Forex Capital Markets (FXCM) is an acknowledged worldwide leader among Forex brokers. Over more than 15 years of its activity the company has established an excellent reputation. FXCM is headquartered in New York and has offices in 45 countries all over the world. The company is an ECN/STP broker.
FXCM is authorized and regulated by NFA, CFTC (USA), FSA (UK), ASIC (Australia), BaFIN (Germany), APC (France), CONSOB (Italy) etc. With high level of control and a wide customer base FXCM is hardly looking for new clients. Still, the number of its customers is constantly rising. Neither high minimum deposit ($2 000 USD) nor low leverage (1:200) and floating spread reaching 1 pip can prevent the rise. FXCM trading volume is $250 billion USD, which allows the company to compete with many banks. FXCM is offering the following trading tools to its customers:
- 56 currency pairs;
- CFD for gold and silver;
- CFD for stock indices and energy sources.
FXCM is the first Forex broker traded on the New York Stock Exchange (NYSE) under the FXCM ticker.
FXCM is one of the few forex brokerage firms registered in the offshore zone. Besides, the company has licenses of those countries where it works. If there is no required financial regulatory body in a country, FXCM is working there through its representative office. For example, the broker is working in Russia through its office in London allowing Russian customers to get a good protection from the European regulatory body FSA.
Deposits and Withdrawals
FXCM’s clients can make a deposit in the following ways:
- bank debit/credit card (VISA, Maestro). Funds are credited to the trading account within 1-2 banking days;
- bank transfer. Payments are processed within 3-4 banking days.
Withdrawals are made using the same banking instruments within the timeframes specified above.
As already mentioned, FXCM is authorized and regulated by the world’s major regulatory bodies. Moreover, being the largest international broker, the company is committed to a policy of full transparency. The company regularly publishes the results of its financial activity controlled by NFA Governance and the New York Stock Exchange. Thanks to this approach, it is constantly improving its services and holds a firm leading position in the marketplace.
To protect assets of its clients, FXCM is widely using various hedging strategies mostly developed by its specialists. This enabled the company to substantially enhance efficiency of the risk management system.
FXCM’s customers can open segregated accounts, which allow to protect their assets from unforeseen situations resulting from the broker’s activities.
Bonuses and Promotions
FXCM doesn’t make special efforts to attract new customers. The company’s policy hardly changed even after switching focus to the retail trading segment.
The only bonus the company offers to its clients is free trading advisors, which, upon a closer view, prove to be not quite free, or rather not all of them prove to be free. You just need to log in on the company website to get this “bonus”.
FXCM regularly holds promotions, contests and competitive tenders with different subjects and prize funds. Both owners of live trading accounts and beginner traders, who registered demo accounts, can participate.
Trading Accounts Types
FXCM’s clients can open a live account in USD, EUR, JPY, GBP, AUD, CHF, CAD, NZD
|Type||Micro Account||Standard Account|
|Leverage||1:1 – 1:400||1:1 – 1:200|
|Deposit (minimum)||$50 USD||$2 000 USD|
|Instruments||forex (33 currency pairs), CFD for metals (5), CFD for indices (13), CFD for oil (3), futures|
|Spread||from 1 pip||from 1 pip|
|Spread type||Fixed||Floating for NDD|
|Execution||Instant Execution||Market Execution (NDD)|
PAMM accounts of the company are worth special mention. They are in great demand among investors.
Trading Platforms Types
FXCM is offering the following trading platforms to its clients:
- MT 4;
- FX Trading Station 2.0;
- Active Trader;
- Trading Station Gateway;
- FXCM Strategy Trader;
- Trading Station II Mobile.
The wide choice of trading platforms can satisfy the most demanding customer.
Multilanguage customer support service is working 24/7. The support team gives instruction to the company’s customers offering an educational course with a look at trade peculiarities in different financial markets. At the moment there are several programs available for traders of all levels, from beginners to professionals.
Besides, owners of live accounts can get in touch with the support center in the following ways:
- Live chat, where you can ask a question in real-time mode;
- ICQ, Skype.
Using one of these channels, you can contact a certain service of the company and get support from highly-skilled professionals.
Pros of Trading with FXCM
The company enjoys a major competitive advantage offering unique execution models, which let not only facilitate traders’ work but also considerably improve trading conditions. One of such unique instruments is No Dealing Desk (NDD) execution, which means trading at a price of the world’s leading banks. Transactions are made through FX Trading Station. To gain favour of the largest international broker, banks try to give best prices to the company.
Other advantages of trading with FXCM are as follows:
- An extensive international network of representative offices;
- Tight and uncompromising control of the company’s financial activity by the world’s major regulatory bodies;
- Regular contests and competitive tenders;
- Convenient Trading Station 2.0 platform.
The company’s cons are as follows:
- Much less financial tools and worse trading conditions for customers trading micro accounts;
- Few options of depositing and withdrawing money.
Bobby: This broker is well ahead of its competitors on a number of characteristics. Only communication skills of the customer support are disappointing. But in general I must admit the broker is hard to fault.
AhmedFx: Minimum deposit is not minimal at all, even on micro accounts, and given much complaint about withdrawal delays, the major broker seems not so great. Besides, its trading conditions are hardly better than those of other brokers, while in case of cent accounts they are much worse than medium.
Prokis: I’ve been trading with the broker for half a year and can’t complain. Slippages and withdrawal delays by 1-2 days happen, but that’s not the case. The trouble is that it’s very boring. No competitions, no contests. Or rather there are some, but subjects and, what’s more, arrangement went out of date long ago. If you contact the support center, you hear so sad voice that you immediately forget what you asked. In understand it’s a major broker, 15 years on the market, regulated to the max, but still there should be some drive. In few words, it’s a perfect broker for those who above 50.
FXCM is worth appreciation. Accuracy, transparency, high efficiency are the main virtues of the company. FXCM’s commitment to innovative foreign exchange technologies is also worth notice.
However, there is one dark spot on this brilliant image. The company pays little attention to the retail segment.
Conservatism and arrogance will do dirt to the broker some day.
FXCM forex broker is completely unsuitable for beginner traders.