For FXCM forex trading, when do the brokers get their money from me?
Question by Steven: For FXCM forex trading, when do the brokers get their money from me?
Right now on the website, I see nothing about fees for transactions or withdraws. I been using the demo and the only this I see is a used margin which is more like a deposit than a fee.
I know people say you shouldn’t do Forex but I only plan to do $ 1 per pip, at most $ 10, trading on a micro account so please no harassing.
Best answer:
Answer by Common Sense
You open an account with FXCM. You can open an account for as little as $ 50.00.
http://www.fxcm.com/open-account/
The cost to trade is the “spread” between the ask and bid.
http://www.fxcm.com/products/forex/forex-spreads/
Using the “DEMO” account will prove very little to you, especially if you’re short term trading. Since FX doesn’t reflect volume, the DEMO account may show a transaction when none was possible or at least not at the price you requested. DEMO Accounts, because of this and other factors are totally deceiving and are a joke (except for learning the process). It’s just as deceiving as the adds that say
“no commissions” or “24 hour trading”. Both are true… but don’t reflect reality.
You should read some books before you open an account anywhere. Reading general trading books is very important (6-12) and at least 2-3 on Forex Trading. The courses by the brokers are a joke at best. They concentrate on Technical Analysis (which is very important) and ignore in depth understanding of psychology and risk management (more important). I took several, including the FXCM course.
It may be a little smarter to trade something easier, like stocks…. before getting into FOREX.
(Stocks are easier….. not easy).
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