FXCM, also known as the Forex Capital Markets is a forex broker that was founded in the 1990s in the United States of America. FXCM has been found to be a very rapidly growing company and has for three times in a row been listed in the five hundred list of top growing companies in America. It has its headquarters based in New York, but has offices around the world and in countries such as the UK, France, Australia and Italy. FXCM is regulated and also licensed in each of the above mentioned countries. FXCM is regulated by the following bodies:
In the USA- NFA, CFTC
United Kingdom- FSA
FXCM Trading Accounts
FXCM deals and offers several different trading accounts to its clients. It offers different accounts depending on the experience of the traders wishing to open an account with them. What this mean is that, the type of an account that an experienced trader will get is different from the type of account that a new trader will get. This is the case so as to ensure that every trader gets the type of account that they are able to handle and the one that can work for them depending on their experiences. For instance, an experienced trader who wishes to leverage all the benefits offered by FX trading can open the standard 5K account. Active Trader account on the other hand can be opened by any trader wishing to receive the elite services. However, this account requires one to have 25,000 dollars as opening charges. Also in the taking is a mini account which requires one to deposit an initial amount of 50 dollars.
FXCM does not only rely on its proprietary platform to operate, but also uses the famous MT4 Trading Platform. This platform provides a user friendly environment which traders finds very effective and easy to use. This platform can be set or customized to meet the specific needs of a particular trader or user. MT4 trading platform is a very efficient platform as it supports market access for forex, CFDs and also futures.
MT4 also has interactive charts, advanced analytics and also multiple order types. These features make MT4 a very popular platform for forex traders. Something else very important to note here is that, a free Virtual Private Server hosting or simply the VPS is given to any MT4 user by the FXCM. The user is also given some programming services that works in making the trade automation easier. This is done by the use of the Expert Advisors Application.
Another FXCM trading platform is the Zulu Trade. Commonly referred to as the peer to peer platform, this trading platform is for the traders who wishes to adopt or use an automated approach while trading. It offers several subscription options that can be used to develop strategies that are built by independent traders around the world. It also has a sorting function, as well as a risk management application.
Trading Station is the FXCM’s proprietary platform. It includes among others, multiple order types, a collection of preloaded indicators as well as some advanced charting applications. It also offers several trade automation options.
Deposit and withdrawal options
When it comes to deposit and withdrawal options, FXCM offers several options that can be used by the clients. If you want to deposit any funds, you can use any of the following options; Debit and Credit card or debit and credit card through their mobile application which is available for download. FXCM offers very clear instructions on how one can comfortably use these cards to deposit their funds.
When it comes to withdrawing your funds, you can either use the debit and credit cards, or use the bank wire withdrawal method. While credit and debit cards are limited to the initial amount of money deposited using the cards, bank wire withdrawal are the most preferred because they are very fast.
FXCM offers bonuses which vary from time to time. FXCM frequently offers promotions to its new clients where any new client is awarded with a no-deposit bonus of let’s see 100 0r 300 dollars. FXCM also offers cash-back bonuses though a limited period of time.
Pros of FXCM
Trading with FXCM offers traders with several advantages. Some of these advantages are listed below:
- Reliable financial activity control- The company is licensed and regulated by the major regulatory bodies in the world. This means that, traders don’t have to fear losing their money as the financial activities of this company are supervised and regulated by these bodies.
- Reliable customer support- The company offers 24/7 customer care services to their clients. This means that, as a trader, you can always reach out to them whenever you have an issue.
- Access to research and training tools- As a trader, you have a good access to training and research tools that enable you gain more skills that can be used to improve your trade performance.
With all the above advantages, FXCM still faces some challenges:
- Less fund deposit and withdrawal options- FXCM offers very limited money transfer options that all traders may not have access to. This means that, some traders may be locked out of trade simply because they lack access to the available money deposit and withdrawal options.
Forex Capital Markets is one of the oldest platforms as it was developed in the 1990s therefore the clients can expect a trustworthy and a developed platform that they can use to trade. The company provides client support and research tools therefore making it easy for the client to trade.