The number of tradable assets available is quite limited when compared to other brokers who offer thousands of assets, such as IG. I also found them not to have the lowest spreads which may be an issue if you are scalping. FXCM has implemented a Secured Socket Layer (SSL) on all its websites and platforms. The SSL encryption protects data transmission between the clients’ workstations and FXCM’s servers so that hackers are kept out of the loop. This is very important because identity thieves and internet fraudsters might attempt to steal important user info such as credit card details, verification documents and users’ accounts. It means a lot to know that our platform meets your trading needs and that you are satisfied with the provided support!

• I think MT4 is an excellent choice of platform for anyone who wants to develop their own trading strategies for both manual and automated trading.
• The brokerage is regulated by multiple regulatory bodies to include the Financial Conduct Authority (FCA) and the  Australian Securities & Investment Commission (ASIC).
• Moreover, I rate the forex baskets on offer, covering the US Dollar and Japanese Yen.
• FXCM has a history of fraudulent business practices that lasted from 2009 to 2014.
• Other popular CFD brokers that traders may consider include AvaTrade, Plus500, and Markets.com.

Is FXCM A Good Or Bad Forex Broker?

You should be aware that you may lose a significant portion of your portfolio. Steven Hatzakis is the Global Director of Research for ForexBrokers.com. FXCM is also a great option for beginners, due to its wide range of educational materials and easy-to-use platforms, including its latest integration with TradingView.

FXCM Trading Station

FXCM has created an online marketplace of apps to support its Trading Station platform. FXCM account holders can download these apps and customize their trading experience. FXCM has low trading costs overall and no withdrawal, account, or deposit fees.

How much does it cost to set up a standard FXCM account?

With reasonable trading fees and conditions plus an industry-best level of flexibility for traders, FXCM is an enticing option for frequent traders with virtually any strategy preference. FXCM offers a decent selection of tradable assets, excellent pricing and high-quality customer service that few other online brokers can match. FXCM also provides a decent selection fxcm broker review of top-quality trading platforms its clients can operate through. Beginning traders can also access various options to help them learn and enhance their trading skills. For professional traders, the Trading Station platform offers up a world of potential prospects with bespoke indicators, strategy optimization, strategy backtesting, and powerful charting.

Such tools include a range of additional APIs like Rest API, Java API, and FIX API, as well as ForexConnect, all aimed at improving your algo-trading experience. This is the same as 0.01 standard lots and effectively has a cash value of $1000. With that in mind then, this is the lowest trade size you can open, though this amount can be further reduced significantly if you are taking advantage of the FXCM leverage on offer. There are three of these available, the USD basket, the JPY basket, and the Emerging Markets basket. These baskets reflect the change in a currency against others which may influence that particular market.

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Should traders require assistance, they may call the toll-free numbers provided, use messaging app WhatsApp, e-mail the support team, engage via live chat, or contact the trading desk. The extensive support system in place is superior to most competitors, but very few traders will be likely to ever require it. Trading https://forexarena.net/ with a regulated broker will limit the potential for fraud and malpractice. I always recommend traders to check for regulation and verify it with the regulator by checking the provided license with their database. FXCM’s proprietary Trading Station platform is compatible with iOS and Android mobile devices.

The companies that make up the FXCM Group are regulated by multiple jurisdictions. If you plan on opening an account with FXCM there are four options to choose from including either a Standard or Active Trader individual account, a Joint account and a Corporate account. The entry/maintenance margin is the initial deposit set aside as collateral in order to open and maintain a position.

In Australia, for example, customer money is kept by Citibank, Australia, a well-established multinational bank. The ‘Financial Services Compensation Scheme’ insurance provides additional protection for European clients’ funds (FSCS). FXCM offers decent spreads starting from 0.2 pips on EURUSD on the standard account with zero commission fees. These are not the lowest spreads that you will find but that is because the commission is included as a spread mark-up. However, you can get spreads from just 0.0 pips on the raw spread account but that does incur a very competitive $5 round trip commission fee on top. Overall, I think it is fair to say that the costs are quite low, although you can get $4 per round trip and 0.0 pip spreads from FXTRADING.com.

The FXCM Standard Account has a minimum requirement of $50 (depending on payment method) when making an account deposit. When trading, you will still need to meet initial margin requirements to open trading positions. The forex broker offers industry-standard phone and lives chat coverage 24/7, with an extensive collection of toll-free phone numbers and a direct line to the trading desk. The research portal has a basic set of trading tools like financial calendar, diurnal technical levels, and third party market apprises. But, the gravity of innovative and standard fundamental analysis is below the usual, with fewer macro and internal market resources.

On a lighter note, many traders will appreciate the 20+ crypto CFDs, traded in USD, EUR, GBP and AUD pairs. The list includes big hitters like Bitcoin but also some smaller tokens like Tezos, and although it is not the widest selection of cryptocurrencies, it does provide decent scope. The broker claims to offer some of the tightest spreads on the market when it comes to trading BITCOIN.

The FXCM spread betting account is perfect if you are interested in spread betting. Currently the account is only available to UK and Ireland based traders with FXCM. This spread will drop even more to a starting point of 0.2 pips for EUR/USD if you qualify for the active trader program. Joey Shadeck is the Content Strategist and Research Analyst for BrokerNotes.co and ForexBrokers.com. He holds dual degrees in Finance and Marketing from Oakland University, and has been an active trader and investor for close to ten years. An industry veteran, Joey obtains and verifies data, conducts research, and analyzes and validates our content.

Commodity Futures Trading Commission (CFTC) for failing to disclose a deal with a market maker to its clients. The broker then sold its substantial number of U.S.-based accounts to Gain Capital that operates FOREX.com, so U.S.-based traders might consider using that broker instead. Also, institutional investors, retail brokers, emerging market banks and hedge funds can take advantage of FXCM Pro. This high-end broking service gives institutional clients excellent pricing and access to the forex and CFD markets.

When choosing a broker, regulation is one of the first things that I look for. I would always prefer to use a regulated broker as it gives me the peace of mind that they will operate in an honest and transparent manner. I am pleased to see that FXCM is regulated in multiple jurisdictions which means that I wouldn’t have any problems using them for my day trading activities.

Profitability ultimately depends on the trader’s abilities and the wider market environment. FXCM is well-suited to a diverse range of forex traders thanks to its competitive spreads, flexible accounts and customizable platforms. FXCM offers a free demo account for traders to practice trading in a risk-free environment. These insights and summaries can be accessed through the FXCM website, trading platforms, or through specialized research tools provided by FXCM.