FXCM Trading Platform
FXCM has received numerous awards from the investment community, including Best Currency Broker, Best Retail Foreign Exchange Platform, etc.
FXCM Features
- Multiple global financial institutions
- Anonymous Trading
- Free Forex Trading Education
- Get forex buy/sell signals and alerts in real time
- Profit/loss for each signal is tracked live
Payment Options
FXCM Forex Trading Platform Review
FXCM is a New York based FX trading operator that is one of the largest in the world. FXCM advertise that they do not have a dealing desk. Put another way, they are simply passing on bank rates to customers with a small house take for themselves. What this means is that, unlike some Forex providers, they don’t lose if you win. This means that the trades you make will be transparent and straight up!
FXCM software
The FXCM trading platform (Trading Station 2) is one of the best out there, which is not surprising considering they are responsible for an astronomic amount of FX trade. One of the nice things about the software is you can trade directly from the chart. This saves some valuable microseconds when you are trying to implement a trade. You can also view all your positions when looking at a chart as well, which is a feature not present in a number of other platforms.
The FXCM software also comes with all the standard indicators that are used in technical analysis. If you don’t like the default indicators, then there is access to another 600 or so custom ones that are downloadable or you can write your own. The really fascinating thing about Trading Station 2 is that one of the oscillators shows tick volume. For those familiar with FX, volume is not usually a feature captured in FX data.
FXCM spread
At FXCM you trade on rates provided by a number of the largest banks in the world. For the major cross currencies FXCM’s spreads are among the lowest for FX providers. Although the spreads vary according to trade size and time of execution, for the major pairs the difference between the buy and sell price (spread) can be as low as 1 PIP, however, the average spread is about 2 to 2.5 PIPS.
FXCM also use what is known as fractional pip pricing. They allow for 1/10th of a PIP calculations, which can lead to lower overall spreads (for example 1.5 PIPS can be the spread instead of 2 pips).
FXCM Leverage
Being U.S based there are restrictions on the leverage that FXCM can provide according with U.S regulations. Currently, a 50/1 leverage position is allowed on the major currency pairs and a 1/20 leverage rate for the exotic pairs. Some European based operators do offer higher leverage (400/1).
Rollover
FXCM allows for rollover which is a fancy way for saying they will pay you interest for your overnight holdings on a daily basis. Calculations are performed automatically.
Other features
If you’re looking to build an automatic trading system, FXCM has developed Strategy Trader to allow for automated trading. FXCM also supports MetaTrader 4 (MT4) with trades executed with no dealing desk. With automatic trading PIPS can be as low as 1 PIP
