FXCC Review and Tutorial 2021
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|FXCC Facts & Figures|
FXCC is a highly regulated and trustworthy MT4 trading broker.
• Best Forex Trading Account 2017 - UK Forex Awards
|Instruments||Forex, CFDs, indices, commodities|
|Pay Methods||Neteller, Paysafecard, Rapid Transfer, Skrill, Sofort, Visa|
|Min. Trade||0.01 lots|
|Regulated By||CySEC, FCA|
|Trade on a modest collection of CFDs.|
Trade on over two-dozen major and emerging currency pairs.
FXCC offers trading on forex, indices, gold and silver on the trusted MetaTrader 4 platform, which is available to download or as a web solution. In this broker review, we log in to the Traders Hub to explore minimum deposits, regulations, leverage and demo accounts. Learn more about FXCC today.
FXCC is a brand name of FX Central Clearing Ltd, a forex and CFD broker headquartered in Cyprus. The company was founded in 2010 and has since established itself as a strong competitor in the industry, holding licenses with both the CySEC and FCA.
FXCC follows an ECN/STP model, offering competitive execution and prices, with no intervention or re-quotes. With a choice of three accounts, clients can trade on forex, indices and precious metals on the popular MT4 terminal.
FXCC offers MT4 to all clients, which is available on multiple devices as well as major web browsers.
The platform is packed with advanced trading features, including a built-in library of over 50 indicators for technical analysis. There’s also access to market, pending and stop orders, plus embedded tick charts for accurate analysis. You can also program your own automated trading robots, using MetaTrader’s programmable language, MQL4.
The platform is available to download on Windows PCs. Alternatively, you can access the platform straight from the Web Terminal, which is ideal for MacOS users.
FXCC offers 30 currency pairs including major USD pairs as well as spot gold and silver. There are also two indices available: the Dow Jones and NASDAQ. This is a fairly limited selection compared to other brokers, but FXCC is planning to add more asset classes to its repertoire.
Spreads & Commissions
Live spreads average around 0.6 pips for EUR/USD and around 0.8 pips for GBP/USD. Note that the broker also applies a spread mark-up for FX pairs and gold, starting from 1.5 pips in the Standard account and 0.8 pips in the XL and Advanced accounts.
There is zero commissions on FX pairs and gold. For other instruments, commissions start from $4 per side for silver. There are also rollover fees as well as a $5 dormant fee on accounts which have been inactive for 120 days.
Leverage is available between 1:1 and 1:30 in the XL and Standard accounts and up to 1:100 in the Advanced account. There’s also a margin calculator which is accessible once you have registered in the Trader’s Hub.
The MT4 mobile app allows you to connect to your trading account from anywhere. The state-of-the-art platform receives good feedback and reviews online for its easy-to-use interface and reliability. The app includes 30 technical indicators, a number of timeframes and a live stream of market prices. It also comes with an economic news feed and complete trading history.
You can easily download the app onto iPhone/iPad or Android devices and begin trading straight away using your login credentials.
There’s plenty of funding methods available at FXCC, including bank cards, wire transfer, e-wallets such as Skrill and Neteller, plus alternative online payment methods, such as Rapid Transfer.
Accepted currencies include USD, EUR and GBP and most deposits are processed within one hour. The majority of withdrawals take up to 5 working days to clear, apart from Skrill and Neteller which are processed in real-time.
Deposit fees for bank cards start from 1.5% for EUR deposits. For bank wire, the fee ranges from 2 to 5 in the chosen currency. For e-wallets and other e-payment methods, fees start from 2.0% + 0.29. Withdrawal fees start from 0.30 in the chosen currency for bank cards.
Traders can opt for a risk-free 30-day demo account to practice trading skills and test new strategies before committing real money. Each practice account is loaded with $10,000 in virtual funds and anyone can sign up in a few easy steps.
FXCC does not offer any welcome bonus deals or promotions at this time. This is in line with CySEC regulations which restrict trading incentives in the EU.
FX Central Clearing Ltd (FXCC) is authorised as a Cyprus Investment Firm (CIF) and regulated by the Cyprus Securities and Exchange Commission (CySEC), under license number 121/10.
As a regulated entity in the EU, FXCC is a member of the Markets in Financial Instruments Directive (MiFID) which regulates investment services across the European Economic Area. This means that FXCC is also registered in other participating jurisdictions, including the FCA in the United Kingdom.
In addition, FXCC is a member of the Investor Compensation Fund (ICF) which insures clients in the event of insolvency. User funds are also segregated in separate bank accounts at leading international banks so your money is safe from scammers.
Our review was impressed with the comprehensive forex research and technical analysis within the blog section. There’s also an education centre full of practical guidance on economic indicators, margin, slippage and more, plus several free downloadable e-books. Beginners can also benefit from the step-by-step guides on forex trading basics.
There are three account options available at FXCC: ECN Standard, ECN XL and ECN Advanced. Minimum deposits start from 100 EUR/USD/GBP in the XL account, 10,000 in the Standard account and 100,000 in the Advanced account. The minimum trade size in all accounts is 0.01 lots.
Whilst the Standard and XL accounts get access to 30 instruments, the Advanced account offers over 200 instruments. The award-winning XL account also comes with additional benefits, including competitive FX spreads, zero commissions and zero deposit fees. All other features are the same, including access to a free VPS, economic calendar, powerful trading tools and a personal account manager.
FXCC performs well in several areas:
- ECN spreads
- Traders Corner Blog
- Regulated by CySEC
- Zero commissions on forex
- No deposit fees for XL accounts
Limitations of FXCC include:
- US & Canada not accepted
- Narrow product ranges
- No choice of platforms
FXCC’s daily operation time for trading is from 17:05 to 16:55 New York time (EST) from Sunday to Friday. You can find specific trading sessions for each instrument within the MT4 platform.
FXCC offers 24/5 multilingual customer support via telephone, email or live chat. The live chat service can be accessed by clicking on the chat logo in the bottom right-hand corner of the website.
- Email – email@example.com
- Contact number – +357 25 870750 or +357 25 025001
- Address – Amorosa Centre, 2nd Floor, 2 Samou Street, 4043 Yermasoyia, Limassol, Cyprus
The chat team can help with withdrawal problems, account types, registration queries and more.
Safety & Security
To ensure the security of all trades, the MT4 platform transmits data between servers using 128-bit encrypted connections. FXCC also offers extended security algorithms using public-key cryptography, which should keep scammers at bay.
FXCC is a good broker for traders looking to trade forex, gold and silver, though the variety of other instruments is currently limited. Nonetheless, the award-winning XL account with a reasonable $100 minimum deposit and ECN pricing might be enough to attract a few traders. Trustworthy and robust CySEC regulation is also a bonus.
FXCC accepts traders from Australia, Thailand, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.
Traders can not use FXCC from United States, Canada.
Is FXCC a good broker?
FXCC is a good all-round broker, offering competitive ECN pricing across three account types, with no commissions on forex and gold. FXCC is also regulated by CySEC and offers one of the most popular trading platforms, MT4.
Is FXCC a scam?
FXCC is a trustworthy and legitimate broker registered in Cyprus and regulated by the Cyprus Securities and Exchange Commission (CySEC), one of the most reputable financial regulators. It is unlikely that scammers are operating under the company name.
Does FXCC offer a no deposit bonus?
Due to CySEC regulation, FXCC does not offer no deposit welcome bonuses, or any other promotional offers at this time.
How do I open an account with FXCC?
You will need to complete the online registration form before submitting your ID documents for verification. You will then be able to set up your login details and download the MT4 platform.
How do I contact customer support?
If you need help with your account or encounter any deposit or withdrawal problems, you can contact the customer support team 24/5 via telephone, email or live chat.
|FXCC is a highly regulated and trustworthy MT4 trading broker.|