My FXCM Review

When it comes to trading forex, there are various sites out there dedicated to allowing you to do so. One that stands out from the crowded pack is FXCM. Why do I like this forex site so much? There are many reasons, most of which I will get into below, but the biggest reason is because it is simply so good. But for now, here are the details of my review.

Advantages of FXCM 

Here are the many advantages that FXCM has over its competition:

Tight Spreads: Keeping more of your money is what counts at the end of the day. With tight trading spreads – as low as 1 pip – you can do this.

Access To News Site: When you trade forex, you have to be on top of the news as news makes currencies swing all of the time. With FXCM, you get access to a free news site, Daily FX, which is a part of daily FXCM.

US Clients: FXCM is open to US clients. Why is this a big deal? Because there are many forex sites out there that are not open to US clients. And since I am in the US, I need a broker that is open to having US clients.

24/7 Support: You can’t go wrong when you have 24/7 support from a company. And when it comes to forex, you really do need to have someone available to talk to all hours of the day just to be safe. It’s amazing that not all forex brokers offer this level of support.

Worldwide Affiliates: I love when a company has offices and affiliates all over the world. It tells me that they are a stable business and will be available for me, even when I am traveling. Some of the worldwide office locations include FXCM Australia, FXCM Japan, FXCM Germany and FXCM UK (if you are in the UK, be sure to read a FXCM UK review as the site for UK investors is just as awesome).

Free Dummy Account: When I say dummy account, I mean you can open a free mock trading account and get your feet wet when it comes to trading forex. This is a great feature because there is a learning curve to trading forex and nothing is as good as real-world experience and not risking your money.

Disadvantages to FXCM 

Of course, no FXCM forex review would be complete without mentioning any downsides to the service. Luckily, I’ve found only one that might be a roadblock for some traders.

Minimum Deposit: The minimum to open an account is $2,000. Now, I realize this isn’t a huge amount of money, but other forex sites let you start trading for less, so that is why it is a disadvantage. They used to allow for an FXCM micro account, where you could start trading for less money, but have since phased out that option.

In the end, the benefits of FXCM easily outweigh the negatives, or in the case of my FXCM review, the one negative.

When you are looking to start trading in forex, make sure you do your homework and find a broker that meets your needs. If you are going to be using the broker a lot, and odds are you will, you have to be certain it has everything you need and isn’t missing anything. I am certain that as you narrow your list down, you will find FXCM still sitting pretty.