No re-quotes, No Dealing Desk option, high quality customer service.
Relatively wider spreads compared to several smaller online forex brokers.
If you are looking for a dependable, intuitive trading platform for superior online trading performance, FXCM is an excellent choice. Make it happen.
FXCM Review - Unquestionably the "big dog" of Forex Platforms, but does that mean it's the best?
FXCM is undoubtedly one of the top online forex trading platforms in the industry. With a firm capital of more than $100 million, FXCM is a publicly traded company on the NYSE, which makes it one of the most accountable and transparent forex brokers.
Advanced Trading Platform Technology
FXCM offers multiple trading platforms featuring straight-through processing. It provides the widely accepted MetaTrader4 (MT4) as well as its own FXCM Trading Station or Active Trader which needs to be downloaded to your computer. A Java platform compatible with Mac is also provided. You can choose the best platform that matches with your trading style.
If you are already used to the MT4, you may stick with it when you trade with FXCM. However, if you are looking for a more advanced platform that is preferred by major discretionary traders, you may opt for FXCM Trading Station. It provides special features such as server side trailing stops, partial fills and single-click order execution.
Suited for all Trading Styles
FXCM makes use of straight-through processing for all orders, which eliminates restrictions on your trading style. You can place your order anywhere, including inside the spread. Trading is available during news times, and scalping is fair game. Due to these reasons, FXCM comes in the select category of a handful of forex brokers that are equally good for all types of forex traders. If you are a very small account holder, you will be accommodated by FXCM Micro, which is a sister broker of FXCM. However, here the order processing is not straight-through and orders may or may not be offset or held in-house.
FXCM Holdings, LLC, the parent company of FXCM has been ranked among the Inc. 500 List of America’s Fastest Growing Companies for three consecutive years. FXCM Holdings is based out of New York, with international offices in Europe, Australia and Asia. FXCM has more than 165,000 tradable accounts worldwide on various platforms offered by the company. An average notional volume in excess of $250 billion is traded each month on FXCM’s trading platforms.
Multiple Account Options
Different account types are available at FXCM for new and experienced traders. Experienced traders can choose the standard 100K account, which can help them leverage the maximum advantages of online forex trading. Standard account opening requires an initial deposit of $2,000 and offers leverages of up to 1:100.
If you are new to the field of online forex trading, you could opt for a Mini Account, which can be opened with an initial deposit of $50, and the leverages are available up to 100:1. Mini Account may be opened in U.S. dollars or other prominent global currencies. For beginners, FXCM also offers a 30-day training account with $50,000 in demo money. You can use the same platform for all types of accounts, but you will need to have a different username and password for each account type.
FXCM offers both options of trading online through a Dealing Desk, or No Dealing Desk. When you trade with No Dealing Desk, you can deal directly on rates provided by the banks. This allows FXCM to offer you lower spreads, which may go as low as 1 pip. However, if you prefer to have protection against spread uncertainties, you have the option to trade through the Dealing Desk. In this case, the spreads are typically in the range of 3 to 5 pips on various major currency pairs.
What Others are Saying
FXCM earns mixed reviews from customers in most cases. However, experienced traders and forex review editors endorse FXCM as one of the best platforms available. Customer service comes in for generous praise. Some traders find the spreads to be too wide in comparison to some smaller brokers.
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Editor Ratings and Review
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