FXCM is probably the biggest forex broker on the global market (or at least one of the biggest): currently it has with more than 203,000 active tradable accounts and 203,000 people can't be wrong now, can they?
You are probably wondering how did we get this data and the answer to that is simple: FXCM gave it to us – and to anyone else interested. In order to maintain transparency of operations, the company has introduced FXCM Financials – a site where anyone can see the broker's balance sheets, income statements, EBITDA details, customer equity, etc.
By now you must have guessed that transparency and investor protection are super important for FXCM. The broker is registered with the FSA (UK), the NFA (USA), SFC (Hong Kong), ASIC (Australia), FSA (Japan), and ACP (France).
With a minimum initial deposit requirement of $50 and leverage of up to 1:400 for Micro accounts, FXCM is a good broker for beginners. It also offers a huge selection of educational resources such as trading tutorials, video library, articles, analyses, forums, webinars, etc. Most of these are found on the DailyFX site, maintained by FXCM.
The broker offers two sets of spreads, depending on whether you opt in for a dealing desk or no dealing desk account. The DD spreads are significantly lower, while the NDD spreads levitate around the industry averages. Price improvement (e.g. positive slippage) is available.
Traders can choose between three account types – Basic, Premium and Active Trader – and three platforms: FXCM Trade Station, Metatrader 4 (MT4), and Active Trader. Automated trading is available through ZuluTrade and Mirror Trader.
FXCM customers who want to recommend the broker to their friends and family are encouraged to do so, and are then rewarded through the broker's Refer-A-Friend program.