Introduction
FXCM is a popular online broker for forex and CFD trading. But is FXCM a reliable broker? In this blog post, we’ll take a look at FXCM’s trustworthiness, including its regulation, safety measures, and customer reviews.
What is FXCM?
FXCM is a trusted online broker for forex, CFDs, andspread betting. They offer tight spreads on major currency pairs, and their customer service is excellent. They have been in business since 1999 and are headquartered in the United Kingdom.
Is FXCM a trustworthy site?
When researching a potential online broker, one of the first places to look is whether the site is trustworthy. After all, you’ll be providing personal information and financial data, so you want to be sure it’s safe. So, is FXCM a trustworthy site?
The short answer is yes. FXCM is a highly respected and well-regulated broker that has been in operation for over 15 years. They are a member of the National Futures Association (NFA) and are registered with the Commodity Futures Trading Commission (CFTC). In addition, they are also regulated by various other authorities around the world, including the Financial Conduct Authority (FCA) in the UK and the Australian Securities and Investments Commission (ASIC).
So, you can rest assured that your personal information and funds are safe with FXCM.
The different types of accounts available on FXCM
There are three types of accounts available on FXCM: the Standard account, the Active Trader account, and the Elite account. The Standard account is best suited for beginners and offers a lower minimum deposit than the other two accounts. The Active Trader account is designed for more experienced traders and requires a higher minimum deposit. The Elite account is reserved for institutional investors and offers the highest level of service.
The benefits of using FXCM
There are many benefits to using FXCM as your online Forex broker. For starters, they are a well-regulated and trusted broker in the industry with over 15 years of experience. This means that your money is safe and secure with them.
Another great benefit of using FXCM is that they offer tight spreads and low commissions. This means that you can save money on every trade you make. Additionally, they offer a variety of different account types to suit your needs, whether you are a beginner or an experienced trader.
Lastly, FXCM provides excellent customer support. They have a dedicated team of customer service representatives who are always willing to help. Whether you have a question about your account or need help with a trade, they will be there to assist you.
The drawbacks of using FXCM
One of the drawbacks of using FXCM is that the site is not very user-friendly. The interface is confusing and the navigation is not very intuitive. Additionally, there have been reports of customer service issues, including long wait times and difficulty getting in touch with a customer service representative.
Another issue with FXCM is that it does not offer as many currency pairs as some other Forex brokers. This can be a problem for traders who want to trade a wide variety of currency pairs.
Finally, FXCM charges higher than average spreads on some currency pairs. This can eat into your profits if you are not careful.
Conclusion
FXCM is a reliable site for forex trading. They are a member of the National Futures Association and are regulated by the Commodity Futures Trading Commission. They have been in business since 1999 and have a good reputation. I would recommend doing some research on them before investing any money.