FXCM vs Mitrade: which broker is better in 2026?

We compare FXCM and Mitrade — two forex & CFD brokers — side by side across regulation, fees, platforms, minimum deposit, and our editorial scores. Based on our overall editorial score, Mitrade edges ahead (3.6/5), but the right choice depends on what matters most to you — check the breakdown below.

Side-by-side comparison

CriteriaFXCMMitrade

Overall score 3.5 3.6

Regulation & safety 3.0 3.5

Fees & deposit 3.5 4.0

Platform & assets 4.0 3.5

User support 3.5 3.5

Trust score68/10072/100

Minimum depositVaries by account type — check the official siteVaries by account type — check the official site

Demo accountAvailableAvailable

PlatformsTrading Station (web/desktop/mobile), MetaTrader 4, TradingView (integrated), APIProprietary web platform, iOS/Android mobile app

Fee modelSpread model or spread + commission (Active Trader) — varies; exact figures not yet verifiedCommission-free, spread-only pricing (plus overnight funding on leveraged positions) — exact spreads not yet verified in detail

Pros & cons

FXCM

An established broker since 1999 with the mature Trading Station & MT4 platforms
Now backed by a large financial group (Jefferies/StoneX)
International entities regulated by FCA/ASIC/FSCA

Permanently banned from the US market (2017) + a US$7 million fine for hiding a conflict of interest — a serious regulatory record
Trust was dented by that case; verify the entity serving your region
Leveraged products are high-risk

Mitrade

Multi-jurisdiction licensing (ASIC Australia, CySEC Cyprus, FSCA South Africa) with an easy, beginner-friendly proprietary platform
Commission-free spread-only pricing; Australian platform reportedly carries a Lloyd's of London excess-of-loss insurance policy (capped at AUD 1,000,000 for qualifying claims on insolvency)
Wide CFD coverage (forex, indices, commodities, crypto, ETFs, shares) on web + mobile, with demo accounts and modern payment options (Apple Pay/Google Pay in AU)

Regulatory history includes a 2023 ASIC interim stop order (later revoked) and a 2024 Philippines SEC advisory — worth reading before depositing
Own platform only — no MetaTrader 4/5 or cTrader for advanced/algorithmic traders
Leveraged CFDs are high-risk, and the UAE licence covers promotion only, not brokerage — entity coverage varies a lot by country

Regulation at a glance

FXCM

International entities regulated by the FCA (UK), ASIC (Australia), FSCA (South Africa), and others. IMPORTANT: FXCM has been permanently banned from the US market since 2017 (see the risk note).

Mitrade

Operates through separate entities per region: Mitrade Global Pty Ltd (Australia) under ASIC; MiTrade EU Limited (Cyprus) under CySEC (licence 438/23, since 9 October 2023); a Financial Sector Conduct Authority (FSCA) entity in South Africa via the 2025 acquisition of Fridah Asset Managers (to be renamed Mitrade Markets Pty Ltd); plus a 2026 UAE Capital Markets Authority Category 5 licence limited to introduction/promotion only (NOT brokerage). Which entity serves you — and its protections — depends on your country. Verify directly with the relevant regulator before signing up.