FXCM Trading Station II

Overview

Few brokers have attracted such vehement and opposing views as FXCM. As one of the largest Forex brokers, it is not surprising that a few people have had bad experiences. However, they are headquartered in New York, and regulated in the USA, Canada, Hong Kong, and Great Britain so, unlike offshore brokers, you should have adequate legal recourse for any true grievances. Here are our experiences.

Opening an Account

Here is the download screen

Firstly, the FXCM software was downloaded and installed, and when run required a username and password which we had not been given. We went back to the website, and this time successfully opened a demo account which requires only your name, address and telephone number. The opening screen of FXCM Trading Station looks like this –

FXCM Trading Station II is FXCM’s own platform, and they do also offer MetaTrader if you prefer.

When you have practiced demo trading, you simply click on the Apply Now tab which opens a webpage for you to enter your personal details and open a live account.

Basic Trading

As you can see from the screenshots, the software presents large buttons to instigate trading. Pressing one of these brings a pop-up screen which allows you to adjust the amount, or even switch from buying to selling if you wish. A mini five minute chart is also available from this pop-up, and shown in this screenshot --

This allows you precise timing of your entry. The interface is intuitive and easy to use, and there are a full range of features available on the tabs and drop down menus.

If you go to the Charts menu you have the option of opening FXCM’s MarketScope, which gives you a set of charts as follows --

These charts are fully customizable, offering a whole range of indicators, some of which are illustrated above. There is a choice of 16 languages to be had, including Chinese, Japanese, and Arabic.

Pros v. Cons

• √ Easy to use.
• √ You can turn on one click ordering for speed.
• √ Comprehensive trading tools available.
• √ One of the largest Forex brokers.
• √ US-based, with regulation in other countries too.
• x Complaints about FXCM on the Internet -- these seem to be in the minority, and most users are satisfied.

Summary

• Price: Free.
• Ease-of-use: 4.8/5.
• Value for money: 4.5/5.