1.    What is your professional background?
Drew Niv, co-founded the retail currency trader in September of 1999. The company was immediately successful, and by the end of the year was trading $250 million a month. Since then FXCM has grown to become one of the largest companies in retail forex, with more than 125,000 live accounts trading through FXCM’s trading platforms in almost 200 different countries, including over 500 institutional clients. Trading volume across its trading platforms has expanded exponentially: Notional trading volume for all entities trading on FXCM’s trading platforms was over US $780 billion for the month of October 2008. This was the highest monthly trading volume recorded in the history of FXCM since its inception in 1999.

2.    Who is your target audience?
FXCM targets all traders who are looking for low spreads and excellent execution.
On the retail side FXCM offers self-trading accounts in Micro, Standard (10K) and Active Trader sizes, as well as an automated trading system called Forex System Selector. Accounts can be denominated in seven different currencies and segregated accounts are provided through FXCM UK, an FSA regulated entity. For a novice trader, FXCM offers a $50,000 practice account as well as a number of forex trading courses.

FXCM also has many referring, institutional, and white-label relationships and is always looking to expand its affiliates.

3.    Is the main focus of your business online or offline?
Online

4.    Why should traders choose yourself over another broker?
FXCM is one of the largest and most financially powerful forex brokers, regulated in the U.S., the U.K., France, Hong Kong, Australia, and Canada. In the U.S., FXCM is a registered FCM with the CFTC and is a member of the NFA (ID # 0308179).  FXCM provides No Dealing Desk trading execution to over 125,000 live accounts trading through our multiple platforms―including MetaTrader 4.*
FXCM also offers clients an extensive suite of free forex trading signals through DailyFX +. These signals are interactive trading alerts that update automatically in real time, twenty-four hours a day, on a dynamic basis. Tracking six strategies on fourteen currency pairs, FXCM Trading Signals have a customizable alerts section that updates live when signals change. The FXCM Trading Station also features the ability to trade from charts and has won multiple awards through the years. FXCM has a twenty-four-hour-a-day, seven days a week live support – phone, IM, and e-mail.

5.    What advice do you have for someone who is just starting to trade the forex market?
Practice and education. There is a lot to know and learn before trading in the forex market. FXCM offers a $50,000 practice account, educational courses, free webinars, as well as a free news and research site www.DailyFX.com where new traders can talk to other traders, ask questions on the forum, stay up-to-date on the latest economic events using the DailyFX Economic Calendar, and read over twenty articles a day written by the DailyFX Analyst team.


6.    How different is the forex market today from what it was 2 years ago?
The market is growing. Today a lot more retail traders are aware of currency trading and now have an ample amount of information to help them trade smarter, and faster. The market is also becoming more regulated. In recent months, regulators all over the world have been implementing stricter requirements and regulations for the forex market.

7.    Do you also offer Fund management services?
No, we do not currently offer fund management services.

8.    Who are the main competitors of FXCM in the online forex market?
We believe that we are the number one retail forex broker in North America. We have a strong presence in Asia and feel that we only face competition in the EU because of the products you are able to provide. However, FXCM UK is working towards offering CFD Trading in the next few months.  We believe in our products and in our business model. FXCM has been a leader in the retail forex industry for some time. FXCM is an innovator of products, regulations, and transparency.

9.    What do you think about Forex scam problems in the online forex brokers market?
FXCM is a leader in the global retail currency trading industry, a registered FCM with the CFTC, and a member of the NFA (ID # 0308179). FXCM is also regulated in the U.K. under the FSA, as well as in France, Hong Kong, Australia, and Canada.  We lobby for strong regulations for the whole industry and condemn unethical business practices. This activity not only victimizes naïve investors, but tarnishes the reputation of currency trading and legitimate, government-regulated currency brokers everywhere. Regulated brokers must meet strict financial standards, including capital adequacy requirements. On a regular basis, regulated brokers are required to submit financial reports to regulators and are held to transparent accounting, ethical dealing practices and business soundness as well as sales and marketing language to be true and not exaggerated with standard employee qualifications. It is important to avoid brokers that are not regulated and that will not be able to pass the proposed financial requirements set forth by U.S. regulators.

10.    Where do you see yourself in 2 years from now?
Two years from now, we believe FXCM will only be bigger and better. We are not going anywhere; we are only growing. Growing financially, offering more products, and fighting for stricter regulations.

*Please note FXCM Micro in its discretion may or may not offset individual transactions unlike transactions in most FXCM Standard accounts. For additional information, click here.