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FXCM Review
FXCM rating: 
(12 votes, average: 3.92 out of 5, rated)
Write your own review of FXCM
It 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 Holdings LLC comprises of firms that are regulated in the United States, the United Kingdom, Hong Kong, France, Italy, Dubai 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 4 types of accounts namely FXCM Standard and FXCM Micro, Forex System Selector 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 is up to 100:1*. This account is suitable for the experienced trader.
FXCM Micro ~you can open an FXCM Micro account with just $25. Available leverage is 100:1* and Approximate Pip Value $0.10 Pip Charts Trade From Charts Execution. The spreads are extremely low with EUR/USD typically at 1.3 pips.
Forex System Selector~using the Forex System Selector 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 Forex System Selector account.
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 spreads as low as 2 Pip.
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.
~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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I am going to sprint away. Just cant bear their slippage,speed or data feed either.
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.
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.
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
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.
Good solid platform. No ambiguity. So good for newbie and experienced alike.
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.
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!!
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 $25, 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.
FXCM Micro is a great place for newbies. Risk is small 25 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.