Blain’s insights have been featured in the New York Times, Wall Street Journal, Forbes, and the Chicago Tribune, among other media outlets. At ForexBrokers.com, our reviews of online forex brokers and their products and services are based on our collected data as well as the observations and qualified opinions of our expert researchers. Each year we publish tens of thousands of words of research on the top forex brokers and monitor dozens of international regulator agencies (read more about how we calculate Trust Score here). FXCM no longer accepts U.S. clients because it had to pay $7 million in 2017 and give up its registration with the U.S.
FXCM Mobile App
There are two major types of accounts offered by FXCM, Standard Accounts with minimum deposits of $50 and Premium Accounts with a minimum of $20,000. You can also open an Islamic (interest-free) account by submitting a form. Individual self-traded clients cannot open Percent Allocated Money Management (PAMM) accounts, but these are available for referring and introducing brokers.
What trading platforms does FXCM offer?
The broker has secured partnerships with reputable experts to bring premium services to its clients. This includes partnerships with TradingView, Trading Central & VPS providers. You really have all of the tools you need at your disposal to conduct in-depth market analysis so that you can make informed trading decisions. QuantConnect provides a comprehensive IDE designed by algo traders for algo traders. Built on the Lean Algorithmic Trading Engine, an open source cloud-based trading platform designed in C#. QuantConnect not only provides a design-environment it also connects some of the most sophisticated algorithmic traders in the open-source community together.
Leverage in South Africa (and the rest of the world)
Unfortunately, FXCM is unavailable to U.S. traders at this point in time. When making a deposit into your account with a credit card or debit card (Visa or MasterCard) there is a minimum of $50 per deposit and a limit of $30,000 per month for all FXCM clients. If you prefer to place orders by phone, FXCM offers a trading desk line that can be handy should you experience an interruption in your internet connection.
- This seminar is facilitated by FXCM’s expert analysts and is a great way to learn from the experts.
- I rank trading costs among the most defining aspects when evaluating a Forex broker, as they directly impact profitability.
- CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.
- It is scalable, light and robust and is compatible on any Java-compliant operating system.
- There are apps for news, trend and range traders; apps that add new trading features; and apps that just make trading smoother – FXCM Apps has it all.
FXCM Account Types
It is very easy to use with a fully customisable user interface that makes trading online a breeze. Keep in mind, when you trade on FXCM’s MT4 platform, the execution, trading features, and settings may vary from that of the flagship Trading Station platform. I like how the broker offers free MT4 EAs and apps that can automate part or all of your strategy, saving you crucial time limefx company reviews in technical analysis. FXCM offers many tools for both research and education, each of which has its own dedicated section of the website. Some of the research tools include market news, charts, a market scanner, an economic calendar, market data signals, and trading signals. In terms of education, FXCM offers a live classroom, trading guides, speakers, and a video library.
FXCM has implemented a Secured Socket Layer (SSL) on all its websites and platforms. The SSL encryption protects data transmission between the clients’ workstations and FXCM’s servers so that hackers are kept out of the loop. This is very important because identity thieves and internet fraudsters might attempt to steal important user info such as credit card details, https://limefx.group/ verification documents and users’ accounts. FXCM was founded in the United States, but as of 2017, it left the U.S. market. This process involved existing holdings and U.S. clients being reorganized under Global Brokerage, a company with an ownership interest in FXCM. In late 2017, Global Brokerage filed for Chapter 11 bankruptcy, but FXCM Group is not involved.
FXCM add an extra 0.4 pips to the spread for Standard accounts and a $2.00 commission per lot (per side for commission-based accounts in place of overnight fee or swap rates. Only the St. Vincent and Grenadines subsidiary supports them all, while other branches offer have fewer options. FXCM caters to most traders from its CFD account type, with the primary difference being by regulatory jurisdiction. I like that FXCM invested heavily into its algorithmic trading environment, and I rank it among the industry leaders in this category. No, but you can trade CFDs on major stocks through an online broker like FXCM.
FXCM is especially proud of their own Trading Station II (not to be confused with another platform TradeStation). It was built based on the feedback from FXCM traders and trading data accrued from over 10 years to meet the needs of their clients. Lag time, which naturally occurs due to the time taken between placing your order and completing your order, can see prices change. New traders may appreciate a standard style account, as no commissions mean a simpler cost structure. Long-term or discretionary traders may also like this account as the simpler cost structure compared to a commission account can make trading easier. The FXCM Standard Account has a minimum requirement of $50 (depending on payment method) when making an account deposit.
FXCM provides customer service via toll-free numbers around the world in 42 countries in North and South America, Asia, the Middle East and Europe. The broker’s multilingual phone service and the live chat feature on its website are available 24 hours a day, 5 days a week. But finding a good Forex broker can be difficult because there are so many to choose from. If you want to find information on Forex brokers, read along to determine if FXCM is the right Forex broker for you.
Geo-political events as well as many other macroeconomic factors influence price action and create volatility. You can sign up to receive SMS Trade Alerts (powered by the brilliant Autochartist) to help you spot potential trading opportunities. The FXCM economic calendar lists the global economic events that affect the prices of trading instruments. You can search for events and compare analysts’ consensus with previous records. I like how you can easily filter the news to only display that which matters most to you.
We may be compensated but this should not be seen as an endorsement or recommendation by TradingBrokers.com, nor shall it bias our broker reviews. The number of tradable assets available is quite limited when compared to other brokers who offer thousands of assets, such as IG. I also found them not to have the lowest spreads which may be an issue if you are scalping. FXCM is a market-making broker with a long history in the market, having been founded in 1999 in New York.