Table of Contents
FXCC is a non-dealing desk broker that has put a lot of effort into ensuring clients see it as a reliable broker company. It is not a brokerage company that is as famous as the others, prompting the need to analyze and conduct an FXCC broker review to understand it better.
Now, on to the main meal. Is it a good company, or it’s plainly a scam?
Regulations and Licenses
It is no surprise that the company is allowed to trade in the EU region and has been regulated by the Cyprus Securities and Exchange Commission (CySEC) with Licensing Number 121/10. CENTRAL CLEARING Ltd is an investment company registered under the International Company Act [CAP 222] of the Republic of Vanuatu with Registration Number 14576.
Others include Markets in Financial Instruments Directive (MiFID) and Association of Cyprus International Investment Firms (ACIIF).
The client funds are placed in a different account from the one they use to run their services. Furthermore, it has partnered with leading banks to ensure the security of the funds.
This sounds good. However, the company does provide other important features to a client, such as negative balance protection.
Account Opening and Account Types
Opening an account is fairly easy with FXCC. It is a great broker that allows people to automatically sign up using their Facebook and Google accounts easily and at any time.
On the other hand, it is an ECN company that offers three types of ECN accounts. These include the EXN Standard, ECN XL, and ECN Advanced accounts. The accounts come with different base currencies, including GBP, USD, and EUR.
They have a low minimum deposit with the least you are required to join them, which is $100. This minimum deposit amount can only be found for the ECN XL account.
They have a demo account that anyone can open with them and trade for as long as they want.
Markets and Products
FXCC has tried when it comes to the instruments that their clients can trade with. The forex instruments found in the company add up to 30. They have the major currency and the minor currencies. They also have gold and silver that clients can trade. They do not deal with other CFDs and cryptocurrencies when writing this FXCC broker review.
At the same time, they offer very low spreads that remain Standard regardless of the kind of account that you use. Their leverage sits at 1:30, which is very low. Their minimum lot size is 0.01, and they offer their clients a variety of ways that they can fund and withdraw to or from their accounts.
They charge no deposit or withdrawal fees whatsoever on all their clients. In contrast, they have an exchange rate fee charged in terms of interest when clients change their base currencies. Their fees are generally low.
Their spreads are determined depending on the market activity at the time. This means that they have floating spreads across all their accounts. As far as this FXCC broker review could tell, they do not charge any commissions.
They offer their customer a 100% deposit bonus. It may sound exciting, but it is not as effective as their terms and conditions limit what you can do with the deposit bonus. The bonus is only given to people outside the EU region and offered on MT4 as a credit functionality.
It can run out whenever a trader reaches a certain margin level. The good thing about the deposit bonus is that they allow for an increase in the leverage up to 1:1000.
Not much can be said in this FXCC broker review regarding trading platforms, as they only offer MT4 as their only trading platform. They are accessible through mobile phones, desktops, and tablets.
They have their customer support serving their clients 24/5. They are open from the market opening to when it closes on Friday evening. They can be reached through phone, mail, fax, or physical meeting during their opening hours.
Summing It Up
Nothing sets this company apart from the rest other than it only offers ECN accounts. They are transparent and possibly reliable but have as many downsides as upsides.
To sum it up, this broker can work well with experienced traders who only like trading with ECN accounts. They offer competitive rates, and their website does not provide a lot of information to go by. They are still worth trying.
Be the first to leave a review.