Trading currencies, also known as forex, has become wildly popular recently. As a result, there are many brokers for you to choose from. Of course, this means there are some good brokers, some average brokers, and some brokers that you want to completely steer clear of. Today, I am going to talk to you about a forex broker to consider, as I feel they are one of, if not the best broker out there for trading forex. What follows is my detailed FXCM review of what they offer.
Highlights of FXCM
As a quick overview, FXCM forex is a US based forex broker that was established in 1999. It has even been listed on Inc. 500 List of America’s Fastest Growing Companies three years in a row. But that is not why I think it is a great broker. OK, that is part of the reason. But here are the other reasons:
Tight Spreads: Every penny counts when trading forex and with tight spreads – some of the tightest in the industry – FXMC excels here.
Trading Platform: The platform, or interface you will be using is of utmost importance since you will be using it all of the time. The platform with FXCM is very clean and easy to navigate, but what is really great about it is that you can customize it to your needs. I know for me, there are usually things I can deal with and things I wish a site had. I’d love to be able to customize more sites to my liking.
Demo Account: Being new to forex can be overwhelming. Luckily, you can open a free demo account to get your feet wet and have a better understanding of how things work. After all, nothing beats real world experience, right?
Various Account Types: Whether you are new or experienced, there is a special account type for you. I am not going to get into all of the various types of accounts you can choose from, you’ll have to head over to the site yourself to see. Just know that they took the time to develop an account for all skill levels. (Note that the FXMC micro account is no longer available to customers.)
Worldwide Offices: Another great thing about FXMC is that they have offices all over the world, and even affiliates throughout the world too. For example, there is FXMC Germany, FXMC UK, FXMC China, and FXMC Australia, just to name a few. And for readers of the UK, be sure to check out an FXMC UK review as that site is just as good as the US version.
US Customers: Not all forex brokers allow US clients. FXMC does allow for US clients, that this is naturally a positive thing.
24/7 Support: Having 24/7 support is crucial for trading forex and FXMC doesn’t let its traders down in this regard.
News: Staying up to speed on the news is a key component of being successful with forex. Daily FXCM is a news portion that users can access for free to stay up to date on breaking news stories around the world.
Lowlights of FXMC
Of course, there has to be some downsides or a negative to FXMC, right? The news can’t be 100% positive can it? There are some negatives to FXMC, but they are few and far between. Here are my two biggest.
Minimum Deposit: The minimum to open an account is $2,000. While this isn’t earth-shattering, it is more than most other forex brokers, so I felt the need to place it as a negative. In reality though, you should just save up enough to open an account with them, as opposed to going with a second-tier forex broker.
Trading Tools: This is also where I get picky. FXMC has a ton of trading tools, it’s just that some other brokers have a few more. Again, not saying if you go this route you will regret it or will be at a disadvantage, just that some other brokers offer a few extra tools.
This concludes my FXCM review. As you can see, the site is certainly first class when it comes to trading forex and should be at the top of your list. I encourage you to do your research, so that you find the right forex broker for all of your needs. After all, you have to choose something that meets all of your needs. Even so, at the end of the day, I think FXCM will be the one you end up choosing.