FXCM’s offerings are aimed more at industry professionals. Traders trading large volumes and people curious about high frequency trading will find on FXCM the tools and conditions necessary for his or her successful trading.
Its flagship platform, Trading Station, offers many tools dedicated to automated trading. additionally , it integrates with other third-party platforms. FXCM also offers very resourceful trading training.
Opening an account is simplified and done entirely online, but verification can take several days.
With a couple of exceptions, FXCM accepts clients from everywhere the planet . It should be noted however that, since 2017, the broker not offers its services to US residents.
How to open an account?
From the account opening form, you select the sort of account also as its base currency. You continue by entering your personal information: name, given name , address, etc. FXCM will got to verify your identity before you’ll make a deposit. So check the accuracy of the knowledge you enter before confirming.
After opening your account, you’ll need to submit the documents requested by the platform to perform the verification. To verify your identity, a replica of your card or passport will suffice.
You will then got to provide a replica of an invoice from service providers like your water or electricity bill. The address thereon will function proof of residence. A certificate of residence is additionally accepted within the event that you simply don’t have an invoice in your name.
In terms of leverage, FXCM complies with the principles established by the ecu Securities and Markets Authority (ESMA). This aims to guard customer accounts by reducing their exposure to the market. Here are the utmost leverage you’ll enjoy on FXCM.
For major currency pairs like EUR / USD, USD / JPY, GBP / USD the leverage is restricted to 1:30. For other currency pairs also as index and gold CFDs, the utmost leverage is 1:20. This goes down further to 1:10 for other CFDs and commodities listed on FXCM. For cryptocurrency CFDs, the leverage is merely 1: 2.
Professional clients can enjoy higher leverage effects. during this case, CFDs can have up to 1: 200 leverage. they will trade major currency pairs with a maximum leverage of 1: 400.
Deposit and withdrawal
- Several deposit and withdrawal methods are available.
- The minimum deposit at FXCM is AU$ 250. this sediment gives you access to FXCM’s Standard Account . to profit from the Active Trader account and its reduced fees, it’s necessary to take care of the minimum equity of the account of $ 25,000.
- FXCM gives you a choice of several base currencies for your account: Euro, US Dollar, British pound , Swiss franc , New Zealand and Canadian Dollars.
- It is important to settle on the bottom currency of your account carefully, so as to avoid paying additional conversion fees when making your deposit. Indeed, if the currency of your checking account is different from that of your trading account, conversion fees will apply to the transaction.
- There are not any fees related to deposits on FXCM. you’ve got a choice of wire transfer, card deposit, also as Skrill, Neteller and Union Pay e-wallets.
- The bank transfer is that the method with the longest delay, the transaction can take up to 4 working days. However, your funds are going to be immediately available for trading if you employ the opposite deposit methods.
For card withdrawals, FXCM doesn’t charge you a fee, but wire transfer withdrawals accompany a fee that depends on the bottom currency of your checking account .
Withdrawals by electronic wallet aren’t accepted. We therefore recommend that you simply deposit your funds by wire transfer or by card, this manner you’ll use an equivalent option for withdrawal.
The bank transfer takes a mean of 4 days, while the withdrawal by card is usually processed in but 3 days.
With its Active Trader offer, FXCM charges very competitive spreads.
Active Trader Account
Large volume traders can pay low spreads on FXCM. The Active Trader account has one among the foremost advantageous spreads within the industry. The account is however only accessible to traders who maintain minimum account equity of $ 25,000.
With the Active Trader account, you’ll only pay $ 25 per $ 1 million in traded volumes. this is often like € 4.5 for 1 lot traded, i.e. € 2.25 when the position is opened and € 2.25 when it’s closed. Compared to the amount of pips, the trade only costs around 0.5 pip, additionally to the spread which is comparatively tight.
The Active Trader account is compatible for active traders: from day traders to high frequency traders to scalpers. The spread on the EUR / USD Active Trader account is 0.2 pip on the average .
Only a couple of brokers offer such low spreads. Below is that the average spread of the foremost traded currency pairs during their active market hours.
The Standard account is more accessible and FXCM doesn’t earn a commission on this sort of account. On the opposite hand, the spreads of the currency pairs are quite wide there.
For the more liquid pairs like EUR / USD and USD / JPY, the spread is around 1.3 pip. the value of transactions is therefore costlier , almost double that of the Active Trader account.
Note that FXCM charges an inactivity fee, but these only apply to your account if you go quite a year without placing an order on the platform.
FXCM offers several platforms, two of which are fashionable professional traders: NinjaTrader and Trading Station.
FXCM provides you with 5 trading platforms:
- Trading Station
- Zulutrade, and
- Metatrader 4
MT4 is that the industry standard platform for Forex. it’s a strong software which allows you to research your charts because of its various integrated technical indicators. Metatrader 4 remains the simplest platform to use.
Its weakness is that the execution of orders is slower than on other platforms offered by FXCM. it’s therefore a platform not very suitable for top frequency trading. you’ll nevertheless install Expert Advisors there to automate less aggressive strategies. FXCM offers you a team of developers for this purpose who can assist you automate your strategies on Metatrader 4.
Trading Station may be a complete platform that gives you with all the tools you would like for trading. Whether you’re knowledgeable or a beginner, you’ll find all the technical analysis tools there, from the only indicators to indicators created by the analyst developers of FXCM.
From their App Store, you’ll integrate these different indicators into Trading Station. Like Expert Advisors on MT4, trading robots also can be added to the platform. additionally , it integrates a highly equipped chart platform called Marketscope.
Web Trading Station
FXCM has also developed an internet version. The latter has an equivalent functionality because the downloadable version on PC. However, we noticed that there are some bugs on the online version, especially when trying to vary the layout of the graphics. this is often a recent platform, so it’s not yet completely stable.
On the online version, you’ll find, additionally to technical indicators and drawing tools, other fundamental analysis tools like a market news feed or a sentiment indicator.
It has an honest reputation with experienced traders. FXCM analysts use it to share their marketing research . However, if you’re a beginner, take the time to explore the platform in depth; FXCM has created dedicated tutorials to assist you are doing this, you would possibly also use them!
Mobile Trading Station
Trading Station is additionally available on mobile. The mobile version is one among the foremost advanced trading applications. It incorporates many features not available on the trading platforms offered by other brokers.
The most notable is that the possibility of placing OCO or “one cancel other” orders. this is often a special order type with which you really place two pending orders. If one is triggered, the opposite is automatically canceled. this is often very useful for a few breakout strategies.
The mobile application incorporates dozens of technical indicators also as drawing tools that are often overlooked in other mobile trading applications. The platform therefore allows you to try to to an in-depth technical analysis from your mobile.
NinjaTrader is yet one more option that FXCM offers you. it’s a really well-equipped third-party platform. While it’s technical indicators, it doesn’t , however, offer trading robots, unlike other platforms.
You can however create them and integrate them into the platform, as is completed with MT4. NinjaTrader may be a powerful technical analysis tool, which is very regarded by professionals, especially Futures traders.
Financial markets and products
FXCM’s offer in marketable assets is restricted .
FXCM may be a Forex oriented broker. It initially offered many stock CFDs, but its CFD offering has dropped drastically in 2018. There are only a couple of available on the platform.
Here you’ll find Index CFDs, Commodity CFDs and Cryptocurrency CFDs. These were only listed in 2018. you’ll find the subsequent currency pairs: BTC / USD, ETH / USD, LTC / USD, BCH / USD and XRP / USD.
Excellent customer support available 24/7.
When it involves customer support, FXCM has set the bar very high. Its website is translated into several languages. you’ll contact support by phone, email or through the on-site chat.
Support is additionally available in several languages. And in online chat, an agent will usually pick you up in but a moment . The answers provided are quick, professional and detailed.
Complete training, also as tutorials on the various platforms.
The FXCM site features a section dedicated to trading education. The training is structured within the sort of articles and therefore the explanations are well detailed. additionally , videos also are offered. we discover the standard of those to be exceptional. they’re educational and straightforward to know .
You will find videos on different topics. Finally, FXCM analysts regularly organize webinars during which they cover different aspects of the market and economic news.
In addition to training, a demo account is obtainable to you to check your trading strategies. Once you’ve got signed up for a demo account, FXCM will send more educational resources to your email address.
We recommend the demo account to beginners within the Forex and CFD industry. The demo account offers € 50,000 in virtual funds. So you’ll exercise without taking any risks.
A broker founded in 1999 and today regulated in several major jurisdictions.
FXCM may be a broker that’s built on solid foundations. it’s a branch of worldwide Brokerage and therefore the Jefferies Financial Group . The latter may be a renowned company within the investment banking system , and is listed on the ny and London stock exchanges. this is often a corporation that publishes its results. the very fact that FXCM may be a branch of such companies further enhances the safety of its clients’ funds.
FXCM is additionally subject to many regulatory bodies through its various branches. This induces an honest protection of the funds of its customers. Indeed, assets are segregated below a particular amount.
FXCM is that the ideal broker for Forex traders who trade with large volumes or are very active within the market. The commission and therefore the spread are very advantageous on their Active Trader offer. the value of positions overall is extremely competitive and among rock bottom within the retail industry.