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|
InvestingA trading account enables an investor to buy and sell securities.
Personal FinanceTime deposit accounts and call deposit accounts allow customers to earn higher interest in exchange for less access to their cash.