FXCM is a broker with a strong financial basis and a good reputation in the trader community. The broker's history stretches back into the 20th century and during that period the firm took part in many of the innovations and advances that have made the forex world more amenable to the retail client's expectations. FXCM's strong relationship with many of the world's premier banking institutions allow it to provide some of the most competitive quotes in the market to clients and its competent technical team makes a stable, safe trading experience possible. Being subject to U.S. regulations and FIFO rules grants clients protection from abuse of heavily speculative strategies which benefit brokers much more than they help traders.
With this great background, FXCM welcomes swing traders, trend followers, automated systems users and scalpers with an equally positive attitude.
FXCM provides three basic choices as trading software each of which is as strong as the main platform, adding great diversity to the choices available to the firm's clients.
FXCM Trade Station II: Constantly improved and renovated, the Trade Station II is FXCM's main platform, featuring one-click trading, streaming quotes and an array of 10 order types to allow maximum flexibility in client actions. Some of the advanced features of this platform include market range, where the order will not be fulfilled if a certain range is exceeded, as well as advanced order entry, and execution systems.
Active Trader Platform: The Active Trader platform requires a monthly trade volume of $10 million or a minimum initial deposit of $50,000 before traders can make use of it, but its advanced features readily justify the high price tag. Much lower spreads and the ability to view up to 10 levels of market depth enable a whole new set of strategies for qualifying accounts based on the exploitation of support/resistance levels. As always, however, spreads are dependent on market conditions, and may vary at times of low liquidity and high volatility.
FXCM Mobile: The mobile platform is for traders who are on the move. It is available to standard and micro accounts, and features live streaming rates depicted on powerful charts, detailed statistics on account balance, margin and equity levels, as well as the power to open or close market and entry orders with just a few clicks.
MT4: The popular MetaTrader 4 platform, specifically optimized by Boston Technologies at the request of FXCM for automated, no-dealing-desk trading, is the alternative choice for traders who make frequent use of auto-trading strategies. MT4 is well-known to most forex veterans for its excellent flexibility and customizability that have made it a favorite of both brokers and traders around the world. The Trade Station II remains the optimal choice for those who prefer to implement strategies manually, but for large volumes of EA-optimized techniques, MT4 is FXCM`s best offer.
Mac and Web platforms, powerful new programming capabilities, and automated trading packages are available for more experienced traders who would like to benefit from FXCM`s advanced and trading software.
Deposits and Withdrawals
The standard FXCM Trade Station II platform has spreads fixed at two pips for the EURUSD pair and at three for GBPUSD, although under favorable conditions, rates will go as low as just 1 or 1.1 pip for the actively traded EURUSD, GBPUSD, USDJPY, AUDUSD, EURJPY and USDCHF pairs among others. FXCM works with many global banks to bring its clients the best possible rates in the market and while during ordinary trading days spreads remain fixed, periods of volatility such as those that follow news events may widen them due to liquidity shortages at quoting banks.
Leverage up to 50:1 is possible, in line with new CFTC regulations. Nonetheless, if you are new to forex trading, we invite you to recall that leverage is as much of a peril as it is a boon to trading, and that, in the case of a beginner at least, it may be a distraction in the best case scenario. Keep leverage as low as possible as you perfect your understanding of forex trading in order to let your account survive the process. Using leverage always carries a high risk.
Available deposit channels include credit and debit cards for up to $10,000 per calendar month, bank wire, paper check for U.S. and U.S. Territories. ACH deposits are also possible for U.S. bank accounts. Restrictions apply to checks and ACH deposits. Accounts opened Visa and MasterCard deposits may also be restricted to withdrawals through the same medium.
By using the links here at ForexTraders.com you can now open a standard account with a $300 minimum deposit in comparison to the $2,000 it usually is.
Risk disclaimer: Forex trading involves substantial risk of loss and is not suitable for all investors. You may lose more than your initial investment.
FXCM's customer care department is the pride of the firm. Since FXCM is one of a smaller group of brokers with their own trading platforms and developments teams, it is able to respond to any arising issues with greater speed and effectiveness than is typically experienced with the standard forex broker. The multilingual staff is instructed to hold the client in high respect at all times and testimony of past and present traders` shows that the team adheres to these instructions diligently.
Daily market commentary, free webinars, detailed Q&As responding to the common questions of newcomers to forex, powerful visual and audio tutorials summarize the many features of FXCM directed towards simplifying and hastening the novice trader's early experience with trading. As a broker with a history of commitment to client satisfaction, FXCM seeks to build long term relationships with traders, which is reflected in the treatment that new customers receive.
In terms of financial strength, sophistication and number of clients, effectiveness of customer support and beginner-friendliness, FXCM is certainly one of the top five brokers of the world. The need to satisfy the huge client base of the firm, their varying needs and expectations, necessitates that FXCM be one of the most advanced and technologically up-to-date brokers in the world, and they do not fail in these respects. The firm is a partner to world giants like Deutsche Bank and remains one of the most recognized names in the forex brokerage universe.
The tried and tested FXCM Trade Station Platform II, the extraordinarily powerful Active Trader package for clients with more knowledge and experience of forex trading, sophisticated auto-trading capabilities, and an elite maintenance staff that keeps the complex system rolling are the strong points of the broker. More than 150,000 traders have voted with their accounts, trading $250 billion in notional volume through more than three hundred thousand trades each month through the broker's system. If the mental ease of trading with a well-established firm are enough to fulfill your expectations from your broker, FXCM is easily the best choice for you.
- Accepts U.S. traders
- $300 minimum deposit
- Regulated by the NFA
- Great selection of platforms
- Experienced and well-established