FOREXBROKERSREVIEWS.CO.UKFXCM Review
Details
| Broker | FXCM |
|---|---|
| Website URL | https://www.fxcm.com/ |
| Founded | 1999 |
| Headquarters | New York, U.S.A. |
| Support Number | +1 212 897 7660 (U.S.); +44 20 7398 4051 (U.K.) |
| Support Email | info@fxcm.com |
| Support Types | Phone, Live Chat, E-mail |
| Languages | English, Chinese, German, French, Italian, Spanish, Greek, Russian, Tagalog, Indonesian, Malay, Vietnamese, Arabic, Hebrew |
| Minimum Trade Amount | 1 |
| Free Demo Account |  |
| Regulated | |
| Regulation | Regulatory bodies in different countries - United States, United Kingdom, Australia, France |
| Account Types | Standard, Mini, Active Trader |
| Deposit Methods | Credit Card, Bank Wire, ACH |
| Withdrawal Methods | Credit Card, Bank Wire, ACH |
| Types of Assets | Currencies, Commodities, Stocks, Indices |
| Account Currency | USD, EUR, GBP, AUD, CAD, NZD, JPY |
| ECN Broker |  |
| Scalping Allowed | |
| Managed | |
| Lowspread | |
| Forex Demo Contests | |
| Forex Live Contests | |
| US Traders Allowed |  |
Pros
- Great design
- easy trading
Cons
- Poor services
- bad support
Full Review
Company Information
The FXCM group, bringing together several companies, is one of the foremost providers of Forex trading, spread betting, CFD trading, and related services. The mission of the company revolves around inspiring worldwide traders who have access to the world’s most gigantic and most liquid market. FXCM really punches above the competition’s weight by adhering to the most stringent financial standards that shield trader funds against fraudulent activities, by recruiting the most cognizant educators, and by providing its keen traders with the most innovative tools for trading.
At the termination of the 1990s, eager investors (such as you) met together to think about how to easily trade Forex and it was in 1999 when FXCM saw its inauguration, letting individuals, armed with a computer device and Internet, trade on the international currency market non-stop. When the first year of FXCM came to an end, the Forex enterprise was already trading with $250 million monthly – which is a tiny drop in the ocean compared to the humongous $435 billion nowadays, but nevertheless a massive achievement for the new industry.
FXCM LLC is both a Retail Foreign Exchange Dealer (RFED) and a Futures Commission Merchant (FCM) with the Commodity Futures Trading Commission (CFTC). The company is also proud to be a member of the National Futures Association (NFA). Being one of the heralds in Forex regulation, FXCM benefits its respected customers by providing a structure for dispute resolution, grander transparency of business practices, and financial standards and oversight.
Trading Information
Three account types are offered at trader’s disposal at FXCM – Individual, Joint, and Corporate. Contingent upon the country of residence, you have more than one account denomination option. As a general rule, FXCM vouches for designing your account denomination to the very same currency you use at your bank.
Mini, Standard, and Active Trader are the 3 account service levels at FXCM. Mini’s minimum deposit is only $50. The minimum sum for a Standard level is $5,000 while that for the Active Trader is at least $25,000. All levels are accessible via Desktop, Mobile, and Web, have a minimum lot size of 1K, and a fixed 50:1 leverage in regards to Forex. Save for the Mini level, the other two are eligible for No Dealing Desk for Forex execution. The Mini level’s monthly contest is capped at $10,000 while for the Standard and the Active Trader there are no restrictions when it comes to trading.
24/7 live support, practice accounts, and online education resources are the other perks for the accounts at FXCM. While the Mini level is allowed only 21 Forex pairs, the Standard and Active Trader levels get 39 Forex pairs.
FXCM Trading Platforms
FXCM is equipped with three (3) wonderful platforms for trading – Metatrader 4, NinjaTrader, and Trading Station. The Forex enterprise is particularly proud of the last one. Trading Station is FXCM’s ground-breaking, winner of countless awards, trading software, was crafted on the basis of 10 years of data and feedback kindly provided by FXCM’s keen investors. The robust platform at the present time is able to satisfy the fastidious demands of all traders – from the most advanced to the new tenderfeet. The sleek design bonds with an intuitive functionality to surprise you with features that save considerable amounts of time with heaps of preloaded indicators, and permits you to discover multiple order types, to observe real-time prices, and to monitor all trades thanks to e-mail alerts.
The upgraded MT4 platform of FXCM flawlessly integrates with their No Dealing Desk for Forex execution – meaning no automatic account syncs and no 3rd party bridges. FXCM’s MT4 permits traders to set Take Profit and Stop Loss orders while launching another trade, offers 0.01 (micro) lots for tighter managing of the risk, has zero trading restrictions, and allows partial closing of positions.
The Trading Strategy Wizard of NinjaTrader has been devised for investors who would like to construct their own automated trading strategies without being acquainted with programming languages like C#. In an effort to do that, traders are simply requested to define the conditions that need to be met and the actions which ensue at the moment these conditions are triggered.
Security and Customer Services
Three principal benefits are enjoyed by the enthusiastic traders of FXCM. These include investor protection, increased transparency of all business practices, and stern financial standards and supervision. Not only does the Forex corporation live up to the expectations of the highest grade financial standards but it also adheres to strict capital adequacy requirements. The regular financial reports that FXCM needs to submit to regulators assure the oversight function and make traders sleep calmly at night.
FXCM enjoys a flawless reputation for providing probably the best support among Forex firms. At investors’ disposal are multitudes of toll-free phone lines, timely e-mail assistance, and a live chat where professionalism meets with attentiveness. The enterprise’s website is available in 14 languages – English, Chinese, Italian, Greek, German, Hebrew, French, Spanish, Arabic, Russian, Tagalog, Indonesian, Malay, and Vietnamese.
The command centre of FXCM is situated in the U.S.A., but there are many other international offices across the globe.
Deposits and Withdrawals
Monthly, all customer accounts are subjected to a fee of 10 currency units – taken from the currency in which the trading account is denominated (for accounts in JPY, the amount will be 1,000) unless the investors keeps a minimum balance of 4,000 or more of the denominated currency (and 400,000+ for accounts denominated in Japanese yen) throughout the duration of each calendar month.
Accounts may be funded through ACH, Debit or Credit Cards, as well as Bank Wire Transfers. For withdrawals through bank wires, domestic and international fees apply, which are different for the denominated currency. USD, EUR, NZD, GBP, JPY, AUD, and CAD are the supported currencies at FXCM.
Deposit Bonus and Loyalty Programmes of FXCM
On the basis of the deposit amount, FXCM provides app store credits. However, the company does not match the initial deposits or anything related to this matter. What it does is that it has Active Client Group for individuals whose net worth is huger than most others – these traders are eligible for lower trading cost, higher levels of customer support, etc.
New traders at FXCM derive benefit from a free Forex guide for better trading and a gratis demonstration account which is funded with $50,000.
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