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FXCM Account Types
FXCM offers 3 types of trading accounts to its clients, which are Standard, Mini and Active trader accounts. The brokerage also offers traders a free demo trading account which is available for up to 30 days and comes with $50,000 of virtual money for practicing trading on the market platform.
Standard FXCM Accounts
The Standard account is ideal for experienced traders who want to leverage all the advantages of currency trading. An initial deposit of $5000 is required to open a standard account which offers spreads as low as 0.5% and access to FXCM’s entire catalog of approximately 39 popular currency pairs (including exotics and crosses). Standard forex accounts offer leverage of up to 1:200 for non US clients and 50:1 for US based traders, as well as access to DOM data.
Mini FXCM Accounts
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.
Active Trader FXCM Account
The FXCM Active Trader account requires a minimum $25,000 deposit and includes the acclaimed “No Dealing Desk Execution” feature, as well as elite pricing for higher volume trading that saves up to 50% on trading costs. No Dealing Desk Execution is a model created by FXCM with asset pricing data initiated by its liquidity providers that include financial institutions, global banks, prime brokerages and others who provide financial assets for trade with no markups. In the case of clients of certain intermediaries, sometimes trades are subject to a markup. 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.
Active Trader accounts allow investors to observe the flow of FXCM activities and exploit lower spreads in exchange for smaller commissions. Traders are also able to view up to 10 levels of DOM data that enables identification of possible support or resistance issues and gives the trader a huge advantage during market analyses and trade execution.
Active Trader account holders also enjoy dedicated customer
Demo FXCM Account
When clients open an online trading account, they are able to use a free FXCM demo account for up to 30 days that comes loaded with $50,000 of virtual money for traders to use for practicing currency trading before actually risking real money in a real world trading market.
PAMM FXCM Account
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 Account Types review
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