Apart from providing its clients with the MT4 trading platform and Trading Station, desktop and Web platform, FXCM has also provides them with a mobile optimized trading platform. Like its desktop or web based counterpart, the FXCM mobile trader enables users to keep track of the current market condition and to place trades or manage their account regardless of where they are.The mobile app is a ground up build of the platform so may appear quite different from the desktop platform. It certainly appears to be built to perform well rather than just being mobile-friendly. Zulu trade is also available for mobile both IOS and Android while NinjaTrader is not.
Trading Features
“Caters to both beginner and experienced traders with its numerous choice of trading platforms including the MT4 and proprietary Trading Station. Also trade socially and automate your trades with the Zulutrade and use the NinjaTrader to implement your own trading strategies.”
In terms of trading features, FXCM offers its traders the benefit of trading in a secured trading environment. In addition, the broker offers its traders the benefit of trading the markets with different types of trading platforms. Depending on your trading skills, you can rely on the simple and user friendly trading station or go for the more advanced MT4 trading platform. And for beginner traders, they can jump into the complex world of financial trading while relying on the experience of their more knowledgeable counterparts through ZuluTrade. This platform connects novices with experienced traders and let them follow in their footsteps by letting them copy the trades that they make.
NinjaTrader
NinjaTrader is a software platform that specialises in the trading of stocks, futures, forex and CFD products. It expands FXCM traders range of assets and also opens them to building their own trading strategies.
Zulutrade
ZuluTrade is a peer to peer trading platform for automated trading where traders don’t need to build their own trading strategies, rather they can copy the strategies of other experienced trade leaders. First you can browse through the available traders and their stats, access their trading signals and set up your account to follow those trade leaders that you want to follow.
Quant Connect
This is a platform for algo traders to connect in an open-source sharing community. It works on both mac and windows and allows its users to focus on strategy development through the use of its back-tester and in house research.
FXCM App Store
FXCM Apps is an online marketplace where you can find trading apps for news, trend and range traders; as well as apps for adding new trading features to the TradeStation.
Commissions & Spreads
“Offers competitive trading cost based on spreads. Average spread on the EUR/USD benchmark is 1.3 pips, average spread on benchmark AUS200 is 1.79.”
As for trading costs, FXCM charges a small spread on the trades that traders execute on its trading platform. The cost also depends on the base currency of the trading account but all the calculations will be calculated for you on the platform automatically. So cost is; spread cost multiplied by pip cost. Formula is:
Spread x Pip Cost x Number of Contracts = Total Transaction Cost
Average spread on the EUR/USD benchmark is 1.3 pips, average spread on benchmark AUS200 is 1.79.
Additionally active traders can get further discounts on this pricing for higher trading volume of around 60% discount. Traders with a volume of between 50M – 150M will get 58.4% discount.
Traders creating a volume of between 150M – 500M will see 62.4% discount on costs.
* These figures are according to the UK version of the FXCM website.
Bonus & Promotions
“No available bonuses or promotional offer due to ESMA regulations.”
Due to the new European Securities and Markets Authority (ESMA) regulations imposed on financial services providers in Europe, brokers are no longer permitted to offer any kind of bonuses and promotional offers to their clients to “incentivise trading”. The level of leverage which FXCM can offer to its clients is also restricted by the new regulations.
Customer Support
“24/5 customer support through multiple channels. This includes email, Live chat, SMS message or call them directly on the telephone 24/5.”
The customer support service at FXCM is provided on a 24/5 basis. Traders can get in touch with the support team through email, Live chat, SMS message or call them directly on the telephone. International clients can call FXCM on a localized number if they are based in the following countries:
- FXCM AUSTRALIA
- FXCM CANADA
- FXCM FRANCE
- FXCM GERMANY
- FXCM GREECE
- FXCM HONG KONG
- FXCM ISRAEL
- FXCM ITALY
- FXCM SOUTH AFRICA
- FXCM UK
Overall, the response of the support team is commendable. Any queries on live chat are attended to almost immediately.
Research
“Comprehensive range of trading tools provided include an economic calendar, updating market news, live charts, and daily market highlights through the email newsletter.”
One of the major plus points of trading with FXCM is the quality of updating research that can be obtained through this broker. FXCM has made sure that its traders are always on top of the latest developments in the market by providing them with additional trading tools like an economic calendar, updated market news, live forex charts, free daily newsletter featuring market highlights, market scanner and services like Trading Signals, Trading Analytics and Technical Analyzer.
Education
“Wide range of educational resources available, including training videos, trading guides, seminars, webinars and live classes”
For trading education, FXCM has provided a wealth of educational resources. Available resources that can be found in the educational section comprises of training videos, trading guides, seminars, webinars and live classes. The educational resources covers a wide range of topics and are comprehensive enough to give novices enough foundation to help them get started trading on the right footing.
Trading Experience
“Offers a fulfilling trading experience in a safe and secured trading environment.”
Overall, FXCM has been able to offer its traders a fulfilling trading experience on its trading platform. While the trading cost might seem to be slightly on the high side, the peace of mind of dealing with a well established broker such as FXCM cannot be understated. In addition, the platforms offered by FXCM are able to cater to both experienced and beginner traders.
FAQ
Yes, FXCM is a regulated broker under the jurisdiction of the UK’s Financial Conduct Authority (FCA).
FXCM is based in the UK and its head office is located at 20 Gresham Street, 4th Floor, London EC2V 7JE, United Kingdom. However, the broker also maintains satellite offices around major cities around the world.
- How does FXCM make money?
FXCM makes its money by charging its traders a small commission on the trades that are executed on its trading platform.
- How do I deposit in FXCM account?
You can deposit your trading funds into your FXCM account through bank wire transfer, credit card or through online payment portal such as Neteller or Skrill.
- What is the min. deposit for FXCM?
The minimum deposit requirement for a FXCM trading account is 50 units of the account base currency. For example if your trading account is in euros, then the minimum deposit requirement is 50 euros.
- How do I withdraw money from FXCM?
Withdrawal of funds from a FXCM account is through the initial method used for making the deposit. If the funds were initially deposited through a credit card, then the withdrawal method is by means of the same credit card.
- What is the max leverage in FXCM?
Due to the new ESMA regulation, the maximum leverage offered by FXCM is now restricted to 1:30 for major currency pairs.
- How do I open an account with FXCM?
To open a live trading account at FXCM, you need to first select your country of residence. Then you are required to fill up the registration form and submit it with copies of the documents proving your identity and residential address.
- Does FXCM use MetaTrader?
Yes, FXCM uses the MetaTrader 4 trading platform.
Conclusion
“FXCM is a very well known brand that has a fair track history. It offers a wide selection of technology across its proprietary TradeStation platform, trading apps, MT4, NinjaTrader subscription and ZuluTrade for automated trading. FXCM offers a comprehensive education package and is regulated for its clients protection.“
On the whole, FXCM offers a decent level of products and services. We love the fact that the broker has taken steps to provide its traders with a comprehensive educational package as well as wide range of trading tools. While novices will greatly benefit from these resources, experienced traders will also benefit from FXCM through the advanced trading platforms provided by this broker.
