There are lots of different materials, including educational articles, videos, and even online courses. A leading global forex fxcm broker review broker with a long history of providing reliable trading services. All websites and web-based platforms are tested using the latest version of the Google Chrome browser. Our Desktop PCs run Windows 11, and we use MacBook Pro laptops running the latest version of macOS to test trading on the go. We test mobile apps and products using iPhones running iOS 17 and Samsung devices running Android OS 14. FXCM allows trading in 43 forex pairs and 440 tradeable symbols, which remains below the industry average of 3,623 tradeable symbols.
The default execution is DD (Dealing Desk), so arbitrage strategies are prohibited. The broker reserves the right to determine if you employ an arbitrage strategy. Learn more about FOREX.com powerful trading platform and how you can get started today. Slippage, or the unexpected difference in an exchange rate specified in a stop order or market order, can be either negative or positive. When the trader loses money, slippage is negative, whereas when positive, the trader receives a fill at a better rate than the prevailing market. FXCM’s slippage was reported as +87% positive or zero in its July 2021 Slippage Statistics.
FXCM broker review
The broker’s educational offerings help traders understand the basics of forex and CFD trading, and its competitive spreads and leverage options ensure that traders can begin trading with minimal capital. FXCM offers a variety of account types to cater to the diverse needs of traders, while there are some differences for account specifications based on entity rules. The Standard Account is ideal for retail traders, providing competitive spreads and access to a range of popular trading instruments. The Active Trader Account is designed for high-volume traders, offering reduced spreads, premium support, and exclusive benefits.
Market research
FXCM provides customer service via toll-free numbers around the world in 42 countries in North and South America, Asia, the Middle East and Europe. The broker’s multilingual phone service and the live chat feature on its website are available 24 hours a day, 5 days a week. When it comes to deposit and withdrawal commissions, FXCM deliberately chooses not to charge you a penny for transactions. If your account is inactive for 12 months, however, you’ll be charged 50 USD per year.
Deposits and Withdrawals
While the offering is sufficient for most retail traders, those seeking a broader range of niche or advanced financial instruments might find FXCM’s portfolio somewhat limited. The mobile app features an intuitive interface, with tools for placing orders, analyzing charts, and managing accounts. It also supports multiple order types, risk management features like stop-loss and take-profit, and notifications for price alerts, giving traders a high level of control while on the move. Our testing reveals that FXCM’s Trading Station platform is equipped with a wide range of tools for efficient market analysis and trading. It supports various order types, including market and limit orders, providing flexibility for different trading strategies.
Users should review the terms and conditions of their chosen entity to ensure alignment with their trading needs and expectations. To delete your FXCM account, you need to contact their customer support team and follow the instructions provided. If you want to compare FXCM with other forex brokers in more detail, go to the Forex Brokers Comparison page. FXCM provides high-quality analysis from the company’s experts, which can help form a trading strategy. FXCM’s market scanner allows for rapid scanning of Forex and CFDs based on selected technical parameters. Users can choose desired indicators and time frames to find the most vital signals.
FXCM offers a variety of account types to cater to different trading preferences and levels of experience. The Standard account, ideal for beginners, is commission-free, providing a user-friendly introduction to forex and CFD trading. For more seasoned and high-volume traders, the Active Trader account offers the benefit of lower spreads and reduced commissions, optimizing trading costs for frequent trading activities. Additionally, FXCM provides a demo account option, which is perfect for traders who wish to practice their trading strategies in a risk-free environment using virtual funds before committing real money. This range of account options ensures that both new and experienced traders can find a setup that best suits their trading style and financial goals. FXCM demo account is also available for traders for educational and training purposes.
FXCM Account Types
ZuluTrade is a platform for social trading that allows you to automatically copy the trades of successful traders. It is a good option for those who do not want to delve deeply into market analysis. This program is a significant advantage for active traders, and if you trade in large volumes, it can be pretty beneficial. These platforms are all very helpful in their own way, as our review of FXCM’s trading site shows.
If you need access to multiple accounts from supported brokers like FXCM, IBKR, Charles Schwab, FOREX.com, or City Index, you’ll need the Multiple Broker Add-on, which costs $99 per month. Founded in 2003, NinjaTrader began as a pure technology platform focused on building powerful trading tools. Over time, its expanded its role by first becoming an Introducing Broker and later securing a full futures brokerage license as a Futures Commission Merchant (FCM). It’s now registered with the Commodity Futures Trading Commission (CFTC) and regulated by the National Futures Association (NFA). Today, NinjaTrader supports more than 2 million users, both through its own brokerage and via integrations with broker partners.
We consider FXCM an excellent broker – it is overseen by tier-one regulators, has a strong industry presence, and offers tight spreads on forex pairs. The suite of advanced platforms and code-free automated trading tools is particularly strong. FXCM does trail industry leaders when it comes to market access, but it remains a strong contender for both beginners and experienced traders. It supports a wide range of technical analysis tools and risk management features.
Non-Forex Assets
- Specifically, FXCM provides the ability to trade over 40 forex pairs, encompassing major, minor, and exotic currencies.
- Nikolay is an experienced specialist in financial markets and co-founder of IamForexTrader.
- Another good point is FXCM’s client-oriented 24/5 multilingual customer support available through various channels, including live chat, email, and phone, ensuring accessibility for traders worldwide.
- Depending on which bank you use, there may also be external withdrawal fees charged to your account.
- For residents of the UK and Ireland, FXCM also provides Spread Betting, which allows tax-efficient trading on price movements without owning the underlying assets.
We have evaluated more than 400 forex brokers and FXCM scores well when it comes to trading fees. On its platforms, you can trade Forex with popular currency pairs, CFDs on indices, shares, commodities, ETFs, and cryptocurrencies. For residents of the UK and Ireland, FXCM also provides Spread Betting, which allows tax-efficient trading on price movements without owning the underlying assets. Opening a live forex trading account with FXCM is a quick and straightforward process.
- With its wide range of available platforms and deep offering of trading tools, FXCM has set the bar high and competes among the best brokers in the industry.
- The account provides a great way for beginners to learn and practice strategies without any financial risk.
- Overall, FXCM’s fee structure is competitive within the industry, meeting the needs of both professional and casual traders by offering cost-effective trading solutions that align with industry standards.
For more advanced traders, FXCM provides application programming interface (API) trading with 4 free APIs connected to the FXCM server that includes REST API, FIX API, Java API and a ForexConnect API. You can get more information on the broker’s algorithmic trading facilities by clicking here. If you want to start trading at FXCM, you can open the retail account for free, without any minimum deposit requirement. This is a very beneficial feature for all trader types, both experienced and veteran.
Commissions
The TradeStation is allowing automated strategies that can be backtested directly in the platform. In addition, you can get a closer look into the order flow and liquidity of the markets to enter your trades. FXCM is well-suited to a diverse range of forex traders thanks to its competitive spreads, flexible accounts and customizable platforms. The simulator also offers features like customizable trade sizes, various order types, and real-time charting tools to enhance the trading experience.
You’ll also enjoy fair trading fees, as well as research and educational tools to help you to advance. It is available under CySEC, FCA, ASIC, and FSCA, providing access to over 100 markets. Besides, traders can also trade their favorite underlying assets, offering them a diversified range of assets. The platform offers traders low spreads and covers more than 100 different markets. On the website, you will find many videos explaining the trading platforms and different strategies.
The company operates under several top-tier regulatory authorities’ oversight, including the UK FCA, the Australian ASIC, and the Cyprus CySEC. FXCM is an online Forex and CFD trading broker offering popular trading instruments like Stocks, Commodities, Indices, Cryptocurrencies, and spread betting (available for UK and Ireland residents only). Since 1999, FXCM, has been a pioneer in developing online forex offerings for retail traders. With its headquarters in London, Stratos Markets Limited (“FXCM”) has grown to have multiple international offices and is licensed in several major regulatory hubs globally.
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