FCI Markets Review
FCI-Markets is an online Forex and CFD brokerage firm with its base of operations in the UK. FCI stands for Foreign Currency Innovations Limited, which is a company licensed and regulated by the FCA (Financial Conduct Authority). FCI Limited has a number of different websites operating under its name, of which FCI-Markets is one of them. On offer for customers are trading facilities and trading solutions in foreign currency pairs, stocks, indices and more.
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FCI Markets offers traders three trading platforms to choose from
It’s usual for brokers to offer one, or maybe two trading platforms to choose from. FCI-Markets has decided to take things one step further and is offering three. MetaTrader 4, Currenex, and FCI NetStation are the options. You’ve all probably heard of MetaTrader 4, or MT4 as it’s often called. It is the most popular trading platform used in the online trading world. Even a recent updated version MT5 has failed to topple it from its enviable position. MT4 has become so popular because it’s so easy to use and customize. Making every traders platform different than any others. FCI-NetStation is a cloud-based platform that’s also very customizable and flexible, however, it’s a little lacking in the analytical tools department. And if you compare it with MT4 it pales in comparison, as it is much less comprehensive. We’ve found a few complaints online about the functionality of this platform. One of the complaints has been that a number of promised functions such as advanced charting and alerts, and oneclick trading weren’t actually working. Other non-functional features included margin usage and pre-set stop and limit levels. These kind issues could prove to be very costly if they happen to you. Other problems included ill-timed alerts causing traders to miss key trades and charting functions that were severely lacking. With all these reported issues it would seem that MetaTrader 4 would be a better choice for traders. Currenex is the third option if you’re thinking about trading with FCI-Markets. It’s offered for Android and iOS mobile apps as well as for the humble PC. it’s possible to open a live or a demo account and it’s claimed that Currenex has several different features including stops and conditional orders, limit, market Iceberg and hidden orders as well as execution algorithms. It’s also claimed that it will help improve a traders efficiency and effectiveness. We can’t say that we found this to be true, but maybe we didn’t use it enough to reap the benefits.
FCI-Markets offers account types that are tied to different trading platforms
There are no different accounts types at FCI-Markets, as is common with most other brokers. Instead, the different accounts are linked with the different trading platforms. The currencies that can be used for these accounts are EUR, GBP and USD. Deposits and withdrawals can be made using credit and debit cards, wire transfer, Neteller and Skrill. There is a VIP account but we were unable to find out the details as you need to express your interest when registering and then the details will be forthcoming. What we were able to find out is that it requires a minimum deposit of $25,000. While we’re on the subject we’d also like to mention that much of the basic information was a little hard to come by, unless you’re willing to register. Which is never something we like to find as we believe it’s in a broker’s best interest to be honest and upfront about everything. Keeping details under lock and key until a new customer is willing to register and make a deposit is never a very endearing quality. As with a VIP account, there is also a mini account option, but again it’s not possible to find out many details unless you register for a live account on a chosen platform. US traders are not accepted and there are currently no Islamic accounts. We should also mention that the minimum deposit is a little on the high side, especially when compared with a number of better known Forex brokers. $1,000 is a lot to put up if you’re a beginner or are looking to try out the services offered by FCI-Markets. If you’re looking for a trial run you’d be much better off opening a demo account in the beginning. The experience may not be exactly the same as a real money account, but it should allow you to get a feel for the site and ask some of those all important questions.
FCI-Markets customer service has received some bad press
When we write our Forex broker reviews we spend some time researching other customers experiences. And we have to say we’ve read some pretty poor reviews regarding the FCI-Markets customer service. One report we read said that the Skype service was abysmal, but at present this is not an option for anyone wanting to contact them. Currently, the customer support team can be contacted by email and by telephone, and we had no problems with either of these. What lets FCI-Markets down for us is the lack of transparency. We like to see everything laid out clearly in black and white, before being asked to register and deposit any money. The bad reports we found about the lack of customer support were also a little off putting. Other than that, we have to report that FCI-Markets seems a pretty average broker.