- June 29, 2021
- Posted by: ForexTradeOn
- Category: FXCM Broker review
FXCM is a forex and CFD broker that was originally founded in the US. in 1999. After about 10 years, there was an acquisition in 2010 and its headquarters moved from NYC to London in the UK. FXCM has over 200,000 traders worldwide and is regulated by top-tier financial authorities like FCA, the Financial Conduct Authority and CySEC, the Cyprus Securities and Commission Exchange. FXCM has no commissions on shares and low trading fees as well as non-trading fees.
FXCM is available in a lot of countries around the world. There are a few exceptions including, but not limited to the USA, Japan, Brazil, Turkey, Hong Kong, Iran, Cuba, Russia, New Zealand, Syria and South Korea.
Please note that FXCM is not available for the US residents as it was banned from United States markets for defrauding its customers.
FXCM has 3 account options which are:
- Standard Account
- Joint Account
- Active Trader Account
Each one of them has its features and specifications. For example, the standard account is mainly for the traditional traders who does not trade a lot, but for the Active trader Account, it’s directed to the traders who trade with high volumes and need some additional features like:
- 2 free withdrawals each month
- API trading
In addition to the previous account type which is the Corporate account type for larger organizations. Please note that there’s a fee of $300 if you opened this account type and it will be deducted from your first deposit.
FXCM also provides a demo account with 0 fees if you want to experience the trading platform with no risk.
- In addition to the previous types, there’s an islamic account option for those who live in amuslim country.
There’s an option to join the FXCM affiliate partner program if you want as well.
The minimum deposit differs according to the account type,and country of residence as the following.
- Standard account: $/€/£300 (EU customers)
$50 (for non-EU customers)
- Active Trader: $25,000
You can open an FXCM account in minutes through these steps:
- Select your country of residence and the trading platform you want to trade on.
- Enter your name, email, and base currency.
- Enter some personal information like your city, date of birth, and profession.
- Upload your documents in order to verify your account.
- Fund your account and start trading.
FXCM – Account Opening
- Due also to the requirements of the regulatory bodies that supervise FXCM, it is necessary that in order to operate with your account you send them a proof that proves your identity and another proof that proves your current address :
- Identity document : You must send a copy of your ID, your passport or driving license . It has to be an official document that clearly shows your identity and that it is valid (the document you send cannot be expired). You can scan any of these documents and send it in PDF, JPG, GIF, or take a photo with your mobile if it is more comfortable for you. In any case, the image must have good quality and be completely readable, otherwise it may give you problems to verify it.
- Proof of address : This is to send a document that shows your current address . You will have to send a recent utility bill (not exceeding 3 months) for electricity, water, gas, landline or Internet (many brokers do not accept, for example, mobile phone bills). You can scan and send it in PDF, JPG, GIF, or take a photo with your mobile. Like the previous document, all the data must be legible and have sufficient quality.
- How long does it take to verify my account?
- It takes about 1 to 3 business days to verify your FXCM account.
- Can I open more than one trading account?
- Yes, you can up to 5 trading accounts
- Does FXCM allow bot trading?
- Yes, FXCM allows it through API trading.
- Does FXCM give a bonus?
- Yes. FXCM gives a $20 Welcome Bonus.
- Does FXCM allow scalping and hedging?
- Yes. Scalping and hedging are available for FXCM clients.
- How to enable the swap-free option in my account?
- Go to FXCM Interest-Free webpage and click the ‘Form Application’ button and complete with your details.
- How do I login using the MT4 mobile platform?
1. Go to ‘Settings’
2. Click on ‘Manage Accounts’ or ‘Settings’
3. Then click on the small plus sign or select ‘New Account’
4. Then select ‘Log in to an existing account’
5. Search for the broker name
6. Select the server your account was set up on
7. Enter your login credentials and password
8. Click on ‘Sign In’
- When will my demo account expire?
- After 30 days.
- Can I login to more than one account from the same computer?
- Yes, you can do such a thing by using the MT4 Multi Terminal.
- Can I login to the same account through different devices?
- Yes, you can login to the MetaTrader 4 platform using the same password and username through different devices.
- Does FXCM offer a corporate account?
- Yes, it does.