FCMarket claims to be one of the most outstanding and reliable online forex trading consultants in the industry. Some of the features listed on their company profile include:
- Trade Forex, Indices, Commodities & CFDs
- Tight Spreads from as low as 0.1* (EURUSD)
- Flexible leverage up to 1:1000
- EAs, Scalping, and Hedging allowed
- Winner of 18 Industry Awards
- Only top tier international banks are used
- Client funds are held in segregated accounts
- Full transparency
- Swap-free Islamic Account
- Premium Account from just $500
- VIP Account for the ultimate trading experience
- Licensed by SVG FSA
Looking at this list and information around the site we can already see a lot of potential contradictions. FCMarket seems to use the services of multiple different brokers to help create their own, mixing and matching, and we will outline these collaborations as we go through this FC Market review.
We believe that there may be more than one account type, however, there aren’t any definitive differences shown apart from the odd account name here and there. As we go through the review we will outline any potential differences in the accounts in each individual section so you can get a better understanding of what is on offer.
FXMarket uses MetaTrader 4 as its trading platform, MT4 is one of the most used and trusted trading platform which has a whole host of features including:
- Working with securities of Forex, Futures and CFD markets
- Instant Execution, Request Execution, Market Execution
- Confidentiality of all trading operations
- Unlimited charts quantity
- Support of various timeframes (from minutes up to months)
- A large number of technical indicators and line studies
- Experts, Custom Indicators and Scripts
- MultiLanguage program interface
- Realtime data export via DDE protocol
- Signals of system and trading actions
- Getting on-line news from financial markets
- Internal e-mail system
- Printing charts and completed trading transactions statements
- Accessible as a desktop download, mobile application, and web trader.
Strangely the site indicates that you will be downloading the FxPro MT4 platform rather than its own.
If your account has less than $400,000 then you can have a maximum leverage of 1:400. If your account has a balance over $400,000 then your account can be leveraged up to 1:100. You can select the leverage when opening up an account and can change it by contacting the customer service team with the change request. The opening statement from the broker indicates that the maximum leverage available is 1:1000 so this is a little contradictory to the rest of the information on the website.
A lot is equal to 100,000 units and the minimum trade size is 0.01 lots. Trade sizes go up in increments of 0.01 lots so the next trade would be 0.02 lots and then 0.03 lots. We do not know what the maximum trade size is or how many open trades and orders you can have at any one time.
We do not know if there are any additional commissions as the information is not present on the site. We do know that there are swap charges which are fees charged when you hold a trade overnight, and these can be viewed within the MT4 trading platform and can be both positive or negative.
The asset list provided comes from HF Market, so it seems like they use the same assets provided by them, we have outlined them below.
Forex Minor Pairs:
AUDCAD, AUDCHF, AUDJPY, AUDNZD, AUDUSD, EURAUD, EURCZK, EURDKK, EURHUF, EURNOK, EURNZD, EURPLN, EURZAR, GBPAUD, GBPNZD, GBPZAR, NZDCAD, NZDCHF, NZDJPY, NZDUSD, USDCNH, USDCZK, USDDKK, USDHKD, USDHUF, USDMXN, USDNOK, USDPLN, USDRUB, USDSEK, USDSGD, USDTRY, USDZAR, ZARJPY.
Palladium and Platinum
US Cocoa, Coffee, Copper, US Cotton No 2, Sugar #11
Indices (also available as futures):
AUS 200, FRA 40, GER 30, JPN 225, NETH 25, SPA 35, SUI 20, UK 100, USA 100, USA 30, USA 500.
Metals and Energies Spot:
UK Brent Oil, US Crude Oil, Silver (USD and EUR), and Gold (USD and EUR).
Metals and Energies Futures:
US Natural Gas, UK Brent Oil, US Crude Oil.
There are plenty of shares available including the likes of Apple, Boeing, Coca-Cola, Tesco, RBS, Microsoft, and Netflix.
The minimum spread starts from 1 pip. The spread is variable which means they move with the markets, the more volatility or lack of liquidity can cause the spreads to widen and grow larger. The different instruments will also have different natural spreads, so some will always be higher than the others.
The minimum amount required to open up an account stated on the FAQ is $500. However, on the account opening page, it states that the minimum required is $50, so we are not sure which figure is the correct one.
Deposit Methods & Costs
There are a few methods available to use to deposit, these are Bank Wire Transfers, Skrill (MoneyBookers), WebMoney, Neteller, Credit Card (Visa, Mastercard, Visa Electron), CashU, UKash, FinalPay. We do not know if there are any added fees, you should always check with your own bank or processor to see if they will add any outgoing transfer fees of their own.
Withdrawal Methods & Costs
The same methods are available to withdraw with, for clarification these are Bank Wire Transfers, Skrill (MoneyBookers), WebMoney, Neteller, Credit Card (Visa, Mastercard, Visa Electron), CashU, UKash, FinalPay. It is not stated if there are any added fees or not, but some banks and processors will charge a fee for incoming transfer processing. Make sure to check with the method you use to see if there are any added commissions from them.
Withdrawal Processing & Wait Time
It can take up to three days for a withdrawal request to be processed by FCMarket. It can then take an additional 1 to 5 working days based on the method used and its own processing times.
Bonuses & Promotions
There does not appear to be any bonuses on offer, you could always check with the customer service team to see if there are any coming up that you could take part in.
Educational & Trading Tools
There are some very basic information pages provided which make up the majority of this section, they cover topics such as: What is Forex?, Forex History, Margin & Leverage, What is CFD?, Technical Analysis and Fundamental Analysis. There is also a forex glossary that details different trading terms so you can refer back to if you come across something you do not know the meaning of. There is also an economic calendar that details different news events and what potential impact they could have on the markets.
The customer service team is available 24 hours a day from Sunday to Friday. The only method of communication provided ina via email address. This is a little disconcerting as many people prefer to speak to someone directly, so having a phone number available would be beneficial for those clients.
Demo accounts are available. You will need to download the MT4 platform and open up a demo account within it. Due to this, we do not know what the trading conditions are but would hope that they will match the live ones. We also do not know if there is an expiration time on these demo accounts. Again it mentions the FxPro demo accounts and not their own, you can use these accounts to test out new strategies without any real risk.
This information is not present on the site so if you are thinking of signing up we would recommend contacting the customer service team prior to opening up the account, just to make sure that you are eligible.
There is quite a lot of confusion and some noted contradictions on the FCM website. The leverage has different values, as does the minimum deposit. Some information is taken from FCMarket directly while other bits come from FxPro and HFMarkets, so we do not really know what is going on as we have seen a broker take information from multiple other brokers before. The trading conditions that are on offer are average and the spreads are acceptable, but we do not know if there are any added commissions on the trading. Plenty of assets are available. Another downside worth mentioning is the limited ways to get in contact with the customer service team. We never really like brokers that use aspects of other brokers to build their own service, this along with all the discrepancies in the information can make FCMarket and hard broker to recommend.