Additionally, there are easy-to-understand guides for novice traders available on the broker’s web page. The regulatory framework is hard to beat and the customer support is of a very high level. The trading experience, and choice of three state-of-the-art platforms is what will appeal to many. Customers can easily upgrade to automated, VPS trade executions and can tap into the deepest pools of market liquidity. These benefits really hammer home the fact that FXCM sets out to give traders just what they want and need.
- Our reviewers were particularly impressed by some of the specialist indicators in the Trading Station package.
- You can get more information on the broker’s algorithmic trading facilities by clicking here.
- As with many brokers, when it comes to trading fees, these are built into the spread offered by the broker.
- The Professional Traders account allows more experienced clients to exchange some degree of client protection (such as Negative Balance Protection) for more direct access into market liquidity.
Accounts can be opened in a good selection of currencies including USD, GBP, EUR, CHF, JPY, NZD, CAD, AUD. The different currency options are beneficial as fxcm broker review currency conversion fees do not apply when using an account in your own currency. This is available to all clients who choose to trade on the MT4 platform.
Ninja Trader has a funky feel but don’t think it is lightweight due to its user-friendly appearance. The attractive features of this platform run far deeper than the aesthetics. Featuring extensive forex functionality, the brand-new Ninja Trader 8 is an industry leader in the provision of advanced analytics, charting and automation capabilities.
What Can You Trade On FXCM?
Though its range of tradeable markets is growing, it remains fairly narrow, and the pricing at FXCM is just average. The broker’s proprietary Trading Station platform is available for iPhone and Android mobile devices. The app features a simple, intuitive interface for entering orders and receiving confirmations, as well as powerful trading tools and charts with access to research. FXCM also supports the popular MetaTrader4 trading platform, so you can download the MT4 mobile app that is also available for iPhone and Android. They offer competitive commission rates for standard accounts and Active Trader account holders.
ForexConnect supports C++, C#, Java, VB, VBA, compatible with .Net, Linux, iOS and Android, and it is free which is great. 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). You will get full range of trading order types available at FXCM. An FXCM Trading Station account with a $5,000 minimum balance is required. REST (Representational State Transfer) API is a web-based API using a Websocket connection that was developed with algorithmic trading in mind.
You can trade manually or use automated systems just like with MT4. It is also not as widely available compared to MT4 which is something to consider if you plan on switching brokers down the line. If you are interested in increasing potential opportunity in the forex, NinjaTrader can help take market analysis and order execution to the next level. This is perhaps the most widely used trading platform by forex and CFD traders around the world. It has thousands of tools and apps already developed that add extra functionality to the platform. It is available as a windows desktop downloadable application and also as mobile app for iOS and Android devices.
Deposit & Withdrawals Options
The broker has 2 support email addresses that give you access to general or account-specific inquiries. You can even contact the FXCM trading desk and place orders directly if you have a problem such as no Internet access or a failure to connect to an FXCM server. Our FXCM review shows that they have done an excellent job of incorporating educational information into its research. The broker is regulated and fully compliant with both the FCA in the UK and ASIC in Australia. These represent two of the strictest financial regulatory bodies in the world and bode extremely well for the trust levels of the company.
The Trading Station visuals carry over very well onto the smaller screen. This is partly due to the site requesting users to select preferred formats prior to the account being set up. This is a good idea but a bit fiddly and not very well signposted which slowed down some of our testers who were familiar with being able to log on and go. Preferences also had to be set regarding sharing information with social media platforms and search engines.
FXCM Standard Account (Available To All Clients)
A regulated broker equals a more responsible trading environment. FXCM allows leverage trade of Forex and CFDs, this tool brings an advantage even on the smallest market moves. In simple words, leverage is a credit shoulder that is given by the broker to your trading account with the purpose to multiply the trading size of your positions. On the negative side, which we think are not so many, there is a withdrawal fee for Bank Wire transfers in some regions and the support is not available on a 24/7 basis. Also, the broker might not be suitable for futures and options traders due to the lack of these assets.
FXCM Review 2023
While there have been some negative reviews regarding withdrawal requests, the broker has addressed these issues with a clear and transparent process for submitting withdrawal requests. FXCM offers individual, joint, and corporate accounts, but the focus of this article is on opening a personal account. FXCM also offers accounts for Muslims, which avoid paying fixed-interest charges that are required by Islamic law. See how FXCM compares to the leading Forex brokers by reading one of the reviews below.
When the trader loses money, slippage is negative, whereas when positive, the trader receives a fill at a better rate than the prevailing market. FXCM’s slippage was reported as +87% positive or zero in its July 2021 Slippage Statistics. But finding a good Forex broker can be difficult because there are so many to choose from. If you want to find information on Forex brokers, read along to determine if FXCM is the right Forex broker for you. It is also possible, as we found in our FXCM review, to have the FXCM Trading Station on mobile, for easier access when you are not seated at a desktop computer.
Trading signals are actionable trade ideas that may be readily applied to the open market. Their foundations are typically rooted in technical and fundamental analysis, or as a hybrid of both methodologies. Novice and experienced traders alike frequently look to trading signals for guidance on whether to buy or sell in the live market. FXCM offers forex signals applicable to 40 individual currency pairs. No matter if you are trading the majors, minors, crosses, or select exotics, you will never be without fresh trade ideas.
Charting and tools
FXCM is especially proud of their own Trading Station II (not to be confused with another platform TradeStation). It was built based on the feedback from FXCM traders and trading data accrued from over 10 years to meet the needs of their clients. FXCM can be compensated in several ways, which includes but are not limited to adding a mark-up to the spreads it receives from its liquidity providers, adding a mark-up to rollover, etc. Commission-based pricing is applicable to Active Trader account types.
