FXCM Forex Broker Review

FXCM is one of the largest and reputable forex brokers, which pride itself with over $100 million in net capital. FXCM Holdings, LLC made its way into a list of America’s Top 500 Fastest growing Companies consecutively for three years. With headquarters in New York and offices in several cities around the U.K., Japan, Italy, Australia, Hong Kong and France, FXCM UK is regulated by the Financial Services Authority (FSA) in the UK, while FXCM US is a registered Futures Commission Merchant (FCM) with the Commodity Futures Trading Commission (CFTC) and a Forex Dealer Member (FDM) of the National Futures Association (NFA).

FXCM features Straight Through Processing, multiple trading platforms that has among them the well renowned MetaTrader 4 (MT4), downloadable FXCM Trading Station or Active Trader, as well as a Java platform that is IOS compatible. Depending on the trading style that you adopt, each platform possesses its own challenges and strengths.

There are several account types on FXCM that does cater for the needs of the advanced as well as beginner investor. Pro-Traders can engage the standard 100K account, which starts with a minimum deposit of $2,000 and offers leverage of around 1:200 for investors who are not resident in the United States, and a leverage of 50:1 for investors based in the US.

The Mini Account on the other hand, requires a minimum deposit of $50 and is meant for investors who are new to the market. While you can get an account started in other currencies like the Euro, Sterling, Canadian Dollars, Australian Dollars and Japanese Yen, the US Dollar seems to be the preferred choice.

Furthermore, novice can get around 30 days of practice time on the FXCM training account with $50,000 practice money allocated to each trading account.

Advantages of Using FXCM

1. The broker employs the use of an MT4 trading platform that almost every investor out there is familiar with, while the brokers’ own Trading Station offers advanced traders excellent features such as an instant click order execution, a server end trailing stop along with partial fills.

2. Investors would find little or no restrictions on trading style with this broker, due to FXCM’s ability to employ the straight-through processing. This translates into allowing orders to be placed anywhere, while scalping is not frown at on FXCM, yet investors can trade along during news times.

3. There’s FXCM Micro, which manages smaller accounts on FXCM.

4. As a publicly traded company on the New York stock Exchange, FXCM has become one of the most accountable and transparent forex brokerages in the world.

5. All expert advisors (EAs), scalpers, and algorithmic traders are welcome on FXCM.

Disadvantages of Using FXCM

1. Spread widening during news releases is visible with FXCM.

2. There are serious limitations for investors using the MetaTrader 4 accounts.

3. There are no mini-forex accounts with this broker, while withdrawal options are limited to bank wire, credit cards, online checks as well as paper checks.

Note

As we speak, FXCM has its own app store that’s dedicated to live traders and offers free apps that are worth $225.

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