FXCM Forex Broker Review
If you’re looking for a strong, dependable forex broker that will put an amazing set of tools at your disposal, look no further than FXCM. FXCM is a publicly traded and licensed firm with over ten years of experience in the forex market. The narrow spreads, great tools, and amazing customer service make it a terrific option for nearly every forex trader.
FXCM is owned by Forex Capital Markets Holding, LLC. The parent company is publicly traded and is regulated and licensed by nine different international bodies, so you know that your money will be safe and secure. Currently, it is one of the largest retail forex trading brokers in the market and executes in excess of seven million trades a month for over 175,000 different accounts. It also has partner companies in every major international finance center, from New York to London to Singapore, so they’ll always be there, no matter what time you like to trade.
Forex Trading Accounts
One of the most important things for any forex trader new to a platform is the availability of demo and micro accounts. Demo accounts let you test out your strategies and play with a platform with virtual money instead of risking your own. With the FXCM forex broker you get a free $50,000 demo account to work with along with a free forex signals service. With most other brokers, the signal service would require a paying account, but with FXCM you can try it out free.
A demo account wouldn’t be complete without a few training lessons, and the FXCM forex broker offers these as well. There are on-demand sessions that allow you to learn when you want as well as live instructor sessions and even live trading support by their course instructors. If that wasn’t enough, they also offer a guide titled “New to Forex Trading” that will educate you in trading as quickly as possible.
If you want to trade with your own money, but aren’t ready to trade large lots of currency, FXCM also offers micro account with a $25 minimum deposit. These accounts let you get used to real live trading and all the emotions that come with it. This is especially important if you’re a beginning trader.
Of course these accounts wouldn’t mean anything without good bid/ask spreads and customer service. FXCM has both. The pip spread between the Japanese Yen, Euro, and Pound Sterling and the U.S. Dollar are all a measly one pip. FXCM has offices around the world, so their customer service is always available and well-staffed to handle all your inquiries. Their service has received high marks in several online broker reviews.
With the FXCM forex broker, you can choose from four different platforms to trade on. You can trade with their proprietary Trading Station II, Active Trader, Forex System Selector, and MetaTrader4. If you decide to trade with FXCM’s Trading Station II, you get access to one click trading, the ability to trade directly from charts, strategies pre-loaded into the software, and automated trading. The platform has won several awards through forex broker reviews and provides traders with the fairest, most transparent trade execution on the market.
If you’re on the go, you can also access FXCM’s trading platform directly from your smart phones. The smart phone platform is currently in beta, but it is due to be rolled out in its finished form soon.
FXCM is one of the most reputable forex trading brokers in the market today. They have over a decade of experience and an award-winning platform to back up low pip spreads and great customer service. If you’re looking for a great broker to start with, FXCM is a great choice.