Whether you’ve been trading on the foreign exchange, or forex, market for some time – or are interested in trying it out for the first time – the first thing you need to do is choose a forex broker. As the popularity of forex trading continues to skyrocket, the number of forex brokers steadily rises. Choosing one from a sea of many can be daunting, but it is best to stick with large, reputable names. Forex Capital Markets LLC, or FXCM, is one of the largest and most well-regarded forex brokers in business today. We’ll take a closer look at FXCM below.
Since being founded in 1999, Forex Capital Markets LLC – commonly known as FXCM – has risen to become one of the most reputable and relied upon forex brokers in the world. Its 2008 revenues surpassed $300 million, and it employs more than 550 people worldwide. Its main headquarters in New York serve as the nucleus of a worldwide organizational structure that offers a flexible number of options to the many traders who rely upon its services.
FXCM’s global reach began in earnest in 2002, when it opened its London office. Over time, FXCM has opened offices in Hong Kong, Sydney, Dubai and Paris; it also has several offices within the United States. Its FX Trading Station trading software is regarded as one of the leaders in the industry, and FXCM further distinguishes itself by offering a discount brokerage division, FXCM Micro, along with its regular suites of services under FXCM Standard.
FXCM is registered with the:
- Futures Commission Merchant (FCM)
- National Futures Association (NFA)
- Australian Securities and Investments Commission (ASIC)
Contact Information At A Glance
If you decide to do business with FXCM, you’ll want to keep its most important contact information on hand. The basic contact information for FXCM is as follows:
- Toll-Free Phone Number: 1 (888) 50-FOREX or 1 (888) 503-6739
- Local Phone Number: 1 (212) 201-7301
- Fax Number: 1 (877) 229-0004
- Trading Desk: 1 (866) 600-FXCM or 1 (866) 600-3926
- Email Support: email@example.com
- Online Support/Live Chat: www.fxcm.com/live_help/prechat_survey_body.html
Vital Trading Information About FXCM
The vast majority of foreign exchange trading transactions with FXCM are performed using its key trading software, FX Trading Station. FX Trading Station is widely regarded as one of the top trading softwares in the industry, featuring cutting edge technology and the convenience of trading directly on the charts. With streaming quotes, one-click trading, easy customization, extensive reporting and many other prime features, FX Trading Station can be used with ease by beginner and experienced traders alike.
There are several other key things to know about trading on the foreign exchange market with FXCM. For your convenience, we have highlighted a selection of the most important ones below.
Minimum Deposit Amounts
The minimum deposit for opening a standard online account with FXCM is $100; a $25 minimum deposit is required to open a FXCM Micro account. For a Standard 10K account, the minimum deposit is $2,000.
Setting up an account with FXCM is relatively easy. First, an application that takes approximately ten minutes to fill out must be submitted. The application is reviewed and processed within one to three business days. Upon completion, you will be sent an email which you can then use to complete the signup process.
A free practice trading account is available through FXCM and can be used for up to thirty days. This practice account can be used to learn what FXCM and is FX Trading Station software is all about. You can also evaluate and try out different trading strategies without any financial risk. Indeed, an FXCM practice trading account involves no real capital on your end, making it a smart way to get to know the system.
One of FXCM’s key characteristics as a foreign exchange broker is that it offers a No Dealing Desk trading execution. In this way, FXCM eliminates any potential conflict of interest between its brokers and traders, ensuring that you enjoy the best transactions and experiences with your trades. Offers like these aren’t made by many forex brokers, and FXCM’s No Dealing Desk policy really makes it stand out from the crowd.
FXCM offers flexible leverage amounts on its trading accounts; the maximum leverage available is approximately 100:1. Although flexible leverage amounts means that traders can utilize their own amount of leverage as desired. However, the vast majority of FXCM traders choose to trade using the default leverage amounts, which are based on default margin settings.
Trailing stops are an available option for FXCM traders; stop orders can be turned into trailing stops with the click of a button, making it a very easy and streamlined process for those who want to use this form of risk management during their forex trading.
Flexible, low trading spreads are a mainstay of FXCM. FXCM uses several different techniques and strategies in order to maintain the lowest spreads possible; fractional pip pricing is one example of how it accomplishes this. Many traders choose to trade with FXCM because of its very competitive spreads. For instance, Euro/US dollar spreads are often only two pips and British pound/US dollar spreads are often only three pips. These razor-sharp spreads can give traders a keen advantage on the foreign exchange market.
The Bottom Line
There are many foreign exchange market brokers to choose from these days; sticking with a prominent, well-known company is always a good idea. With FXCM, more than ten years of topnotch forex market experience and a global presence ensures that traders are enjoying some of the most balanced and fair trading today. The ease of using the FX Trading Station software makes FXCM a great choice for novices and experts alike, and FXCM’s No Dealing Desk trading execution policy enhances traders’ opportunities to nail down the best profits possible. All told, FXCM is a reliable and reputable choice for any forex trader.