FXCM  » Finance  »
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  • Repeated consultations with their technical instructions and help did nothing to solve the problem

    • by cadamisa

      all reviews
      To be successful in trading markets one needs all the tools he can get. It is probably the hardest job anyone can do. So, if you are a new to the arena and you open an account with a bad broker, you would be like arming yourself with a tooth pick before going to a gunfight. Just do it, and probably you won’t have a chance to talk about it. So is FXCM one of those inferior brokers that will get you killed? No it isn’t. But it is certainly far from being a perfect solution for a long term success.

      On the positive side, the account opening is as easy as it gets. You

      do not need to print any documents. All you have to do is fill online applications, scan a valid ID and recent utility bill, and send it as an e-mail attachment. Within hours you will be able to make a minimum deposit of $25 with credit card and be ready to go.

      Broker’s spreads are lower than other brokers in its class with EUR/USD having a spread of less then 2 pips. However, that is only so during times of normal volatility. If big news hits the market and volatility goes up, so does the spread too, and I’ve seen it going to over 15 pip. Good luck trading then! But those cases are ...

      • very rare, happening only few times a month. Furthermore, broker permits trading of micro lots. So that way you can learn trading risking small positions.

        The platform used is easy to manage, but with my setting it goes down few times a day. Repeated consultations with their technical instructions and help did nothing to solve the problem. I even ran other trading platform, MetaTrader simultaneously and that one worked just fine with no down times. However, if the connection with FXCM gets down, you can almost always log back in within few seconds. The platform also provides charting, but is not pleasing to the eyes and lacks further options and customizations tools. My problem is

        also that the platform does not permit putting in limit entrance orders. That way I have to go in with the market orders, and that complicates things even further as they have a problem with slippage. Every time I execute the order, it works up to .6 of pip worst than it should have been. When taken that in consideration, their spread is pretty much in line with all the other brokers.

        However, the bottom line of all of this is that the broker is not so bad that you can not make any money in Forex, so I will continue to use their service. But unless they improve their platform and performance, I will look for another broker down the line.

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      The review was published as it's written by reviewer in June, 2009. The reviewer certified that no compensation was received from the reviewed item producer, trademark owner or any other institution, related with the item reviewed. The site is not responsible for the mistakes made. 421406725181230/k2311a0614/6.14.09
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