Forex Brokers in South Africa
Quotex
Deriv
Exness
IQ Option
Hycm
Easy Markets
FXCM or Forex Capital Markets is one among the oldest electronic currency trading platforms on the market. it had been founded in 1999 in ny by Global Brokerage.
The company was originally called Shalish Capital Markets, but a year later, in 2000, it had been renamed FXCM. From 2003 FXCM also expanded overseas and within the same year opened an office in London.
FXCM is actually a retail broker for trading within the forex market. It offers Contracts for Difference (CFD) operations on major indices, stocks , also as commodities like gold and petroleum . you’ll also acquire crypto-currencies there .
This forex broker is out there in some countries in Europe, Asia and Africa, but has been banned from the US market. this is often thanks to some scam actions that happened there and it therefore negatively impacted FXCM reviews within the USA.
Unique Features of FXCM
FXCM may be a broker where nearly 250 billion dollars undergo their platform. Indeed, the unique characteristics of FXCM contribute to the present strong activity.
Tutorial tools on trading also as responsive customer service make it quite unique. Here are the notable characteristics of the broker which will assist you form an FXCM opinion .
Tutorial tools on trading
The FXCM platform offers you an information bank also as training on trading . you’ll find complete tutorials on the way to trade and buy different assets like financial products on their platform.
With pre-recorded videos, free trading webinars, so this is often a platform to follow if you would like to find out yourself the way to trade online. it’s strongly recommended that you simply familiarize yourself with FXCM learning tools before investing your funds, especially if you’re a novice trader.
Efficient customer service
In our opinion FXCM provides efficient customer support. this is often because FXCM customer service is out there 24/7, which is quite a number of its main competitors who operate in standard desktop niches.
In addition, FXCM support offers users the power to succeed in them by email, instant messaging on the platform, or messages on social networks. It promises to answer your questions in but 24 hours. it’s thus a platform which is extremely famous for its customer service.
Markets and products on FXCM
Many financial products are available on the FXCM trading platform, across different markets. you’ll indeed find Forex currency pairs, stocks, indices, commodities and eventually cryptocurrencies.
Here is an summary of the markets also because the different products offered by the FXCM.
Forex on FXCM
forex trading on FXCM The broker is especially recognized for these brokerage services on the Forex market . In our opinion FXCM stands call at Forex because of its sizable amount of obtainable pairs. Indeed, quite 39 currency pairs are traded on their platform.
You will find all the main pairs there such as:
- EUR / USD,
- GBP / USD,
- GBP / JPY,
- USD / JPY,
- EUR / GBP,
- USD / CAD.
FXCM stocks
buy stocks with fxcm You will even be ready to trade stocks on FXCM. Having said that, you’re actually never getting to buy actual stocks , but rather stock CFDs, with leverage.
On the platform, the stock baskets are classified into six major groups:
- FAANG – Facebook, Amazon, Google, Netflix, Apple
- BIOTECH – AbbVie, Amgen, Gilead Sciences.
- CANNABIS – Tilray, Cronos Group, GW Pharmaceuticals PLc.
- ESPORTS – Electronic Arts, Sony, Activision.
- CHINA TECH – Baidu, NetEase, Weibo .
- CHINA E-COMMERCE – Alibaba, Trip.Com, JD.Com.
Note that there are not any commissions charged on shares on FXCM. In fact, once you trade CFDs, the transaction costs will already be built into the spread with no additional charges. Spread costs are often calculated on the FXCM site within the Trading Station section. There you’ll be ready to see the spreads and therefore the pip value in real time before entering a trade (more details on fees and commissions below).
Note also that trading CFDs always involves a high risk of loss of capital. So confirm you simply invest the amounts you’ll afford to lose.
Indices on FXCM
Usually, financial indices allow you to back the evolution of an economy without having to bet such a lot on individual stocks.
On FXCM, indices are traded within the sort of Contracts for Difference (CFDs). The indices you’ll find on FXCM are:
- CHN50
- ESP35
- EUSTX50
- FRA40
- GER30
- HKG33
- JPN225
- NAS100
- SPX500
- UK100
- US200
- US30
Commodities on FXCM
FXCM also gives you the chance to take a position on precious metals (gold, silver), oil, gas also as agricultural commodities (wheat, corn, soybeans).
You can then back these commodities with low transaction cost, advanced chart and margin trading.
Here is that the symbol for commodities available on FXCM:
- NGAS
- UKOil
- UKOilSpot
- USOil
- USOilSpot
- Copper
- XAG / USD
- XAU / USD
- CORNF
- SOYF
- WHEAT
Cryptocurrencies on FXCM
FXCM allows users to trade cryptocurrencies on their platform. Long before you purchase cryptocurrencies on their platform, it warns you about inherent cryptocurrency issues just like the risks of volatility and hacking.
The cryptos that you simply will find on their site are:
- Bitcoin
- Ethereum
- Litecoin
- XRP
- EOS
The geographic markets of the FXCM broker
FXCM may be a broker available in many countries round the world except the us , Brazil, Iran, North Korea , Turkey, Sudan and Syria. it’s a registered capital of $ 100 million.
It is a broker widely utilized in England, South Africa , Australia and China. it had been beginning to experience significant growth in other countries but the scam scandal within the US decreased its popularity within the market and negatively impacted FXCM reviews within the region. Indeed, the platform was the topic of a really big scandal within the USA. The Financial Markets Authorities therefore imposed a penalty of $ 200,000 on him. it had been criticized especially for not checking the approvals linked to its partners.
Fees and commissions on FXCM
In terms of broker choice, the weather which will switch or encourage a trader to subscribe any broker are the fees for deposits, withdrawals and the other sort of transaction.
Indeed, because the fees on the platform are high as traders are going to be less curious about opening an account. So here is our FXCM advice regarding these charges.
FXCM fees: summary table
Generally speaking, FXCM has low trading and non-trading fees relative to the market.
Before detailing the fees and commissions that you simply can pay on the platform, here may be a general overview of the fees and deposits on FXCM first .
FXCM- Fee Type Amount
- Deposit fees Free
- Withdrawal fee Free
- Account fees Free
- Commissions on assets
- EUR / USD: Fees included within the spread. The spread costs a mean of 1.2 pips
- GBP / USD: Fees included within the spread. The spread costs a mean of 1.8 pips
- Inactivity Fee $ 50 (€ 43) after one year of inactivity
- Minimum deposit
- EU Standard Account: $ 360 (€ 310)
- Standard non-EU account: $ 50 (€ 43)
- Active Trader: $ 25,000
- Deposit methods
- Credit / open-end credit
- Bank transfer
- Skrill
- Neteller
- UnionPay
FXCM trading fees
The trading fees are generally commissions, spreads, funding rates and conversion fees.
- To calculate the trading fees on FXCM, we’ve decided to pick certain product categories as follows:
- Forex: EUR / USD, GBP / USD, AUD / USD, EUR / CHF and EUR / GBP
- CFDs on stock exchange indices: SPX and EUSTX50
- That is, an edge of $ 20,000 for Forex and an edge of $ 2,000 for transactions on stock indexes and stock CFDs.
- Here is how the commission structure would be modeled for leverage of 30: 1 for Forex and 20: 1 for CFDs on equity indices.
FXCM commission for an extended position of $ 20,000 30: 1 held for one week
Currency pair Referral fees
- EUR / USD $ 16.5
- GBP / USD $ 13.0
- AUD / USD $ 17.3
- EUR / CHF $ 4.6
- EUR / GBP $ 12.2
- FXCM CFD Commission for a $ 2,000 long position held for one week
- CFD Indices Referral fees
- S&P 500 INDEX CFD $ 2.2
- EUROPE 50 INDEX CFD $ 1.6
Deposit and withdrawal fees
When it involves deposit and withdrawal fees, there are literally no withdrawal and deposit fees on FXCM.
Therefore, no matter which payment method you employ , you’ll not be charged for your deposits or withdrawals.
Minimum deposit on FXCM
The minimum FXCM deposit is $ 360 (€ 300) within the EU, and $ 50 in non-EU countries for the quality account. Active Trader accounts require a minimum deposit of $ 25,000.
Payment method on FXCM
The platform supports funds deposits from credit cards, wire transfers, Skrill, Neteller and UnionPay.
We will walk you thru the method of depositing funds in each of those payment methods. Withdrawals also are available within the same payment scheme.
Bank transfer
You need to feature your checking account number within the deposit interface. The checking account must be in your name. Then you would like to form a wire transfer from your bank.
Credit or debit cards
As with a traditional online purchase, you would like to enter your usual card details. However, unlike the other online purchase, it’s necessary to use a card in your name.
UnionPay, Skrill and Neteller
These three tools work like all other online purchase. The UnionPay, Skrill or Neteller wallet interface are going to be displayed and you’ll only need to enter your credentials (username and password) and complete your transaction.
Withdrawals of funds
You can make withdrawals on FXCM by credit or open-end credit . When making withdrawals, confirm that the account number indicated is that of the account from which you would like to withdraw funds. Then after, enter the specified withdrawal amount.
Types of FXCM accounts
On the FXCM platform, you’ll find four sorts of accounts that you simply can use to take a position within the market. Each of those accounts meets a selected need.
FXCM Demo Account
This FXCM demo account allows novices to familiarize themselves with the planet of trading. This fictitious account offers you a capital of fifty ,000 dollars in order that you’ll enjoy the pleasure of trading 24 hours each day , 7 days every week .
It is an honest tool to become conversant in trading, especially if you’re a beginner. In our opinion, FXCM Demo is right for getting started before embarking on an investment together with your real funds. So don’t neglect this step!
Active trader account
The Active Trader account is an account that needs a minimum of $ 25,000 also as a minimum monthly trading volume.
Active trader account users also will enjoy several advantages:
Tighter spreads
A range of in-depth market functionality on the Station Trading platform
dedicated support in exchange for alittle commission on the quantity traded.
FXCM Standard Account
You can also open a typical account on FXCM which can allow you to trade the financial products of your choice, once the minimum amount is deposited. remember that if you’re in Europe you’ll need a minimum deposit of $ 300 except for other countries you simply need $ 50.
In our opinion FXCM Standard Account is best suited for novices also as those that don’t want to take a position large amounts. you’ll then have the likelihood to take a position on 21 currencies during this account and therefore the EUR / USD spread is 1.2 pips .
FXCM Pro Account
The pro account is more suitable for giant traders. so as to get this account, certain conditions must be met:
Your portfolio of monetary instruments must exceed $ 500,000
You should have traded significant leveraged derivatives in transactions spanning the past four quarters.
This account is therefore not made if you’re just new trading. In our opinion, FXCM Pro are going to be a function which will suit you simply once you’re truly confident within the financial markets and have also known the way to make significant profits.
FXCM Trading Platforms
You will find a good range of trading platforms, including the quality MetaTrader 4 platform, Ninja Trader also as ZuluTrade.
MetaTrader 4
MetaTrader 4 is that the benchmark platform and FXCM offers it to all or any these users. Since 2005, MetaTrader 4 has been the industry standard for CFD trading and moreover most ECN and STP brokers support it.
Many tools are available to you on MT4, allowing you to customize your trades also as optimize your decisions. A platform which will be suitable for beginners also as experienced traders.
Ninja Trader
Ninja Trader is another platform offered by FXCM which is aimed toward experienced traders. It indeed features a more technical interface than many other more advanced software but is additionally a favourite among traders who want to interact in automatic trading.
ZuluTrade
Finally, FXCM also offers ZuluTrade. This platform is right for traders who don’t have the time to create their own strategies, or also for traders who want to distance themselves from the emotions of trading.
How do I register on FXCM?
If a trader is thinking of trading on FXCM, you want to first believe registering on the platform. To be ready to register, there are two options: attend the appliance or the FXCM software or the web site.
FXCM FAQs
Is FXCM reliable?
Yes, as FXCM may be a broker regulated by the strictest legal authorities on the earth . But that didn’t prevent that the platform had been the topic of a scam scandal within the USA.
Is FXCM suitable for beginners?
With the likelihood of making a demo account and academic resources on trading, it’s indeed a platform which will be suitable for beginners to coach . However, FXCM’s interface is sometimes somewhat complex and requires getting wont to .
How to use FXCM?
In order to use the platform, it’s first necessary to download the appliance . Then you’ve got to believe opening an account and selecting the sort of account. Finally, you’ll got to make a deposit of funds to use FXCM
Is there a minimum deposit on FXCM?
Yes, but the minimum deposit varies with the sort of account. If you decide for a typical account, the minimum deposit is then $ 50 in France.
Are FXCM Trading Platforms Reliable?
FXCM trading platforms are indeed a number of the simplest trading platforms within the world. for instance , a trading platform like MetaTrader 4 has been a benchmark during this sector since 2005.
What trading platforms does FXCM offer?
FXCM provides traders with its own trading station, also because the MT4, NinjaTrader and ZuluTrade trading platform.
What is the utmost leverage offered by FXCM?
Retail clients have access to a maximum leverage of 1:30, while professional traders are capped at 1: 400.