FXCM web trading review - Table of contents
Forex trading with FXCM is a rewarding experience. The company is a trusted and innovative online broker operating on the market since 1999 and committed to bringing the best market opportunities to their traders. The online forex trading broker also has risk management solutions and an advanced approach to reach maximum customer satisfaction.
The broker also has an office in global locations – Sydney and Berlin and has won several prestigious industry awards.
What is Web Trading
If are new to online trading you are probably wondering what this term stands for. Online forex trading takes place online and requires access to a forex web trading platform. The broker is the one providing this trading environment.
The traders with an active forex account can log in and access the available instruments and financial markets. The forex web trading platform can be accessed via mobile or the Internet, or it can be downloadable software.
The forex web trading platform usually features extras like news, calendars, graphs analysis, etc.
Web Trading Platform
The online trading platform at FXCM is simple and easy to navigate, plus there is a rich knowledge center with educational resources for all levels of trading experience. A beginner web trader can also use the demo account option to start trading without any risk.
There are two web trading platforms to choose between, the Trading Station and MT4, one of the most popular and used web trading platforms.
The FXCM platform is available in web format, for desktops and mobile devices. It is a powerful solution that offers mobile users a lot of benefits and access to great features. It is also easy to find in the App stores.
In the mobile trading platform, users enjoy most of the features but the smaller screen requires more scrolling and switching between tabs. This can make trading a bit slower. Knowing the mobile trading platform well in advance is recommended.
In the FXCM catalog, users can get access to a wide variety of free apps. It can be found in the trader's area.
Markets and Products
FXCM offers a wide variety of options for traders. Among the available trading markets are: CFDs, foreign currency trading pairs, Global stock indices and commodities, Cryptocurrencies e.g gold. Traders who prefer to automate their strategies can use the available algorithms.
Spreads & Fees
Forex traders can expect low spreads of just 1.3 to 1.6 pips for popular foreign exchange currency pairs. There is no commission for standard trading and funding deposits. Spread cost is calculated automatically and the charge is included in it. There is also a cost for overnight positions.
Active Trader account holders enjoy lower fees but get charged a trade commission and spread the cost.
There is a commission based on the currency of the forex account, which varies across the different types of accounts. Traders using a bank card for forex trading may be charged a commission too.
The broker offers some of the cheapest spreads especially when it comes to active and institutional traders.
The forex broker operates with standard and regulated retail client leverages:
Major foreign currency trading pairs – 30:1
Forex minor currency trading pairs, major indices, and gold – 20:1
Commodities and some indices – 10:1
Cryptocurrencies – 2:1
Opening an account with this broker is relatively easy. What makes it even easier is that the forex web trading platform is available for all kinds of devices.
The minimum deposit for account opening is £300.
There are several account types that traders can opt for:
- Standard account
- Active and Professional Trader
Retail customers, professionals and traders with high volumes – all will find a suitable account type for their needs.
Deals and Promotions
With this broker traders will not find any promotional deals, however, the large variety of free apps is a great incentive. There is also no forex bonus for online trading.
Deposits and Withdrawals
There are various ways to fund an account some of which are Skrill, UnionPay, bank wire, and bank or credit card payments. Depending on the chosen method the fund transfer may take between several minutes to two days. The methods listed above can also be used for withdrawals by choosing this option from the dashboard. They take approximately the same amount of time to process as the deposits.
Note that the bank card withdrawal requests are only allowed for the total amount of the deposit. Larger sums should be withdrawn via alternative payment methods.
This forex broker also has a demo account option which is recommended for the beginner web trader or those new to the world of finance. The demo account is charged with 50,000 virtual capital for online trading. Users can choose the platform for demo trading and take advantage of all the educational materials and tools.
The broker offers no commissions on cryptocurrency trading. FXCM offers all the most popular cryptocurrencies at very good conditions such as leverage of 2:1 which means a 50% margin.
With this broker, clients can also engage in copy trading through the ZuluTrade platform. Users can copy the positions of a more experienced web trader in their accounts. This is a great way to start trading and is an excellent option for beginners.
One of the major benefits of this broker is the wide range of educational resources. On the trading website, the user will find a live classroom environment as well as a library with video tutorials. So, anyone looking to improve their knowledge and skills is welcome in this section of the trading website.
Although the site doesn’t have a blog, different financial news and forex bonus updates can be found in the educational resources too.
Regulation and Licensing
FXCM is regulated in the UK as well as authorized for use in Australia. Traders of all levels of experience trust this brand but of course trading and especially leverages should be planned carefully.
All retail client funds are kept in separate accounts. They are not accessible by creditors in case of bankruptcy. Clients are also eligible for compensation in certain scenarios.
The support team at FXCM is very supportive and user-friendly. The team can be reached via chat, email, or the website contact form. There are also free phone support lines.