FXCM has been expanding its business lately, in a way that is attracting attention on a global scale. In September, 2013, it assumed the accounts of Alpari USA and several weeks later it purchased the majority of the foreign exchange intelligence company, Faros Trading LLC.
Outside the US, FXCM provides trading in Contract for Difference (CFDs) on major indices and commodities such as gold and crude oil. Yesterday, it announced that it was augmenting its CFDs by dropping the tradable size of the offering to 1/10th its current value. FXCM account holders can now trade CFDs in smaller amounts, using more available margin, reduced transaction charges and with increased flexibility in their commodities and stock indices trades.
FXCM "?is one of the first brokers to offer micro CFDs. FXCM is bringing greater trading opportunities at a lower cost to traders." said Drew Niv, CEO of FXCM.
The introduction of this new offer at this time can be seen as an effort to redeem the company following its recent demeans . Only last week, FXCM's UK subsidiaries were fined 4 million pounds ($6.7 million) for withholding profits from clients between 2006 and 2010. According to the UK watchdog, the firm also breached FCA rules by failing to inform the regulator that U.S. authorities were investigating another part of the group for the same behavior. FXCM has promised to fully compensate its clients.
Traders at FXCM can choose to trade over a dozen stock indices on the US, European, Asian, and Australian markets. Among the many features at FXCM is its no re-quote policy on index products which provides traders with fast and efficient trade execution. In addition, FXCM guarantees competitive prices with no commissions, hedging potentials, and a wide array of educational services.