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As of September 2014, FXCM will no longer be offering Micro or Mini accounts. FXCM remains as one of the most reputable and highly-respected Forex brokers in the world, and their commitment to their traders comes through in their top-notch trading platforms and their low spreads. To learn more about Standard accounts, read our full FXCM review here.
FXCM Micro, a division of, FXCM, a registered Futures Commission Merchants engaging in Forex trading and related services, offers Forex traders a solution to a very common problem. While the Forex market has over 4 trillion dollars traded daily, retail traders who are just getting started in Forex trading do not have a lot of capital to invest.
In fact, putting aside capital, new Forex traders should not be investing large sums of money in Forex before they have some experience under their belts. A beginner Forex trader should try to keep risk low and trade on a low flame for as long as they can afford to.
Many Forex brokers require a minimum deposit of $500, a sum that is substantial to most people. Other brokers go as low as a $100 minimum, but even that might be a high number for some traders.
The FXCM Micro account enables Forex traders to begin their Forex career with a minimum deposit of $50. This means they cannot possibly lose more than that as a result of trading. Unlike FXCM that caters to all retail traders as well as institutions, FXCM Micro clearly targets the new Forex trader.
FXCM now also offers the ability to trade micro CFDs, putting most of the major global stock indices within reach of the micro trader. The minimum risk sizes offered start at only 9 cents per pip for the Australian 200, and require margins mostly below $10.
The site has various resources to learn the market including webinars, videos, and self study tools. The FXCM Micro account also offers its customers free professional Forex signals to help them in their trading. For those traders that want to practice before investing real money, FXCM Micro also offers a free $25,000 demo account for traders to test their strategies and trading abilities.
Opening an FXCM Micro account with a $25 deposit will also grant the trader competitive spreads and FXCM’s no dealing desk execution. The one thing that struck me as a little strange is that if FXCM Micro is a service that caters to new traders, you would think they would the best customer support possible including email, phone, as well as real time chat. Unfortunately, FXCM Micro only has email and forum support, which may be a problem for the new Forex trader. In terms of the platform itself, it is a downloadable application that is compatible with PC only.
For Mac users, there is a Java-based trading platform. Since FXCM Micro is a division of FXCM, the company is registered and regulated by many of the most respected regulatory bodies in the world.
FXCM Micro is currently offered through Forex Capital Markets Limited (FXCM UK) for international clients, and Forex Capital Markets LLC (FXCM US) for U.S. based clients. FXCM UK is regulated by the Financial Services Authority (FSA) in the UK. FXCM US is a registered Futures Commission Merchant (FCM) with the Commodity Futures Trading Commission (CFTC) and a Forex Dealer Member (FDM) of the National Futures Association (NFA). Depositing and withdrawing funds from your FXCM Micro account is relatively easy with support for credit card, wire transfer, paper check, and ACH or EFT. FXCM Holdings, LLC, the parent holding company of FXCM UK and FXCM US (FXCM), has over 165,000 tradable accounts from over 180 countries.
As of June 30, 2010, FXCM had in excess of $425 million in customer funds and an average of $250 billion in trading volume on platforms offered by FXCM. We believe that FXCM Micro is a good solution for new traders. Please note that trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors.
Currently, as of June 2012, FXCM now has their own FXCM app store. FXCM is offering a few free apps for those that open a live account. In addition to the free apps, worth $225, there are many others, some either free or reasonably priced for all your trading needs. Apps include indicators and trend locators among others. The app store is easily accessible for download on the FXCM website.
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Review info: FXCM Micro
Review Date: 2014-09-29
Rating : 3.5
Reviewed By : Sara Patterson (Google+)