FXCM Group Press Releases

Execution

Our goal is to provide superior execution, and our mission is to pioneer ever-increasing levels of quality pricing, transparency and execution services, the bedrock of your trading experience.

Forex Execution Models

DEALING DESK EXECUTION

With dealing desk (DD) execution model, you trade forex directly with FXCM as the market maker. Trades execute quickly on the award-winning Trading Station and the industry-standard MT4 platforms. Using a traditional dealing desk model, FXCM determines Mini account prices and spreads.

  • Best available price directly from FXCM
  • Direct trading with FXCM
  • Ideal for traders who want to start small
  • For Mini accounts

NO DEALING DESK EXECUTION

FXCM innovated transparency in the forex market with the competitive and market-driven No Dealing Desk (NDD) execution. This execution model gives you access to buy and sell prices streamed directly from several liquidity providers. You can trade confidently in all market conditions because your stops, limits and entry orders are invisible to these price providers, resulting in an environment free of price manipulation. This model promotes efficiency and competition for market pricing but there are certain limitations to liquidity that can affect the final execution of your order.

Generally, there is no markup added to FXCM's Standard No Dealing Desk account type, making our spreads some of the lowest in the industry. In fact, a recent execution study shows our retail client order prices to be better than the Futures Market and Interbank Market prices for forex1.

  • Best available price from global providers
  • Anonymous execution
  • No restrictions on strategies
  • For Standard and Active Trader accounts

Indices & Commodities Execution

When you're a serious trader, you demand the best broker for executing your trading strategies. We stream real market prices to you from our liquidity providers, with no dealer intervention. Other brokers may impose minimum stop and limit distances on all their products. With us, you can scalp popular indices like GER30, UK100 and US30 and place your stops and limits where you want—there are no trading restrictions on our most popular CFDs. Are you an algo trader, or you like to use MT4's Expert Advisors? No problem. Our index and commodity execution is designed for short-term, high-frequency traders, but you can trade big or small, using your favorite trading strategy.

1 The study in no way represents that FXCM maintains a particular capacity or performance level. The figures in this study are provided for information purposes only, and are not intended for trading purposes or advice. FXCM is not liable for any information errors, incompleteness or delays, or for any actions taken in reliance on information contained herein. Past results are not indicative of future performance

Compensation: When executing customers' trades, FXCM can be compensated in several ways, which include, but are not limited to: charging fixed lot-based commissions at the open and close of a trade, adding a markup to the spreads it receives from its liquidity providers for certain account types, and adding a markup to rollover. Under the Dealing Desk execution model, FXCM may act as a dealer and may receive additional compensation from trading.

Mini Accounts: Mini accounts offer 18 CFD instruments and up to 21 currency pairs. Mini accounts default to Dealing Desk execution where price arbitrage strategies are prohibited. FXCM determines, at its sole discretion, what encompasses a price arbitrage strategy. Mini accounts utilising prohibited strategies may be switched to No Dealing Desk execution. Mini accounts offer spreads plus mark-up pricing. Spreads are variable and are subject to delay. Experienced traders can trade Mini Accounts with up to 200:1 leverage. Traders that are new to FX and CFD trading will be defaulted to 50:1 leverage. Mini accounts with equity greater than 20,000 CCY may be switched to a Standard account with 100:1 leverage, No Dealing Desk execution, and commission based pricing.

Standard and Active Trader Accounts: Standard and Active Trader accounts offer 18 CFD instruments and up to 39 currency pairs. FXCM may decide at its sole discretion to add or remove any CFD instruments currency pairs. Non-spread bet accounts default to a Low Spreads + Commission pricing structure. Spreads are variable and are subject to delay. Experienced traders can trade Standard and Active Trader accounts with up to 100:1 leverage. Traders that are new to FX and CFD trading will be defaulted to 50:1 leverage. Standard and Active Trader accounts with equity below 10,000 CCY may be switched to a Mini Account.

Execution Disclaimer: FXCM aggregates bid and ask prices from a pool of liquidity providers and is the final counterparty when trading forex on FXCM's dealing desk and No Dealing Desk (NDD) execution models. With NDD, FXCM's platforms display the best-available direct bid and ask prices from the liquidity providers. In addition to the spread, the trading cost with NDD is a fixed lot-based commission at the open and close of the trade. While generally NDD accounts offer spreads with no markups, in some circumstances, FXCM may add a markup to NDD spreads. This may occur due to, but not limited to, account type, such as accounts opened through a referring agent. With dealing desk execution, FXCM can act as the dealer on any or all currency pairs. Backup liquidity providers fill in when FXCM does not act as the dealer. FXCM’s dealing desk has fewer liquidity providers than NDD. There are many other factors to consider when choosing an execution model (such as conflict of interest, trading style or strategy). See Execution Risks. Note: Contractual relationships with liquidity providers are consolidated through the FXCM Group, which, in turn, provides technology and pricing to the group affiliate entities.