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FXCM is a registered Futures Commission Merchant (FCM) 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
is proud to be one of the first foreign exchange firms to register
as an FCM following the passage of the Commodity Modernization Act
in December 2000. There are three main benefits for FXCM clients
and potential clients:
Financial
Standards and Oversight
FCMs are required to meet strict financial standards, including
capital adequacy requirements. On a regular basis, FCMs are required
to submit financial reports to regulators. These standards are
enforced by the NFA, which has the right to fine firms and/or
terminate an FCM's regulatory status for violations.
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Greater
Transparency Of Business Practices
The National Futures Association keeps records of all formal
proceedings against Futures Commission Merchants. With a couple
clicks of the mouse, a trader can find out if the firm has had
serious problems with clients or regulators. Information can
be found online at: http://www.nfa.futures.org/basicnet/search.aspx
Superior
Trade Execution
Guaranteed Fixed Spreads:
Other brokers claim to offer 3 pip spreads yet widen the spreads
up to 10 pips (and more). This frequently occurs during fast moving
markets, or thinly traded markets such as the Asian trading session.
Even worse is the fact that most brokers only honor their prices
when the trader is wrong, and almost never when prices are moving
in his/her favor.
You see 3 pips - the spread stays 3 pips and doesn't become
4 or 5 later in the day.
Other brokers claim to guarantee fills on stop orders but if you
check the fine print they only back this claim for small trade sizes
during normal market conditions. Many brokers routinely execute
stops 5 to 15 pips away from the stop price.
No Graying Out of Prices: During high market volatility,
FXCM always lets you trade.
Other brokers do not allow you to trade on big market making news
-- they freeze their prices or widen their spreads when the market
is volatile. 80% of FX volume occurs during the busiest times, thus,
it defeats the purpose of tight spreads to have them only during
"normal" market conditions.
Stable, Reliable Trading Software.
Forex execution Varies Firm to Firm: Make sure you trade with
the best!
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Submitting
Your Application
- Print out and read the FXCM
New Account Agreement.
- Type in all required Information.
- Sign the necessary sections.
- Fax back the required pages to FXCM at (212)
897-7669.
Instructions
for Customers Who Reside Outside the United States
- One form of government issued identification
from each account holder (i.e. driver's license, passport, etc.).
- Proof of client’s residential address as represented
on the account application (i.e. utility bill, bank statement,
Note: P.O. Boxes are NOT acceptable).
- The copies of ID and proof of residence, along
with the account application should be FAXED to (212) 897-7669.
Alternatively, you may submit your documents as
scanned images (JPG, GIF, BMP, DOC, PDF - no password protection
please) to our New Accounts department at newaccounts@fxcm.com.
Important Information: Please be sure to type
or clearly print your email address on the New Account Agreement,
as this will be the medium used to contact you following the receipt
of the application.
Click
here to download FXCM client agreement...
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