Simply put, a demo account is a practice trading account that provides access to a simulated trading environment with virtual capital known as paper funds. As you would expect, FXCM’s Active Trader account is ideal for active traders as it offers very competitive spreads when compared to the individual standard trading account. For instance, the typical spread for the EUR/USD currency pair is 0.2 pips. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.
The breadth of platforms and available tools means that experienced traders are best served by FXCM’s emphasis on incorporating value-added services and resources. I was impressed with the amount of free educational content that FXCM has available. You will always have materials at our fingertips to help ensure that you can continue improving your knowledge and skills.
FXCM commissions and fees summary
This platform is the most widely used platform by traders and the most offered platform by brokers, many consider MetaTrader 4 to be the ‘gold’ standard when it comes to platforms. While you can find platforms with more indicators, more charts, faster speed, as a whole, MetaTrader 4 offers one of the most complete packages because it does everything really well. MetaTrader 4’s reputation and reliability make it a sound choice for all traders.
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.
FXCM is regulated by several top regulators, which boosts its trust and reliability. The Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC), and the Financial Sector Conduct Authority (FSCA) in South Africa oversee how FXCM operates. They enforce strict security standards so FXCM works with honesty and transparency. This setup makes FXCM a safe, trustworthy option for traders worldwide, giving peace of mind when trading forex, CFDs, and other products on its platform. Being the highly regulated broker that FXCM is, it complies with the guidelines put forward by these institutions. This includes storing your funds in segregated accounts and offering client investor insurance schemes in certain jurisdictions (the UK and France).
What Can You Invest in and Trade on FXCM?
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- Just keep in mind that there is no guarantee on how good or bad these signals will perform.
- FXCM’s Standard account is commission-free, with costs embedded in the spreads.
- There are plenty of order types to choose from on the FXCM platform such as market orders, limit orders as well as some order time limits like GTD and IOC.
- I rank trading costs among the most defining aspects when evaluating a Forex broker, as they directly impact profitability.
- It can be a useful tool to help gauge in which direction the market may be heading.
- Active account holders earn cash bonuses for each friend they refer who deposits at least $300 and meets trading volume requirements.
Competent and friendly help and support
That being said, each platform is good in its own right with different advantages and disadvantages that we will cover in this section. In terms of trading experience, FXCM offers a solid range of forex and CFDs, though their selection is more limited than some competitors. However, they make up for this with competitive pricing, with spreads as low as 0.2 pips on major pairs. The broker’s suite of trading platforms, including the popular MT4 and their proprietary Trading Station, caters well to both beginners and more experienced traders. FXCM offers traders a few different accounts, with forex and CFD instruments (commodities, crypto and more), leverage, and a truly impressive variety of plugins and accompanying fxcm canada review applications.
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. Designed as a platform for professional traders, this multi-asset platform comes equipped with extensive functionality. Everything’s included, from the built-in 130 indicators and 14 chart types to advanced automated trading support via AgenaScript(C#).
“I found the ability to select execution type by order to be more favorable than having the execution method separated by account type like FxPro does.” Verification can help ensure real people are writing the reviews you read on Trustpilot. We use dedicated people and clever technology to safeguard our platform. Labeled Verified, they’re about genuine experiences.Learn more about other kinds of reviews.
Share CFDs
This is very important because identity thieves and internet fraudsters might attempt to steal important user info such as credit card details, verification documents and users’ accounts. FXCM’s deposit and withdrawal process is straightforward, secure, and designed for traders who value reliable access to funds. With a good choice of methods and transparent timelines, funding your account or taking profits is hassle-free. FXCM’s Friends and Family Referral Promotion offers an attractive way for traders to earn extra cash while growing FXCM’s community. The process is simple, rewards are fair, and both parties benefit equally.
- This would mean that the services and conditions offered are not the same.
- FXCM offers a variety of account types to cater to different trading preferences and levels of experience.
- These stats show that FXCM completes your orders with no slippage more than 60% of the time.
- FXCM offers some of the more competitive spreads, especially on major currency pairs.
We hope to have the opportunity to resolve this for you, and if your concerns are addressed, we’d truly appreciate it if you would consider updating your review. We also evaluate the overall design of the mobile experience, and look for a fluid user experience moving between mobile and desktop platforms. Steven Hatzakis is a well-known finance writer, with 25+ years of experience in the foreign exchange and financial markets. He is the Global Director of Online Broker Research for Reink Media Group, leading research efforts for ForexBrokers.com since 2016. Steven is an expert writer and researcher who has published over 1,000 articles covering the foreign exchange markets and cryptocurrency industries.
Fidelity Trader+ Review
Known for its user-friendly platforms, such as Trading Station and MetaTrader 4 (MT4), FXCM caters to both beginner and experienced traders. The broker also offers educational resources, market research, and competitive pricing to enhance the trading experience. FXCM provides a great example of how to enrich your offerings and is truly a leader in this sector. FXCM is suitable for various types of traders, ranging from beginners to experienced ones. The company offers educational courses on FX trading, provides trading tools, proprietary data, and premium resources. It also offers dedicated 24/5 customer support with global offices in London, Melbourne, and more.
The Standard account, ideal for beginners, is commission-free, providing a user-friendly introduction to forex and CFD trading. For more seasoned and high-volume traders, the Active Trader account offers the benefit of lower spreads and reduced commissions, optimizing trading costs for frequent trading activities. Additionally, FXCM provides a demo account option, which is perfect for traders who wish to practice their trading strategies in a risk-free environment using virtual funds before committing real money.
While the spreads were tighter, a commission per trade was added on top. That keeps things simple, especially when you’re just getting started or trading in smaller volumes. However, like most brokers, there are overnight financing charges if you hold a position overnight, which is something to keep in mind if you swing trade or hold longer-term positions. Trading baskets offer a convenient way to express broader market views without managing several individual positions.
Does FXCM support social copy trading?
Opening a live forex trading account with FXCM is a quick and straightforward process. There are no account minimums, enabling traders of all sizes to start their forex trading journey as they see fit. ForexBrokers.com has been reviewing online forex brokers for over eight years, and our reviews are the most cited in the industry.
FXCM User Experience
It is accessible as a downloaded Windows desktop programme as well as a mobile trading app for iOS and Android smartphones. FXCM falls under top-tier government regulatory authorities such as FCA, ASIC, and FSCA. In addition to minimal trading costs, the broker offers multiple sophisticated trading platforms. FXCM also offers copy trading and social trading with useful premium addons like VPS service. Multiple payment methods are available, and deposits are processed free of cost.
Traders can reach the support team via multiple channels, including live chat, phone, and email. FXCM’s customer service is known for being responsive and helpful, assisting traders with account-related inquiries, platform guidance, and technical support. Additionally, the broker provides a comprehensive FAQ section on its website, offering solutions to common issues. For more details about FXCM’s customer support, visit the FXCM customer support page.