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FXCM Expands Its Forex App Store

The FXCM Apps store has been running for about a year now but it seems to me that the service never managed to get too popular – or popular at all. This, however, may be about to change now that the broker has opened the store for third party developers, allowing them to sell their apps as long as they operate with an FXCM account. 
 
Until recently, Metatrader 4 (MT4) and Trading Station were the only platforms supported by FXCM Apps, however this has now changed to include Ninja Trader and standalone applications as well. 
 
So far, there have been no Ninja Trader apps submitted, however the broker anticipates these to fall into one of three categories: automated strategies, indicators, and add-ons. Standalone apps are divided into such for general trading, for analysis and reporting, and for utilities; these categories are already populated with five different apps like a historical data downloader, and app for closing multiple trades simultaneously, etc. 
 

Selling your apps

 
If you are a developer with neat app ideas, you can submit them to FXCM Apps. Keep in mind that all submitted applications will be reviewed by the broker's team. The two things that they'll be looking for are whether there are any bugs for fixing, and whether the apps are designed to operate under a FXCM account. This review process will be taking up to two weeks, and will follow six pre-defined steps described in the App store's developers section. Another requirement for submitting an app is that the listing is accompanied by a detailed description of the application, and FXCM offers developers help with this, should they face any difficulties. 
 
Once an app is approved and added to the store, developers are encouraged to promote them through their own, and FXCM doesn't exclude the possibility to promote certain apps so that they get more exposure and possibly higher revenues. 
 
Speaking of revenues, developers get to keep 80% of all the sales they generate, while FXCM keeps the remaining 20% as a commission for providing the store platform. Sellers are not charged any additional fees, apart from these 20% - not even transaction tax, which is covered by the app store.
 
This commission may seem a bit steep, however the broker will be taking care of the app's final compiling, creating an executable file, uploading, hosting, and payment setups – which is a lot of hassle and I am guessing lots of developers would be glad to pay for this. 
 
The prices of the apps are determined by the developers and discussed with FXCM to make sure they are reasonable. As per FXCM Apps' conditions, sellers get paid once a month through a bank wire or a check. 
 

Developers, where are you? 

 
Currently,  there are about 80 apps available for FXCM's clients to help enhance their trading. The prices of the apps vary between $0 and $500, with a great deal of apps available free of charge (currently there is even a special promotion for those who deposit $5,000 or more to their trading accounts – they get 6 apps worth $300 as a gift). 
 
The one thing I noticed is that it all of them, with no exception, are developed by FXCM itself. At the same time, we see a number of independently developed apps (strategies, expert advisors, indicators, etc.) on various market places like the MQL community, the Spotware's cAlgo community where programmers and traders can develop apps for cTrader, or even eBay-like sites such as GreatForexTrades
 
This considered, I can't help but wonder why is FXCM Apps not picking up – after all, the broker has  close to 200,000 active trading accounts and surely, many of these 200,000 traders have the capabilities of creating apps and offering them for sale or for free; so why aren't they doing it? The app store has all the potential to succeed, yet it doesn't – and as much as I hope it does, I doubt it that adding Ninja Trader and standalone apps would help much. 
 
 

About FXCM

 
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: forex broker  forex trading  forex  FXCM  forex apps  MT4 apps  cTrader  Trading Station  FXCM Apps  forex strategy  expert advisor  forex indicator 

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