FCMarket Review

Review

FCMarket was founded in 2007 and is located at Saint Vincent and the Grenadines. FCMarket is the introducer of Hot Forex, owned by HF Markets Ltd which is licensed by the Financial Services Commission (FSC) of Saint Vincent and the Grenadines. FCMarket provides online trading platform for individuals that want to speculate on Forex and CFDs.

As HotForex, the broker is the recipient of the several awards by the renowned World Finance magazine. It was awarded the title of Best Online Broker in Asia and Eastern Europe for 2013 as well as the Best Online Broker in Asia 2012, both of these awards reflecting the strength of their position in the region.

Accounts

The minimum amount needed to open a live account at FCMarket is only US$500. Accounts can be set up as micro (1K), mini (10K) or standard lot (100K) depending on the funds in the account. Registration is made under the HotForex name.

There is leverage option up to 1:1000 and no fees or commissions are taken.

FCMarket offers investors a Forex Managed Account Program (Fund Management) with an estimated 5-30% profit per month and is the right choice for those who want a passive income investment or for those who do not have time to trade. Once a Forex account has been opened and a deposit made, FCMarket will trade and manage all funds using a combination of manual trading and automated trading / robot (EA).

The spreads are variable with the minimum spread at 1 pip.

A demo account is available for anyone wishing to practice his/her trades before putting real money at risk.

Swap free Islamic accounts are also provided for those keeping Sharia laws.

Features

The FCMarket website is suited to beginners as it enables them to start learning online Forex trading, walking them through the steps quite thoroughly. It is user-friendly and is easy to maneuver.

Education

A sound knowledge of Forex can be acquired from the Forex section and it explains the fundamentals, risk and risk management very well. The in-depth knowledge provided is an indication that the company is truly interested in educating its customers and taking good care of them, underlining FC Market’s strong service motive.

Forex Basics Course

Unlike most Forex brokers, FCMarket offers two different economic calendars, one provided by Bloomberg and the other by Forex Factory. They use ProChanger as there currency calculator.

There are also a host of tutorials on basic and advanced topics and both technical and fundamental analyses are covered in great detail. There are no news updates or reports provided.

Deposits/Withdrawals

Funding to an account can be done in various ways, including bank transfers, credit cards, Neteller, Skrill, WebMoney and other online payment programs. The minimum deposit amount is only US$ 500. To trade standard lots (volume 1), recommended minimum deposit is $3000 to avoid Margin Call easily.

Withdrawals are made using the same methods as the deposits.

There are no deposit or withdrawal fees.

Customer Support

Traders can contact an FCMarket representative via email or telephone. Any questions are answered in a timely manner by well-trained and knowledgeable staff. I was surprised that there was no live chat available.

Conclusion

FCMarket is a reliable and trustworthy Forex and CFD broker. The website is easy to navigate and the choice of different platforms is very attractive. I was disappointed, however, that there were no bonuses or platforms offered.

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Features

FCMarket has been around almost a decade and has often updated its offerings to meet the changing needs of Forex traders. It currently offers all the standard features and then some. There is a choice of several different trading accounts starting with as little as $500, spreads are tight and there is available leverage of up to 1000 with no fees or commissions. The demo account makes it easy for novice traders to acclimate to Forex trading.

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Platforms

MetaTrader 4

FCMarket uses the MetaTrader trading platform for executing trades. This is the most popular trading platform in the Forex industry and it offers many advanced features designed to enhance a trader’s online Forex trading experience. The FxPro MetaTrader platform provides freedom and power to Forex traders so they can focus on trading and not on stress management.

The MetaTrader 4 Client Terminal allows trade operations and technical analysis in real time mode, when working with Forex, CFD, Futures financial markets.

MetaTrader 4 Platforms

In addition to many technical indicators, there is a built-in language for trade strategies programming MetaQuotes Language 4. Using this language, traders can create Expert Advisors, Custom Indicators and Scripts. Expert Advisors can analyze the situation on the market, make decisions, put pending orders, and open positions in on-line mode without trader's participation. Custom Indicators, just like technical ones, can analyze the situation on the market and generate various signals. As for Scripts, they are designed for single execution of some actions.

MetaTrader 4 Mobile

Mobile trading allows traders to control their trading account via mobile devices such a cellular phone or other wireless devices.

The MetaTrader 4 Mobile program is comparable with full-function trading terminal with full access to financial markets from anywhere in the world. Technical analysis and graphical visualization of financial instruments are also available.

The metaTrader4 Mobile platform supports 30 technical indicators, among them are Alligator, Bollinger Bands, Ichimoku Kinko Hyo. It sends sound alerts so there is no need to watch PDA frequently, as the alerts will inform about changes in the market

Trailing Stops are also available. This is a technology that allows one to drag the current Stop Loss level (SL) of the order automatically as soon as the price moves in the direction of increasing the profit of the order.

Multilanguage support allows traders to switch between languages of the mobile terminal interface and work with all features of the terminal in the native language. The mobile platform also provides access to the news flow so traders can make reasonable decisions considering the latest events at the world financial markets.

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User Reviews

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