Risk scorecard
Each area is scored 0 (clean) to 10 (worst). Higher means more risk.
Regulation
7/10 · HighFCA, ASIC, CySEC and ISA licences verified for their regions, but international clients use an unlicensed St Vincent company and Malaysia's SC lists FXCM's Malaysian site for unregulated activity.
Identity & transparency
2/10 · LowEvery entity, number and address FXCM publishes matches the registers and Companies House; ownership is public, though the sale's entity scope is not yet disclosed.
Withdrawals & conduct
3/10 · LowFour isolated money-access complaints in under a year across Trustpilot and TradingView, with different causes and no pattern; most negative reviews concern trading conditions.
Reputation
5/10 · ModerateStrong client ratings offset by a Malaysian alert-list entry, a 2014 FCA fine, a 2017 CFTC fraud finding against the former US arm and a 2025 ASIC interim stop order.
Website claims
3/10 · LowStates openly that the St Vincent company is unlicensed, but lists the group's regulated firms beside it and markets bonuses to Malaysians; some entity names on Asian sites are outdated.
Operational history
2/10 · LowAbout 26 verified years (fxcm.com 1999, UK company 2000, FCA since 2003), although the business is now being sold and its accounts migrated.
Who they are
A quick desk file on the company behind the brand.
- Brand: FXCM (the UK and EU companies also trade as Tradu)
- Legal entity: Stratos Markets Limited, company 04072877 in England and Wales, FCA reference 217689. It was called Forex Capital Markets Limited until September 2023
- Registered: 17th Floor, 110 Bishopsgate, London EC2N 4AY, United Kingdom
- Owner: Stratos Group International, LLC (formerly FXCM Group, LLC), a subsidiary of Jefferies Financial Group. Jefferies is selling the business to Trade Nation (UK clients) and AvaTrade (most of the rest)
- Website: fxcm.com, with country sections such as /uk, /eu, /au, /za and /il, plus fxcm-markets.com, fxcm.my, fxcm-id.com, fxcm-viet.com, fxcmofficial.com and fxcm-arabic.com
- Licences: FCA 217689 (UK, applied to cancel), ASIC AFSL 309763 (Australia), CySEC 392/20 (EU), ISA (Israel) and FSCA FSP 46534 (South Africa, intermediary only)
- International clients: Stratos Global LLC, St Vincent and the Grenadines company 1776 LLC 2022, which holds no financial licence
- Canada: accounts are opened and held by Friedberg Direct, a separate firm that FXCM describes as a member of Canada's investment industry regulator
- Offers: CFDs on forex, indices, commodities, shares and, where allowed, crypto, plus spread bets in the UK. Platforms are Trading Station, MetaTrader 4 and TradingView, and the Malaysian site starts accounts at USD 50
- Not accepted: US residents. The international site also excludes Canada, the UK, the EU, Hong Kong, Australia, Israel, Japan and India
- Age claim: founded in 1999, which checks out. fxcm.com was registered on 1 July 1999, the UK company was incorporated on 15 September 2000, and the FCA has authorised it since 27 May 2003
Regulation
Who really oversees this broker, and what each licence is worth to you.
Proof of regulation on an official register: Yes
We confirmed this broker on a genuine regulator’s register.
Licences the broker publishes
Financial Conduct Authority (FCA), United Kingdom
Australian Securities and Investments Commission (ASIC)
Cyprus Securities and Exchange Commission (CySEC)
Israel Securities Authority (ISA)
Financial Sector Conduct Authority (FSCA), South Africa
St Vincent and the Grenadines company registration (Stratos Global LLC)
Why we reached this verdict
How the evidence adds up.
FXCM is a real broker with genuine tier-1 licences, so this is not a scam case. The high-risk rating comes from how it serves clients outside its licensed regions, weighed against a strong record elsewhere.
- The registers match: the FCA lists Stratos Markets Limited at 110 Bishopsgate with the website www.fxcm.com/uk. CySEC lists Stratos Europe Ltd (ex FXCM EU Ltd), and its approved domains include fxcm.com/eu and fxcm.com/de. The ISA lists Stratos Light Ltd as active with www.fxcm.com/il, and the FSCA lists FSP 46534 at FXCM's Sandton address. ASIC's published licensee data shows AFSL 309763 as current for Stratos Trading Pty. Limited. FXCM does not link its licences to these registers, so we looked up each entry directly.
- A regulator's warning on FXCM's own site: Malaysia's Securities Commission names FXCM and www.fxcm.com/my/ on its Investor Alert List (entry dated 2021) for carrying on unregulated activities. That address now forwards to fxcm-markets.com, which FXCM titles Forex Broker Malaysia. The site is run through the unlicensed St Vincent company and offers sign-up rewards of up to USD 1,200. FXCM's licences in the UK, EU and Australia do not protect a Malaysian client.
- Why it stops at high risk: we found none of the usual signs of a scam. The licences are real and belong to FXCM, there is no clone behaviour, withdrawals generally work, and FXCM states openly that its St Vincent company is not licensed. On our scale that puts FXCM at the bottom of the high-risk band, well short of the level we use for likely scams.
- The full record: the 2014 FCA fine was against this same UK company. It settled early and repaid clients, and the FCA kept it authorised for twelve more years. The 2017 CFTC fraud finding concerned FXCM's former US company, its then parent and the two founders, who were barred from CFTC registration. Control of the group later passed to Jefferies. The 2023 change of company name hid none of this: the FCA register still shows the 2014 action under the new name. In December 2025 ASIC stopped FXCM Australia issuing CFDs to retail clients because its target market document was flawed. ASIC lifted the order on 16 December, once the document was fixed.
- A business in transition: UK accounts move to Trade Nation between 20 and 22 November 2026, and the FCA register shows the UK firm as applied to cancel. Most of the rest moves to AvaTrade over about 120 days. These are sales to other brokers, not a collapse, but your account may soon sit with a different company.
- Complaints: between August 2024 and June 2025 we found four reports of money being held up. The largest was a disputed withdrawal of over GBP 50,000. Set against more than 800 positive Trustpilot reviews, and given that they describe different problems, they do not form a pattern.
Evidence ledger
Every finding, with its source and how strongly it points.
E1The FCA register lists Stratos Markets Limited, reference 217689, as authorised since 27 May 2003, at 110 Bishopsgate, London, with the website www.fxcm.com/uk. The name, address and website match FXCM's own disclosures, so the UK licence belongs to this broker.
Hard proofFCA Financial Services RegisterE2The same FCA entry shows the status Authorised, applied to cancel, with the sub-status dated 15 October 2026. The firm must keep meeting FCA standards until the cancellation takes effect.
ModerateFCA Financial Services RegisterE3CySEC lists Stratos Europe Ltd (ex FXCM EU Ltd), licence 392/20 dated 23 November 2020, company 405643. Its approved domains are fxcm.com/eu, /de, /fr, /it, /gr, /espana, /pl, /nl and /se, and its trade names are FXCM, FXCM EU and Tradu. The licence covers order reception, execution and dealing on own account, passported across the EEA.
E4ASIC's current AFS licensee data lists licence 309763 for Stratos Trading Pty. Limited (ACN 121 934 432) in Melbourne, with a start date of 15 May 2007. It permits advising on, dealing in and making a market in derivatives and foreign exchange for retail and wholesale clients.
E5The Israel Securities Authority's list of licensed trading platforms, updated 24 October 2026, shows Stratos Light Ltd, number 515234623, as active since 31 October 2016. The listed website is www.fxcm.com/il and the email address is at fxcm.co.il.
E6The FSCA register shows FSP 46534, Stratos South Africa (Pty) Ltd, authorised on 9 February 2016 at 61 Katherine Street, Sandton. It is approved only as an intermediary for Category I derivative instruments.
ModerateFSCA FSP registerE7A search of the Securities Commission Malaysia's Investor Alert List for FXCM returns FXCM with the website https://www.fxcm.com/my/ (entry year 2021) and the remark carrying on unregulated activities. A national securities regulator has formally warned the public about FXCM's own Malaysian site.
E8www.fxcm.com/my/ now redirects permanently to fxcm-markets.com, which FXCM titles Forex Broker Malaysia. Its footer names Stratos Global LLC of St Vincent and the Grenadines as the provider, and it offers sign-up rewards of up to USD 1,200 and referral rewards of up to USD 3,000. The sister site fxcm.my does the same in Malay, and Malaysia is not on either site's list of excluded countries.
E9IOSCO's I-SCAN relays the Securities Commission Malaysia alert on FXCM for carrying on unregulated activities, published at IOSCO in May 2024. It repeats the same source as E7 rather than adding a separate one. Other I-SCAN alerts that use the FXCM name concern domains FXCM does not use, such as fxcmab.com, fxcmb.com, fxcmcapital.com and fxcm.com.sg, and are treated as separate operations.
ModerateIOSCO I-SCAN warning 30734E10FXCM's international site states that all services at www.fxcm.com/markets/ are provided by Stratos Global LLC, a St Vincent and the Grenadines company (1776 LLC 2022) that is not required to hold any financial services licence there. Clients outside the licensed regions therefore deal with an unlicensed company.
E11In February 2017 the CFTC ordered Forex Capital Markets, LLC (FXCM's former US company), its then parent FXCM Holdings, LLC and founders Dror Niv and William Ahdout to pay USD 7 million. It found they defrauded retail forex customers by hiding FXCM's relationship with its main market maker, and FXCM withdrew from CFTC registration. The order is historic and does not name the current UK company or its current parent.
E12In February 2014 the FCA fined Forex Capital Markets Limited (now Stratos Markets Limited) and FXCM Securities Limited GBP 4 million. The fine was for keeping the benefit of favourable price movements from clients between 2006 and 2010, and for not telling the FCA about a US investigation. The firm settled early and clients were repaid.
E13In December 2025 ASIC made an interim stop order preventing Stratos Trading Pty Limited (FXCM) from issuing CFDs to retail clients, because its target market determination wrongly included medium-risk investors. ASIC revoked the order on 16 December 2025 after FXCM amended the document.
ModerateASIC media release 25-295MRE14Companies House shows Stratos Markets Limited, company 04072877, incorporated on 15 September 2000 and active, registered at 110 Bishopsgate. It was named Forex Capital Markets Limited from November 2000 to September 2023.
StrongUK Companies HouseE15Companies House lists Jefferies Financial Group Inc. as having significant influence or control of the UK company since 8 February 2018. Global Brokerage, Inc., the group's former majority owner, ceased to be a controller on 28 December 2017.
E16Jefferies' disclosure, as reported, says it completed a foreclosure on 14 September 2023 and now owns 100% of Stratos, the renamed FXCM Group, having previously held a 49.9% voting interest.
E17Trade Nation's notice to FXCM UK clients says accounts close shortly after 10pm GMT on 20 November 2026 and open at Trade Nation Financial UK Ltd on 22 November. Balances move in full, and the opt-out deadline is 5 November 2026.
E18AvaTrade's release of 15 October 2026 says AvaTrade Markets Ltd will acquire substantially all of Stratos' FXCM assets from Stratos Group International, LLC, a Jefferies subsidiary. The business is expected to move over about 120 days. The entities included were not listed.
E19RDAP shows fxcm.com registered on 1 July 1999 through SafeNames, the corporate registrar that also holds FXCM's regional domains. This is consistent with the brand's 1999 founding.
ModerateVerisign RDAPE20Cyprus's company registry lists Stratos Europe Limited, HE 405643, as registered, with FXCM EU LTD as its previous name. The entry gives a registration date of 30 December 2019.
E21ASIC's company data shows ACN 121 934 432 registered on 28 November 2006. The company was later named FXCM Australia Pty. Limited and was renamed Stratos Trading Pty. Limited on 8 September 2023.
E22The FCA warns about six clone firms using the genuine firm's details. One is FXCM Germany at fxcmgermany.com, which the FCA says impersonates Stratos Markets Limited. The clones are separate operations, not this broker.
ModerateFCA warning listE23Trustpilot's page for fxcm.com shows 987 reviews averaging 4.6, with 76% five-star and 10% one-star reviews, and FXCM replies to 83% of negative reviews. Most one-star reviews concern liquidations, execution and support.
ModerateTrustpilotE24Among Trustpilot one-star reviews, two UK clients describe money being held up. One says a withdrawal of over GBP 50,000 had been in dispute for more than a year (March 2025). Another says a deposit was held while FXCM asked for bank statements (February 2025). FXCM replied to both that it could not locate the account from the details given.
E25TradingView's broker page rates FXCM 4.4 from over 8,000 traders. One 2024 review reports a USD 400 withdrawal missing for weeks, while several others praise easy withdrawals.
E26In a 2023 Financial Ombudsman Service decision on a complaint against Forex Capital Markets Limited, the ombudsman found the firm did not need to do anything.
E27FXCM's international offices page links its regional sites: fxcm-markets.com, fxcm.my, fxcm-id.com, fxcm-viet.com, fxcmofficial.com and fxcm-arabic.com. fxcmvnm.com redirects to fxcm-viet.com, so every domain on file belongs to FXCM.
E28FXCM's South African site states that Stratos South Africa (Pty) Ltd acts solely as an intermediary and that clients' counterparty is Stratos Markets Limited, the UK company that has applied to cancel its FCA authorisation.
The other side
The strongest case in this broker’s favour.
The case for FXCM is strong, and it is why we stop well short of calling it a scam.
- It has traded for about 26 years. Its UK, EU, Australian and Israeli companies hold genuine licences that matched the registers in every detail we compared.
- It is owned by Jefferies, a large US-listed financial group, and is being sold to established brokers rather than closed down. Trade Nation says UK balances move across in full.
- Client ratings are high, FXCM replies to most negative reviews, and complaints about money are rare and unrelated to each other.
- It says plainly that its St Vincent company is not licensed. Many international brokers serve Asia from offshore companies, and Malaysia's alert list names several of them.
- Its past misconduct was settled. UK clients were repaid, FXCM gave up its US registration, and the founders the CFTC held responsible were barred. The group is now run by different management.
What would change this
What we would need to see to revise the verdict.
These developments would move our rating in either direction.
- Lower risk: FXCM, or AvaTrade after the takeover, moving international clients to a licensed company.
- Lower risk: Malaysia's Securities Commission removing its alert after FXCM stops serving Malaysia or gets a licence there.
- Lower risk: confirmation that UK client money reached Trade Nation in full, and that other regions moved to properly licensed AvaTrade companies.
- Higher risk: credible reports of withdrawals frozen or balances lost during the transfers.
- Higher risk: new regulator warnings naming FXCM's own domains, or evidence that UK, EU or Australian residents are being moved to the St Vincent company.
- Higher risk: the FCA cancelling the UK firm's authorisation before its clients' money has been transferred or returned.
Check it yourself
Official registers and warning lists. Verify every claim first-hand.
FCA register: Stratos Markets Limited (217689)
Live UK status, trading names, disciplinary record and clone warnings
CySEC: Stratos Europe Ltd (392/20)
EU licence details and the approved FXCM domains
ASIC licensee data: AFSL 309763
ASIC's published record for Stratos Trading Pty. Limited
Israel Securities Authority: licensed trading platforms
Stratos Light Ltd listed as active (page in Hebrew)
FSCA: FSP 46534
South African intermediary authorisation
Securities Commission Malaysia Investor Alert List
Search FXCM to see the entry for www.fxcm.com/my/
Companies House: Stratos Markets Limited
UK company record, former names and filings
Trade Nation: FXCM UK transfer
Dates and options for UK clients
CFTC order against FXCM US (2017)
Why FXCM left the United States
FCA fine on FXCM UK (2014)
The 2014 penalty and client redress
ASIC stop order on FXCM Australia (2025)
December 2025 order and its revocation
Frequently asked questions
Quick answers about this broker’s safety.
Is FXCM a scam?
No. FXCM is a real broker that has operated since 1999. It holds genuine licences in the UK, the EU, Australia and Israel, plus an intermediary licence in South Africa. We rate it high risk because clients elsewhere deal with an unlicensed St Vincent company, and Malaysia's securities regulator lists FXCM's Malaysian website on its investor alert list.
Is FXCM a fraud?
We found no evidence of fraud by the companies that run FXCM today: no fake licences, no clone behaviour and no pattern of withheld withdrawals. In 2017 the US CFTC did find that FXCM's former US company, its then parent and its two founders defrauded retail forex customers by hiding FXCM's link to its main market maker. FXCM withdrew from US registration, and the founders were barred from registering with the CFTC.
Is FXCM regulated?
Yes, through separate companies. The FCA regulates Stratos Markets Limited in the UK, CySEC regulates Stratos Europe Ltd in Cyprus, ASIC regulates Stratos Trading Pty. Limited in Australia, and the Israel Securities Authority regulates Stratos Light Ltd. The FSCA authorises Stratos South Africa as an intermediary only. Clients outside those regions are served by Stratos Global LLC in St Vincent and the Grenadines, which is not licensed.
Which FXCM company would hold my money?
It depends on where you live. UK clients deal with Stratos Markets Limited until their accounts move to Trade Nation, EEA clients deal with Stratos Europe Ltd, Australians with Stratos Trading Pty. Limited and Israelis with Stratos Light Ltd. South African clients trade with the UK company through a local intermediary. Clients in Malaysia, Vietnam and most other countries deal with the unlicensed Stratos Global LLC.
Is FXCM legal in Malaysia?
FXCM holds no Malaysian licence. The Securities Commission Malaysia lists FXCM, with the address www.fxcm.com/my/, on its Investor Alert List for carrying on unregulated activities, and that address now forwards to fxcm-markets.com. Malaysian clients deal with the unlicensed St Vincent company and have no local regulatory protection.
What is happening to FXCM UK accounts?
Trade Nation agreed in October 2026 to take over FXCM's UK client book. According to Trade Nation, FXCM accounts close shortly after 10pm GMT on 20 November 2026 and reopen at Trade Nation on 22 November with balances moved in full. The deadline to opt out is 5 November 2026. The FCA register has shown Stratos Markets Limited as applied to cancel since 15 October 2026.
Is FXCM being sold to AvaTrade?
Yes. AvaTrade announced in October 2026 that AvaTrade Markets Ltd will acquire substantially all of the FXCM business from Stratos Group International, LLC, a Jefferies subsidiary. Operations are expected to move over about 120 days. The companies included have not been listed, so non-UK clients should wait for written notice of where their account will go.
Can I withdraw my money from FXCM?
Most reviews describe withdrawals that work. Between August 2024 and June 2025 we found only four isolated complaints about money being held up. If you would rather not be moved to a new broker, closing positions and withdrawing before your transfer date is the simplest option.
Is my money safe with FXCM?
That depends on the company. UK clients of the FCA-authorised firm may have Financial Ombudsman and FSCS protection for eligible claims, and the EU and Australian companies follow their regulators' client-money rules. Money held by the St Vincent company has no regulator behind it.
Who owns FXCM?
FXCM's companies sit under Stratos Group International, LLC, formerly FXCM Group, LLC. Jefferies Financial Group has owned it outright since a foreclosure in September 2023, and Companies House has listed Jefferies as having significant control of the UK company since February 2018. Jefferies is now selling the business to Trade Nation and AvaTrade.
How old is FXCM?
The brand dates from 1999. fxcm.com was registered on 1 July 1999, the UK company was incorporated on 15 September 2000, and the FCA has authorised it since 27 May 2003. That gives a verified track record of about 26 years.
Why did FXCM leave the United States?
In February 2017 the CFTC ordered FXCM's US company, its parent and its founders to pay USD 7 million. It found that FXCM had hidden its relationship with its main market maker while telling clients that its no dealing desk platform had no conflicts of interest. Under the order, FXCM withdrew its US registration.
Was FXCM fined in the UK?
Yes. In February 2014 the FCA fined the UK company, then called Forex Capital Markets Limited, and FXCM Securities Limited GBP 4 million. The fine was for keeping the benefit of favourable price movements from clients between 2006 and 2010, and for not telling the FCA about a US investigation. Affected clients were repaid, and the firm remained authorised.
Are there fake FXCM websites?
Yes. The FCA register lists six clone firms that use FXCM's details, such as FXCM Germany at fxcmgermany.com, and other regulators have warned about look-alike domains. Use only fxcm.com and the regional sites linked from its international offices page.
What should I check before depositing with FXCM?
Find out which company your account agreement names and look it up on that regulator's register. If it is Stratos Global LLC, you are dealing with an unlicensed company. In the UK, new accounts now go to Trade Nation instead.
What should I do if someone using the FXCM name scammed me?
Stop paying, keep every record, and report it to your bank, the police and the regulator in your country. In the UK you can report it to the FCA. Do not pay anyone who offers to recover your money for a fee.
What we recommend
The practical takeaway from everything above.
What to do depends on which FXCM company holds your account.
- UK clients: your account moves to Trade Nation unless you opt out by 5 November 2026. FXCM accounts close shortly after 10pm GMT on 20 November and the Trade Nation accounts open on 22 November. If you do not want to move, close your positions and withdraw before then.
- Malaysia and other countries served from St Vincent: your account is with Stratos Global LLC, which no financial regulator supervises, and Malaysia's Securities Commission has warned against FXCM's Malaysian site. Only deposit what you can afford to lose, withdraw spare balances, and prefer a broker licensed where you live.
- EU, Australian, Israeli and South African clients: wait for written notice about the AvaTrade transfer, and confirm which company and regulator will hold your account afterwards. South African clients should note that their counterparty is the UK company that has applied to cancel its FCA authorisation.
- Bonuses: the sign-up rewards of up to USD 1,200 and the referral rewards on the Malaysian sites come from the unlicensed company. Read the terms before accepting them.
- Avoid clones: only use fxcm.com, the regional sites linked from it, and the buyers' official sites. Ignore calls, messages or wallet addresses that claim to come from FXCM.
This is an independent assessment of risk, not a legal ruling. Scores and verdicts follow the Wikilix broker-safety methodology and can change as new evidence appears. Review scores are treated with caution when a broker’s reviews look manipulated. Last reviewed October 24, 2026. If any detail here is out of date or incorrect, or you represent this broker, please contact us.
What traders say about FXCM
The latest from the 1 comment on the FXCM profile
Reliable and Versatile Broker
FXCM offers a solid trading experience with great platform variety and strong regulation. Ideal for both beginners and advanced traders.
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