Buzz
1. What is FXCM?
FXCM (Forex Capital Markets) is a forex broker, established in 1999 in New York. The company was banned from operating in the U.S. due to allegations of fraud, and in 2017, FXCM's parent company filed for bankruptcy.
Currently headquartered in London, United Kingdom, it is owned by the Jefferies Group, formerly known as Leucadia National Corporation. The brokerage is also supervised by various regulatory bodies, including the Financial Conduct Authority (FCA) and the Australian Securities & Investment Commission (ASIC).
FXCM offers traders multiple trading platforms such as ZuluTrade for social/copy trading and NinjaTrader for automated trading, featuring low transaction fees.
2. Overview of FXCM Platform
Research Tools
FXCM investors have access to a comprehensive set of basic tools along with technical analysis tools, and customizable charting tools with over 50 available indicators.
Trading Guides
FXCM offers investors an 'almost' perfect experience, providing tutorial videos and offering a demo account with £50,000 virtual money for newcomers to practice trades.
- See more: Guide to opening a trading account on FXCM
Customer Service
24/7 customer support on all business days, excluding weekends, through email, live chat, and phone. Phone support is available in 42 countries.
Transaction Fees
Overall, transaction fees on the FXCM platform are quite low, with no withdrawal or deposit fees. The minimum deposit is 50 USD.
Customers depositing 25,000 USD or more qualify for Active Trader Level 1 accounts, where the EUR/USD transaction fee is 4£.
Active Trader Level 2 accounts are for traders with transaction volumes exceeding 150 million USD per month.
Trading Assets
FXCM supports trading in 5 cryptocurrencies offered through CFDs, including Bitcoin, Ethereum, Litecoin, Ripple, and Bitcoin Cash ABC. Additionally, there are 39 currency pairs, 14 stock index CFDs, and 10 commodity CFDs.
Trading Platforms
FXCM offers a variety of trading platforms for both PC and mobile applications. Investors can choose from Trading Station, FXCM's proprietary platform, or other platforms such as MetaTrader 4, ZuluTrade, and NinjaTrader.
Trading Station for PC
Trading Station for PC is the primary trading platform of FXCM, providing an excellent trading experience for investors, including both beginners and experienced traders.
Among the features of Trading Station, the most notable is Marketscope 2.0, a charting tool that allows a high level of customization.
Trading Station Web
Trading Station Web platform is similar to the PC platform, allowing investors to access videos, news, trading data, and integrated charting tools with a user-friendly interface.
MetaTrader 4
MT4 is a widely used trading platform in forex trading. Essentially, the MT4 trading software uses a script language, enabling users to develop their own indicators and scripts. Compared to Trading Station, MetaTrader 4 has a more accessible script language.
Ninja Trader
In addition to analysis and trading tools, Ninja Trader also integrates several other useful features, especially automated trading. Experienced investors with tech knowledge can utilize NinjaScripts to develop custom indicators and trading strategies.
ZuluTrade
FXCM also supports ZuluTrade, a copy trading platform (also known as social trading). The platform allows copying trades from experienced traders.
Trading Algorithms
Numerous platforms are available on FXCM, such as the Seer trading platform, designed for building, optimizing, backtesting, and deploying automated trades.
FXCM Mobile Platform
Trading Station Mobile and MT4 provide investors with a stable trading experience on mobile platforms, bundled with features allowing the cancellation of other orders.
Is FXCM a scam?
FXCM has faced allegations of fraud and was banned from operating in the U.S. However, in reality, the platform is under supervision and complies with regulatory requirements. Currently, there is no information suggesting FXCM is a scam or fraudulent.
Nevertheless, Mytour advises thorough research before considering investment on the FXCM platform to avoid financial losses.
Similarly, Tamodo attracts significant attention and interest, just like FXCM. To gain a better understanding of Tamodo, follow Mytour's article here.
- See more: What is Tamodo? Is it a scam?
This article by Mytour has just answered your questions about what FXCM is and whether it is a scam. Hopefully, this article has provided you with valuable information.
