Forex trading has always been the number one and the most successful way of making money. It is an ultimate source of money if you have a good understanding of the currencies and believe have a good understanding of how the e-commerce platform works.
Forex trading is known to be a procedure in which you can speculate the prices of the currencies that in turn helps to make a good amount of profit.
Therefore, to perform and get the best forex trading services there are several forex brokers. They offer the best services and highlighted features to make the business of forex trading easier.
Among such platforms, FXCM is one of them. Hence, today we will talk more about the FXCM and its further details.
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What is a FXCM
FXCM is a well-known online forex trading broker in the world. FXCM was founded in the year 1999 and has been listed as the public domain for forex trading. The trust score of the FXCM is almost 96. It is a good platform that has to offer many things which are considered to be very useful in terms of forex trading. Some of the key points of the FXCM are mentioned below.
Investments or types of trading that are offered by the broker
The variety of the products that are available to the users mainly depends on the entity that is based globally and is under the FXCM.
Furthermore, the FXCM is known to offer trading options in more than 43 exchanges in Europe, Asia, and Northern America. The cryptocurrency is also available here at FXCM by the means of CFDs. However, they are not available by the means of Bitcoins or something similar.
Pricing of FXCM
The cost of the FXCM is quite on an average level as compared to other well-known forex traders. The program of FXCM that comes under the active trader account has up to 5 tiers.
With the help of tiers, the competitors can avail a challenging platform in terms of pricing of the currencies. There is an increase in effective spreads due to the price improvement.
The minimum deposit starts from $50 and the average spread is up to 1.4 while the overall is 1.1. it also offers a discount and further added facilities that are believed to be quite helpful for the traders. It is important to know when doing a good FXCM review.
Mobile applications for trading
The FXCM offers a very rich and phenomenal experience of trading by the use of mobile phones. The FXCM does not provide meta trader 5 but does support the algorithm that includes a third party. The mobile application is quite easy to use and is free of any sort of complexity.
It has more than 60 indicators along with tools that help in drawing. Other options like auto-zoom and much more are also available.
Other platforms on FXCM that can boost your trading portfolio
Here at FXCM, you do not have to worry about starting as a beginner or expert. It offers many options for both of the categories like meta trader 4, Zulu Trade, Ninja traders, trading view, and much more.
These platforms have the ultimate skills and offer more than 26 tools for drawing. You can also choose a preferable layout from the 7 available ones. Platforms like, Ninja Traders include a market replay and analyzer tool as well.
Market Analysis Tools
FXCM also offers a vast variety of tools that are useful in market research platforms. The highlight of the research market in FXCM is the premium content that is available from trading central.
You can also get data from eFX data. FXCM also has a YouTube channel that helps you to get insights into the marketing information. You can use the economic calendar tool too.
Educational Resources and Tools
The teaching method of the FXCM are average and are mainly based on articles, videos, and other content which is available on YouTube. It offers a comprehensive guide that includes many options from different articles.
That covers major points like charting, tips on trading, and much more for beginners, and experienced ones. FXCM also tends to offer $500 that can be used to purchase different applications from the application store of FXCM.
Is FXCM considered to be safe enough?
Yes, FXCM is among one of the safest platforms for forex trading. It is regarded as a safe forex broker as it has a very regulated security check. It is checked and known to be authorized by three tiers that help to keep it safe. The main company of the FXCM is public and is not operated with the help of a bank.
Some of the tiers include ASIC, FCA, and IIROC. Such tiers help in the building of customers’ trust which is why the FXCM has a trust level of about 96 percent. Therefore, you do not have to worry about your bank details or any other private information getting breached or hacked. Since it has a very protected working system.
Now we will look at some of the most highlighting points of FXCM trading broker that would summarize what the platform is all about and whether it is suitable for you or not.
Summary of FXCM review
|Exchange Trade Securities
|Across 43 exchanges in the world
|Yes, and that too approx. 300
|Spreads and Commission
|Around 1.4 pips for EUR/USD Currency Pair.
|ASIC, FCA, and IIROC
|Overall Reliability Score
Pros of FXCM
- The platform is authorized by several financial governing bodies, which makes it secure.
- Has a wide range of financial trading instruments.
- Supports beginner-friendly trading strategies, such as copy trading.
- Supports mobile trading.
- Has a ton of educational tools and How-To videos that clear the trading concepts of both beginners and professional traders.
- Does not support the MT5 trading platform, which numerous advanced traders prefer.
- At 1.4 pips for most of the currency pairs, the spread is a bit high, which lowers the morale of novice traders.
These are some key things you should know while doing FXCM review.
Despite some of FXCM’s cons, such as the lack of advanced trading platforms, overall, the platform is great, and one of the best for both beginners and professional traders. This is all because the platform is easy to use, and there is more exposure to the financial market. However, before you choose FCXM make sure to do your research as well, so you can have a better idea about it.