FXCM is the broker that needs no introduction, if you have been into forex for at least a few weeks, you will definitely have FXCM on the tip of your tongue. Generally, FXCM is the largest forex broker, which is also a NYSE-listed company. Founded in 1998, Forex Capital Markets is currently headquartered in New York and London. Trading forex online with FXCM will definitely be enjoyable, as this is a Direct Market Access provider and unlike with most of the market makers, you do not have any interference with your trading.
FXCM is generally the largest broker and it have achieved such a success due to the historically unstained reputation and constant attempts to provide better services.
FXCM Trading Accounts
With this broker you can choose the account based on the size of your investment. Generally, FXCM looks to get medium size and large scale investors and traders, hence you are simply not able to trade with FXCM if you have less than 2,000 USD of available funds to deposit.
Opening a Standard Account with FXCM will generally grant you access to DailyFX PLUS features, which can be useful for someone who is looking for additional analytics and recommendations on his trades.
Depositing 25,000 USD or more will provide you with a larger set of benefits on your Active Trader Account. You will your own Client Relationship Manager and Service Team, Free VPS and waived commission for your bank wires. If you are into auto trading, you could take advantage from API Connections and you will also be welcomed with 600 USD credit to be spent at FXCM Marketplace. In this place you can get various custom indicators and trading robots for MT4, apps for Trading Station or just standalone trading software.
You can also deposit over $150,000 with FXCM and get access to Private Client Group Account, which is quite similar to Active Trader, although you get more store credit and you are also provided with 1 on 1 calls with experts.
FXCM Trading Platforms
With FXCM you can get access to the widest platforms lange we have ever seen. It is hardly possible that you can encounter so many famous platforms with any other brokerage. As most of the best forex brokers, FXCM let’s you access MetaTrader 4, which also has a ZuluTrade extension. If you are into copytrading, you will enjoy the MirrorTrader. On top of this, FXCM provides NinjaTrader, a platform that is used by a number of stock and futures traders.
Even though FXCM supplies a great set of third party platforms, it is own handcrafted platform should not be underestimated. TradingStation Platform by FXCM is a state of art piece of technology that comes in web, mobile and desktop versions. While it overtakes MetaTrader 4 in terms of web platform availability, Trading Station Desktop App doesn’t seem to be inferior to MetaTrader 4 as well.
FXCM Trading Conditions
Trading with FXCM comes at a price of both – the commission and the spread.
The spreads of this broker are one of the lowest in the industry, so you can definitely scalp safe in the knowledge that you do not have to “grab” too many pips in order to break even. As you can see from the table below, FXCM provides market leading spreads not only on EUR/USD (0.2 pips), but also on every single major and even on some exotics (like NOK/JPY).
WIth FXCM you also have to pay a commission that depends on the USD volume of your translation. The commission fee is 6 USD per side, per 100,000 USD.
So, in total it will cost you somewhere around 15-20 USD to trade one regular MetaTrader lot of USD-based pair, as you would have to pay the spread and 6 USD commission everytime you OPEN and every time you CLOSE a position.
FXCM Deposits And Withdrawals
This broker provides access to regular means of processing your payments – bank wires, credit cards, ACH electronic checks and simple paper checks. The fastest way to top up your account is Debit/Credit card, which is processed in seconds.
FXCM Review Conclusion
Trading with the largest broker will definitely be secured for you and will eliminate all of the headache regarding the reliability of your broker. The trading conditions of FXCM are quite good, hence you can trade cheap and enjoy superior NDD execution. The amount of platforms is extensive, so not only you get your loved MetaTrader 4, but you also get a chance to test other 5 platforms and see what suits you best. This is a great broker, even though it doesn’t offer bonuses, rebates and the best support.