FXCM is one of the world’s largest online currency trading brokers, founded in 1999. The company, headquartered in the United States and it was listed on the New York Stock Exchange in 2016. It is now listed on the NASDAQ and has a large number of traders/users, this is the reason why there is a considerable amount of trading going on at FXCM. I decided to put this company to the test, taking into consideration essential factors. This is to test whether the award-winning broker can withstand its excellent reputation. As a company, the broker has numerous branches in different countries and is therefore internationally widespread.
In particular, with regard to the safety aspect, the company has made a name for itself. For traders, long-term good experience and trustworthiness promises security. The stock exchange listing speaks for the trustworthiness of this enterprise. More decisive than these FXCM experiences, however, are the regulatory mechanisms that control profits and thus protect investors against fraud and rip-offs. With FCXM controlled by the UK’s Financial Services Authority (FCA), one of the world’s most stringent regulatory regulators, the broker can be considered truly safe.
The broker is also listed in NASDAQ. That’s where requirements and regulations come in, so the company must always keep its business data transparent. Another security factor for clients comes from the company’s headquarters in London, where it has the Financial Conduct Authority (FCA,) one of the strictest financial regulators in the world; the company has to submit financial reports at regular intervals. In addition, the broker must demonstrate the protection of the capital contributions of their customers by meeting certain requirements. This happens through a segregation of the company capital and the customer deposits. Investors also benefit from the fact that protection is coming from the Financial Services Compensation Scheme (FSCS.) In this way, up to $50,000 for each customer is protected as deposit insurance.
Trade offer and conditions
With more than 40 currency pairs and CFDs, as well as commodities (including precious metals and energy,) the broker offers its clients a wide range of options. Thus, FXCM experience results in No Dealing Desk Order Execution or Straight Through Processing Forex Trading for investors. Particularly noteworthy is that an additional liability for traders completely eliminated. Through its research service, it also provides a huge arsenal of training opportunities. This is where CFD trading customers can specifically train themselves and hone their skills for the real market. The service offering also includes DailyFX Market News, Monetary Outlook, and an Economic Data Calendar that is interactive. A bank transfer usually takes only one day. However, only $10,000 per month can be paid. The minimum deposit is $2000. There are not many bonus offers available at FXCM.
FXCM demo account
As a service, the broker provides a free demo account. A special feature over other providers is the unlimited duration of the demo account. Customers have the opportunity here to trade with $50,000 of virtual play money in a virtual world. Thus, although not the duration of the demo account, but the amount provided for transactions is limited. With the demo account registered customers have the chance to test without risk and without obligation the offered platforms such as NinjaTrader, Meta Trader 4, Trading Station, and the Webtrader. The numerous apps for mobile devices can also be used here.
Opening an account
In order to open an account with the provider, the customer only has to fill out a form and provide personal information. In addition to address, however, information about the financial status must be given. The form can be sent directly to the broker and will then be activated by the broker within a short period of time after successful verification. However, customers must already opt for a specific trading platform.