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FXCM Shuts Down FXCM Micro

Earlier today I was browsing the internet looking for funny cat videos but instead I came across a curious fact: FXCM, one of the leaders in the forex industry, is closing down its FXCM Micro service.
 
FXCM Micro was designed to cater the needs of inexperienced traders and give them a taste of forex trading without the risk of losing a great amount of money: the service required a minimum initial deposit of $50, offered leverage of up to 1:400 and, as it name suggests, allowed for micro trading.  
 
Targeting people who were just starting with forex, FXCM Micro came with certain limitations: no choice of trading platforms (the only one supported was FXCM's Trading Station II),  spreads that were a tad tight, and lack of customer support (quite baffling, that last one). These limitations are not the reason for FXCM to discontinue the service, though. According to the FXCM Micro website, micro trading became so popular that the broker decided to introduce it to all its account types. This lead to Micro and Basic accounts being almost the same, and with no major differences between the two, it made no sense to support FXCM Micro so the company decided to merge the two sites. 
 
Existing FXCM Micro account holders are now being redirected to FXCM Australia, FXCM UK or FXCM US respectively, depending on the entity they opened their accounts with. New traders can go ahead and sign up for a Basic FXCM account where they can start with an initial investment of $50 or more, and trade with a leverage of maximum 1:50 in the USA, 1:200 in Australia, and 1:400 in Europe. They can also choose between the broker's dealing desk or no dealing desk execution models.  
 
 

About FXCM

 
FXCM Inc. (NYSE: FXCM) is a global online provider of foreign exchange (forex) trading and related services to retail and institutional customers world-wide. 
 
At the heart of FXCM's client offering is No Dealing Desk forex trading. Clients benefit from FXCM's large network of forex liquidity providers enabling FXCM to offer competitive spreads on major currency pairs. Clients have the advantage of mobile trading, one-click order execution and trading from real-time charts. FXCM's U.K. subsidiary, Forex Capital Markets Limited, also offers CFD products with no re-quote trading and allows clients to trade oil, gold, silver and stock indices along with forex on one platform. In addition, FXCM offers educational courses on forex trading and provides free news and market research through DailyFX.com.

 

TAGS: FXCM  forex trading  forex broker  micro lot  micro forex account  FXCM Micro  forex deposit  forex leverage 

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