fxcm review

Some in the trading community may express that FXCM is a good broker, while others may express otherwise. In the end, FXCM does what most brokers have, and it’s really up to you as a trader to know and be responsible for the risks you are willing to take. The customer service of FXCM is in English and French to provide the Canadians the chance to contact the broker in several ways. Traders can contact the staff by phone, email or live chat if they have any questions or problems. Various toll-free international telephone numbers also are available. Experience has shown that customer service is quick, so traders do not have to wait long for an answer.

This can be waived if you set up a pre-authorized contribution of at least $300 per quarter. Though, this gives FXCM’s products and services barred to certain clients depending on their location and country. This is due to the strict regulations given by the authorities of a country and can prove to be of inconvenience to some trading with them. FXCM is best known for offering its proprietary “Trading Station” software. This platform has a clean and modern look with an intuitive interface. It’s easy to see buy and sell prices for your trades, and you’ll be able to execute your orders with a couple of clicks of your mouse.

fxcm review

Only Canadian and U.S. stock exchanges are supported, with a commission of $9.95 per stock and ETF trade. When converting foreign currency, BMO InvestorLine charges a spread that can be as high as 1.75%. RBC Direct Investing is an online investing service offered by Royal Bank of Canada (RBC). Easy transfers to and from RBC bank accounts make this a convenient way for RBC clients to invest in a wide range of Canadian and U.S. securities, including stocks, bonds, GICs, mutual funds and ETFs. RBC does not offer other foreign stocks listed in other countries outside of Canada and the U.S. RBC Direct Investing covers up to $200 in transfer fees if you transfer $15,000 or more to RBC.

What are the pros and cons of using FXCM?

You can fund your account through online bill payment, electronic funds transfer (EFT), wire transfer, or by mailing a personal cheque. CMC Markets do not allow credit card or debit card deposits. For those looking to short stocks or to trade on margin, Qtrade’s margin rate is Prime + 1.55% for CAD and Prime + 1.25% for USD. Negative balances for cash and registered accounts come with heavy interest penalties. If you have a cash balance of more than $2 million, you’ll also earn interest at a credit rate of 0.10%. While QTrade commissions are higher than Interactive Brokers and Questrade, they are discounted compared to the big banks.

  • For all other accounts, a quarterly fee of $25 is charged.
  • Friedberg Direct charges a mark-up on the foreign currency spread as well as a small commission for each trade.
  • Since CMC Markets is a member of the Canadian Investment Protection Fund (CIPF), your deposit is protected up to $1,000,000.
  • We have participated in the live trading webinars several times and found them very interesting.

As you can see in our test report, we were pleasantly surprised by the broker’s offer in our test of FXCM. Numerous trading platforms and good conditions made a great first impression. Hi David,I’m very sorry to hear you had a poor experience with FXCM. We take our client support seriously and should be able to answer questions in real time.

FP Markets (Best Alternate)

We take our client support very seriously and I’m disappointed we let you down. FXCM offers friendly user platforms and a wide variety of products, recently added shares. They are always looking for innovation with new partnerships like Zulu and TradingView! RBC’s foreign currency conversion spread starts from 200 basis points (1.60%) and can go down to 0.10% for transactions over $2 million. A spread of 1.60% makes RBC’s currency conversion fee similar to Wealthsimple, but higher than Interactive Brokers’ spread of just 0.2 basis points. You can earn interest on your cash balance, however, this is paid at Prime – 5.50% for CAD accounts.

Forex Trading Signals Free Trial – FXCM

Forex Trading Signals Free Trial.

Posted: Sat, 02 Apr 2022 02:41:06 GMT [source]

While BMO has no minimum balance requirement, they do charge a $25 quarterly fee for non-registered accounts if your balance is less than $15,000. You can also avoid paying this $25 quarterly account fee by making at least two trades in six months. The account fee for registered accounts (RRSP, LIRA, LRSP, RIF, LRIF, RLSP, LIF, and RLIFs) is $100 per year if the account balance is less than $25,000. Friedberg Direct and FXCM are partnered to bring you forex trading platforms designed to meet your needs as an investor.

Is Forex Trading in Canada Legal?

Stock and ETF trades with CIBC Investor’s Edge only cost $6.95 per trade, a discount to the usual $9.95 at other banks, while option trades cost $6.95 plus $1.25 per contract. Just like the other banks, only Canadian and U.S. equities and options are offered. You will need to use another brokerage to access foreign markets. They offer equities, ETFs, mutual funds, options, GICs, bonds, and IPOs. Scotia iTRADE’s commissions are similar to other bank brokerages, with their stock commission being $9.99 per trade and options at $9.99 plus $1.25 per contract. You’ll also get free access to level 2 quotes for TSX securities.

  • Traders can contact the staff by phone, email or live chat if they have any questions or problems.
  • CIBC offers one of the lowest fees for assignments and exercises of option positions, with the fee for auto assignments being just $6.95 plus $1.25 per contract.
  • Since I got kicked out I had to clean out the account which lead to a withdrawal in the begin of the week.
  • Thank you for taking the time to leave a review and rating.

However, you can open registered accounts such as TFSAs, RRSPs, LIRAs, and RESPs with Wealthsimple. One drawback of Questrade is their very high margin interest rates. This is the rate that you pay to borrow money in order to buy stocks and other products using margin. Other features that IB offers include a dividend reinvestment program (DRIP), earning interest on your cash margin balance, and earning interest for lending out your shares to short sellers. Platform-wise, FXCM utilizes a variety of trading platforms such as MetaTrader4, NinjaTrader, and FXCM’s own TradingStation. Each platform is available in most mobile stores and is compatible with a majority of android and iOS mobile and tablet devices for on-the-go traders.

A very good company in terms of service

Too many lose ends if you ask me and if you’re in for serious money management. I CAN NOT ADVICE YOU FXCM if you like to sleep well at night. Operating through the IIROC-regulated Friedberg Direct, FXCM offers forex, indices, and commodity trading on margin. https://forex-reviews.org/fxcm/ You can deposit using a credit card, debit card, or with a bank wire transfer. Withdrawals can also be made back to your credit or debit card, up to the amount initially deposited. Any excess amounts will need to be withdrawn via wire transfer.

Forex – FXCM

Forex.

Posted: Fri, 15 Mar 2019 02:34:23 GMT [source]

No annual fee is charged for TFSAs or RESPs no matter your balance. TD charges a quarterly maintenance fee of $25 if you don’t deposit at least $100 every month. Since CMC Markets is a member of the Canadian Investment Protection Fund (CIPF), your deposit is protected up to $1,000,000.

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Thank you for taking the time to write a review, we always appreciate feedback. While we take security of client funds very seriously, you should be able to quickly and easily access your money. We are consistently working to improve the deposit / withdrawal processes. Please reach out directly with any additional questions or feedback. We apologize for the poor experience you’ve had with FXCM. We take our client support very seriously and you should have received a timely response that addressed your questions.

FOREX.com, part of GAIN Capital, is a forex broker regulated by the IIROC in Canada. FOREX.com offers 3,000 stocks, 1,000 stock CFDs, 80 forex currency pairs, and a wide variety of indices and commodities. Young traders, which are those under the age of 26, can qualify for a waiver of the account administration fee.

For all other accounts, a quarterly fee of $25 is charged. If you’re a more advanced trader, then TD Direct Investing gives you access to options, bonds, mutual funds, and access to initial public offerings (IPOs). For both Direct Investing and Easy Trade, TD only offers Canadian and U.S. stocks. Wealthsimple Trade does not support margin trading or options trading. This means that you cannot short stocks with Wealthsimple Trade.

Whatever it may be, FXCM’s history and reputation haven’t brought the company down. From recent observations, many newcomers say that the company has learned the error of their ways and is doing its best to put their clients’ interest at priority. Friedberg Direct operates an extensive online help section through its website where you can find the answers to frequently asked questions. You can also find general trade information in its dedicated education section featuring webinars, video tutorials and a range of trading guides. You can also sign up for FXCM University, a free online course offering trading tips and knowledge.