In the world of binary options, there is no doubt that the broker you choose is the most important thing. Brokers are an integral element within this world and help ensure the funds you invest into binary options are protected. Brokers have the authority to provide their clients with information such as the expiry date of a binary options contract, the maximum payout, and other essential data.
The FXCM broker is thought to be one of the most trustworthy if you are a binary options trader who likes to use advanced trading tools and does good market research. If you are looking for a new broker to carry out your binary options trades, FXCM is without a doubt a great option.
However, with so many options to choose from, you probably have your reservations. Within this blog, we discuss everything you should know about FXCM broker before opting for it.
What Is FXCM?
FXCM is a UK-based broker that offers CFD (Contract for Differences) and Forex trading. FXCM is an abbreviation for “Forex Capital Markets” and was established in 1999. The broker initially began its operations within the boundaries of the United Kingdom. Today, it is used by thousands of people globally and is the first to be listed on the New York Stock Exchange.
The trading provider allows traders to assess foreign exchange market trends. One of the main reasons this platform has become so popular among traders is that it gives users so many opportunities. Traders can choose from a range of well-known indices and commodities, like crude oil and gold.
Is FXCM Safe?
Before a user chooses a broker, they need to do enough research to make sure they’re making the right choice. The first part of their research must base itself on whether the broker can be relied upon and is safe. Over the past few years, the number of scammers has grown by a factor of ten. Therefore, users must ensure that the broker they are opting for is regulated and has obtained its license from an official institution.
When we consider FXCM’s safety, the platform is regarded as low-risk and has an overall trust score of 96 out of 99. The Forex Capital Market (FXCM) is authorized and regulated by the Financial Conduct Authority within the United Kingdom. FXCM is also governed by the Australian Securities and Investments Commission (ASIC) and the Financial Sector Conduct Authority (FSCA) in South Africa.
The broker also offers its services in Cyprus, where it established FXCM EU Ltd. and applied to get licensed by the Cyprus Securities and Exchange Commission.
Numerous top-leading financial regulators have authenticated this broker. Additionally, FXCM’s registered entities ensure they take several precautions to make your trading journey hassle-free and as smooth as possible.
One of the leading reasons why FXCM is regarded as one of the most reliable and safest brokers is due to the features it offers. One such feature includes negative balance protection. The feature ensures that a user cannot lose an amount greater than the funds on their account. Because of this, FXCM is a well-known platform, and they always put the safety of your money first.
What are the Tradeable Items Offered on FXCM?
FXCM is known as a forex broker. The broker has thirty-nine currency pairings available for trading. In addition to the currencies, the broker also has a growing selection of 300 CFDs, including fractional shares and forty-four forex pairs.
Additionally, users can trade cryptocurrencies through CFDs, as the brokerage recently launched five cryptocurrency CFDs and a cryptocurrency basket. Even though the things you can trade may seem limited, FXCM has assets that are good for both beginners and experts.
What are the Different Types of Accounts on FXCM?
FXCM allows users to choose from four different types of accounts. The account types include standard, active trader, Islamic, professional, and spread betting accounts. Most people opt for creating a standard trading account, as they are granted access to thirty-nine forex currency pairs. Along with that, CFD markets on commodities, key indices, bonds, and metals are all included in the standard account.
Creating an account on the platform is relatively straightforward. All a user needs to do is input their details, comply with the KYC regulations, and submit documentation to prove their identification and place of residence.
The broker allows users to trade on various platforms like NinjaTrader, TradeStation, TradingView, and MT4. Additionally, a user may fund their account using a credit/debit card, bank account, UnionPay, or Rapid Transfer. FXCM also offers mobile users a smooth and rich experience.
Conclusion
The bottom line is that FXCM is undoubtedly one of the finest brokers available. The broker has a good reputation because it has a long list of rules and a lot of different features. It also provides a ton of educational material and is straightforward to use. Therefore, FXCM is an excellent choice for beginners.
