FXCM launches Canadian offering through Friedberg Direct

FXCM has a Trustpilot rating of 3.6/5 based on 577 reviews, reflecting a mixed user experience where some traders appreciate its platform variety and tools, while others criticize its limited asset diversity and high fees for certain services. An Active Trader account can only be opened if the trader has a notional trading volume of over CAD 10 million. This trading volume is calculated based on the funds deposited into the trading account and the notional value of the open trades on the platform.An Active Trader account comes with a dedicated account manager along with priority customer support. Traders also have access to exclusive market data which can be used to inform trades. FXCM’s limited asset diversity places it at a disadvantage compared to brokers offering access to real stocks, ETFs, and a broader selection of CFDs. While it provides sufficient options for forex and basic CFD trading, traders seeking comprehensive portfolio diversification may need to look elsewhere.

Further, FXCM’s group entities are regulated in the UK, in Australia, in Cyprus, and in Bermuda. FXCM was founded in 1999 and offers a variety of trading services in partnership with Friedberg Direct in Canada. Income generated through trading with FXCM in Canada is considered taxable income and is subject to the regulations set by the Canada Revenue Agency (CRA).

Number of Traders to Copy

• The integration of copy trading through ZuluTrade is a valuable feature for beginners or passive investors looking to replicate the strategies of successful traders.
• This trading volume is calculated based on the funds deposited into the trading account and the notional value of the open trades on the platform.An Active Trader account comes with a dedicated account manager along with priority customer support.
• Mini accounts include free trading services like “Client-Only Trading Signals” to assist traders with learning the market and improving trading strategies.
• This enables traders to trade on currency rates provided directly by those liquidity-providing financial institutions, which enables FXCM to offer low variable spreads on major currency pairs and promotes efficiency and market pricing competition.
• These services include centralized clearing, risk management solutions, and access to multiple trading venues.

This enables traders to trade on currency rates provided directly by those liquidity-providing financial institutions, which enables FXCM to offer low variable spreads on major currency pairs and promotes efficiency and market pricing competition. The Mini account requires a minimum deposit of $50,000 with lot sizes of $1,000 and access to 21 pairs of the most popularly traded currency pairs, including the EUR/USD. Mini accounts include free trading services like “Client-Only Trading Signals” to assist traders with learning the market and improving trading strategies. Exclusive to the FXCM Mini account is a monthly contest that awards lucky winning traders with $10,000 in prize money. You will also know about FXCM Canada contact address and phone number.

Is FXCM a Prime Broker?

As you can see in our test report, we were pleasantly surprised by the broker’s offer in our test of FXCM. Numerous trading platforms and good conditions made a great first impression. On closer inspection, however, you discover that in addition to the good spreads, there’s unfortunately an order fee of USD 6 per lot, which unfortunately means the conditions are not any longer that good. The FXCM broker also offers PAMM Accounts for traders who want to trade in certain markets but have little experience with which to research, formulate and place successful trades. FXCM PAMM Accounts are managed by professional investors who usually have expertise in the fields of finance, marketing or other related fields.

FXCM’s group entities are also regulated by the FCA of the UK and the ASIC of Australia. They also implement safety practices for traders such as negative balance protection and segregation of funds. FXCM’s operations in Canada are overseen by the IIROC of Canada, which is the relevant regulatory authority in the company.

Additionally, the availability of a demo account provides an opportunity for traders to test strategies risk-free. Yes, FXCM is considered good for beginners in Canada, because the broker offers demo accounts beginners can use to get familiar with the trading platform with virtual money before in their real money. FXCM provides a solid range of trading platforms and offers copy trading through ZuluTrade, which is a unique feature compared to many competitors. However, its asset diversity is narrower, and its fees, particularly for spreads and withdrawals, are less competitive.

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However, its recent recognition has not been as prominent as that of its competitors, highlighting its struggle to maintain a competitive edge in an evolving trading landscape. In the bonus area, the broker FXCM isn’t necessarily convincing because, unlike many other brokers, there’s no regular bonus on the first deposit. The actual fact that the broker doesn’t actively advertise a bonus doesn’t necessarily mean that no customer has the chance to receive a bonus on the primary deposit. FXCM has a partnership with renowned Canadian brand Friedberg Direct which is a member of the esteemed IIROC.

What deposit methods does FXCM offer?

Step 6) After the application is submitted, click the to login to your account and continue the setup. Step 5) Set a password for your account, check the boxes to accept the terms and condition then fxcm canada review click ‘Continue’. Step 2) Provide your name and email address, choose your preferred account currency and whether you are opening a corporate or individual account, then click ‘Continue’.

This includes, for instance , taking 1st place in the so-called “Readership Award 2010”. With the trading platform “TradingStationWeb”, FXCM offers a browser-based platform. Forex traders in Canada can alternatively choose a desktop version or the MetaTrader 4. FXCM Prime offers various services to clients such as high-frequency trading firms, hedge funds, proprietary trading firms, and small regional and emerging market banks. FXCM offers customer support through live chat, phone call, and email. FXCM primarily offers only two types of accounts; these are the Retail account and the Active Trader account.

However, we generally recommend not only looking at the overall rating, but also reading through the ratings in detail. In our review of FXCM, we share with you what we have discovered about the broker. Here is a summary of payment methods for withdrawals accepted on FXCM.

• They offer a decent range of trading instruments and their trading platform can be used by anyone.
• Traders can contact the staff by phone, email or live chat if they have any questions or problems.
• Further, FXCM’s group entities are also regulated by the tier-1 financial authorities Financial Conduct Authority of the UK and the Australian Securities and Investment Commission of Australia.
• According to Canadian law Canadian clients must trade with local brokers only – very similar to CFTC’s requirement regarding US clients.

Overall, FXCM’s fee structure is functional but less competitive, making it more suitable for traders with a focus on specific assets rather than diversified portfolios. The FXCM trading platform has been upgraded to allow flawless integration of the very popular MT4 trading platform. The upgrade also provides investors with better risk management by enabling more precise lot sizes and better control of when and how much of a position traders want to close trades. FXCM’s Demo Account provides $50,000 in fictitious capital for traders to practice strategies and explore platform features. It mimics the trading conditions of the Standard Account, including access to the same asset classes and simulated spreads. This account is ideal for beginners or experienced traders testing new strategies without risking real capital.

Experience has shown that customer service is quick, so traders do not have to wait long for an answer. As mentioned at the beginning, FXCM Canada is one of the best forex and CFD brokers in Canada.As a result, there are two kinds of trade in particular. It’s interesting that there’s also a decent selection for traders with regard to order execution. This account can be accessed using the MetaTrader 4 platform or the Trading Station platform. Traders can gain exposure to currency pairs, indices, commodities, cryptocurrencies, shares, and more.The average spread is 1.3 pips which is decent compared to other similar brokers. Further, FXCM also offers Islamic account for traders of the Islamic faith and the Demo account for beginners to practice trading.

How long does it take to withdraw money from FXCM?

Their website is quite well-made and provides all the relevant about their services and their customer support team can be reached quickly in case of any queries. These services include centralized clearing, risk management solutions, and access to multiple trading venues. However, to use FXCM Prime’s services, customers must maintain a minimum balance of more than $250,000.

The type of tax applied depends on the nature of your trading activity, classified as either business income or capital gains. However, it is not registered with the Ontario Securities Commission (OSC), British Columbia Securities Commission (BCSC), or Alberta Securities Commission (ASC), limiting its oversight specifically for Canadian traders. This implies that British FCA has the most responsibility for regulation. FXCM is primarily regulated by the British FCA, but IIROC also carries out regular controls. Step 7) Once logged in, you will be required to upload identity and proof of address documents to verify your account.