Deciding whether to take the plunge with FCXM

[moonlighttrader]

Over the past couple of months, I've been able to try out several different platforms and brokers in demo mode. I am getting close to making a decision on what broker to go live with. I've narrowed it down to two choices, of which FXCM is one.


I really like the FXCM software, as well as the overall service and support provided both here, and on their website. That being said, there are a couple of items provided by "broker #2"...(which I won't name specifically in this thread out of respect to Jason and the FXCM team), that I really like. As I couldn't find anything on the FXCM website to indicate they offered these items, I thought I would pose them here....Both questions are in the context of a micro account if it matters....although if they are offered on standard I'd be curious as well.


1) Does FXCM offer a debit card that can be utilized for withdrawals? If not today, is it planned? This is a very nice feature, that allows for quick, low cost access to funds. This I'd consider a nice to have, but not necessarily a showstopper.

2) Does FXCM offer non-expiring demo accounts to their "live" account customers? The general public demos expire in 30 days. For a new trader such as myself, I'd really like to have a demo alongside a real account to test new/alternate strategies. I'd also prefer that the test account be the same software platform and broker as my live account, to keep everything consistent.

Thanks for any insight on these questions.....

[Jason Rogers]

Over the past couple of months, I've been able to try out several different platforms and brokers in demo mode. I am getting close to making a decision on what broker to go live with. I've narrowed it down to two choices, of which FXCM is one.....

Hi Moonlight,

Thanks for your post. All demo accounts on the FX Trading Station II expire after 30 days, and MT4 demos expire after 60 days. This is done to help improve performance on the demo servers so that they do not become overloaded. You can register for as many demos as you want.

For withdrawal options, there is no credit/debit card feature, but the withdrawal methods available could vary depending on whether you choose a micro or standard 10k account.

For micro accounts, if you're a US resident, the withdrawal will be sent back to you by paper check. If you're an international client, the funds will be sent back by bank wire.

For standard 10k accounts, you have additional options for withdrawal. The possible methods for withdrawal are paper check, bank wire, ACH transfer, or credit/debit card (if you funded by credit/debit card).

All of the withdrawals can be requested online through www.myfxcm.com without having to submit a paper form.

-Jason

[moonlighttrader]

Jason,

Thanks for the reply and the information.

On the demo, I can understand wanting to keep those accounts cleaned up. As long as FXCM allows multiple demos (at least after each one is expired), it shouldn't be a major problem. I was afraid I'd get an error if I used the same info to re-register (email address etc). I'll give it a try and let you know if I encounter any issues.

Thanks again.

[Jason Rogers]

Jason,

Thanks for the reply and the information.

On the demo, I can understand wanting to keep those accounts cleaned up. As long as FXCM allows multiple demos (at least after each one is expired), it shouldn't be a major problem. I was afraid I'd get an error if I used the same info to re-register (email address etc). I'll give it a try and let you know if I encounter any issues.

Thanks again.

I just learned that our demo expiration settings have changed. The demo will only expire if the account has been inactive for 30 days.

This means your demo will not expire as long as it does not remain inactive for a 30 day period. Should make it easier for you to do long term testing on strategies.

[Brolin8]

I just learned that our demo expiration settings have changed. The demo will only expire if the account has been inactive for 30 days.

This means your demo will not expire as long as it does not remain inactive for a 30 day period. Should make it easier for you to do long term testing on strategies.

Does this still apply?

[Jason Rogers]

Does this still apply?

Hi Brolin,

Yes, as long as you place a trade on your demo at least once every 30 days, it won't expire. We expire inactive demos to keep room on our demo servers for new users that register every day. How are things going with your demo account?

Jason

[Brolin8]

Hi Brolin,

Yes, as long as you place a trade on your demo at least once every 30 days, it won't expire. We expire inactive demos to keep room on our demo servers for new users that register every day. How are things going with your demo account?

Jason

Nice.

Regarding my demo, I've blown up almost half of the account. But I've been careless with my trades. I'm just experimenting certaing things. I like the platform, but one big issue that I'm having so far is the big spreads. I also demo with another company and they show tighter spreads on their platform.

[Jason Rogers]

Nice.

Regarding my demo, I've blown up almost half of the account. But I've been careless with my trades. I'm just experimenting certaing things. I like the platform, but one big issue that I'm having so far is the big spreads. I also demo with another company and they show tighter spreads on their platform.

Hi Brolin,

Spreads are important. In addition, there are also other factors you should consider when choosing a broker, such as the quality of trade execution you get, the quality of the trading platform, access to research and educational resources, and the safety of your funds. FXCM is proud to offer many value-added services including free educational content and trading signals through DailyFX PLUS and an award-winning trading platform in addition to other options such as MT4 and Mirror Trader, etc. We are also a publicly-traded company listed on the New York Stock Exchange providing you with another level of transparency. In the end, you have to decide how many trades you intend to place per month and determine whether the spread you pay is worth these advantages. If you have any questions related to this, I am happy to discuss them with you.

Jason

[Brolin8]

Not now, hehehe. But I appreciate your patience and professionalism in answering my questions.