FXCM Review 2017.
FXCM Review.
FXCM Markets Review.
FXCM (Forex Capital Markets) is one of the pioneering brokers of internet based trading. They offer trading of Forex, Stocks, Commodities, Indices, Spread Betting and CFD’s across hundreds of securities. The broker was established in the U. S in 1999 and was previously listed as one of the fastest growing companies in the U. S for 3 consecutive years by Inc. 500 List of America’s Fastest Growing Companies. Although based in New York, FXCM is a broker with a global reach extending to markets such as Australia, France, UK, and Italy. However, as of 27th January 2017, FXCM has ceased its operations in the U. S to focus more on their international markets particularly the European sector.
FXCM Markets Video Review.
FXCM Regulations.
As a result of its international operations, FXCM is regulated in several jurisdictions. The main regulatory oversight over FXCM is provided by the UK’s Financial Conduct Authority (FCA) under the FCA registration number 217689. With its FCA’s registration, FXCM is also permitted to operate in member states of the European Union by “passporting” its FCA license for registration in the member states which they operate in, particularly:
France by registering with the Autorité de Contrôle Prudentiel (ACP) under the Interbank Code: 19843. Germany with BaFin Registration Number: 122556. Greece by registering with the Hellenic Capital Markets Commission Italy by registering with Nazionale per le Societa e la Borsa (CONSOB)
Through its subsidiaries, FXCM is regulated in the following countries:
In Australia regulated by Australian Securities and Investments Commission (ASIC) through the License number 30973 issued to FXCM AUSTRALIA PTY LTD. In Japan through the FXCM GLOBAL SERVICES LLC, TOKYO. In Hong Kong, through FXCM BULLION LIMITED In Israel through FXCM ISRAEL LIMITED In South Africa through FXCM SOUTH AFRICA (PTY) LTD regulated by the Financial Services Board, under the registration # 46534.
In Canada and New Zealand, FXCM entered into partnerships with local companies in order to provide residents in these two countries access to FXCM’s suite of products. In Canada, FXCM works with Friedberg Direct (a division of Friedberg Mercantile Group Ltd) and in New Zealand, FXCM entered in a partnership with Halifax New Zealand.
FXCM Reliability.
With close to two decades of operational history, there is certainly no doubt as to the legitimacy of FXCM as a world leading online broker. Since 2004 until 2015, FXCM has been regularly nominated by leading financial publications recognizing the broker’s achievements and contribution to the online trading industry. In 2004, 2005, 2006, 2010, they were listed by INC. 500 as one of America’s Fastest Growing Companies. In 2009 and 2010, FXCM was voted by FX Week as being the Forex broker with the best retail platform. Other notable achievements by FXCM included:
Being recognized by INVESTMENT TRENDS UK in 2012 as one of the best spread betting brokers in the UK. Being voted by Forex Magnates in 2012 as having the best proprietary forex trading platform Being recognized by FX Street as being the Best Sell-Side Analysis Contributor. Receiving the 2013 MONEY AM awards for “BEST ONLINE FX PROVIDER”. Winning the 2013 Forex Magnates London Summit awards for “BEST RETAIL BROKER EXECUTION.” Being recognized by FX Street again in 2015 as being the Best Sell-Side Analysis Contributor.
FXCM Trading Platforms.
FXCM has provided their clients with several choices of trading platforms. The mainstay of FXCM’s trading platform is their proprietary platform called the FXCM Trading Station.
FXCM Trading Station.
The award winning Trading Station is the results of 10 years of platform development. It is available in 3 different versions, as a desktop, mobile and web trading platform. The Trading Station capabilities include:
The ability to explore multiple order types. View prices in real time. Dozens of preloaded indicators. alerts. Exclusive tools such as streaming news, real volume indicators and “Good Till Date” order types.
MetaTrader 4 Platform.
Apart from the proprietary Trading Station, FXCM has also made available the Forex industry standard trading platform, the MetaTrader 4 (MT4) platform. The MT4 platform is well liked by brokers and traders alike due to its power in built features. Highly customizable, the MT4 platform is able to support automated trading through the use of Expert Advisors (EAs). It also comes with a comprehensive charting package and a wide array of technical popular indicators. The MT4 platform also supports different types of trade orders such as At best, At a market range, Entry orders, Stop Loss order, Take profit, Trailing stops and Limit stops.
Mobile Trading.
For traders who are constantly on the move, they will be pleased to know that FXCM has also provided them with mobile trading apps which they can download from the Google Play Store and Apple’s App Store. The professionally developed app is essentially the MT4 trading platform that has been optimized for Android and iOS powered devices. Some of the unique features of the mobile trader include:
24 Hour Trend Locator Automatic Trendlines Indicator Breakout2.
For beginner traders who lack trading experience, there is also the option to use the ZuluTrade peer to peer trading platform. It is also suitable for traders who want to trade the markets without being emotionally entangled and for those lacking the time to develop their own trading strategies. With the ZuluTrade social trading network, traders can subscribe to the signals that are provided by those who are more experienced and time committed to online trading.
FXCM Trade Types/Instruments.
FXCM offers traders the opportunities to trade many instruments such as 39 different pairs of currency pairs, 18 types of commodities CFDs and 12 market indices and dozens of stock indices through its wide selections of trading platforms.
FXCM Account Types.
Standard Trading Account.
1:200 leverage for CFDs.
1:400 leverage for FX.
21 Currency pairs.
Dealing Desk Execution.
Minimum deposit of $50.
Premium Trading Account.
Minimum deposit of $20,000.
1:100 leverage for currency pairs.
1:200 leverage for CFDs.
39 currency pairs.
PAMM Trading Account.
For money managers who have to manage several accounts simultaneously.
*In addition to the above-mentioned trading accounts, FXCM also offers their traders 2 different types of demo account. The mini demo account is topped up with $2,000 virtual currency while the standard demo account is topped up with $50,000 virtual currency. Both the demo accounts are only available for a period of 30 days.
The advantage of Trading Forex online is having the possibility to deal with no Dealing Desk. With this option, traders basically trade on rates provided directly by the banks, which enables FXCM to offer low variable spreads. Typical Standard Account spreads for FXCM traders are 0.5 pips for EUR/USD and 1.3 pips for GBP/USD, with similarly competitive spreads for other major currency pairs.
FXCM Commissions & Spreads.
There are no commissions payable at FXCM. Traders are instead required to pay a slightly widened spread on the assets that they are trading. The minimum spread for Forex starts from as low as 1.4 pips for frequently trading Forex pairs such as the EUR/USD. Spreads for Indices start from a minimum of 1 pip. For commodities, the minimum spread starts from 2 pips. The table below lists some of the spreads which traders have to pay for the popular assets.
Instrument.
Spreads (in pips)
Spreads may vary according to the broker’s policy.
FXCM Deposits & Withdrawals Options.
Currently, FXCM supports deposits through credit/debit cards such as Visa, MasterCard, Discover or bank wire transfer. Withdrawals are also conducted through credit card or bank wire transfer. For withdrawals through credit cards, there is no withdrawal fee. However, for bank wire withdrawals, a fee of $40 is required. The good news is there is no limit or minimum withdrawal amount requirement at FXCM. Withdrawal requests are typically processed within few business days.
FXCM Bonus & Promotions.
At present, FXCM does not offer any kind of bonuses nor have any promotional campaign. However, despite the lack of bonuses or promotional offers at FXCM, the broker does provide an incentive to their traders by letting their traders earn interest in the available balance in their trading account.
FXCM Customer Support.
For the benefit of their international clientele, FXCM’s website support 14 different languages such as Arabic, Chinese, German, Spanish, French, Italian and Tagalog. Although FXCM’s customer support service is available on a 24/7 basis, traders can get in touch with the support team through or live chat.
FXCM Pros & Cons.
FCA Regulated Broker Ultra Tight Spreads Around The Clock Customer Support Choices Of Trading Platforms 2 Main Types Of Trading Accounts High-Quality Trading Analysis Low Minimum Deposit Required.
No ECN platform No chat support.
Is FXCM Regulated?
Yes, FXCM is a regulated broker under the UK’s Financial Conduct Authority. In addition, FXCM is also regulated in several others countries such as ASIC in Australia, by the FSPR registrar in New Zealand. In Japan through the FXCM GLOBAL SERVICES LLC, TOKYO.
In Hong Kong, through FXCM BULLION LIMITED. In Israel through FXCM ISRAEL LIMITED.
In South Africa through FXCM SOUTH AFRICA (PTY) LTD regulated by the Financial Services Board, under the registration # 46534.
How safe is FXCM – Is FXCM a scam?
With close to 2 decades of operational history behind them, FXCM has taken every measure possible to ensure that their traders have safe and secure trading environment to conduct their trading activities. As a testament to their commitment to the well being of their clients, FXCM has been winning many recognition awards for several international finance reviewers.
Where is FXCM based?
FXCM’s headquarter is based in the UK with its office location at Northern and Shell Building, #10 g Lower Thames Street, 8th Floor, London.
How does FXCM make money?
FXCM requires their clients to pay a small spread on top of the prices that they get quoted.
How to deposit in FXCM account?
To deposit funds in an FXCM trading account, traders can fund their trading account using their credit/debit cards or through a bank wire transfer.
How to withdraw money from FXCM?
The withdrawal of funds at FXCM by a trader can be done through credit card of bank wire transfer.
How to open an account with FXCM?
Is FXCM reliable?
Yes. Apart from being regulated by regulatory agencies, FXCM follows international best practices to ensure that their clients have a safe and secure trading environment.
Does FXCM use MetaTrader?
Yes, the MetaTrader 4 trading platform is also part of FXCM’s stable of trading platforms provided to all traders.
What is FXCM’s leverage?
The maximum available leverage is 1:400. For CFDs trading, the maximum leverage is 1:100.
Conclusion.
FXCM’s traders can be assured that their money will be safe with this award winning broker. The strong background of the broker allows traders to enjoy attractive spreads below the average of what most brokers in the industry are offering. This makes FXCM an ideal broker for high volume traders trying to minimize their trading costs. For beginner traders, FXCM is also a good choice as a broker since they can open a trading account for as low as $50.
Fxcm Review Visit site.
FXCM is a forex broker. FXCM offers the MetaTrader4, Active Trader, Mirror Trader, Ninja Trader, and Zulu Trade top forex trading platforms. Fxcm offers over 50 currency pairs for your personal investment and trading options.
Live discussion.
Join live discussion of Fxcm on our forum.
Fxcm profile provided by Maria Ramos , Sep 24, 2014.
FXCM Inc. (NYSE: FXCM) is a global online provider of foreign exchange (forex) trading and related services to retail and institutional customers world-wide. At the heart of FXCM's client offering is No Dealing Desk forex trading. Clients benefit from FXCM’s large network of forex liquidity providers enabling FXCM to offer competitive spreads on major currency pairs. Clients have the advantage of mobile trading, one-click order execution and trading from real-time charts. FXCM's U. K. subsidiary, Forex Capital Markets Limited, also offers CFD products with no re-quote trading and allows clients to trade oil, gold, silver and stock indices along with forex on one platform. In addition, FXCM offers educational courses on forex trading and provides free news and market research through DailyFX.
Court cases.
Let other traders know if this service is worth checking or should be avoided.
Your feedback matters!
These crooks stole my money. I deposited $100.00 USD to open an account.
When I asked for a refund, they said my account was closed with a zero balance.
I was told all of my money went to fees charged by FXCM.
I am in india, am open FXCM new account Wonder full customer services with supporting . Thank you.
How FXCM cheat their customers.
I lost around UK 55,000 pounds in two days last month. When I started, I made around 25,000 profit but when I was planning to withdraw my capital that time this had happened and I lost my capital and all profit in two days.
FXCM is a dodgy company and some times they create market volatility by them selves, for example if the USD/GBP is down by 10 pips, they create artificial extra volatility by another 90 or 100 pips down so that anyone who is not monitor their account 24 hrs they can loss 100% of their equity, even though if you have 90% margin still your money is at risk and anytime you can lose your money.
I don't think so anyone can make profit on FXCM platform as either they will intentionally fall you in margin calls or create artificial volatility. If you make any complain that will not help at all as their audit department will reply to you the same that we have reviewed your case and nothing wrong from our side etc.
I think we all who are the client of FXCM in the UK should be united and place our compliant to the FCA together so that this dodgy company is bound to payback our money which they have cheated us and taken from our pocket.
I opened a trading account with FXCM, made a deposit of $ 1800 and then made a profit of approximately $ 2,700. After that I ordered the withdrawal of the principal capital ($ 1800) and the withdrawal was successful.
Then I asked to withdraw the profits of ($ 2715) and the amount was deducted from my trading account with notification that the transfer needs 3 to 5 working days to reach my bank account, but on the fourth day on 03/07/2017 the amount was returned to the trading account.
After that I was notified through that your trading account has been temporarily suspended, and to this day the account is suspended and I can not trade or withdraw money, and whenever i communicate with them, they tell me that your account is under review.
They have been reviewing my account for more than a month without any updates, and I need to withdraw my money but they are preventing me from doing so under the pretext of reviewing the account.
(account no: 96053170 / name: EISA ALMASRY / broker: FXCM)
Attachment: Account statement from the beginning to the day.
some of my operations were closed before to reach the stop loss , I saw how after the market choose the way were my take profit was.
Problem with fxcm brokerage company.
Asian session and the European session and the American session.
Dealing Disk and not the No Dealing Disk and does not apply what was agreed in the contracts with the client and this is a defect in the terms of the contract.
On 28/04/2017 I filed a complaint with the regulatory body subject to which the company (FCA)
1 - All my deposits with the company since the beginning of opening my account.
2 - Full benefits of the amount.
3 - Compensation for the time lost without any benefit.
4 - Substitute moral compensation because of the psychological and material stress suffered due to successive losses that the company deliberately caused it with me.
i finaly know why my stoploss always get hit by night . i checked other brokers charts and it's clear that the US financial authority Stoped FXCM from working in US for a goooood reason . because FXCM is a FRAUD and a Big Scam.
I have been scammed under the name of FXCM through a guy who represented himself as their representative and forged a contract with a my fake signature that illegally authorised FXCM to over charge me commission. Although I provided them with proofs and the acknowledge that they almost 70k worth of commission has been transfered to this guy. They still refuse to pay me back the commission! Absolute Fraud !
I have initially applied to open an account. Feel uncomfortable declaring my worth online as it was my first option to trade after some workshops. They will reject applications when declared low trading less than $100 usd. lol.
I fell to the same trap as JVC described in detail below and many other reviewers as well. I had opened an UK FXCM account in 2012 and funded with 100£, but the account was not LIVE, because was not verified by me (I did not send the proof of the documents ID, etc..), so I wasn't able to use it. I left the money in the account. In 2017 I decided to check my account and place with a new fund, to my surprise my account has been wiped away and my money has been Stolen. They Steal as they Can.
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FXCM Review.
FXCM (Forex Capital Markets) was founded in 1999 in the U. S.A. and was an early pioneer of internet-based trading. FXCM was listed among the fastest growing companies by Inc. 500 List of America’s Fastest Growing Companies three years in a row. The FXCM Group has headquarters in New York, with offices around the globe in places such as the U. K., France, Italy, and Australia. It is regulated and licensed in each of them. FXCM is also a publicly traded company on the Nasdaq Exchange, the major U. S. exchange listing the equity of large technology-based companies.
FXCM was in the news a great deal during the years of 2015 and 2016 following an extremely sharp movement in the value of the Swiss Franc, primarily against the Euro. The consequence of that crisis was a sudden loss of $225 million suffered by FXCM, requiring a major restructuring of the firm’s capital, and this was primarily met by the drawing of a loan of $300 million from Leucadia National Corporation. The firm also sold off many of its less core business activities, notably including a major website. There was eventually a major change made to the firm’s senior management, with an employee of Leucadia being appointed as chairman of the FXCM board. Leucadia continues to hold a major chunk of FXCM’s equity.
FXCM Trading Accounts.
FXCM provides several account types designed for experienced traders as well as for those who are new to the FOREX market. The standard 5K account is ideal for experienced traders wishing to leverage the full advantages of FX trading. Traders can also open an Active Trader account with $25,000 to receive elite services. Also, opening a mini account requires an initial deposit of $50 and offers leverages of up to 1:200* for all traders who are outside of the United States, and 50:1 leverage for US-based traders.
FXCM also offers two training accounts, which are available for 30 days. The standard demo has $50,000 demo money and the mini demo has $2,000. Platforms for all account types are identical, however a separate username and password needs to be used for each type of account.
The advantage of Trading Forex online is having the possibility to deal with no Dealing Desk. With this option, traders basically trade on rates provided directly by the banks, which enables FXCM to offer low variable spreads. Typical Standard Account spreads for FXCM traders are 0.5 pips for EUR/USD and 1.3 pips for GBP/USD, with similarly competitive spreads for other major currency pairs.
Trading Platforms and Features.
In addition to its proprietary platform, FXCM uses the popular MT4 trading platform. The environment is user friendly and intuitive to use, and can be customized according to the users preferences. The products offered are day trading, stop loss & take profit, as well as trailing stop / limit orders and entry orders. A hedging feature is available in No Dealing Desk accounts for clients of FXCM UK. In late 2016 FXCM also added a DOM indicator, allowing “no dealing desk” clients to see up to five levels of liquidity and depth for 17 of the most traded currency pairs. The “At Best” feature, short for At Best Price, enables being filled at the best rate streamed to FXCM at that moment from all global banks and financial institutions they work with. This feature, as opposed to the standard “At Market Range”, prevents situations in which the price you intended to make the order at has expired.
FXCM now provides the FXCM App Store which is a professional and developed trading app for the MT4 platform. Some of the apps included are - Breakout2, 24 Hour Trend Locator, and Automatic Trendlines Indicator. These apps will make your life easier and more fun when you're on the go. There are also regularly free apps provided in their FXCM App Store such as Forex news, different utilities for your trading, indicators, and more.
Algorithmic and high-frequency traders also have access to FXCM’s API technology solutions suite – FIX, Java, ForexConnect and Indicore – to connect their trading software directly to FXCM’s price and order servers.
Charting tools and analysis data are available either from a website, external to the trading platform, or can be added on to the platform by plug-ins, which need to be downloaded as well.
FXCM now offers a toolbar to be downloaded to your browser, which provides instant access to FOREX market news and currency rates, and enables setting alerts for when the market reaches desired rates. The brokerage also offers free mobile Forex trading via apps for most smartphones and its new iPad and Android tablet application.
FXCM provides 24/7 customer support, including during the weekends when the market is closed. A Multi-lingual staff speaking over 20 languages is available at all times, via International toll frees calls, chat and e-mail. There are a few tools available to you if you are just getting to know the market and FX Trading station. Manuals for using FX Trading Station are available in several formats, as well as walk through videos that provide an overview of the platform’s main features. A support representative will introduce you to the system either via chat or over the phone. To get to know the FOREX market, FXCM offers educational courses and premium resources to help traders familiarize themselves with the markets.
Forex traders who are looking for a bit of extra support can also take advantage of the web-based Mirror Trader which runs flawlessly with FXCM, allowing traders to automatically copy others in the hopes of increasing their profits.
FXCM is a large and strong company, with a large world-wide user base, high liquidity and large financial assets. This enables them to offer attractive rates, innovative tools and features, and high standards of customer support. We believe that these all make FXCM an excellent choice for Forex traders at all levels, no matter where they reside.
Advantages.
Tight spreads, as low as 0.5 pips 24/7 Customer Support Training tools & research.
Disadvantages.
($50 mini acct is available) (we offer access to training tools & research)
Real Account.
Demo Account.
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Risk Disclaimer: DailyForex will not be held liable for any loss or damage resulting from reliance on the information contained within this website including market news, analysis, trading signals and Forex broker reviews. The data contained in this website is not necessarily real-time nor accurate, and analyses are the opinions of the author and do not represent the recommendations of DailyForex or its employees. Currency trading on margin involves high risk, and is not suitable for all investors. As a leveraged product losses are able to exceed initial deposits and capital is at risk. Before deciding to trade Forex or any other financial instrument you should carefully consider your investment objectives, level of experience, and risk appetite. We work hard to offer you valuable information about all of the brokers that we review. In order to provide you with this free service we receive advertising fees from brokers, including some of those listed within our rankings and on this page. While we do our utmost to ensure that all our data is up-to-date, we encourage you to verify our information with the broker directly.
Risk Disclaimer: DailyForex will not be held liable for any loss or damage resulting from reliance on the information contained within this website including market news, analysis, trading signals and Forex broker reviews. The data contained in this website is not necessarily real-time nor accurate, and analyses are the opinions of the author and do not represent the recommendations of DailyForex or its employees. Currency trading on margin involves high risk, and is not suitable for all investors. As a leveraged product losses are able to exceed initial deposits and capital is at risk. Before deciding to trade Forex or any other financial instrument you should carefully consider your investment objectives, level of experience, and risk appetite. We work hard to offer you valuable information about all of the brokers that we review. In order to provide you with this free service we receive advertising fees from brokers, including some of those listed within our rankings and on this page. While we do our utmost to ensure that all our data is up-to-date, we encourage you to verify our information with the broker directly.
FXCM Review.
Forex and CFD traders seeking a wide range of trade-automation tools will find FXCM offers an extensive suite of platforms and trading solutions. FXCM also caters well to beginners with commission-free mini accounts.
By Steven Hatzakis / April 4th, 2017 / Updated: December 14th, 2017.
Review Sections:
Since 1999, FXCM (NASDAQ: FXCM) has become an iconic name in retail foreign exchange markets as a pioneer in developing online forex offerings for retail traders. With its headquarters in New York, FXCM has grown to have multiple international offices and is licensed in several major regulatory hubs globally.
FXCM provides traders multiple platforms and tools for algorithmic trading, in addition to its App Store, which provides access to software created by third-party developers. FXCM also offers comprehensive options for traders to connect through its public API.
The brand also has multiple entities in other major jurisdictions, including entities regulated in the UK, Australia, and indirect affiliated offices in Canada, South Africa, and Japan. FXCM caters to both beginners and advanced algorithmic traders, and provides news and research content as part of the global offerings available under the FXCM brand.
Commissions & Fees.
FXCM offers competitive commission rates. Standard account holders are charged $8.00 per standard round turn (100,000 units) when trading on major pairs, and $12 per standard round turn on all other pairs, in addition to the prevailing spreads traders pay on each trade.
FXCM ranks near the top compared to other brokers’ overall commission and fees, and shines the most in its Active Trader account pricing from among its other pricing models for Standard and Mini Accounts.
For clients that deposit at least $25,000 or more, FXCM offers an Active Trader account, which offers traders even lower commission rates. For example, Active Trader accounts are charged $1.8 per standard lot on a EUR/USD pair, and gain access to premium research.
This makes FXCM one of the most competitive in terms of all-in costs for active traders compared to the company’s closest competitors, such as Gain Capital (forex), FxPro, IG, and SaxoBank.
Spreads for Active Trader and Standard accounts at FXCM are as low as 0.5 pips on pairs such as the EUR/USD and USD/JPY, using time-weighted average tradable prices from April through June 2016.
Meanwhile, Mini Account holders are not charged any commission per trade, but pay a wider spread and can access only 21 currency pairs compared to the 39 pairs Standard and Active Trader accounts can access.
FXCM ranks near the top compared to other brokers’ overall commission and fees, and shines the most in its Active Trader account pricing from among its other pricing models for Standard and Mini Accounts.
Customer Service.
Accessing live chat to get real-time online support at FXCM is easy. During our initial chat inquiry, an FXCM support representative was professional and knowledgeable, and easily answered most of our questions.
In addition, calling FXCM’s main customer service line was generally positive as the representatives we spoke with on multiple occasions were able to accommodate our requests.
In specific instances, another department had to get involved to help resolve an inquiry, as certain inquiries at FXCM must be handled via in order for a task to be created by the relevant department (unless there is a live account already), as a support representative explained to me.
We did notice FXCM’s various departments, including the firm’s Retail, Active Trader Group, and Institutional divisions, are segmented, and this segmentation was reflected during our calls when unique questions we posed needed to be handled by a different department.
Another caveat with customer service is that Mini Account holders at FXCM are not given the same access to a dedicated services team the way Active Trader account holders do, although Mini Account holders can still call in for phone support or send an . This is similar to the way Saxo Bank offers greater support to its premium clients than to clients with balances less than $100,000; they cannot access premium features such as live chat within the platform, for example.
Overall, traders will find general and basic support easy to access at FXCM, while other traders with unique or technical questions may initially find it challenging to navigate across departments at FXCM, although this becomes easier after contact is made or by sending an .
FXCM Market Insights is an area on the company’s website that hosts a number of educational articles, while the company’s DailyFX website focuses more on daily research and related market content.
We expect FXCM’s research to take on a new form as the transition of DailyFX to IG is completed, as FXCM’s DailyFX division was sold to the IG group at the end of September 2016 and certain assets of DailyFX are set to be migrated to IG.
As part of the deal with IG, which was closed at the end of October (around the time of this review), FXCM will continue to advertise on the DailyFX site for an annual fee to IG, and will take US and Canadian clients on board. This means clients outside the US and Canada looking to access DailyFX services will likely have to trade with IG – or see IG ads on the DailyFX site.
Whether FXCM’s research tools will be kept the same or rebuilt for international clients, we expect their research offering to remain consistent, even if housed under a different brand such as FXCM’s Market Insights division.
FXCM has done a great job in offering educational information in its research to beginners as well as advanced traders across multiple channels, including webinars and invitations sent to users from within the Trading Station platform.
Overall, FXCM provides good research content relating to technical analysis and fundamental news for forex traders.
Platforms & Tools.
FXCM’s main trading platform, Trading Station, does very well at catering to the entire spectrum of clients’ needs, whether beginner or advanced algorithmic traders, and the range of features packed into this desktop software is impressive.
FXCM offers a choice of several trading platforms, including its Trading Station, MetaTrader4 (MT4), and NinjaTrader, which are accessible via desktop, the web, and mobile versions of the platforms.
The available tools within the platform contain advanced fields that can be customized for automated trading, technical analysis, or custom indicators that can be imported .
FXCM’s Trading Station platform was developed with help from Gehtsoft USA LLC, which also helps power Fxcodebase – a library in which third-party indictors can be found for the Trading Station platform.
The Trading Station desktop platform for FXCM allows its various panels to float freely within the main platform window, similar to other trading platforms, including desktop versions from Saxo Bank and Forex as well as certain web-based platforms from IG and CMC Markets.
This ability to float the panel windows can help when traders have multiple monitors. You should take a few minutes to set up the platform to best address your needs and save the layout for future use and to avoid panels overlapping or if using multiple monitors.
The ‘watch list’ function within the Trading Station platform was difficult to use. Although it supports the ability for lists to be imported, during our review, this feature was not intuitive and had a glitch or technical bug that prevented it from working.
A support representative suggested that the instruments subscribed to under the symbols tab be removed in order to reset this function. However, those symbols cannot be removed while positions are open in the related symbols. We’d like to see this bug fixed as the watch list function is an important tool for quickly accessing specific forex pairs or CFDs, and tracking their prices at a glance.
On the other hand, technical analysis enthusiasts will find MarketScope has a premium feel without the price tag that accompanies paid charting subscriptions, which adds value to the Trading Station’s offering.
The Marketscope 2.0 charting feature within the platform, which seems like an entire additional platform on its own, opens when launched from within the main platform, creating the sense of two platforms running simultaneously.
This advanced charting program is packed with tons of features, yet may be too complex for novice traders or those who do not have additional monitors to move the trading screens. MarketScope opens in a brand-new platform terminal window, separate from the main Trading Station terminal.
On the other hand, technical analysis enthusiasts will find MarketScope has a premium feel without the price tag that accompanies paid charting subscriptions, which adds value to the Trading Station’s offering.
FXCM’s Trading Station platform is also available as a web-based platform, and as a mobile app for Android and iOS. Beyond the most important features, the web version of the Trading Station platform looks and feels just like the desktop version, yet doesn’t contain as many advanced features as the desktop version does.
Trading Station Web operates seamlessly. With an easy-to-navigate interface and customizable layout, it was easy to switch between placing orders and managing positions or to customize the layout to do it all from one screen without switching tabs. The upper menu panels make it easy to quickly access relevant sections, including Trading and Charts.
FXCM’s MetaTrader4 (MT4) platform is available as a desktop-based software for Windows or it can be used in conjunction with the platform developers’ native mobile app for Android or iOS. MT4 has been developed by MetaQuotes Software Corporation and is one of the most popular third-party forex trading platforms.
The number of tools available in MT4 are native within the platform – and MT4 is a popular choice for traders interested in strategy automation and creating custom scripts and analysis tools from scratch using MQL syntax (programming language).
FXCM provides a dedicated support team known as “Experts Advisors” within MT4 to assist traders with technical issues related to their automated trading strategies.
FXCM’s NinjaTrader platform, developed by NinjaTrader Group LLC, is available as a desktop-based software for Windows, with a 64-bit version also available.
The NinjaTrader platform features numerous trading tools, including automated trading capabilities, where trading strategies and indicators can be created from scratch using NinjaScripts. We had a chance to install the NinjaTrader platform on Windows 10 and received a follow-up call/ from a NinjaTrader representative.
NinjaTrader doesn’t come pre-loaded with trading strategies but users can either make their own or use third-party developed NinjaScripts, similar to the way in which the MT4 platform operates.
The FXCM App store provides various add-ons, technical indicators, and automated trading robots for its Trading Station, MetaTrader 4, and NinjaTrader platforms, as well as access to third-party products and platforms such as the Seer Trading Platform for algorithmic trading.
FXCM also offers the MirrorTrader platform, which provides traders with the historical results of pre-screened strategies. Clients can subscribe to and ‘mirror’ these strategies in their trading account each time a new trade signal is generated from the related trading systems available.
Mobile Trading.
FXCM’s mobile app excels in packing lots of features into a sleek and intuitive design. The advanced features are nested deep within the interface, while the common and most important functionality is front and center once you login.
Aiding the navigation of the mobile app is a row of tabs on the bottom and top of the app. These rows let users slide left or right to see additional tabs from either the top or bottom row. Tapping on any of the tabs in these rows will switch to the related view on the main screen. In addition, swiping left or right on the main screen will also switch between the next adjacent tabs, making it easy to scroll between screens.
One shortcoming of the mobile app was the lack of any apparent watch list, which could be a useful feature and ideally one that would sync with the watch list used on the web and desktop versions of the FXCM Trading Station.
The charts within the Trading Station mobile app also impressed us as the drawing features and use of technical indicators were very fluid and the design helped to create a natural and seamless user experience.
We expect FXCM to rank highly in its mobile app, compared to OANDA, SaxoBank, FxPro, GAIN Capital, and other peers, when comparing mobile features such as charting, ease of use, and the overall number of features in the app.
Other Notes.
FXCM provides a monthly trading contest to live account holders, who compete for a $10,000 prize pool. The company also offers a trading analytics tool that shows traders how to understand their trading history by visualizing mistakes as well as highlighting positive traits, helping them to learn more from their past trades (in the hope of improving future trading).
FXCM’s Trading Station platform and the company’s Active Trader offering can appeal to the sophisticated trader, while newcomers may face a steeper learning curve due to the advanced platform features that may require getting used to in conjunction with FXCM’s educational materials.
Pop-up dialogues appear within the Trading Station platform to give users a chance to join upcoming and live webinar FXCM hosts. This is a nice feature for first-time users, who can learn about markets during the webinars.
There is also a dedicated technical support team to assist traders in developing their MetaTrader4 Expert Advisors (EAs). The team will even help code strategies for clients for a nominal fee. FXCM also offers various APIs programmers can access publicly to connect their trading apps or platforms to FXCM.
Final Thoughts.
Beginners and highly experienced traders have access to lots of resources at FXCM, including educational content, news and research channels, and advanced trading tools and platforms. They can also access trading-related support for automated trading.
FXCM is a great choice for those seeking to use automated trading strategies, as all of its platforms offer traders the ability to run algorithmic trading, along with access to advanced charting tools.
The company’s tiered commission pricing provides active traders and standard account holders with tighter spreads and access to a larger number of currency pairs through FXCM’s no-dealing-desk (NDD) execution.
Mini account holders – those traders initially depositing smaller amounts, such as beginners or those on tight trading budgets, can only trade nearly half of the available currency pairs (21 pairs versus 39 for Standard Accounts). They also pay a larger spread on FXCM’s dealing desk, even though they are not charged any commission per trade.
IG, OANDA, FxPro, and GAIN Capital (forex) may be suitable alternative choices for beginners and/or traders seeking to trade a Mini Account. Meanwhile, active traders may find SaxoBank, IG, forex and FxPro, close competition for FXCM in terms of pricing discounts for larger trading volumes, as well as different execution types and tiered margin levels.
Overall, FXCM’s size as a company, its years of operation, and its regulatory status in major financial centers, combine to make its offerings broad enough to cater to nearly every type of trader, with minimum deposits required to start an account ranging from barely $100 to Active Trader accounts requiring a deposit of $25,000.
Methodology.
For our 2017 Forex Broker Review we assessed, rated, and ranked 20 international forex brokers. Each FX broker was graded on 255 variables. Learn more.
Forex Risk Disclaimer.
There is a very high degree of risk involved in trading securities. With respect to foreign exchange trading, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or currency pair. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Learn more.
