While minimum balance requirements could incentivize some traders to utilize the educational resources, I think it’s better to make the content free for all clients. Motivation can instead be inspired by creating interactive courses that feature quizzes and incorporate progress tracking. It’s worth mentioning that your trading account balance must meet a threshold to access certain educational content. With its wide range of available platforms and deep offering of trading tools, FXCM has set the bar high and competes among the best brokers in the industry. Whether you are a beginner or an advanced algorithmic trader, FXCM has plenty of options. In our 2024 Annual Awards, FXCM finished Best in Class for its excellent Platforms and Tools.
FXCM Platforms & Assets Review
- The addition of the sophisticated NinjaTrader, APIs and specialist platforms make FXCM a broker with multiple alternatives depending on individual trader requirements.
- The free VPS is provided to high volume traders who have traded up to 500K per month in the last 3 months.
- FXCM has multiple payment options for deposits and withdrawals, including wire transfers, debit/credit cards, and e-wallets.
- When it comes to placing order types this is a straightforward process that mirrors the web platform.
Our team is always happy to help, and we always appreciate when our clients make the interaction mutually pleasant. This company can be trusted, and legit, and credit card payment works. Some cases, the things that are been advertised are not true for Canada. We sincerely apologize for the inconvenience you experienced with FXCM.
Does FXCM charge an inactivity fee?
The broker offers its clients innovative trading tools, proprietary data and premium educational resources. FXCM offers traders a few different accounts, with forex and CFD instruments (commodities, crypto and more), leverage, and a truly impressive variety of plugins and accompanying applications. With reasonable trading fees and conditions plus an industry-best level of flexibility for traders, FXCM is an enticing option for frequent traders with virtually any strategy preference.
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FXCM spreads start at 0.2 pips for Active Trader accounts and 1.3 pips for standard accounts — depending on the instrument (as shown below). However, you can still lose your capital due to trading with leveraged products. FXCM offers 24/5 award-winning customer services with customer support contactable via live chat, email, phone and even SMS text message. If you wish to call FXCM, there are 42 country-based numbers one can call from.
Is FXCM a good broker?
The brand employs over 550 people worldwide and has main offices in the UK, Italy, Germany, France, Australia and Hong Kong. FXCM has also set up affiliate offices in Israel, Greece, Canada and South Africa. Not only has FXCM become an iconic name in retail foreign exchange markets but it has also won many awards from the forex trading investment community. FXCM keeps your money safe and secure in segregated bank accounts.
FXCM provides prime brokerage services to institutional clients who require access to market data and execution across multiple trading venues with settlements managed through a centralized source. Blain Reinkensmeyer has 20 years of trading experience with over 2,500 trades placed during that time. He heads research for all U.S.-based brokerages on StockBrokers.com and is respected by executives as the leading expert covering the online broker industry. Blain’s insights have been featured in the New York Times, Wall Street Journal, Forbes, and the Chicago Tribune, among other media outlets.
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Beginning traders can also access various options to help them learn and enhance their trading skills. TradingView is a social network for Forex, Futures, and Stock market traders and investors. You may use TradingView every day and conduct your demo and live trading with FXCM since it includes live quotes, stock charts, and expert trading suggestions. I think this is one of the best charting platforms out there and is ideal for anyone who like to get down to the nitty gritty of market analysis. You can get access to TradingView through a few other select brokers including Oanda. We also take an in-depth look at each broker’s commissions and fees, such as bid/ask spreads – including the average spread data for some of the most popular forex currency pairs.
I find their trading platform easy to use and have never had a bad experience. I have always been treated with respect and courtesy would recommend them 100% to new traders. Also, MetaTrader 4 users can automate their trading using “expert advisor” or EA software they can program themselves or obtain from third parties. FXCM no longer accepts U.S. clients because it had to pay $7 million in 2017 and give up its registration with the U.S. Commodity Futures Trading Commission (CFTC) for failing to disclose a deal with a market maker to its clients.
The Hawks each worked professionally in the financial markets and have more than 40 years of trading experience among them. Overall, FXCM fits the needs of traders at all levels of expertise. The online broker even provides wholesale trade execution and liquidity solutions for retail forex brokers, smaller hedge funds and emerging markets banks through its FXCM Pro service. You can choose from among several fxcm canada review excellent trading platforms and can access copy trading through FXCM’s social trading platform and automated trading via FXCM Apps and MetaTrader4 (MT4). If you want to trade assets other than forex, FXCM also offers CFD trading in shares, metals, oil, commodities, indices and cryptocurrencies. An Active Trader account can only be opened if the trader has a notional trading volume of over CAD 10 million.
Use the Capitalise.ai app to manage your trades on the go; edit, stop or automate new trading strategies, all from your iPhone or Android device. FXCM is a zero commission broker that offers very competitive dealing spreads on CFDs and forex currency pairs. If you trade a notional amount of over $10 million per month, you qualify for a rebate for the trades you placed that is credited directly to your trading account the following month. Our research team conducts thorough testing on a wide range of features, products, services, and tools (collecting and validating thousands of data points in the process). We test all available trading platforms for each broker – whether they are proprietary or come from third-party providers – and evaluate them based on a host of data-driven variables.
Before working at TradingPlatforms, Dassos worked as a writer for EuropeFX Financial Services. It was during his time here that he developed a passion for financial writing and grew his knowledge of trading, investing and cryptocurrency. FXCM trading accounts use a Tiered Margin https://forexbroker-listing.com/ system which is based on an entry and maintenance margin as well as a liquidation margin. The FXCM economic calendar highlights worldwide economic events that have an impact on trading instrument prices. You may look up events and compare analyst consensus to historical data.
This means you can perform all your trading analysis, opportunity identification and order execution all in one place. This simplified trading process makes the platform a great tool for beginner traders. We found FXCM’s fee structure to be very competitive, especially with an average EUR/USD spread of 0.74, which is below the industry standard of 1.08. Combined with VIP discounts for active traders, FXCM proves to be a cost-effective option.
Long-term or discretionary traders may also like this account as the simpler cost structure compared to a commission account can make trading easier. The FXCM Standard Account has a minimum requirement of $50 (depending on payment method) when making an account deposit. When trading, you will still need to meet initial margin requirements to open trading positions. This is FXCMs offering to all clients who don’t qualify as an Active Trader. This account is a commission-free account, which means the trading costs are included in the spreads. This explains why spreads are wider than commission-based accounts such as the Active Trader account.
FXCM account’s base currency include GBP, USD, EUR, CHF and more. Withdrawal can be done by card, Bank Wire or Skrill, Neteller and in Australia by Electronic Funds Transfer and Union Pay. While there are no withdrawal requirements, there are fees when using Bank Wire and Union Pay. All CFD option is commission-free, which means costs are included in the spread. An FXCM dealing desk determines the best execution means which can result in FXCM acting as a market maker or using a dealing desk. You can always rely on our team to answer any questions and provide more information, so if you ever find yourself in need, do not hesitate to contact us.