The broker does well in providing you with the premium version of the service for one-year for free. The tradingview software is excellent for research and can help you very much in identifying market patterns. A unique range of assets offered by FXCM are their forex baskets. There are three of these available, the USD basket, the JPY basket, and the Emerging Markets basket.
- Also, you only need the most basic of details including your name, email, country, and a mobile number in order to open an FXCM demo account, the process could not be easier.
- In that event, this can provide up to £85.000 for UK traders.
- The range of products available to you will depend on which global entity under the FXCM Group houses your trading account.
But there are some better forex brokers out there if you have to choose only one. FXCM supports various payment methods to allow their South African clients to make a deposit with them and withdraw the funds from their account. FXCM is a reputed forex broker that has been around for quite long time. It is also regulated by the major regulators like FSCA & FCA. The broker claims to offer some of the tightest spreads on the market when it comes to trading BITCOIN. FXCM list statistic regarding their performance when it comes to execution and slippage.
How Are Execution, Leverage And Position Sizing With FXCM?
Their minimum spread is 1.3 pips for trading the benchmark EURUSD currency pair through the Retail account. This account can be accessed using the MetaTrader 4 platform or the Trading Station platform. Traders can gain exposure to currency pairs, indices, commodities, cryptocurrencies, shares, and more. The average spread is 1.3 pips which is decent compared to other similar brokers. The offer of market research and analysis tools is not exactly at the top of the food chain but is certainly above-average.
This is the same as 0.01 standard lots and effectively has a cash value of $1000. With that in mind then, this is the lowest trade size you can open, though this amount can be further reduced significantly if you are taking advantage of the FXCM leverage on offer. FXCM’s liquidity providers include global banks, financial institutions and other market makers. This includes markets in the US, EU nations, China, Hong Kong, Japan, and Australia all with competitively low spreads attached. Micro contracts are also available which can be suitable for lower budgets and margin requirements. With little more than 100 assets available, some may consider the FXCM asset offering to be quite limited even though it covers a variety of markets.
Customer Service ☎
FXCM ZA is part of FXCM Group that was established in 1999, and regulated by various regulatory authorities. Please note that due to FCA regulation, UK retail traders are not able to trade cryptocurrencies with UK brokers. If you want access to crypto markets, you will need to sign up for an FXCM subsidiary outside of the United Kingdom. The range of markets available with FXCM is quite broad however you can find other brokers that offer more choices for each financial instrument. 39 currency pairs, for example, would put FXCM at the lower end of the broker for currency choices.
Today a customer not only wants to deposit funds with a regulated broker but also wants to explore and experience all the brand-new modern plugins and tools. Having been regulated by the top regulatory bodies denotes the fact that our money and investments are safe under FXCM. Because the broker stores its clients’ funds in a segregated account so that no hamper or stealing takes place. Overall, we recommend that you go to the broker’s website and chat with their customer support and see other offerings they have to know if you would like to trade with them.
They offer different account types for different types of traders, while not offering too many account types which can be confusing for the trader. FXCM offers a diverse range of powerful trading platforms tailored to suit various trading strategies and preferences. Among them are FXCM’s flagship Trading Station Desktop, fxcm canada review Mac-friendly Trading Station Web 3.0, mobile platforms, and MetaTrader4 for those who use Expert Advisors. FXCM has low trading costs overall and no withdrawal, account, or deposit fees. However, the other fees are average, and there is an inactivity fee for accounts that have been idle for a year or more.
FXCM also provides ZuluTrade, a social and copy trading platform. The platform allows users to copy the trades of professional traders immediately as they occur. Users can also leave comments and communicate through the platform.
Forex Baskets
To verify the availability of any features or markets within your country of residence, please contact the broker directly. To learn more about country-specific regulations and restrictions (and to discover our data-based picks for the best brokers by country), check out our country guides. Remember – there’s a difference between trading U.S. stocks as CFDs (tradeable instruments that track the price of an underlying security or asset) and being able to own the underlying stock.
Leverage
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. FXCM is currently owned by the reputable Jefferies Group, formerly known as Leucadia National Corporation. The brokerage is regulated by multiple regulatory bodies to include the Financial Conduct Authority (FCA) and the Australian Securities & Investment Commission (ASIC). Only the St. Vincent and Grenadines subsidiary supports them all, while other branches offer have fewer options. Since 2010, FXCM has received 35 industry awards from well-respected sources.
FXCM provides customer service via toll-free numbers around the world in 42 countries in North and South America, Asia, the Middle East and Europe. The broker’s multilingual phone service and the live chat feature on its website are available 24 hours a day, 5 days a week. Moreover, you must note that demo accounts are different from Live accounts. It is advised that after practicing on demo, you should create a live account with low deposit, and then test their actual trading environment.
With FXCM spreads and commissions, the broker only offers floating spreads, so fixed spread trading is not available here. These floating spreads start from 1.3 pip on forex but they can drop lower to a starting point of 0.2 pips if you qualify for the active trader program. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.
Regular texts to check everything is ok, swift, professional support and service. We're thrilled to hear about your positive experience at FXCM. We appreciate your feedback and look forward to continuing to assist you. FXCM has been around for years now, and FXCM ZA is regulated with FSCA. And the FXCM Group is well regulated in multiple jurisdictions including Top Tier Regulator FCA in UK, so we can say that they are very safe. FXCM has a knowledge section that consists of research or market analysis tools and education.
Most of these are also available free of charge to FXCM traders and can be applied on desktop, webtrader, and mobile. The broker also allows for you to customize these APIs or code your own algorithms in Java, C#, HTTP, and more languages. Such tools include a range of additional APIs like Rest API, Java API, and FIX API, as well as ForexConnect, all aimed at improving your algo-trading experience.