FXCM Review

By mosesbet · Filed Under Brokers Comments Off on FXCM Review 

Sign up to FXCM Now for Spread Betting, Forex, CFDs and Other Trading Accounts!

About FXCM’s Spread Betting Portal

It would be a common mistake to assume that FXCM was a broker who is solely based on Forex trading but even though trading of this type constitutes a main part of their business, this company also accommodates spread bettors in quite a unique way.

FXCM has its headquarters in New York but is regulated by the FSA in the UK. It started up around 10 years ago but in 2009 FXCM acquired the ODL Group which in turn gave it a far larger client base in the UK and Europe, as well as access to the ODL Group’s CFD and Spreadbetting activities.

When FXCM got involved with Spreadbetting and CFD trading its unique selling point was that every spread bet would be filled without the need for re-quoting, and as this was the form of trading that they had developed since their inception, it was something that they could offer with absolute confidence and it has become extremely popular with spread bettors and CFD traders in the UK and Ireland, and it is in fact only these countries for whom the Spreadbetting aspect of FXCM is open to.

Bonuses and Promotions for New Customers

FXCM are another spread betting company who don’t feel the need to offer any bonuses or promotions to new customers. According to the very helpful client services department, this policy is not set in stone because bonuses and promotions of this nature may be offered from time to time in the future, but it is not difficult to understand FXCM’s stance on this subject. The reason being that spread bettors in the UK and Ireland are really taking to this company and it would seem that they are having no trouble at all in attracting new clients, even without the incentive of a sign up bonus.

Range of Markets, Spreads, Margin Requirements

It would be fair to say that the range of markets which FXCM make available to trade on are somewhat limited when you compare them with a company such as IG Index, FXCM do not offer the facility of trading on foreign shares which is somewhat surprising due to the international nature of the parent company, but FXCM state that they are providing exactly what their clients are looking for, and taking into account the fact that their spread betting arm caters only for clients from the UK and Ireland it is not difficult to understand where they are coming from.

The margin requirements vary depending on which instrument is being traded but for ease of understanding, the individual requirement is clearly listed within the trading platform so you can see what is required at any particular time.

As an example the maximum leverage that is available is 200:1 which is an extremely generous ratio, but it should always be remembered that dealing on a margin that high is a double edged sword as it can amplify trading profits, as well as trading losses!

Mobile Trading Platform

The mobile trading platform offered by FXCM is available for a wide range of mobile devices such as the iPhone, iPad and Blackberry and is free to use for live and demo clients.

Full instructions regarding installation are given on the FXCM website and there are full instructions on how to set the whole thing up including a very informative video.

It should be noted that not all of the features that are available on the main trading platform are available on the mobile trading platform, most notably the charting package is limited to only five minute charts and the margin requirements for each instrument that is being traded will not be available as it is in the main trading platform.

Sign up to FXCM Now for Spread Betting, Forex, CFDs and Other Accounts!

Online Charts, Trading Tools and other Online Platform Features

The online trading platform that comes with FXCM is called Tradingstation 2 and it is exclusive to this company. It comes complete with a charting package called Market scope and this particular package is very impressive indeed.

It allows you to include all manner of technical indicators and then actually make a trade from the charts. The benefits of this enable the trader to save vital seconds when making a trade instead of having to keep switching between different interfaces and this aspect of FXCM is something that several other firms within the industry must aspire to.

Demo Account and Education Resources

The educational resources at FXCM are quite extraordinary and this is another aspect of their operation which perhaps goes to show why they don’t feel the need to offer sign up bonuses.

There are live seminars every second Wednesday of the month at the FXCM offices in London as well as a daily online update at 11am each weekday morning. Add to that the extensive training manuals and videos and you are presented with a Spreadbetting education which really is second to none.

The demo account which is available offers exactly the same platform and charting packages that are available with a  real account and is again only open to residents of the UK and Ireland. It is always good to see a demo account like this without limitations as it gives the prospective clients a real taste for what is on offer, and with FXCM, the offering is very special indeed.

 

 

 

 

 

 

 

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