Forex commissions fxcm

Forex Pricing.

Across our trading accounts, you can find the right forex pricing model for your trading needs. Our goal is to give you the lowest trading costs possible. Whether you choose spread betting or CFD trading you can find the pricing you need.

With some accounts (spread betting and Mini accounts), you pay only the spread to trade forex. So you never have to anticipate commissions down the road. With spreads-only trading, your platform calculates your transaction costs automatically using this formula:

x ( Number of Lots Traded )

Commissions.

On our low-spreads-plus-commissions accounts (Standard and Active Trader CFD trading accounts), we charge competitive commissions to trade forex. Commissions are based on instrument and trade size, and start as little as £0.03 per 1K lot.

With spreads-plus-commissions trading, your platform calculates your transaction costs automatically using this formula:

x ( Number of Lots Traded )

Active Trader Pricing.

Reduced pricing is available to high-volume investors who open an FXCM Active Trader account. You can get deep discounts on your trading costs based on the volume you trade.

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Forex, Spread Betting and CFDs.

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Compensation: When executing customers' trades, FXCM can be compensated in several ways, which include, but are not limited to: charging fixed lot-based commissions at the open and close of a trade, adding a markup to the spreads it receives from its liquidity providers for certain account types, and adding a markup to rollover. Under the Dealing Desk execution model, FXCM may act as a dealer and may receive additional compensation from trading.

Commissions: Commission-based pricing is available on Standard and Active Trader account types. Commissions are charged at the open and close of trades in the denomination of the account.

Risk Warning: Our service includes products that are traded on margin and carry a risk of losses in excess of your deposited funds. The products may not be suitable for all investors. Please ensure that you fully understand the risks involved.

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High Risk Investment Notice: Trading forex/CFD's on margin carries a high level of risk and may not be suitable for all investors as you could sustain losses in excess of deposits. Leverage can work against you. The products are intended for retail and professional clients. Due to the certain restrictions imposed by the local law and regulation, German resident retail client(s) could sustain a total loss of deposited funds but are not subject to subsequent payment obligations beyond the deposited funds. Be aware and fully understand all risks associated with the market and trading. Prior to trading any products offered by Forex Capital Markets Limited, inclusive of all EU branches, FXCM Australia Pty. Limited, any affiliates of aforementioned firms, or other firms within the FXCM group of companies [collectively the “FXCM Group”], carefully consider your financial situation and experience level. If you decide to trade products offered by FXCM Australia Pty. Limited (“FXCM AU”) (AFSL 309763), you must read and understand the Financial Services Guide, Product Disclosure Statement and Terms of Business. The FXCM Group may provide general commentary which is not intended as investment advice and must not be construed as such. Seek advice from a separate financial advisor. The FXCM Group assumes no liability for errors, inaccuracies or omissions; does not warrant the accuracy, completeness of information, text, graphics, links or other items contained within these materials. Read and understand the Terms and Conditions on the FXCM Group’s websites prior to taking further action.

Forex Capital Markets Limited ("FXCM LTD") is an operating subsidiary within the FXCM group of companies (collectively, the "FXCM Group"). All references on this site to "FXCM" refer to the FXCM Group.

Forex Capital Markets Limited is authorised and regulated in the United Kingdom by the Financial Conduct Authority. Registration number 217689.

Tax Treatment: The UK tax treatment of your financial betting activities depends on your individual circumstances and may be subject to change in the future, or may differ in other jurisdictions.

Copyright © 2017 Forex Capital Markets. All rights reserved.

Company incorporated in England & Wales No.04072877 with registered office as above.

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Where Is The Commission In Forex Trading?

An important aspect of trading in any type of asset, including currencies, is how much the purchase and sale of the asset will cost.

One significant cost in currency trading comes from commissions on trades. Thus, it is of interest to traders to analyse and measure the types and size of commissions to help determine their costs and potential profits on each trade.

Traders who have experience with other markets such as equities, futures or options will be familiar with commissions. They are frequently charged by brokers in those markets at a flat rate per trade regardless of the volume of the asset that changes hands. Depending on the broker or dealer they use, currency traders will encounter several types of commissions, including fixed commissions, variable commissions and per-trade percentage-based commissions. 1) Retrieved 16 December 2015 books. google. br/books/about/Essentials_of_Foreign_Exchange_Trading. html? id=8zTsnBYiDGkC&redir_esc=y.

Spread: The Basic Cost Of A Trade.

Generally, commissions in forex trading are paid in relation to what brokers and dealers call “the spread.” Currencies are traded in pairs, and currencies are typically offered on trading platforms at an “ask” price and at a “bid” price. This means that the broker or dealer will sell a currency to a trader at one price (the ask price), and buy the same currency from the trader at a different, and normally lower, price (the bid price). The difference between these two prices is known as the spread.

Fixed commissions are commissions paid on a fixed spread of generally two or three “pips” between the ask price and the bid price. A pip is defined as 1/100th of one percentage point of a currency quote for most currencies, with exception of the Japanese yen, where a pip is equal to one percentage point of the currency quote.

With a fixed commission, for example, if the bid and ask prices on EUR/USD are set at 1.2576/1.2578, then the trader can buy the currency at 1.2578 and sell it back to the dealer at 1.2576, which nets a gain of two pips for the dealer. The bid/ask prices of the same currency pair might move to 1.2580/82, but the dealer will charge the same two-pip difference as a fee per unit of currency bought and sold. 2) Retrieved 16 December 2015 books. google. br/books/about/Essentials_of_Foreign_Exchange_Trading. html? id=8zTsnBYiDGkC&redir_esc=y.

With a variable rate commission, the spread between the ask and bid prices can change according to the demand for the currency in the market. For example, EUR/USD might appear initially with a bid/ask spread of two pips at 1.2576/1.2578. However, depending on the demand and volume traded, it could change to a spread of three pips at 1.2585/1.288. Under this model, the spread often widens when there is greater liquidity in the market, such as when there are expected news events that might provoke price movements.

As for the percentage-based commission, it is a small percentage built into the wider spread. In this case, the broker takes the percentage that could amount to only a fraction of a pip. He then leaves the remainder of the spread to a larger market maker with which he’s working. This type of commission can allow a trader in some cases to pay a lower cost of perhaps only one pip to make a trade on a given currency pair. 3) Retrieved 16 December 2015 sec. gov/answers/forcurr. htm.

Making Profits.

The level of commission paid could end up being critical in determining how much profit or loss a trader may register on a particular trade. In all cases, the price of a currency pair will have to move above the spread/commission costs in order for the trader to post a profit on a trade.

Regarding spreads, traders will encounter various situations. For example, highly traded currency pairs will generally be offered at narrower spreads. On the other hand, less common currency pairs with so-called “exotic” currencies may be offered with wider spreads.

The amount of profit or loss that can be realised won’t depend on the spreads alone, however. Currency pairs with low spreads, for example, may tend to show lower volatility, and thus offer fewer opportunities for large gains or losses. At the same time, currency pairs with large spreads could show high volatility, offering more opportunities for larger gains or losses. 4) Retrieved 16 December 2015 books. google. br/books? id=0ZHrXUUK-OEC&pg=PP2&lpg=PP2&dq=FX+Trading:+A+Guide+to+Trading+Foreign+Exchange&source=bl&ots=Kjy92p1x7s&sig=TTvq4NhVFjaf8G-ZWj01I6VXKsw&hl=en&sa=X&ved=0ahUKEwj9-cGq7eLJAhXJvJAKHShNCWUQ6AEIQTAE#v=onepage&q=FX%20Trading%3A%20A%20Guide%20to%20Trading%20Foreign%20Exchange&f=false.

Choosing A Broker/Dealer And Commission Structure.

Given that there are different types of commissions charged among brokers and dealers, traders may find it helpful to analyse what type of trading they plan to do before choosing which type of broker or dealer to work with. Some may offer features such as analytical tools that help justify higher spreads or commission costs. Traders may also want to consider whether they prefer to work with large volumes and lower spread and commission costs in more traditional and liquid markets; or risk trading in more volatile markets where the potential for gains and losses could be greater.

Any opinions, news, research, analyses, prices, other information, or links to third-party sites are provided as general market commentary and do not constitute investment advice. FXCM will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.

High risk investment notice: Trading forex/CFD's on margin carries a high level of risk and may not be suitable for all investors as you could sustain losses in excess of deposits. Leverage can work against you. Due to the certain restrictions imposed by the local law and regulation, German resident retail client(s) could sustain a total loss of deposited funds but are not subject to subsequent payment obligations beyond the deposited funds. Be aware and fully understand all risks associated with the market and trading. Prior to trading any products offered by Forex Capital Markets Limited, inclusive of all EU branches, FXCM Australia Pty. Limited. Limited, any affiliates of aforementioned firms, or other firms within the FXCM group of companies [collectively the "FXCM Group"], carefully consider your financial situation and experience level. If you decide to trade products offered by FXCM Australia Pty. Limited ("FXCM AU") (AFSL 309763), you must read and understand the Financial Services Guide, Product Disclosure Statement, and Terms of Business. The FXCM Group may provide general commentary which is not intended as investment advice and must not be construed as such. Seek advice from a separate financial advisor. The FXCM Group assumes no liability for errors, inaccuracies or omissions; does not warrant the accuracy, completeness of information, text, graphics, links or other items contained within these materials. Read and understand the Terms and Conditions on the FXCM Group’s websites prior to taking further action.

The FXCM Group is headquartered at 55 Water Street, 50th Floor, New York, NY 10041 USA. Forex Capital Markets Limited ("FXCM LTD") is authorised and regulated in the UK by the Financial Conduct Authority. Registration number 217689. Registered in England and Wales with Companies House company number 04072877. FXCM Australia Pty. Limited ("FXCM AU") is regulated by the Australian Securities and Investments Commission, AFSL 309763. FXCM AU ACN: 121934432. FXCM Markets Limited ("FXCM Markets") is an operating subsidiary within the FXCM Group. FXCM Markets is not regulated and not subject to the regulatory oversight that govern other FXCM Group entities, which includes but is not limited to, Financial Conduct Authority, and the Australian Securities and Investments Commission. FXCM Global Services, LLC is an operating subsidiary within the FXCM Group. FXCM Global Services, LLC is not regulated and not subject to regulatory oversight.

Past Performance: Past Performance is not an indicator of future results.

Copyright © 2017 Forex Capital Markets. All rights reserved.

RELEASE: pr7528-17.

February 6, 2017.

CFTC Orders Forex Capital Markets, LLC (FXCM), Its Parent Company, FXCM Holdings, LLC and FXCM’s Founding Partners, Dror Niv and William Ahdout, to Pay a $7 Million Penalty for FXCM’s Defrauding of Retail Forex Customers.

FXCM, Niv, and Ahdout are Prohibited from Registering with the CFTC, Acting in Exempt Capacities or Acting as Principals, Agents, Officers or Employees of Registrants.

CFTC’s Order also holds FXCM, Niv, and FXCM Holdings responsible for FXCM’s False Statements to the National Futures Association.

Washington, DC – The U. S. Commodity Futures Trading Commission (CFTC) today issued an Order filing and settling charges against Forex Capital Markets, LLC (FXCM) , its parent company, FXCM Holdings, LLC (FXCM Holdings), and two founding partners, Dror (“Drew”) Niv , and William Ahdout , who were, respectively, Chief Executive Officer of FXCM and Managing Director of FXCM, (collectively, Respondents). FXCM’s principal place of business is New York, New York; Niv resides in Connecticut; and Ahdout resides in New York.

The CFTC Order finds that, between September 4, 2009 though at least 2014 (the Relevant Period), FXCM engaged in false and misleading solicitations of FXCM’s retail foreign exchange (forex) customers by concealing its relationship with its most important market maker and by misrepresenting that its “No Dealing Desk” platform had no conflicts of interest with its customers. The Order finds FXCM, FXCM Holdings, and Niv responsible for FXCM making false statements to the National Futures Association (NFA) about its relationship with the market maker.

The Order requires Respondents jointly and severally to pay a $7 million civil monetary penalty and to cease and desist from further violations of the Commodity Exchange Act and CFTC Regulations, as charged. FXCM, Niv, and Ahdout agree to withdraw from CFTC registration; never to seek to register with the CFTC; and never to act in any capacity requiring registration or exemption from registration, or act as a principal, agent, officer, or employee of any person that is registered, required to be registered, or exempted from registration with the CFTC.

“The CFTC Is Committed to Protecting Customers from Harm in the Markets It Regulates”.

“Full and truthful disclosure to customers and honest discourse with self-regulatory organizations such as NFA are vital to the integrity and oversight of our markets, ” said Gretchen L. Lowe, Principal Deputy Director and Chief Counsel of the CFTC’s Division of Enforcement. “Today’s action’s demonstrates that the CFTC is committed to protecting customers from harm in the markets it regulates. ”.

FXCM is registered with the CFTC as a Futures Commission Merchant and Retail Foreign Exchange Dealer. FXCM has been providing retail customers with access to over-the-counter forex markets through a proprietary technology platform and has acted as counterparty in transactions with its retail customers in which customers can buy one currency and simultaneously sell another. Both Niv and Ahdout were CFTC registrants during the relevant period.

FXCM, under Niv’s and Ahdout’s direction and control, misrepresented to its retail forex customers that when they traded forex on FXCM’s No Dealing Desk platform, FXCM would have no conflict of interest, the Order finds. In addition, according to FXCM’s marketing campaign, retail customers’ profits or losses would have no impact on FXCM’s bottom line, because FXCM’s role in the customers’ trades was merely that of a credit intermediary, the Order finds. FXCM further represented that the risk would be borne by banks and other independent “market makers” that provided liquidity to the platform, according to the Order.

FXCM’s Undisclosed Interest.

Contrary to these representations, the Order finds, FXCM had an undisclosed interest in the market maker that consistently “won” the largest share of FXCM’s trading volume – and thus was taking positions opposite FXCM’s retail customers. FXCM, the Order finds, formulated a plan in 2009 to create an algorithmic trading system, using an FXCM computer program that could make markets to FXCM’s customers, and thereby either replace or compete with the independent market makers on FXCM’s “No Dealing Desk” platform. Although FXCM eventually spun off the algorithmic trading system as a new company, in actuality the company remained closely aligned with FXCM, according to the Order. This market maker received special trading privileges, benefitted from a no-interest loan provided by FXCM, worked out of FXCM’s offices, and used FXCM employees to conduct its business, the Order further finds.

The Order finds that FXCM and the market maker agreed that the market maker would rebate to FXCM approximately 70 percent of its revenue from trading on FXCM’s retail forex platform. In total, through monthly payments from 2010 through 2014, the company rebated to FXCM approximately $77 million of the revenue it achieved. However, FXCM did not disclose to customers, among other things, that this company – FXCM’s principal market maker – was a startup firm spun off from FXCM, the Order further finds.

False Statements to the NFA.

The Order also finds that FXCM willfully made false statements to NFA in order to conceal FXCM’s role in the creation of its principal market maker as well as the fact that the market maker’s owner had been an FXCM employee and managing director. The Order finds that during a meeting between NFA compliance staff and FXCM executives, Niv omitted to mention to NFA the details of FXCM’s relationship with the market maker.

The Order holds Niv and Ahdout liable for FXCM’s fraud violations as “controlling persons” who were responsible, directly or indirectly, for FXCM’s violations. Niv is also held liable for FXCM’s false statements to NFA as a controlling person who was responsible directly or indirectly for those violations. FXCM Holdings is held liable for FXCM’s fraud and false statement violations as principal of FXCM, the Order also finds.

The CFTC thanks NFA for its assistance in this matter.

CFTC Division of Enforcement staff members responsible for this action are Christopher Giglio, Patrick Daly, David C. Newman, Xavier Romeu-Matta, K. Brent Tomer, Lenel Hickson, Jr., and Manal M. Sultan.

FXCM Review.

Forex and CFD traders seeking a wide range of trade-automation tools will find FXCM offers an extensive suite of platforms and trading solutions. FXCM also caters well to beginners with commission-free mini accounts.

By Steven Hatzakis / April 4th, 2017 / Updated: December 14th, 2017.

Review Sections:

Since 1999, FXCM (NASDAQ: FXCM) has become an iconic name in retail foreign exchange markets as a pioneer in developing online forex offerings for retail traders. With its headquarters in New York, FXCM has grown to have multiple international offices and is licensed in several major regulatory hubs globally.

FXCM provides traders multiple platforms and tools for algorithmic trading, in addition to its App Store, which provides access to software created by third-party developers. FXCM also offers comprehensive options for traders to connect through its public API.

The brand also has multiple entities in other major jurisdictions, including entities regulated in the UK, Australia, and indirect affiliated offices in Canada, South Africa, and Japan. FXCM caters to both beginners and advanced algorithmic traders, and provides news and research content as part of the global offerings available under the FXCM brand.

Commissions & Fees.

FXCM offers competitive commission rates. Standard account holders are charged $8.00 per standard round turn (100,000 units) when trading on major pairs, and $12 per standard round turn on all other pairs, in addition to the prevailing spreads traders pay on each trade.

FXCM ranks near the top compared to other brokers’ overall commission and fees, and shines the most in its Active Trader account pricing from among its other pricing models for Standard and Mini Accounts.

For clients that deposit at least $25,000 or more, FXCM offers an Active Trader account, which offers traders even lower commission rates. For example, Active Trader accounts are charged $1.8 per standard lot on a EUR/USD pair, and gain access to premium research.

This makes FXCM one of the most competitive in terms of all-in costs for active traders compared to the company’s closest competitors, such as Gain Capital (forex), FxPro, IG, and SaxoBank.

Spreads for Active Trader and Standard accounts at FXCM are as low as 0.5 pips on pairs such as the EUR/USD and USD/JPY, using time-weighted average tradable prices from April through June 2016.

Meanwhile, Mini Account holders are not charged any commission per trade, but pay a wider spread and can access only 21 currency pairs compared to the 39 pairs Standard and Active Trader accounts can access.

FXCM ranks near the top compared to other brokers’ overall commission and fees, and shines the most in its Active Trader account pricing from among its other pricing models for Standard and Mini Accounts.

Customer Service.

Accessing live chat to get real-time online support at FXCM is easy. During our initial chat inquiry, an FXCM support representative was professional and knowledgeable, and easily answered most of our questions.

In addition, calling FXCM’s main customer service line was generally positive as the representatives we spoke with on multiple occasions were able to accommodate our requests.

In specific instances, another department had to get involved to help resolve an inquiry, as certain inquiries at FXCM must be handled via in order for a task to be created by the relevant department (unless there is a live account already), as a support representative explained to me.

We did notice FXCM’s various departments, including the firm’s Retail, Active Trader Group, and Institutional divisions, are segmented, and this segmentation was reflected during our calls when unique questions we posed needed to be handled by a different department.

Another caveat with customer service is that Mini Account holders at FXCM are not given the same access to a dedicated services team the way Active Trader account holders do, although Mini Account holders can still call in for phone support or send an . This is similar to the way Saxo Bank offers greater support to its premium clients than to clients with balances less than $100,000; they cannot access premium features such as live chat within the platform, for example.

Overall, traders will find general and basic support easy to access at FXCM, while other traders with unique or technical questions may initially find it challenging to navigate across departments at FXCM, although this becomes easier after contact is made or by sending an .

FXCM Market Insights is an area on the company’s website that hosts a number of educational articles, while the company’s DailyFX website focuses more on daily research and related market content.

We expect FXCM’s research to take on a new form as the transition of DailyFX to IG is completed, as FXCM’s DailyFX division was sold to the IG group at the end of September 2016 and certain assets of DailyFX are set to be migrated to IG.

As part of the deal with IG, which was closed at the end of October (around the time of this review), FXCM will continue to advertise on the DailyFX site for an annual fee to IG, and will take US and Canadian clients on board. This means clients outside the US and Canada looking to access DailyFX services will likely have to trade with IG – or see IG ads on the DailyFX site.

Whether FXCM’s research tools will be kept the same or rebuilt for international clients, we expect their research offering to remain consistent, even if housed under a different brand such as FXCM’s Market Insights division.

FXCM has done a great job in offering educational information in its research to beginners as well as advanced traders across multiple channels, including webinars and invitations sent to users from within the Trading Station platform.

Overall, FXCM provides good research content relating to technical analysis and fundamental news for forex traders.

Platforms & Tools.

FXCM’s main trading platform, Trading Station, does very well at catering to the entire spectrum of clients’ needs, whether beginner or advanced algorithmic traders, and the range of features packed into this desktop software is impressive.

FXCM offers a choice of several trading platforms, including its Trading Station, MetaTrader4 (MT4), and NinjaTrader, which are accessible via desktop, the web, and mobile versions of the platforms.

The available tools within the platform contain advanced fields that can be customized for automated trading, technical analysis, or custom indicators that can be imported .

FXCM’s Trading Station platform was developed with help from Gehtsoft USA LLC, which also helps power Fxcodebase – a library in which third-party indictors can be found for the Trading Station platform.

The Trading Station desktop platform for FXCM allows its various panels to float freely within the main platform window, similar to other trading platforms, including desktop versions from Saxo Bank and Forex as well as certain web-based platforms from IG and CMC Markets.

This ability to float the panel windows can help when traders have multiple monitors. You should take a few minutes to set up the platform to best address your needs and save the layout for future use and to avoid panels overlapping or if using multiple monitors.

The ‘watch list’ function within the Trading Station platform was difficult to use. Although it supports the ability for lists to be imported, during our review, this feature was not intuitive and had a glitch or technical bug that prevented it from working.

A support representative suggested that the instruments subscribed to under the symbols tab be removed in order to reset this function. However, those symbols cannot be removed while positions are open in the related symbols. We’d like to see this bug fixed as the watch list function is an important tool for quickly accessing specific forex pairs or CFDs, and tracking their prices at a glance.

On the other hand, technical analysis enthusiasts will find MarketScope has a premium feel without the price tag that accompanies paid charting subscriptions, which adds value to the Trading Station’s offering.

The Marketscope 2.0 charting feature within the platform, which seems like an entire additional platform on its own, opens when launched from within the main platform, creating the sense of two platforms running simultaneously.

This advanced charting program is packed with tons of features, yet may be too complex for novice traders or those who do not have additional monitors to move the trading screens. MarketScope opens in a brand-new platform terminal window, separate from the main Trading Station terminal.

On the other hand, technical analysis enthusiasts will find MarketScope has a premium feel without the price tag that accompanies paid charting subscriptions, which adds value to the Trading Station’s offering.

FXCM’s Trading Station platform is also available as a web-based platform, and as a mobile app for Android and iOS. Beyond the most important features, the web version of the Trading Station platform looks and feels just like the desktop version, yet doesn’t contain as many advanced features as the desktop version does.

Trading Station Web operates seamlessly. With an easy-to-navigate interface and customizable layout, it was easy to switch between placing orders and managing positions or to customize the layout to do it all from one screen without switching tabs. The upper menu panels make it easy to quickly access relevant sections, including Trading and Charts.

FXCM’s MetaTrader4 (MT4) platform is available as a desktop-based software for Windows or it can be used in conjunction with the platform developers’ native mobile app for Android or iOS. MT4 has been developed by MetaQuotes Software Corporation and is one of the most popular third-party forex trading platforms.

The number of tools available in MT4 are native within the platform – and MT4 is a popular choice for traders interested in strategy automation and creating custom scripts and analysis tools from scratch using MQL syntax (programming language).

FXCM provides a dedicated support team known as “Experts Advisors” within MT4 to assist traders with technical issues related to their automated trading strategies.

FXCM’s NinjaTrader platform, developed by NinjaTrader Group LLC, is available as a desktop-based software for Windows, with a 64-bit version also available.

The NinjaTrader platform features numerous trading tools, including automated trading capabilities, where trading strategies and indicators can be created from scratch using NinjaScripts. We had a chance to install the NinjaTrader platform on Windows 10 and received a follow-up call/ from a NinjaTrader representative.

NinjaTrader doesn’t come pre-loaded with trading strategies but users can either make their own or use third-party developed NinjaScripts, similar to the way in which the MT4 platform operates.

The FXCM App store provides various add-ons, technical indicators, and automated trading robots for its Trading Station, MetaTrader 4, and NinjaTrader platforms, as well as access to third-party products and platforms such as the Seer Trading Platform for algorithmic trading.

FXCM also offers the MirrorTrader platform, which provides traders with the historical results of pre-screened strategies. Clients can subscribe to and ‘mirror’ these strategies in their trading account each time a new trade signal is generated from the related trading systems available.

Mobile Trading.

FXCM’s mobile app excels in packing lots of features into a sleek and intuitive design. The advanced features are nested deep within the interface, while the common and most important functionality is front and center once you login.

Aiding the navigation of the mobile app is a row of tabs on the bottom and top of the app. These rows let users slide left or right to see additional tabs from either the top or bottom row. Tapping on any of the tabs in these rows will switch to the related view on the main screen. In addition, swiping left or right on the main screen will also switch between the next adjacent tabs, making it easy to scroll between screens.

One shortcoming of the mobile app was the lack of any apparent watch list, which could be a useful feature and ideally one that would sync with the watch list used on the web and desktop versions of the FXCM Trading Station.

The charts within the Trading Station mobile app also impressed us as the drawing features and use of technical indicators were very fluid and the design helped to create a natural and seamless user experience.

We expect FXCM to rank highly in its mobile app, compared to OANDA, SaxoBank, FxPro, GAIN Capital, and other peers, when comparing mobile features such as charting, ease of use, and the overall number of features in the app.

Other Notes.

FXCM provides a monthly trading contest to live account holders, who compete for a $10,000 prize pool. The company also offers a trading analytics tool that shows traders how to understand their trading history by visualizing mistakes as well as highlighting positive traits, helping them to learn more from their past trades (in the hope of improving future trading).

FXCM’s Trading Station platform and the company’s Active Trader offering can appeal to the sophisticated trader, while newcomers may face a steeper learning curve due to the advanced platform features that may require getting used to in conjunction with FXCM’s educational materials.

Pop-up dialogues appear within the Trading Station platform to give users a chance to join upcoming and live webinar FXCM hosts. This is a nice feature for first-time users, who can learn about markets during the webinars.

There is also a dedicated technical support team to assist traders in developing their MetaTrader4 Expert Advisors (EAs). The team will even help code strategies for clients for a nominal fee. FXCM also offers various APIs programmers can access publicly to connect their trading apps or platforms to FXCM.

Final Thoughts.

Beginners and highly experienced traders have access to lots of resources at FXCM, including educational content, news and research channels, and advanced trading tools and platforms. They can also access trading-related support for automated trading.

FXCM is a great choice for those seeking to use automated trading strategies, as all of its platforms offer traders the ability to run algorithmic trading, along with access to advanced charting tools.

The company’s tiered commission pricing provides active traders and standard account holders with tighter spreads and access to a larger number of currency pairs through FXCM’s no-dealing-desk (NDD) execution.

Mini account holders – those traders initially depositing smaller amounts, such as beginners or those on tight trading budgets, can only trade nearly half of the available currency pairs (21 pairs versus 39 for Standard Accounts). They also pay a larger spread on FXCM’s dealing desk, even though they are not charged any commission per trade.

IG, OANDA, FxPro, and GAIN Capital (forex) may be suitable alternative choices for beginners and/or traders seeking to trade a Mini Account. Meanwhile, active traders may find SaxoBank, IG, forex and FxPro, close competition for FXCM in terms of pricing discounts for larger trading volumes, as well as different execution types and tiered margin levels.

Overall, FXCM’s size as a company, its years of operation, and its regulatory status in major financial centers, combine to make its offerings broad enough to cater to nearly every type of trader, with minimum deposits required to start an account ranging from barely $100 to Active Trader accounts requiring a deposit of $25,000.

Methodology.

For our 2017 Forex Broker Review we assessed, rated, and ranked 20 international forex brokers. Each FX broker was graded on 255 variables. Learn more.

Forex Risk Disclaimer.

There is a very high degree of risk involved in trading securities. With respect to foreign exchange trading, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or currency pair. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Learn more.