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FXCM Review

FXCM is one of the largest (over $100 million in firm capital) and best known forex brokers in the business. Featuring straight-through processing, multiple trading platforms including the popular MetaTrader 4 (MT4), FXCMs own downloadable FXCM Trading Station or Active Trader, as well as a Java platform that is compatible with Macs. Each platform has its own advantages, depending on your trading style.

MT4 is preferred by automated system traders and those already familiar with it, while FXCM Trading Station is generally preferred by serious discretionary traders because of some excellent features such as one-click order execution, partial fills and server-side trailing stops (that is, your platform does not have to be running for trailing stops to be valid). Since FXCM uses straight-through processing for all orders, there are no restrictions on trading style: orders can be placed anywhere (even inside the spread), scalping is fair game, and trading is available during news times (although spreads will most likely widen). All in all, FXCM is among the very few forex brokers that can be recommended to anyone. Smaller account holders can now be accommodated by FXCM's sister broker FXCM Micro, although order processing there is not straight through and orders may or may not be offset or held in-house.

FXCM is now publicly traded on the New York Stock Exchange (NYSE), making it one of the most transparent and accountable forex brokers in the world.

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Subjective Ratings

Charting: Four and Half star Charting Rating
Execution: Five star Execution Rating
User-friendliness: Four star User-friendliness Rating
Customer support: Four star Customer Support Rating
Transaction costs (spreads): Four star Transaction Costs (spreads) Rating
Rollover interest rates: Four star Rollover interest rates Rating
Withdrawal processing: Four and Half star Withdrawal processing Rating
Platform Functionality: Five star Platform Functionality Rating
Platform Reliability: Four star Platform Reliability Rating
Average rating: Four and Half star Average Rating

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Business Details

Broker Headquarters: New York City, USA
Regulated By: USA: NFA (0308179), registered FCM with CFTC
UK: FSA (217689)
Hong Kong: SFC (CE: AIM232)
Client Account Segregation: Available to all clients of FXCM UK which welcomes US-based clients.
Collect Taxes on Earnings: No
Accept US traders?:
Main liquidity providers: 10 top-tier banks - names not disclosed
Broker Capital as of 11-2008 $131,416,979
Also has offices in: London, Hong Kong and Tokyo
Registered Business Name: Forex Capital Markets LLC
In business since year: 1999
Deposit/Withdrawal methods:
MethodDeposit FeeWithdrawal Fee
ACH $0 $0
Check $0 $0
MasterCard $0 $0
Visa $0 $0
Wire Transfer $0 $40

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Trading Conditions

Browser platform: Java Trading Station (for Mac users) or FXCM ActiveTrader
Downloadable platform: FXCM Trading Station 2.0, FXCM MetaTrader 4 (MT4)
Mobile platform: Java Trading Station (for Mac users) or FXCM ActiveTrader
Phone dealing: Yes
No Dealing Desk Execution: All orders
Fixed spreads: No
Guaranteed stop losses? All orders are executed at best available price.
Hedging capability: No
Trading Hours: Sunday 5:00PM ET to Friday 4:00PM ET
Timezone User-defined (GMT is the defau
Scalping allowed: Yes, FXCM does not impose any restrictions on your trading style.
Account currencies available: AUD, CAD, EUR, GBP, JPY, NZD, USD
Platform languages: English
Support languages: Arabic, Chinese, French, German, Italian, Japanese, Portuguese, Russian, Spanish, Urdu
Demo account: 30 days
Live chat support: Normally 24/7 but may be down for weekly maintenance outside of trading hours.
Promotions & tournaments: Courses and seminars/webinars with professional traders offered to real account holders. Gold account holders also get preferred treatment, free ProRealTime Charting package and a complimentary $1,000 daytrading course.
Swap-free accounts  
Typical spread on EUR/USD: 2.3 pips (0.00023)
Order processing: Straight-through to multiple liquidity providers
OCO orders available: Yes
Trailing Stops: Server-side
If/then orders available:
Account Types
Account Maximum
Leverage
Minimum/Maximum
deposit:
Minimum/Maximum
trade size:
Notes
Gold Account 200:1* $25,000/unlimited 10,000/50,000,000
Standard Account 200:1* $2,000/unlimited 10,000/50,000,000
Tradeable Instruments: 32   
Automated Trading: Yes, on MT4
Depth of market view (Liquidity): No depth of market view available
Interest on Margin: No
Pending Orders Away from Market:

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* The high degree of leverage available in foreign exchange trading can work against you as well as for you. Investors should ensure they are fully aware of the benefits and risks before putting any money on the line.

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