FXCM is also stepping up in providing educational resources and research for the market traders. FXCM outsources updates from Trading Central as well as important developments and economic news from Investing.com. FXCM also integrated special instructional materials into its research facility, which contains webinars, how-to videos, etc. Meanwhile, the Ninja Trader platform offers several trading tools, capped by the automated trading capabilities. The available 150 indicator tools are the platform’s edge over the other platform offerings.
- You can even contact the FXCM trading desk and place orders directly if you have a problem such as no Internet access or a failure to connect to an FXCM server.
- The Trading Station platform in the desktop version is a good choice for forex traders of varying levels (of experience).
- FXCM have obviously invested considerable resources in their Cryptocurrency trading service.
- One plus point for many is that FXCM offer spread-betting as well as CFD trading on ‘standard’ accounts.
- Hello Steven,We sincerely apologize for the inconvenience you experienced due to the server issue while using FXCM through TradingView.
FXCM’s most recent awards include the Best Technical Tools award (2019) by BrokerChooser and Best Customer Support (2018) by FXEMPIRE. Most of the users who have reviewed this broker on platforms such as TrustPilot and ForexPeaceArmy report quick execution and quality pricing. MetaTrader4 is the most popular trading platform in the world and boasts millions of users. The advantages of the platform extend a long way past it being robust, ideal for charting and coming packed full of indicators.
The company offers a bundle of great basic forex training lessons, and a considerable video archive full of well-produced, high-quality video lessons. The broker’s intuitive and easy-to-navigate website provides all the information you’ll need to open an account and begin trading in several markets. You can also open a demo account to test the broker’s services and platforms before committing any funds. Choosing FXCM gives traders an advantage by having relatively lower trading fees, competent research tools, and decent mobile trading platform offerings. Moreover, it regularly sponsors demo trading contests for traders to challenge and learn from each other. Regarding trading research, FXCM provides a detailed economic calendar, a market scanner, and market data signals.
As mentioned above, the average spread for the EUR/USD pair through the standard account is 1.3 pips. The Active Trader account, on the other hand, has an average spread of 0.7 pips for the same pair. Since January 2015, FXCM has provided services to 220,000 active customer accounts around the world. This generated annual retail trading volume valued at US$3.9 trillion. In addition, FXCM has worked with more than 700 institutional clients over the course of the past decade. FXCM’s Active Trader account is designed for traders who actively trade.
There’s no commission charged and trading fees are represented as spread markups. FXCM only offers one type of live account, a demo account, and a swap-free version. With FXCM you can trade hard commodities such as gold vs USD, silver vs USD, and others. Their website is quite well-made and provides all the relevant about their services and their customer support team can be reached quickly in case of any queries. Further, FXCM also offers Islamic account for traders of the Islamic faith and the Demo account for beginners to practice trading. This is largely because of their partnership with Friedberg Direct.
Where FXCM is Lacking 🚧
The following table summarizes the different investment products available to FXCM clients. CFD spreads also differ with the instrument traded and the type of account. The average spread for S&P 500 CFD through the Standard and Active Trader accounts is 0.38 pips. When it comes to crypto, FXCM bitcoin spreads are among the most competitive in the industry. As of March 8th 2020, the broker provides a BTC spread of 30, which is almost half of what competitors offer. Once over the administrative hurdles, traders are in for a treat.
How can I avoid the rollover fee?
Our forex comparisons and broker reviews are reader supported and we may receive payment when you click on a link to a partner site. FXCM has a history of fraudulent business fxcm practices that lasted from 2009 to 2014. Namely, the company offered its users a no dealing desk platform and gave them misleading information that damaged their trades.
Either by email/phone number/WhatsApp/live chat, you can contact support for any kind of queries. FXCM has dedicated itself as a trader-driven broker and ‘client’s priority’ stands as its business virtue. Not only FXCM is upgrading its client-oriented services but also over the years it has achieved tremendous prestigious awards for its dedicated customer service. FXCM account options have minimal commissions and the spread starts from 1.3 pips. Top up your account with the money asked by the platform’s system. In terms of trading view pro, you need to deposit $300 and trade a minimum 500,000 trading volume to be able to open your platform access.
New traders may appreciate a standard style account, as no commissions mean a simpler cost structure. Long-term or discretionary traders may also like this account as the simpler cost structure compared to a commission account can make trading easier. The FXCM Standard Account has a minimum requirement of $50 (depending on payment method) when making an account deposit.
Is FXCM safe?
This broker also provides a comprehensive and well-organised FAQ page. The FAQ covers topics from basic to the most advanced, including matters relating to tax. Moreover, the page comes with a search box to help users navigate easily.
How long does FXCM withdrawal take?
When comparing the spreads to other brokers, FXTM at first glance appears to have only average spreads. FXCM standard spreads generally fall in the midrange when compared with other brokers with the most competitive spreads on offer appearing to be for AUDUSD and AUDJPY currency pairs. An Interest-free account is targeted at Islamic traders who are forbidden from earning (or paying interest) as it is forbidden by Sharia law. FXCM add an extra 0.4 pips to the spread for Standard accounts and a $2.00 commission per lot (per side for commission-based accounts in place of overnight fee or swap rates.
Trading Platforms
As explained earlier, FXCM charges tight spreads plus commissions for the Standard and Active Trader accounts. The commission depends on the currency pair traded, type of trading account, and the volume traded. For the EUR/USD pair, FXCM charges a commission of as little as £4 per standard round-turn lot. Creating an account with this broker is also quite straightforward. Like with most competitors, traders must go through the KYC process when registering with FXCM. The only drawback with this broker is that users may have to wait for up to 48 hours for their ID to be verified.
Founded in 1999, FXCM is also one of the first brokerage firms that were listed under the New York Stock Exchange (NYSE) and became its subsidiary in 2001. There is no minimum balance required to open an account and funds can be deposited using a range of reputable payment methods. FXCM is a global operation which means regulatory protection is determined by client domicile. The lack of depth in any particular instruments means this is one section where FXCM is in line with its peers rather than ahead of them.
I find their trading platform easy to use and have never had a bad experience. I have always been treated with respect and courtesy would recommend them 100% to new traders. FXCM no longer accepts U.S. clients because it had to pay $7 million in 2017 and give up its registration with the U.S. Commodity Futures Trading Commission (CFTC) for failing to disclose a deal with a market maker to its clients. The broker then sold its substantial number of U.S.-based accounts to Gain Capital that operates FOREX.com, so U.S.-based traders might consider using that broker instead.
Trading is a leveraged activity, which means that investors can bet on prices going up or down using borrowed funds. In the event of sharp price movements and high leverage, it’s possible to lose more money than is in your account. To counter this, FXCM will automatically close out your positions whenever it comes close to becoming negative.