FXCM review: built on a solid foundation

FXCM has a solid foundation as a global Forex broker. Set up in 1999, over 10,000 traders from about 200 countries have registered with it. Financially, it is extremely sound, with a capital of $ 100,000,000 and monthly trade worth $350 billion conducted through it.

FXCM chiefly targets the retail market, and initial deposits are tailored accordingly. It offers both Standard and Mini Accounts, with the minimum deposits being $2000 and $300 respectively. The remainder of this FXCM review will discuss the most important aspects of this broker.

Aggressive spreads policy

This broker has an aggressive policy on spreads, which are variable and at times go even lower than 1 pip for major currency pairs. It also allows fractional pricing, in tenths of a pip, which enables the trader to make the most out of his or her deals.

User-friendly trading stations

Its trading platform, called FX Trading Station, is very user-friendly, with all relevant information captured in a single screen. It is equipped with basic as well as advanced features. You can customize it to suit your individual requirements and also configure it for one-click action, speeding up transactions beyond measure — very useful, particularly if you’re using techniques like scalping. FXCM also lets you use the Meta Trader 4 platform, which means that you can use the same platform to operate your accounts with multiple brokers.

How FXCM operates

FXCM’s style of functioning is to fill your order directly from its partner banks. In other words, it does not have its own dealing desk, and so with FXCM, there’s no risk of your interests being at variance with those of your broker. Also, there’s competition among the nine partner banks to offer the best bids, so you get a good deal when you trade with FXCM.

There has been some criticism that FXCM’s order execution speed is not up to the mark. But an analysis shows that the criticism is not well-founded. Delays do occur, but they take place at the time of major financial announcements, or times of extreme volatility, when vast numbers of orders are placed. Such a situation is beyond the brokers’ control. For those who are new to the world of online Forex trading, FXCM offers a free demo account where you can hone your skills for 30 days, using practice money, enjoying all the features of a live account, including customer service.

All things considered, FXCM is a good broker to trade with.

Rebates from Forex Trading Pal

For an added advantage, go through Forex Trading Pal, and you’ll get a rebate of up to $5 on every trade you do on FXCM. The rebate program, which allows you to receive the FXCM rebates, works well for all the parties involved – the broker, the trader and Forex Trading Pal itself. FXCM pays Forex Trading Pal for referring customers to it, so if FXCM gets you as a customer via Forex Trading Pal, the latter earns brownie points and a fee as well. This money is used by Forex Trading Pal to fund the rebate it offers for your trading deals.