FXCM Review

Forex Capital Markets, or FXCM is one of the largest fx traders operating in the U.S. Based in New York, Forex Capital Markets eventually got listed on the NYSE, and not just because of its success, brought about by the FXCM Trading Station and FXCM MT4 trading platforms; it is a combination of an entire list of factors, and this FXCM review is going to try and explain them in detail. In any case, these guys managed to form a successful broker that caters to any and all types of FX traders out there, big and small.

Complete FXCM Review

FXCM Review: Account Types on Offer

One of the best qualities of FXCM is that it caters to any and all FX traders, regardless of other issues. Once they finish the FXCM login stage, there are several accounts at their disposal, in addition to the FXCM demo account, of course. Speaking of which, the FXCM demo account is the optional first step on the ladder to success. It involves a 30-day trial period and $50,000 in virtual money to start trading and learn the ropes. Naturally, the best of the entire selection would be the standard 100,000 account, as it offers maximum leverage and several bonuses. The initial deposit can be a bit steep, with $2,000 at an entry level, but this tends to keep the riff-raff away, which is just the way FXCM want it.

As a part of this FXCM review, it would be noted that leverage for U.S. and non-U.S. clients is vastly different (400%, to be precise). Regardless of which type of account you choose, the trading platforms will be the same, and any major differences are more likely to involve different usernames, passwords and several ways of memorizing them all without jeopardizing safety.

FXCM Review - how to open an accountFXCM Review: Commissions

FXCM does not believe in commissions. All you need to do is go through the FXCM login procedure, do your trades and let the spreads do the rest. Speaking of which…

FXCM Review: Spreads

FXCM may not charge commission, but their spreads are floating and famously tight, going as low as 0.2 pips in some (rare) instances. Those usually concern major and highly liquid currency pairs, mostly between USD and EUR, Swiss Franc and Japanese Yen. How is this possible? Well, the FXCR review has the answer even for that: the secret lies in something called the No Dealing Desk. It enables incredibly low rates, close to those offered by the banks themselves, which in turn keeps the spreads as low as they can be. While most of their profit relies on trading volume, usually the spread is kept at 2.5 to 3.5 pips on average. Naturally, the more exotic the currency pair, the wider the spread as relative liquidity drops.

FXCM Review: Trading Platforms

As part of the FXCM review, we are going to focus on some of the most popular platforms out there, namely the FXCM MT4 and FXCM Trading Station II, but there are others on offer as well: FXCM Active Trader, Trading Station Gateway (a web trader) and Mobile Trading Station II. Now, the MT4 is probably the most popular trading platform, and no FXCM review would be complete without it. The reason for this is the fact that MT4 offer a very user-friendly work environment in addition to numerous customization options, day trading, stop loss and advanced hedging options. At any time, traders can check the best market prices as opposed to the current ones, in order to stay appraised of any new developments.

FXCM Review: Features and In-house Developments

On the other hand, the FXCM Trading Station II, Trading Station Gateway and Mobile Trading Station II are the in-house developments that stem from FXCM’s efforts to stay competitive on the modern markets. In light of this, they even house their own app store where clients can browse and acquire newest MT4-compatible apps that will get them the edge they need to stay ahead of the competition, including the Breakout2, Automatic Trendlines Indicator and others. These go really well with their Mobile Trading Station II platform, aimed at Smartphone and iPhone users, and enable them to trade just as competently on the go as they do in a more sedentary environment, if not better.

Apart from numerous apps and indicators, free or otherwise, FXCM also offers a steady newsfeed, keeping their clients aware of the current situation. They also offer toolbars, charting tools and analysis either from their own site or they can be imported directly onto the user’s platform – something we would be reminiscent if omitted from the FXCR review.

FXCM Review: Customer Support

In accordance with their business strategy, FXCM offers full customer support around the clock, even outside of business days or hours. At any point, there are staff members awaiting calls and requests on any of the 20+ languages, which can arrive via several toll free phone numbers, live chat or email. Of course, VIP members get additional customer support, but in order to qualify, you’d need a Gold account and trades in excess of $25,000.

FXCM Review: FXCM Education Tools

In addition to the FXCM demo account, there are other learning aids available, although most of them concern the FXCM Trading Station. There are manuals, videos, audio files – all across several formats, and even eBooks. They all combine to provide a thorough overview of all the ins and outs of FXCM’s platforms. There are even webinars, various courses and you can always rely on your own support representative if there are any inquires on your part. Those need not limit to FXCM, but also on FX-related topics and even on additional features, like the Mirror Trader that can automatically replicate other people’s trades.

FXCM Review: Bonuses and Promotions

Unfortunately, FXCM is not known for their promotions and for good reason – they usually don’t offer any.

For more information, visit FXCM’s official website.

Leave a Reply