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Forex Reviews & News
Info
| Name | FXCM |
| Website | "www.FXCM.com" |
| Established | 1999 |
| Country | USA |
| Platform | Online |
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FXCM Review
FXCM Holdings, LLC was listed among the fastest growing companies by Inc. 500 List of America’s Fastest Growing Companies three years in a row. FXCM Holdings, LLC has headquarters in New York, with offices around the globe in places such as the U.K., Japan, Hong Kong, France, Italy, and Australia. It is regulated and licensed in each of them.
As of June 30, 2010 FXCM has over 165,000 tradable accounts on platforms offered by FXCM. An average of over $250 billion in notional volume is traded each month on trading platforms offered by FXCM.
FXCM Trading Accounts
FXCM provides several account types designed for experienced traders as well as for those who are new to the FOREX market. The standard 100K account is ideal for experienced traders wishing to leverage the full advantages of FX trading. Opening a standard account requires an initial deposit of $2,000, and offers leverages of up to 1:200* for all traders who are outside of the United States, and 50:1 leverage for US-based traders.
The Mini Account is designed for those who are still new to online currency trading. It requires an initial deposit of just $50. Mini accounts can be opened not just in US Dollars, but also in Euros, Pounds, Japanese Yen, Canadian Dollars, New Zealand Dollars and Australian Dollars.
FXCM also offers a training account, which is available for 30 days and loaded with $50,000 demo money. Platforms for all account types are identical, however a separate username and password needs to be used for each type of account.
The advantage of Trading Forex online is having the possibility to deal with no Dealing Desk1. With this option, traders basically trade on rates provided directly by the banks, which enables FXCM to offer low variable spreads. Typical spreads for FXCM traders are 2.6 pips for EUR/USD and 3.1 pips for GBP/USD, with similarly competitive spreads for other major currency pairs. FXCM also offers the possibility to trade via a Dealing Desk, which provides traders protection against spread uncertainty. In these cases the spreads offered are typically 3-5 pips on the major currency pairs. Most recently FXCM updated their spreads and the numbers have lowered. The new spreads are offered on their site.
The registration process for real money accounts, both mini and standard, are long, and require, in addition to personal details, your financial details and employment information. If you are not a US citizen, approval of your account requires receiving copy of a photo ID and a valid utility bill to your name to prove your stated address.
Once you have an account number, depositing funds is an easy process. The payment methods available are Credit Cards, Debit Cards, Paper Checks and Wire Transfers. US residents may also submit electronic checks.
Trading Platforms and Features
FX Trading Station (FXTS), FXCM’s trading platform needs to be downloaded to your desktop. The environment is user friendly and intuitive to use, and can be customized according to the users preferences. The products offered are day trading, stop loss & take profit, as well as trailing stop / limit orders and entry orders. A hedging feature is available in No Dealing Desk1 accounts for clients of FXCM UK. The “At Best” feature, short for At Best Price, enables being filled at the best rate streamed to FXCM at that moment from all global banks and financial institutions they work with. This feature, as opposed to the standard “At Market Range”, prevents situations in which the price you intended to make the order at has expired.
FXCM now provides the FXCM App Store which is a professional and developed trading app for the MT4 platform. FXCM is now offering $225 worth of apps for free when you open a live account and deposit at least $2000. Some of the apps included are- Breakout2, 24 Hour Trend Locator, and Automatic Trendlines Indicator. These apps will make your life easier and more fun when you're on the go. There are also regularly free apps provided in their App Store such as Forex news, different utilities for your trading, indicators, and more.
Charting tools and analysis data are available either from a website, external to the trading platform, or can be added on to the platform by plug-ins, which need to be downloaded as well.
FXCM now offers a toolbar to be downloaded to your browser, which provides instant access to FOREX market news and currency rates, and enables setting alerts for when the market reaches desired rates. The brokerage also offers free mobile Forex trading via apps for most smartphones and its new iPad and Android tablet application.
FXCM provides 24/7 customer support, including during the weekends when the market is closed. A Multi-lingual staff speaking over 20 languages is available at all times, via International toll frees calls, chat and e-mail. VIP support is offered to Gold accounts trading with over $25,000.
There are a few tools available to you if you are just getting to know the market and FX Trading station. Manuals for using FX Trading Station are available in several formats, as well as walk through videos that provide an overview of the platform’s main features. A support representative will introduce you to the system either via chat or over the phone. To get to know the FOREX market, free webinars are offered on a daily basis, trading tips are provided on their free news site, www.DailyFX.com, and an online “Power Course” (8 sessions of 45 minutes each) is offered for $19.99.
Forex traders who are looking for a bit of extra support can also take advantage of the web-based Mirror Trader which runs flawlessly with FXCM, allowing traders to automatically copy others in the hopes of increasing their profits.
FXCM is a large and strong company, with a large world-wide user base, high liquidity and large financial assets. This enables them to offer attractive rates, innovative tools and features, and high standards of customer support. We believe that these all make FXCM an excellent choice for Forex traders at all levels, no matter where they reside.
1 Please note FXCM Micro in its discretion may or may not offset individual transactions unlike transactions in most FXCM Standard accounts. Risk Warning: Currency trading involves substantial risk of loss, read full disclosure on their site.
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Live FX Rates
| Symbol | Change | High | Low |
|---|
| EUR/USD | 0.00288 | 1.29544 | 1.2905 |
|---|---|---|---|
| AUD/USD | -0.00329 | 0.98262 | 0.97425 |
| EUR/GBP | 0.00563 | 0.85761 | 0.8518 |
| EUR/JPY | 0.899 | 133.283 | 132.247 |
| GBP/USD | -0.0065 | 1.51722 | 1.50768 |
| USD/CAD | 0.00474 | 1.03275 | 1.02592 |
| USD/CHF | 0.00338 | 0.97569 | 0.96829 |
| USD/JPY | 0.487 | 103.165 | 102.368 |
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13 Comments Add Comment
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unable to open a demo account >.<
wilsonyang November 2011 -
I have been using FXCM for 18 months.
charlesd September 2011
My advice is simple.
Do not use their Mt4 platform for live trading. It is unstable.
Mt4 connects to FXCM via a bridge with Boston Technology. This means that 'open' orders disappear in the synchronization process, execution is often slow and at times the interface can hang for up to 5-15 minutes depending on news events and volatility.
So, if you plan to trade seriously and eventually with size, find another mt4 broker.
On top of all this, FXCM takes no responsibility for technology issues and while their customer support has been good at times, when it really counts they fail to deliver.
Their proprietary Trade Station platform is more stable but lacks features and has an awkward interface.
Given the wide spreads and brokerage you pay FXCM, I would expected more from them.
I doubt that a perfect broker exists but you can most certainly do better than FXCM. -
I have both demo and live accounts with FXCM an yes the demo does not trade like the live account. However I am testing to see if this it true with other brokers as well. They also claim to have pip spreads as low as 1 pip so to be honest you'll almost never see that, 2 and above yes. They do have an iPhone app and well what can I say it needs help (no trailing stops and limited to a 5 min chart). Now for the good FXCM offers multiple classes durning the day for new and advanced traders and I can't say enough good things about those. They also have a huge library of recored classes and PDF books that are very helpful to traders. Calling support was not speedy but I was able to reach the trade desk to correct the problem in a reasonable amount of time.
Greg July 2011 -
Good stuff! FXCM has many major banks quoting them prices, in return there are competitive spreads, even during market-moving news events.
lisahenry June 2011 -
FXCM is a big player in the Forex market, and has practically covered every corner of the globe in offering their broker services.
lisahenry June 2011 -
You are right..somone else will make money on your trades..FXCM!!!
Bruce Wayne February 2011 -
I wish I would have read this forum before I went with the FXCM platform. I'm trading on two platforms at the same time and I lose on FXCM and win on the other on (out of US account). Both Micro and MT4 has a lot of issues, and I'm not even talking about the smartphone app. The most dissappointing is the Micro trading platform II. That thing is just inaccurate, and somehow just so smartly created that you can't profit. I could call it a gambling mashine, haha I uninstalled it 3 times because I got so mad at it. and now time has come to uninstall it again. Oh well, someone else will earn money on my trade.
3 yrs forextrader January 2011 -
FXCM, is an excellent Broker. I use them and is one of the best for new traders ti start with.
Larry Folson February 2010 -
FXCM, is an excellent Broker. I use them and is one of the best for new traders ti start with.
Larry Folson February 2010 -
I just opened ACCOUNT MICRO , I FIND VERY EASY ,COMFORTABLE.MOREOVER NO PAPER WOTK. WITHDAWAL IS ALSO PAPERLESS. ONLY ONLINE.VERY ASSURING. ARUN GIRI
arungiri October 2009 -
I did not mention that the previous review of FXCM sounds like a paid FXCM employee, but he made it so obvious.
Forexbody July 2009 -
If someone asks me what is the best trading platform in the world my answer would be FXCM's standard and micro platforms, on the other hand if some one asks me what is the worst Forex trading platform in the world my answer would be FXCM's Active Trader web based platform. Why? Because the latter is designed to rip you off and burn your money, they have demo accounts as well for this platforms all you have to do is try it and you will discover how you will be misled to open a live account with them that will not behave like the demo account that you liked in any way. delayed quotes as long as 3 seconds with a normal connection, you would get up to 6 seconds of delay on dial up. what that means is that you will be asked for a requote many times with every order, or you would setup the platform to allow untolarable amount of slippage. My friend lost 25k in his live account. Stay away.
Forexbody July 2009 -
Im using fxcm, is a good one, i haver over 3.5 years trading forex, and i have 6 months using fxcm, low spreads most of the time (high spreds on market special conditions), excellent customer service, and execution guaranteed on your trades,lower rollovers, decimal pips, and now they have a micro account starting with 25 usd, being honest, this is one of the best forex brokers, try them!
janus June 2009
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