Read our full FXCC review below.
WHAT IS FXCC?
Found in 2010, FXCC is a respectable forex and CFD brokerage firm with its headquarters located in Limassol. This online broker is regulated by CySec.
At FXCC, clients can trade a range of trading instruments, such as forex currency pairs, Spot Gold & Silver, and precious metals.
The broker also offers a variety of trading platforms to its traders, including MetaTrader 4, MetaTrader 4 Mobile, MetaTrader 4 multi terminal, and MAM (multi account manager).
INTRODUCTION
FXCC came into existence in the year 2010 when a group of international investors put it together. This country is governed by the ECN and STP laws and business models.
This company is based in Cyprus and one of the best financial asset investment providers. They offer the least spread and use the most advanced technology.
The ECN account can provide for the need of every investor and trader from all parts of the world. This company provides different kinds of trading account.
Apart from offering the ECN/STP business model, the company equally provides both DMA and NDD trading systems, and this improves the trading environment, and this makes it easier for traders to operate.
Most importantly, because of the wide business trading instrument they provide, it becomes much easier to invest in different financial trading markets such as forex trading, cryptocurrency as well as metals and indices.
This broker is one of the leaders in this world and it is not surprising that it is rated high in the world today.
They have lots of achievements to show for the quality service they provide over the years. The firm is the leading provider and makes the trading environment very conducive for its customers who are from all parts of the world.
You would see more about FXCC during this review.
PROS & CONS
Pros
- The company is regulated by various regulators especially CySEC
- They have in a place compensation fund
- This broker also offers ECN/STP business model
- They provide for the low minimum deposit
- The trade spread they provide is tight
Cons
- The firm does not allow US clients
- A limited trading instrument for some account types.
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TRADING INSTRUMENTS
When you are choosing a broker to invest your money, you must consider the number of trading instruments they make available for their clients.
FXCC has available in its platform different kinds of trading instruments. The trading instrument they provide include the following:
Foreign exchange market
The foreign exchange market or forex is the most traded market instrument. Most brokers must always provide this instrument.
The company makes available seventy pairs of foreign currencies to trade on and these include both the spot pairs across the major as well as minor currencies. It also includes exotic currencies and so on.
Cryptocurrency
Digital currency is one of the instruments the broker provides for investors to invest. Some of the cryptocurrencies it has in stock include ripple, dash, Litecoin, Ethereum, and most importantly bitcoin.
There may other cryptocurrencies they are investing in now and many more may come, but these are the major ones.
Commodities
This instrument is not left out by the broker. They trade a lot of commodities and the most popular among them are cocoa, coffee as well as sugar.
There could be others which you can see on their website, this is the most important.
Precious metals
Most brokers would like to provide precious metals for investors.
This broker is not left out. FXCC makes the following precious metals available to their customers and here is the list available on their website, gold, silver, platinum, and palladium.
Energies
This is another instrument you can trade on if you patronize this broker. Different kinds of energies are available here and they include natural gas as well as crude Brent oil.
There could be others there is no doubt about that, you can visit the website for more information about this.
Stocks and indices
Furthermore, they trade on indices and stocks. There are several such stocks they make provision for and they include DJ30, AUS200, STOXX50, and DE30. There could be others.
Bonds
Besides they make provision for bonds investment and the bonds they provide include the following UK long, Euro-Bund futures, Gilt futures, US 10yr T-Note futures as well as Dollar Index and many others.
Check the website to get details about the other bond investment opportunities the company makes available to you.
Most importantly, this company makes shared available, and the shares cover more than sixty companies around the world. Some of the profitable company you can invest in their shares include the following:
Apple Inc, Adidas Salomon, Air France, Bayer AG as well as Facebook, IBM, and several others.
These are some of the market instruments this broker makes available to its clients. All these instruments are not available to all the investors.
What determines which instrument is available to you is the kind of account you hold.
TRADING PLATFORMS
FXCC like other notable brokers in the industry is also using the MT4 which is the best in the industry. It is popular because of its wide array of functionalities and features.
Most importantly, it works with different devices out there.
MetaTrader 4
MetaTrader 4 remains the best because of the important features which it offers that are too numerous to mention here. Here are a few of such features:
- It comes with analytical tools
- This features 9 timeframes
- It has in possession more than fifty indicators and tools and this helps in the trading process
- It comes with market execution orders which include pending, stop as well as trailing orders.
- It also provides for different kinds of charts
- Comes with trade alerts
- It has access to EAs as well as MQLQ
- Furthermore, it makes it easy for indicators to be customized
Furthermore, this makes mobile trading possible since it is compatible with different mobile devices including iOS and Android devices. Because of this, you can trade from any part of the world.
Furthermore, the table is easy for traders because they can observe in real-time their trading history as well as interact with those trading charts and use the technical analysis tools, and so on.
Using the mobile device, you trade from any part of the world and you will get effective customer support whenever you want it especially on these five trading days of the week.
Furthermore, the platform comes with the MT4 multi-terminal system. If you have multiple accounts, you can use this to manage those accounts without difficulties.
This interface has been with the broker since 2016 and it has proven to be one of the tools that make the broker the choice of most investors from parts of the world.
It is designed for every user in mind. This does not matter whether you are a new or an experienced trader, it comes with features that can help to dominate the market.
Multi-Account Manager
The system equally comes with software that is known as a multi-account manager. It is known as MAM.
With this software is now easier for investors with this company to manage more than one account with ease.
This is possible by using what is known as the allocation method and this is more sophisticated. It comes with interesting features which include the following:
- It makes for instant trade execution through the server-side plugin
- This equally makes for the adjustment of trade parameter
- This does not set any limit for the trading account
- Furthermore, the system makes it easy for bulk trade execution
- Besides, it makes for group order execution
ACCOUNT TYPES
The company equally provides for different kinds of accounts. It takes care of the interest of different categories of traders and this means that you would always get what you want when you invest with this provider.
The account types available here depend on some factors which include the trades size, traders’ experience level, and so on.
ECN
This is the standard account, and this requires a minimum deposit of between the sum of ten thousand dollars to one hundred thousand dollars.
With that, it is easy to have access to leverage of 1:200 and the spreads for this is 0.1 pip.
The other interesting thing about this is that it uses major currencies which include USD, EUR, and GBP. These are the major base currencies.
Besides, there are also more other trade instruments which the traders can invest in. The least you can start from is 0.1.
Here are the major features of this account type and they include the following:
- Have access to EAs
- Comes with hedging capability
- VPS access for free
- SMS access for free
- Makes available economic calendar
- Comes with free technical analysis
- Comes with free trading tools
- Access to personal account manager and so on.
EXN XL Account
This is another account type that this broker makes available to its customers. This is not very popular, but it has gained recognition among experts.
This one is more affordable since it makes for a minimum deposit of one hundred dollars to ten thousand dollars and it features the same base currencies which include EUR, GBP, USD. It makes it easy for account holders to have up to 1:300 leverage.
The holders of this account type can have access to about thirty instruments and share the same kind of features with holders of Standard account. Besides, it comes with extra features such as:
- No deposit fees
- No markup
- No commissions
- No swaps
ECN advanced account
This as you can get from the name is meant for more advanced traders. The least deposit to start this kind of account is one-hundred-dollar dollars and more.
It provides supports for the base currencies and makes available more than two hundred market instruments for the account holders. This is much more than what you get from other account types.
The leverage is 1:100 and the minimum spreads start from 0.1 pip. Other features stand this account out and here are some of the specific features and they include the following:
- Grant access to EAs
- Makes for hedging
- Makes for free SMS
- Grants free access to the economic calendar.
- Free technical analysis
- There are the free trading tools
It makes it possible to have a personal account manager. There are other great attributes of this account type.
HOW TO OPEN AN ACCOUNT
To open an account with this platform is complex since it is simple and straightforward. When you are opening an account, it is good to start from a demo account. In fact, you would ask to choose between a demo and a live trading account.
When you start then you commence by providing the necessary basic details you want for that account and that includes providing your basic details such as your name, email address, and so on. They also make it easy to sign up through your Facebook or Google account.
When you supply all the details required from you then you must check your email address for verification. Because of that, you must ensure that you provide a real email address so that you can rely on that email address to do the verification.
The next stage is for you to validate the account and that means further account verification, and this include your proof of identification
Your proof of residence as well as deposit verification and so on.
When you have supplied everything that is required of you, the broker must verify all the information and you fund your account based on the type of account you want to create, you can begin to trade.
DEMO ACCOUNT
The first option the company makes available to you when you want to create an account with them is to open a demo account.
This is the type of account you use to learn how to trade by using a simulated sent to you. The aim is to use the amount to learn how to trade.
It is recommended that you learn how to trade relying on the time made available to you to trade this market.
SOCIAL TRADING AND COPY TRADING
This is another form of trading. Here the trader would be allowed to copy another trader and you do that by following such a trader and doing what he does.
You can make money when the trader makes money. You enter the market when the trade enters the market, and you exit when the trader exists.
It is not yet clear whether this broker makes this possible, but it is known that many brokers out there actually make this possible. You can pay a commission or remit a percent of your earnings to the person you are copying from.
COMMISSIONS & FEES
The commission does not demand any fee from the customer for any deposits made. However, you may be required to pay a fee when you are depositing through a bank wire transfer.
When fees are incurred, it is the duty of the client to pay such fees. In the same way, the company does not demand a withdrawal fee.
However, there are minimums that you can be allowed to withdraw from the system at any time and the minimum you can withdraw here is the sum of fifty dollars.
There is a certain amount you are supposed to pay, and this depends on the kind of account you are holding.
You can get detailed information about the account fees from the websites, you can check them now for more details.
The company does not demand a swap fee when the holder is ECN XL account, however, it may be demanded it may be charged when the person is holding other kinds of account like the Advanced account and ECN standard account.
When there is a swap, it must be for a position held overnight.
LEVERAGE
Leverage makes it easy for brokers to increase the volume of their trade and it can increase the potential gain as well.
Just as it increases the potential gain, it equally puts the traders to risk. Because they can lose more than the amount they deposited. Because of that, traders must be very wise in the way they use this instrument.
The company makes leverage of just 1:30 and that is because of the limitations imposed by the regulators. The leverage is not the same for all the market instruments. For commodities, the leverage allowed here is 1:10 and that of the minor currencies is 1:20.
If you request for higher leverage the company can still give it to you but demanding it means that you clearly understand the implications as well as the gains. You must make use of this wisely.
WITHDRAWALS AND DEPOSITS
The broker supports different methods of funds deposits and withdrawals. If you want to fund your live trading account and you want to withdraw your earnings from the system, the broker makes things possible for you.
You must compare all the options made available to you and then make your choice. Each payment system has a currency it is attached to. Before you choose a method, you must make sure that you understand the currency it goes with.
The company makes use of card which include both Visa Card and Master. These accept the major currencies which include EUR, USD, GBP.
The other method they accept is bank wire and this method only works with USD.
UnionPay and accept USD which they can convert to CNY
Neteller and it accepts EUR, USD as well as GBP.
There is also the Skrill system that accepts the major currency pairs. The other methods like BCP, PSE, and PAGO can also accept the same major currencies.
When you are making a choice here, you must be aware of the different processing times the different methods offer. You must be familiar with that and can also assist you in the final choice you make about the payment method.
CUSTOMER SERVICE
The brokers provide services five days of the week and that starts from Monday to Friday of every week.
Within these working days, the provider makes available effective customer service which is active for 24 hours within these five trading days.
This means that it would not be difficult to contact them. Just get to the contact us page and send a request to them through email, or you can make a telephone call to them.
Before you contact them, you can check through the frequently asked questions section and find the solutions to the likely things that would bother you.
Several topics are covered here, and you must acquaint yourself with all the topics. Where your problem is not covered, then you can go on and contact them through the appropriate channel. Among the various options, FXCC makes available to clients include the live chat option.
You can just get to the site and have a real-time live discussion with the representative of the broker and thrash out issues with them. You would have a wonderful experience when you do that.
SAFETY AND SECURITY
When it comes to the safety and security of your investment, there is nothing to worry about because the broker is one hundred percent regulated by CySEC.
Besides, the company is part of MiFID. This governs the operation of brokers across Europe. Since it provides services to UK citizens, it must comply with the FCA and it is also authorized by the EEA. You are sure that you are protected.
Moreover, there is nothing to worry about your fund because it is segregated from that of the company. Your money is in safe hands and you are safe with them. Should the company go bankrupt, you will not lose your investment with that. This is good news to investors.
CASHBACK
The country does not offer any cashback policy for now. From time to time, they do offer some incentives and traders compete for this incentive.
There are lots of awards they can show for their performance over the years.
RESEARCH
Research is a vital part of this company and they do provide research information that can help their clients to study the market. some of the research instruments made available to them include an economic calendar. Clients get enough news here
There is also the forex news which is made available to traders and this guides them in decisions they make about trading. Furthermore, they provide daily technical analysis.
EDUCATION
Besides, the company does offer enough educational tools which help their clients to understand the market. Just study these tools and it can help you to learn more about the market and know how to place your trades.
GLOBAL AWARDS
Over the years the company has won many awards. These awards have to do with Islamic banking, the best MT4 platform for many years.
They have also won best forex broker, best ECN account as well as ST account, and so on.
CONTESTS
Currently, there is no contest on the ground. If you check the website, you will not see any, but it is recommended that you check back from time to time to find when it is available.
SAFE OR SCAM?
The company is not a scam. They are safe to do business with. You have seen that they are regulated by different authorities in Europe, Cyprus as well as the UK.
The company address is known. The creator is known, and you can talk to them one on one. There is nothing to worry about them.
CONCLUSION
This company is the most reliable financial asset market provider in the world today. You can see from the various award they have won that they are reputable.
They provide different trading instruments and the best trading platforms.
