136 User Reviews
|fxcm.com||UK||FCA||1999||MT4, Trading Station|
FXCM for the last three years in a row that have been listed as one of the fastest growing companies. They have offices around the globe including Australia, Italy, France, and the UK in addition to being headquartered in New York. In each of these areas the company is licensed and regulated.
FXCM Account Types
They provide several trading accounts which are meant for experienced traders all the way to those people who are brand-new to the Forex market.
- Their standard account requires a $5000 deposit and is best for any experienced trader who wants to take full advantage of Forex trading platforms.
- The active trader account can be opened with $25,000 for the initial deposit after which users will benefit from the elite services.
- The mini account requires only an initial deposit of $50 and is available for traders who are US-based and outside of the US.
They also offer two training accounts for FXCM.com trading but these training accounts are only available for up to 30 days. The standard demo account gives you $50,000 worth of virtual money and the mini demo account gives you $2000 worth of virtual money but again you can only play around with this for the first 30 days so if you are not dedicated to practicing for 30 days immediately upon opening your account will not benefit from this service. This puts kind of a time crunch on users and can make it difficult for new people to really familiarize themselves with their strategies long-term.
The platforms for all of the account types are identical. But if you use more than one account you have to have a separate username and password. The biggest advantage to using these accounts to trade online is that you don’t have to it work with a dealing desk. You can trade based upon the rates that are provided by the banks specifically.
FXCM Trading Platform and Tailored Trading Packages
There are two trading platforms available. The first of course is the meta-trade 4 platform as well as their proprietary platform. The environment for these is user-friendly and intuitive. You can even customize them based on your preferences. The process they offer include day trading, limit orders, entry orders, stop loss and profit take. If you have the no dealing desk accounts in the UK you get to utilize the hedging feature as well. You can also set up what is called the “at Best” feature which stands for the best price and lets you work with the best prices offered by global banks and financial institutions rather than market range prices.
FXCM Financial Tools & Resources
The company provides an App Store which is a professional trading at on which you can trade while on the go and still utilize different indicators and get news based on Forex changes. You can also connect trading software directly to the orders provided by this platform if you are a high-frequency trader and want to use the API technology solutions suite.
There are charting tools and data are available from the trading platforms or the website specifically. If you are using the trading platform you will have to download these things rather than simply accessing them when online. The company now provides a toolbar which you can download directly to your browser so that you get instant access not only to market news but to currency rates. There are similar apps for smartphones, androids, and iPads.
Immediate Trade Execution at FXCM
You get immediate trade executions when you utilize this trading company.
There is a decent amount of transparency with this online trading company especially given the fact that they been operating since 1999. The reason that their security issues are called into question is that of this transparency and the fact that the public was made privy to everything going on internally.
This FXCM.com Review found that this company had a great deal of negative press between 2015 and 2016 when the Swiss Franc took a dive against the Euro and they lost $225 million worth of capital. This loss was so prolific that they had to restructure their capital and draw upon a loan of $300 million. They sold off a lot of their business activities including a major website. The senior management had to be changed as well. Today the company from which they drew a $300 million loan has appointed the new chairman and continues to hold a major part of their equity.
FXCM Fees and Commissions
Given the different account types available, traders are asked to check the website for the fees and commissions as they apply to their account level.
FXCM Trading Academy
They have manuals for Forex traders available in different formats and they walk you through the trading platforms you are using as well as the basics of trading. They have a specific educational set up where you can get access to premium resources and educational courses that help you better familiarize yourself with the markets you are using.
They offer 24/7 support every single day of the week even if the market is closed. They have international toll free calls available and a staff of over 20 languages. If you prefer you can also email them or do a live chat online.
- Well-established, working since 1999.
- Small minimum deposit.
- They do not allow US clients even though they operate out of the United States.
Is FXCM a Scam?
Is FXCM.com a scam? Well, traders who want lots of support can use this company without issue. There are interactive tools and good customer service, and the company has been around a long time, but there is the issue of the major loss from just two years ago and what potential losses there will be in the future.