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FCI Markets Review

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FCI Markets presents itself on its website as a reliable broker specialized in trading with Forex (more than 90 currency pairs), indices, and commodities. FCI Markets is registered in the United Kingdom. According to the information on the page, it is regulated by the Financial Conduct Authority (FCA).

We have verified that the owner of FCI Markets is registered under the name Foreign Currency Innovations Limited at: Suite 1C, Union House, 117 High Street, Billericay, Essex, CM12 9 AH. We remind you that Forex brokers who want to trade in the UK will be under the regulatory supervision of the FCA and must have a valid license. We have read that the British Financial Control Authority authorizes the company under reference 616985. After conducting an online verification of the FCA records, we have discovered that the information on the website is correct and the broker is legally offering its financial services.

This is a great advantage for customers since the regulation guarantees the segregation of accounts, that is, the deposits of customers, are separated from the bank accounts of the company, and therefore the company will be liable for any illegal aspect on the part of the broker.

Besides, the broker must fulfill other regulatory conditions favorable to customers, such as the brokerage participation in a compensatory system, whereby, in the hypothetical case of bankruptcy by the broker, losses caused to traders will be guaranteed up to an amount of 85,000 pounds per person.

ACCOUNT TYPES

FCI Markets has three accounts available to its customers, called MICRO, STANDARD, and PREMIUM accounts. Its features are as follows:

MICRO Account

Spread, from 1.4. Spread Type, Variable. Max Open Trades, Unlimited. Max Open Position (Lot), N/A. Max Trade Size FX (Per Instrument), $ 1.000.000 (10 Lots). Min Trade Size FX (Per Instrument), $ 1000 (0.01 Micro Lots). Leverage, up to 100:1. Hedging, Yes. Trading Platform, MT4, NetStation. Mobile Trading, MT4, and NetStation. Forex, 90+ pairs. Commodities, 5. Indices, 11. Min Deposit, $ 500. Stop Out Level, 10 %. Rollover Cost (Swap fees), rollovers apply eod. Commission, N/A.

STANDARD Account

Spread, from 0,8. Spread Type, Variable. Max Open Trades, Unlimited. Max Open Position (Lot), N/A. Max Trade Size FX (Per Instrument), $ 10.000.000 (100 Lots). Min Trade Size FX (Per Instrument), $ 10.000 (0.10 Mini Lots). Leverage, up to 100:1. Hedging, Yes. Trading Platform, MT4, NetStation. Mobile Trading, MT4, and NetStation. Forex, 90+ pairs. Commodities, 5. Indices, 11. Min Deposit, $ 2.500. Stop Out Level, 10 %. Rollover Cost (Swap fees), rollovers apply eod. Commission, N/A.

PREMIUM Account

Spread, from 0,2. Spread Type, Variable. Max Open Trades, Unlimited. Max Open Position (Lot), N/A. Max Trade Size FX (Per Instrument), $ 50.000.000 (500 Lots). Min Trade Size FX (Per Instrument), $ 50.000 (Mini Lots). Leverage, up to 100:1. Hedging, Yes. Trading Platform, MT4, Currenex, NetStation. Mobile Trading, MT4, Currenex, NetStation. Forex, 90+ pairs. Commodities, 5. Indices, 11. Min Deposit, $ 20.000. Stop Out Level, 20 %. Rollover Cost (Swap fees), rollovers apply eod. Commission, N/A.

We note that the main differences between the three accounts are, in the spreads, the minimum deposit, and the trade sizes (min and max). With this broker, it is not possible to open Islamic accounts (swap-free).

PLATFORMS

FCI Markets offers customers up to 4 different trading platforms, Son, FCI Netstation, MT4, MT5, and Clearpro. Some of its main features are:

FCI Netstation: Perhaps it is the most suitable application for a beginner trader. It is an advanced cloud-based FCI platform, which allows trading and analysis of the different assets offered by the broker. One of its main features is the flexibility and customization available to the user. Six different types of graphics. 27 different time scales. Graphics can be shared via email, Facebook, Twitter, and Instagram. Data can be exchanged from Microsoft Excel. Available as a free FCI Mobile Trader app for Apple, Android, and Tablet.

MT4: MT4 is the platform most appreciated for its excellent functionality, which adapts to the requirements of all traders, and its customized business strategies. MT4 provides various technical analysis tools, such as Charting, the ability to attach an automatic trading system (Expert Advisors), and Custom indicator. Also highly appreciated is its advanced graphics package.

MT5: MT5 is the MT4 update, although today, MT4 is still the platform most used by traders. Some features of the MT5 platform are, MT5 aims to be a more institutional platform, with many assets and offering high-quality trading possibilities, as well as technical analysis tools. Also, MT5 allows the use of automated trading systems (trading robots), as well as a trading copy tool.

ClearPro: Clearpro announces itself as a next-generation platform that stands out for its design. It has a modern interface, very intuitive, and easy to use. This platform is aimed at professional traders in the global forex market. Some of their marketing algorithms are, TWAP Fixed Time, TWAP Fixed Slice, Floating Passive, Floating Aggressive, TWAP Randomised, TWAP Randomised Market, and Participation.

LEVERAGE

The broker informs in the characteristics of his accounts that the leverage for all of them is 1:100, which we consider optimal leverage to trade. A novice trader who starts trading may ask the broker for a decrease in leverage so that his risk will initially be reduced, for example, to 1:30.

TRADE SIZES

The minimum and maximum trade sizes for each of the accounts are as follows:

Min Trade Size  Max Trade Size

Micro Account $ 1000 (0.01 Micro Lots) $ 1.000.000 (10 Lots)

Standard Account $ 10.000 (0.10 Mini Lots) $ 10.000.000 (100 Lots)

Premium Account $ 50.000 (0,50Mini Lots) $ 50.000.000 (500 Lots)

TRADING COSTS

With FCI Markets, trading costs are limited to spread (the difference between the purchase price and the selling price), since they report that in none of their accounts is commission applied for traded lots.

The other expense to take into account is the Swap or Night Financing, which is an expense that all brokers apply, except in Islamic accounts that have to comply with Sharia law. The Swap, is any position held overnight, which will incur a maintenance cost (interest). This amount can be negative or positive depending on the instrument and the direction of the position, and its amount is fixed by the central banks of the base currency of the open position.

ASSETS

With FCI Markets, you can trade with a wide variety of assets available for you. Over 90 currency pairs in Forex, 13 indices, which are, FTSE 100, S&P 500, NASDAQ 100, Dow Jones 30, Euro Stoxx 50, IBEX 35, CAC 40, Italy 40, DAX 30, Seng, Hang 225, Swiss Exchange, and ASX. There is also the availability of the most popular commodities, among others, gold, silver, and oil.

SPREADS

In the section, account features, report the minimum spread for the pair EUR/USD. In the case of the Micro Account, the spread is from 1.4 pips. In the Standard Account, it is from 0.8 pips, and in the Premium Account, it is from 0.2 pips. Indeed, being all of the accounts without commissions, the spreads of the Standard and Premium accounts are quite good.

MINIMUM DEPOSIT

We were able to verify that in the past, the minimum deposit required was USD 1,000, and was one of the entry barriers to this broker for beginner traders or with few resources. Today it is already possible, through the Micro account, to access from 500USD.

The other two accounts available require a higher minimum deposit. The standard account requires an initial deposit of USD 2,500, and the Premium account USD 20,000. Obviously, these last two accounts have more competitive trading conditions for their customers.

DEPOSIT METHODS & COSTS

We have not found on the broker’s website the deposit methods available to open a trading account. We have researched externally and have learned that the methods available at FCI Markets for deposits and withdrawals are credit and debit cards, bank transfer, and e-wallet Neteller, and Skrill. There are usually no deposit costs, except for the fees that your bank may charge you if you make an international transfer.

WITHDRAWAL METHODS & COSTS

Withdrawal methods are usually the same as those available for deposits. In this case, bank transfer, credit and debit card, and e-wallets Neteller, and Skrill. We have no information about the costs associated with withdrawals, as the information is not available on the broker’s website.

WITHDRAWAL PROCESSING & WAIT TIME

As with deposit and withdrawal methods, we have not been able to inform ourselves of the procedure for withdrawals or the withdrawal waiting times. We can say that usually, and with the experience of other brokers, the process times are generally 1 working day since the customer makes the withdrawal request. Once the broker confirms the withdrawal and depending on the method chosen, the waiting times are different. Withdrawals by bank cards and e-wallets, and between 2 and 5 business days of waiting time for an international bank transfer, are usually not delayed for more than 24 hours.

BONUSES & PROMOTIONS

FCI Markets has no bonuses or promotions at present. The broker has an Introducing Broker program. This program is made to reward individuals or companies who refer new clients, and they open trading accounts with FCI Markets. Every time one of the clients you have indicated to perform a transaction, your account will be rewarded in real-time. There is no limit to the number of clients or transactions that may be paid.

EDUCATIONAL & TRADING TOOLS

The broker has a Forex calculator, an economic calendar, fascinating to be able to consult the most important events of the day that can affect various assets, and also an introductory course on Forex.

The topics covered in the Forex introductory course are:

Global Foreign Exchange Markets, Value dates, and the 24-hour trading sesión, Who trades in these markets and why, Spot quotation conventions for major currency pairs, Trading base/fixed or terms / variable currency amounts, Direction implications are given market news and developments, Profit and loss calculations, Explanation of screen-based trading prices and information, Utilising stop-loss orders, and Approaches to making sure you make more money than you lose.

They also have an introduction to technical analysis charting course, its content is:

Historical information as a picture, Patterns, and repetition, Traders’ attitudes to charting, Basic approaches, Trading channels, Trends, Defining various patterns and when they occur, Keeping it simple to start with, Moving averages, Volume indicators, and Professional information feeds.

And a course of Forex Workshop & Course Topics: 

The role and influence of technical analysis in FX, Foreign currency investment and trade cash flows, Economic imbalances in world trade, Focus on Japan and the Yen, Commodity currencies, Speculation, and Hedge Funds, Order levels for large transactions, Foreign Exchange as a developing asset class, The Euro – Its flaws and attractions, and Central bank asset purchasing (Quantitative Easing).

CUSTOMER SERVICE

There are 3 main ways to communicate with FCI Markets customer service, are phone, email, and a contact form that you can find on the web. The data are as follows:

  • Suite 1 C, Union House, 117 High Street, Billericay, Essex, CM 12 9 AH.
  • Email: enquiries@fci-markets.co.uk
  • Phone: +44 (0) 203

You can also contact the broker through their social networks, Facebook, Twitter, Instagram, and Linkedin.

DEMO ACCOUNT

FCI Markets provides a Demo account to its customers. To get the demo account offered by FCI Markets, just fill out a form with your personal data, and they will respond with the instructions for installation. The broker’s chosen platform for his demo account is Clearpro.

COUNTRIES ACCEPTED

We have not found on the website information about countries that may be restricted to opening an account with FCI Markets. For our part, what we have done is a simulation of account opening, and in the countries section, we have detected that the United States of America, Iran, Iraq, Libya, and Syria are not on the list, so we think these jurisdictions aren’t fit to open an account with FCI Markets. In case of doubt, before opening an account, it is possible to contact customer service and ask if your nationality is suitable to be a customer of this broker.

CONCLUSION

Advantages:

  • Well-regulated and reliable broker (FCA).
  • Wide variety of commercial platforms to choose from.
  • Tasty variety of marketable assets.
  • Right business conditions in Standard and Premium accounts, but the required deposit is high (2,500 USD and 20,000 USD, respectively).
  • Favorable customer reviews have been found in several external forums.

Disadvantages:

  • The minimum deposit to open an account (500 USD) could be lower.
  • There is no precise information about deposit and withdrawal methods available; we have had to search for that information outside the FCI Markets website.

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