Trusted Forex Broker : FXCM UK
|Regulation:||FCA UK, CFTC, NFA, ASIC.
|Min. Deposit:||USD $50|
|Account Types :||Basic, Premium, Active|
|Spread:||Starting 0 Pips|
|Leverage:||up to 1:200|
|Expert advisors (EA Robot) :||Allowed|
|Payments Options:||Wire Transfer, checks and Credit Cards|
|Trading Platform:||MetaTrader 4, Proprietary platform. Available for Comp/iPhone/iPad/Android.|
FXCM UK Review
FXCM Inc. is a publicly traded company and is listed on the New York Stock Exchange. It is the holding company with its sole asset being a controlling equity interest in FXCM Holdings, LLC. The indirect operating subsidiary of FXCM Holdings is Forex Capital Markets Limited (FXCM LTD). In the United Kingdom, FXCM Ltd. is authorized as well as regulated by the Financial Conduct Authority (FCA). FXCM UK, an online forex trading platform provider, services both retail investors and institutional customers, offering No Dealing Desk forex trading facility. The forex broker also enables clients to access their accounts through their mobile devices for executing orders. FXCM also offers CFD products without re-quotes and allows customers to trade silver, gold, oil and stock indices. Other conveniences offered by the online forex broker include educational material, market research information and free news through DailyFX.com.
You can sign up for free on the FXCM UK website by filling up some personal details. The features of the Demo account offered by the broker include live buy and sell prices, virtual money of £50,000 for practice purposes, and online simulated trading facility for 24 hours a day and 5 days a week.
FXCM offers three types of accounts for different categories of clients. These are Standard, Active Trader and Private Client Group. The account type options available for different client categories are as follows:
Client Standard Active Trader Private Client Group
Individual/Joint Yes Yes Yes
Trust/SIPP No Yes Yes
Corporate/Partnership No Yes Yes
Custodial Account No No Yes
Account Balance $2,000 and above $25,000 and above $150,000 and above
All traders are given access to FXCM’s Live Support (24/7), trading tool kit DailyFX PLUS (signals, tips, charts with support/resistance levels, live trading sessions and on-demand video lessons) and education materials that are provided online. However, you become eligible for more services if your initial deposit is higher. The forex lot size for all the account types is 1,000 each.
You can deposit funds into your trading account through credit/debit cards (Visa/MasterCard), ACH deposit, paper checks, or Bank Wire Transfer. You need to deposit at least $50 if you want to make use of FXCM’s online credit/debit card system. For the ACH deposit system, it is $100. The maximum amount per calendar month that you can deposit through credit/debit card is $10,000 and ACH deposit system is $50,000. FXCM does not charge any administrative fees to deposit funds.
The withdrawal options made available by FXCM include Credit/Debit Card, Bank Wires, SEPA and BACS. If you use credit/debit card to fund your account, then you need to withdraw the amount deposited back through your credit card. FXCM does not charge any fees for withdrawals. However, a small withdrawal fee is applicable on bank wire requests.
Trading Platform FXCM UK Forex Broker
FXCM UK provides several different types of trading platforms to their clients. They are as follows:
#1: Trading Station Web for traders who want to quickly and easily access the forex market from their computer. There is no need to download any software. The platform is compatible with both Windows and Mac operating systems.
#2: Trading Station Desktop is similar to Trading Station Web in function, but you need to download the software on to your desktop.
#3: Trading Station Mobile is for retail traders who want to access the currency market on the go. You need to download software from FXCM’s website.
#4: MetaTrader 4 that seamlessly integrates company’s No Dealing Desk execution model and eliminates third party bridges and auto account syncs. The key features of the MT4 platform include the ability to set stop loss and take profit orders at the time of opening new trades, trade more correct lot sizes for tighter risk management, close positions partially and trade exotic currency pairs.
In addition, FXCM UK offers three automated forex trading platforms: Mirror Trader, Ninja Trader and Zulu Trader.
Other Features Offered by FXCM UK
Spread betting enables you to bet on the variations in the prices of various financial markets. In operation, Spread Betting accounts and standard accounts are the same, but these accounts enjoy tax-free status in Ireland and the UK. Further, these accounts are available only to residents in the UK and Ireland.
The spreads available to you will depend on whether you choose dealing desk or No Dealing Desk execution. Dealing desk execution offers lower spreads through Fractional Pip Pricing in the case of as many as 12 popular currency pairs. Further, trading restrictions are also involved.
The default leverage offered is 200:1 on its forex trading accounts. However, you can customize the margin settings through MyFXCM.com.
Rollover refers to the interest that you pay or earn if you hold a position overnight.
Assets Available for Trading
Currency Pairs – 50
Stock Indices – 13
Metals – Gold, Platinum, Palladium, Silver and Copper
Oil and Gas – US Oil, UK Oil and Natural Gas
Treasury – Euro-Bund
Customer support is provided by FXCM in different ways such as Live chat, telephone and email. The forex broker also makes the website and customer support services available in multiple languages.
• Offers variable spreads, keeping the spread tight to as low as 1 pip. This helps to reduce your expenses.
• Provides multiple, reliable trading platforms.
• Makes available different types of accounts.
• Offers a wide range of assets for trading.
• Allows you to deposit and withdraw funds with ease.
• Allows you to trade the US Dollar Index.
• Minimum deposit required to start trading is relatively very high.
• Variable spreads may cause problems if you want to scalp a news announcement.
FXCM UK is regulated by FCA and its holding company is listed in the NYSE. This shows that the company is serious about forex brokerage business they are involved in. In addition, FXCM also offers No Dealing Desk execution. Further, FXCM helps you to keep the costs of execution under control.