FXCM – Review
FXCM is one of the largest New York based FX dealers available to retail traders. As such, it is a well-known and trusted name in the Forex trading game. The company is even listed on the NYSE, assuring that it is going to be around for many years to come. The FXCM brand is trusted by both retail traders and professionals alike.
FXCM uses several different platforms. These include Trading Station II, FXCM Active Trader, Trading Station Gateway – a web based solution, as well as Mobile Trading Station II and the well-known MetaTrader4 platform.
FXCM has many sources of customer service available to traders. There is a live chat feature, phone customer service, email, fax, and a trading desk phone number to call. There are toll-free and international numbers available to traders around the globe.
FXCM has long been known as one of the most reliable dealers on the planet as they are one of the biggest. With a well-known and tested platform selection, trade execution is virtually flawless as there have been millions upon millions of trades executed through it.
Commissions and Spreads
FXCM has floating spreads, and are known for the tightness that they will typically have. Spreads can be as low as 0.2 pips in the more liquid trading pairs such as the EUR/USD, USD/CHF, and the USD/JPY.
FXCM rarely, if ever, has promotions.
The very fact that this company is not only regulated, but listed on the NYSE shows that it is a serious company. The beauty of trading with this dealer is that there is no dealing desk intervention, and the spreads are great. While perhaps not the best news trading source, (no variable spread broker is) for the typical trader, the cost of execution will be tiny.
- Variable spreads. This keeps the spread tight, which is one of your biggest expenses as a trader.
- The Trading Station II platform is well-known and reliable. It has been being used for years, and is very stable.
- Accounts can be started with as little as $50.
- The deposit process is simple and quick, as you can use a paper check, ACH deposit, credit and debit cards to fund your account. Withdraw can be done in reverse.
- FXCM also allows you to trade the US Dollar Index.
- Limited to only Forex in the US, so if you are looking to trade other markets, you will need another broker.
- The variable spreads can be an issue during news events, but only if you are looking to scalp the news announcement.
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