FXCM Review

FXCM was one of the first brokers I ever opened an account with. At the time I didn't have much to compare it to, but it seemed like a decent package. Everything worked, and it was easy to learn the ropes and it was easy on the eyes. It was not until much later that I learned just how powerful FXCM's Trading Station really is, at least in comparison to a lot of the other platforms out there. Don't get me wrong, I am not saying that everything about FXCM is peachy - it isn't - but the platform itself really is one of the best out there. It has everything a professional trader would desire, such as great charting, one-click trading, many different order types and execution preferences. It has all the flexibility a trader could desire, and not much in the way of complexity. It is very easy to use, and has a distinctively short learning curve.

When it comes to actual trading conditions and customer support, FXCM does fairly well, too. I understand that when I am doing business with a big company such as this, I have to expect a certain amount "canned response" type stuff from their front line support guys. That is always the disadvantage of dealing with a big company - they simply don't care about you - there are a million other clients to think about, each being equally unimportant. FXCM was not much different, but they do get things done when you press them.

I had an experience, early on in my forex trading career, before I knew much about trading. It went something like this:

I had opened a trade on USD/CAD and was looking for a short score of like 20 pips. I didn't know how far I would let the trade go against me before deciding to turn tail and taking the loss, I hadn't thought it through that far. I figured I would know when to get out, and anyway, the trade was definitely going my way. As it turned out, the trade didn't go my way. In fact, nothing went my way. Soon after a strong burst against my position, my internet connection passed out. I almost did too... What was I supposed to do? I couldn't even see my baby!

So I called up FXCM phone dealing and they closed out my trade very quickly and efficiently. There was no long procedure or waiting on hold, or anything of the sort. I was connected right away and they understood exactly what I wanted to do and did it without any problems. I was quite impressed. Although I was a novice trader (to put it mildly) I knew a quality product when I saw one. To this day I still use my FXCM account for certain types of trades.

PROS:
Excellent trading platform functionality, ease of use, and reliability;
Good execution;
Good customer support and phone dealing;
Regulated and well-capitalized broker;

CONS:
No guaranteed order fills - you get what the market gives you;
Lack of tradeable currencies - no exotics, oil or gold;
Large, faceless company that doesn't care about you;

Quick Facts:
Offices in New York, London, Hong Kong and Tokyo;
Accepts deposits by ACH (US), Visa, MasterCard, Wire Transfer, Check;
Maximum Leverage of 200:1 on all retail accounts;
Server-side trailing stops, OCO and if/then orders available;
Scalping OK;
Account can be held in any of the following currencies AUD, CAD, EUR, GBP, JPY, NZD, USD;

If you would like to know more, please check out this FXCM Review as well.