FXCC Review |
|
| 📅 Year founded |
2010 |
| 📈 Multiple top-tier regulation |
Yes |
| 📍 Headquarters |
Charlestown, Nevis |
| 🌍 Country of regulation |
Cyprus / Vanuatu |
| ✅ Regulators |
CySec / MiFID |
| 📈 Execution Type |
Market Execution |
| 💰 Minimum Deposit |
None |
| 🛡️ Negative Balance Protection |
Yes |
| 📉 Trading Platforms |
MetaTrader4 |
| ☪ Islamic account |
Yes |
| 📉 Trading Instruments |
Forex / Cryptocurrencies / Metals / Indices / Energies |
| 📱 Mobile trading |
iOS / Android / Windows |
| 💳 Payment Types Accepted |
Debit and Credit Cards / Bank Wire Transfers / Neteller / Skrill / Netbanx / UnionPay / PSE / Sefecty / BCP / Pago Effectivo / Pago Fast / RapiPayo / Webpay / OXXO / Neosurf / Yandex / Moneta RU / |
| 🎮 Demo Account |
Yes |
| ⓒ Copy Trading |
Yes |
| 🎁 Bonus Offer |
Deposit Bonus / Refer-a-Friend |
| 💰 Account Currencies |
USD / EUR / GBP |
| 📈 Minimum Trade |
0.01 Lots |
| 📈 Account Types |
STP / ECN |
| 📈 Margin Trading |
Yes |
| 📈 Trading fees |
Low |
| 📈 Inactivity fee |
After 4 consecutive months of inactivity |
| 💰 Withdrawal fee |
No |
| ☎ Customer Support |
24/5 |
| 💰 Max. Leverage |
500:1 |
| ✔️ Hedging Allowed |
Yes |
| ✔️ Scalping Allowed |
Yes |
| 💰 Commission |
From $0 depending on instruments traded |
| 💰 Spreads |
From 0.0 pips |
| 💰 Leverage |
Flexible |
| 💰 Currency Pairs (Total Forex pairs) |
70 + |
| 🔢 Number of clients |
Unknown |
| 🥇 Instruments Offered |
95 + |
| 📙 Education |
Education Centre / Forex Educational eBook / Forex Glossary / Articles |
WHAT IS FXCC?
FXCC, or FX Central Clearing Ltd, is a global forex broker, based in Charlestown, Nevis, that provides traders access to a wide range of trading instruments.
Established in 2010, FXCC operates with an ECN (Electronic Communication Network) model, offering clients direct access to liquidity providers and tight spreads.
INTRODUCTION
In the competitive world of online forex trading, FXCC stands out for its client-centric approach and commitment to providing a transparent trading environment.
The broker emphasises the importance of ethical trading practices and offers services designed to cater to both novice and experienced traders.
Since its inception in 2010, the broker has been dedicated to offering retail and institutional traders access to a wide range of financial markets including forex, cryptocurrencies, metals, indices and energies.
At its core, FXCC operates on an ECN (Electronic Communication Network) model, which is a significant aspect of its commitment to transparency and fair trading practices. This model ensures that traders have direct access to other market participants, including banks, liquidity providers and other traders, thereby facilitating better price execution and reduced trading costs.
The ECN model is renowned for eliminating potential conflicts of interest between the broker and its clients, as FXCC acts as an intermediary that passes on the orders to the market, rather than taking the opposite side of the trade.
FXCC’s dedication to providing a user-friendly trading environment is evident through its choice of trading platforms, spearheaded by the popular MetaTrader4 (MT4).
MT4 is favoured by traders worldwide for its advanced charting tools, automated trading capabilities and user-friendly interface.
FXCC enhances this offering by providing a suite of additional tools and services designed to aid traders in making informed decisions and managing their trades effectively.
PROS AND CONS
PROS:
- ECN trading with tight spreads and no commission on some accounts.
- A wide range of forex trading instruments.
- Offers the world renowned MetaTrader4 trading platform.
- Strong regulatory framework enhancing trader security.
- Broker adheres to MiFID regulations which means they are regulated across many countries in the European Union.
CONS:
- No services to clients from the USA and some other countries.
- Narrow range of trading instruments are offered.
TRADING INSTRUMENTS
FXCC offers a broad selection of trading instruments including forex, cryptocurrencies, metals, indices and energies. This diversity allows traders to spread their investments and manage risk more effectively.
Understanding the range of trading instruments FXCC offers is crucial for traders looking to diversify their portfolios and capitalise on various market opportunities.
Here’s a detailed overview of each instrument type available through FXCC, reflecting the specific offerings:
Forex
FXCC provides access to a comprehensive selection of forex currency pairs, encompassing all major, minor and several exotic pairs.
- Major Pairs: These are the most traded globally including pairs like EUR / USD, USD / JPY and GBP / USD, known for their liquidity and narrower spreads.
- Minor Pairs: These pairs exclude the USD but involve other significant currencies such as EUR / GBP and AUD / JPY, offering a blend of moderate liquidity and potential for volatility.
- Exotic Pairs: Involving one major currency and another from an emerging market such as USD / SGD or EUR / TRY, exotic pairs are less liquid and more volatile but can offer lucrative opportunities for the informed trader.
Cryptocurrencies
As digital assets continue to grow in popularity, FXCC has embraced this trend by offering trading in major cryptocurrencies against the USD. This includes:
- Bitcoin (BTC): The leading cryptocurrency, known for its market dominance and volatility.
- Ethereum (ETH): A popular choice for its underlying blockchain technology and smart contracts.
- Other Cryptos: Depending on FXCC’s current offerings, traders might also find opportunities in other significant cryptocurrencies, providing a chance to engage with this dynamic and evolving market in the form of Bitcoin Cash, Monero and Ripple amongst others.
Metals
Trading metals allows investors to speculate on the value of precious metals, an essential part of a diversified trading strategy. FXCC offers trading in:
- Gold (XAU): Often viewed as a safe haven in times of market uncertainty.
- Silver (XAG): Valued both as an investment and for its industrial uses.
- These metals are typically traded against the USD and are favoured for hedging strategies and portfolio diversification. FXCC also offers Gold to be traded against the Euro.
- Other metals offered by FXCC also include Palladium and Platinum.
Indices
Indices offer a way to trade on the overall performance of a basket of stocks, representing either a specific market sector or a national economy. FXCC provides access to major global indices, including:
- US indices: Like the S&P 500 and NASDAQ, reflecting the performance of major US companies.
- European indices: Such as the DAX and FTSE 100, offering insights into European market trends.
- Asian indices: Providing exposure to markets in Japan, China and beyond, indices such as the Nikkei 225 and Hang Seng Index are available.
Energies
Energies are crucial commodities, influencing global economics and politics. FXCC allows trading in key energy markets, including:
- Crude Oil: Both West Texas Intermediate (WTI) and Brent crude, the major benchmarks for global oil prices.
FXCC’s diverse range of trading instruments offers traders the flexibility to engage in various markets, from the traditional forex market to the innovative and volatile cryptocurrency space, as well as precious metals, global indices and energy commodities.
Each instrument type comes with its unique set of opportunities and challenges, enabling traders to tailor their strategies to different market conditions and personal investment goals.
Whether looking to trade on economic indicators, geopolitical events or market trends, FXCC provides a comprehensive platform to explore and invest in the global financial markets.
TRADING PLATFORMS
FXCC primarily utilises the MetaTrader4 (MT4) platform, renowned for its user-friendly interface, advanced charting tools and automated trading capabilities.
MT4’s mobile application ensures traders can manage their accounts and trade from anywhere.
MetaTrader4 (MT4)
At the heart of FXCC’s trading platform offerings is MT4, a widely acclaimed platform renowned for its reliability, advanced analytical tools and user-friendly interface. MT4’s popularity among traders stems from its comprehensive suite of features, designed to accommodate both novice and experienced traders:
- Advanced Charting Tools: MT4 offers an extensive array of charting options, including customisable charts, various time frames and a large number of technical indicators and graphical objects. These tools are indispensable for conducting thorough market analysis and developing informed trading strategies.
- Expert Advisors (EAs): The platform supports automated trading through the use of Expert Advisors, allowing traders to automate their trading strategies and take advantage of trading opportunities around the clock without manual intervention.
- One-Click Trading: MT4 facilitates swift trade execution with its one-click trading feature, enabling traders to place orders directly from the chart with a single click. This is particularly useful in fast-moving markets where speed is of the essence.
- Mobile Trading: Recognising the need for accessibility and flexibility, MT4’s mobile application allows traders to manage their accounts and trade from anywhere, at any time. The app is available for both iOS and Android devices, providing full trading functionality, including interactive charts, a full set of trading orders and the most popular analytical tools.
Additional Tools and Services
FXCC enhances its platform offering by providing traders with additional tools and services that complement the MT4 platform:
- Economic Calendar: An essential tool for fundamental analysis, the economic calendar helps traders keep track of important economic events, news releases and indicators that can influence the markets.
- Market News and Analysis: FXCC offers timely market news and analysis, providing traders with insights into market trends, trading ideas and potential opportunities. This information can be invaluable for making informed trading decisions.
- Social Trading Integration: For traders interested in leveraging the collective wisdom of the trading community, FXCC provides access to social and copy trading services. These services allow traders to follow and copy the trades of experienced traders directly through their MT4 platform.
ACCOUNT TYPES
FXCC caters to a broader audience, including corporate entities, through its Corporate Account and is poised to enhance its offerings with the forthcoming launch of the ECN Promo account. Here’s a detailed overview:
ECN XL Account
The ECN XL account, also known as the Zero Account, stands out as FXCC’s premier offering for individual traders, emphasising low trading costs and efficient execution.
This account type is specifically designed to meet the needs of a wide range of traders, from beginners to experienced market participants, by providing several key features:
- Zero Commissions: One of the most attractive features of the ECN XL account is the absence of commission on trades, allowing traders to execute their strategies without worrying about the impact of commission costs on their trading profitability.
- Low Spreads: The account offers tight spreads starting from 0.0 pips on major currency pairs, which can significantly reduce trading costs and is particularly beneficial for high-volume traders and those employing scalping strategies.
- Minimum Deposit: The ECN XL account is accessible with no minimum deposit required, making it an attractive option for traders who are not looking to commit a large amount of capital initially.
- Leverage: Traders have access to flexible leverage options, allowing them to choose the level of leverage that best suits their trading style and risk tolerance.
Corporate Account
In addition to its offerings for individual traders, FXCC also provides a Corporate Account option, designed to meet the specific needs of businesses and institutional traders.
While not delving into extensive detail, it’s important to note that the Corporate Account features enhanced trading conditions and services tailored to the requirements of corporate entities, including higher leverage options and a dedicated account manager.
ECN Promo Account (Upcoming)
FXCC is excited to announce the upcoming launch of the ECN Promo account, further expanding its portfolio of trading accounts to cater to an even broader audience.
While specific details about the features and benefits of the ECN Promo Account will be announced in the near future, traders can anticipate attractive conditions that combine the advantages of ECN trading with promotional benefits designed to enhance their trading experience.
This new account type signifies FXCC’s ongoing commitment to innovation and its dedication to meeting the diverse needs of its clients.
FXCC’s account offerings, highlighted by the ECN XL account, demonstrate the broker’s dedication to providing traders with flexible, cost-effective and competitive trading conditions.
The Corporate Account option extends these benefits to institutional clients, while the anticipation surrounding the launch of the ECN Promo Account underscores FXCC’s commitment to continuous improvement and innovation.
Traders of all levels and backgrounds are likely to find an account that suits their trading style and goals, backed by FXCC’s reliable customer support and robust trading infrastructure.
HOW TO OPEN AN ACCOUNT
Opening an account with FXCC is straightforward:
- Visit the FXCC website and click on the “Open an Account” button.
- Fill out the registration form with your personal and financial information.
- Submit the form along with the required KYC (Know Your Customer) documents.
- Once verified, fund your account to start trading.
DEMO ACCOUNT
FXCC offers a demo account, allowing new traders to practice trading strategies without risking real money. This feature is also beneficial for experienced traders looking to test the platform.
SOCIAL TRADING AND COPY TRADING
While FXCC does not offer its own integrated social trading or copy trading system, it does not prohibit copy trading practices.
Copy trading can be accessed via the MT4 trading platform through the use of EAs as discussed in the Trading Platforms section.
Social trading and copy trading has become a popular feature amongst many brokers in the industry and it is a good sign that FXCC allows this feature. In future, we would love to see FXCC integrate these features via their own platform or system.
COMMISSIONS AND FEES
FXCC prides itself on transparency with its fee structure. The ECN XL account offers zero commission on trades and tight spreads, while other accounts may have different conditions.
Overnight swap fees are also applied, varying by account type and instrument.
FXCC’s fee structure is designed to be transparent and competitive, with the aim of providing traders with a clear understanding of their potential costs. Here’s a detailed breakdown:
On the ECN XL Account, zero commissions are charged by this broker as any applicable fees are built into the spread.
Considering the low spreads available with this broker, often starting from 0.0 pips, this means FXCC is one of the best priced brokers in the industry.
Other Fees
- Overnight Swap Fees: Also known as rollover rates, these are interest charges applied to positions held overnight. The rates vary depending on the instrument and whether the position is long or short.
- Inactivity Fees: Traders should be aware of any inactivity fees charged by FXCC if an account remains dormant for an extended period, up to 4 consecutive months. These fees are meant to encourage trading activity or prompt traders to close inactive accounts.
- Deposit and Withdrawal Fees: While FXCC offers free deposits and withdrawals, some payment providers may charge their own fees. Traders should check the specific payment method’s terms to understand any potential costs.
FXCC’s transparent fee structure, including its ECN model offering tight spreads and low or zero commissions on certain account types, positions it as a competitive broker in the market.
Traders are encouraged to review the detailed fee schedule on FXCC’s website or contact their customer service for the most up-to-date information regarding commissions, fees and other charges related to their trading activities.
This proactive approach will help in making informed decisions and optimising trading performance.
LEVERAGE
Leverage options at FXCC vary by account type and trader experience, with maximum leverage up to 500:1. Traders are advised to use leverage cautiously due to the increased risk of significant losses.
WITHDRAWALS AND DEPOSITS
FXCC supports various methods for deposits and withdrawals which are all listed in the table above. The broker aims for quick processing times, though some methods may take longer.
FXCC does not charge fees on deposits or withdrawals and arguably offers the most methods available with any broker in the industry.
CUSTOMER SERVICE
Customer support at FXCC is available 24/5 and can be reached via live chat, email and phone. The support team is knowledgeable and responsive, ensuring clients’ queries are addressed promptly.
With offices based in multiple countries around the world, this customer service offering is available in multiple different languages.
SAFETY AND SECURITY
FXCC operates under the regulatory oversight of multiple respected authorities, ensuring it upholds the highest standards of operational integrity and client fund protection.
These regulatory bodies enforce strict guidelines that FXCC must follow, including client fund segregation, financial reporting and transparent trading practices.
Here are the primary regulatory authorities overseeing FXCC:
Cyprus Securities and Exchange Commission (CySEC)
FXCC is authorised and regulated by CySEC, which is one of the leading financial regulatory bodies in the European Union.
Regulation by CySEC ensures that FXCC adheres to EU financial regulations, including the Markets in Financial Instruments Directive (MiFID II), which provides a harmonised regulatory regime for investment services across the 31 member states of the European Economic Area.
CySEC regulation ensures that FXCC maintains high standards of corporate governance, client fund protection through segregated accounts and participation in the Investor Compensation Fund (ICF), offering an additional layer of security to clients’ funds.
Other Global Regulatory Standards
While CySEC is the primary regulator, FXCC also complies with international financial standards and practices.
This compliance demonstrates FXCC’s commitment to maintaining a secure and trustworthy trading environment on a global scale.
Although specific additional regulatory bodies may not be listed, adherence to international financial standards signifies FXCC’s dedication to operational excellence and client protection.
The presence of robust regulatory oversight by bodies like CySEC ensures that FXCC operates with transparency and accountability. The regulatory requirements compel FXCC to adhere to practices that protect traders, such as:
- Segregation of Client Funds: FXCC is required to keep clients’ funds in segregated bank accounts, separate from the company’s operational funds. This segregation protects clients’ capital from being used for any other purpose, such as the broker’s own business activities or liabilities.
- Financial Reporting and Transparency: Regular financial reporting and audits by independent auditors are mandated. These practices ensure that FXCC maintains solvency and adheres to fair trading practices.
- Investor Compensation Fund (ICF) Membership: Participation in the ICF provides an additional safety net for clients’ investments. In the unlikely event of the broker’s insolvency, clients may be eligible for compensation, offering peace of mind regarding the safety of their funds.
- Risk Management Controls: FXCC employs advanced risk management controls and encryption technologies to safeguard clients’ personal and financial information, protecting against unauthorised access and cyber threats.
PROMOTIONS
FXCC occasionally offers promotions and bonuses to its clients, including deposit bonuses and trading competitions. These offers are subject to terms and conditions, so traders should read them carefully.
Currently, the bonuses on offer from the broker include the 100% First Deposit Bonus, where the broker matches your first deposit in your trading account up to a value of $2 000 USD. This bonus also includes cashback bonuses when you place trades.
There is also a Referral Program where traders can receive bonuses for referring their friends or other traders to the broker. This offering is subject to terms and conditions which can be viewed on the broker’s website.
Another great feature available at FXCC is the availability of a free VPS service which is available to traders as soon as they open an account with the broker.
RESEARCH
The broker provides a range of research tools and resources including an economic calendar, daily technical analysis, morning roll call analysis, forex news, market analysis and a “Traders Corner Blog”. These resources help traders make informed decisions.
EDUCATION
FXCC offers educational materials including articles, tutorials and webinars. The content varies from basic to advanced topics, catering to traders at all levels of experience.
Additionally, there is a forex glossary available as well as the broker’s own Forex Educational eBook.
GLOBAL AWARDS
Over the years, FXCC has been recognised with several awards, reflecting its commitment to excellence in forex trading.
These awards highlight the broker’s reliability, customer service and innovative technology. Below are some of the most recent awards won by the broker:
- Best STP Broker (2019) – World Finance Magazine.
- Best Trading Account (2019) – World Finance Magazine.
- Best STP Broker Europe (2018) – Global Banking & Finance Awards.
- Best Trading Account (2018) – Global Banking & Finance Awards.
- Best MT4 Broker (2018) – JFEX Awards.
- Best Forex Trading Account (2017) – UK Forex Awards.
SAFE OR SCAM?
Based on its regulatory compliance, transparent business practices and positive client feedback, FXCC is considered a safe broker and not a scam.
FXCC’s regulatory adherence, particularly to CySEC, underscores its commitment to providing a secure and transparent trading environment.
These regulations ensure that clients’ interests are protected through financial safeguards, operational transparency and access to dispute resolution mechanisms.
For traders, this regulatory framework offers reassurance that FXCC is a trustworthy broker dedicated to upholding the highest standards of safety and security in the forex market.
CONCLUSION
FXCC is a reputable ECN forex broker that offers competitive trading conditions, a range of trading instruments and robust client support.
While it could improve its educational resources, the broker’s commitment to transparency and client satisfaction makes it a solid choice for traders looking for a reliable trading partner.
After the research conducted to write this review, the team at Brokersuggest.com can definitively say that FXCC is one of the best brokers in the industry and a reliable trading partner for any trader in the industry.
