FXCM Forex Broker: Everything You Need to Know
If you are looking to trade Forex, you need to find a reliable and trustworthy broker that can offer you competitive spreads, excellent trading platforms, and reliable customer support. FXCM is one of the leading Forex brokers in the world, providing traders with a wide range of trading tools, resources, and support. In this article, we will take a closer look at FXCM Forex Broker and everything you need to know about their services, features, and offerings. We will cover a range of topics, including the company's history, trading platforms, account types, fees and commissions, education and resources, customer support, and more.
Table of Contents
- Company Overview
- Company History
- Regulatory Compliance
- Trading Platforms
- Trading Station
- MetaTrader 4
- Account Types
- Standard Account
- Mini Account
- Active Trader Account
- Fees and Commissions
- Spreads and Margin Requirements
- Commission and Fees
- Education and Resources
- Trading Webinars and Seminars
- Video Library and Articles
- Trading Tools and Indicators
- Customer Support
- Contact Information
- Support Resources
- Pros and Cons of Trading with FXCM
Company OverviewFXCM is a leading online Forex broker that was founded in 1999 in the United States. The company has since grown to become a global brand, serving traders in more than 150 countries around the world. FXCM is regulated by several financial authorities, including the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC), and the Financial Services Authority (FSA) in South Africa.
Company HistoryFXCM was founded in 1999 by a group of currency traders who wanted to provide retail traders with access to the Forex market. The company started as a trading platform for FXCM's own traders and expanded to offer services to retail traders in the US and around the world. In 2001, the company launched its first trading platform, FX Trading Station, and quickly gained a reputation as a reliable and innovative Forex broker.
Regulatory ComplianceFXCM is regulated by several financial authorities, including the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC), and the Financial Services Authority (FSA) in South Africa. The company is also registered with the Commodity Futures Trading Commission (CFTC) in the US and is a member of the National Futures Association (NFA).
Trading PlatformsFXCM offers traders a range of trading platforms to choose from, including Trading Station, MetaTrader 4, and NinjaTrader. Each platform offers different features and functionalities to suit the needs of different traders.
Trading StationTrading Station is FXCM's proprietary trading platform that offers a range of advanced trading tools and features. The platform is available for desktop, mobile, and web-based trading and offers advanced charting tools, automated trading, and custom indicators and strategies.
MetaTrader 4MetaTrader 4 is a popular third-party trading platform that is widely used by Forex traders around the world. The platform offers a range of advanced charting tools, automated trading, and custom indicators and strategies.
NinjaTraderNinjaTrader is another third-party trading platform that is popular among Forex traders. The platform offers advanced charting tools, automated trading, and custom indicators and strategies.
Account TypesFXCM offers traders three different account types to choose from, including the Standard Account, Mini Account, and Active Trader Account.
The Standard Account is designed for traders who want a simple and straightforward trading experience. This account requires a minimum deposit of $50 and offers competitive spreads on major currency pairs, as well as access to all of FXCM's trading platforms and tools.
Mini AccountThe Mini Account is designed for traders who want to trade with smaller amounts of capital. This account requires a minimum deposit of $50 and offers micro lot trading on major currency pairs, as well as access to all of FXCM's trading platforms and tools.
Active Trader AccountThe Active Trader Account is designed for high-volume traders who require tighter spreads and lower commissions. This account requires a minimum deposit of $25,000 and offers reduced spreads on major currency pairs, as well as a dedicated account manager and access to premium trading tools and resources.
Fees and CommissionsFXCM offers competitive spreads and transparent pricing, with no hidden fees or commissions. The company offers variable spreads on all of its account types, with average spreads ranging from 0.2 to 1.3 pips on major currency pairs.
Spreads and Margin RequirementsFXCM's spreads vary depending on the currency pair and market conditions, with tighter spreads available during times of high liquidity and wider spreads during times of low liquidity. The company also offers flexible margin requirements, with margin levels ranging from 2% to 5% depending on the currency pair and account type.
Commission and FeesFXCM does not charge any commission on its trading accounts, but the company does charge fees for certain services, such as overnight rollover fees, account inactivity fees, and wire transfer fees.
Education and ResourcesFXCM offers traders a wide range of educational resources and trading tools to help them improve their trading skills and strategies.
Trading Webinars and SeminarsFXCM hosts regular trading webinars and seminars on a variety of topics, including technical analysis, fundamental analysis, and trading psychology. These webinars and seminars are led by experienced traders and are designed to help traders of all levels improve their trading skills and strategies.
Video Library and ArticlesFXCM also offers a comprehensive video library and article archive, with hundreds of educational videos and articles on a variety of trading topics. These resources cover everything from basic trading concepts to advanced trading strategies and are available to all FXCM account holders.
Trading Tools and IndicatorsFXCM offers a range of trading tools and indicators to help traders analyze the markets and make more informed trading decisions. These tools include advanced charting tools, custom indicators and strategies, and automated trading systems.
Customer SupportFXCM offers 24/5 customer support via phone, email, and live chat, with dedicated support teams available in each of the company's regional offices.
Contact InformationTraders can contact FXCM's customer support team by phone or email, or by using the company's live chat feature. The company also provides a range of support resources on its website, including an FAQ section, trading guides, and user manuals.
Support ResourcesFXCM's support resources include a range of educational materials and trading tools, including video tutorials, trading guides, and market research. The company also offers a range of support services, such as account management and technical support, to help traders with any issues or questions they may have.
Pros and Cons of Trading with FXCM
- Competitive spreads and transparent pricing
- Range of trading platforms and tools to choose from
- Comprehensive educational resources and support
- Reliable and trustworthy regulatory compliance
- Limited range of tradable instruments compared to some other brokers
- Higher minimum deposit requirements for some account types