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FXCM REVIEW: Is it your Friend or Foe?

WikiFX | 2024-09-24 13:36

Abstract:FXCM is a retail forex broker that was founded in 1999. The company is headquartered in London, UK, but has offices and affiliates in several other countries, including Australia, Germany, France, Italy, Greece, Hong Kong, Japan, South Africa, and the United States.

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FXCM is a retail forex broker that was founded in 1999. The company is headquartered in London, UK, but has offices and affiliates in several other countries, including Australia, Germany, France, Italy, Greece, Hong Kong, Japan, South Africa, and the United States.

Is FXCM Safe or Scam?

FXCM is a legitimate broker with a long-standing reputation in the industry. The company is regulated by top-tier financial authorities, such as the FCA in the UK, the ASIC in Australia, CYSEC in Cyprus, FSCA in South Africa, and ISA in Israel, which ensures that it operates under strict financial and ethical guidelines. FXCM also has a solid track record of handling client funds securely and responsibly.

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Market Instruments

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FXCM offers trading in five major classes of tradable assets, including forex, shares, indices, commodities, and cryptocurrencies, which provides traders with varying interests and strategies a broader portfolio.

Account Types

There are two types of accounts: Regular Accounts and Premier Accounts. Regular accounts have a minimum deposit of $50 and allow investors to trade up to 39 popular currency pairs and the entire CFD range.

The Premier Account is designed for high-volume investors and requires, firstly, an FXCM account or a new account, a total USD notional trading volume of $10 million per natural month. The account offers investors a range of benefits: exclusive support, premium services, and tailor-made trading solutions.

Aside from real trading accounts, FXCM also offers demo account options. FXCM's demo account, elaborately, provides a realistic trading experience with access to live market prices across multiple asset classes.

Trading Platforms

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FXCM offers a comprehensive platform suite designed for various trading needs:

Trading Station: Proprietary advanced platform

TradingView Pro: Powerful charting and analysis

MetaTrader 4: Industry-standard user-friendly platform

ZuluTrade: Social trading, copy successful strategies

Capitalise AI: AI-powered automated trading and portfolio management.

Leverage

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FXCM offers several leverage options for trading Forex (FX) and Contracts for Difference (CFDs), depending on the account equity. For equity less than $5,000, traders can access up to 1000:1 leverage for both FX and CFDs. Accounts with equity between $5,000 and $50,000 are eligible for up to 400:1 leverage on both FX and CFDs. Accounts with equity greater than $50,000 can leverage up to 100:1 for FX and up to 200:1 for CFDs.

Deposits & Withdrawals

FXCM welcomes several payment methods, including online banking payments, bank transfers, and other payments. The minimum single deposit for CUP is $100, and the minimum deposit for a credit card or wire transfer is $50. Besides, traders can withdraw funds once a month for free.

Customer Service

FXCM offers customer support via phone, email, and live chat 24/5 during market hours. They also have a FAQ section on their website to provide answers to common questions. FXCM provides localized support in various languages and countries, and they have a team dedicated to handling account-related inquiries.

In addition, they offer remote assistance through TeamViewer to assist clients with any technical issues they may encounter. Overall, FXCM is known for its responsive and helpful customer support.

Education Resources

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FXCM offers a range of educational resources to help traders improve their knowledge and skills. Some of the educational resources available on the FXCM website include:

• Webinars: Live and recorded webinars covering a variety of trading topics, including market analysis, technical analysis, and trading strategies.

• Video library: A collection of videos covering various trading topics, including trading psychology, chart patterns, and trading platforms.

• Trading guides: In-depth guides on various trading topics, including Forex trading, stock trading, and trading psychology.

• Forex news: Daily updates on market news and analysis from FXCM's team of experts.

• Trading signals: Trading signals based on technical analysis and market trends.

Conclusion

In conclusion, FXCM is a well-established and reputable broker that offers a range of trading instruments and account types with competitive spreads and commissions. The broker's trading platforms are user-friendly and offer advanced features for traders of all levels. Additionally, FXCM provides educational resources and excellent customer support, including 24/5 support in multiple languages.However, FXCM does have some drawbacks, including the lack of negative balance protection and the high inactivity fee.

If you want to stay updated with such news. Download the WikiFX app and make your trading journey safer and smoother.

Related broker

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Company name:Stratos Markets Limited
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Website:https://www.fh-zh.com/?cmp=7017V000001wNLMQA2&utm_source=fxeye&utm_medium=display&utm_campaign=text_link
Over 20 years | Regulated in Australia | Regulated in United Kingdom | Regulated in Cyprus
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