FXCM Review – Good or Bad? Submit Your Ratings
FXCM traces its roots way back to 1999 when it was founded in New York as one of the pioneers of online forex trading. It got listed on New York Stock Exchange in the year 2010 December hence opening doors for public.
It went on record as the first US forex broker to issue an IPO. It is also listed by Commodity Futures Trading Commission as a Futures Commission Merchant and Retail Foreign Exchange Dealer. FXCM is an affiliate of the National Futures Association. And, it is registered with the CFTC provisionally as a swap dealer.
FXCM provides several products and services with which a trader can trade on. These are buying and selling of currencies. FXCM offers you access to over fifty different currencies that you can trade on. Trading is open 24hrs a day for 5 days a week.
FXCM has designed several Apps that enable you trade online. They help you customize your experience, in addition, several other features such as live updates on market trends, news and many more.
DEBIT CARDS & ACH CHECKS, BANK WIRE and PAPER CHECK
MetaTrader 4, Mirror Trader, Nina Trader, Zulu Trader and Desktop trader
No for deposits
FXCM offers different types of accounts through which you can trade, including Standard account, Active trader and Private client group
It boasts of a top notch customer service committed to guide the customer and attend to any pertinent issue with urgency.
It is very easy and straightforward to trade on FXCM, because of its self-explanatory web and mobile platforms. Within a click of a mouse, you are well able to execute trading functions
FXCM is widely spread with multiple network ranging from global banks, prime brokers, financial institutions, etc. These enable it to offer competitive rates on major currencies, therefore, a trader gets access to the best prices available.
Well, no matter how good something is, there never misses one or two faults, and so it is with FXCM. Some of the disadvantages of FXCM are:
Not many of retail traders have adequate experience to make money through trading on FXCM. It is estimated only a small percentage do manage to make profit.
Like any other forex trader, the same risks that apply in forex trading also apply when it comes to trading with FXCM.
FXCM also offers self-education materials which include market research info and news for free, sessions with an instructor live, educational videos and online trading support. FXCM has international offices in several major cities to increase its accessibility across the globe. These include, Hong Kong, Greece, Japan, Australia and Germany. FXCM guarantees the trader of protection. They adhere to the industry’s regulations and standards.
FXCM boasts of numerous awards it has bagged over the years such as Best Retail Broker North America in the year 2013 from Global Financial Market Review and several others on customer service and client satisfaction. All these prove its credibility as the best Forex trader. FXCM also offers the best competitive commissions as little as 0.04$. With view of various trading platforms, it is possible to trade with FXCM from any corner of this world and using any gadget either using a phone, laptop or a desktop, whichever is convenient for you.
- Standard account is the basic account which requires a trader to deposit a minimum of $2000.
- Active trader– this type of account enables you premium services with higher service level than standard It is fit for institutions and individuals who trade 10 million notional every month or deposit a minimum of $25000. With this, you have access to service specialists, relationship managers, market analysts, and instructors.
- Private client group is designated for active traders that trade with over 50 million notional a month or have a minimum deposit of $150000.
FXCM has received overwhelming acclamation across different online sites. It has been cited as the best online forex trading platform because of its huge presence in different cities and online hence making it very possible. It has been commended for its customer service and as being a very educational site when it comes to the knowledge of forex trading. FXCM has been commended for being user-friendly whereby it’s very easy to do trading and that its accounts and other services are among the best in the market.
FXCM has several trading platforms, these are: MetaTrader4, Active Trader, Zulu Trade, Ninja Trader, and Mirror Trader.
- MetaTrader4– this is platform integrates the No-dealing forex execution hence the trader can trade at any time online. Enables one to set a stop loss or take profit order, manage risk precisely and trade in a variety of currencies. It affords the trader anonymity and eliminates the conflict of interest between client and broker.
- Mirror Trader- this platform is automated and enables the trader to set their trading objectives, identify appropriate trading strategy and variety of market conditions and trading in different currencies.
- Nina Trader– this platform enables traders to build their own strategies by analyzing historical records, even if they are not conversant with the use of programming language. Programmers can build automated platforms.
- Zulu Trader- This is ideal for people who are not keen to follow the markets; it enables traders to auto trade. They can easily follow the trend of trading of a certain trader and auto-execute the same.
Deposits and Withdrawals
FXCM has various accounts which require a certain minimum amount to open, for standard account $2000; active trade, $25000 and private client group, $150000. A trader can deposit money to their accounts using payment cards.
One can withdraw his or her cash via payment cards online or can withdraw the money to the designated bank account.
FXCM lists the commissions that would be charged for every transaction hence enables the traders to estimate it how much it would cost them to execute a certain transaction. It also allows for spread of commissions which are variable. Commissions are charged per the currency of trader’s account.
FXCM is a very good platform to do trading; it has very many exciting features that make trading very easy. However, one must be very knowledgeable and with proper understanding of the schematics of forex trading. I would recommend FXCM to any trader at any time.