Home Forex Trade FCM Review

Trade FCM Review

172
0

Trade FXM doesn’t offer a huge amount of information about themselves. The Glasgow based broker tries to stand out from the crowd with instant withdrawals, a wide variety of deposit/withdrawal methods, multiple trading platforms, more than 80 currency options, technical analysis, more than 120 tradable assets, free VPS and more. We will be using this review to see the services in action and so you can decide if they are the right broker for your trading needs.

Account Types

Should you decide to sign up with Trade FCM, there will be a choice of 4 different accounts, each having its own trading conditions and requirement. Here is a brief overview of them all.

Mini Account:
This account requires a deposit of $500, it has spread starting from 1.6 pips and minimum trade sizes of 0.01 lots. The maximum leverage available is 1:1000 and it uses market execution. Trade sizes go up in increments of 0.01 lots and the margin call is set at 60% with the stop out level at 40%. The account comes with a personal account manager, there is also a commission on the trading and a 30% welcome bonus is available.

Standard Account:
This account requires a deposit of $1,000, it has spread starting from 1 pip and minimum trade sizes of 0.01 lots. The maximum leverage available is 1:1000 and it uses market execution. Trade sizes go up in increments of 0.01 lots and the margin call is set at 40% with the stop out level at 20%. The account comes with a personal account manager, there is also a commission on the trading and an 80% welcome bonus is available.

Gold Account:
This account requires a deposit of $2,000, it has spread starting from 0.8 pips and minimum trade sizes of 0.01 lots. The maximum leverage available is 1:1000 and it uses market execution. Trade sizes go up in increments of 0.01 lots and the margin call is set at 40% with the stop out level at 10%. The account comes with a personal account manager, there is also a commission on the trading and a 50% welcome bonus is available.

Professional Account:
This account requires a deposit of $5,000, it has spread starting from 0.6 pips and minimum trade sizes of 0.01 lots. The maximum leverage available is 1:1000 and it uses market execution. Trade sizes go up in increments of 0.01 lots and the margin call is set at 40% with the stop out level at 10%. The account comes with a personal account manager, there is also a commission on the trading and a 40% welcome bonus is available.

Platforms

There are two different platforms on offer from Trade FCM and both of them are from MetaQuotes. Let’s briefly look at the features included in them.

MetaTrader 4 (MT4):
The powerful MetaTrader 4 trading system allows you to implement strategies of any complexity. The Market and pending orders, Instant Execution and trading from a chart, stop orders and trailing stop, a tick chart, and trading history, all these tools are at your disposal. Thousands of free and paid signals with various profitability and risk levels working on a demo and real accounts are at your fingertips. MetaTrader 4 provides the full-fledged environment for the development, testing and optimizing algorithmic/automated trading programs. The platform is also usable as a desktop download, mobile application or from within your internet browser in the form of a web trader.

MetaTrader 5 (MT5):
MetaTrader 5 is a multi-asset platform that allows trading Forex, stocks, and futures. The platform represents the all-in-one concept and offers impressive analytical tools. It allows opening up to 100 charts of currency and stock quotes at a time. The 21 timeframes available enable a comprehensive detailed analysis of all minor price movements. You can subscribe to a signal of a successful trader, and MetaTrader 5 will automatically reproduce all his trades on your account. The platform, just like MT4 is accessible as a desktop download, mobile application or from within your internet browser in the form of a web trader.

Leverage

The maximum leverage available on all accounts is 1:1000, this is rather high and we would not recommend using more than 1:500 due to it having a better risk and reward ration. Leverage can be selected when opening up a new account, we are not sure if it can be changed once an account is open.

Trade Sizes

Trade sizes on all accounts start from 0.01 lots and go up in increments of 0.01 lots. It is not known what the maximum trade size is or how many open trades you can have at any one time.

Trading Costs

The account comparison page indicates that there is an added commission on all of the accounts but nowhere on the site does it indicate what the commission actually is, so, unfortunately, we do not know what the trading costs for the accounts actually are. There are also swap charges, these are fees for holding trades overnight and can be viewed within the trading platform of your choice.

Assets

Unfortunately, there doesn’t seem to be a breakdown or product specification of the available instruments so we cannot say what is available and what is not. This is a shame as a lot of potential clients may look for their preferred instrument and not knowing if it is available or not, will go and look elsewhere.

Spreads

As there is no breakdown of instruments we do not have exact examples of spreads, we can only go on what is described on the accounts page which we have outlined below. The spreads are variable which means they move with the market and any added volatility will often make the spreads grow larger.

  • Mini Account: Starting from 1.6 pips
  • Standard Account: Starting from 1 pip
  • Gold Account: Starting from 0.8 pips
  • Professional Account: Starting from 0.6 pips

Minimum Deposit

The minimum amount required to open up an account is $500 which allows you to open up a Mini account. It is no known to us if this amount reduces once an account has already been opened.

Deposit Methods & Costs

There are quite a few different methods available, the ones listed on the site are Visa, MasterCard, Visa Electron, Maestro, American Express, Diners Club, JBB, Discover, Skrill, PayPal, Neteller, and Bank Transfer. The information that is missing is in regard to any potential fees so we are not sure if there are any added by Trade FCM.

Withdrawal Methods & Costs

It appears that the same methods are available for withdrawing, for clarification these are Visa, MasterCard, Visa Electron, Maestro, American Express, Diners Club, JBB, Discover, Skrill, PayPal, Neteller, and Bank Transfer. Just like with deposits there is also no information regarding any potential withdrawal fees.

Withdrawal Processing & Wait Time

Unfortunately, we do not have any information on withdrawal times. We would hope that any requests would be fully processed between 1 to 5 days from the date of the request depending on the method used.

Bonuses & Promotions

There is something called a Champion Account, this account will give you a margin bonus up to 200% ($5,000 max) and you also get $2 per lot traded. The margin bonus is for treading only and cannot be withdrawn but any profits can be. The full terms of the promotion are not sated on the promotion page.

Educational & Trading Tools

There is a trading central available to clients, we did not have access to it as we did not have a fully verified account. The trading central apparently offers analysis, signals and more, but we cannot clarify this or the actual quality of the content.

Customer Service

Should you need to contact the customer service team you can do it via an online submission form. Simply fill in your question and you should get a reply within a day or so. You can also use the phone number, postal address, or email provided.

Address: 4578 Marmora Road, Glasgow, D04 89GR
Email: Support@tradefcm.com
Phone: +44-2081337628

We did test the live chat function and are happy to report that we did receive a response quickly and did have all of our questions answered.

Demo Account

Demo accounts are available and allow you to test out the trading conditions and strategies without any risk. When signing up for a demo account you can choose between any of the four account types and so the account will mimic the condition of the one selected. We do not know if there is an expiration on the accounts though.

Countries Accepted

This information is not present on the site and so if you are thinking of signing up for an account we would suggest contacting the support team to check your eligibility prior to creating an account.

Conclusion

The four different accounts don’t actually provide you with that much variety. The major differences are in the spreads. There are added commissions but we don’t know what they are, so the full trading costs are not known to us. Along with this is a lack of information on the tradable assets, not knowing what is available can make it hard to gauge if it is worth signing up, especially if you have some prefeed instruments. Talking of missing information, there isn’t anything in relation to deposit or withdrawal fees which is another shame. There is just too much information missing for us to be able to recommend Trade FCM as a broker for your trading needs.

LEAVE A REPLY

Please enter your comment!
Please enter your name here