FXCM Review
Posted in Forex Brokers on 25. Mar, 2010
FXCM is a US registered broker. They are registered with the FCM and the CFTC. It is also the member of NFA like all the other reputable brokers. The main office is located in New York. They have also expanded and have offices throughout the world like in Canada, Hong Kong, UK and Japan. It is registered with each country’s very own regulative bodies too.
They offer a wide range of accounts, such as individual, corporate, incorporated, guided, partner. They have standard accounts which require a minimum deposit of $2000 and a micro account which requires a deposit of $300.
They even have a section in the site called Education where they give webinars and forex products.
There are demo accounts available too. The platform they are using is FX Trading Station which requires an installation on your computer.
Here a some testimonials from customers of FXCM:
1. I’m an early-intermediate trader when it comes to forex. Played with FXCM demo, now first day with live account. I used Forex.com before. FXCM resources are much more comprehensive, and I’m happy with the service at this point. I had no issues trading today even during news events. I love their charting software (was using MT4 which sucks in comparison, and I’m not interested an EA at this time). Stops were properly executed. Courteous service helping me get account setup. All around I hope this continues because not having to worry about broker issues makes it more fun to trade. Not sure if the no dealing desk is fully truthful, but I was on a dealing desk before and did ok (as a novice), so either way I think I’ll be good. I’m recommending this broker. I’ll check in again every few months with experiences.
2. I’ve been trading a micro account with FXCM for nearly a year and they are the only broker I have ever used. Service is better when the market is quiet, however, when volume heats up I notice a number of different issues including slippage and slow execution. I don’t know if they are hunting for my stops, but I hardly doubt they would care about my 10K positions. My biggest concern is the outages and the slow loading of the charts at times. Customer service is good and friendly. I’m looking into a few other brokers now thanks to the information gained on this site.
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