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FXCM

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Name

FXCM

Date founded

Dec 31, 1998

Description

Forex and CFD traders seeking a wide range of trade-automation tools will find FXCM offers an extensive suite of platforms and trading solutions. FXCM also caters well to high volume traders, while the...

Forex and CFD traders seeking a wide range of trade-automation tools will find FXCM offers an extensive suite of platforms and trading solutions. FXCM also caters well to high volume traders, while the product range and spreads for its mini accounts are not as competitive

Publicly traded company

Yes

Regulation in major hub

Yes

News

Yes

Webinars

Yes

Demo version

Yes

Regulation (trading)

Australian Securities and Investment Commission (ASIC), The Financial Conduct Authority (FCA)

ASIC | FCA

Country

United States

Languages

Arabic, Chinese, English, French, Indonesian, Italian, Japanese, Portuguese, Spanish

Spot trading

Yes

Watchlist

Yes

Spreads

0.10

Scalping

Yes

Hedging

Yes

Decimal pricing

5 Digits

Max Leverage

1:50

One click execution

Yes

Cryptocurrency trading support

As CFD

Bonus

$50 no-deposit bonus

Currencies

Currency pairs

39

Deposit methods

Bank wire, Credit card (VISA/Mastercard), Skrill

Bank Wire

Visa/Mastercard

Skrill

Minimum Initial Deposit

-

Mini Account:

N/A

Standard Account:

$50

ECN Account:

N/A

Premium:

$20,000

Withdrawal methods

Credit card (VISA/Mastercard)

Contact phone

+1 646 253 1401

Contact email

Having been identified as one of America’s fastest growing companies for three consecutive years, FXCM is definitely a forex broker to watch. The broker has expanded massively over the years, and now has offices in practically all key financial centers in the world. What is most interesting on this platform is that each of its subsidiary offices is run independently from the parent company. This is to say that for instance, the parent company has got no say on how its office in South Africa is being run. This is a great thing as the subsidiaries can be able to tailor their services specifically to cater to the needs of the region they are based in.

Its headquarters are based in the US, and it is regulated by the CFTC and NFA. Owing to its heavy presence all over the world, FXCM is heavily regulated as it has to comply with the individual national regulatory bodies in each country it is situated in.

This is not saying that the broker has not had its up and downs. It was fined by both the FTC in the UK and the CFTC in the US in separate incidents between 2006 and 2010 for various violations such as price manipulation. Its core features are discussed below.

 

Features:

 •     Trading Platforms: the site offers three platforms; Metatrader4, NinjaTrader, and the Trading Station Platform. The Trading Station Platform, which has been designed by FXCM is highly beneficial for complex FX trading. It offers users with advanced charting and analytical tools. FXCM can also be downloaded on mobile devices either as the Metatrader4 platform or the Trading Station Platform. Users will find that the latter simply is exemplary, which is quite unique as Metatrader4 has previously been described as second to none.

 •     Bonuses: FXCM does not offer users any bonuses. However, it does host competitions where winners win prize money.

 •     Payment methods: FXCM traders have a modest list of payment methods such as cheques, PayPal, bank transfers, and credit cards.

 •     Trading Accounts: FXCM traders exposed to different accounts based on their preferences. For instance, advanced traders would best suit by standard 5K account. The Active Trader account designed for those traders who wish to receive elite trading services while the training accounts would be of help to new traders. Both training accounts are available for 30 days to ensure that new traders get a comprehensive feel for the platform.

 •     Customer support: FXCM has a 24/7 customer support, which is available in more than 20 languages. The support team can be reached using emails, live chat or even international toll-free calls. New traders have a support representative run them through the fundamental aspects of FXCM either through phone or live chat. The platform also offers user’s educational resources such as video tutorials, training courses, and articles to not only introduce you to the platform but also the financial market.

 

Advantages:

•     Reliable and secured platform: Being as heavily regulated as it is, FXCM traders can always be assured of the safety of their investments.

•     Multi-trading Platform: The fact that the site offers you several platforms to trade with is an added advantage because their proprietary Trading Station platform has referred to as merely exceptional.

 

Disadvantages:

•     Non-Trading Stock: The most noticeable flaw on FXCM is the fact that it does not offer stock trading.

 

Conclusion:

FXCM has proved to be not only secure but also reliable. Its broad user-base makes it recommendable for all Forex traders, regardless of experience or location.

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Pros & Cons
  • Tight spreads, as low as 0.5 pips, 24/7 Customer Support, Training tools & research
  • No ECN platform
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