman Sachs or HSBC?

Most tier-1 banks like Barclays and HSBC have been around for over 100 years and manage trillions of dollars of assets, proving that they have stood the test of time.

Both FXCM and Axitrader use tier one banks, but we are not sure of which bank specifically.

Have they been fined or penalised in the last five years?

If a broker has been penalised by a regulator in the past five years, it may mean that they were caught doing something they shouldn’t be doing - which may be of concern to you as an end client.

We’re not aware of any penalties or fines imposed by regulators on FXCM or Axitrader in the past five years.

How popular is their service/website?

While not always the case, the number of traders a broker has can be a good metric for understanding how reputable a brokers is.

Are they publicly listed?

Companies that are publicly listed on a stock exchange tend to be considered more reputable as they will be required to disclose their financials, and aspects of their operations, to the public.

FXCM is a publicly listed company, while on the other hand Axitrader is still a privately owned company.

Where are they located?

Most reputable brokers tend to be headquartered in a major capital city or a financial hub such as Cyprus.

FXCM are based in NY, USA, while Axitrader are based in Sydney, Australia .

Do they offer the features you need?

Assuming the brokers you’re choosing between are reputable, the next point to consider is whether they offer all of the features you require to trade.

This can be broken down into three categories:

  • Services & instruments
  • Platforms & account types
  • Trading features, risk management tools & funding methods

Services and Instruments

If you’re looking to trade currency pairs, both FXCM and Axitrader offer forex trading. Axitrader have a slightly larger variety of currency pairs with 80 pairs, compared to 39 offered by FXCM. Also, if you’re looking to trade cryptocurrencies, Axitrader offers a handful of cryptocurrency CFDs to trade, including Bitcoin, Ethereum and Ripple.

Both FXCM and Axitrader allow you to trade commodities like gold, silver and crude oil.

FXCM and Axitrader both offer social trading, which is a modern approach to trading that allows you to follow like-minded traders, copy their trading activity, and engage in discussion around trading strategies.

Platforms & Account Types

If you trade forex, there’s a good chance you might want a broker that offers the popular MT4 trading platform. If that’s the case, both FXCM and Axitrader offer this. Our alternative broker, XTB, also offers MT4 and MT5.

In addition to the platform, you’ll also want to ensure that the broker you choose offers the account type best suited to your needs. Axitrader, for example, offer a mini account, standard account and VIP account.

For Muslim traders, FXCM offers an Islamic account, which doesn’t accrue interest or incur/receive rollover swap points, as this is prohibited in Shariah law. You can learn more & compare Islamic trading accounts head-to-head here.

Trading features, risk management tools & funding methods

If you have a certain trading style (e.g. scalping, hedging, or using EAs), you’ll want to double check that the broker you choose allows this, as not all of them do.

FXCM does allow scalping and hedging. While Axitrader also allows scalping and hedging. You can trade with EAs (expert advisors) on both FXCM and Axitrader.

In terms of risk management tools, neither FXCM or Axitrader offers negative balance protection. Negative balance protection prevents you owing your broker more than you’ve deposited.

FXCM also offer stop losses, limit orders, and price alerts to help you automate aspects of your trading strategy.

FXCM accept Payoneer while Axitrader accept Neteller.

Are they affordable for what you need?

Comparing the fee structures of different brokers can be a minefield at times. The important thing to consider is what the spreads & fees are on the specific instruments and account type that you will be using.

For trading EUR/USD, FXCM charges 0.30 points, while Axitrader charges 0.10 points. Therefore, Axitrader is the more affordable for this instrument. If you want to compare their spreads across more instruments, You can jump back up to our comparison of their currency pair & indice spreads above.

Another consideration is whether or not your broker charges inactivity, deposit/withdrawal fees, or commissions on trades. If you’re a frequent trader, inactivity fees are unlikely to be an issue.

The Verdict: FXCM or Axitrader?

There’s no such thing as a perfect broker, but some are going to be a better fit for you than others.

Objectively, FXCM is more reliable based on our criteria above. Axitrader has a wider range of instruments to trade. Axitrader offer lower spreads on popular forex instruments like EUR/USD and are used by more traders.

Both brokers offer demo accounts, allowing you to test their platforms to see which is suitable for you. You can test drive their demos using the links below:

Finally, if you’re really not sure you can always use our free tool (takes 15 seconds) that will help you find a suitable broker based on your precise requirements here.