If you can’t trust your execution, you can’t be confident in your trades. That’s why we give you an exceptional trading experience. We innovated transparency in the forex market with the competitive and market-driven No Dealing Desk (NDD) execution. And with multiple account types, you choose the execution that works best for your trading.
For Standard Accounts—No Dealing Desk Execution
With NDD, FXCM acts as a price aggregator. We take the best available bid and best ask prices from our liquidity providers—global banks, financial institutions and other market makers— and stream those prices to your platform. This large, diverse group of liquidity providers makes this model special: The more advantageous the prices, the more order flow the provider receives. Through competition, NDD ensures prices are market-driven and fair.
- Low spreads from liquidity providers1
- Anonymous order execution
- No re-quotes2; no dealer intervention
- No restrictions on the strategies (scalp, trade the news, use any EA)
- Potential Price Improvements on all order types
For Mini Accounts
For traders new to the forex market, our introductory Mini Account gets you started with just $50. Access the most popular and liquid forex pairs at prices as low as 1.3 and enjoy the educational resources at DailyFX and exceptional client support. Mini Accounts feature dealing desk execution, where FXCM can act as a dealer determining prices and spreads. Accounts that execute on dealing desk execution may be restricted from scalping, news trading, trading EAs, and API trading. Read more about dealing desk execution.
Execution: When trading Forex on both FXCM's Dealing Desk and No Dealing Desk (NDD) execution models, FXCM is the final counterparty to these transactions. In both execution models FXCM aggregates the bid and ask prices from a pool of liquidity providers. With NDD execution, the quotes that are displayed on FXCM's platforms are the best available direct bid and ask quotes received from liquidity provides. In some circumstances, depending on account type, a markup will be added to the spread. Aside from the spread between bid and ask prices, with NDD execution, the only trading cost is a fixed lot-based commission applied by FXCM at both the open and close of the trade. On the Dealing Desk execution model FXCM can act as the dealer on some or all currency pairs. There are also back up liquidity providers that fill in whenever FXCM does not act as the dealer. Please note that FXCM's Dealing Desk employs fewer liquidity providers than the No Dealing Desk execution option.
For more information, see our Execution Risks. Please note that contractual relationships with liquidity providers are consolidated through the firm's U.S. affiliate, Forex Capital Markets, LLC. Forex Capital Markets, LLC maintains agreements with multiple price providers and in turn provides technology and pricing to the group affiliate entities.
Customers should consider many factors when deciding which execution type best suits their needs (e.g., conflict of interest, trading style or strategy, etc.).
2 No Re-quote Policy: FXCM maintains a no re-quote policy. Circumstances exist based on order size, trading pattern, and market conditions where individuals may not receive execution at the requested rate. Orders are executed at the next available rate within the trader's parameters, subject to market conditions. The difference between the requested rate and final execution price may be more or less advantageous based on the market activity and available liquidity.