FXCM Trading Account – Review, Types, Process, Benefits, Charges and more
Last Updated Date: Nov 17, 2022Know everything about FXCM Trading Account here. FXCM, short for Forex Capital Markets that allow people to look into the foreign exchange markets.
FXCM is a retail broker that allows trading in contract for difference (CFDs) on items such as crude oil or gold. It started 22 years ago in 1999 in London.
The forex broker is a leading provider of online foreign exchange trading, CFD trading, etc. They aims to provide traders access to the most liquid market globally.
It does so by offering innovative trading tools and by meeting strict financial standards.
Clients have the advantage of trading from real-time charts with the help of one-click order execution.
FXCM Trading Account and Benefits
FXCM trading account is a reliable and preferred trading platform.
It is feature-rich and meets the customer’s needs. It provides services suited to the trader’s needs.
The key benefit that lies with trading with an FXCM account is the diversity of powerful platforms.
Each of these platforms gives an efficient and optimized performance in the CFD markets.
The trading station furnishes the users with advanced analytics, charts, and functionality. FXCM also offers an MT4 platform.
It enables its users to engage with the market on the go without any trading restrictions.
Also, FXCM gives the opportunity to customize the trading experience irrespective of the size or strategy.
It also allows average low spreads for EUR/USD of 1.3 and GBP/USD of 1.8 pips. Along with this, a mobile version of its custom Web-Trader platform is also available.
The app is well-supported by iOS and Android devices.
It can open and close positions and analyze charts. The app also follows the prices of all tradable assets in the market.
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FXCM Trading Account Charges
| Trading Account Charges | |||
| Account Type | Standard | Active Trader | Private Client Club |
| Initial Deposit | $3000 | $25000 | $150000 |
| Spread | Floating | its Floating | Floating |
| Commission | Yes | Charged | Yes |
| Leverage | 1:100 | its 1:100 | 1:100 |
It is a big relief to the traders that the preferred trading account charges little to no fees.
This makes it workable for users who trade very or even daily. It provides leverage of up to 1:1 – 30:1. You can open a mini account with a balance of $50
Usually, there are three types of trading fees, commission, spread, and financing rates.
A commission is either based on the trading value or fixed. The transaction cost, in this case, is:
(Reduced Spread) x (Pip Cost) x (# lots traded) + (Round turn commissions) = Total Cost.
A spread is a difference between the buying and the selling price and the transaction cost is:
(Spread) x (Pip Cost) x (# lots traded) = Total cost
The financing rate is the amount charged when the leveraged positions are held for more than a day.
Other than these, there is the withdrawal cost which is from zero to 40$ depending upon to which country you wish to receive funds. For this, we could use Credit Cards, NE teller, Skrill, Wire Transfers.
Lastly, there is an inactivity fee, i.e. $50 per year after a year of inactivity.
To fund and empty FXCM accounts, one can use Credit Card, NE teller, Skrill, Wire Transfer, and e-wallets
Types of FXCM Trading Account
| Types of Trading Account | |
| Trading Desk Type | Dealing Desk, Market Maker |
| Min Deposit | $300 |
| Maximum Leverage | 1;30 |
| Mini Account | No |
| Premium Account | No |
| DEMO ACCOUNT | Yes |
| Islamic Account | Yes |
| Segregated Account | Yes |
| Managed Account | No |
| Institutional Account | Yes |
| Suitable for beginners | Yes |
| Suitable for professionals | Yes |
| Suitable for scalping | No |
| Suitable for daily trading | No |
| Suitable for Weekly trading | No |
| Suitable for swing trading | No |
Forex Capital Markets trading accounts offer three different types of trading accounts.
They are suitable for all kinds of traders and their needs, trading purposes.
The leverage remains the same for all types of accounts.
The three types of accounts are- Standard, Active Trader, and Private Client Club. FXCM also offers access to a demo trading account which is free of cost.
The demo account provided is free of any charge that allows the investor to first review a trading platform before risking their capital.
This account provides some sort of fictitious online money. It makes the user comfortable and well-versed with the features of such platforms.
FXCM Account Opening and Trading Process
Opening a new trading account with Forex capital markets is as simple as it can get. Let’s have a deeper understanding of the account opening and trading process of FXCM.
Also, before opening the account you must have some information ready with you.
This includes country of origin, name, contact info, and tax Id number. You also need to provide information about your trading intentions and level of experience
- Search on google and go to the official website of FXCM.
- Review the different types of accounts available and choose the one as per your needs and trading frequency.
- Complete the application form given there.
- Upon the completion of the application, you can access your registered account with the help of your ID and password.
- Now you can easily log into your brokerage’s client portal.
- With the help of cheques, credit/debit cards, or electronic transfers, deposit the funds in your trading account. The minimum balance must be $50 for a mini account.
- Once the account is funded, it is ready to start trading. At this point, you can check for any special details that your broker provides.
That is how you can start fresh with your trading account and learn as you move forward.
The demo account makes it easier for the traders to learn before playing with real money.
The account deducts $50 for a year of inactivity.
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FXCM Trading Account – Features
| Trading Features | |
| Educational Services | Yes |
| Social Trading / Copy Trading | Yes |
| Trading Signals | No |
| Email Alerts | No |
| Guaranteed Stop Loss | No |
| Guaranteed Limit Orders | No |
| Guaranteed Fills / Liquidity | No |
| OCO Orders | No |
| Trailing SP/TP | No |
| Automated Trading | No |
| API Trading | No |
| VPS Services | No |
| Trading From Chart | No |
| Interest On Margin | No |
| Offers Hedging | No |
| Offers Promotions | No |
| One-Click Trading | No |
| Expert Advisors | No |
| Other Trading Features | No |
Given below are some of the features of the FXCM trading account-
Supports MetaTrader
The trading accounts are supported by the world’s most popular trading platform, i.e. the MetaTrader 4.
Spread Fee
SpreadS vary depending upon the type of account you choose. The least average spread with FXCM is 0.5 for standard and active trader accounts.
Compatible Devices
The FXCM app is available for download on both android and iOS devices.
Leverage
The markets offer a leverage of up to 1:1 – 30:1.
Payment Methods
FXCM accepts credit/debit cards, wire transfers, Neteller, etc.
Customer Support
It offers features like live chat, email, telephone 24/7.
It assists its users in any sort of problem faced during the trading process.
They offer this service in many languages along with a detailed FAQ section on the website.
Mobile Application
There exists a mobile version of the web-trader platform of Forex CM.
Both iOS and Android support the FXCM app.
It also provides push notifications to avoid missing any important trading opportunities.
It also analyses charts, follows prices, and is easy to operate.
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FXCM Trading Account – Conclusion
The trading foreign exchange markets provider has many free trading tools, webinars, and tutorials.
They offer to help its investors understand the trading better.
It functions in 8 base languages making it accessible for a wider audience.
These include Arabic, Chinese, English, French, German, Greek, Italian, Spanish. Also, you can trade up to 39 currency pairs on active or standard accounts.
It attracts traders by providing competitive leverage and low commissions. It is also very easy to access and operate.
Forex Capital Markets has for its users, many useful features that help it in standing out among other players.
To suit the requirements of new traders, it also has an option of a demo account. This eliminates the risk factor and provides necessary exposure.
This is why people choose this trading service all over the world.
FXCM Online Trading – FAQs
Here is the list of FAQs related to the FXCM trading account:
Does FXCM provide online trading?
Yes, the Forex capital markets provide online trading.
All you need is a stable internet connection and register online through their website.
After the complete account creation, once funded it will be ready for trading.
What are the commission charges in FXCM?
Yes, the commission charges are there and are a minimal amount.
It is USD 0.1 per lot for CFDs and USD 2.00 per 100k lot per side for FXCM.
Does FXCM provide a demo account for trading?
Yes, FXCM provides a demo account.
It is free of any charge allowing the investor to first review a trading platform before risking their capital. It makes the user comfortable and well-versed with the features of such platforms.
Is trading free at FXCM?
No, trading is not completely free. FXCM has a trading fee but it is very low. The spread fee is $0.03 per $1000.
Does FXCM provide spot metal trading?
Yes, with FXCM you may bet on the price movement of metals such as gold, silver, etc.
What are the spot metal trading charges at FXCM?
There are no spot metal trading charges associated with FXCM.
Yet, it is advisable to clarify this with the customer support that ForexCM has for its clients.
Does Forex Capital Markets provide stock trading?
Yes, ForexCM provides stock trading options.
It offers around 300+ financial instruments to trade-in.
It also includes stock indices, crypto, and precious metals. The website displays the stocks available for trading
What are Spreads at FXCM?
Spreads offered by FXCM are very competitive.
It is usually wider than its competitors.
The higher the deposits, the better the spreads will be. But, they are less competitive with lower account tiers.
Is FXCM safe for trading?
Yes, the ForexTB trading account is reliable and safe. Being regulated by the CySEC ensures high-end security to its users’ funds.
It builds its clients’ trust by ensuring total transparency. The broker secures all the transactions using encryption and firewalls. They also complies with all EU data protection laws.
Does FXCM provide trading tips?
Yes, FXCM provides many useful trading tips to its users.
It also has educational resources as well. It provides tips and guidelines to ensure high profits, daily market updates as well.
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