Fidelis Capital

Additionally, swap-free (Islamic) accounts are only accessible to those who adhere to Islamic faith. The trading accounts that are swap-free can be held for a period of five days. If they are held beyond that time, the standard charge for overnight stays will be applied.

In the case of novice or inexperienced traders Demo accounts are available and micro lots that are available to trading.

The Company. Security of Funds

Fidelis Capital Markets (FCM forex) is a broker for forex offering online trading in currency pairs, contracts for Difference (‘CFDs’) and precious metals within the STP trading environments.

SN Financials Ltd., trading under the name FCM forex is a Cyprus-based business that is licensed and controlled under the Cyprus Securities and Exchange Commission (CySEC).

CySEC has specific rules that are applied to licensees, and these rules can’t be compared with the strict rules that are imposed by US regulators However the rules offer a some degree of security, and also indicate of good standing in the field.

First , the Commission requires forex brokers based in Cyprus to maintain a minimum of EUR 1,000,000 as proof of financial stability.

Furthermore that, in addition, the Cypriot financial watchdog also has an incentive scheme to provide security to the client’s funds. The CySEC regulates all CySEC-regulated firms are part of the Investor Compensation Fund, which safeguards the funds of clients when a company goes into insolvency , up to PS20,000 per individual. Similar compensation schemes are in place in the UK: FCA-regulated brokers in the UK are covered under the umbrella of the Financial Services Compensation Scheme, which’s maximum coverage for compensation is PS50,000.

Additionally the fact that it is a CySEC-regulated company, SN Financials Ltd. is regulated by the Markets in Financial Instruments Directive (MiFID) and is able to offer services across all of the EU as part of the MiFID Passporting Regime. Additionally, the company has been registered and approved by various government and professional bodies like FCA, BaFIN, CNMV.

Furthermore the broker also is a subsidiary based in Belize Fidelis Capital Markets. is certified to operate by the International Financial Services Commission (Belize) and licensed to trade in commodity and financial derivatives instruments, as well as other securities.

Trading Conditions

Minimum Initial Deposit

To create an account at FCM forex, customers need to make a minimum investment of $5. This is quite low. Other brokers from Cyprus, such as FXTMand XM are also requesting customers to pay $5 to begin the Cent/Mini account. Other brokers need minimum deposits to start of 1,000 euros (Sensus Capital).

Spreads & Commissions

The broker provides flexible spreads which vary according to account type in the range of 0.5 up to three pips for EUR/USD. the most common ones for accounts with a Standard commission-free account is 1.8 percent on EUR/USD which is rather excessive for the forex market. Comparatively, XM provides spreads that start at 1.0 per cent on EUR/USD for their Standard Commission-Free account.

In terms of ECN account kinds, the spreads offered are 0.5 percent on EUR/USD however, commissions are costly – $15 per round around for the classic ECN account. This means that the cost of transactions is about 2 pip (commission comprised) that is quite a significant amount considering that it is an ECN environment.

For comparison the Cyprus-based Exness, a Cyprus-based company, offers its ECN customers with spreads that average 0.4 pip on USD/EUR and a fee of $2. 2.5 per lot per transaction. It is possible to find real-time spreads for 15 top brokerages here.

In contrast to most brokerages, FCM forex does not provide discounts on commissions for traders with large volumes, as we discovered when trying the Demo ECN Pro & Gold accounts.

Leverage

The default leverage for FCM forex amounts to 1:200 and the maximum leverage can be reached at 1:400. The leverage ratios of 1:400 or above are considered to be relatively highas certain jurisdictions limit leverage ratios to smaller levels.

The reason for these limits on leverage is that the more leverage, the greater chance of losing money, which could even be greater than the initial investment. If you require more leverage, a lot of brokers in Cyprus provide XM 1:888 and Exness – 1:1000 (the most expensive level available within the industry). A listing of brokers that offer leverage that is greater than 1:500 can be found here.

Additionally the broker does not require additional margins for hedged positions. This is a huge benefit, since it permits the opening of offsetting positions using identical volumes using the same instrument of trading, however, the margin on the positions is zero.

Trading Platform

FCM forex is compatible with an industry-standard MetaTrader 4. that is the preferred trading platform by traders with the highest experience. It comes with mobile and desktop versions and offers a variety kinds of indicators that are technical, an a sophisticated charting software and a broad selection of Expert Advisors (EAs).

Auto Trading strategies enable traders to trade in the FX markets all day long without user involvement and without having to sit at a computer all the time. It is as simple as deploying EAs to manage the trading for you, check past data and produce reports on performance. Furthermore you are able to modify your trading strategies because MT4’s MQL4 can be an extremely robust C-language that provides the ability to optimize the development and testing of various well-known EAs.

Promotions

Like many brokerages, FCM forex also offers its customers a welcome reward. It is worth 100% of the initial deposit of the trader (up up to $500).

Additionally, this broker organises live FX contests, like”Prince of Pips,” which was the “Prince of Pips” conducted in 2015 and a $17,000 prize pool.

Additionally, FCM forex has partnered with the website for forex rebates, PayBackFX and its customers will receive cashback for every trade they make that ranges from $0.75 to $10.5 roundturns, based on the type of account.

Methods of Payment

FCM forex’s customers can transfer funds to and from their accounts by using the following payment options debit/credit cards, bank transfer, and electronic wallet systems like Neteller, Skrill CashU.

Accepted currencies include USD or EURO There are no charges for transactions in excess of $5000.

Conclusion

FCM forex forex broker is licensed ECN/STP broker offering online trading of FX and CFDs via the MT4 platform, which is a well-known.