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Find out the history of forex trading, how it works and how to trade. Note this is an educational site only and not for the purposes of forex trading.

Forex Capital Markets

Forex Capital Markets (FXCM) LLC is a forex brokerage firm with a huge presence in the US market. By early 2010, the company's capital was in excess of $100 million and it had operations on a global scale. The company is regulated by the National Futures Association (NFA) where it is registered as a Forex Dealer Member. Apart from the US, FXCM has offices in the UK, France, Hong Kong, Dubai, Germany and Italy. In these countries too, FXCM is regulated by the relevant bodies.

Several Trading Platforms
FXCM has several trading platforms. Like many renowned forex brokers, the company uses the popular MetaTrader 4 platform but traders at FXCM have some other options. While the popularity of MetaTrader 4 is undisputed because of its user-friendliness and the huge amount of data that it puts at the trader's fingertips, FXXM traders also get to enjoy the FXCM Trading Station. This station is divided into two - the basic and the advanced. The basic version, obviously for new traders, teaches traders how to stream quotes and various aspects of reporting. The advanced version, which is customizable, allows for hedging and trading from charts. Another platform available is the FXCM active trader platform for which a trader has to make a minimum deposit of $25,000 or, alternatively, trade more than 10m per month in notional volume.

A free practice account is offered by FXCM but this account expires after 30 days and any trader who wishes to continue trading has to open a live account. During the 30-day practice period, the practicing trader has access to the company's client services which include live chat and telephone support. The account opening process is rather complicated because, while traders are able to register online, the company also requires them to provide supporting documentation (birth certificates, proof of residence via utility bills and bank statements, etc) which, fortunately, can be sent as scanned documents. The company will not accept money from traders until the process is complete and it advices traders not to fund their accounts until they receive email confirmation that account setup is complete.

Deposits can be made using Debit and Credit Cards, Bank Wire Transfer and Paper Check - for the third deposit option, the trader can only pay in sterling pounds. Spreads at FXCM are generally low at 2 pips for the EUR/USD pairing and 3 pips for the GBP/USD pairing.

Trader Training
Traders at FXCM benefit from online free seminars that the company offers each day of the week. On Monday, the company offers an introductory seminar for beginners which teaches the basics of forex and how to move from virtual to live trading. The seminar on Tuesday goes a notch higher and teaches the trader how to use charts to place trades. The trader gets to learn market movements and how to identify signals for trading. The seminar concludes on Friday with tips on how to identify trading opportunities with the Euro.

Online Service Center The company offers clients a service known as MyFXCM - a website that allows traders to access their accounts 24/7 from any place that has internet connection. Through the website FXCM clients are able to see their account activity, deposit funds, transfer funds between accounts and, in general, manage their accounts in all aspects. In addition, FXCM traders obtain 24/7 live chat support. The site information is available in a number of languages including French, Italian, Arabic, Bulgarian and Turkish among others.

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Disclaimer: Please note that forex trading can involve a significant risk of loss and is not suitable for everyone.

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