Forex Capital Markets
Over the last few years, FXCM has faced tight regulatory scrutiny as a result of its acquisition of Refco, a forex broker that went through complex bankruptcy proceedings. These days, FXCM is a highly competitive broker in terms of spreads.
Having recovered from the crisis, FXCM today is focused on catering to the trading needs of both beginner traders and experienced traders. FXCM Markets Limited (“FXCM Markets”) is incorporated in Bermuda as an operating subsidiary within the FXCM group of companies (collectively, the “FXCM Group” or “FXCM”). FXCM Markets is not required to hold any financial services license or authorization in Bermuda to offer its products and services. The MT4 platform does not allow FXCM to include commissions in pre-trade margin calculations on client’s pending orders.
Although the capital is virtual and any profits or losses are not real, you can make it more so by withholding a treat from yourself in the event of a loss or rewarding yourself for your profits. Anything that can make you feel the more realistic emotions of trading will enable you to get the best from the demo account. FXCM provides access to the world’s largest market, offering innovative trading tools, mobile trading and the support of trading educators. A broker comparison shows it to be a well-established performer with a good reputation.
With tight spreads and no commission, they are a leading global brand. Their mobile and desktop trading platforms need an update, as they are not user-friendly. FXCM investor protectionCountry of clientsProtection amountRegulatorLegal entityEurope£85,000FCAFXCM LimitedSouth AfricaNo protectionFSCAFXCM South Africa Pty. LimitedAll other countriesNo protectionASICFXCM Australia Pty. LimitedNo protectionBMAFXCM Markets LimitedFXCM provides negative balance protectionfor forex spot and CFD trading, but only for retail clients from the European Union.
One major benefit of trading with FXCM is its wide range of educational features. Most of these are discussed above, but the site also offers a live classroom environment and a video tutorial library. So anybody looking to develop in-depth learning will have their needs met on this site. FXCM is authorised and regulated by the Financial Conduct Authority in the UK under registration number . The company’s shares are traded on the stock exchange and it is authorised as a business within the EU.
Choose whether to trade in Great Britain pounds, US dollars or in the euro. To get the best from the FXCM demo account, you may need to make some adjustments to your results to make it realistic.
This is available from the traders area within the trading platform. The mobile trading platform does a good job of offering most features of Trading Station and MetaTrader 4 (MT4). Of course, the smaller screens of mobile devices mean it’s essential to keep scrolling between screens and using http://broker-review.org/ the tabs located at the bottom of the screen. The FXCM Trading Station platform is available for desktops, in web format for Macs, and for mobile devices. It is a powerful platform and mobile users benefit from quick and easy access to global forex markets from any WiFi enabled location.
Additionally active traders can get further discounts on this pricing for higher trading volume of around 60% discount. Traders with a volume of between 50M – 150M will get 58.4% discount. This is a platform for algo traders to connect in an open-source sharing community. It works on both mac and windows and allows its users to focus on strategy development through the use of its back-tester and in house research. Overall, the design of the Trading Station user interface is well designed with the user in mind.
- The research section represents one of the most prominent services FXCM provides and deserves consideration on its own.
- Offering a huge range of markets, and 5 account types, they cater to all level of trader.
- In addition as a regulated entity of the FCA, UK clients of FXCM are further protected under the Financial Services Compensation Scheme (FSCS) up to a maximum of 50,000 pounds.
- Overall, we’re quite impressed by the service offered by FXCM.
- Although FXCM got its start as a developer of technologies to facilitate online trading, the company is known for its retail brokerage services.
- The processing time is listed as one business day, and most of the required information regarding deposits and withdrawals are provided inside the back-office.
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 https://broker-review.org/fxcm/ amount of time. High trading fees may be a deterrent for potential traders, but the extensive range of platform choices and top quality research and education compensate for these fees.
Using the demo, you can trade online 24 hours a day, five days a week, using live buy and sell prices. Using the demo programs is risk-free, allowing you to try spread betting and CFD trading without losing any real capital. When signing up for a demo account, FXCM provides £5,000 of virtual money, allowing you to see what returns you might be able to get when you trade for real. Even those happy with their current broker may find it useful to use a demo account on occasions to test a new strategy. In addition to this, as most brokers have different accounts and platforms, it can be a way of testing those before switching.
When does a margin-call take place at FXCM?
A withdrawal fee of up to $40 is levied on traders, which is a shame as many brokers don’t charge for withdrawals. An inactivity fee of $50 or a currency equivalent is deducted from accounts dormant for twelve months. A $30 VPS Hosting charge applies for traders utilizing this service. FXCM fxcm account publishes a Rate Card where all fees are detailed, a pleasant (and appreciated) attempt by this broker to remain transparent and build trust. FXCM has good customer support on offer 24/7 and has multiple offices across the world, including in London, New York, Berlin, Sydney and Hong Kong.
A FXCM trading account has now been assigned to your Sierra Chart account. All contents on this site is for informational purposes only and does not constitute financial advice. Consult relevant financial professionals in your country of residence to get personalised advice before you make any trading or investing decisions. Daytrading.com may receive compensation from the brands or services mentioned on this website.
The main one for FXCM is the UK’s Financial Conduct Authority (FCA), where it holds the registration number . Through its subsidiaries, it is also regulated in Australia, Japan, Hong Kong, Israel and South Africa. In New Zealand and Canada, FXCM has partnerships with local firms to allow them to offer services to residents of those countries.
Clients’ funds remain fully segregated from company funds as mandated under the FCA Client Assets Sourcebook (CASS) for its UK entity. All third-party institutions have a credit rating equal to the FCA Credit Quality Step 5. All four FXCM entities are in full compliance with its regulators, and this brokerage has done an excellent job of regaining traders’ trust.
For example, someone familiar with the FXCM Trading Station II may like to use an FXCM MT4 demo before investing capital in a Metatrader 4 account. Before investing real money, it is useful for a trader to firstly make sure they can get answers to a number of questions. A demo account is a useful option offered by many brokers, allowing an investor to review a trading platform before risking their capital. Usually, a demo account will include an amount of fictitious ‘money’ to fund the trades, allowing the user to become familiar with the different features and tools of the platform. For trading platforms, FXCM has provided its clients with a choice of several trading platforms such as the MetaTrader 4 (MT4), Ninja Trader and ZuluTrade trading platforms.