FXCM (Forex Capital Markets) Review.
Forex Capital Markets Ltd is a UK forex brokerage company which operates the FXCM brand out of the UK. It is part of the global operations of FXCM (known as FXCM Holdings) which also includes the US operations. International traders will be directed to the UK branch, as the US branch only caters to US residents and presents them with the unique trade conditions for retail traders set out by the CFTC. FXCM is regulated in the US by the CFTC and in the UK by the Financial Conduct Authority with registration number 217689.
Offers and Promotions.
FXCM maintains bonus offer which are time-sensitive and not fixed. Many of these offer are also given out through affiliates and introducing brokers and not directly from the broker.
Trading Platform Features.
The following trading platforms are available on FXCM:
a) Trading Station from Marketscope: This is the proprietary platform from FXCM which is available as desktop, web-based and mobile trading applications. It works well on PC and Mac computers.
b) MT4: FXCM has also upgraded to the new MT4 Build 600 platform, and offers comprehensive mt4 brokers features, combining the best of traditional MT4 with the newer MT5 as well as some enhancements to totally take the MT4 trading experience to a new level.
c) NinjaTrader: This is a specialized trading platform that can be customized to the trader’s specifications. It contains a Market Analyzer, Strategy Builder and a Market Replay facility. This is available to traders who can open account with at least $5,000 and turnaround $500,000 in trade volume in a month.
d) Mirror Trader: The Mirror Trader is a specialty platform that enables traders to manually copy the trades of other professional traders on FXCM’s network.
e) ZuluTrade: Is an automatic trade copy system which involves a partnership between Zulutrade and FXCM.
Over 50 currency pairs, gold, silver, crude oil and stock index assets can be traded from any of the FXCM platforms.
FXCM Account Types and Information.
There are several account types to cater to the various needs of the different types of market participants who use FXCM’s trading platforms. In addition to the below, new customers can also sign up for a $50,000 demo trading account.
a) Basic Account: This is for those who are essentially trying out the forex market for the first time (view other micro accounts here). The minimum account deposit is $50.
b) Premium Account: The minimum deposit for binary Options Premium Account holders is $5,000. This account type is for more advanced users.
c) Active Trader account: This account type is for experienced traders with a deep pocket, requiring at least $25,000 in account deposit.
d) Corporate/Trust Accounts are for corporations, trusts, partnerships and individual joint account holders. The minimum deposit is $10,000.
FXCM binary options are available along with conventional spread betting accounts although there is also allowance for institutional style trading accounts which use an ECN model of execution. FXCM runs two execution models on its platforms. There is an ECN model which features variable spreads and a market maker/dealing desk execution model which features lower spreads on the currency pairs.
Special Features.
FXCM has a number of special features which traders can use to their benefit. Some of these are listed below:
a) FXCM runs a Forex Expo on an annual basis. Many of the videos from this expo, which teach traders just about anything they need to know in forex on an interactive basis, are found on YouTube.
b) Forex beginner tutorials are also available on the FXCM website.
Deposits and Withdrawals.
In order to deposit funds into their trading accounts, traders have to login to the MyFXCM interface where they can run these personalized services. Deposits are made with the following means of transaction:
a) Credit or Debit Card: The minimum deposit with this method is $50. All major credit cards are accepted. Traders are restricted to a deposit maximum per calendar month of $10,000.
b) Bank Wires: This is the preferred method for large transfers, especially for deposits exceeding $10,000.
c) ACH: Traders can deposit as little as $100 and as much as $50,000 per calendar month for trading with this method. This is strictly for US-denominated bank accounts.
For withdrawals, credit cards and bank wires can be used. Traders who deposited funds with credit cards are required to draw the same amount they deposited into the credit card that they used. In addition, traders in the European Union can use SEPA to withdraw funds. SEPA allows for domestic bank transfers within the European Union member countries. Traders located in the UK can use the BACS system for domestic wire transfers.
Customer Support.
FXCM has an extensive customer support system which allows traders to contact their customer support desk using the following channels:
Phone: 0808 234 8789 (toll-free) and +1 212 897 7660 (U.S. and Int’l). Active trader can get quicker support using +1 646 432 2970. Email: [email protected] FAX: +1 212 897 7669.
There is also a live chat facility which is available 24 hours a day, five days a week.