Fxcm - Fxcm Forex Broker Review

Fxcm is probably the most well-known broker in the internet forex broker industry. Because of their fame, Fxcm is a common name within the forex trading community. But there were troubles they had to face before obtaining such success. Refco is a name that is continuously linked to Fxcm.

Refco was a futures and commodities broker and in 2005, they were the biggest broker on the Chicago Mercantile Exchange (CME) with estimated assets of about $75 billion dollars. Refco had with them approximately $4 billion of their customers deposits. They went on to purchase a large stake of Fxcm back then.

In that same year, Refco crumbled under the weight of a huge accounting scandal. About $430 million in bad debts were concealed. With this, Refco was done for.

This case was exceptionally damaging to the standing of Fxcm, but they still managed to become the top online forex broker in the industry today. There are many reasons for their success. Stable finances along with many happy customers after the refco incident have attributed to the solid position they are in today.

Secondly, they have been marketing their services extremely aggressively worldwide. They are a well-known promoter on google adsense and they also physically set up seminars and workshops in many regions of the world, including South East Asia.

Lastly, they offer their clientele amazingly low spreads. You will never find a 4 pip spread on the Gbp/Jpy available for micro account holders with any other broker. Low spreads apply to their entire currency range as well. However, they are not fixed spreads as is common with most forex brokers. Spreads on all currencies can fluctuate depending on volatility. Expect spreads to increase dramatically during economic data releases.

A especially low amount is needed to open an account with fxcm which helps make them very accessible to all traders. $25 is all it takes for a micro account. Anyone can afford that amount. A 400:1 leverage is also offered which is one of the industry's highest.

The FX Trading station II is a relatively easy trading platform to use Also, the excellent trading software, metatrader is available for traders of specific types of accounts.

Metatrader 4 is highly customizable and is a favorite within the forex trading community. Those that prefer metatrader 4 over other software will be pleased. This platform is not offered to customers with micro accounts unfortunately. Fxcm also has free seminars and forex trading courses for beginners and new customers. A free forex demo account for potential customers is of course available.

They have free forex signals for their customers if they are interested. Overall, Fxcm is one of the best choices for experienced and new forex traders.