Here is a rundown of the trading features you can expect to encounter when trading at FXCM.
At the heart of FXCM’s business is its commitment to offer clients competitive spreads and Fast Execution. Fast Execution means no re-quotes, no stop/limit restrictions, and up to 87%* of orders are executed at the requested price or better.
FXCM’s liquidity providers include global banks, financial institutions and other market makers. FXCM Group currently has a number of liquidity providers, including but not limited to: – Barclays Bank, PLC – Citadel Securities LLC – Citibank N.A. – Deutsche Bank AG – FASTMATCH INC – XTX Markets Limited – UBS AG – Morgan Stanley & Co., LLC – Commerzbank, HC Technologies LLC. FXCM also has a number of Liquidity providers that stream pricing through the FastMatch Electronic Communication Network.
*As per FXCM’s Slippage Statistics Report (Jan 2021)
FXCM caters for a minimum trade size of 1 micro lot. This is the same as 0.01 standard lots and effectively has a cash value of $1000. With that in mind then, this is the lowest trade size you can open, though this amount can be further reduced significantly if you are taking advantage of the FXCM leverage on offer.
When it comes to trading techniques, FXCM is very open in what is allowed. They are a very algo-friendly broker who provide for a range of extra tools to accommodate algo traders. Such tools include a range of additional APIs like Rest API, Java API, and FIX API, as well as ForexConnect, all aimed at improving your algo-trading experience. Most of these are also available free of charge to FXCM traders and can be applied on desktop, webtrader, and mobile. The broker also allows for you to customize these APIs or code your own algorithms in Java, C#, HTTP, and more languages.
On the more traditional trading side, FXCM allows both scalping, and hedging, and of course, you can open a spread betting account if you are trading under the UK entity of the company.
Effective risk management plays a very important role in trading with any broker. Through FXCM and their trading platforms you will be able to set a number of tools in motion to help you stay protected when you are trading.
Stop losses, take profits, and trailing stops can all help in managing your positions that are currently open. Limit orders can help you manage entry into a new position, and margin calls from the broker will ensure your equity never drops below a certain point. These are the 5 key tools that the broker and trading platforms have in place to assist you in terms of risk management.
The amount of FXCM leverage you will have access to depends primarily on two factors. The first of these is which regulation you fall under, while the second is the asset you are trading.
Within Europe, Australia (ASIC) and the UK, due to regulation, the maximum leverage you will be entitled to on any market and from any broker will be 30:1.
In South Africa if your equity is lower than $20,000 you will have access to leverage of up to 400:1 on major forex pairs. If your equity is over $20,000 then this leverage drops to 200:1.
Platforms & Mobile
Here we will take a more detailed look at exactly which trading platforms are available when you are trading at FXCM on both desktop and mobile.
Charting and Trading tools
The charting indicators and trading tools you will have access to at FXCM are incorporated within the trading platforms the broker offers including MT4. In total you will have access to a range of 51 charting indicators and more than 30 drawing tools to help you refine and customize your charting experience. You will also have the ability to set your own price alerts and make orders directly from charts in many cases.
MT4 is a hugely familiar name in the forex trading industry. This trading platform has been renowned for many years as one of the most powerful trading platforms of choice for all traders in the industry. With MT4 you will get a platform that is highly secure, extremely robust, user friendly, and lightweight enough to run on almost any device. You will also have access to a huge range of charting tools and indicators as well as the ability to auto trade and employ strategies through the EAs feature.
MT4 with FXCM is available on mobile and smart devices as well as on desktop, though the webtrader is not provided. The platform will run on Android or iOS devices while the desktop variant works with Windows or Mac.
FXCM Trading Station
FXCM trading station is the proprietary trading platform of FXCM and is available through their very intuitive and attractive webtrader to run in your browser, or on both desktop and mobile. The platform is award-winning and very powerful with all of the key features and order types you need built in. You will also have access to the latest news, research, and an economic calendar right there in the trading platform.
All of your charting analysis through the platform can also be retained through a convenient cloud service. This adds to the already very accessible nature of the trading platform and it is an excellent addition to the FXCM offering.
FXCM Ninjatrader is another third party trading platform that you will have access to at the broker. Again here you can benefit from a very easy to use platform style, with this trading platform also supported an advanced level of charting capability and an excellent depth of algo-trading capability in C#. This trading platform also supports spread betting and the back testing of any robots or trading strategies you may be considering to implement. There are also additional order types such as OCO (Order-Cancels-Order) available and a highly customizable layout along with a level of market analysis and the capability to set a variety of alerts. The depth of features make this trading platform a great choice particularly with the more experienced traders.
Tradingview is a third party software which is available through FXCM. The broker does well in providing you with the premium version of the service for one-year for free. The tradingview software is excellent for research and can help you very much in identifying market patterns. It also offers extensive charting analysis with a huge range of additional charting tools. It is also a place where you can backtest your APIs and obtain live feedback as you code as well as publishing your own market analysis.
Overall, this is a very respected service in the industry and it is commendable of FXCM to offer this additional service free of charge.
With little more than 100 assets available, some may consider the FXCM asset offering to be quite limited even though it covers a variety of markets. In any case, here are the markets and assets you can expect to find.
FXCM has 39 currency pairs in total available for trading. This includes a selection of major, minor, and exotic pairs with some forex futures also available. The spread here typically starts from 1.3 pips for EUR/USD unless you are in the active trader program where this can drop to 0.2 pips.
A unique range of assets offered by FXCM are their forex baskets. There are three of these available, the USD basket, the JPY basket, and the Emerging Markets basket. These baskets reflect the change in a currency against others which may influence that particular market. As an example, the USD basket contains AUD, EUR, JPY, and GBP to the value of $10,000 each and as such, it is designed to increase when the USD increases against these currencies.
At FXCM there are a total of 9 commodities available for trading. These include 3 energies assets, 3 metals, and 3 agricultural commodities.
Indices trading at FXCM is available on a total of 13 different indices from around the globe. This includes markets in the US, EU nations, China, Hong Kong, Japan, and Australia all with competitively low spreads attached. Micro contracts are also available which can be suitable for lower budgets and margin requirements.
A total of 15 US shares are available for trading with FXCM. These include major companies like Amazon, Apple, Boeing, Facebook, Google, Microsoft, Tesla, and others. This offering may not be available worldwide depending on where you are located.
There are 6 stock baskets available for trading. These are otherwise known as blends and they typically pool assets from a specific sector together so you can invest in that entire range of assets as one. As an example here, an investment in the FXCM eSports blend would feature Sony, Activision, Nvidia, and others. Similarly to stocks, these may not be available depending on your location.
Crypto trading at FXCM is also available with 7 crypto assets up for trading. These include 1 cryptocurrency index, and 6 cryptos in the form of Bitcoin, Ethereum, Litecoin, Stellar, Ripple, and Bitcoin Cash.
If you are trading at FXCM then there are a few additional products you may encounter along the way as follows.
FXCM is uniquely positioned with this product in the fact that they can actually function as a liquidity provider for other equities including brokers. This may be a very suitable service for the likes of high-frequency trading firms (HTFs), small and medium sized hedge funds, proprietary trading firms (Prop Shops), and small regional and emerging market banks.
The provision of this product further enhances the reputation and stature of FXCM within the industry.
FXCM Downloadable Tools
FXCM provides for an extensive range of additional downloadable tools such as EAs and APIs that the broker has created. These include a variety of indicators, charting analysis, and other add-ons. Some of these are free, while others are paid applications and tools.
Social Trading – Copy Trading
FXCM social and copy trading are both made available in connection with Zulutrade. The Zulutrade social copy trading platform allows you to open and account and connect it to your broker, in this case FXCM.