FXCM

FXCM positions itself as a leading company in the field of forex and CFD markets. Broker exists since 1999, which is a very significant indicator, because if it is still in demand, it means that it provides quality service to its users. Its main mission is to provide traders all over the world with access to the most liquid trading floor, using innovative trading tools, hiring the best teachers in the field of stock trading and adhering to strict financial standards.

Beginning in January 2015, Leucadia Investments became FXCM’s primary economic owner through a series of transactions. Leucadia Investments is part of the trading banking arm of Jefferies Financial Group. FXCM has benefited from the scale and breadth of Jefferies groups of companies. The managing director, Jimmy Hallock, is the chairman of the FXCM group company. Customers, employees and stakeholders benefit greatly from the Leucadia/Jefferies merger.

FXCM Group is the holding company of Forex Capital Markets Limited, which includes all EU affiliates (FXCM UK), FXCM Australia Pty. Limited (FXCM AU) and all affiliates of the aforementioned firms or other firms within the FXCM Group (collectively referred to as “FXCM”). On every page of the site broker openly says that in 69,66% cases, a trader is at risk of losing all of his money. All this, of course, suggests the seriousness of the company, but let’s better find out for ourselves whether FXCM broker is really as reliable as it claims or it’s just another scam. Well, let’s go!

 

Terms of Trading with FXCM

The company has three branches: in London, Hong Kong and Sydney. The main vector of FXCM activity is providing access to the trading floors of Forex and CFD contracts (all the truth about forex).

The most convenient trading terminal can be chosen by any trader, because fxcm.com offers several terminals to choose from: the standard for most brokers Metatrader 4, NinjaTrader, Metatrader web, Trading station web and Zulutrade platform. And offers a comparison of them.

FXCM is not standing still, but rather constantly evolving and expanding its list of useful options for its traders with enviable regularity. FXCM Prime serves clients who require market data and execution access across multiple trading venues and want to settle such activity in one centralized source, through one account. The company’s own back office collects all trades executed at various ECN and individual bank trading venues.

FXCM offers many quality and cost-effective solutions for processing market data. Bid/ask price history and application programming interfaces (APIs) enable you to develop, test and automate trading strategies in a wide range of software environments. Volume, trader sentiment, and other off-the-shelf trading tools turn FXCM data into powerful market insights.

Whether used to meet a trader’s financial needs or for asset diversification purposes, FXCM exchange rates show real-time commodity prices obtained directly from major interbank and non-bank market makers, updated several times per second. The site conveniently displays all financial assets that can be speculated on.

The broker gives several leverage options: 30:1 for major currency pairs, 10:1 for commodities other than gold and non-major funds, 20:1 for non-major currency pairs, gold and major indices and 2:1 for cryptocurrencies.

The risk limit is reached when the margin is only 50%, which means that you cannot technically lose more than half of your initial margin. This leverage and risk limit definitely differentiate FXCM from unscrupulous brokers, with whom the deposit may go to zero when you reach 5-10% of the initial margin, while leverage of 100:1 and above is necessary to increase your risk of loss. It is also worth noting that the company provides training courses (Forex Trading Training).

 

Platform fxcm.com

As a progressive broker, the fxcm.com must be a simple and intuitive software for their clients. One of the programs is Metatrader 4, which is loved by many traders. It has a user-friendly interface. Here you can easily engage in graphical analysis, build trends and price figures, change the color of constructions, so as not to get confused at different time intervals. There are also a huge number of computer indicators. And FXCM news and economic calendar integrated in the platform will help to avoid missing the key events! The second terminal provided by the broker is NinjaTrader. At first glance, it may seem like a more sophisticated software. In terms of functionality the program is not inferior to MT4.

Zulutrade. It is one of the largest sites for providing automatic trading on the market. It amazes and delights with the large number of traders generating their trading signals. However, this does not speak at all about the quality of these signals. In general, if you want to trade with FXCM on your own, go for Metatrader 4 or NinjaTrader, if you want to take a risk and trust the actions of independent traders, you can work with Zulutrade.

Broker quotes

FXCM is passionate about its reputation and is committed to providing quality quotes from the highest quality sources. At the heart of FXCM’s business is a commitment to offering clients competitive spreads and enhanced order execution. Enhanced execution means no re-quotes, no stop/limit restrictions, and execution of orders at the requested price up to 89%. FXCM liquidity providers include global banks, financial institutions and other market makers. FXCM Group currently has several liquidity providers:

• Barclays Bank.
• Citibank N.A.
• Deutsche Bank.
• FASTMATCH INC.
• HTX Markets ltd.
• UBS.
• Morgan Stanley & co.

FXCM also has a number of liquidity providers that transmit quotes via the FastMatch electronic communication network. FXCM’s primary liquidity providers are Citibank N. A. and Jefferies Financial Services, Inc.

 

FXCM Demo Account

In order not to risk your money, the broker offers first practice on a free demo account. It is not necessary to download and install any software, because web terminal is provided, and you only need to register demo account. Here you can check your strategies that you use when trading at other brokers, or develop new ones under the trading conditions provided by fxcm.com.

 

Mobile application

Realizing that the modern trader is fundamentally different from what he was 20 years ago, the company keeps up with the times and does everything possible to make it comfortable for the client to work anywhere in the world. Especially for this purpose the broker has developed applications for smartphones and tablets based on Android and iOS, which can be downloaded free of charge from the appropriate stores. Now you can engage in exchange trading with a reliable broker at any convenient moment. The applications work decently, without freezes or price slippage.

 

Bonuses fxcm.com

Activ trader. This FXCM trading account is designed for traders who are actively trading. The prerequisite for obtaining this status is a deposit of $25,000 or more. Benefits for the active trader:

• Dedicated Support. FXCM’s team of experienced professionals offers the highest level of support for active trading accounts. From one-on-one consultations with a relationship manager to an exclusive back office team ensuring proper use of FXCM resources.
• API Trading. If you’re a programmer who wants to develop your own algorithms or trading applications, you can use the FIX, ForexConnect and JAVA APIs to create the software you need. With your active trading account you get free access to several APIs.
• Trading ideas. You can supplement your trading strategy with access to high quality investment material through your fxplus premium subscription. You will receive real-time alerts on the latest trading ideas and currency forecasts.

 

Deposit and withdrawal

The minimum amount to open an account is $50. FXCM offers a wide range of deposit options so you can make a deposit quickly and securely. Let’s take a look at what specific deposit methods are available:

• bank cards VISA, Master Card, Discover;
• bank transfer;
• Skrill;
• Neteller;
• Klarna;
• Rapid Transfer.

Replenishment from bank cards comes instantly, the broker does not indicate about the speed of other ways of money receipt on the website. The withdrawal can be made to the same systems (not necessarily to the same ones) through which the deposit was made, but it is not recommended to withdraw by bank transfer, as the commission loss will be $40. Withdrawal occurs within two banking business days.

 

Complaints about FXCM

Almost all the reviews on FXCM broker are exceptionally positive. Perhaps the company has really earned such a reputation for its 20 years on the market. Plus, the fact that the broker is licensed by the FCA and heavily regulated adds confidence in the broker. In general, the company works honestly, without any “tweaking” and “slippage” of prices. Users of the service like the availability of different terminals to choose from, as well as 24-hour technical support. Perhaps, the only complaint is the lack of online chat, because it is convenient for many people to receive customer support this way. Otherwise, everything is done on a very decent level.

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Regulator of the broker fxcm.com

FXCM Group companies are regulated in multiple jurisdictions. As a strong advocate of currency regulation and enhanced investor protection, FXCM Group (collectively referred to as “FXCM Group”) includes companies registered and regulated by many of the world’s most respected regulatory bodies. Forex Capital Markets Limited “FXCM”) is regulated by the Financial Conduct Authority (“FCA”) in the UK and has a registration license number 217689, which is a good advantage over many brokers.

FXCM User Agreement

Choosing a company, which platform we are going to work with, you should know your rights and obligations, what guarantee the broker provides to his trader. In case something goes wrong in the system, some malfunctions or force majeure, if the trader sends the broker a claim, etc., all these situations will be handled by the company only on the basis of the platform standards.

The Company reserves the right to change the method of calculating the funding fee, as well as the terms to which the funding fee applies. For certain types of transactions, the client pays a commission for opening and closing positions. Such commission will be deducted from the Client’s account simultaneously with the opening or closing of the corresponding order. Changes in the calculation of swaps, spreads and other commissions are made at the discretion of the broker.

The client should always independently check the website regarding the rates currently in effect. Rates may change due to market conditions (changes in interest rates, volatility, liquidity, etc.), as well as due to various issues, at the discretion of the broker, related to risk. It is worth researching this information at fxcm.com. The broker’s official website contains several documents regulating the company’s relationship with its clients, all of which are in English:

• “AML Policy” is an anti-money laundering document.
• In order to combat money laundering, the broker monitors the behavior of traders on the platform, conducts thorough checks on their documents, the sources of their funds, etc:
• “Risk Warning.

• “Information about data collection and storage”. In this document, the broker details what he or she uses and for what purpose. It also specifies what it uses cookies for.

• “Privacy Policy” is a document about personal data, its transfer and security technology.

 

Is FXCM a scam?

Brokerage company FXCM has been on the market for more than 20 years. Judging by the reviews, it has an excellent reputation and is one of the leading companies in the world in providing trading opportunities to its clients. It’s not hard to know for sure whether FXCM is or is not scamming its traders. The company openly submits all documents, is regulated, and is licensed. After all, it informs on every page of its very informative website about the risks of losing money. It hardly makes sense for such an old long-lived company to deceive its clients. The broker has a very loyal policy even for beginners, has moderate spreads and a small initial deposit.

 

Conclusion

Forex company FXCM has been doing an excellent job of providing exchange trading services around the world for over 20 years, with a huge client base. Taking into consideration what clients of the broker write in the network and having thoroughly studied the information about the company, we believe that FXCM team is not a scam or fraud, we emphasize their professionalism, vast experience, availability of permits and licenses.

The broker offers its clients a quality product, useful for earning service options, and is constantly developing, following the current patterns of trading on different types of financial markets. Those reviews, which you will leave under this article, will determine the company’s place in the rating of Forex brokers, as well as warn traders against unnecessary problems associated with the choice of a trading platform.