FXCM review: The company was established in 1999 in the United States and was the pioneer in Internet commerce. Fxcm broker was one of the fastest growing companies registered in the Inc. 500 – the index of fastest growing companies in America for three consecutive years. The FXCM Group has headquarters in New York with offices around the world in countries such as the United Kingdom, France, Italy, and Australia. Each of them is regulated and licensed. FXCM is also a NASDAQ-listed company, which is a trading floor where shares of US fastest growing tech companies are traded. FXCM suffered severe losses however in 2015 following the removal of CHF- EUR peg.
The consequence of this crisis was the loss of 225 million of US of dollars suffered by FXCM, which required a major restructuring of the firm’s capital, and this was primarily achieved through a $ 300 million loan from Leucadia National Corporation. The firm also sold many of its basic assets including a large website. Eventually, major changes were made to the firm’s leadership, and one representative of Leucadia was appointed the chairman of the board of FXCM. Leucadia continues to maintain its core equity stake in of FXCM.
FXCM provides several types of accounts for experienced traders, as well as for those who are new to the FOREX market. The standard minimum deposit of 5K is ideal for experienced traders who want to take advantage of FX trading. Traders can also open an account for $ 25,000 to receive elite services. In addition, an opening deposit of $ 50 is required to open a mini account and offers an average of 1: 200 * for all merchants outside the United States and leverage of 50: 1 for US traders in compliance with CFTC guidelines.
FXCM also offers two tutorials that are available within 30 days. The standard FXCM demo has $ 50,000 in demo money, and the mini demo is $ 2000. The platform for all account types is the same, but you must use a separate username and password for each account type. With this option, traders basically sell at rates that are directly provided by banks, which allows FXCM to offer low-marginal spreads. Common default FXCM merchant accounts are 0.5 pips for EUR / USD and 1.3 pounds for a pound / US dollar, as well as similar competitive spreads for other major currency pairs.
Platforms for Trading and Features
In addition to its own platform, FXCM uses the popular MT4 trading platform. The environment is user-friendly and intuitive to use and can be customized to suit user’s needs. The products offered are day trading, stop loss and profit, as well as end/limit orders and entry orders. . At the end of 2016, the FXCM also added a DOM indicator that allowed non-business clients to see up to five levels of liquidity and depth for the 17 most frequently used currency pairs. The “Best” feature, short for “Best Price”, allows you to meet the highest bets currently transferred to FXCM from all global banks and financial institutions with which they work. This feature in the Fxcm market hours, unlike the “Market Range” standard, prevents situations where the price you plan to place on your order has changed.
It now provides the FXCM App Store, a professional and advanced trading platform for the MT4 platform. Some apps include: Breakout2, 24 Hour Trend Locator and Trendlines Auto Indicator. These programs will help you to make life easier and enjoy when you are on the road.
There are also regular free bonus terms provided in their FXCM App Store, such as Forex news, various trading tools, indicators, and more. Algorithmic and high frequency traders also have access to the FXCM APIs, FIX, Java, ForexConnect and Indicore APIs for connecting their trading software directly to FXCM price and order servers. The charting tools and analysis data are either available from a website external to the avatrade trading platform or can be added to the platform using plugins that also need to be downloaded.
Now, FXCM offers a toolbar for download to your browser that provides instant access to news about the FOREX market and exchange rates, and allows you to set alerts when the market reaches the desired rates. Brokerage operations also offer free Forex trading on-demand through the apps for most smartphones and its new iPad and Android Tablet application.
FXCM provides 24\7 customer support including weekends outside the trading hours. Multilingual staff that speaks more than 20 languages is always available through international free calls, chat and email. There are several tools available to you if you just get to know the market and the FX. The FX Trading Station manuals are available in several formats, as well as videos that provide an overview of the main features of the platform. A support representative will introduce you to the system either through chat or by phone.
To find out about the FOREX market, FXCM offers training courses and bonus resources to help traders get to know markets. Forex traders looking for better support can also take advantage of the Mirror Trader technology effectively integrated with FXCM, whihc for years has been successful in allowing traders traders to automatically copy others in hopes of increasing their profits. FXCM is a large and powerful company with a large nationwide user base, high liquidity and assets estimated to have a worth of billions of dollars. This allows them to provide flawless trading environment to their clientele, develop innovative tools and features and maintain high customer support standards.We believe that all this makes FXCM an excellent choice for Forex traders at all levels, regardless of location and level of experience.