FXCM review conducted by Fxstay experts for those traders want to open account with FXCM forex broker, In this review you will know all about this broker like FXCM trading station and how do FXCM MT4 download or how to open a free FXCM demo account.
The professional financial investors, analysts and advisors at Fxstay.com have reviewed numerous trading platforms for the convenience of its clients and visitors to its website in evaluating, comparing and choosing a market platform for trading various financial assets, including foreign currencies (forex or fx). In that regard, our team of experts has used the FXCM trading platform for conducting forex trades, thoroughly explored FXCM’s website, features and options offered by its trading platform and offer the following FXCM Review by Fxstay.com
FXCM Review By Fxstay
FXCM is one of the pioneering brokerages for retail international forex business. Founded in 1999 in the United States, FXCM UK opened its offices in the United Kingdom in 2003, crossed the 100,000 account threshold in 2007 and quickly became one of the top forex brokers in the world.
Founded as FXCM Holdings, LLC and now known as FXCM Group, the company maintains headquarters in New York City, as well as satellite offices around the globe in the UK, Germany, France, Italy, Greece, China, Japan, Hong Kong and Australia, all of which are licensed and strictly overseen by their respective country’s financial regulatory agencies.
The broker enjoys a large worldwide user base and has high liquidity and large financial assets which enables the company to offer tight spreads (as low as 1 pip) on over 50 currency pairs, better rates, innovative features and trading tools and high quality customer support services to all levels of traders everywhere in the world.
The broker does not offer stocks, futures or options trading, although international clients do have access to trading Contract for
FXCM’s trading platform provides one-click day trading and stop loss orders that include limit, entry and trailing stop orders. FXCM’s trading platform includes a hedging feature available to clients using “No Dealing Desk” accounts and a Depth of Market (DOM) indicator was added to the platform in 2016 providing up to 5 levels of depth and liquidity on 17 of the most popularly traded pairs of currency.
The brokerage’s “At Best” feature is short for “at the best price” and enables traders to enjoy the best rate streamed to FXCM Markets at any particular moment from banks and other financial institutions from around the world. This feature of the trading software prevents situations where the price at which traders intended to make an “order” has expired.
Analysis data and charting tools are available via plugins which need to be downloaded or accessed from a website that exists externally to the trading platform. Manuals are available in several formats for traders who are new to the market using “FXCM Trading Station”, as well as FXCM Video Reviews that provide a visual review of the main features offered in FXCM’s trading platform.
The company includes a downloadable toolbar which provides instant access from your browser to foreign exchange market news and currency rates and enables traders to set alerts for when the market reaches the desired rates. The broker offers clients access to a free news site at DailyFX.com.
The brokerage provides representatives who will introduce you to the trading software and provide customer support via online chat or over the phone to enable traders to familiarize themselves with the trading platform and the foreign exchange market, in general.
The broker offers an online “Power Course” that consists of eight (8) forty-five (45) minute sessions for $19.99.
In addition to its own proprietary trading platform, FXCM uses several platforms, including FXCM Active Trader, Trading Station Gateway, Trading Station II, Mobile Trading Station II and the well known and very popular MetaTrader 4 (MT4) trading platform that is very intuitive, user friendly and completely customization.
Trading Station is FXCM’s proprietary software that was created using 10 years of valuable customer feedback and trading data to formulate a functionally efficient platform to meet the needs of today’s currency traders, novice or experienced.
When traders use Trading Station, they get a convenient and user friendly trading platform that is available via desktop for Windows or Mac, the internet and mobile apps. Traders can see real time asset prices, explore multiple types of orders, utilize dozens of preloaded indicators, execute trades at specific times, stream the latest news from DailyFX, utilize FXCM’s exclusive Real Volume indicators that track and evaluate trades conducted by over 200,000 investors around the world … and stay on top of it all with alerts sent directly to your email inbox.
For those who want more trading information and solutions, The company allows traders to use Mirror Trader, which operates flawlessly with FXCM’s trading platform to provide hundreds of professionally designed trading strategies that investors can copy (or “mirror) with no additional maintenance or performance fees.
Ninja Trader provides traders with advanced charting features, market analyses and trading strategies. Zulu Trade enables traders to automatically copy or mirror other people’s trades, which enables newbies to rely on the knowledge and expertise of more seasoned traders, reduces research time and completely eliminates emotional factors often involved with trading financial assets.
The FXCM trading platform has been upgraded to allow flawless integration of the very popular MT4 trading platform. The upgrade added more features to enhance clients’ MT4 trading activities, including eliminating third party bridges and account syncing, the ability to set Stop Loss and Take Profit (SLTP) orders while opening a new trade, no trade restrictions with NDD Execution, scalping and all other strategies are permitted with NDD execution, allows for partial closing of orders and eliminates restrictions on placing SLTP or Pending Orders. The upgrade also provides investors with better risk management by enabling more precise lot sizes and better control of when and how much of a position traders want to close trades.
Clients of FXCM can follow the simple instructions on its website for quickly and easily downloading the MT4 trading platform for use in their forex trading activities.
FXCM offers 3 types of trading accounts to its clients, which are Standard, Mini and Active trader accounts. The brokerage also offers traders a free demo trading account which is available for up to 30 days and comes with $50,000 of virtual money for practicing trading on the market platform.
The Standard account is ideal for experienced traders who want to leverage all the advantages of currency trading. An initial deposit of $5000 is required to open a standard account which offers spreads as low as 0.5% and access to FXCM’s entire catalog of approximately 39 popular currency pairs (including exotics and crosses). Standard accounts offer leverage of up to 1:200 for non US clients and 50:1 for US based traders, as well as access to DOM data.
The Mini account requires a minimum deposit of $50,000 with lot sizes of $1,000 and access to 21 pairs of the most popularly traded currency pairs, including the EUR/USD. Mini accounts include free trading services like “Client-Only Trading Signals” to assist traders with learning the market and improving trading strategies. Exclusive to the FXCM Mini account is a monthly contest that awards lucky winning traders with $10,000 in prize money.
The Active Trader account requires a minimum $25,000 deposit and includes the acclaimed “No Dealing Desk Execution” feature, as well as elite pricing for higher volume trading that saves up to 50% on trading costs. No Dealing Desk Execution is a model created by FXCM with asset pricing data initiated by its liquidity providers that include financial institutions, global banks, prime brokerages and others who provide financial assets for trade with no markups. In the case of clients of certain intermediaries, sometimes trades are subject to a markup. This enables traders to trade on currency rates provided directly by those liquidity-providing financial institutions, which enables FXCM to offer low variable spreads on major currency pairs and promotes efficiency and market pricing competition.
Active Trader accounts allow investors to observe the flow of FXCM activities and exploit lower spreads in exchange for smaller commissions. Traders are also able to view up to 10 levels of DOM data that enables identification of possible support or resistance issues and gives the trader a huge advantage during market analyses and trade execution.
Active Trader account holders also enjoy dedicated customer
FXCM Demo Account
When clients open an online trading account, they are able to use a free FXCM demo account for up to 30 days that comes loaded with $50,000 of virtual money for traders to use for practicing currency trading before actually risking real money in a real world trading market. You can open a free FXCM demo account at the “Topforexbrokers.com” FXCM UK review page.
Orders and Slippage
FXCM endeavors to provide its clients with the best execution of orders being filled at the requested rates, but sometimes factors increase volatility or volume and orders may be inclined to suffer “slippage.” This most commonly occurs amidst global financial woes alluded to by heads of state or CEOs of major financial institutions during speeches broadcast to the populace or shareholders, or during periods of limited liquidity.
An example of limited liquidity is the rollover time (5 p.m. EST) when liquidity tends to be limited because many providers are closing the days’ transactions.
Examples of orders provided by FXCM are:
Good Til Cancelled (GTC) Orders require a trader’s entire order to be filled at the next available price at the same time as it is received.
Immediate or Cancel (IOC) Orders mean that all or part of an order will be filled at the next available price and the remainder will be cancelled if liquidity does not exist to immediately fill an order.
Fill or Kill (FOK) Orders must be filled in their entirety or not at all.
Volatility of markets creates conditions where it’s difficult for brokers to execute orders. For example, the price a trader received in execution of an order might be many pips away from the quoted or selected price due to market fluctuations. In that case, the trader looked to execute at a certain price but the market unexpectedly moved significantly away from that price and the trader’s order would be filled at the next available price for that specific order.
Additionally, the No Dealing Desk nature of FXCM’s forex platform requires sufficient liquidity to execute all trades at any price.
FXCM provides several basic and advanced order types to help clients mitigate risk and financial losses. Utilizing Market Range on FXCM’s platform allows traders to specify the amount of possible slippage they are will to accept by defining a range on a market order, with zero meaning no slippage is allowed. If a trader selects zero on the Market Range, he or she is requesting that the order be executed only at the selected or quoted price and not any other price.
In order to increase the probability of having his or her order executed, a trader can elect to accept wider ranges of permissible slippage where the order will be filled at the best available price within a certain specified range. For example, if an investor indicated a willingness to fill the order within 2 pips of the requested order price, the system would fill the order within the client’s acceptable range, if sufficient liquidity can be provided. If the order can’t be executed within the specified range, the order will not be filled at all.
Although Market Range only specifies a negative range, traders are not limited by the specified range for the amount of positive price.
With over $100 million in declared capital, FXCM broker is one of the best capitalized brokerage firms in the foreign exchange industry and utilizes the MT4 trading platform that is very popular among forex and other financial asset traders.
The FXCM trading platform is highly intuitive with many features designed specifically for newbies to the world of financial investments, including forex, and whose expectations and experience are limited, but who seek a better understanding of the international foreign exchange trading market and platforms on which it is traded.
Both novice and experienced traders will benefit from the broker’s Resource Center that provides access to technical trading topics, currency trading platforms, guides on forex trading and markets and advanced trading concepts are reviewed in on demand instructional videos, video lessons and live trading sessions featured on DailyFX.
With an enduring history of over 10 years, FXCM.com has become a well established broker with strong connections to multiple banks and other financial institutions. FXCM.com maintains an elite team of expert market analysts and a competent multilingual customer service staff that excels in solving problems for clients of this broker that regularly trades hundreds of millions of dollars of financial investment assets.
The diverse technological capabilities of the FXCM platform software makes it ideal for novices who want to gain an understanding of forex trading as well as more seasoned scalpers and algorithm traders.
For novice and/or seasoned investors who want to use a proven trading platform that also offers the popular MT4 platform and who demand reliability, safe and legal trades, outstanding reputation and well established customer support services, there is no better currency trading platform than FXCM UK.
The powerful FXCM trading platform delivers MT4 to high end users and newbies alike using desktop Trading Station that is available for Windows, Mac and in a mobile trading app designed for use with a variety of hand held electronic mobile devices, Wikipedia says. You can download FXCM broker Google Android app or iTunes IOS application for mobile trading.
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