thight spread,
fast execution,
no requote,
little minimum deposit…
One must remember brokers receive their quotes from huge central banks that control the market. News releases allow these institutions to manipulate price as seen to their advantage.
For a smart trader, one of two things must be done: close your trade until after such release or eliminate using a stop loss for these time periods. As a rule, price will gravitate back near prior to these releases.
Tim
Not ever traded with any of these 3 and only heard about Oanda, so perhaps that’s the best out of these 3 at least but i won’t say it is best overall.
There are no requotes with FXCM. We offer fast execution, and as you can see from this live table, our spreads are very competive. Furthermore, with our new Mini Account, you can start trading with as little as $50.
Below are the latest financial data from the CFTC which show that more funds are on deposit with FXCM than any other retail forex broker in the US.
While I am only a noobie still and only trade with one broker, after reading this thread I will probably stay with this broker for a few reasons…
Their charting platform is easy to use, their spreads seem fair to me and they are the ONLY broker to have a representative present on this and other forums, as far as I know, and that broker is FXCM. Any orders I’ve placed have executed instantly, I’ve received various phone calls and emails offering assistance should I require any, and all together, I like them a lot. Maybe I am unaware of some things due to not having a live account yet but once I feel I am ready to open one, it will be with FXCM. Respect to Jason for taking the time to answer people’s queries and offer help and advice on here as I’m sure being an FXCM employee must mean you have a busy day most days.
Oanda I wouldn’t touch with a barge pole as they seem to manipulate their prices too much around news events and their customer service doesn’t seem as friendly.
Don’t forget I’m only a noobie so take this post with a pinch of salt as I lack the experience of others but in my honest opinion and from first impressions, FXCM are good. I can’t say the best because i dont know that but they are good.
Thanks for the feedback, Majorero :57:
In regards to making the most out of your demo trading to prepare for trading live, you may find this earlier discussion useful: 301 Moved Permanently
Why has FXCM not allow the use of Expert Advisor on their metatrader mini account?
Konnichiwa, Dojisan! 
It’s common to find Expert Advisors that trade in and out of the market quickly. For this reason, such strategies are best suited to the No Dealing Desk (NDD) forex execution that FXCM provides for Standard Accounts.
On the NDD model, FXCM offsets each of your orders one-for-one with the best prices from competing liquidity providers. That means we don’t profit from your losses, or lose from your profits. Instead, we profit from your trading volume, which makes the NDD model ideal for Expert Advisors.
Is a micro account NDD with FXCM too?
Hi Majorero,
Just to clarify, all FXCM accounts allow you to trade micro lots where you’re risking 10 cents per pip.
Standard Accounts trade on No Dealing Desk (NDD) forex execution, while Mini Accounts trade on dealing desk execution. You may also find this earlier discussion about our account types useful: 301 Moved Permanently
Hi Jason
I checked your website and can’t find any reference to starting with $50. In Canada, its handled through Friedburg and they mention only a minimum of $5,000. There is also no reference to a micro account. As someone who has been following for a number of years, I’ve noticed these things change. I love your platform but would prefer the minimum and micro options you refer to. What are my options?
I’ve also noticed on FXCM.UK I can’t find how to open a micro account but I know I’ve read it on the FXCM site before. My demo account is also a micro account but had a starting amount of €2000. How does this work?
I have been with Oanda for 4 weeks now. I started with a demo account then I was offered zero spreads for one month , There are no commissions with Oanda and also as a special offer they would add $100 to your account no matter how low your account opening was. I could not refuse this offer and i have found them to be very honest and with a 24 hour helpline I think they tick all my boxes.
Hi Majorero,
We use to have a micro account type in the past, but no longer. That’s because all FXCM accounts now let you to trade micro lots where you’re risking 10 cents per pip.
The minimum to open a Standard Account is €2000, while the minimum to open a Mini Account is €50. Both Standard and Mini accounts will let you trade micro lots.
fxcm is the best
Jason
I was wondering about my Canadian options with fxcm. As I mentioned, I see no micro accounts offered and the minimum deposit shown is $5000. Whassup?
Hi Paul,
Canadian traders can open up a forex account with Friedberg Direct to get access to FXCM’s platforms. At this time, the minimum to open a Friedberg account is $5000, but you can trade micro lots (10 cents per pip) on this account.
Jason,
$5,000 is a little more mad money than I planned to start with. Can I sign up with FXCM in UK or US?
So all the hoopla over fxcm being an ecn is only good for those who have the big money to trade standard lots…somehow doesn’t surprise me. Nobody goes out of the way for the little man; always catering to the big boys.
Been demoing with Oanda and phone app is all important for me at work. They just upgraded(???) their version and is absolutely all over the map. They just lost me as it is so user unfriendly and after drawing s/r lines for a pair, couldn’t rid of the draw here box. Why do corps change good when nobody is asking for better? These geniuses continue to baffle me.
Na zdrowie,
Tim
All clients in Canada must set up their accounts through Friedberg for local regulation by the Investment Industry Regulatory Organization of Canada.
We have similar requirements for our clients in the US who must trade through FXCM US, and our clients in the UK who must trade through FXCM UK for location regulation by the CFTC and FCA respectively.
I will update you, if a Mini account option becomes available in Canada.