In this FXCM Canada review, we’ll go over the basics of the forex broker. In particular, we’ll look at its low spreads and fees. For example, FXCM charges just 1.3 pips for EUR/USD and 1.6 pips for GBP/USD. It also doesn’t charge commissions on trades, fund deposits, or overnight fees. Instead, it charges across the spread cost, automatically calculated each time you execute a trade. This overnight cost is charged to all positions held at 5 pm Eastern US time.
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FXCM is a forex broker
FXCM is a forex broker based in Canada that provides a host of services to its clients. They offer customer service in English and French and can be reached via email, live chat, and phone. They also have an extensive FAQ section. In addition, they have an active social media presence.
FXCM offers three accounts: a Mini account, a Standard account, and an Active Trader account. Their spreads start at 1.5 pips per side for significant currency pairs and go up to 400:1. They offer a range of payment methods, from credit/debit card withdrawal to electronic funds transfer. FXCM also offers a free demo account.
It offers a demo account.
Demo accounts are an excellent way for newcomers to practice trading. They allow you to trade with virtual money, allowing you to learn more about the forex market. Demo accounts also teach you how to analyze the market using technical indicators. You can also purchase the MetaTrader Market software, which gives you a sense of how the market works in real-time.
The FXCM demo account will give realistic results when trading, but you should always treat the virtual account as if trading with real money. Despite this, you should ensure you do not risk your real money. In addition, the amount of virtual money on a demo account may not reflect the amount you would make in real life. If you make a mistake entering or exiting an order, you can always try again using a demo account.
It offers a single live account.
FXCM Canada offers a single live and demo account that can be used to test out their platform. You can upgrade your account to a Professional one if you want to trade more money. A standard account can be opened with a minimum deposit of USD 50 and has up to 30:1 FX and CFD leverage. You can also benefit from commission-free trading and low spreads. Traders who want to become professionals can open a Pro account and use the same trading tools as professionals.
Suppose you don’t want to open a separate account for every currency pair. In that case, FXCM Canada also offers a single live account with leverage up to 400:1. If you’re a professional trader, you can benefit from the company’s Active Trader program, which offers reduced spreads. Active Traders can also take advantage of FXCM’s social trading platform ZuluTrade.
It charges a withdrawal fee by wire transfer.
Withdrawing funds from FXCM is easy, but it comes with a fee. The fee varies according to region. In France, for example, domestic bank wires are USD25, while international bank wires cost USD40. If you have problems withdrawing money from FXCM, contact their support desk for help.
To withdraw funds from FXCM Canada, you can use credit cards or bank wires. Depending on your location, processing the wire transfer may take a few business days. Debit/credit cards are also accepted, and FXCM Canada doesn’t charge a fee for these methods. However, there are other fees associated with some payment methods.
It offers a range of additional tools.
FXCM Canada has several additional tools and resources to help its clients trade more effectively. In addition to its online trading platform, this company offers several educational resources, including a YouTube channel. FXCM’s website also has an extensive library of trading tutorials.
As one of the most respected companies in the forex trading industry, FXCM offers an extensive suite of advanced trading tools. However, the company’s fees are somewhat high, especially if you’re a high-volume trader. Its fees include high currency conversion fees, fixed leverage, and high-interest rates. However, this broker has a good reputation and has won numerous industry awards for responsible behavior. FXCM’s fees and spreads are competitive for Canadian residents, and their customer support is exceptional.
It offers tight spreads for active traders.
FXCM Canada has what you’re looking for, whether you are a beginner or a seasoned trader. They offer tight spreads and competitive pricing for active traders. However, it would be best to keep a few things in mind before choosing a brokerage firm. First, if you’re new to trading, you should familiarize yourself with the market before you jump into it. Understanding how the currency market works and what you should expect before you start charting the waters is essential.
Second, you’ll want to ensure the brokerage firm you choose is regulated. For example, you can find out whether the company you’re considering is registered with the IIROC, which imposes strict standards. Third, make sure the brokerage firm’s spreads are effective. Effective spreads capture Price Improvements (PI) and are a more accurate representation of your trading costs.
It offers an active trader rebate program.
The FXCM Canada Active Trader Rebate Program is a cash-back program that rewards active traders. Participants earn rebates based on their trading volume. The rebate amount varies but can be up to USD 10,000. Rebate payments are made according to a 5-tier system, with the first tier paying $5 per million notional volume, while the highest tier pays $25 per million notional volume.
The Active Trader Program offers traders significant rebates. If you meet the qualification requirements, you can qualify for the program. Active traders are considered professional traders who exceed a certain amount of notional trading volume every month. You must have at least one million USD in notional volume to be eligible for the program.