Our experts have tested the services of dozens of brokers around the world, opening accounts and carrying out real transactions. This may be used indefinitely and enables the trader to get to understand all the functions of the trading platform. FXCM is a well-known forex broker that has already received several awards.
Number of Traders to Copy
The Active Trader account requires a minimum $25,000 deposit and includes the acclaimed “No Dealing Desk Execution” feature, as well as elite pricing for higher volume trading that saves up to 50% on trading costs. No Dealing Desk Execution is a model created by FXCM with asset pricing data initiated by its liquidity providers that include financial institutions, global banks, prime brokerages and others who provide financial assets for trade with no markups. In the case of clients of certain intermediaries, sometimes trades are subject to a markup.
You can choose from 2 currencies as your account base currency on FXCM. Further, FXCM’s group entities are also regulated by the tier-1 financial authorities Financial Conduct Authority of the UK and the Australian Securities and Investment Commission of Australia. RECEIVE QUOTEOur programming team will contact you in 1-2 business days with a fixed price quote for your project.
Additionally , there’s the somewhat limited trade offer in terms of the available markets. We have participated in the live trading webinars several times and found them very interesting. The customer service of FXCM is in English and French to provide the Canadians the chance to contact the broker in several ways. Traders can contact the staff by phone, email or live chat if they have any questions or problems.
FXCM Canada Trading Platforms
- The spreads are either fixed or variable and begin at 1.5 pips for major currency pairs.
- FXCM has received accolades for its platform and services, such as the “Best Forex Trading Platform” award from reputable industry reviewers.
- FXCM Canada was created to allow Canadian residents access to FXCM’s suite of products, including its award-winning platform and No Dealing Desk forex execution, while maintaining their accounts with a regulated Canadian firm.
- Step 7) Once logged in, you will be required to upload identity and proof of address documents to verify your account.
There is namely the non-dealing desk order execution and, alternatively, the customer can also choose the dealing desk model, which usually includes comparatively low spreads. In terms of volume, the trader has over 40 currency pairs available and there’s a sufficient selection of CFDs that the customer can choose. FXCM offers a variety of account types to suit different needs and experience levels. These include Standard Retail Accounts, Professional Account and Demo Accounts that beginners can use to get familiar with the platform practicing with virtual money before fxcm canada review putting in their real money. However, if you are an Active Trader on FXCM, you pay commission fees of £25 per million value traded and spreads are lower. The exact fee depends on the type of account held by the trader, the type of instrument being traded, the timing of the trade, amongst other factors.
Standard Accounts
Overall, we recommend that you go to the broker’s website and chat with their customer support and see other offerings they have to know if you would like to trade with them. They offer different account types for different types of traders, while not offering too many account types which can be confusing for the trader. All your trades, deposits/withdrawals will be measured in your base account currency. Friedberg Direct is a member of the IIROC which is the relevant financial authority of Canada overseeing financial services in the country.
What type of accounts does FXCM offer?
FXCM’s fees are higher than the market average for key asset classes such as forex, indices, and cryptocurrencies. The withdrawal fee for international bank transfers is also notably high, reducing its appeal for global clients. On the positive side, the absence of deposit fees and availability of commission-free trading on certain assets add some value.
- There is namely the non-dealing desk order execution and, alternatively, the customer can also choose the dealing desk model, which usually includes comparatively low spreads.
- In our review of FXCM, we share with you what we have discovered about the broker.
- While it has faced regulatory sanctions in the past, it continues to operate under strict compliance in multiple jurisdictions.
- They offer different account types for different types of traders, while not offering too many account types which can be confusing for the trader.
- As you can see in our test report, we were pleasantly surprised by the broker’s offer in our test of FXCM.
At the end if this FXCM Canada Review helps you then share it please, For more information about FXCM Broker you can also visit FXCM review by ForexSQ forex trading website in daily base. FXCM offers an Islamic account designed to comply with the principles of Islamic finance. This account eliminates interest charges on overnight positions, replacing them with a fixed administrative fee. Whether you are looking for live instructor education, automated trading signals, or proprietary positioning data, DailyFX PLUS has the tools you need to get an edge in forex trading.
FXCM Canada offers competitive spreads for major and minor currency pairs, such as USD/JPY and AUD/NZD. FXCM Canada features award-winning web and mobile platforms that boast one-click order execution and real-time charts. Stratos Global LLC (« FXCM ») is incorporated in St Vincent and the Grenadines with company registration No. 1776 LLC 2022 and is an operating subsidiary within the Stratos group of companies.
Founded in 1999, FXCM partners with Friedberg Direct to provide Canadian residents access to FXCM’s suite of products. FXCM Canada’s retail and institutional traders benefit from the powerful trading platforms and large network of forex liquidity providers. FXCM offers a variety of trading platforms designed to cater to different trader profiles, from beginners to advanced users. While the platform selection is robust, certain limitations in tools and features detract from the overall user experience. FXCM positions itself as a forex and CFD broker, focusing on providing trading opportunities in a limited range of asset classes.
Trading Station is FXCM’s proprietary software that was created using 10 years of valuable customer feedback and trading data to formulate a functionally efficient platform to meet the needs of today’s currency traders, novice or experienced. In contrast, many competitors offer fee-free withdrawal options for most payment methods. Additionally, the 3-5 business days required for bank transfer withdrawals is slower than the near-instant processing times some brokers provide for all methods. While the broker is regulated by respected authorities, its limited focus on innovation and additional features like no-cost withdrawals or a broader asset range places it at a disadvantage in the market. HelloSafe is an expert in financial products, advising more than a million users every month.
It has over 500,000 downloads on the Google Play Store with 3.8/5 starts from 1000 reviews. On the page that loads, select the trading platform you would like to use. Commissions start from $0.07 per side of 1,000 lot, $0.70 per side of 10,000 lot, $7 per side of 100,000, and $70 per side of 1,000,000 lot, which applies to major forex pairs. Others have commissions starting from $0.09 per side lot and up to $90 per side. FXCM through Friedberg Direct is a member of the Canadian Investor Protection Fund (CIPF) that compensates traders in the event of a loss that is as a result of the broker’s misconduct or even when the broker is bankrupt.
The broker offers forex, indices, commodities, cryptocurrencies, and CFDs on shares, but its asset selection falls short compared to market averages. This restricts diversification options for traders seeking broader market exposure. FXCM is best suited to retail forex and CFD traders who value advanced trading tools and platform variety but are comfortable with a more limited asset selection and higher fees for certain services. FXCM Canada was created to allow Canadian residents access to FXCM’s suite of products, including its award-winning platform and No Dealing Desk forex execution, while maintaining their accounts with a regulated Canadian firm. All accounts are held with Friedberg Direct, a division of Friedberg Mercantile Group Ltd., a member of the Investment Industry Regulatory Organization of Canada (IIROC). Friedberg is also a member of the Canadian Investor Protection Fund (CIPF), so all FXCM Canada accounts are protected by the CIPF for up to $1 million.