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FXCM Review

FXCM rating: 13 votes, average: 4.00 out of 513 votes, average: 4.00 out of 513 votes, average: 4.00 out of 513 votes, average: 4.00 out of 513 votes, average: 4.00 out of 5 (13 votes, average: 4.00 out of 5, rated)
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FXCM logoIt is important to find a reputed and trustworthy forex brokerage company to implement your forex trading plans. Trading with FXCM offers you the advantage of trading with one of the largest and most financially strong Forex Dealer Members. In the U.S., Forex Capital Markets LLC (FXCM) is regulated as a Forex Dealer Member by the National Futures Association.

Company’s Market Position

FXCM Inc. consists of firms that are regulated in a number of jurisdictions, including the United States, the United Kingdom, Hong Kong, France, Italy and Australia.
The great thing about FXCM is that it offers its proprietary foreign exchange trading technology to other banks and brokers as well.
As of September 30, 2009, customer funds in excess of $365 billion are traded on platforms offered by FXCM. This is accomplished through more than 150,000 live trading accounts from nearly 150 countries and with an average of more than 8,000,000 trades executed each month via trading platform offered by FXCM.

Types of Services offered

Firstly, FXCM offers a demo account with $50,000 for a 30-day period. This is very helpful if you are on the learning curve.
In the context of opening a real account FXCM offers many types of accounts namely FXCM Standard and FXCM Micro, Forex System Selector, Active Trader Account, CFD Account, Spread Betting account, Mobile TSII Trading Platform and Meta Trader 4.
FXCM Standard ~ it takes $2000 to open an FXCM standard account. The approximate Pip Value is $1 per Pip and available leverage through FXCM Ltd (FXCM UK) is up to 200:1*. This account is suitable for the experienced trader.
FXCM Micro ~ you can open an FXCM Micro account with just $50. Available leverage is 200:1* for accounts held with FXCM Ltd and Approximate Pip Value $0.10 Pip Charts Trade From Charts Execution. The spreads for EUR/USD is typically at 2.3 pips.
Mirror Trader ~using Mirror Trader you can build your own Automated Forex Trading System and gain access to over 40 back-tested trading systems. Then you can customize your portfolio and allow the trades to be executed automatically. So what you get is automated trade execution and management built on the bedrock of back-tested systems. You need $2000 to open a Mirror Trader account.
Active Trader Account ~ Lower commissions for high-volume traders with a No Dealing Desk forex execution. Up to 10 levels of market depth and has a Web-based trading platform.
CFD Account † ~ Trade Oil, Gold, Silver and Stock Indices.
Spread Betting Account** ~ No re-quotes, never pay debit balance as a result of trading and no capital gains taxes for UK residents.
Meta Trader 4 ~Most of the brokerage firms offer Meta Trader 4 platforms that are usually unregulated in the United States. But FXCM offers a regulated version with typical spreads from 2.5 pips on major currency pairs.

Please be advised that CFD accounts are not available to residents of the U.S. or its territories.
* Without proper risk management, Currency Trading has a high degree of leverage which can lead to large losses as well as gains.
** Forex Capital Markets Ltd offers spread betting exclusively to residents of the UK and Ireland. Residents of other countries are NOT eligible.
Risk Warning: Currency trading involves substantial risk of loss, read full disclosure.

Trading Platform

The FXCM trading platform is installed via downloadable software. The currency prices are accurately brought to you in real time by live streaming quotes. The charting facility offered in the FXCM platform is by far the best in the business.
Also they have a new web based platform for traders over 25k which shows market depth.

Trader Support

~ Customer support is provided in over a dozen languages.
~Customer trading support is available on a 24/7 basis.
~FXCM invites you to log in and join their webinars from time to time.

Site design and ease of navigation

The multilingual interface of the site really helps.

Advantages

~FXCM is a company registered with the CFTC as a Futures Commission Merchant.
~Offers 24-hour online forex and CFD trading with no re-quotes.
~Clients have Direct Market Access to some of the world’s largest liquidity providers, enabling FXCM to offer clients spreads on forex trades as low as 1 pip (EUR/USD).
~ In addition to currency trading, FXCM offers educational courses on forex and CFD trading, and provides free news and research through DailyFX.com.
~FXCM has received the following awards and that adds more value to the site.
*Best Currency Broker from Share
*Best Retail Foreign Exchange Platform from Fx Week
*Best Foreign Exchange Specialist from Technical Analysis of Stocks & Commodities.

Disadvantages

FXCM offers a great platform. If at all it could be called a disadvantage, the trading platform has a scattered look about it. Also downloading the platform takes some time, depending on your connection speeds of course.
The most important factor in determining a good broker is the speed and accuracy with which a forex trade could be executed. The other important factor is of course customer service. On both counts we believe that FXCM is far above the other brokers discussed in this site. It is an excellent broker for the newbie and experienced trader alike.
Risk Warning: Currency trading involves substantial risk of loss, read full disclosure.

Write your own review of FXCM

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12 Comments»

Comment by Greg Subscribed to comments via email
2008-06-06 17:52:57

I am going to sprint away. Just cant bear their slippage,speed or data feed either.

Greg ratings for this post: Greg gives a rating of 2Greg gives a rating of 2Greg gives a rating of 2Greg gives a rating of 2Greg gives a rating of 2
 
Comment by bobby Subscribed to comments via email
2008-06-20 19:20:54

I tried with some mini account and always lost,and get the feeling thats not alright.Once they charged double rolls but I noticed only when funds ran out.

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Comment by AP
2008-07-19 00:59:34

I had no problems with FXCM. The platform, in my opinion, is best on the market. The company was around for a long time, and this meters when money are involved! Never experienced ANY slowdowns. The platform is lighting fast even when executing orders in busy market.

AP ratings for this post: AP gives a rating of 5AP gives a rating of 5AP gives a rating of 5AP gives a rating of 5AP gives a rating of 5
 
Comment by leonard Subscribed to comments via email
2009-06-30 10:52:48

Hi,

I am seeing some changes in fxcm demo platform. Anyone know what’s going on? It doesn’t seem to be taking in hedging.Noticed it just this month.Hoping to get an update on this.

thanks,
Leon

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Comment by evano Subscribed to comments via email
2009-07-03 13:13:30

Yeah looks like lots of new things are happening at fxcm. Little more than a month back fxcm started offering spread betting through its u.k office http://www.fxcm.co.uk. No dealing desk type.

evano ratings for this post: evano gives a rating of 4evano gives a rating of 4evano gives a rating of 4evano gives a rating of 4evano gives a rating of 4
 
Comment by tony Subscribed to comments via email
2009-07-05 11:37:31

Good solid platform. No ambiguity. So good for newbie and experienced alike.

tony ratings for this post: tony gives a rating of 4tony gives a rating of 4tony gives a rating of 4tony gives a rating of 4tony gives a rating of 4
 
Comment by stephen Subscribed to comments via email
2009-07-07 15:46:57

I trade just on technicals.The amazingly accurate fxcm charting really helps. Trade execution is fast even if you try to seize opportunity in an 1-minute chart. It does work and no slippage at all.

But fxcm does not give out any economic data release news, at least not the streaming type. So it’s down to just technicals and not fundamentals with fxcm.And that’s exactly what I do with fxcm—just run the trades on technicals especially with the charting.

Platform is super stuff. Importantly dealing rates appear in striking colors. You really don’t have to look for anything in the platform. Very easy functionality of the platform is what really helps.

stephen ratings for this post: stephen gives a rating of 4stephen gives a rating of 4stephen gives a rating of 4stephen gives a rating of 4stephen gives a rating of 4
 
Comment by corianne Subscribed to comments via email
2009-08-20 12:25:11

I think what’s top with FXCM is the EUR/USD spreads, a mere 1.5 pips that netted me good profits whenever I traded with common sense. With FXCM you get to learn more and more as u trade more and more!!

corianne ratings for this post: corianne gives a rating of 4corianne gives a rating of 4corianne gives a rating of 4corianne gives a rating of 4corianne gives a rating of 4
 
Comment by amigo Subscribed to comments via email
2009-08-20 12:44:58

FXCM is my most favorite broker. I really don’t know why? May be its something about the trading platform that keeps drawing me closer to FXCM each and every time I access the platform. I watch Bloomberg TV channel every day, and if there is one forex broker that advertises in this respectable TV channel, it is FXCM.

I am basically a technical trader. I don’t fancy fundamentals very much. Here’s what I do with FXCM usually. First I study the charts, especially the daily ones and figure out the trends of a particular currency pair for myself. Then I keep tossing between the hourly, 5-minute and 1-minute chart and decide the movement at that point in time. Then I simply go ahead and place the trade. All this is possible because FXCM charting is absolutely precise.

FXCM micro is what I prefer, as my capital doesn’t allow that I go for a bigger account. You can open a micro account with just $50, and I got a leverage of 400:1. Spreads are in the 2 pip range and that’s comforting. FXCM live streaming quotes are a treat to watch. And I love the webinars they have from time to time. Great platform with no glitches, that sums up FXCM. If you believe speede and accuracy is what a forex broker should be getting, then FXCM is simply super. Unbeatable I would say. Besides they have CFTC and FCM affiliation as well.

amigo ratings for this post: amigo gives a rating of 4amigo gives a rating of 4amigo gives a rating of 4amigo gives a rating of 4amigo gives a rating of 4
 
Comment by Rick
2010-06-05 03:01:48

FXCM Micro is a great place for newbies. Risk is small 50 dollars to open an account. Margin deposits are 10 dollars for U.S. based pairs. They have great educational material and generally want their customers to be successful. The more you trade with them the more money they make that is how they stay in bussiness. FXCM earns thier revenue from spread. Each currency pair has a floating spread. I limit my cost by monitoring these and selecting pairs with a
4 pip spread or less which averages 10 or 12 pairs to choose from. They offer customizable interface, indicators and trading signals. Customer service is somewhat frustrating but they will help you with any thing you might need. I highly recomend FXCM Micro to anyone.

Rick did not rate this post.
 
Comment by Alex Findlay Subscribed to comments via email
2010-12-03 08:31:58

The only comment I have to make about FCXM Forex.com etc.is that they have trading platforms that blink like a Video Game so I suggest you stay away. You surely do not wish to invest your money based upon flashing green lights. You will have a better chance of making money in Vegas. If you are an investor and look at their profits you can bet they are coming from the 90.0% or so of there temporary customers who loose their money in the Forex Market Maker relationship. Trade with companies that treat financial trades in earnest and not like a Bingo parlor. Consider companies such as Dukascopy, Mann, ADM, Hotspot Etc. See if they offer a direct link to CME. Sooner or later companies such as FXCM will run out of customers to the customer CHURN. If you think ATT and Verizon have a large customer CHURN base step back. Look up the fines that companies such as Gain and FXCM have paid paid over the years for all kinds of violations.

Do your homework first, PLEASE

Alex Findlay Las Vegas. USA Nassau Bahamas London UK

Alex Findlay ratings for this post: Alex Findlay gives a rating of 5Alex Findlay gives a rating of 5Alex Findlay gives a rating of 5Alex Findlay gives a rating of 5Alex Findlay gives a rating of 5
 
Comment by DS0167 Subscribed to comments via email
2011-10-03 10:51:51

Very dishonnest broker…

Slippage almost every time. Stop Loss rarely respected… and there supposedly “audit request” are just a “commercial joke”.

I have a real account with them since 13 months and I will for sure not recommend them.

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