Thread: New Account FAQ

New Account Frequently Asked Questions

Please click on the appropriate link below to view the answer to your question:

Getting Started at FXCM

• What Forex trading platform is right for me? Click here.
• What is the minimum amount to open an account? Click here.
• What is the status of my application? Click here.
• What is the difference between a Standard and a Micro account?Click here.
• When will I receive my live account number? Click here.
• What currency can my account be denominated in? Click here.

How to Open an Account

• How do I open an account? Click here.
• Can I open a joint, corporate, or IRA account with FXCM? Click here.
• What documentation do I need to provide to complete the application? Click here.
• What is an acceptable form of Identification (ID) or Proof of Residence (POR)? Click here.
• How do I open a Metatrader 4 Account? Click here.

Other Questions

• How do I deposit funds? Click here.
• How do I add another account? Click here.
• How do I upgrade my Micro Account to a Standard account? Click here.
• My application is complete. Is there a time period required to deposit funds? Click here.
• How do I add a trading agent to trade my account? Click here.

Still have questions about opening a new account? Post your question here and we will get you an answer!

What is the minimum amount to open an account?

The most popular accounts are standard accounts and micro accounts. The minimum amount to open a Standard account is $2,000 (or 2,000 of the account denomination) and the minimum amount to open a Micro account is $50 (USD only).

What are the differences between the Standard account and the Micro Account?

All FXCM Standard and Micro accounts can take advantage of the award-winning FXCM Trading Station II, No Dealing Desk execution, and DailyFX+ trading signals.

Standard account holders get multi-lingual 24/7 client support from FXCM's Dedicated Account and Operations Specialists by phone, chat and email. Some trading account needs are time-sensitive and our support staff is here for standard account holders when they are needed.

A small starting deposit can make micro accounts a good option for new traders and a small trade size can help reduce risk by minimizing market exposure.

Micro account holders get online support at the dedicated Micro Self-Help Support Center. If a Micro account holder cannot find an answer to their question online, they can contact the micro team by asking a question online. FXCM Micro does not offer a real-time support desk - telephone and chat support are not provided. Micro clients generally generate less trading-related revenue than other clients. Therefore, it is not cost-effective to provide real-time support to them.

Can I open an account in other currencies?

Yes! You can open an account in many currency account denominations including USD, AUD and NZD. If you are funding an FXCM account from a currency not listed above, then feel free to contact us by chat now and we can provide the best funding method.

The minimums to open an account by currency for a Micro and Standard account are below:

What are the different types of accounts offered?

We offer several account types to meet your trading needs including mobile trading, automated trading or Mac-compatible platforms.

You can compare the features of our platforms below:

How do I open an account?

Opening an account is a simple, three-step process.

1. Complete your application online in minutes. Once an application is submitted, an auto-generated password is provided. When the application is processed, either a temporary ID will be sent by email within 1-2 business days, or you will receive a login instantaneously. If you receive a temporary ID, a permanent account number will be sent once the application is complete and funds are processed.

2. Submit a government issued photo ID and a proof of residence. You may submit your documents via the Attach Documentation option on Step 4 of the online application. You may also submit your documents at a later point via an an e-mail sent to admin@fxcm.com, via Upload Documentation option on www.myfxcm.com OR via fax to 1-212-897-7669.



3. Fund your account. Most clients find a debit card, credit card or bank wire to be the fastest and easiest funding methods. Once Credit card and debit card deposits submitted via www.myfxcm.com may be instantly available in your FXCM account for trading. Note: Your account status will remain as locked until your application is complete. If you received a temporary ID when completing your application, you will be able to start trading as soon as your application is complete and a permanent account number is sent to you via email.

To open an account now, please click on one of the links below:

FXCM LTD (UK) Open an Account l FXCM LLC (US) Open an Account l FXCM Australia Open an Account

Do you have other questions?

If you have more questions about opening an account, click here to chat now or post your question and we will reply soon.

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How do I open an account?

Opening an account is a simple, three-step process.

1. Complete your application online in minutes. Once an application is submitted, an auto-generated password is provided. When the application is processed, either a temporary ID will be sent by email within 1-2 business days or you will receive a login instantaneously. If you receive a temporary ID, a permanent account number will be sent once the application is complete and funds are processed.

2. Submit a government issued photo ID and a proof of residence. You may submit your documents via the Attach Documentation option on Step 4 of the online application. You may also submit your documents at a later point via an e-mail sent to admin@fxcm.com, via Upload Documentation option on www.myfxcm.com OR via fax to 1-212-897-7669.



3. Fund your account. Most clients find a debit card, credit card or bank wire to be the fastest and easiest funding methods. Credit card and debit card deposits submitted via www.myfxcm.com may be instantly available in your FXCM account for trading. Note: Your account status will remain as locked until your application is complete. If you received a temporary ID when completing your application, you will be able to start trading as soon as your application is complete and a permanent account number is sent to you via email.

To open an account now, please click on one of the links below:

FXCM LTD (UK) Open an Account l FXCM LLC (US) Open an Account l FXCM Australia Open an Account

If you are not sure what entity to open your account, then please Click Here to Chat Now and we can help you choose the right option.

Do you have other questions?

If you have more questions about opening an account, click here to chat now or post your question and we will reply soon.

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How do I deposit funds?

To fund your account, please log into www.myfxcm.com and click Deposit Funds.

The available funding options are:

• FXCM LTD (UK): Credit and debit card, bank wire, ACH deposit, or paper cheque. Funding Options.
• FXCM LLC (US): Credit and debit card, bank wire, ACH deposit, or paper check. Funding Options.
• FXCM Australia: Credit and debit card, bank wire (TT) or EFT. Funding Options.

What is the fastest way to deposit funds?

The quickest and easiest method to deposit funds is by credit card online. If your deposit exceeds $10,000 or equivalent, the quickest method to deposit funds is by bank wire or the equivalent.

**FXCM Australia clients, please contact your credit card company about any potential fees they may charge for online credit card deposits.**

If you have more questions about depositing funds, Click here to chat now or post your question and we will reply soon.

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When will I receive my live account number?

You may receive your live account number upon submission of your application. A confirmation of your account submission, including your login details, will be emailed to after submitting your application.

If you received a temporary ID when your application was processed, you will receive your live account number by email after the application is completed, and funds have been processed into your account.

If you have more questions about opening an account, Click here to chat now or post your question and we will reply soon.

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Can I open a joint, corporate, or IRA account with FXCM?

Absolutely. Additional documentation may be required to complete the application as requested by our operations department.

For details about any of these account options, please visit:

• FXCM LTD (UK): Click Here.
  
• FXCM LLC (US): Click Here.
  
• FXCM Australia: Click Here. *Please note FXCM Australia provides individual, joint, corporate/ trust/ partnership/ LLC and Superannuation accounts.

If you have more questions about opening an account, Click here to chat now or post your question and we will reply soon.

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What documentation do I need to provide to complete the application?

All FXCM applicants must supply a valid Proof of Residence (POR) and a copy of a Government Issued ID (ID). If additional information is required, you will receive an email requesting the appropriate information.

You may submit your documents via the Attach Documentation option on Step 4 of the online application. You may also submit your documents at a later point viaan e-mail sent to admin@fxcm.com, via the Upload Documentation option on www.myfxcm.com OR via fax to 1-212-897-7669.

As you upload documents, you will see each of them attached on the page

After you have submitted the documents, complete the application, review your details and press submit on the final submission page. You will then be routed to the completion page confirming your application was submitted. This page includes links to deposit your funds, details about submitting documentation you may have not yet submitted and your account login details. A copy of these details will be sent to you via email.

If you have more questions about opening an account, Click here to chat now or post your question and we will reply soon.

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What is an acceptable form of Identification (ID) or Proof of Residence (POR)?

Listed below are acceptable forms of documentation. If you are not sure if your documentation is acceptable, please contact us and we will happy to review it for you.

Acceptable Government Issued Identification:

1. Passport
2. Driver's License
3. State ID
4. National ID Card
5. Permanent Residency Card

Important notes: Your Identification must be government issue, include your complete name and date of birth and be within the expiration period.

Acceptable Proof of Residence:

• Bank Statement
• Credit Card Statement
• Utility Bill (water, cable/internet, electric, gass, phone, security system)
• Cell phone bill
• Mortgage Statement
• Lease Agreement still within term
• Driver's License**
• Government issued ID that includes your address**

Important notes: Your proof of residence must include your complete name and residential address and have been issued within the past six (6) months.
** A government issued ID that includes an address can be used as proof of residence, however the same document can not be used as both ID and proof of residence.

If you have more questions about opening an account, Click here to chat now or post your question and we will reply soon.

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How do I add an additional account?

You can add an additional account by going to http://www.myfxcm.com and logging in using the same login ID and password for your trading account.

After you login, the process is fast and easy:

Step 1: Click on Add New Account.

Step 2: An Open An Additional Account Page will display. You have the option to create the new account with the same login or a different login.

• If you are opening a new account to use a different platform, then select different login and then select the new account type.
• If you would like to use the same platform and see both accounts from the same login, then create a new account under the same login.

The example below shows the circle to select if you want to have a shared login with the new and existing account.

Step 3: Select to transfer funds or deposit new funds. You have the option to transfer funds from the existing account or to deposit new funds.

Step 4: Click Submit.

Step 5: A verification page will display to acknowledge that your new account request was received and will be processed.

Step 6: An email will be received as additional confirmation of the request.

That's it!

How long will it take to create my new account?

Please allow one to two business day for all changes.

If it has been more than two business days since your request and you have questions about the status of your new account, then click here to chat now or contact us by email and we can check on the status.

Do you have more questions about myfxcm.com? Let us answer them for you! Click Post Reply and we will get you an answer.

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How do I upgrade my Micro Account?

FXCM provides several upgrade options and they are outlined at Upgrade your Forex Micro Account with FXCM.

If you have more questions about upgrading your account, Click here to chat now or post your question and we will reply soon.

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What currency can my account be denominated in?

You can open an account in many currency account denominations including USD, EUR, GBP, CAD, JPY, CHF, AUD and NZD. If you are funding an FXCM account from a currency not listed above, then it would be best to consider converting the funds before sending the funds to FXCM or to contact FXCM to discuss the different funding options. (Please note: FXCM Micro accounts can only be denominated in USD)

If you have more questions about the available funding options, Click here to chat now or post your question and we will reply soon.

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What is the difference between a Standard and a Micro account?

All FXCM Standard and Micro accounts can take advantage of the award-winning FXCM Trading Station II, Strategy Trader, No Dealing Desk execution, and DailyFX+ trading signals. The biggest difference between the Standard Account and Micro Account is the level of support available.

Standard account holders have access to multi-lingual 24/7 client support from FXCM's Dedicated Account and Operations Specialists by phone, chat and email. Some trading account needs are time-sensitive and our support staff is here for standard account holders when they are needed.

Micro account holders get access to online support at the dedicated Micro Self-Help Support Center. If a Micro account holder cannot find an answer to their question online, they can contact the micro team by asking a question online. FXCM Micro does not offer a real-time support desk - telephone and chat support are not provided. Micro clients generally generate less trading-related revenue than other clients. Therefore, it is not cost-effective to provide real-time support to them.

Each account type does offer distinct advantages, depending on your trading style. You can compare the features of the Standard and Micro accounts below:

NOTE: Micro clients will only be able to deposit via Debit/Credit card. Clients residing in the US can only withdraw via ACH, international clients can only withdraw via wire. All Micro withdrawals will incur a processing fee.

To open a Standard account, you may begin the online application below:

FXCM LLC (US) Open an Account l FXCM LTD (UK) Open an Account l FXCM Australia Open an Account

To open a Micro account, you may begin the online application below:

FXCM Micro – Open an Account

Do you have other questions?

If you have more questions about opening an account, click here to chat now or post your question and we will reply soon.

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My application is complete. Is there a time period required to deposit funds?

FXCM applicants are free to fund at their own convenience. It is recommended that you fund your account upon receiving your account number. All unfunded applications will be archived after 6 months, and it will be required to submit a new application.

To fund your FXCM account, log into myfxcm.com and click on Deposit funds to see all available funding options.

You may also visit the deposit funds link below based on the FXCM entity where the account is held:

FXCM LTD (UK) Deposit Funds l FXCM LLC (US) Deposit Funds l FXCM Australia Deposit Funds

If you are not sure what office your account is held with, please click here to chat with an FXCM Specialist.

For more details regarding depositing funds, click here (Deposit FAQ).

Do you have other questions?

If you have more questions about opening an account, click here to chat now or post your question and we will reply soon.

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What forex trading platform is right for me?

Every trader’s needs are different and we’re here to help you save time and give you the answers you need to select the right platform for you!

There are two recommended forex trading platforms depending on your trading style:

1. FXCM Trading Station II for manual forex trading.
2. FXCM Strategy Trader for automated forex trading.

NOTE: Both the FXCM Trading Station II platform and the FXCM Strategy Trader platform can be used in tandem. The main difference between the two platforms is whether you will be placing your own trades, changing your own stops and limits and monitoring the trades yourself (Manually Trading) or if you will be coding your own strategies so that you can take advantage of any potential opportunities 24 hours a day using an automated trading robot (Automated Trading).

If you plan to do both, that's not an issue! You can run both platforms at the same time!

I trade manually, what platform should I be using?

We recommend FXCM’s Trading Station II platform for all traders who are not automating their trades with EAs.

FXCM’s award winning Trading Station II platform was voted the best retail platform by FX Week for 2010 and 2009. The platform currently supports the trading needs of over 150,000 accounts and was designed in-house by FXCM to provide traders with the best environment for No Dealing Desk Forex Execution.

The FXCM Trading Station II platform provides the following features:

• One Click Trading
• Trade from the Charts
• Professional Charting Package
• Advanced Order Types and Capabilities
• Robust, stable platform that routinely handles over 300,000 trades per day
• Highly intuitive, customizable platform

Register for a free Trading Station II demo account today and take a Video Tour of the Trading Station II!

To open an FXCM Trading Station account, select the appropriate link below for your region:

FXCM LLC (US) Open an Account l FXCM LTD (UK) Open an Account l FXCM Australia Open an Account

I trade using automated systems, what platform should I be using?

We suggest using the FXCM Strategy Trader as an all-in-one automated trading solution, allowing you to code, backtest, optimize, and trade from one platform. Strategy Trader is designed to take full advantage of FXCM’s No Dealing Desk execution by using a direct connection to FXCM. With Strategy Trader, no bridge connection is used. This decreases the time it takes to execute trades, simplifies reporting, and ensures you get the best bid and best offer available from our liquidity providers.

Strategy Trader can be used in tandem with FXCM’s Trading Station II platform allowing you to combine the Trading Station’s powerful manual trading functionality with Strategy Trader’s robust automation capabilities.

Strategy Trader offers the following benefits:

• Advanced backtesting with detailed strategy and trade analysis
• Trade in tandem with the FXCM Trading Station II
• Over 150 chart indicators, one of the powerful charting packages offered by FXCM
• Access to all FXCM order types
• Access to backtest and trade from Tick Charts
• Uses C# for coding, easy to hookup and debug in Visual Studio

Getting Started with Strategy Trader is quick and easy. Some resources to get started are located below:

• Pre-loaded Strategy Trader EAs – Strategy Trader comes with stEAs pre-loaded that you can begin using right away. This is the fastest way to try out a stEA
• Download a free stEA – Choose from 49 free stEAs at forexcodesource.com. To get started, simply download, upload and activate a free stEA! Download a free stEA Now.
• Let FXCM create a stEA for you – Our team can take your trading ideas and turn them into Strategy Trader EAs (stEAs) that run on the Strategy Trader platform. To request a quote for your idea, complete the Quote Form.
• Code your own stEA – If you know how to code in C#, then forexcodesource.com offers hundreds of coding examples and resources to code your strategy as a stEA. Learn more.

Register a free Strategy Trader demo account today! Once you have registered for the demo account, download the Strategy Trader platform to begin trading.

What account type should I choose?

After deciding which platform is right for you, it’s important that you choose an account type that will work for your trading style and needs. The two most popular account types are FXCM Standard accounts and FXCM Micro accounts.

What is the difference between the Standard and Micro account types?

All FXCM Standard and Micro accounts can take advantage of the award-winning FXCM Trading Station II, Strategy Trader, No Dealing Desk execution, and DailyFX+ trading signals. The biggest difference between the Standard Account and Micro Account is the level of support available.

Standard account holders have access to multi-lingual 24/7 client support from FXCM's Dedicated Account and Operations Specialists by phone, chat and email. Some trading account needs are time-sensitive and our support staff is here for standard account holders when they are needed.

Micro account holders get access to online support at the dedicated Micro Self-Help Support Center. If a Micro account holder cannot find an answer to their question online, they can contact the micro team by asking a question online. FXCM Micro does not offer a real-time support desk - telephone and chat support are not provided. Micro clients generally generate less trading-related revenue than other clients. Therefore, it is not cost-effective to provide real-time support to them.

Each account type does offer distinct advantages, depending on your trading style. You can compare the features of the Standard and Micro accounts below:

NOTE: Micro clients will only be able to deposit via Debit/Credit card. Clients residing in the US can only withdraw via ACH, international clients can only withdraw via wire. All Micro withdrawals will incur a processing fee.

To open a Standard account, you may begin the online application below:

FXCM LLC (US) Open an Account l FXCM LTD (UK) Open an Account l FXCM Australia Open an Account

To open a Micro account, you may begin the online application below:

FXCM Micro – Open an Account

What are the differences between the other platforms that are offered?

We offer several account types to meet your trading needs, including mobile trading, automated trading or Mac-compatible platforms. You can compare the features of our platforms below:

Do you have other questions?

If you have more questions about opening an account, click here to chat now or post your question and we will reply soon.

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What is the status of my application?

After submitting the application, we know that traders are ready to begin using the account as quickly as possible.

Once you have submitted the application, you will be able to speed the process along by following these simple steps:

• Check Your E-Mail: During the application process, any updates or confirmations will be sent via e-mail. To ensure you are receiving the e-mail, add admin@fxcm.com to your e-mail contacts.
• Fund your account: As soon as you receive your mailaccount number, your account is ready to fund! The fastest method for funding is via Credit or Debit card. Credit & Debit transactions via MyFXCM.com may be instantly available to you in your FXCM trading account.
• Submit supporting documents: After the application has been processed, supporting documents may be required. Be sure to check your e-mail for any requests.

How long will it take for my application to be processed?

If you submitted the application, but you haven’t heard anything back just yet, don’t worry! All applications will be processed and entered into our system, but with the large amount of applications that we receive, this process can take time.

Typically, your application will be processed within 1 to 2 business days, depending on the number of applications that are in queue to be processed.

NOTE: After you submit the application you will receive an automated e-mail to let you know that we have received your application. If you did not receive this e-mail, please check your spam folder and add admin@fxcm.com to your email contacts. We may need to e-mail you a couple of times throughout the application and funding process.

I received the e-mail letting me know that my application was received, what’s next?

The next step in the application process is funding your account. After your application has been processed, you will receive your account number. This can be used for reference when funding your account.

NOTE: If you receive a temporary ID, it is only used for funding purposes. You will not be able to login to your account using the Temporary ID.

Funding your account is a quick and easy process. If you have not yet funded your account, log into myfxcm.com and click on Deposit funds to see all available funding options.

You may also click on the appropriate link below to do so:

FXCM LTD (UK) Deposit Funds l FXCM LLC (US) Deposit Funds l FXCM Australia Deposit Funds

I have funded my account, is there anything else required?

In some instances, you may need to provide supporting documentation, such as valid Proof of Residence and a copy of a Government Issued ID, for your application. If additional information is required, you will receive an e-mail requesting the appropriate information and detailed instructions on how to provide us with this information.

Typical examples of Proof of Residence include the following:

• Gas, Electric or Telephone Bill
• Bank Statement
• Credit Card Statement
• Mortgage Bill
• Current Lease Agreement

You may submit your documents via the Attach Documentation option on Step 4 of the online application. You may also submit your documents at a later point via an e-mail sent to admin@fxcm.com, via Upload Documentation option on www.myfxcm.com OR via fax to 1-212-897-7669.

As you upload documents, you will see each of them attached on the page

After you have submitted the documents, complete the application, review your details and press submit on the final submission page. You will then be routed to the completion page confirming your application was submitted. This page includes links to deposit your funds, details about submitting documentation you may have not yet submitted and your account login details. A copy of these details will be sent to you via email.

How do I add an additional account?

You can add an additional account by going to http://www.myfxcm.com and logging in using the same login ID and password for your trading account.

A full visual walkthrough (New Account FAQ) of how to add a second account through the MyFXCM account portal has been created to help guide you through this process.

Do you still have questions about the status of your application?

We are here to help! Please contact FXCM by chat or by e-mail at admin@fxcm.com to check on the status of a pending application.

We’ve aimed to make the account opening process as easy as possible. If you have feedback to help us improve, we would love to hear it. Please let us know by clicking Post Reply now.

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