Fxm

Risk Warning: Please note this forex broker is a clone one. Please be aware if the risk and the potential scam!

BASIC INFROMATION

A Straight Through Processing (STP) broker, FXM is a foreign currency dealer situated in the UK. They assert that some of the main advantages of working with them include commission-free trading, access to sophisticated trading tools, protection against negative balances on all accounts, availability of a personal account manager, use of straight-through processing, absence of a dealing desk, capacity for high leverage, access to free training and demo accounts, a wide range of trading instruments, fund segregation, and high levels of security. We'll use this analysis to determine whether the aforementioned services are actually provided and to assist you in determining whether they are the best broker for you.

BUSINESS SCALE

Forex: Although we do not have a complete breakdown, Real FXM offers you the chance to trade popular currency pairings like EUR/USD, GBP/USD, and USD/JPY as well as uncommon currencies like USD/MXN (Mexican Peso), USD/TRY, and others (Turkish lira).

Metals: You may trade precious metals like Gold, Silver, and Platinum using CFDs at a far lower cost than you would pay to buy them in actual form.

Soft commodities, like sugar, coffee, and crude oil, are accessible for trading; there may be others, but those are the most common.

Indexes: You may trade a number of significant international indices in the UK, US, Europe, Asia, and Australia. The UK 100, Nifty 50, and France 40 are a few examples provided

Shares are accessible from all around the world, including the UK, US, Europe, and Asia.

ACCOUNT TYPES

Three distinct accounts are available when signing up with FXM; we've listed them below, along with details on their prerequisites and benefits.

Fixed spreads, economic calendars, real-time news, daily analysis, one-click trading, unique chart access, traders' opinions and analysis, and data security are some services that are included with all accounts.

X-Standard Account: This account offers standard spreads, a leverage of 1:200, and a minimum opening deposit of $200. It utilizes the X-Web trading platform and offers solely Forex pair trading. There is a limited amount of free personal instruction, and the sample account is free for two weeks. A personal account manager is not available, and you are only permitted to have a maximum of 25 open trades or orders.

X-Premium Account: A deposit of $2,000 is necessary to open this account. Premium spreads and leverage up to 1:400 are included. It employs the X-Web trading platform combined with mobile apps and offers trading in metals and Forex pair. Personal training is totally accessible, and a free test membership is available for a month. A personal account manager is available, and you may have up to 75 open trades or orders. Online chat assistance is also available.

The minimum deposit amount for the X-Pro Account is $5,000. It offers premium spreads and has a 1:400 leverage limit. It employs the X-Web trading platform and mobile apps, and offers trading in Forex pairings, metals, and commodities. Access to personal training is unrestricted and there is a free sample account available. A maximum of 200 active trades or orders are permitted, and both a personal account manager and online chat assistance are available.

TRADING PLATFORM

The single platform offered by FXM is called X-Web; it is simple to use, doesn't require downloading or installation, and clients may access it from any location in the globe using a PC or laptop.

Customization, chart analysis and trading, news and analysis, one-click trading, an integrated economic calendar, and automated trading are just a few of its numerous capabilities. It also comes with a mobile application that enables trading while on the go, is user-friendly, and is designed for small screens.

Leverage

The account you use will determine how much leverage you may employ. Using the Premium or Pro accounts will enable you to utilize leverage up to 1:400, while using the Standard account will allow you to have the account leveraged up to 1:200. When starting an account, you may choose the account leverage, and if you later decide you'd want to modify it, you can do so by getting in touch with customer care.

Market Sizes

Trade sizes on all three accounts begin at 0.01 lots, or micro lots, which are equivalent to 1,000 units of money. The trades then increase by 0.01 lots at a time until they reach the maximum. Unfortunately, we do not know how many open trades and orders you can have at any given moment, nor do we know the maximum transaction size for any of the accounts.

TRADING EXPENSES

There are no additional commissions charged to the accounts or trading because all three accounts employ a spread-based method (which we will examine later in this study). Swap costs, which may be positive or negative and are often viewable inside the trading platform you are using, are fees that are assessed when you hold a deal overnight. Swap-free accounts are provided by certain brokers, although FXM makes no mention of them.

SPREADS

We don't completely grasp spreads, but we do know that they will be reduced the higher tier of accounts you have. However, we lack examples of particular spreads. We are unsure of what the Standard account's standard spreads, Premium account's premium spreads, and Pro account's pro spreads truly equal to, hence we are also unsure of the total cost of trading with FXM.

MINIMUM DEPOSIT

The minimum deposit needed to establish an account is $200, which gives you access to the Standard account. If you want to use the Premium account, you must deposit at least $2,000, and if you want to use the Pro account, you must deposit $5,000. Normally, the minimum deposit amount decreases once an account is formed; regrettably, we are unsure if that is the case with FXM.

Deposit Procedures & Fees

You may deposit using a few different options, including Bank Wire Transfer, Credit/Debit Card, and Neteller.

The deposit information page discusses when to deposit (after creating an account) in great detail, but it makes no mention of fees, so we are unsure whether any have been imposed. We can say with certainty that you should inquire with your individual bank or credit card company to see whether they would tack on any additional outbound transfer costs.

WITHDRAWAL PROCEDURES & FEES

To be clear, the same three withdrawal options are available: bank wire transfer, credit/debit cards, and Neteller. Only the amount you initially placed can be withdrawn using a credit or debit card; any additional funds must be transferred using one of the other ways. Depending on your country, there is a $20 additional withdrawal cost when utilizing bank wire transfers. The other two options are accessible, but there is no indication of any fees.

CUSTOMER SERVICE

The customer service team can be contacted 24 hours a day 5 days a week, they close over the weekend and on bank holidays.

You can use the online submission form, fill it in with your query or request and you should then get a reply via email. You can also use the provided postal address, phone number, support email, compliance email or Skype username.

Address: C B C House Realfxm, 24 Canning St, Edinburgh EH3 8EG, United Kingdom.

Phone: +441316189330

Support Email: support@realfxm.com

Compliance Email: compliance@realfxm.com

Skype Username: realfxm.Support, Realfxm