FXCM provides several different Forex trading accounts for both new traders and experienced traders. In 2010, there were at least 165,000 accounts on this brokerage. FXCM review shows that the standard 100k account is best for experienced traders with a $2,000 deposit. Leverage goes up to 1:100. Mini accounts are also offered at $50 to start and leverage can go up to 100:1. A third account option is the 30 day demo account with $50,000 for trading. Platforms are identical for all three accounts. Dealing online means the possibility of no Dealing Desk while trading.
This in turn helps to keep the spreads and pips low. For example spreads can start as low as one pip. Opportunity is also offered to make use of the Dealing Desk. It offers protection against spread uncertainty and pips on the current major currency pairs can be between 3 and 5. Registration purposes and processes require the following information for accounts: Personal and financial information as well as employment for starters. For non US citizens, a valid driver’s license and current utility bill are required before an account can be opened. Depositing of funds can take several different forms.
Wire transfers, debit cards, paper checks, electronic checks and credit cards are all options to fund accounts. FX Trading Station is the software of choice for FXCM. This software, once loaded to the desktop can get you started. It is intuitive and user friendly as well as being customizable. There are several different features such as entry orders, limit orders, trailing stop, day trading, take profit and stop loss orders. A hedging feature is available for those using No Dealing Desk in the UK. Included are analysis data and charting tools which are available in a variety of formats.
A toolbar for the browser is available giving access instantly to rate and market news. Alerts can be set when the market reaches a desired point. FXCM also provides multilingual staff 24/7 for customer support. Options include email, toll free calls internationally and chat. If a Gold Account with $25,000 is in place, then VIP support is included. Other types of tools that are available to new traders include videos, webinars, manuals and a “Power Course”. The course price is $19.95 and includes 8 45 minute sessions. Free tips are also available on the news site www.DailyFX.com that can help you make the most of your trading.
So to sum up this FXCM review this brokerage firm has different accounts for Forex trading. Depending on the size and amount, different features are available. The accounts available are standard, mini, micro and a 30 day demo. Software is included along with training and tips for those new to the Forex market. This is a strong company financially with a user base that is worldwide. It offers clients large financial assets, high liquidity, innovative features and tools as well as excellent customer support and attractive rates. All this makes FXCM an attractive way to trade on the Forex market.
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