Retail account holders don’t pay commissions on most trades, while active trader accounts and professional accounts do. ✅Free Online Live Classroom – The broker provides https://traderoom.info/fxcm-an-overview/ live online lessons to help traders learn straight from market pros. These involve live market analysis, question-and-answer sessions, and trading strategy demos.
What trading platforms does FXCM offer?
All CFD option is commission-free, which means costs are included in the spread. This platform is a worthy alternative to Trade Station and MetaTrader. While both platforms will suit beginners quite well, more time will need to be spent learning to use the Trade Station platform. Traders can also get access to the native indicators on each platform, as well as the custom indicators built with Lua (Trade Station) and MQL (MT4/MT5).
FXCM Alternative Brokers & Comparisons
- The broker’s intuitive and easy-to-navigate website provides all the information you’ll need to open an account and begin trading in several markets.
- FIX API is FIX Protocol standard designed for real-time, custom institutional interface which push up to 250 price update per second (not available on other APIs).
- I like how the broker offers free MT4 EAs and apps that can automate part or all of your strategy, saving you crucial time in technical analysis.
- It is reliable, comprehensive, and has most of what you need day-to-day when trading.
What we can appreciate from this area is that the economic calendar is fast, simple and allows users to set reminders of any event they’d like to be alerted about. When clicking on the 4th bottom menu option, you’ll land on the research area. We believe that the title “Research” is a bit of an overstretch as it’s simply a proprietary newsfeed with FXCM’s articles along with an economic calendar. The most loved feature in this area is how the buy / sell prices are displayed at the top of the page with the spread right in the middle. Additionally, their charting tools are extremely fast, smooth and responsive. The subsection of “Explore Markets” is where the juice of the discover section can be squeezed.
Charting Tools
I find their trading platform easy to use and have never had a bad experience. I have always been treated with respect and courtesy would recommend them 100% to new traders. Thanks to its combined offering of both Trading Station and MetaTrader 4 (MT4), FXCM delivers a reliable, feature-rich mobile experience for forex traders.
If you are looking for the best possible spreads, then Active Trader is the best choice. Spreads with FXCM’s active trader account are cheaper than they may appear when you compare with other brokers as FXCM off lower commission fees. The overall lowest spreads are offered by IC Markets in our head-to-head comparison.
I could not find any time limitations on these accounts which is excellent, making them ideal for testing algorithmic trading solutions and new strategies. I want to caution beginner traders against using a demo account as a full educational tool. It can create unrealistic trading expectations, and the absence of trading psychology negates the educational value. Although it can be helpful, new traders should complete their education with a real money account before becoming overly confident. FXCM provides an amazing platform selection with 6 different popular choices being TradingView and Trading Station (their proprietary one) the best ones. We also take an in-depth look at each broker’s commissions and fees, such as bid/ask spreads – including the average spread data for some of the most popular forex currency pairs.
To be able to take advantage of these discounted commissions, you will need a minimum of $25,0000 in equity in your trading account, so will not be a serious consideration for most retail traders. Mini accounts are better suited to beginners while the Active Trader account is an elite account, suitable for advanced traders. FXCM is an internationally regulated broker, but you should make sure that it’s regulated in . You are encouraged to decide whether a broker is trustworthy or not based on the information available on the broker’s present regulatory status, history, and overall platform impression.
Moreover, headquartered in the United Kingdom, they capitalized on the emerging internet environment of the early 2000s to revolutionize forex trading via online platforms. The market-leading TradingView charts feature 11 time frames, 11 chart types, and over 100 technical indicators. Various drawing tools, from trend lines to Fibonacci retracements, are also available. Charts are well-designed and offer robust functionality, with 59 technical indicators and a broad range of drawing tools, chart types, and time frames.
If you are unable to effectively take advantage of these active trader discounts, however, you’ll find pricing to be overall higher than average. Other than that, I feel that FXCM is a top broker for anyone who is looking to trade in a regulated environment with industry leading platforms and tools, backed by 24/5 support. There is even the option of a free demo account if you want to give them a try before making a commitment. This is a marketplace where platform tools can be bought or acquired for free.
The mobile app also allows users to create entry orders, where traders have to define the amount, the rate, stop/loss limit, and trade type. If traders want further customization, they can develop their own tools. FXCM allows users with programming experience to build their own custom features using the firm’s API. FXCM doesn’t offer fixed spreads, so traders need to https://traderoom.info/ visit FXCM.com to get up-to-date information on the current average spreads. ✅Top Reads – Additionally, they offer a handpicked assortment of articles, books, and publications to keep traders updated on market trends, trading tactics, and financial insights. This material would be valuable for ongoing learning and remaining current in the changing trading world.
FXCM is a UK-based online broker that provides access to CFD and forex trading with tight spreads as low as 1.3 pips on popular currency pairs such as EUR/USD. If you are looking to open an account with FXCM we recommend reading this thorough broker review beforehand. It provides high-quality educational resources, unrestricted demo accounts, and user-friendly platforms to help beginners learn and improve their trading skills. Capitalise.ai also supports traders in developing algorithmic strategies with no coding skills. The FXCM Python package is offered exclusively for the REST API and consists of CFD Python wrappers to simplify algorithmic trading solutions.
FXCM is well-suited to a diverse range of forex traders thanks to its competitive spreads, flexible accounts and customizable platforms. I was especially happy to see that it is offered without any time limit or other restrictions, meaning that you can continue to use it as a strategy testing tool long after you register with FXCM. These include online courses, webinars, video tutorials, trading guides, eBooks, and a forex glossary. They cover various topics such as technical analysis, fundamental analysis, risk management, trading strategies, and more. With that said, most retail traders will only regularly trade a small selection of currency pairs. For that reason, I don’t mark brokers like FXCM too harshly for the more limited offering – as long as your preferred pairs are on the list, you should be fine.
Some of these options open in a new tab and are not built-in functionalities. Both Global Brokerage Inc. and FXCM assert that FXCM customers and their assets will not be affected by the reorganization. In summary, the NFA accused FXCM of sending its customers’ orders to an FXCM-owned subsidiary called Effex for execution. Effex, in turn, sent rebates for this order flow back to FXCM, and FXCM allegedly concealed these payments from NFA. As an international broker, FXCM is regulated by agencies in several jurisdictions.
Card transactions, Skrill transactions and transactions with UnionPay are processed in one day. UK clients can deposit or withdrawal with local bank methods or cheques. FXCM offers seven different payment methods which are also accepted as valid withdrawal methods.
Our experts are comfortable that the brokerage is not operating a scam. With headquarters in New York, FXCM operates globally, serving traders from various countries. The company has over 10 international offices and more than 25 industry awards. In particular, I would recommend Capitalise.ai for users interested in algorithmic trading but that don’t have coding skills. You can enter instructions in text form and the tool will sort the coding for you. These amounts are the absolute maximum leverage on offer, but they may vary according to the asset traded, with more volatile assets generally providing lower amounts of leverage.