FXCM was one of the first brokerage firms to offer online forex trading to retail traders. Education exists via free online forex trading courses, webinars hosted by FXCM Senior Market Specialist Russel Shor, and written content with exceptional quality. The Trading Guides provide more detailed educational content, and new traders get considerable material to deepen their knowledge base. FXCM is conducting research and education seriously while executing them well. This is a free daily email brought to you by Trading Central, a professional research organisation that offers technical analysis and daily market commentary on a variety of instruments. The newsletter is called “Before the Bell,” and it is distributed by email.
Does FXCM operate a bank?
In terms of financial strength and stability, FXCM is among the world’s top forex and CFD brokers. There is room for improvement in some areas such as inactivity and wire transfer fees, which remain relatively high. Outstanding research and education resources round out an above-average offering from this veteran forex and CFD broker. The latest version of the Trading Station web platform has a better look and feel. We noted tighter spreads in some forex pairs, for example, EUR/USD, with spreads as low as 0.8 pips in a Standard Account. Several new payment methods, such as PayPal and Google Pay, are now available for deposits and withdrawals.
Trade Volatility
SSL encryption safeguards data transfer between clients’ computers and FXCM’s servers, keeping hackers out of the picture. This is critical because identity thieves and online fraudsters may attempt to steal sensitive user information such as credit card numbers, verification papers, and user accounts. These accounts are held in top-tier banks in Europe, Australia, and other FXCM countries of operation. In Australia, for example, customer money is kept by Citibank, Australia, a well-established multinational bank.
Trade Station
If you are a high-volume investor, then the Active Trader account may be for you. This account offers FXCM’s lowest spreads with the added benefit of discounted commission, dedicated support, and depth of market. FXCM offers trading ideas via the Trading Signals and Technical Analyzer pages. On the other hand, it does not support fundamental data such as P/E ratios, market capitalization, and dividend yields.
Executing Trades
- Use the Capitalise.ai app to manage your trades on the go; edit, stop or automate new trading strategies, all from your iPhone or Android device.
- These amounts are the absolute maximum leverage on offer, but they may vary according to the asset traded, with more volatile assets generally providing lower amounts of leverage.
- The broker has excellent and user-friendly trading platforms, with a simple interface and clean design.
- Also, there are articles explaining the roles of G20, OPEC and IMF.
- A Terms of Service document is available online via the General Business Terms page.
When the trader loses money, slippage is negative, whereas when positive, the trader receives a fill at a better rate than the prevailing market. FXCM’s slippage was reported as +87% positive or zero in its July 2021 Slippage Statistics. The broker has 2 support email addresses that give you access to general or account-specific inquiries.
Traders who use excessive leverage may be at risk of a margin call and having their positions closed prematurely by FXCM. In summary, the NFA accused FXCM of sending its customers’ orders to an FXCM-owned subsidiary called fxcm canada review Effex for execution. Effex, in turn, sent rebates for this order flow back to FXCM, and FXCM allegedly concealed these payments from NFA. As an international broker, FXCM is regulated by agencies in several jurisdictions.
FXCM supports several different funding options for fast and secure payments. All FXCM traders can access the client-service portal via their live trading account login details. While FXCM is a regulated broker with plenty of products and a global presence, other brokers also offer hundreds of CFDs in different markets. Other popular CFD brokers that traders may consider include AvaTrade, Plus500, and Markets.com.
With CFDs, the traders buy and sell assets without actually holding or owning the instrument. The Investing Brokers team have over 15 years of experience in the online brokerage industry and are committed to providing reliable information for all of the brokers that we review. This is a market area where platform-tools may be purchased or downloaded for free. Over 50 MT4 applications, 50 Trading Station apps, 10 NinjaTrader apps, and 10 standalone programmes are available in the shop. The applications mostly consist of automated techniques, indicators, and addons.
One of the reasons that traders are attracted to the forex and CFD markets is the high degree of available leverage. Leverage is using borrowed funds to increase the size of your trading positions beyond what would be possible using only the cash in your account. The MetaTrader 4 desktop platform is one of the most feature-rich and popular trading platforms. It does not have the most beautiful interface and requires some time and effort to learn, but that is typical of advanced platforms. FXCM inactivity fee is higher than the industry average, amounting to up to 50 units of the account currency for accounts inactive for 12 consecutive months. However, unlike many brokers, FXCM doesn’t charge for deposits and withdrawals with only exception in case of bank wires.
They can be reached via many phone numbers listed on the website for different countries. I think they could improve by offering 24/7 support and I haven’t always had the quickest response via email. That being said, the live chat is online 24/5 so you may find that a better way of quickly speaking to someone.
The Trading Station Mobile platform enables retail traders to access the FX market fast and simply. Trades can be placed and maintained on the move because of their simple, user-friendly interface, which was built from the bottom up to work flawlessly on mobile devices. We consider FXCM an excellent broker – it is overseen by tier-one regulators, has a strong industry presence, and offers tight spreads on forex pairs. The suite of advanced platforms and code-free automated trading tools is particularly strong. FXCM does trail industry leaders when it comes to market access, but it remains a strong contender for both beginners and experienced traders.
FXCM Market Data offers powerful insights to help you find potential trading opportunities. With FXCM Market Data, you stay up to speed on the latest prices, volume trends, trading sentiment trends and the historical trends of many instruments. Get a quick snapshot of the market through the brokers propriety Speculative Sentiment Index (SSI), and more.
Rates, terms, products and services on third-party websites are subject to change without notice. We may be compensated but this should not be seen as an endorsement or recommendation by TradingBrokers.com, nor shall it bias our broker reviews. Trading Brokers Trading Brokers is dedicated to bringing you unbiased broker reviews, the latest broker news and trading guides to help you along your trading journey. We have over 20 years of experience when it comes to trading online so we know what to look for. The number of tradable assets available is quite limited when compared to other brokers who offer thousands of assets, such as IG.
They are a global trading broker with offices in London, Johannesburg, Hong Kong, Athens, Paris, Sydney, Berlin and Milan. The brand also has affiliate offices in Toronto and Tel Aviv, Israel. One of the broker’s main advantages is its wide selection of trading platforms, including Trading Station, MetaTrader 4 (MT4), TradingView, Capitalise AI and NinjaTrader.
The FXCM mobile app (Trading Station Mobile) is well-designed and easy to navigate. It provides an above-average range of order types, including market orders, limit orders, stop loss orders, and trailing stop orders. Time-in-force conditions such as GTC (Good ‘Til Canceled), IOC (Immediate-Or-Cancel), https://forexbroker-listing.com/ and FOK (Fill Or Kill) are also available. Jeff Anberg is a Staff Editor at BrokerNotes.co and ForexBrokers.com. Along with years of experience in media distribution at a global newsroom, Jeff has a versatile knowledge base encompassing the technology and financial markets.
According to ForexBrokers.com, FXCM’s trust score is 95, making it highly trusted. With headquarters in New York, FXCM operates globally, serving traders from various countries. The company has over 10 international offices and more than 25 industry awards. The market summaries provide concise overviews of recent market movements, key price levels, and notable news that may impact the markets. In particular, I would recommend Capitalise.ai for users interested in algorithmic trading but that don’t have coding skills. You can enter instructions in text form and the tool will sort the coding for you.