Demo account_which one to choose from?

I read that with a demo account offered by various brokers, if gives me the opportunity to learn risk-free and in turn get me to partner with them. How can one know which broker to choose from??? Kindly recommend. Has anyone heard about FXTM? How are their services like? Thanks

Welcome to the forum.

There’s a whole section of the forum for discussing “which broker” (for demos and real accounts), so this is the place to look (and/or to ask), really: [B]301 Moved Permanently

You mean “FXCM”, perhaps? They have a [I]very[/I] long history of adverse regulatory proceedings and fines, in many countries. This thread may help you: [B]301 Moved Permanently

Actually, I believe Tooglorious was referring to another broker, but since you mentioned FXCM, allow me to respond for others who read this thread.

It’s important to understand that as an industry leader, FXCM is subject to a greater level of scrutiny than smaller, less-regulated forex brokers. We are one of the only retail forex brokers in the world that’s regulated on four continents and a publicly-traded company (NYSE ticker: FXCM) averaging $15.2 billion per day* in retail customer trading volume. We welcome this position of responsibility, and our retail clients who place 513,724 trades through us per day* are glad we do.

FXCM takes regulations very seriously and believe it is in our clients’ best interests for us to have regulatory oversight and transparency. That’s why we have over 80 employees in our compliance department as mentioned by our CEO Drew Niv in a recent earnings call. That’s not to excuse previous regulatory actions, but rather to emphasize how we actively work with our regulators to resolve issues and ensure the best trading environment possible for our clients.

For example, the NFA and FCA actions for positive slippage not being passed on prior to 2010 have been mentioned previously on this forum. FXCM reimbursed current and former clients who were affected in full. Furthermore, the changes we made in 2010 mean that FXCM is now one of the only firms in the industry to pass on positive slippage on all order types including market and limit orders.

It’s worth noting that to this day, some brokers may still not provide positive slippage to their clients, while others may provide positive slippage on some order types, but don’t provide it on other order types. Some brokers may re-quote their clients when the price moves in their clients’ favor but fail to re-quote when the price moves against them. There are no re-quotes at FXCM.

Furthermore, FXCM offers true limit orders on all the platforms we offer including MT4. That means our clients cannot receive negative slippage on their limit orders, only positive slippage. By contrast, some brokers treat limit orders on MT4 like market orders when triggered opening up the possibility of negative slippage.

When FXCM was founded in 1999, we were one of the pioneers in what is still a relatively young and quickly evolving industry that is retail forex. The key to our continued growth and success while others have come and gone is due in no small part to our ability to adapt to and lead change in this market. The stats below demonstrate this.

Below are the data from over 43 million orders executed through FXCM over a twelve month period from September 2013 through August 2014. In that year alone, FXCM clients benefited from over $21 million in positive slippage.

[ul]
[li]76.2% of all orders had no slippage.[/li][li]13.5% of all orders received positive slippage.[/li][li]10.2% of all orders received negative slippage.[/li][li]Over 58% of all limit and limit entry orders received positive slippage.[/li][li]52% of all stop and stop entry orders received negative slippage.[/li][/ul]

Note how FXCM clients receive positive slippage more frequently than negative slippage. That’s due in part to the Market Range and Range Entry order types on our Trading Station platform that allow clients to specify the amount of negative slippage they are willing to accept on market and pending orders respectively. These unique order types allow FXCM clients to limit their negative slippage while still receiving the full benefits of any positive slippage that’s available in the market.

[I]* As of the latest publicly available data from October 2015[/I]

Welcome to the forum, Tooglorious :slight_smile:

Most forex brokerages will offer you a free demo account to test their platforms, so there’s no harm in trying out several.

As FXCM’s representative here on BabyPips, I’m happy to answer your questions about the platforms we offer including Trading Station, MT4 and NinjaTrader.

This earlier discussion includes some tips that can help you make the most out of your demo trading: 301 Moved Permanently

All the best!

Jason

Learning risk-free is an illusion the majority likes to follow. In my opinion you cannot and will never learn how to trade in a demo account. The majority starts out in demo accounts and the majority fails as traders. In the end, you need to decide which road to take. In case you opt for a demo account, pick one with a broker where you would like to open a live account as well.

Thanks Lexys. My apologies for my appreciation coming a bit late. Still new to this forum. Anyway, it is better late than never. In my first post I was refering to FXTM and not FXCM. Have heard about FXTM, and how are their services like. I look forward to a honest response. Thanks

Jason Rogers (the FX[U]C[/U]M rep on this forum) and TheLastBear, in their replies above, have given you opposing points-of-view on the “demo account” question.

Lexy has directed you to a starting point for the serious business of researching and vetting brokers.

As for FXTM, here is the little that I know about them —

[B]FXTM (aka Forex Time Ltd)[/B] is a [I]Russian[/I] company, domiciled in Cyprus.

I put [I]Russian[/I] in italics, because it requires explanation. Forex Time Ltd (FXTM) was founded by Andrey Dashin, a Russian businessman, who previously founded Alpari (in Russia). Here is an article from [I]Finance Magnates[/I] (formerly [I]Forex Magnates[/I]), dated December 2012, on the opening of FXTM in Cyprus.

Founder of Alpari Andrey Dashin launches a new forex brand - ForexTime | Finance Magnates

FXTM was founded in 2012, with physical premises in Cyprus (Limassol), in the U.K. (London), and in Nigeria. They have “telephone” connectors in various other countries (see their website for a list and map).

FXTM is regulated by CySec in Cyprus, and by the FCA in the U.K.

According to their website, they do not deal with residents of the U.S., Canada, or Japan.

As for your broader question, “Has anyone heard about FXTM?” —

I want to encourage you to learn how to use the SEARCH feature on the [I]Babypips[/I] website.

At the top of every webpage, you will find the Search window. Simply typing [I]FXTM[/I] in that window and clicking the “magnifying glass” icon will bring up a list of threads and posts (with links) already archived on this site. By spending some time reading those resources, you can learn what a number of other [I]Babypips[/I] members have already posted about FXTM.

Well, now you have gotten five honest responses.

.

Thanks Clint. Will do what you have recommended.