FXCM is a global leader in Forex trading that has a significant presence in all the major financial centers around the world. FXCM is listed on the New York Stock Exchange and has the distinction of being a part of the top fastest growing American companies for three years on the trot. FXCM has an enormous market capitalization and is one of the largest businesses in the world that has built up its revenue solely from Forex trading and allied brokerage services.
FXCM is a company that has solidified its presence in the global financial markets by offering a no-nonsense FX brokerage service. Unlike other established FX brokers that only cater to large investors or institutional traders, FXCM accepts clients irrespective of their initial investment capital and trading background. FXCM began its online operations in and ever since, the broker has been enjoying continued success in the financial markets.
FXCM is regulated by a long list of regulatory agencies, which include: Every subsidiary branch office located in different parts of the world is run as an independent entity. Operational independence not only helps FXCM to customize their service offerings but also helps the companies to mitigate risk and protect their clients from the adverse effects of any risky global events.
Multiple FXCM regulation should naturally guarantee a safe and secure trading environment, but the company has been in the news for bad reasons due to their trading policies and alleged price manipulation.
In separate incidents during the period spanning from to , the FXCM was found to be guilty of holding on to positive slippage, which attracted massive fines from both the CFTC as well as the FCA after being found in breach of regulatory guidelines.
The significant lawsuits and subsequent penalties in not only caused a PR nightmare for the broker but also resulted in the company awarding money to their clients as directed by the regulatory agencies. However, the company has pulled its act together and has returned to its real roots by performing a total revamp of their services. The company was listed on the NYSE in , and ever since, they have been one of the fastest growing Forex brokers in the market.
FXCM offers three different types of accounts according to the investment capital. The Mini account is a dealing desk account, and has its limitations; however, traders do get to enjoy a maximum FXCM leverage of 1: On the contrary, US traders are only offered a maximum leverage of 1: The spreads for this account is certainly high when compared to other FX brokers.
The leverage is also reduced to 1: It is possible to open an ECN account for a far lesser amount and higher leverage from other brokers and it is a mystery as to why FXCM has stuck to their marketing strategy of reserving high-end ECN accounts only for large deposit account holders. The FXCM spreads are once again higher at 1 pip standard, and also include a commission per trade.
The trading conditions are mostly similar to the Standard account but include other benefits such as lower commissions, lower spreads, free VPS access, dedicated account manager, and other similar features. FXCM offers multiple trading platforms that are hugely popular among traders. The TradingStation platform is a great tool that offers advanced charting functionalities and a great interface that is highly suited to the complex world of FX trading.
Mobile traders will also find the TradingStation mobile app to be far superior to the MT4 mobile app, as FXCM has spent an enormous amount of resources into developing their branded TradingStation software.
FXCM rarely offers any promotions; instead, they offer contests that offer prize money. Traders choose FXCM for their relatively safe and secure trading environment, and if their recent performance is any indication, it is safe to assume that the broker is indeed headed for market dominance.
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