FXCM FAQ
FXCM Account Funding FAQ
FXCM General FAQ
How can FXCM offer smaller trading sizes?
Smaller trade sizes pose several challenges to foreign exchange firms. There are two primary issues that have prevented firms from offering smaller trade sizes: high labor costs and risk management. To offer smaller trade sizes, most firms would have to hire more dealers, which would make the cost exorbitant. The FXCM Mini account features automatic execution for most accounts. All trades are executed without human intervention (just like a demo account). This keeps labor costs low. The second issue is risk management. The smaller size trades offered on the FXCM Mini account are difficult to offset in the broader market. FXCM has developed a proprietary risk protocol for the FXCM Mini, which involves aggregating volume into sizes that can be offset in the broader market.
What is the difference between the FXCM Mini account and a regular account?
The FXCM Mini account is designed to introduce traders to the excitement of trading currencies online and for those with limited investment capital. With a Mini account, you trade using the same platform as our regular traders. With as little as $300, a trader can open a FXCM Mini account and begin trading foreign exchange with FXCM. On the Mini trading platform all trades are executed in standard sizes of 10,000 base currency per one lot, 1/10th the size of a regular account. The smaller trade sizes enable traders to take smaller size risks.
How does the Margin Call work?
If the equity balance in your account falls below the margin requirement of 1/2% per lot, a margin call will be generated. In the event that an account exceeds its maximum allowable leverage, the dealing desk may close some or all positions. For example, a FXCM Mini account with 8 lots in open positions would need to have 1/2% of the total position value in account equity. If the account equity falls below 1/2% of the position value due to floating trading losses, the dealing desk may close some or all positions at market price. Clients are not notified prior to the liquidation of their positions.
Do you Charge a Commission on the Mini account?
No. FXCM charges no commission or transaction fees to trade an FXCM Mini account. As the leading player in online currency trading, FXCM receives and is able to pass on the benefits of size to our clients. FXCM is compensated for its services through the bid-ask spread.
How Do I Switch from a Regular Account to a Mini account?
In order to change from a regular account to a Mini account, or a Mini account to a Regular Account, you can request a change of account type .
FXCM Account Funding FAQs Depositing Funds Online Check
What is the online check system?
The online check is a system that allows a US bank account holder to make deposits online using a personal check from their checkbook. Clients can fill in the form online using information printed on their check as a guideline and void the check to ensure they do not use a second time.
Can an International client fund using the online checking system?
At this time, Webcheck is only available to US residents with USD dominated bank accounts held in the United States .
How much does an online check deposit cost?
Online check deposits are a free service provided by FXCM. A fee of $25 will be charged to a client by the banks involved in the transaction should their check bounce due to Insufficient Funds.
How long will it take for my funds to clear?
Online checks under $5000 will clear in 2 business days and Online checks above that amount may take up to 5 business days to clear.
Will I receive a receipt of my transaction?
Within minutes of making a deposit an email containing a transaction number will be sent to the email address submitted on the online check request form.
Can the online check deposit system be used for corporate accounts?
No. At this time, corporations cannot submit deposits via the online check system.
Is the website secure?
The online checking site is a secure site. Added security measures include recording the exact time of your transaction (Pacific Standard Time) and the IP address from which the deposit was enacted.
Credit & Debit Card
May I send funds from someone elses credit card account?
No. FXCM may not make nor receive any payment via a third party we can neither guarantee the receipt, nor the return of such payments.
How long will it take for a credit/debit card deposit to appear in my trading account?
Payments from cards which are verified by our payment administrator will be posted to your trading account within 1 business day of the initial online transaction.
CVV2 information must be provided and verified by our payment administrator in order for funds to clear within 1 business day. The CVV2 consists of the last 3 digits on the back of your card.
Without verified CVV2 information your deposit will need to clear our bank prior to the funds being made available for trading. Your funds will be cleared to your trading account in 2 business days.
Is my credit card information secure?
Your credit card information is secured by our transaction vendor's patent-pending encryption technology (skipjackIC) to ensure that your data is not compromised. So, right from the start, your credit card transactions are protected by the strongest encryption protocol in the industry.
How much can I fund at one time?
The minimum deposit for use of our online system is $100. The maximum deposit is $10,000 within one calendar month.
The minimum initial deposit for a Mini account is $300. The minimum initial deposit for a Standard account is $2,000.
Can I pay with a Diner's card? American Express? Maestro?
At this time, we only accept Visa and Mastercard.
Can I pay via credit card from any country?
We accept payments from over 150 countries worldwide. All funds will be converted to USD prior to receipt. Please check with your card-issuing company for exact conversion rates.
Will I receive a receipt of my transaction?
Within minutes of making a deposit an email containing a transaction number will be sent to the email address submitted on the online deposit form.
Bank Wire
To whom should the wire be sent?
Wire transfers in USD should be sent to Forex Capital Markets.
How long will it take for my wire to arrive?
Domestic wires take anywhere from 1 to 2 business days to arrive. International wires arrive in 3 to 5 business days.
How long will it take for a wire deposit to appear in my trading account?
Like official checks, wire transfers will be deposited into your trading account upon receipt.
May I send a wire drawn on someone else's account?
No. FXCM may not make nor receive any payment via a third party - We can neither guarantee the receipt, nor the return of such payments.
Can I send wire transfers in foreign currency?
For USD denominated accounts, FXCM accepts funds in multiple currencies. If you send foreign currency to our USD Account, the bank will automatically convert it to US Dollars at an exchange rate specified by them, which will not necessarily be favorable.
See also: Funding in a foreign currency
How do I fund a Non-USD denominated account?
Non-USD denominated accounts must be funded via wire transfer, preferably in the currency denomination of the account. If you do not plan to wire funds in the denomination of your desired trading account, please contact FXCM's operations department.
Paper Check
To whom should the check be made payable?
Checks should be made payable to: Forex Capital Markets.
What needs to be on the check?
Clearly indicate you 8-digit account # on the check (or "NEW" for new accounts). This will help expedite processing and avoid unnecessary errors or delays.
May I fund my trading account using a personal check?
FXCM accepts personal checks in the amount of $2,000 or more.
May I send cash?
No, we cannot accept cash. In addition, FXCM can neither guarantee the receipt, nor the return of such payments.
May I send a check drawn on someone else's account?
No. FXCM may not make nor receive any payment via a third party - We can neither guarantee the receipt, nor the return of such payments.
May I send a check from any bank?
Only USD checks are accepted drawn on a US banking institution. Foreign checks will not be accepted. Only checks with ABA routing #s will be accepted (i.e. check must have a US affiliate or corresponding bank).
May I send checks in foreign currency, such as Canadian dollars?
No. Checks in US dollars only will be accepted. If you wish to send any other currency, please do so via wire transfer. You may contact us for wire instructions.
How long will it take for a check deposit to appear in my trading account?
After receipt, personal checks take 10 business days to clear as they must clear both the client's bank account as well as FXCM's bank account. Like wire transfers, all official checks, such as certified, cashier's, or bank checks will be deposited into your trading account upon receipt.
