In addition, FXCM also offers an Swap free account (Islamic account) for traders who want to follow Sharia compliance. FXCM offers a variety of account types to cater to the diverse trading needs of its clients. The standard account is the most popular account type and is suitable for traders of all levels. It requires a minimum deposit of $50 or equivalent in other currencies, and clients can access a range of markets, including forex, commodities, indices, and cryptocurrencies.
The wide selection of sophisticated trading platforms that FXCM offers is far above what the vast majority of other forex brokers have. Among its selling points are relatively tight spreads, outstanding trading platforms, and rapid trade execution. FXCM seems to have a mixed reputation among users, with some praising its user-friendly platform and the range of tools available for trading. Many appreciate the educational resources provided, which help newcomers get up to speed with forex trading.
- Traders can browse the FAQ section to find answers to their queries quickly and independently.
- The Trading Station platform is particularly impressive, with its intuitive interface, customizable charts, and advanced order management tools.
- Their website is quite well-made and provides all the relevant about their services and their customer support team can be reached quickly in case of any queries.
- Their provision of Sharia-compliant shows inclusivity accounts with no exchange costs, which serve the demands of Islamic religion adherents.
- All traders get the commission-free CFD account, but the Active Trader account, for qualifying traders, offers the most competitive trading fees.
Popular Forex Brokers
- These online payment systems offer secure and convenient ways to transfer money to and from trading accounts.
- The Active Trader account typically requires a higher deposit amount, and clients can access a range of trading tools and resources to help them make informed trading decisions.
- On the page that loads, select the trading platform you would like to use.
- They are licensed by two Tier-1 Regulators (high trust), two Tier-2 Regulators (average trust), and zero Tier-3 Regulators (low trust).
- FXCM offers trading demos and simulators that allow traders to practice their trading skills in a risk-free environment.
- FXCM provides access to a lot of different financial markets, but the list of assets available for trading within each market is somewhat limited, like at FIBO Group.
All financial transactions occur in the secure back office of FXCM, MyFXCM. The deposit and withdrawal options offered by the St. Vincent and Grenadines subsidiary are the best, while others offer limited choices. New traders go through a quick three-step account application process at FXCM, including account verification. Most traders will easily satisfy it by sending a copy of their ID and one proof of residency document, satisfying regulatory KYC/AML requirements. One of the most ignored trading costs is swap rates on leveraged overnight positions.
These regulatory bodies oversee FXCM’s operations to ensure compliance with industry standards and protect clients’ interests. By utilizing FXCM’s research and educational resources, traders can enhance their market knowledge, develop their trading skills, and ultimately become more confident and successful traders. For deposits between $300 and $4,999, the referrer gets a $100 bonus, which doubles to $200 for deposits from $5,000. The referee must trade 200 or 500 contracts, respectively, within 90 days, making it a challenging low-payout bonus to receive. I recommend traders read and understand the terms and conditions before accepting incentives.
This thanks to the fact that the broker doesn’t impose minimum deposit requirements. The educational tools are also excellent for new traders, whilst the Active Trader account permits competitive conditions for veterans. If you’re more passionate about trading, and you have a large amount of capital to trade with, then the FXCM Active Trader program may be for you.
What are the customer support hours at FXCM?
Additionally, the mobile version of the software is compatible with both Android and iOS phones and can be downloaded from the Google Play Store (Android) and Apple Store (iOS). The platform can be accessed through the FXCM mobile app and the FXCM website. This means that, unlike a dealing desk broker, there are no requotes to slow you down. According to FXCM, on average entering a market order takes about 30 milliseconds. A Joint Account is helpful for married couples, and also in situations where the primary account holder wishes to provide another individual with the ability to manage the account’s trading activities. That fact alone is a positive indication in favor of this brokerage house, in addition to its global presence that includes operations in the United Kingdom, Canada, Germany, Hong Kong, and Israel — just to name a few.
It allows trend lines to be drawn accurately and this is made simpler because of a magnifying glass which helps the traders to place the trend lines in the right position. In this review, we’ll talk about everything Canadian traders need to know about FXCM and its services including pros and cons, overall fees, customer support, trading instruments, and more. FXCM features an excellent choice of trading platforms, including MT4, and Capitalise AI, for code-free algorithmic trading.
They also implement safety practices for traders such as negative balance protection and segregation of funds. The trading instructions are accessible on their website and include subjects ranging from https://traderoom.info/fxcm-an-overview/ forex basics to sophisticated trading tactics. Yes, they allow traders to trade share CFDs with access to over 200 business shares.
Why trade with FXCM?
The cost of Virtual Private Server (VPS) Hosting is $30 for traders using the service. The broker keeps an updated rate card so that traders can stay informed about what they must pay. About the only improvement one might want to see is a substantial expansion of the list of assets available for trading. FXCM provides access to a lot of different financial markets, but the list of assets available for trading within each market is somewhat limited, like at FIBO Group. Like many forex brokers, FXCM offers deposit bonuses of up to several hundred dollars, depending on the amount.
Third-party fees are applicable when making deposits and withdrawals and traders should be aware of the same. Yes, there are a few traders who feel that the bouquet of financial products available is limited when compared to other such brokers. But if one looks at the mix of trading products offered by FXCM, it is quite obvious that it should be quite sufficient to meet the trading requirements for traders across various levels. They offer a decent range of trading instruments and their trading platform can be used by anyone.
