FXCM forex broker REVIEW

FXCM Inc. is a leading provider of Forex trading, CFD trading, spread betting and related services. At the heart of FXCM’s business is their commitment to offer clients direct market access. They have achieved this with a No Dealing Desk Offering, which is one of the fairest way to trade the forex market. The execution model provides traders with transparent buy and sell prices streamed from over a dozen global institutions.



FXCM is a registered Futures Commission Merchant (FCM) and Retail Foreign Exchange Dealer (RFED) with the Commodity Futures Trading Commission (CFTC) and is a member of the National Futures Association (NFA). As a vocal advocate of foreign exchange regulation and increased investor protection, FXCM LLC is one of the first foreign exchange firms to register as an FCM following the passage of the Commodity Modernization Act in December 2000.

FXCM has offices, partners, and affiliates in the major financial centers of the world, uniquely positioning FXCM to offer exceptional service to traders around the world.


FXCM provides 5 different trading platforms:

  • FXCM Trading Station. The Trading Station is their proprietary trading platform with powerful analytical tools for chart traders and straightforward capabilities for new traders.
  • Metatrader 4. FXCM upgraded its MT4 platform to integrate seamlessly with our No Dealing Desk forex execution.
  • MirrorTrader. Mirror Trader offers unique features to follow and copy other traders.
  • Ninjatrader. Ninjatrader users receive competitive pricing and quality execution from FXCM’s large network of forex liquidity providers, which includes global banks, financial institutions, prime brokers, and other market makers.
  • Zulutrade. Zulutrade is a peer to peer auto trading platform that is an ideal solution for both traders who don’t have the time to build their own strategies, or for traders who simply want to remove the emotions from trading.


FXCM offers three different trading accounts:

  • Mini Account (a Dealing Desk with $50 min. deposit)
  • Standard Account (a No Dealing Desk with $2,000 min. deposit)
  • Active Trader Account (a No Dealing Desk with $25,000 min. deposit)


FXCM offers a very comprehensive support. The support teams are available through phone, toll-free numbers, fax, E-Mail, web forms, chat and much more.

Seven Facts about the Khaleeji

The Khaleeji, an Arabic term that can be translated as “of the Gulf”, is the proposed common currency of the members of the Gulf Cooperation Council or GCC. Although it was officially turned down by the International Monetary Fund or IMF in 2009 and again in 2010, the moniker, along with its adoption, is slowly getting re-developed. And, as it appears, there may be hope for it once more.

Aside from the basics, here’s more information about the proposed common currency:

  1. When the name (but not the idea of a GCC common currency) was rejected by the IMF due to being a rather unfamiliar term even for some Arabs, dinar was considered a substitute; for one, dinar is a used word in the Arab world and for another, dinar is included in the Quran.
  2. There were speculations about it being a currency that was intended to be backed by gold; this is brought about by the strong opposition, headed by the Islamic economic jurisprudence, against riba (i.e. the Arabic term for interest).
  3. Chief members of the GCC stated that it was proposed to be associated to the US dollar; for a currency trader, it is an attractive investment.
  4. Among the signals that its official adoption is underway are: (1) policies in the financial sectors and government laws converged and (2) GCC member countries are gradually establishing financial independence (i.e. paying back their central bank loans).
  5. According to a May 05, 2009 agreement during a GCC consultative summit that was held at Riyadh’s Daraeya Palace, it was the responsibility of Saudi Arabia; if it were eventually circulated, a Gulf Central Bank will be stationed in the Middle Eastern country to overlook relevant concerns.
  6. Granted official adoption, it becomes the only legal tender in Bahrain, Kuwait, Qatar, and Saudi Arabia; although they are GCC members, United Arab Emirates and Oman have announced that they will not adopt the common currency.
  7. It was Nasser al-Kaud, GCC’s deputy assistant for economic affairs, who released the statement in 2010 that due to two reasons, its official adoption on the specified date will not push through; the two reasons include: (1) lack of support from member countries of the GCC and (2) financial crisis in the Middle East.

Content References:  https://en.wikipedia.org/wiki/Khaleeji_%28currency%29 , http://www.admiralmarkets.ae/education/knowledge-base/

7 Secrets behind Moving Average Trading

Whether you’re a novice, intermediate, or advanced trader, chances are, you’re already familiar with Moving Averages. It’s no surprise since betting your odds in the foreign exchange market with them is rather effortless; using them reveals versatility and freedom from a series of challenging computations. With them, the first step is to keep your knowledge on technical analysis (i.e. be ready to read charts like a pro) handy.

# 1 – Moving Averages have a variety of flavors. The list includes: (1) Exponential Moving Averages, or averages of the previous prices in relation to the current prices, (2) Simple Moving Averages, or averages of the previous prices, and (3) Weighted Moving Averages, or averages of the previous prices in relation to linear weighting.

# 2 – Moving Averages are responsive. In the event of an immediate change in market trends, they tend to be influenced easily. They’re extra-sensitive and have a history of signaling premature entry or exit in a trade.

# 3 – Moving Averages are known to smooth market trends. For correct assessment, paying attention to their direction is the key. If they point upward, they’re indicating a bullish trend. Conversely, if they point downward, a bearish trend is incoming.

# 4 – Moving Averages indicate price exhaustion and market strength. If there’s a change in price on one side, steep lines are produced. Therefore, if they’re moving in a flat line, it’s a sign of a dormant market.

# 5 – Moving Averages serve as support and resistance levels. If a price bar is spotted, it’s useful to observe their interaction with the current prices. In the event that movement is rapid, it’s unlikely to identify support and resistance levels. Conversely, if it’s quite slow, it’s a sign that support and resistance levels will soon be identified.

# 6 – Moving Averages can lag; a mistake of beginner forex traders is the assumption of their stability. Since they are lagging indicators, it’s common for them to show a reaction once the prices have moved. Therefore, it’s recommended that they’re used with price action indicators.

# 7 – Moving Averages are known to maintain a familiar distance between prices. Typically, this is seen in three instances: (1) a fair distance is maintained below in a healthy bearish market, and above in a healthy bullish market, (2) a short gap is maintained in sideways markets, and (3) a grand distance is maintained in over-extended trends.


Content references: https://en.wikipedia.org/wiki/Moving_average , http://www.mtrading.in/education/knowledge-base/

The Eco Currency: Facts about the Proposed West African Currency


West Africa’s Eco is the name that WAMZ, or West African Monetary Zone has proposed to ECOWAS, or Economic Community of West African States for a common national currency. It was intended to be merged with the CFA Franc (i.e. a currency used by French-speaking member nations) eventually, but the plan has yet to be finalized. Since the currency’s development is rather interesting, you may want to learn trivial and even rare information about it; for a currency trader, especially, the facts may come in handy.

Six facts:

  1. It is regulated by WAMI, or the West African Monetary Institute – a group that was set up solely for the establishment of a West African currency.
  2. Its conception was first discussed by the Multi-lateral Surveillance Commission of ECOWAS under the authority of Lasssane Kabore; since the department head expressed dismay over the average inflation rates of all African currencies as a whole, he, along with his committee, made it a goal to establish a common currency.
  3. The plan was to introduce it in 2003, but for a number of times, its official distribution was postponed; international financial markets were supposed to be informed about its existence in 2005, 2009, 2010, and 2014.
  4. For its successful implementation, completion of the FPCC (or the Four Primary Convergence Criteria) needs to be achieved. The list includes: (1) maximum 10% deficit-financing from the central bank, (2) three months’ cover of GER, or Gross External Reserves, (3) low inflation rate at the year’s end, and (4) maximum 4% fiscal-deficit of the GDP, or Gross Domestic Product.
  5. As supplement for its successful implementation, completion of the SSCC (or the Six Secondary Convergence Criteria) needs to be achieved. The list includes: (1) stability of the real exchange rate, (2) positivity of the real exchange rate, (3) liquidation of existing domestic default payments or prohibition of incoming ones, (4) maximum ratio of 35% for wages to taxes, (5) minimum ratio of 20% for public investments to taxes, and (6) minimum ratio of 20% for taxes to the GND.
  6. A reason why its establishment has yet to be approved is that support from the majority of the fifteen member nations of ECOWAS wasn’t received. The list of member nations includes: Ghana, Guinea, Liberia, Mali, Nigeria, and Senegal.



References:   https://en.wikipedia.org/wiki/West_African_CFA_franc  , http://www.mtrading.ph/education/