Since the beginning of the modern forex trading environment, FXCM has been a leader in foreign currency exchange brokerage and industry-specific innovation. Through the provision of award-winning service to retail and institutional traders around the globe, FXCM has gained a reputation for being a premier avenue by which to access forex.
As of this writing (January 2017), FXCM services more than 220,000 customer accounts worldwide. For the year 2015, total retail trading volume created by these accounts approached US$4 trillion. A growing client base and the considerable value of traded volumes are undoubtedly a result of the efficient and timely market access provided by the company.
When Is FXCM Open For Trading?
Forex is a decentralised over-the-counter marketplace that specialises in the trading of currencies. Advancements in the areas of information systems technology and internet connectivity have led forex to become an exclusively digital platform that connects traders, brokers and exchanges. This connectivity gives market participants the ability to actively place and manage trades remotely at their discretion.
Prominent financial centers around the globe typically engage forex during the trading day of their domestic markets. The time slot designated for each session is based on the traditional market hours kept in the American, Asian, Pacific and European regions. The schedule for each trading session is as follows (Eastern Standard Time):
- New York: 8:00 am to 5:00 pm EST
- Tokyo: 7:00 pm to 4:00 am EST
- Sydney: 5:00 pm to 2:00 am EST
- London: 3:00 am to 12:00 pm EST
FXCM is open for trade continuously during all of the above listed periods on a 24-hour per day, 5-day per week basis. Trading operations may be conducted via FXCM brokerage anytime between open and close:
- Open: Sundays, between 5:00 and 5:15 pm EST
- Close: Fridays, around 4:55 pm EST
- Closed: Fridays 5:00 pm to Sunday 5:00 pm EST
It's important to note that FXCM considers 5:00 pm EST to be the close of its trading day. Positions that are open at this time are subject to rollover, with the trading account being adjusted accordingly. Rollover for weekend positions is calculated and applied to customer accounts on the following Wednesday.
As a general rule, the forex does not completely cease trading according to regional or various national holidays. Aside from weekends, FXCM is open for trade every day except for the following:
- Christmas Day: December 25
- New Year's Day: January 1
While forex is not technically closed for business on regional or national holidays, many liquidity providers are. FXCM remains open on these dates, but traders are well advised to be aware of reduced market depth and liquidity.
When Is the Best Time To Trade?
Perhaps the most crucial aspect of trading forex is identifying the ideal time to place orders and manage active positions. Optimal time frames will provide increased liquidity, tighter bid/ask spreads and greater market depth.
Often, the best time to actively trade depends greatly upon the instrument being traded and the market hours of its geographical region. For instance, currency pairings involving the United States dollar (USD) may experience more volatility during the American trading session than the Asian session. The scheduled release of economic data, various government announcements and the day-to-day trading activity of the regional participants all vary and can impact market conditions.
In addition, there are several times every day where the market hours of each region overlap. These periods often gain the attention of forex traders, because they can lead to higher liquidity and market participation.
The overlapping time periods are:
- New York - London: 8:00 am to 12:00 pm EST
- Sydney - Tokyo: 7:00 pm to 2:00 am EST
- London - Tokyo: 3:00 am to 4:00 am EST
No matter which of these time periods are desirable, FXCM is open for business and providing customers market access and trade-related support.
FXCM Support Schedule
FXCM representatives are available to provide customer support 24 hours a day, 5 days a week. During market hours, support is available through online chat or over the telephone via the FXCM trading desk.
Any opinions, news, research, analyses, prices, other information, or links to third-party sites are provided as general market commentary and do not constitute investment advice. FXCM 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.
Senior Market Specialist
Russell Shor (MSTA, CFTe, MFTA) is a Senior Market Specialist at FXCM. He joined the firm in October 2017 and has an Honours Degree in Economics from the University of South Africa and holds the coveted Certified Financial Technician and Master of Financial Technical Analysis qualifications from the International Federation…