The Forex online industry is one of the major industries in Europe and the USA. It seems that it is, even more, a USA thing since open-minded Americans are known for innovative ideas to support their budget. The USA, or more precisely New York, is the cradle of securities and currency trading when the first securities deals (usually war bonds) were concluded in the early 1800s on Wall Street. The FXCM broker is one of the US prestigious brokers, and this FXCM review includes all the facts which make this broker great. Who wants to trade in the risky Forex market with a series of ups and downs on a daily basis, should not at least have to deal with a broker who is not on top of its game. The FXCM Forex company provides traders with all relevant tools and equipment (platform, software) for undisturbed and smooth trading. If we see the ever-rising interest into Forex trading, we can certainly say that the FXCM broker is right with its slogan on their website “Forex trading is in our DNA” indicating that people really cannot let go the idea that Forex trading is a profitable business if you do it right. People spend years and years developing their trading styles, strategies, and techniques in the hope that it will pay off one day. Certainly, they are not wrong, once traders crack the right code, they can make more than a nice living from currency trading. Let us see what the FXCM is all about.
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FXCM General Info
FXCM was established in the wake of the modern Forex trading in 1999. FXCM is a US broker who originally started out under the US NFA (National Futures Association) regulation but expanded its services to Europe and Australia and secured two more renowned licenses of Australian ASIC and UK FCA. We see that the broker offers security and safety everywhere, following the strictest security protocols applicable in the capital markets. The broker received many awards for its services and had been voted the fastest-growing broker few years in a row.
The US broker has a variety of platforms for the different markets it operates in:
- MT4 (probably for non-US markets) with all the distinctive features and expert advisors mesmerize traders day in and day out.
- The FXCM’s proprietary Trading Station. This sophisticated platform offers all a trader can wish for, from analytical tools to powerful charts and automated strategies, a s well as custom indicators.
- The NinjaTrader platform with a great execution performance on the large ECN network and connects traders to the biggest liquidity providers in the industry. The platform is known for features like strategy builder (automated help to build your strategy without being a programmer), the market analyzer (real time quote sheet), and market reply.
Besides the standard demo account which is for free, the FXCM broker caters to different traders’ needs by offering three more account types. With only a $50 deposit, traders can register with the FXCM Mini account with a minimum 1K size lot. This account is for dealing desk services and comes with no commission and spreads are regular. The Standard account is accessible at $5000 also coming with a minimum 1K lot, and traders get access to lower spreads on the no dealing desk platform where they are directly linked to market quotes. The broker charges a small commission for this service. The third account is called the Active Trader account, and one should really trade actively if they are ready to spend $25,000 on deposit. This account comes with many extras like very competitive spreads and a reduced commission. Both, the Standard and Active Trader account come with no trading restrictions, and the leverage for all three accounts is 1:50.
FXCM does not have fixed bonuses, but from time to time, the broker runs promotions where they award newcomers with no-deposit bonuses of $100 or $200, etc. Also, cash-back bonuses are occasionally offered for a limited period.
Funding Options with FXCM
You can deposit and withdraw via MasterCard, Visa, Discover, and ACH electronic checks with FXCM. One should know that ACH is only available to US traders. Withdrawals are processed within one business day but might take some time to arrive at your account, especially if wire transfers are used.
FXCM Customer Support
We all know that customer support has to work hard, but the FXCM customer support is not only available on business days, but also on weekends. The competent staff is available in 20 languages. They can be reached via e-mail, toll-free phone line, and of course, the so popular live chat. Their website offers numerous educational materials which come in handy to new traders, as well as the FAQ section. Their website is neat, tidy and user-friendly.