Last update 2020.10.15
In this article, I am going to share with you a little about my personal experience in how to open an FXCM account and trade using our Automated AI trading or AI forex signals.
What you will learn ahead
- How to open a forex account with FXCM
- How to trade forex efficiently
- How to use AI trading for through FXCM
- What is the best forex broker? Oanda or FXCM?
How to open an FXCM account?
It was so easy. First, you access their website in the session to open an account. It is essential that you provide some personal information, create a password, and create a login to your account.
The website will probably ask for some documents so that they can see if you really are who you say you are. It is a quick and efficient security tactic. For me, they requested two photos of my driver’s license (front and back) and a self-image.
The final assessment of my information took about twenty-four hours and was carefully informed by email.
How to deposit to your account?
After opening an FXCM account to trading, you can start putting money into real Forex trading, or you can try using a demo account to learn how to trade.
Knowing the basics about Home Broker Forex, I went straight to a live account. Then I used Skrill.com to transfer my first $50 to my account and did this to test how to fund an account without using credit cards.
So, I selected this option because many people do not have an international credit card, and some credit card providers, such as Mastercard, block Forex transactions.
If you deposit into your account using your credit card, use the same method to save your money later.
Within the Skrill.com website, you can fund your account by issuing an invoice for the desired amount. I deposited $50.00. It cost me $0.50 in taxes to send me money. There were no Skrill.com taxes on this transaction.
A few days later, after paying the invoice, the money was available on Skrill.com, and I used it to fund my FXCM account.
Using Wise AI forex signals to Trade on FXCM
Then, set an amount and a position size on your Wiseinvest dashboard. And finally, you just need to copy the Signals that you will receive on your e-mail and paste into the Fxcm Traderoom.
The signals are sent every time that the Artificial Intelligence crops a new opportunity to trade, based on the amount you set on the dashboard. You can also get the signals in real-time directly on our website dashboard.
Check how you will see the signals on the dashboard
There are two resources that you are dealing with. First, the Home broker itself, which you can find on the left side of the contract screen.
Check the Entry Orders window where you will paste the Wise signals to trade
Notice that they use the term Symbol that is the same as Pair or Asset on Wiseinvest Dashboard, and Limit that corresponds to Take Profit.
At the top, the different menus of the application, on the right, as the main news of the day related to Forex, and in the center, you can see the trades live and the history of your trades.
Another important feature is MarketScope, where you can see the graphs and use all types of indicators and analyzes. It is useful to follow the signals you receive and compare with the information you read in Wiseinvest’s financial content.
Without the main feature, you can select the Forex-related contract on the Wise-Signals. It is important to correctly fill in the amount you have available to invest on the Wiseinvest dashboard, as it will be used to calculate the appropriate size of your position.
The limit price (the same as Taking Profit) and the Stop Loss (measure to avoid loss) will be suggested by Wiseinvest Artificial Intelligence. So, you just have to copy, paste, and send. After that, you can open the chart in MarketScope and see what it looks like.
You don’t have to follow a screen every time, just wait or get a price. You can make as many positions as you receive signals up to the limit of your account margin.
My personal impressions
After a few months of using FXCM.com, I am feeling quite satisfied. I realized that to open an FXCM account to trade using signals really worth it.
There are some problems with the application on the desktop, and possible failures after a long login may occur. But you can usually fix this if you restart your computer or clear your cache.
I find it a bit limiting to only have twenty Forex pairs slots to monitor simultaneously. Sometimes you need to change them, and this can be annoying.
My overall perception is very positive and the background check on the FXCM compliance and display aspects were also positive.
What is the AI performance in forex trading?
The Win Rate of our AI varies according to the period and can reach up to 95%. The performance is based on the efficient frontier measurement metric, which means that our model is profitable whenever the Win Rate is greater than 60%. All strategies of our AI trading system seek stable returns and sufficient results to achieve an average return of 40% per year (APY), without the use of high leverages.
We understand that what matters in forex trading is the final result. Thus, the investor needs to consider that Win Rate is not always the best metric to measure performance in forex, as other signal providers disclose. For instance, out of 100 trades, only 1 trade may be enough loss to make the 99 trades not profitable. In this case, the Win Rate would be 99%, but the final result would be unfeasible (negative).
We focus on the return of 40% of APY and not just on Win Rate.
It is essential to observe that forex brokers may charge spreads, commissions, and overnight fees in your trading account, and these factors can affect the AI performance. You can check our forex trading track record to understand more about AI trading performance by clicking here.
How much do I need to trade forex with AI?
You can start in forex trading with free AI signals or an AI trading account and deposit just $1 in the broker. It is also possible to test using a risk-free practice account with our AI trading system. However, to do efficient risk management in real accounts, we suggest you start from at least $100. Notice that some forex brokers require different initial deposits to trade forex.
What is the trading strategy of our AI?
Our AI strategy is the combination of different AI trading systems, with more than 100 features, that define 40 different strategies which simultaneously consider: Quotes of the 28 forex pairs, Supports & Resistances in different time frames, Trends and Counter-trends, Cross-indicators, Index of each pair, Economic Calendar, Investors Sentiment.
Our AI analyzes those fundamental, technical, and sentiment factors that affect forex trading, and all criteria are evaluated in real-time using different weights. After completing the analysis, the choice of the signal emission strategy is made considering the increased likelihood of short-term profit and the amount available for investment.
Using technical analysis, our algorithm considers not only the patterns of various trends, including support and resistance levels and cross-indicators, but our AI is also able to create its own real-time index for each currency pair, that is used to identify what is the best direction and target.
In relation to fundamental analysis in forex, the AI makes a correlation within the economic calendar to find news data that can affect specific currency pairs.
What is the best forex broker to use AI trading?
- Where are you from? For example, Oanda accepts US accounts, but FXCM does not. On the other hand, FXCM accepts accounts from some countries where Oanda does not.
- How much do you have? With Oanda, you can start at $1, and FXCM is ideal if you start from at least $300.
- FXCM sometimes provides higher liquidity volume and lower spreads than Oanda, which are vital aspects of the success in forex trading. But it can also vary.
- It is easy to open a Forex account at FXCM.com.
- Forex is a good way to invest your money for extraordinary gains and FXCM can be a good option.
- Once your account is open and running, you can take advantage of the Wise AI forex signals and start making a profit.
It is truly a wonderful experience to trade in over-the-counter markets, just from your personal computer. You feel the power of the Internet and you get artificial help to achieve business prosperity.
Disclaimer: Forex and Contracts for Difference (CFDs) are complex instruments and come with a high risk of losing money due to leverage. Forex trading is not suitable for everyone. You should consider whether you understand how forex and CFDs work and whether you can afford to take the high risk of losing your money.
The forex brokerages displayed shall disclaim the overall performance of traders in their platforms. Oanda warns that 76.8% of retail forex traders lose money trading CFDs. XTB warns that 80% of retail forex traders lose money trading CFDs. FXCM warns that 74.74% of retail forex traders lose money trading CFDs.
The performances aforementioned are not related to Wiseinvest AI forex trading and AI forex signals system. You can check the performance of our AI forex system on our dashboard.