FXCM (Forex Capital Markets) was founded in 1999 in the U.S.A. and was an early pioneer of internet-based trading. The FXCM Group has headquarters in London, with offices around the globe in places such as France, Italy, and Australia. It is regulated and licensed in each of them.
FXCM was in the news a great deal during the years of 2015 and 2016 following an extremely sharp movement in the value of the Swiss Franc, primarily against the Euro. The consequence of that crisis was a sudden loss of $225 million suffered by FXCM, requiring a major restructuring of the firm’s capital, and this was primarily met by the drawing of a loan of $300 million from Leucadia National Corporation. The firm also sold off many of its less core business activities, notably including a major news website. There was eventually a major change made to the firm’s senior management, with an employee of Leucadia being appointed as chairman of the FXCM board. Leucadia continues to hold a major chunk of FXCM’s equity.
FXCM provides account types designed for experienced traders as well as for those who are new to the FOREX market. The standard account opening requires a minimum deposit of $300 and offers a maximum leverage of 1:30 for all FXCM LTD retail clients. Traders who are not under LTD can opt for leverage up to 1:400 and a minimum deposit of $50 Traders can also open an Active Trader account with $25,000 to receive elite services.
Forex Capital Markets Limited ("FXCM LTD") is an operating subsidiary within the FXCM group of companies.
FXCM also offers a demo account with $5,000 virtual money.
As per 2018 ESMA regulations, FXCM LTD clients are eligible for limited services. Below is a breakdown of how FXCM's services work as of September 2018:
Minimum Deposit (FXCM LTD clients): $300
Minimum Deposit (Non- FXCM LTD clients): $50
Maximum Leverage (FXCM LTD retail clients):
· 30:1 leverage restriction for major currency pairs
· 20:1 for non-major currency pairs, gold and major indices
· 10:1 for commodities other than gold and non-major equity indices
· 5:1 for individual equities and other reference values
Maximum Leverage (Non-FXCM LTD clients):
- 400:1 leverage for Forex trading
- 200:1 leverage for CFD trading
Trading Platforms and Features
In addition to its proprietary platform, Trading Station, FXCM uses the popular MT4 trading platform. 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. Other platforms available with FXCM are NinjaTrader and Zulu Trade.
FXCM now provides the FXCM App Store which is a professional and developed trading app for the MT4 platform. Some of the apps included are - 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 FXCM App Store such as Forex news, different utilities for your trading, indicators, and more.
Algorithmic and high-frequency traders also have access to FXCM’s API technology solutions suite – FIX, Java, ForexConnect and REST – to connect their trading software directly to FXCM’s price and order servers.
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.
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, five days a week customer support. A Multi-lingual staff speaking over 20 languages is available at all times, via International toll frees calls, chat and e-mail. 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, FXCM offers educational courses and premium resources to help traders familiarize themselves with the markets.
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.
- Tight spreads, as low as 0.5 pips
- 24/5Customer Support
- Training tools & research
Review info: FXCM
Review Date: 2018-09-23
Rating : 4.5
Reviewed By : Sara Patterson (Google+)