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FXCM Review

When comparing forex trading platforms, FXCM (Forex Capital Markets) rates very well. The platform has won a number of awards from the investment community. Established in 1999 as a forex trading specialist, FXCM now has offices in several cities across the globe. In 2010, the company was listed on the New York Stock Exchange.

 

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What Does FXCM Offer for Traders?

The trading station software offered via FXCM combines both functionality and power. One of the best features of this trading platform is the streaming two-way prices and quick execution that is offered. Both beginners and advanced traders alike will benefit from the real-time quotes and real-time summary of all open positions.

FXCM has recently added some updates to the platform, including price alerts that give users audible pop-up price alerts at certain set price levels, as well as new P/L quotations that are now calculated in pips-per-lot for each of a trader’s positions. Traders can also customize the platform’s layout with the new layout management tool. Here, there is also a new embedded docking features.

 

Trading Tools

In addition to the real-time quotes and open position information, FXCM provides numerous benefits to traders. When placing trades, FXCM allows traders to choose either one-click, double click, or click-and-confirm order entry options. In addition, traders are able to manage their leverage on a 50:1 ratio.

Other features include:

  • Rapid Trade Confirmation
  • Tight, competitive spreads on major currency pairs
  • Real-time P/L tracking

At the heart of FXCM is its No Dealing Desk trading. Traders can benefit from the platform’s liquidity providers. This allows affiliates of FXCM to offer very competitive spreads on major currency pairs.

 

Analysis

The platform also offers the ability to trade directly from charts, allowing trades to be placed without toggling and to view all positions directly on the chart. While doing so, traders can also save their work, including templates, charts, and multiple layouts. In addition, charts can be set to display tick, intraday, daily, weekly, and monthly information.

All of the analysis is conveniently displayed on one screen, making it easy to monitor all relevant information at the same time. So, there’s no need to toggle back and forth, losing precious seconds in the process.

Traders can easily retrieve detailed information on every transaction and confirmation – available for viewing 24 hours per day – while also selecting their own specific time parameters for their reports.

FXCM also offers a great deal of education that is available to traders. This includes a complete set of studies and market indicators. This way, you never feel alone, having access to both basic and advanced materials.

 

FXCM Education and Support

Traders can receive help and support 24 hours per day, 7 days per week. Representatives are available via phone, email, fax, and live online chat, and trading desk operations are between Sunday at 5:15 p.m. ET and Friday at 5:00 p.m. ET.

 

Review Detail

Broker name FXCM
Company name Forex Capital Markets
Online since 1999-01-01
Site url http://www.fxcm.com
Country USA
Minimum account size 2000.00
Minimum account size currency USD
Minimum position size 1.000000
Maximum leverage 50
Maximum leverage description up to 1:50
Spread level medium
Spread description 1-3 pips on EUR/USD
Is regulated YES
Regulation description Registered with the Commodity Futures Trading Commission (CFTC) and is a member of the National Futures Association (NFA). Also regulated by the official regulators in UK, Italy, Hong Kong, Australia, Germany, Dubai and France.
Easy registration YES
Votes count 282
Rating 5.80
Email info@fxcm.com

 

 

The Upside and The Downside

Just as with any popular product, FXCM has both advantages and drawbacks, depending upon what specifics traders are looking for. With this platform, though, the plusses do outweigh the negatives.

 

Pros

  • No Dealing Desk forex execution means that there is no conflict of interest between trader and broker
  • No dealer intervention in trades
  • All styles of trading are acceptable
  • Tight and competitive spreads
  • Allowed to scalp the market
  • Entry orders may be placed anywhere, even inside the spread

 

Cons

  • No mini-Forex accounts
  • Limitations for MetaTrader 4 accounts

 

What Are Traders Saying About FXCM?

In order to get a feel for how FCXM really performs, the traders who are actually using the platform can give true insight as to how it helps them in their own businesses.

Here’s what some FXCM users are saying:

“I believe that FXCM is simply the best broker on the market. I have tried a few others on this list also, ease of use, FXCM in my opinion beat the ones that I did test.”  User comment on GoForex.net

“I am very pleased with them, trading for several years not. I will stay with them. I rated 9 because there is always room for improvement: news feeds, contingent orders.”  User comment on GoForex.net

“FXCM has been fantastic so far. I have used FX Solutions, MB Trading, and forex.com. They are before the best. Their platform is way more intuitive than the rest of these. Their customer service is top notch. One of their agents even called me and asked me if there was any way they could help me with my trading. I told them my biggest issue was managing risk and then sent me some free information with tips on such. I feel that with their separate news website, customer service, and classes they are doing everything they can to make successful traders. Who doesn’t want a broker like that?”  User review on GoForex.net.

 

The Bottom Line

Whether you are a beginner or a novice at trading the forex, FXCM can be a nice platform – especially given all of their recent updates. The two-way price and execution capabilities that are offered can help ease trades through, while keeping an eye on all necessary information.

Regardless of whether you are trading with $50 or $50,000, FXCM provides an easy to work with platform in terms of moving trades through as well as in offering the research, analysis, and record keeping ability that you need for trading today, tomorrow, and in the future.

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