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FXCM UK Review

Basics

Broker Name: FXCM UK
Regulation: FSA
Bonus: 0
Payment Options: Bank Wire, Credit card, Paper Cheque
US Traders Accepted: Yes

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FXCM UK Review

FXCM UK is an online provider of forex trading as well as related services to institutional and retail customers and is an indirect operating subsidiary of FXCM Holdings, LLC. The operating subsidiaries are regulated in several jurisdictions, including the U.K. FXCM UK is authorized and regulated by the Financial Services Authority and the registration number is 217689. The publicly traded company FXCM, Inc. is a holding company and its sole asset is a controlling equity interest in FXCM Holdings, LLC. FXCM, Inc. is listed in the New York Stock Exchange under the symbol name FXCM.

FXCM offers No Dealing Desk forex trading and clients can access their accounts from their mobiles, execute orders with just one click and trade from real-time charts. International subsidiaries of FXCM also offer CFD products without re-quote trading, allowing customers to trade gold, silver, oil and stock indices in addition to forex. Further, the online forex broker also offers educational material on forex trading, free news and market research through DailyFX.com.

FXCM UK Review – Trading Account

Traders can open an account by filling in their personal details in the online forms available in the company’s website and providing supporting documentation such as proof of identity and proof of address. The account can be funded after receiving email confirmation about the account set up.

FXCM offers four types of accounts and the minimum amount that the traders are required to deposit depends on the type of account and currency chosen. The details as regards the type of accounts and minimum deposit are as follows:

Spread Bet Account – £ 50
Micro Account – $ 50
Individual/Joint Account – $/£/C$/A$/NZ$/€ 50; ¥ 2,000
Corporate/Partnership/Trust – $/£/C$/A$/NZ$/€ 10,000; ¥ 1,000,000

Accounts can be funded through credit/debit cards (MasterCard/Visa), Bank Wire Transfer, paper checks and ACH deposit.

In the case of credit/debit cards, withdrawals are returned back to the same credit/debit cards that were used for funding the trading account.

FXCM UK Review – Platform

FXCM UK offers many different trading platforms. These are:

Trading Station Web – This platform enables traders to access easily and quickly the forex market from any computer with Internet connection. Traders are not required to download any software and the platform works on both Windows and Apple computers.

Trading Station Desktop – It has all the features and a design that is similar to Trading Station Web. However, traders will have to download software to their desktops. Further, it is a professional-grade platform as it has superior charting capabilities required for forex traders.

Trading Station Mobile – This platform allows retail traders to access the forex market easily and quickly on the go. Trades are required to download the software from the company’s website.

MetaTrader 4 – The improved MT4 platform seamlessly integrates with the company’s execution models, eliminating auto account syncs and third party bridges. The features of MT4 include the capability to set stop loss as well as take profit orders when opening a new trade, trading more correct lot sizes in order to exercise tighter risk management, partially close positions and exotic currency pairs.

FXCM Active Trader – This platform is for traders, individuals or institutions, who trade in excess of 10 million notional in a month or deposit over $25,000. Such clients are rewarded with considerable reduction in their forex transaction fees.

Automated Trading Platforms: FXCM offers three automated forex trading platforms: Mirror Trader, MetaTrader 4 and Ninja Trader.

All the live FXCM platforms are compatible with No Dealing Desk execution of forex. In addition, all accounts receive live support 24/7 and are provided access to the trading signals DailyFX PLUS and trading course.

Traders can try out any of FXCM’s trading platforms by opening a risk-free demo account. FXCM provides $50,000 virtual money for the demo account.

FXCM UK Review – Spread Betting

Spread betting enables traders to bet on the price variations of different financial markets. Spread Betting accounts are similar to the standard accounts in operation, but benefit from special tax-free status in Ireland as well as the UK. Spread betting account is available only to the UK and the Republic of Ireland residents.

FXCM UK Review – Features and Benefits

Spreads and Execution Types

FXCM UK Review, Is it scam or not ?

At FXCM UK, the spreads that traders can access are determined on the basis of the forex execution that he/she opts for viz. dealing desk execution and No Dealing Desk execution. No Dealing Desk execution offers clients the best trading experience on FXCM for clients. Dealing desk execution, on the other hand, offers lower spreads for as many as 12 of the most popular currency pairs and involves trading restrictions.

Fractional Pip Pricing

FXCM UK offers prices in tenths of a pip in order to ensure lower spreads when it comes to popular currency pairs.

Price Improvements

When an order gets filled at a better price than that requested by the trader, it is referred to as a Price Improvement. The benefit accrued due to price improvement is passed on directly to the customer.

Margin/Leverage

FXCM UK offers a maximum leverage of approximately 200:1. The margin settings can be customized through MyFXCM.com.

Rollover

Rollover refers to the interest that the trader pays or earns if he/she holds a position overnight.

FXCM UK Review – Customer Service

FXCM UK offers customer service in many ways: Live chat, telephone (UK residents – 0808 234 8789 and UK international residents – +1 212 897 7660), email, etc. Website languages: English, Arabic, Chinese, French, German, Hebrew, Italian, Japanese, Portuguese, Russian, Spanish and Urdu. Customer support is also offered in multiple languages.

FXCM UK Review – Pros and Cons

Pros

• The forex broker offers variable spreads. This helps to keep the spread tight. This in turn helps bring down the expenses of a trader.
• The Trading Station platform offered by FXCM is popular as well as reliable.
• Trading accounts can be opened with as much as $50.
• The process of depositing funds can be effected easily and quickly.
• FXCM enables traders to trade the US Dollar Index.

Cons

• FXCM is limited to forex.
• The variable spreads can cause issues to traders who look forward to scalping the news announcement.

FXCM UK Review – Final Thoughts

FXCM UK is regulated and its holding company is listed in the NYSE. This indicates that the broker is serious about their business. Further, the dealer offers No Dealing Desk execution as well as great spreads. FXCM may not be the best news trading broker, but helps to keep the cost of execution under check.

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