FXCM is a well-known and controlled online broker that offers a variety of robust and versatile trading platforms. That being said, relative to other brokerages, trading options are small, and spreads are not the tightest. Our online broker analysis team has discussed some of the most critical things for you to remember when selecting the right broker for your online trading needs in this comprehensive FXCM study.
FXCM – OVERVIEW:
FXCM (Forex Capital Markets) is a well-known online brokerage that provides forex, CFDs, and spread betting facilities. The firm was established in 1999 to provide access to the capital markets through cutting-edge tools and favourable trading conditions. FXCM is a multi-national trading firm with branches in London, Johannesburg, Hong Kong, Athens, Paris, Sydney, Berlin, and Milan. Toronto and Tel Aviv, Israel are both home to associate offices for the company.
Premium liquidity suppliers, such as major banks and financial institutions, support FXCM with its rates. Barclays Bank Plc, Citibank N.A, Deutsche Bank AG, Jefferies Financial Services, and others are among them. FXCM’s pricing engine analyses the liquidity providers’ price feeds and chooses the right price. This value is visible to customers on the stock exchanges. A No Dealing Desk (NDD) trading platform is used by the broker. FXCM claims that proprietary trading technology they use is accountable for 31 millisecond processing time.
FXCM has been honoured with many innovation awards. The awards cover a variety of topics, including the forum, customer service, and research. Some of the awards include the 2015 UK Forex Awards’ ‘Best Forex Trading Automation’ and the 2013 UK Forex Awards’ ‘Best Forex Broker of the Year.’
FXCM – COUNTRIES, COMPLIANCE AND REGULATIONS:
The Financial Sector Conduct Authority (FSCA) regulates FXCM South Africa (PTY) LTD is a licensed Financial Services Provider with FSP No 46534. The Australian Securities and Investments Commission regulates FXCM Australia Pty. Limited (ASIC). 309763 is the Australian Financial Services License Number. The Financial Conduct Authority (FCA) of the United Kingdom has approved and controlled Forex Capital Markets Limited. 217689 is the number plate.
For all of FXCM’s websites and networks, a Secure Socket Layer (SSL) has been introduced. Data communication between customers’ workstations and FXCM’s databases is protected by SSL encryption, which keeps attackers out of the network. This is critical because cybercriminals and web scammers can try to steal sensitive information from users, such as credit card numbers, verification records, and passwords.
All customer funds are held apart in savings accounts. These records are created with top-rated financial institutions in Europe, Australia, and other FXCM countries. In Australia, for example, customer funds are owned by Citibank Australia, a well-known multinational bank. The protection offered by the Financial Services Compensation Scheme’ protects the funds of European clients even more (FSCS). If FXCM declares bankruptcy in the coming years, the FSCS will be able to compensate deserving customers. Compensation from the Financial Services Compensation Scheme (FSCS) is limited to £85,000.
Residents of the United States, Ukraine, Turkey, Russia, Iran, and a few other countries are not qualified to use FXCM’s facilities. Due to regulatory requirements, certain FXCM broker features and products listed in this FXCM analysis may not apply to merchants from particular nations.
FXCM – Open Trading Account
FXCM – TRADING PLATFORMS:
1. TRADING STATION:
This is FXCM’s trading site for forex and CFDs. The platform is stable, user-friendly, and loaded with trader-friendly features. It is available in the following formats:
- Web 2.0 Trading Station: Since this interface was created using HTML5, it can be accessed from any web browser on any operating system. It’s designed to look great on every computer. The portal can be accessed from FXCM’s platform.
- Trade Station Smartphone: This is the platform’s mobile edition.
- Trade station desktop: The main platform that can be imported and mounted on a Windows computer is the Trade Station Desktop.
2. FXCM TRADING STATION MOBILE APPLICATION:
This is the smartphone edition of the Trading Station’s proprietary website. It’s compatible with both Android and iOS models. The applications are available for free from the Google Play and Apple stores. It comes with all of the required trading and market research instruments. Some of its characteristics are as follows:
- Account management features include creating new live and demo profiles, depositing money, and so on.
- Live quotes and maps are available for all instruments.
- 13 timeframes, 3 chart forms are available.
- Risk measurements parameters, different order forms, and order history are all included in the complete order management package.
- The software now has research papers and an economic calendar.
- Alerts can be customised.
3. META TRADER 4:
This is by far the most popular trading site. Thousands of software and applications have also been created to enhance the platform’s capabilities. FXCM would not impose any limitations on the use of the MT4 platform. It’s available as a free Windows desktop application as well as a smartphone version for iOS and Android users. The MT4 trading platform has several applications.
- Functional analysis is made easier with interactive maps and built-in metrics.
- Quotes on resources in real-time
- Endorses the use of Expert Advisors to automate tactics (EAs).
- Traders will buy over 1,700 expert advisors (EAs) and over 2,000 technical indicators on the Meta Trader site.
- About 35 languages are supported by the network.
- open virtual private server
4. NINJA TRADER:
This is highly advanced forex and CFD trading site. Ninja Trader 8.0 is the most recent edition, and it includes advanced analytics, charting, and trading automation. The site is not accessible, and there are no smartphone applications available. Here are some of the Ninja Trader’s features:
- Any window can be customised and removed. Create your colour scheme and style.
- Advanced trade monitoring, including tools for managing outstanding orders and risk.
- About 15 map types are used in the complex charting capability.
- Different instruments and timeframes may be shown on a single map.
- There are about 100 built-in markers and a variety of drawing techniques.
- Endorses traders without computer experience who choose to automate their trades using a point-and-click approach.
- Endorses custom software created using the C# programming language.
- Using the built-in Market Analyzer, spot trading prospects.
- Set up customised updates to keep up with the new market trends.
5. API TRADING:
Traders who choose to simplify their techniques will use FXCM’s Application Interfaces (APIs). The Trade Station Desktop framework is supported by all APIs. Account processing and a variety of order categories are also supported.
- REST API: It is a web-based API that can be used on any operating system. It works on both a demo and a live account.
- JAVA: It is a programming language that can be used on a Windows, Mac, or Linux computer. It is free and is based on the Java programming language.
- FIX: This is open to traders who have a deposit of $5,000 or more in their account. It can be seen on Windows, Mac OS X, or Linux. It works with every programming language that uses socket connectivity.
- FOREXCONNECT: You can use it for free on all trial and live accounts. It is compatible with Windows, Linux, and Mac OS. Java, C, C++, C#, VB, and VBA are also supported programming languages. FOREXCONNECT has a smartphone device that uses a proprietary application.
6. SPECIAL PREMIUM TRADING PLATFORMS:
On request, FXCM gives its clients access to trade on any of these speciality platforms:
- Quant Connect
- Motive Wave
- Algo Terminal
- Agena Trader
- Sierra Chart
- Seer Trading
- Neuro Shell Trader
- Strategy Quant
FXCM – TRAINING AND EDUCATION:
Every weekday, clients are provided unlimited access to information sessions. FXCM’s expert analysts will lead this workshop. There are also recordings from previous seminars that have been documented. Several trading articles are available to help new traders learn how to trade. These articles walk them through the basics of forex markets, including terminologies, fundamental principles, metrics, and trading strategies. Some posts clarify the positions of the G20, OPEC, and the IMF. On the platform, there is a glossary of over 45 related trade terms. Account-holders can request an ‘A to Z course’ in forex trading. The video archive includes guides on platform use, forex basics, order modes, and web platform use.
FXCM – ACCOUNTS AND EXPENSES:
Regardless of the client form, FXCM deducts the trading fees from the spread. The spread is unpredictable, and it is determined by the liquidity and volatility of the business. For the EURUSD, the average distribution begins at 0.7 pips for UK websites and 1.3 pips for others. European customers have a peak leverage of 1:30, while other customers have peak leverage of 1:400. There are some account forms to choose from:
- Trust Account
Before opening a proper account, you can compare the various trading sites and conditions with a free and unrestricted demo account.
FXCM – OPENING AN ACCOUNT:
FXCM claims that registering for a live account is simple and only takes three stages. In any section of the FXCM platform, tap on ‘Open Account’ in the top right corner. Then press ‘Begin Application’ after selecting your country and trading site. If you are on the incorrect FXCM website, it will redirect you to the appropriate website for your region. You also will be informed whether you are from an unacceptable nation. However, if everything is in place, the registration form will appear. Account login credentials are approved and a welcome message will be displayed once the process is complete.
FXCM is a seasoned dealer with several licences. To assist clients with decent market conditions, the broker has invested in emerging technology approaches. The award-winning patented Trading Station is jam-packed with useful resources for traders of all levels and sizes. The ever-popular MT4 platform is also supported by FXCM. FXCM is now a broker with various options based on individual trader needs, thanks to the inclusion of the advanced Ninja Trader and other APIs. To provide premium services to its customers, FXCM has established relationships with respected experts. Partnerships with Trading View, Trading Central, and VPS providers are among them.
FREQUENTLY ASKED QUESTIONS:
1. IS FXCM A GOOD AND SAFE BROKER?
FXCM is a protected (low-risk) broker for trading forex and CFDs since it is operated in three tier-1 territories.
2. WHAT IS THE MINIMUM DEPOSIT REQUIRED FOR FXCM?
FXCM has a $300 minimum deposit.
3. IS FXCM REGULATED IN SOUTH AFRICA?
The Financial Sector Conduct Authority regulates FXCM South Africa (PTY) LTD is a registered Financial Services Provider with FSP No 46534.