Is FXCM reliable or a scam?

The broker is one of the few trading platforms that provide traders with free and quality educational materials. Clients of FXCM get free online live classes where they can learn how to trade properly and even become better traders. Trading guides and tools help traders on their forex trading journey.

is fxcm legit

Therefore, if Bitcoin is trading at $30,000 then 1 contract of BTC/USD would be priced at $300. As we have already discussed FXCM only provides access to CFD and forex trading. So, let’s take a look at the markets and products you can access when trading with FXCM. FXCM clients have access to heaps of platforms including Trading Station, MetaTrader 4, NinjaTrader, ZuluTrade, TradingView, and Capitalise AI for automated trading services.

If today that same amount of Netflix shares that were worth $400 is now worth $415, that stocks contribution to FXCM’s FAANG price will be 415. The purpose of the Commission is to allow for alternative pre-trial settlement of disputes between traders and brokerage companies. FXCM automatically tops up the balance to 0 and the client doesn’t pay anything in the case where market volatility doesn’t allow the client to keep a positive balance on his/her trading account.

Research and Visualization Tools

Shares CFDs are also traded through FXCM on a commission-free basis. Even though the total selection is a little limited, the broker still offers close to 40 forex currency pairs in a selection that include major, minor, and exotic pairs. This is a specialized product you can invest in with assets that are designed to move against certain currency trends, for example, the USD basket should perform well when the Dollar performs well.

The retail traders get direct profit as their account balance on the platform grows. The more the account grows, the more benefits they acquire. Professional traders are only compensated with an agreed amount of commission or salary. This is a comprehensive and concise review fxcm canada review of Forex Capital Markets, also referred to as . It gives a detailed overview of the FXCM forex, CFD trading, and spread betting platform. If you intend to trade on the FXCM platform, carefully read through this analysis to see all you need to know about the company.

is fxcm legit

When it comes to placing order types this is a straightforward process that mirrors the web platform. FXCMmakes two promotional offers available to their clientele. This includes aRebate Program and a Friends + Family offer.

Conclusion – FXCM is a regulated broker with excellent conditions

It provides access to live quotes, stock charts and expert trading ideas. You can use TradingView every day in order to execute your demo and live trading with FXCM. FXCM offers multiple trading platforms, including its flagship trading platform, Trading Station.

For example, with EUR/USD I, on average, have a .3 spread while on FXCM I would average around .8. In addition, you also get access to trailing stop losses on TradingView with Oanda if you want to try to add it to your style. Thanks to these regulators, this broker proves that it is legit. The platform must operate transparently, and the clients must not go through any form of financial abuse.

is fxcm legit

The demo account and the lessons are great if you are a beginner at forex trading and you want to practice with virtual money. Ninja Trader has a few interesting features aside from the plentitude of trading and analysis tools. Tech-savvy traders can use NinjaScripts to develop their custom indicators and trading strategies easily, and the platform also has automated trading capabilities.

However, for “standard” or “active trader” accounts, FXCM finds a liquidity provider with which to offset the forex trades. The list of investment products isn’t impressive compared to the other big names in the forex world. FXCM offers users five cryptocurrencies that are provided through CFDs. These are Bitcoin, Etherium, Litecoin, Ripple, and Bitcoin Cash ABC.

Should you buy your silver bullets on FXCM?

Like the TradeStation andMetaTrader 4automated trading is supported and you can create your own strategy by using the built-in tools. Also, professional charting is possible to like on the other platforms. In conclusion, we can say that NinjaTrader 8 is the best software for direct market execution.

The addition of this platform is a great boon for tech-savvy traders with an interest in algorithmic trading. Since this difficult period, FXCM has made effective moves to repair its damaged reputation. The new owner of FXCM is Jefferies Group, a well-known and trusted investment bank and financial services company based in New York. FXCM has a history of fraudulent business practices that lasted from 2009 to 2014. Namely, the company offered its users a no dealing desk platform and gave them misleading information that damaged their trades.

  • To be clear, with a central exchange, or in my opinion “fair” decentralized exchange facilitation business, both parties take a RISK of putting out an order, not just one side.
  • FXCM is a Member of the Compensation Fund of The Financial Commission.
  • I deposited funds are not cleared by FXM on Wed 18 Oct, it will be 5 days.
  • Furthermore, if FXCM cannot satisfy any repayment claims, eligible UK-based clients can claim up to £85,000 in compensation through the Financial Services Compensation Scheme.
  • There is also a detailed Help Portal covering product, platforms and account-related questions.

Clients who own this account get some premium services that owners of standard accounts do not get. Like forex and crypto, you should have an account with the broker. Having an account is the only way to access the different trading assets on the broker’s platform.

How to Open an FXCM Account – A Step by Step Guide

Today, MetaTrader 4 is one of the most widely-used online trading platforms for retail foreign exchange speculative traders. MetaTrader 5 is a more advanced trading platform and is growing in popularity as investors find value in its superior features. As FXCM supports a wide range of trading platforms and features, both beginner and experienced traders will find that this online broker has a lot to offer to help meet their trading needs and goals. With these factors, a forex trading platform will be able to provide successful trading services to all its clients across the globe. We can recommend FXCM highly to any new trader or traders who want to change theironline broker.

We do not present any investment advice or guarantees for the accuracy and reliability of the information. Free research, insights, and strategies outlook, along with greatly designed FXCM tools with FXCM Plus, Market Scanner, and Trading signals with technical levels all at your disposal. Actually, FXCM gained positive and high regard from the clients in terms of its good trading conditions and support, which is definitely a plus to our FXCM Review.

This review will give you all you need to know about FXCM broker’s platform and why you should consider trading on it. The trading fees are always depending on the trading instrument and financial product. FXCM then is an ideal broker choice at any step of your trading journey and the sheer size of this industry leader makes them huge accessible for you to start trading from almost anywhere in the world.

This means that even if anything were to happen, the broker would have to pay the clients their money, as what affects the company’s fund does not affect the clients. FXCM follows what is called “CASS.” CASS is a mandate that makes the company to payback clients if anything happens to their fund. The spreads are starting from 0.2 pips without commissions. In all, you will find a professional, knowledgeable, and experienced global team at your disposal when you contact FXCM customer support.

This shows whether you should buy or sell, based on technical indicators like RSI or MACD. FCA bans the sale of crypto-derivatives to UK retail consumers from 6 January 2021. The FXCM desktop platform has clear portfolio and fee reports. The search function works well.You can search by typing in the name of the product, while there is also a categorized breakdown, for e.g. major currency pairs. There areclear portfolio and fee reports on the ‘Reports’ tab of the platform and at MyFXCM. Furthermore, it is important to note, that teh electronic wallets deposit options are not applicable to EU residents.

Major offices are located in New York, London, Berlin, Sydney, Paris, Milan, Tokyo, Athens, Hong Kong, Toronto, Tel Aviv, Santiago and Johannesburg. However, FXCM has had serious regulatory action against it by the CFTC and the NFA, and has been banned from operating in the United States. There are other forex brokers with strong service offerings and a much better regulatory record.

Clients can deposit and withdraw funds easily once logged into the MyFXCM portal. FXCM now offers Stock Baskets that allow you to speculate on the performance of a certain sector without having to open exposure on each stock individually. Trading a FXCM Stock Basket allows you to go long or go short . The EMBasket is a great way to speculate on often volatile instruments while lowering the risk of taking exposure on just one currency. The Dow Jones FXCM Dollar Index Basket was developed by traders for traders allowing you to take advantage of US Dollar appreciation or depreciation with precise tracking and maximum liquidity. The Index Basket is designed to be as easy to understand as it is to trade.

Before you can place a trade on the platform, you will need to have funds in the account. One good thing about this forex broker is that it has a copy trading platform called ZuluTrade. Those new to digital trading assets can simply copy the trading style of a pro trader on the platform. The ability to copy trade means that a beginner may not need to know how to trade forex before participating in the market.

So then I made a transition into a live account with $2k, first 2 trades went greet I doubled my money and made a grand total of $4k in 2 weeks. The idea of margin trading is that your margin acts as a good faith deposit to secure the larger notional value of your position. Margin trading allows traders to hold a position much larger than the actual account value. FXCM’s Trading platform has margin management capabilities, which allow for the use of leverage. Of course, trading on margin comes with risk as leverage may work against you as much as it works for you.