FXCM Pros & Cons | Get Information at a Glance

Introduction

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.

In this article we’re addressing the main pros and cons of FXCM in each broker aspect.

FAQs

1. How long does it take to verify my account?

• It takes about 1 to 3 business days to verify your FXCM account.

1. Can I open more than one trading account?

• Yes, you can up to 5 trading accounts

1. Does FXCM allow bot trading?

• Yes, FXCM allows it through API trading.

1. Does FXCM give a bonus?

• Yes. FXCM gives a $20 Welcome Bonus.

1. Does FXCM allow scalping and hedging?

• Yes. Scalping and hedging are available for FXCM clients.

1. What happens to my funds if the bank which holds my funds goes insolvent?

• All retail client funds are housed in segregated accounts at top global banks.

1. 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.

1. How do I login using the MT4 mobile platform?

• Steps:

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’

1. When will my demo account expire?

• After 30 days.

1. When trading forex, will you lose more than your initial deposit?

• Both our MetaTrader 4 and Trade Station platforms are set to automatically close your positions when your margin requirement reaches 100% (stop out level).
• Please note that this process is automated and is not a guarantee that your account will not enter into a negative equity situation and you should keep a balance amount in your account above your required margin.

1. 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.

1. 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.

1. Does FXCM accept payments from third parties?

• No, payments should be from an account under your name.

1. Can I transfer money from an FXCM account to another?

• Yes, by logging in using the login credentials from the account you’re transferring funds from.

1. Is there a maximum deposit applied to my FXCM account?

• Yes. The maximum deposit on a credit or debit card is 20,000 (base currency) per month. If you would like to deposit 20,000, this needs to be broken up into two 10K.

1. The amount deposited in my trading account is less than the amount I sent. Why?

• If the amount that is credited to your FXCM trading account is less than the bank wire you initiated, your bank may have used a “send-through” bank in order to send the funds. These banks are also referred to as intermediary banks and usually charge an additional fee for their service.
• For more information regarding the use of Intermediary banks, please contact your personal bank.

1. How much can I withdraw via debit or credit card?

• Debit or Credit card withdrawal amounts are limited to the amount originally deposited using that card(s).
• For example, if you have deposited a total of $500 using your credit or debit card, the maximum amount you can withdraw to your credit or debit card is $500. Once the principal amount (deposit amount) has gone back to your card, the remaining funds may go back to a bank account in your name.

1. What’s the minimum amount I can withdraw from my FXCM account?

• You may withdraw any amount. Please keep in mind that your bank or card issuer may charge additional fees to receive the funds. So, check with your bank to confirm before withdrawing smaller amounts.

1. Does FXCM offer a corporate account?

• Yes, it does.

If you want more information, please check out FXCM Full Review.