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Compare Platforms FXCM

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.

Cons & Pros of FXCM Canada

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.

What is the minimum deposit to open an account with FXCM?

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.

FXCM provides a standard range of deposit and withdrawal methods, including bank transfers, credit/debit cards, and popular eWallets like Skrill, Neteller, and PayPal.
The minimum transaction size is one micro lot, i.e. 1,000 currency units.
Our experts have tested the services of dozens of brokers around the world, opening accounts and carrying out real transactions.

FXCM Withdrawal Methods

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.

Market and asset diversity 2.5/5

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.

FXCM is not required to hold any financial services license or authorization in St Vincent and the Grenadines to offer its products and services. FXCM is a regulated broker with oversight from top-tier authorities such as the FCA (UK), ASIC (Australia), and FSCA (South Africa). While it has faced regulatory sanctions in the past, it continues to operate under strict compliance in multiple jurisdictions.

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 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’.

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 fxcm canada review trading with FXCM in Canada is considered taxable income and is subject to the regulations set by the Canada Revenue Agency (CRA).

The Friedberg Group of Companies, founded in 1971, is headquartered in the financial district of Toronto and manages over $2 billion in assets. In this review, we’ll talk about everything Canadian traders need to know about FXCM and its services including pros and cons, overall fees, customer support, trading instruments, and more. Ninja Trader provides traders with advanced charting features, market analyses and trading strategies. The broker does not offer stocks, futures or options trading, although international clients do have access to trading Contract for Difference (CFD) assets. This primary focus on forex trading makes FXCM a superb choice for traders interested in trading predominantly foreign assets.

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.

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.
This account is ideal for beginners or experienced traders testing new strategies without risking real capital.
FXCM Canada’s retail and institutional traders benefit from the powerful trading platforms and large network of forex liquidity providers.
FXCM offers a variety of deposit methods, including bank transfer, credit/debit card, and e-wallets like PayPal and Skrill.

Its reputation has been tarnished by legal and regulatory challenges, including a high-profile ban from U.S. markets due to deceptive practices in 2017. Despite these issues, the broker remains operational and regulated in other jurisdictions. FXCM, established in 1999, is a global forex and CFD broker with over two decades of experience in the financial trading industry.

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.

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.

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.

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.