It is crucial to read the broker review before trading with the broker. You can find the FXCM review in detail below. FXCM Group (FXCM) is a Leucadia Company that was established in 1999. FXCM is a secure (minimal risk) broker for trading CFDs and FX because it is controlled by 3 tier-1 authorities. FXCM has a restricted variety of CFDs, but its extensive exchange-traded securities (ETS) offering is split into a separate account as well as a platform. Furthermore, we discovered that fees for CFD and forex trading were somewhat higher than its competitors. Investors that value strong trading instruments and reliable market analysis will regard FXCM to be a top scorer, despite the limited number of currencies and unsatisfactory pricing.
Is FXCM Safe?
With a score of 93 out of 99, FXCM is a trustworthy platform, and it is classified as minimal risk. The parent business of FXCM is publicly traded, does not maintain a bank, and is regulated by 3 tier-1 (high level of trust), 3 tier-2 (moderate level of trust), and 0 tier-3 authorities (low level of trust). The next tier-1 authorities have approved FXCM:
Selection of Investments
The services you can choose from are determined by which worldwide entity within the FXCM Group stores your brokerage account. Additionally to CFDs, FXCM also provides marketplace securities in 43 exchanges. The list below outlines the various investment options accessible to FXCM customers.
Forex, CFDs, a total of 276 tradeable symbols, a total of 42 forex pairs, US stock trading (non-CFD), Int’l stock trading (non-CFD), cryptocurrency (CFD), and social trading.
FXCM Review – Fees
Regarding FX trading, FXCM’s prices are usually a little bit higher than average.
The minimum deposit is 50 dollars. From April to June last year, FXCM’s all-in spreads on the EUR/USD were 1.4 percentage in points (pips) which was greater than the average. (however, it’s good to mention that Q2 2020 experienced increased instability due to Covid’s influence on financial markets).
The Active Trader platform at FXCM features 5 stages, with discounts varying from $5 for each million exchanged for level 1 to $25 for every million exchanged for level 5. It’s adequate, but still not exceptional. Tickmill and FP Markets, on the other hand, provide better discounts for active traders. Based on whatever FXCM Group organization you employ, the criteria for every level may differ.
The platform provides both “At Market” and “Market Range” orders, both of which might be denied if the required price or price point is no longer accessible. This idea is more helpful than FxPro’s concept of separating execution methods by types of accounts.
FXCM offers execution data for each of its order types, revealing the percentage of orders completed with high or low slippage. In 2020, approximately 87 percent of the broker’s executions experienced zero or low slippage.
Tools and Platforms
FXCM establishes the standard strong for its platform and tools, and it rivals the market’s finest brokers. FXCM’s platforms include its own Trading Station, TradingView, the latest version of NinjaTrader, which is 8, and MT4 all of which are algorithmic trading friendly. ZuluTrade for social trading and Trader Workstation for stocks are also available from FXCM.
Trading Station is a credible rival to MT since it allows for comprehensive back-testing, enabling the traders to account for previous slippage and trading expenses. Trading Station’s web version has a fair set of functionality, all packed in a dynamic and contemporary style. The website is abundant in options, with headlines, videos, research, and analyses from Trading Central, as well as links to external information.
It’s important to mention that FXCM offers NinjaTrader 8 for desktop. It includes a variety of trading features, such as automated. NinjaScripts, for instance, may be used to develop trading strategies and signals from the beginning. Users may create their personal NinjaScripts or pick across over 1000 third-party NinjaScripts.
Numerous add-ons, forecasting models, and automated trading robots are available in the FXCM App Store. FXCM works with a variety of specialized systems. A devoted customer service team is also available to help investors develop their MT4 Expert Advisors.
FXCM Review – Analysis
FXCM offers a good range of market analyses, based on a mix of within and external information. The platform’s analyses are somewhat better than the market average and should please the majority of forex traders.
Analysis Instruments: Exclusive information from Trading Central, news via Investing.com, and FxStreet are among FXCM’s data sources. FXCM’s website even has a market screener function. Premium information from eFX Data is available, and it is an excellent quality market research. FXCM also creates videos, the platform’s Daily Snapshot series, which features market analysis from its experts is accessible on YouTube.
FXCM Review – Training
FXCM mainly offers training through its own articles and videos, such as information generated on its Youtube page, which is higher quality than the industry norm. There are lots of videos in the platform’s video collection. Essentially two thorough trading tutorial pieces, which cover forex trading for newbies and experienced trader characteristics. All are well, including some valuable insights based on past data from the organization.
Trading On Your Mobile Device
While FXCM does not support the MT5 platform, the broker’s extensive assistance for 3rd party algorithmic trading systems, notably its flagship Trading Station platform, compensates for this.
Charting on the FXCM app is a delight with more than 55 indicators and several sketching instruments. A magnifying glass that automatically zooms as the trader drags the trendline into place allows for the precise drawing of trendlines. Trading Station application does not have a watch list. Instruments that are chosen to be displayed will sync between screens. A full trade ticket is included in the program, which supports improved order types such as one-cancels–other.
To Sum Up
FXCM is a great alternative for programmatic FX traders since it offers a variety of relevant platform methods to help investors who want to employ automated trading techniques. Traders may perform algorithmic trading and use improved charting features on all of FXCM’s portals.
The platform also appeals effectively to newbies, with a variety of teaching resources and user-friendly interfaces.FXCM is rated Best in Class in numerous areas for CFDs and FX trading, together with Platform and Tools, Ease of Use, and Mobile Trading.
See also: OctaFX Review