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FXCM Review

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About it

FXCM is acknowledged to be one of the biggest Forex brokers in the world. Founded 15 years ago and listed on the New York Stock Exchange, it has market capitalization of nearly $1.5bn.

It is regulated by the National Futures Association (NFA), the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC) and BaFin in Germany. They made the statement “Regulated around the globe” possible, proven by offices providing full operations in the UK, Germany, the US, Australia, Italy, France, Greece and Tokyo, as well as affiliate companies in Israel, Lebanon, Canada and Chile, giving them a near global coverage.

They are primarily focused on the foreign currency market and offer trading in 39 currency pairs as well as CFDs, commodities and gold.

Review Overview

Compliance to Different Authorities
Speed and Ease of Procedures
Platform Execution
Technology and Facilities
Client Support and Offers

Good

Definitely successful and experienced, FXCM presents an excellent product which serves all traders

How does it help me learn?

FXCM‘s educational section is comprehensive and easy to use. It includes a unique set of materials that helps both the novice and the experienced trader learn in a number of ways. They are:

  • Demo Account and Account Managers – FXCM offers practicing on demo accounts supported by account managers who will assist clients with the platforms and account opening procedures.
  • Free Forex Trading Guide – If new to Forex trading then FXCM‘s Forex training guides are an excellent start to learn the basics of Forex trading.
  • Trading Signals & Alerts – Offered by DailyFX plus, they are recommendations to buy and sell trade setups along with take profit and cut loss point.
  • Webinars – FXCM regularly host webinars to update clients about the market and provide the required analysis. It also has a library of videos which explain how to use the platforms, different types of orders and tools the company offers.
  • Active Trader – This is FXCM‘s own elite program where clients get premium support, discounted commissions and DailyFX on demand, a trading room that hosts discussions about the market, opportunities and major economic events. They recommend trade setups, and then support the client directly with one of analysts. This service is available to accounts above $150,000.
  • DailyFX – An online paid service, which gives FXCM‘s clients access to trading signals, education and a trading course addressing introductory and advanced trading concepts. Services of DailyFX are presented via video lessons and live trading sessions.

How is the client support service in general?

FXCM implements high standards of customer support; availability of advice 24 hours during trading days, telephone and email support in a variety of languages, professional and knowledgeable staff. Response time to queries was received quickly. The live chat facility was almost instant and very professional.

What does the industry say?

FXCM should always be respected due its’ size and quality of its’ products, needless to mention regulatory authorities it is complied with. Unfortunately brokers of the size of FXCM are the best to lay rules and regulations upon. In the past, the company was forced to become more transparent in its’ dealings with clients and been investigated by both the UK’s (FCA) and the USA’s (NFA), but only to prove that from the legal point of view, FXCM is heavily regulated and that it complies to financial and legal requirements. FXCM was a victim of the rapid natural development of any organization.
As for awards won, FXCM received quite a number of them, including the Best Educational Material, Best Retail Platform, Largest Forex Provider and Best Forex Brokerage Service.

How safe is my money?

FXCM‘s main regulation is with the self-regulating National Futures Association, the (NFA). It is also regulated by the Financial Conduct Authority (FCA) in the UK, BaFin in Germany and the Australian Securities and Investments Commission (ASIC). The company keep segregated accounts for clients and company funds.

What platforms does FXCM offer?

The number of platforms and services made available by FXCM proves the company’s technological advancement and its’ long experience as it provides excellent and unique collection of trading tools.
FXCM developed its’ own in-house trading platform, the Trading Station, which includes access to advanced charting tools and live analysis from DailyFX. The Trading Station is available in three forms; web, mobile and desktop. In addition to it, FXCM offers the user friendly MetaTrader4, which the markets’ standard. FXCM also gives access to excellent third-party online services, such as the ZuluTrader and NinjaTrader. The NinjaTrader allows for automating trading strategies without prior coding knowledge. The ZuluTrader is FXCM‘s social network which through it clients can subscribe to trading signals from other traders. It also offers MirrorTrader, a platform which allows clients to copy trades from other traders.

What about its trading conditions?

FXCM adopts the No Dealing Desk or NDD model but only for premium accounts and regardless of the platform used. Standard account execution is offered via a dealing desk.
The margin requirement on accounts opened with FXCM USA is 2% and the leverage is to a maximum of 50:1. However, through other offices, the margin requirement in standard accounts is 0.25%, and 1% for the premium account. Leverage is 400:1 and 100:1 for the standard and premium accounts respectively.
FXCM guarantees no re-quotes by offering one click execution, however, prices may be subject to slippage during volatile market conditions. The company guarantees filling stop loss and take profit orders as long as the price is available in the market. FXCM doesn’t discourage scalping and allows use of Expert Advisors on MT4 platform.

How much will it cost me?

FXCM offers two accounts, the standard account, which ranges between 0 and $20,000, and the premium account, which requires a minimum deposit of $20,000. Spreads are variable on all FXCM‘s accounts. On accounts opened with FXCM USA, the minimum spread starts from 0.4 up to 0.8 pips on the major pairs and each standard lot traded is charged a commission of $12. Accounts opened with other FXCM entities has minimum spreads varying between 1.4 and 1.9 pips for the majors. The company’s terms and conditions state that there may be instances when market conditions cause spreads to widen well beyond the spreads mentioned here. Those spreads and commissions apply to standard accounts only, premium accounts and those for clients of privately owned FXCM‘s intermediaries are subject to a markup.
Sharia compliant accounts are available through the company’s office in Lebanon, but this is not promoted on their website, primarily because of FXCM‘s large number of clients who will try to take advantage of a swap free trading.
Funds are accepted from all major sources including credit cards, ewallets and bank accounts. Upon withdrawals, funds are sent back to the originating source. Withdrawals are operated from an account dashboard called MyFXCM, which is a very useful tool.

Any special deals?

FXCM depends on its’ size and the advantage of trading with it over the long term in attracting business, however they still offer regular promotions and contests. The current one is for standard account holders and it gives them the chance to win $10,000.

The bottom line

FXCM‘s offering isn’t particularly exciting but it is a full package and it is suitable for all traders, beginners and advanced. Its’ help for new clients is excellent and covers every angle a trader needs to be aware of. The client support service has received good feedback, the Forex trading product FXCM brings is fair, innovative and comprehensive, and most importantly, the client will be 100% sure that his money is with a company that is strong financially and very well regulated. FXCM‘s capabilities proves that it is in business to stay for the long term and that it is serious regarding the business and it’s relationships.

Do you like this broker?

If you like this broker and want to open a live account, send us a request by filling the form below and we will reimburse you the full rebate generated from your trading.

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About Razi Hammoudeh

Razi’s professional experience was gained over the course of more than a decade working with leading Forex market makers in the Middle East, Asia and Europe where he learned about trading, financial instruments and global markets. Being exposed to the wide range of skills he acquired along the years, he continued to develop his trading strategies and further improving his track record in Forex trading. He used innovative business development strategies to find FXLORDS, helping it to rapidly become a major provider of education and trading tools to the successful trader. He is an enthusiastic individual, motivated by challenge and renowned for pushing the limits, always looking to gain some more experience and help as much as possible along the way.

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