Account Types and Minimum Deposits
There are three types of accounts offered at FXCM:
- Standard accounts require a minimum deposit of $2000 (or 200,000 Yen) and caters to most traders or investors. Standard accounts can be opened in USD, EUR, GBP, CAD, NZD, AUD or JPY funds.
- Active Trader accounts are for traders doing significant monthly volume of $10 million or more. These accounts require a minimum $50,000 initial deposit. This account can only be opened with USD funds.
- Micro accounts only require a $50 deposit, and allows investors and traders to introduce themselves to the forex market and/or trade in very small increments. The account can only be opened with USD funds. (For related reading, see Forex Basics: Setting Up An Account.)
FXCM offers traders multiple platforms for trading forex. Contract for Difference (CFD) trading is also available for non-US residents. Figure 1 shows the features offered by the different platforms. "TS" stands for Trading Station, FXCM's main platform. Active Traders have their own software that allows them to see market depth. MetaTrader 4 is a very popular trading platform used around the globe. Mirror Trading accounts mimic the trades of successful traders automatically in the account.
|Figure 1. FXCM Platform Features|
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