FXCM also known as Flex Capital Market is one of the fastest growing forex trading companies which was founded way back in the year 1999 in the U.S.A. It is known as one of the early pioneers in the world of internet-based marketing with headquarters located in New York and offices around the globe.
As of today, FXCM still stands as an undisputed leader on the US Forex Market and is one of the top players in the Forex industry. They offer a variety of trading accounts where clients can choose from and they also offer a wide choice of trading platforms as well.
FXCM offers a variety of trading platforms in which clients can choose from. One of the platforms is the Meta Trader 4 or MT4 which is the most popular among all trading platforms. FXCM also makes use of Trading Station, an award-winning platform and Ninja Trader. Furthermore, copy trading is also offered to clients through Zulu Trade and Mirror Trade which are known as advanced trading platforms.
Trading Station is an in-house trading platform of the FXCM group which is accessible through the web, desktop or mobile version. It has a sleek design, intuitive interface and a highly praised charging package known as Marketscope.
Another platform supported by FXCM is the Ninja Trader with a simpler interface but still with all the functions which can be maximized when trading using MT4 and other trading platforms.
For clients who still wish to use the MT4, FXCM also supports this trading platform. MT4 comes with a superb charting package, various technical indicators which are all built-in, trend lines and so much more.
The mobile trading feature of FXCM allows clients to have an access to their personal account and trade in the comfort of their phone whenever and wherever they are.
There are 3 account types which clients can choose from.
- Mini Account – requires $50 minimum deposit with a minimum trade size of 0.01 lot and maximum leverage of 1:400. The average spreads and commission is 1.4 pips.
- Standard Account – requires $2000 minimum deposit with a minimum trade size of 0.01 lot and maximum leverage of 1:100. The average spreads and commission is 0.4 pips + commission $4
- Active Trader – requires $25000 minimum deposit with a minimum trade size of 0.01 lot and maximum leverage of 1:100. The average spreads and commission is 0.4 pips USD + commission $1.8 – $4.
Of all trading accounts, the only account which offers Dealing Desktop execution with no commission is the mini account. API connection is not offered in mini accounts as well.
On the other side, micro lots are available on all three types of account, a great choice for clients who are not willing to take the risk with a large trading volume.
FXCM has two demo accounts which both can be used to train for 30 days.
The standards demo account has a demo money amounting to $50,000 while the mini demo account has $2,000 demo money. If ever a client wishes to maximize both demo accounts, a separate password and username are required.
One has to shed out $50 in order to open a trading account with FXCM. This is not the lowest initial deposit among all brokers, but this is still one of the lowest initial deposits required.
FXCM accept payments through bank wire transfer, debit or credit card, cheque and Automated Clearing House. The same payment method is also used if a client wishes to withdraw.
FXCM offers a maximum leverage level of 1:400. A maximum leverage level of 1:400 is already considered as a high ratio leverage.
Spreads and Commissions
The average spread offered by FXCM is 1.5 pips for commission free accounts. NDD account clients is offered with 1.3 pips with a commission of $8.
Regulation and License
FXCM is under the regulation of FCA, ASIC, ISA and FBS. FXCM observe the strict implementation of different regulation especially when it comes to financial transparency and investor protection.
FXCM also introduced the FXCM financials which is a site where clients can see FXCM’s balance sheets, income statements customer equity and others.
24/7 customer support is provided to FXCM clients. Calls or inquiries are supported by a multilingual staff. The staff speaks over 20 languages to accommodate clients of different nationalities around the world.
Benefits of Trading with FXCM
FXCM is one of the most sturdy Forex companies where clients can get a lot of benefits. Among these benefits include the Mirror Trade where one can copy what others are doing in order to increase profit. It has a large worldwide user base which is beneficial for clients wherever they live.
- have multiple regulations
- Low initial deposit with tight spread
- wide choice of trading platform
- copy trading options available
- stocks, options and futures are not available for trade
FXCM is a reputable broker and an excellent choice when it comes to trading with its amazing trading conditions and variety of trading platforms.