Growing Online Income

Choosing The Right Forex Broker For Trading Success

2.96K 0

Trading forex has gained in popularity over the past few years. More and more traders are getting into trading currencies and are loving every minute of it. Because of the increase in demand, there has been a slew of new forex brokers to come to the market. Researching each and every one of these sites will take you considerable time, but it must be done to ensure you use a broker that is a good fit for you. Luckily, you don’t have to search through every broker, simply start with FXCM.

FXCM forex is a broker that stands out in a crowded field. They have so much going for them and very little going against them. The fact that they have stellar reviews on various forex reviews proves just how much people love to trade using FXCM.

Here is a great breakdown of the advantages and disadvantages of FXCM.

Advantages of FXCM

US Clients: This might seem like an odd thing to list at the start, but not all forex brokers allow US clients to trade. FXCM is one of the few and as a result, it makes it an advantage.

Worldwide Offices: Even though they are open to US clients and are based in the US, they have offices and affiliates throughout the world. This is a great thing because if you travel a lot, you won’t have to worry about what time it is back home so you can call with a support question. You can simply take advantage of a more local office.

24/7 Support: But let’s say you still want to call back home for your support question. No worries as support is available 24 hours a day, 7 days a week.

Access To News: Currencies change based on the news. Therefore, it is crucial for you to stay up to date on what is happening in the world. With an account with FXCM, you have access to a free news site to help you make smart trades.

Tight Spreads: The spread is where the money is at. While other brokers have a large spread benefitting them and hurting you, FXCM has a tight spread so you can make more money on every trade. Just how tight are the spreads? They go as low as 1 pip.

Free Demo Account: Trading currencies has a learning curve to it so FXCM offers a free demo account. Simply create your free account and you can virtually trade without it costing you a penny. This is a great way to get your feet wet with real world experience while eliminating the risk.

Disadvantages of FXCM

There is one disadvantage I have to list. On the surface it might make some traders balk, but read through it and see that it really isn’t a bad thing overall.

High Account Minimum: To open an account, you need to fund it with at least $2,000. Now again, before you balk, this isn’t a deal-breaker. Yes it stinks if you were looking to get started with less money, but if a broker meets all of you other criteria, then a higher account minimum should not be the stumbling block. The solution is to simply save a little more money and then begin trading.

So there you have a complete FXCM review. As you can see, the advantages heavily outweigh the disadvantages. Start doing some research on forex brokers and you will come to find this time and again. FXCM rises to the top because they are simply that good.