For identity verification, only government-issued photo IDs are accepted. FXCM, or Forex Capital Markets, is an NDD broker that provides institutional and retail clients with access to online Forex trading. Ross found that Admirals offered its spreads at zero pips with AUD/USD, USD/CHF, and USD/JPY at 0.0 pips 100% of the time during the test. We were surprised to find that EUR/USD is just short of the 100% uptime in our testing, although, as you can see in our table below, it was very close.
Is FXCM a good broker?
The tradingview software is excellent for research and can help you very much in identifying market patterns. You will also have access to the latest news, research, and an economic calendar right there in the trading platform. With MT4 you will get a platform that is highly secure, extremely robust, user friendly, and lightweight enough to run on almost any device. You will also have access to a huge range of charting tools and indicators as well as the ability to auto trade and employ strategies through the EAs feature. On the more traditional trading side, FXCM allows both scalping, and hedging, and of course, you can open a spread betting account if you are trading under the UK entity of the company. This is the same as 0.01 standard lots and effectively has a cash value of $1000.
Commissions
Besides English, FXCM offers support in Spanish, French, German, Arabic, Chinese-Mandarin, Italian, and Greek. We offer limited support for Malay, Vietnamese, Chinese-Cantonese, Urdu, Tamil, Hindi, Farsi, Bulgarian, Slovak, Czech, Portuguese, Thai, and Russian. Once the trading application is submitted, it is reviewed by our dedicated New Accounts team. In most cases, you will be contacted, via email, within business days regarding the next steps of the application process. PAMM setups are available at FXCM for Introducing and Referring brokers (IBs and RBs). In order to customize your demo account, please use the link below to contact a representative.
FXCM’s liquidity providers include global banks, financial institutions and other market makers. Crypto trading at FXCM is also available with 7 crypto assets up for trading. These include 1 cryptocurrency index, and 6 cryptos in the form of Bitcoin, Ethereum, Litecoin, Stellar, Ripple, and Bitcoin Cash. You should note that if you deposit in, or withdraw to a different currency than these with your payment method, you will incur a small conversion fee.
FXCM Trading Hours (GMT Server Time)
- FXCM offers a tiered welcome bonus up to $500, depending on how quickly you fund your account after activation.
- All other deposit methods do not have a minimum deposit requirement however may have limits on how much can be deposited each month.
- After specifying our rules and saving the strategy, we could backtest it to see how it performed over the past 90 days, which helps validate and optimise your strategy.
- If you have experience with MetaTrader 4 or TradingView, we like that you can choose these platforms with OANDA – especially considering MetaTrader 4 allows you to automate your trades.
CIRO sets and maintains industry standards for investor protection, ensures that fxcm firms follow regulations and operate ethically, and intervenes in case of financial abuse. Its actions contribute to safeguarding the interests of Canadian investors. CIRO monitors the activities of online brokers to maintain investor protection.
How do I qualify for FXCM’s Rebate Program?
For testing strategies and practical trading training, FXCM offers a demo account. The demo account operates 24 hours a day, 5 days a week, providing traders with 50,000 virtual British pounds. Before registering and opening an account, traders should acquaint themselves with the types of accounts FXCM offers and the available trading platforms. The initial part of the registration form requires providing an email and country of residence and setting a secure password. OANDA is the CIRO-regulated broker that has the Best Forex Demo Accounts as it has a user-friendly demo account that offers unlimited demo account trading.
We like the market scanners, which help discover new trade ideas, making the trading process more efficient. Another helpful feature is that the broker offers Autochartist, a third-party technical analysis service that generates potential trading ideas based on price action and chart patterns. We like how the tool is built into the OANDA Trade platform, giving you quick access to potential trading opportunities.
Forex Baskets
Forex.com offers over 3000 instruments but does not support CAD accounts. Forex.com administers Canadian services from New Jersey, USA, with restrictions for Accredited Investors in Alberta. New traders go through a quick three-step account application process at FXCM, including account verification.
- You will be glad to note if you are an Islamic trader, that the FXCM Islamic account is available should you require it.
- When it comes to FXCM awards, they have won more than 25 over the years.
- The best Forex brokers in Canada are AvaTrade, FXCM, Oanda and EasyMarkets.
- Stock CFDs are available, although there is no direct spot equity or ETF trading— all equity exposure must be taken via contracts-for-difference.
- FXCM’s MetaTrader 4 is a favourite for automated trading, thanks to its Expert Advisors (EAs) and custom indicators.
- The broker then sold its substantial number of U.S.-based accounts to Gain Capital that operates FOREX.com, so U.S.-based traders might consider using that broker instead.
What if I want to reopen my closed account?
Filippo Ucchino is an Introducing Broker (IB) for several companies in the Forex, CFD, stock and crypto industries. The table to compare Forex Brokers in Canada for inactivity fee is shown below. The table to compare Forex Brokers in Canada for commission is shown below. The table to compare Forex Brokers in Canada for spread is shown below.
Rebates are paid monthly and can be earned on forex, commodities, and indices, rewarding consistent high-volume traders with ongoing cashbacks. FXCM lets you trade forex pairs, individual shares, index CFDs, commodities like gold and oil, cryptocurrencies such as Bitcoin and Ethereum, and unique asset baskets. This all-in-one access means you can diversify across markets using a single account.
The broker claims to offer some of the tightest spreads on the market when it comes to trading BITCOIN. FXCM is especially proud of their own Trading Station II (not to be confused with another platform TradeStation). It was built based on the feedback from FXCM traders and trading data accrued from over 10 years to meet the needs of their clients.