| || |
Account opening question - Micro account (FXCM UK)
I currently have an FXCM UK standard account but want to open a micro account because of the leverage and lot sizes. Do I need to fill out another account opening application, can't FXCM use the application I filled out for my standard account?
Also, being able to trade on the go is important to me. My understanding is that I can still use mobile trading station (e.g iphone) even for micro accounts, but if I do that then I will be charged $0.10 per lot, but if I were to use a tablet platform (e.g ipad or android) then that would be free? Is my understanding correct? Also, would I have the same hedging functionality as in the standard account, i.e I can have long and short positions without offsetting?
Thanks in advance for your help,
Hello Lotus123, and thank you for your post! On behalf of myself and everyone here at FXCM, welcome to the forum community!
I have an FXCM Standard account. How do I open an FXCM Micro account?
In order to open an FXCM Micro account you would need to fill out a new application. The application only take a few minutes to complete and if you have already submitted your supporting documentation you won't be asked to submit it again. If you are interested in opening a micro account, you can fill out the application by clicking on the link below:
What are the fees for using a Mobile Trading Station platform application with a Micro account?
Micro accounts will be charged $0.10 per 1K order when trading through any of our Mobile Trading Station applications (this includes applications for phones and tablets). In other words, micro accounts are charged $0.10 per 1K order to open a position, and $0.10 per 1K order placed to close a position. So for example, if you were to use the mobile platform to open a Long EURUSD 10K position, and close that long position, you would be charged $2.00.
Can I hedge with an FXCM LTD (UK) Micro account?
Clients with an FXCM LTD (UK) Micro account can hedge their positions. You can open an FXCM LTD (UK) micro account by clicking here. If you choose a country of residence outside of the Unites States then your account will automatically be set up as an FXCM LTD (UK) micro account.
Please click here if you have an FXCM LLC (US) micro account that you would like to convert into an FXCM LTD (UK) micro account.
Please Note: Proof of residency may be requested upon submitting your application or your transfer request.
I reside in the United States. Can I open an FXCM LTD (UK) micro account so that I can hedge my positions?
New CFTC rules (as per Dodd Frank Act) require all US and overseas brokers to register with the CFTC in order to be able to accept US residents as clients, and will prohibit US clients from trading Forex with any broker that is not regulated in the US. For that reason it is required for clients residing in the United States that would like to trade forex and do business with us to open an account with our FXCM LLC (US) entity. Please click here for more information.
Thank you again for your post Lotus123! Please feel free to post with additional questions or contact me directly at email@example.com
Originally Posted by Lotus123
Last edited by Julius at FXCM; 05-20-2012 at 06:30 PM.
Thank you for being a part of our trading community!
Want to discuss how our resources can help you reach your trading goals? Add your post to join the conversation or feel free to contact us directly at firstname.lastname@example.org
We look forward to hearing from you! FXCM Online Support
Disclaimer: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts. Any opinions, news, research, analyses, prices, or other information contained on this website is provided as general market commentary and does not constitute investment advice. Forex Capital Markets LLC. will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.