FXCM Accounts: Things You Should Know Before Trading
FXCM is a UK-based, highly regulated stock broking company belonging to Leucadia Investments, an extended arm of Jefferies Financial Group, established in 1999 to introduce the liquid market, quality products, and services to the global audience. FXCM is a popular brand known for providing seamless and intuitive financial tools that have carved their niche in online trading educational courses.
FXCM Account Types
- Individual – Standard
It is a basic trading account that offers lower commissions, but this account offers exceptional customer support for longer hours and free onsite services. The Standard account holder can choose from a broad spectrum of financial tools available for carrying out foreign exchange transactions. You can open a standard account with a minimum deposit of just 2,000 British pounds. Also, you can get detailed information about all account features in this FXCM review.
- Individual – Active Trader
Active trader account is suitable for advanced traders because it offers insight into the financial markets with detailed analytics and reports. You can begin with 25000 British pounds and access the viewpoints of world-class financial analysts before building your forex investment portfolio.
- Demo Account
It is designed especially for beginners; a Demo account comes in handy to get a clear picture of how a full-fledged trading account functions. Once logged in with account details, the trader will receive $20000 virtual currency to get a hands-on Trading experience. The users can indulge in Trading with virtual money, apply several trading strategies, and put the best foot forward.
Each joint holder will be considered an independent account holder and will have access to all the account tools and features.
- Corporate Account
Corporate accounts are reserved for businesses and have access to all the available asset classes.
Features of FXCM
- With first to introduce No dealing desk, FXCM offers its Standard and Active Trader Account holder to go incognito while trading any yet be privy to security.
- The FXCM apps are compatible with all devices, including Android and iOS.
- All of the accounts mentioned above can deal with different currency pairs.
- Since, FXCM model encourages both novice and advanced traders to trade in Forex, it offers an automated online tool that helps you in the selection process of the account that will suit you the best.
- With leverage of a maximum of 400:1 ratio, you can start forex trading with just $50.
What Are the Benefits of Trading With FXCM
- It places great emphasis on providing much-needed educational tools to the trader to help them with necessary analytics, report, and real-time developments via online wizards, online videos, and podcasts.
- Demo accounts help both novice and advanced traders understand how the account functions to practice first and then register one the real account.
- MetaTrader is one of the most traded platforms readily available for FXCM account holders that can be synergized with FXCM’s tools.
Disadvantages of FXCM
- Just like other platforms, Trading with FXCM too involves risk and hence advised to make smart investment choices with caution.
- Although the customer service is available for 24 hours, it is accessible only for 5 days a week.
- Mini account holders have access to only 21 currency pairs and not more. Also, these account holders gain entry to only three trading systems.
With impressive Asset classes, leverage, currency pairs, and educational tools, FXCM is the right choice for both beginners as well as advanced traders and begin trading with just $50. However, you must trade with caution since the forex market is subject to risk.
1. Is FXCM Safe and Regulated?
FXCM is owned by Leucadia PLC which itself is a listed company. Besides, FXCM is licensed by regulatory entities like FCA, ASIC, and FSCA.
2. What Is the Minimum Deposit for FXCM & Does FXCM Charge Withdrawal Fees?
Traders can begin with a minimum deposit of just $50 while FXCM charges no fees for withdrawal.
3. Which Platforms Are Supported by FXCM?
MetaTrader4, MetaTrader 5, Trading Station, and Ninja Trader.
4. What Is the Major Difference Between a Demo and a Live Trading Account?
Demo account traders deal with virtual money while Live account transactions are done with regular money like USD, EUROS, etc.
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