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FXCM has not settled for the bare minimum but rather taken up going for the max possible regulation and in the highest number of global jurisdictions. The company is most notably regulated by the FCA in the United Kingdom, the ACP in France, and ASIC in Australia amongst many other countries.
The company often makes it to the news but always for the right reasons. FXCM is part of an elite group of businesses that can be regarded as dependable, and a high-quality broker having won almost every award since it was founded in 1999.
Most notably it has received awards for being the fastest growing company in 2005, 2004, 2010 and 2006 by INNC. They also won the Best FX Provider award in 2015 by none other than Online Personal Wealth. But the list goes on beyond these few notable mentions.
FXCM offices operate in South East Asia, New Zealand, Europe, South Africa and Canada. In addition to being extremely reputed the company also boasts of having an excellent array of platforms with assets available to all traders.
The company also uses it’s very own award-winning platform called the ’Trade Station.’ It is an advanced piece of software which is constantly being evolved with the help of the developers at the FXCM’s technology department.
The company is backed by a substantial capital backbone. Proof of this capital backbone is evident from FXCM’s financials of 2016’s final quarter.
- Total adjusted revenues Q3/16 $61.4 million USD
- Total EBITDA adjusted from discontinued and continuing operations of $6.4 million
- A total of $277.6 million in cash
- $725 million in total customer equity
- A total of 177,818 active trading accounts
- A regulatory surplus capital of exactly $90.9 million
What’s unique to FXCM?
It is one of the most well reputed, established and influential brokers with a business history of over a decade. The fact that it has been in this industry for such a long time has meant that it has strong ties with many banks, boasts of having strong market analysts, and excellent service staff.
So, problems are resolved quickly for an ever expanding client base and that in turn means that they continue to generate millions in profits.
Above you can see some of the many features offered by FXCM
FXCM has world-class technological capabilities. Having a diverse array of technologies at their disposal means that they can help cater to any type of trader regardless of if they are algorithmic traders or just scalpers.
FXCM Holdings LLC, as of this writing has over $100 million in all declared capital, making it one of the largest forex businesses online.
Account Types and Spreads Offered
Account holders can trade the EUR/USD currency pair with a two-pip spread, the GPB/USD pair with a spread of three pips via the FXCM Trading Station platform. Traders that use the Active Trader Platform can benefit from lower spreads which can go as low as 0.7 for the EUR/USD currency pair and the GBP/USD for 1.8.
FXCM has agreements with many international banks to ensure traders benefit from the best spreads. That said draining liquidity which is associated with market turmoil can often lead to much larger spread differences.
The commission charged by FXCM is mainly based on volume, but high volume traders can negotiate a reduction. Usually, traders that trade in excess of $10 million a month will pay $5 a lot on average, and traders trading over $100 million a month or 1000 trades a month will pay $3.50 per lot in the way of commission.
The UK’s regulations state that forex traders who use FXCM can also trade gold and oil as well as currency pairs. The company offers up a leverage of up to 200:1, but if you want to increase that leverage it will be equal to the loss multiplier. Though an experienced and successful trader is able to manage loss and leverage to ensure a profitable outcome.
- The FXCM Trading Station: It is FXCM UK’s best platform and allows for hedging, single click trades, and streaming quotes in ten various order types.
- MetaTrader4: It is a very popular trading platform also called MT4. It allows traders to exploit its flexibility and array of options to make money.
- Active Trader Platform: It is a special platform which allows traders to view the flow of how orders are moving towards FXCM and then exploit that to get lower spreads for a small commission. It allows for viewing ten levels of depth which also enables people to identify resistance and support points which then enables them create substantial advantages when analyzing the markets and executing trades. The bad news is that Active Trader is expensive and requires a minimum deposit of $25000, or you’ll need to trade $10 million a month.
- FXCM Mobile: The mobile trading platform by FXCM gives traders the ability to easily analyze and access live charts, and take the latest market news into consideration. Rates are streamed live via the platform, equity levels, margin, and balance can also be easily checked. Plus, traders can even open and close trades with just a few taps on their screens. FXCM Mobile can be used with both micro and standard accounts.
FXCM definitely has one of the best platforms we have seen
Commission and Spreads
The commission, fees, and spreads will mainly depend on the account type that the trader uses. The average spread on the EUR/USD currency pair is 1.5, and it can drop to around 1.0 for people using the Active Trader account. Those opting for much larger accounts also need to pay commission.
Support For Beginners
FXCM provides a great deal of support for beginners via daily market news, seminars conducted online, FAQs and visual tutorials amongst other efforts. The goal is to educate beginners about trading forex, and the material makes learning easy.
A number of different account types which include:
- ECN accounts
- Market maker
- Islamic trading
- Demo Account
The company offers an array of trading instruments. FXCM offers minor and major Forex currency pairs in addition to many different commodities as well as global equity indices that are hinged with CFDs. The commodities which can be traded are not as diverse as the currency options offered, but they still happen to include all the popular items.
The company is regulated by the FCA which is a major industry regulator. Traders that open the market maker account can also use it as a sort of spread betting account which by the way happens to be tax-free in the UK as well as the Republic of Ireland.
FXCM also puts your trading strategies into an expert advisor which enables you to automate the trading process if that’s desired. Finally, FXCM rounds off its offering with an array of analytics services, which are only for traders that trade with real money and not for demo accounts.
The FSA rules demand that forex brokers regulated by the body adhere to all the strict standards set forth when it comes to client relationship, safety, and also capital adequacy. Anyone wishing to check if, in fact, FXC does meet these requirements should visit the FSA’s website where any infringements of the rules are published for everyone to see.
As of this writing, FXCM has over 150,000 clients i.e. traders and an exceptionally large capital. Its excellent reputation ensures against fraud and other illegal activities. Anyone wanting to know more about FXCM can also refer to the financial filings and the latest regulatory news along with the annual balance sheet that’s available from the website.
We and many others have noted that FXCM has one of the best and most advanced customer support teams. In the forex industry, they can easily be regarded as the best since they answer questions and inquiries right away.
The staff members are very polite and aim to solve your problem in the shortest time possible if not right away. FXCM has always been a part of many smaller group of brokers who use their own teams and software. The experience, credibility and excellent support ensure that traders will always have a pleasurable trading experience.
FXCM is a professional broker that mainly specializes in Forex trading and CFDs. It caters to both newbies as well as seasoned traders from across the world. Its technology is some of the best you’ll find in this industry. It is for this reason that the company has over the years won so many prestigious awards.
- Large selection of software which includes its auto trading system
- Large and extensive educational library
- Low initial required investment
- Depositing money into the account is quick and straightforward
- Many awards and strong history of providing excellent trading services
- No US accounts accepted