Broker review · Checked 29 Oct 2026

FXCM review 2026: is FXCM legit in Kenya and South Africa?

FXCM is one of the oldest retail forex brokers, with a South African company (Stratos South Africa, FSP 46534) and a $50 minimum. Its own ODP application in South Africa shows withdrawn, and the group is changing hands: AvaTrade announced in October 2026 that it is buying the majority of the FXCM business. It is not licensed in Kenya.

Founded1999
🇰🇪 CMANot licensed
🇿🇦 FSCAFSP 46534
Minimum deposit$50
M-PesaNot confirmed

By D. Kalburov, editor · Licence data from the CMA and FSCA registers · How we review brokers

Is FXCM regulated? Licence by country

🇰🇪 KenyaNot on the CMA register

Regulator: Capital Markets Authority (CMA)
Local company: Not yet verified
Licence number: —
M-Pesa: Not confirmed

🇿🇦 South AfricaFSCA licence FSP 46534

Regulator: Financial Sector Conduct Authority (FSCA)
Local company: Stratos South Africa (Pty) Ltd
Licence number: FSP 46534

FXCM shows "Application Withdrawn" on the FSCA list of OTC derivative providers (checked 29 Oct 2026), so the South African company likely acts as an intermediary. In October 2026 AvaTrade announced it is buying the majority of the FXCM business.

Source: daytrading.com, not yet checked on the register

Other FXCM group companies are supervised by FCA (UK), ASIC (Australia), CySEC (Cyprus). Those licences only protect you if your account is with that company.

A licence means someone supervises the broker. It does not make trading safe: most retail CFD accounts lose money.

About FXCM

Founded 1999

FXCM was founded in 1999 and is regulated by the FCA in the UK and ASIC in Australia. Its parent Stratos has been owned by Jefferies Financial Group.

In October 2026 AvaTrade announced it is acquiring the majority of the FXCM business, and Trade Nation bought FXCM's UK client book. Check which company will hold your account after the change.

Who FXCM suits, and who should look elsewhere

Good fit if you

want TradingView, MT4 or FXCM Trading Station from a long-standing brand

Look elsewhere if you

are in Kenya
want certainty about who will own the broker next year

FXCM account types and minimum deposit

Account	Minimum deposit	Pricing
Standard	$50	No commission; EUR/USD about 0.7–0.9 pips
Active Trader	Larger balances	EUR/USD about 0.2–0.4 pips plus commission

Spread figures from DayTrading.com (Oct 2026); TradeFX gives wider figures. Check live spreads.

FXCM fees: spreads, commission and other charges

Inactivity fee	Up to 50 in the account currency a year after 12 months without trading
Deposits	Card, bank wire, Skrill, Neteller and others; currency conversion may apply

Work out the cost of a trade before you place it with our pip value and profit and loss calculators.

FXCM deposits and withdrawals in Kenya and South Africa

🇰🇪 Kenya

FXCM is not on the CMA register. If it accepts you, your account sits with an offshore company and you have no CMA complaints route.
No Kenyan payment method confirmed. Expect cards, bank wire or e-wallets such as Skrill and Neteller.

🇿🇦 South Africa

Stratos South Africa (Pty) Ltd, FSCA FSP 46534 (per DayTrading.com).
FXCM shows "Application Withdrawn" on the FSCA ODP list.
No ZAR account or local EFT confirmed.

M-Pesa limits, rand EFT, cards, e-wallets and the payment scams to avoid: read our deposits and withdrawals guide.

FXCM trading platforms

Is your money safe with FXCM?

FCA and ASIC regulation for other group companies.
Ownership change under way in 2026.

FXCM pros and cons

Pros

Long track record
$50 minimum
TradingView and MT4

Cons

Not an approved ODP
Owner changing
Inactivity fee
Not licensed in Kenya

Our real-money test of FXCM

Coming

We will open a FXCM account, deposit, place a trade and withdraw, then publish the screenshots, the time each step took and every fee we paid.

FXCM withdrawal time: reports from traders

How long do FXCM withdrawals really take?

Loading reports…

Median of reports from traders. Not checked by us; our own tests are marked separately.

Withdrawal stuck or refused at FXCM? Get a ready complaint letter and the right regulator contact with our complaint desk →

FXCM: questions people ask

Is FXCM regulated in Kenya?

No. FXCM is not licensed by the CMA. It may still accept clients from Kenya through an offshore company, but you would have no CMA protection or local complaints route.

Is FXCM regulated by the FSCA in South Africa?

Yes. In South Africa, FXCM operates through Stratos South Africa (Pty) Ltd, which holds FSCA licence FSP 46534. Check that this company is named on your client agreement, not an offshore company of the same brand. FXCM shows "Application Withdrawn" on the FSCA list of OTC derivative providers (checked 29 Oct 2026), so the South African company likely acts as an intermediary. In October 2026 AvaTrade announced it is buying the majority of the FXCM business.

Is FXCM regulated in South Africa?

Stratos South Africa (Pty) Ltd holds FSP 46534 according to DayTrading.com. FXCM's own ODP application shows withdrawn on the FSCA list.

Who owns FXCM?

AvaTrade announced in October 2026 that it is buying the majority of the FXCM business from its previous owner.

Sources for this review (checked 29 Oct 2026)

Fees, minimums and payment methods change and can differ by the company you sign with. Confirm them on the broker's site before you deposit. Spotted something out of date? Tell us.