FXCC Broker Review
Among others, traders can enjoy a full spread of financial instruments, notably Forex majors, minors, and exotic currency pairs, including a wide range of CFDs. Clients have access to a live account, and a demo trading account, with competitive quotes, tight spreads, ECN Forex trading, and unparalleled speed and security. FXCC permits a minimum lot size of 0.01, with $0 fees, and rapid withdrawals. Forex, indices, and metals are available, with live quotes, daily analysis, calculators and an economic calendar to assist clients.
FXCC (FX Central Clearing Ltd) was established in 2010 by leading players in the Forex market. They pooled their talents to create a high-quality Forex service for customers globally. The company is based in Limassol, Cyprus. The three tenets of FXCC include fairness, transparency, and trust. The ECN/STP model that FXCC operates on is geared towards hedge fund managers, corporate clientele, daily traders, and professional traders.
The use of straight through processing technology allows clients to instantly place orders which are then delivered direct to expert financial institutions. There is no conflict of interest and no markup on the transactions that are processed. The provision of live streaming market news, indicators and pricing allows for immediate confirmations of trades, with no re-quotes and no dealing desk. The company espouses a customer-centric approach to the financial markets.
In terms of regulation, FXCC is fully licensed by the Cyprus Securities and Exchange Commission (CySEC) with license #121/10. In the UK, FXCC is Licensed by the Financial Conduct Authority (FCA) with registration #549790. Full passporting rights have been provided by the EU Markets in Financial Instruments Directive so that countries across Europe can access a wide range of Forex trading services.
FXCC features multiple account types including the ECN standard account, the ECN XL account, and the ECN advanced account. Each account type provides unique benefits to traders.
ECN Standard Account – a minimum deposit of $100 is required. There are 30 financial instruments and spreads as low as 0.1. Traders have access to leverage of 1:300 with minimum lots of 0.01. Free VPS, SMS, EAs, technical analysis, trading tools, personal account managers, economic calendars and hedging capability are provided.
ECN XL Account – a minimum deposit of $500 is required, and there are 30 financial instruments available on this account. Spreads begin at 0.1 and leverage of 1:200 is available. The minimum lots are 0.01. Personal account managers, free trading tools, free technical analysis, free economic calendars, free VPS and SMS, expert advisors and hedging are available. Additional benefits include zero deposit fees, zero markup, zero swaps, and no commissions.
ECN Advanced Account – the advanced account is tailored towards professional traders and requires a minimum deposit of $100,000. There are 50 financial instruments available, with spreads starting at 0.1 and leverage of 1:200. The minimum lots figure is 0.01. Like the ECN XL Account, there are many free tools and services available.
Each of these account options comes in a risk-free demo account as well. The demo accounts are provided as a courtesy to traders, to test out the financial markets under real world trading conditions. Clients are given $10,000 in demo trading funds, and have access to economic news & analysis, charting functions, and the internationally acclaimed MetaTrader 4 Forex trading platform.
Trading Platform/ software
The trading platforms are designed for clients on PC, iPhone & iPad (iOS devices), and Android. The primary trading platform is MetaTrader 4. MT4 is available in a free demo account, or a live account. With MT4, clients have access to a full suite of Forex trading services, with the ability to enter/exit trades instantly. Further, you can use third-party software or program your own bots to trade for you. MT4 features 50 economic indicators which are geared towards helping traders understand the financial markets. Other features include full analytical functionality, charts, trend analysis, and 9 timeframes. Various alerts are built into the system, to help FXCC traders on a fully secured trading platform. The MQL4 language is enhanced with customized indicators, scripts, libraries, and more.
MetaTrader 4 is also available for multi-terminal usage with 1-click access to a single platform across multiple accounts. Traders can easily manage all buy/sell activity from multiple accounts at the same time. This trading platform requires Windows 2007 or 2008, Vista, or Windows XP. Smartphone and tablet functionality is also available for Android and iOS devices. Clients simply need to download the mobile trading platform, install it, and login. There are some 30 technical indicators on this powerful trading platform. The apps can be downloaded at the App Store, or the Google Play Store.
FXCC supports a range of deposit and withdrawal methods. These include Visa, MasterCard, bank wire transfer, NETELLER, Skrill, NEOSURF, Sofort, paysafecard, and China UnionPay. Deposits with Visa and MasterCard are typically available within the hour, while bank wires can take between 5 business days and 7 business days to clear. All other deposits can be completed within 1 hour.
The range of financial instruments includes Forex, indices, silver, and gold. Within each of these broad categories of financial instruments is a multitude of options available to traders. These include the following:
Forex – AUD/CAD, AUD/CHF, AUD/JPY, AUD/NZD, AUD/USD, CAD/CHF, CAD/JPY, EUR/GBP, EUR/NZD, GBP/JPY, GBP/USD, USD/JPY, USD/CAD
Commodities – spot gold and spot silver
Indices – NASDAQ and the Dow Jones
FXCC does not currently provide any bonuses or promotional offers to clients. Customer support recommends that clients register with the company to stay informed about the latest bonuses or promotions that may become available.
By clicking on the Contact FXCC button, you will be redirected towards the customer support centre. Customer support is available via email, live chat and telephone. The following contact information is available to traders:
- email address – info@FXCC.com
- fax number – +357-25-030523
- telephone number – +357-25-870750 or +357-25-025001
The customer support team works 24 hours a day between Monday and Friday. Other contact options include the online contact form which serves as an online email direct from the site. You simply enter your personal details, telephone number and your question. FXCC is active on social media platforms, including Facebook, Twitter, G +, LinkedIn, Instagram and a blog.
Safety and security are assured at FXCC, thanks to full licensing and regulation with the Cyprus Securities and Exchange Commission (CySEC), the Financial Conduct Authority (FCA), and full passporting rights through MiFID. The company has external auditors to verify transactions (Deloitte) and client accounts are maintained separately from company funds. 128-bit secure socket layer encryption is in play and full verification is needed to process deposits and withdrawals.
Ease of Use
FXCC makes it easy to navigate across the site, with access to trading, platforms, education & research, and Forex offers. Clients simply need to click on their preferred trading platform, financial instruments, and start trading.
The range of tradable instruments at this fully regulated brokerage sits at around 3 dozen. While this is significantly less than many competitors, the range of Forex pairs covers the most heavily traded options with a few surprises thrown in.