FXCC is a well-known online forex broker based in Cyprus. Established in 2010, in this review, FXCC focuses on providing traders with a transparent and efficient trading environment.
The broker uses an ECN (Electronic Communication Network) model, which allows traders to buy and sell currencies directly without interference from the broker’s dealing desk.
This setup means that traders can access real market prices and enjoy faster trade executions.
Read on to learn more about FXCC in this review, to guide you in your trading decision.
What is FXCC Broker
FXCC (Forex Central Clearing Ltd) offers a robust forex trading experience, leveraging the popular MetaTrader 4 (MT4) platform.
It provides various account types suited to different trading levels, competitive spreads, and a transparent fee structure.
FXCC’s ECN/STP model ensures that trades are executed without dealer interference, helping to create a fair trading environment with real market prices.
What FXCC Offers
FXCC provides a variety of trading services designed to meet the needs of different traders. The main features of FXCC include:
1. Platform
FXCC uses the popular MetaTrader 4 (MT4) platform. This platform is favoured by many traders because it offers numerous tools for analysis, customizable charts, and automated trading options.
MT4 is user-friendly, making it easy for traders to navigate.
2. Account Types
FXCC offers a single type of account known as the ECN account. This account has no minimum deposit requirements and features low spreads.
Traders appreciate this because they can start trading with any amount they are comfortable with.
3. Trading Instruments
FXCC allows trading in 72 different forex pairs, including major, minor, and other currencies.
Traders can also access commodities like gold and silver, as well as indices from various markets.
FXCC does not provide access to individual stocks, which might limit some traders who are interested in stock trading.
4. Leverage
FXCC offers high-leverage options for traders. Non-EU clients can use leverage up to 1:500, allowing them to control larger positions with a smaller amount of capital.
For clients in the EU, leverage is limited to 1:30 due to regulatory rules, which helps to protect traders from excessive risk.
5. Other Tools
FXCC provides helpful tools like an economic calendar to track important economic events that can affect currency prices.
They also offer a Virtual Private Server (VPS) service, which is beneficial for traders who want to run automated trading systems without interruptions.
History of FXCC
FXCC was founded in 2010 in Cyprus. Since its inception, the broker has focused on transparency and customer satisfaction.
FXCC is regulated by the Cyprus Securities and Exchange Commission (CySEC), which means it must follow strict rules to protect its clients.
This regulation gives traders peace of mind, knowing that their funds are secure and that the broker operates fairly.
Over the years, FXCC has expanded its services globally, welcoming traders from various countries and providing them with the tools needed to succeed in forex trading.
The broker has received several prestigious awards, recognizing its excellence in the industry.
Notably, they won the title of “Best European STP Broker” in 2018, followed by the accolade of “Best MT4 Broker” in the same year.
In 2019, it was awarded “Best Forex Trading Account (ECN XL),” highlighting its strong performance and commitment to quality service
Account Types for FXCC
FXCC offers three main account types for traders, which cater to different trading styles and needs:
1. ECN XL Account
This is the primary account type, designed for traders who want access to a range of markets. It features floating spreads starting from 0.0 pips, and there are no commissions on trades.
The minimum deposit to open this account is recommended at $500, and it allows leverage up to 1:500.
Traders can execute scalping strategies, and the account supports multiple base currencies, including USD, EUR, and GBP.
These benefits include negative balance protection and various trading tools.
2. Demo Account
FXCC broker also provides a demo account, which is a risk-free way for new traders to practice their skills before trading with real money.
This account mimics the conditions of live trading, allowing users to familiarize themselves with the trading platform and strategies without any financial risk.
3. Islamic Account (Swap-Free)
For traders who require adherence to Islamic finance principles, FXCC offers an Islamic account option.
This account eliminates swap fees, making it compliant for those who cannot engage in transactions involving interest
Pros of FXCC
1. No Dealing Desk Execution
This means that FXCC does not interfere with trades. Instead, trades are executed directly in the market.
This structure reduces the chances of price manipulation and ensures that traders receive the best available prices.
2. Low Spreads and No Commission Fees
FXCC charges competitive spreads, which are the differences between buying and selling prices.
The absence of commission fees makes trading more affordable for everyone.
3. User-Friendly Platform
The MT4 platform is easy to use, making it accessible for both new and experienced traders.
MT4 is well-known for its user-friendly interface and extensive features, including advanced charting tools, technical indicators, and automated trading capabilities through Expert Advisors (EAs).
4. VPS and Economic Calendar
The VPS service helps traders run their automated strategies without interruptions, while the economic calendar keeps them informed about key economic announcements that can affect their trades.
Cons of FXCC
1. Limited Asset Variety
FXCC primarily focuses on forex and commodities, lacking individual stock options that some traders might want.
2. No MetaTrader 5
Some traders prefer the advanced features of MetaTrader 5, which FXCC does not offer.
3. No Copy Trading Features
FXCC does not provide options for copy trading, which may be a disadvantage for beginners wanting to learn from experienced traders.
Customer FXCC Review
Customer feedback about FXCC is generally positive.
Many traders praise the broker for its reliable trading platform, fast trade executions, and excellent customer service.
Users appreciate the transparency in fees, noting that there are no hidden charges. Customers often mention the ease of withdrawing and depositing funds, which adds to their positive experience.
Some of the FXCC review highlight concerns about the limited range of trading instruments and the absence of a more advanced trading platform like MT5.
Overall, most traders seem satisfied with their experience at FXCC.
How to Get Started with FXCC
Getting started with FXCC is simple and can be broken down into a few easy steps:
1. Register
Go to the FXCC website and click on the “Open Account” button. Fill in your personal information, such as your name, email address, and phone number.
2. Verify Your Identity
After registering, you need to provide identification documents to verify your account.
This usually includes a government-issued ID and a document showing your address, like a utility bill. This step helps ensure the security of your account.
3. Deposit Funds
Choose your preferred deposit method. FXCC offers several options, including bank transfers, credit/debit cards, and e-wallets.
Once you select a method, follow the instructions to fund your trading account.
4. Download MT4
You can download the MetaTrader 4 platform from the FXCC website. MT4 is available for desktop and mobile devices, allowing you to trade from anywhere.
5. Start Trading
After setting up your account and platform, you can start trading. Choose the currency pairs or commodities you want to trade, analyze the market, and place your trades.
Make sure to practice with a demo account if you’re new to trading.
FAQs
1. Is FXCC a regulated broker?
Yes, FXCC is regulated by the Cyprus Securities and Exchange Commission (CySEC). This regulation ensures that FXCC follows strict rules to protect traders and their funds.
2. What leverage options does FXCC offer?
FXCC offers leverage up to 1:500 for non-EU clients and 1:30 for EU clients. High leverage allows traders to control larger positions with a smaller amount of money.
No, FXCC maintains a clear and transparent fee structure. Traders do not face hidden fees, which makes it easier to understand the total cost of trading.
4. What is the minimum deposit to open an account with FXCC?
FXCC does not require a minimum deposit to open an account. This flexibility allows traders to start with any amount they feel comfortable with.
Conclusion
In this FXCC broker Review is noted that the broker is a reliable broker that offers an excellent trading experience, especially for forex traders.
Its commitment to transparency, low trading costs, and the powerful MT4 platform make it a suitable choice for various traders.
While FXCC has some limitations, such as a limited range of trading instruments and the absence of the MetaTrader 5 platform, it remains a solid option for those looking to trade forex.
This FXCC broker, review has made us understand that the broker is worth considering if you prioritize fairness and efficiency in trading.