I have been using FXCM Trading Station for 2 years come November. I withdraw up to £1,000 per month and providing I am using BACS, my cheque account is credited often the next working day, or the day after at the latest. Card refunds take a long time, since the funds are removed only after a couple of days and take a long time to reach the bank. However, I have never had a problem with withdrawing funds, except for the wait. FXCM offers one of the best selections of platforms for traders to choose from. Its flagship platform, Trading Station, is available as a web, desktop, or mobile platform, or you can use MetaTrader 4, NinjaTrader, or ZuluTrade.
Typically, a trader is looking to save money on commissions or get access to better trading tools. However, a single bad experience with a brokerage can be the deciding factor in whether or not someone continues to do business with them. Good service is about consistent quality, regardless of net worth. It’s no wonder that these brokers, which are committed to good service, also score well in all of our other categories.
The FXAP allows traders and investors one time or monthly purchases of foreign currency to take advantage of dollar-cost-averaging. With real foreign currency, you can hedge your portfolio against currency fluctuations and accumulate interest. FXCM has provided potential clients and existing clients with a demo account facility. The demo account uses live eur prices for trade executions and allows users to trade the financial markets under actual market conditions 24 hours a day 5 days a week. As an online provider of forex trading services, FXCM forex broker provides professional trading platforms for its clients. These trading platforms include trading station, MetaTrader 4, NinjaTrader, and ZuluTrade.
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Trading Station is the proprietary trading platform for trading Forex and CFDs, suitable for traders of every skill level. The platform offers some of the best analytical tools available in the desktop version, web version, and application for Mac, Android, and iOS devices. From cryptocurrency CFDs to exchange-traded securities to Forex trading, the broker enables these trades to be connected trader to over 43 exchanges across the Asia Pacific, Europe, and North America. Based on the global exchange allotted to the trader, the trading instruments may vary with additional offerings apart from the ones stated above. FXCM offers an economic calendar, and using the demo feature; one can test the difference in the expected value and the actual value to develop strategies for real trades.
- To activate this account, users must make a minimum deposit of $2,000.
- After the submission of the online form, the FXCM team will verify the user details.
- CitiFX Pro is owned and operated by Citi Bank, and while they don’t provide access to markets outside of forex, they provide the most currencies to their clients with more than 130 pairs.
- NinjaTrader –This is a platform with great execution performance on a large ECN network, connecting traders to the biggest liquidity providers in the industry.
- Readers are advised to note that standard bank charges apply for withdrawal methods involving bank transfers.
- I also do understand that FXCM reserves the right to terminate any or account.
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For trading platforms, FXCM offers two main types of trading platforms. They comprise of the industry proven MetaTrader 4 platform as well as the proprietary Trading Station. Due to the popularity of the automated trading feature, the proprietary FXCM Trading station was developed also to support automated trading strategies. These two platforms come with a complete charting package which traders can use in order to analyze the markets with more details. In the U.S., it’s for clients who want to trade the foreign exchange markets. To deliver on this successfully, IG has decided to adopt the time-honored adage, “go big or go home” because, well, it can.
FXCM allows people to speculate on the foreign exchange market and provides trading in contract for difference on major indices and commodities such as gold and crude oil. I’ve been with them for almost three years and their system went down three times , causing interruption to me and rest of the FXCM customers. Just recently, they raised cost of the spread for micro account. I had standard account before but switched to micro to keep the spread cost lower. They are one of the biggest currency brokers out there but very highly unethical.
There is also an extensive FAQ page with sections for general questions, various product info, and trading information covering the majority of the enquiries you may have. You can also use one of the specialty platforms that can be completely integrated, including Quantconnect, MotiveWave, AlgoTerminal, AgenaTrader, StrategyQuant, SierraCharts, SeerTrading, and NeuroShell Trader. These are all best for advanced traders due to the limited information available on their use. FXCM is not a market maker; its operations are based on the no dealing desk trade model, which involves linking all its users’ orders. Now that we have covered most of the FXCM broker platform features, let’s learn the steps involved in opening an account. Traders can find a blend of third-party research materials and FXCM exclusive content.
On average, a trader will just have to wait less than 1 minute before their call or their chat gets through. FXCM has partnered with several other institutions in order to provide the best in research tools. FXCM is a relatively senior online broker compared to many others today because it has been around since 1999. It is a subsidiary of the Jefferies Financial Group, a publicly-traded company that has a listing on the New York Stock Exchange.
Platforms And Trading Tools
Card withdrawals may take between 5 business days and a billing cycle. Pricing with FXCM is reasonable, although not the best you will find.
The average spread for EUR/USD is 1.3, and users can view an updated list of average spreads on the “Spread Costs” page. Keep in mind that these are averages, so the FXCM Forex Broker Review spread may be higher or lower at any given point. There is no Zero or ECN account that charges a commission, so all account holders with FXCM are charged spreads.
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FXCM offers many tools for both research and education, each of which has its own dedicated section of the website. Some of the research tools include market news, charts, a market scanner, an economic calendar, market data signals, and trading signals. In terms of education, FXCM offers a live classroom, trading guides, forex speakers, and a video library. There are enough educational tools to give beginners a head start, particularly when combined with the demo account. The research tools and speakers can appeal to more experienced traders. CFDs are complex instruments and come with leverage, which means there’s a high risk of losses.
The broker’s representative offices can be found in many corners of the world – UK, Germany, France, Greece, Italy, Hong Kong, Australia, Chile, Japan, Tel-Aviv and Lebanon. The company’s activity is strictly regulated by such regulatory bodies as CFTC, FSA, ASIC, SFC and CONSOB, which indicates that FXCM performance is stable and trustworthy. Regarding the risk management tools, the FXCM broker does not offer negative balance protection, while the XM group provides negative protection.
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Once they are certain about the trading tools and strategies, they can try real trading. However, for real money trading, users must make an initial deposit, which varies for the type of real accounts, which is standard and active trader accounts. An active trader account requires users to make a minimum deposit of $25,000. As a complex trading account, it has all the features FXCM has to offer. Another unique feature of the active trader account is that users get expert advice from some of the top forex trading analysts. Apart from this, the broker offers an active trader account with dedicated customer support, API trading, and Trading Station for free.
Traders located in the UK can use the BACS system for domestic wire transfers. FXCM maintains bonus offer which are time-sensitive and not fixed. Many of these offer are also given out through affiliates and introducing brokers and not directly from the broker. Processing takes can take as little as 1 working day for Skrill, UnionPay, debit or credit card up to as long as 5 working days for bank transfer or ACH.