FXCM is a Sydney-based forex provider with account types for every level of trader.
You can choose between three account types depending on your trading experience. Higher volume traders benefit from better resources and features. High-volume traders qualify for access to the Private Client Group when they deposit $150,000 or more.
Most FXCM traders sign up for a Standard account. The minimum deposit is $2,000.
This account is for new traders and offers the same features as the Standard account. Start with as little as $50.
This account is ideal for more experienced traders.
Here are the features of each account type.
|Equity range||$50 - $20,000||$2,000 - unlimited||$25,000 or higher|
|Leverage||Up to 400:1||100:1||100:1|
|Forex execution||Dealing desk||No dealing desk||No dealing desk|
How many currency pairs are available to trade?
You can trade up to 39 currency pairs on FXCM. Your account level determines how many currency pairs you can trade. Mini account holders can trade with 21 currency pairs, while Standard and Active traders trade with 39 currency pairs.
- Major currency pairs: EUR/USD, USD/JPY, GBP/USD, USD/CHF
- Commodity pairs: AUD/USD, USD/CAD, NZD/USD
If you’re new to forex trading, you can sign up for a practice account with $50,000 virtual funds and a free forex trading guide. Click on “Practice Account” on the top of any page. You can access your account via the platforms or the mobile app to trade 24 hours a day, 5 days a week.
What trading platforms are available?
You can test each platform with a free practice account.
- Trading Station. This is FXCM’s proprietary platform allowing you to trade on your desktop, online and through a mobile application.
- MetaTrader 4. This is one of the most popular trading platforms in the world. Buy and sell foreign exchange and CFD with one-click trading. MT4 allows for smooth integration with No Desk Dealing execution.
- Mirror Trader. You can use this platform to follow and copy other traders’ positions.
- NinjaTrader. This platform is suited to active traders and offers advanced features for trading foreign exchange, commodities and stocks. This option is not available to Mini account holders.
|Spread fee - AUD/USD||$0.03 per $1,000|
|Education and resources||Yes|
|Does it offer fixed spreads?||No|
|Leverage||400:1 on the Mini account|
|Is it MetaTrader supported?||Yes|
|Minimum deposit required||$50 for the Mini account|
|Compatible devices||Apple devices|
|Payment methods||Credit card, debit card, BPay, wire transfers|
|Promotional bonus||Lower commission for active traders|
|24-hour trading||Yes (five days a week)|
|Demo account available?||Yes|
What are the benefits of using FXCM?
Some of the benefits of using FXCM include:
- Various account types. FXCM offers three accounts for different trading levels. Beginner traders can sign up for a Mini account with as little as $50.
- Privileges for high-volume traders. The more you trade and the more you have in your account, the more resources at your disposal. FXCM offers premium clients access to the Private Client Group with special services and trading privileges.
- Access to markets. You can trade in the following: foreign exchange, stock indices, gold and silver, oil and gas, the US dollar index and the German government’s long-term debt
What are the pros and cons of using the provider?
- Free trading tools and education. Besides access to trading platforms, FXCM also provides a number of free trading tools and educational videos and webinars.
- Practice account. If you’re new to trading or would like to try one of the platforms, you can sign up for a practice account with $50,000. Once you’re ready to start actually trading, you can sign up for a live account.
- MetaTrader 4 supported. You can use MetaTrader 4 in conjunction with FXCM’s other programmes and platforms.
- Risk. There is a great deal of risk involved in trading, especially if you’re new to it and you’re making trades with maximum leverage.
- Client support not 24 hours. If you have queries or you need help with trades, you have to wait until the customer support and trading desk lines are open.
- Mini clients limited. Mini account holders can only trade in 21 out of the 39 available currency pairs, and only have access to three out of the four trading platforms.
How do I sign up?
You can sign up for a live account online and start trading within one or two business days.
You will be asked to supply identification with your address on it. Either upload scanned versions through the website or send them via fax. Once your account is set up, you can start funding your account.