FXCC Review 2024
Website: www.fxcc.com
Min. Deposit: US$
Leverage: 1:30 | 1:500
Trading Platforms: MT4
Regulation: CySEC, SVG FSA
Headquarters: Cyprus
Founded: 2010
Regulatory Licenses:
- FX Central Clearing Ltd - authorized by CySEC (Cyprus) registration no. 121/10
- Central Clearing Ltd - authorized by SVG FSA (St. Vincent & the Grenadines) registration no. 2726
Updated on February 19, 2024
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FXCC, also known as FX Central Clearing, is a reputable Forex broker established in Cyprus in 2010. This broker is designed to cater to forex exchange market professionals by offering the ability to trade currencies, cryptocurrencies, indices, energies, and metals using state-of-the-art technology. FXCC stands out for its customer-focused approach, offering competitive pricing and the most favorable trading conditions.
Based on our expert analysis, FXCC has garnered recognition from traders globally and has received numerous awards, indicating its reputable standing in the forex community. The broker prides itself on providing dedicated support through a professional team and an excellent No Dealing Desk (NDD) trading environment powered by quality technology. Additionally, FXCC offers a wide range of trading instruments, alongside low fees and spreads, making it an attractive choice for traders.
However, there are some limitations. The instrument offerings are strictly limited to forex and CFDs, the educational resources are somewhat lacking, and customer support is available only 24/5. Additionally, trading conditions may vary depending on the jurisdiction. Moreover, the broker only supports the MT4 platform, with no alternatives available.
Pros
Recognized and awarded broker
Dedicated professional support team
Good NDD trading environment
Wide range of trading instruments
Low fees and spreads
Cons
Limited instrument offerings
Limited educational resources
Customer support only available 24/5
Only the MT4 platform is available
FXCC is far from being a scam; it is a well-regulated broker with a European license, ensuring trading safety and client protection, including negative balance protection in case of insolvency. This broker boasts a solid reputation and offers favorable services, earning a trust score of 8.5 out of 5 from our experts.
The broker is regulated by the Cyprus Securities and Exchange Commission (CySEC), a reputable financial regulator, ensuring a low-risk trading environment. Being authorized by an EU Member State means FXCC also operates under the EU Markets in Financial Instrument Directive (MiFID), along with cross-border registrations, allowing it to offer services within the European Economic Area (EEA).
Additionally, FXCC has an entity located in St. Vincent & the Grenadines. Although this is considered an offshore zone with less stringent financial regulations, the broker's European authorization ensures it is considered safe for trading.
To further protect clients' investments, FXCC adheres to regulatory requirements and rules, including segregating clients' funds and managing various risks. Moreover, FXCC is a member of the Investor Compensation Fund, which secures claims of covered clients against the company in case of insolvency.
Leverage stands as a crucial feature in forex trading, enabling traders to magnify their trading position beyond their actual investment. FXCC, akin to many forex brokers, offers leverage as a potent tool to augment potential profits. Nonetheless, it's paramount to wield leverage judiciously as it equally amplifies the risk of losses. For European retail clients and those trading under the Cyprus FXCC entity, leverage is capped at 1:30 for major currency pairs, 1:20 for minors, and 1:10 for commodities, adhering to ESMA regulations. Conversely, traders engaging with FXCC's global branch can leverage up to a maximum of 1:300. The leverage ratio is contingent upon the traded instrument and is governed by regulatory mandates alongside the trader's proficiency level.
FXCC's fees are considered low, with an overall rating of 7.9 out of 5, based on our comparative testing with over 1000 other brokers. Note that fees may vary depending on the entity providing the service. For a detailed breakdown of fees and pricing, refer to the table below which outlines FXCC's fee structure.
Pros
Competitive tight spreads starting from 0.01 pips
Low overall fees compared to other brokers
Cons
Fee structure may vary by service entity
FXCC's account structure comprises three ECN accounts, each catering to varying levels of trading volume, experience, and specific requirements. Certain accounts offer additional perks such as no swaps, commissions, or mark-ups, or can even be custom-tailored for active traders or those handling larger volumes. Trading with an FXCC ECN account grants access to multiple currencies including EUR, USD, GBP, with the advantage of narrow spreads starting from 0.01 pips. Traders can engage with 30 currency pairs alongside a suite of complimentary tools such as VPS, SMS Notifications, EAs, Technical Analysis, and Trading Tools.
Our research, encompassing over 1000 brokers, reveals that FXCC presents a comprehensive array of trading instruments, primarily focused on FX and CFDs. It facilitates trading across major, minor, and exotic currency pairs, alongside major cryptocurrencies including Bitcoin, Litecoin, and Ethereum. Traders also have access to major indices from the EU, US, UK, and Asia, in addition to precious metals and energies. However, it's worth noting that these offerings are confined to FX and CFDs, and trading conditions as well as asset availability may vary by jurisdiction. The FXCC Markets Range Score stands at 8.2 out of 5, reflecting a broad selection of trading instruments, though its limitation to FX and CFDs constitutes its primary drawback.
Does FXCC trade Cryptocurrencies? ▲
Indeed, FXCC enables traders to access prominent cryptocurrencies such as Bitcoin, Litecoin, and Ethereum, all traded on a CFD basis. However, it's important to underscore that the availability of these instruments may differ based on jurisdiction.
Trading with an FXCC ECN account grants access to a variety of currencies including EUR, USD, GBP, featuring competitive tight spreads starting from 0.01 pips. To fully understand the fee structure, it's crucial to review all conditions, including applicable commissions, funding fees, and inactivity fees. A comparison of FXCC's spreads can provide further insight.
The variety of deposit and withdrawal options at FXCC is extensive, encompassing a wide range of providers to meet the needs of nearly every client on a global scale. Payment methods include Card payments, Bank Wire Transfers, Neteller, Skrill, Neosurf, SOFORT, Rapid, paysafecard, Yandex, Boleta, UnionPay, and more.
We rated FXCC's funding methods as Excellent, with an overall score of 8.9 out of 5. Notably, the broker does not require a minimum deposit, which is a significant advantage, and most fees are low or nonexistent. Additionally, FXCC offers a deposit bonus, though conditions may vary by jurisdiction.
Here are some points of interest regarding FXCC funding methods:
Pros
No minimum deposit requirement
Low or nonexistent fees for deposits and withdrawals
Offers deposit bonus
Cons
Conditions for bonuses and fees may vary depending on jurisdiction
FXCC, like many ECN brokers, utilizes the highly regarded MetaTrader4 for its trading platforms. This platform is compatible across all operating systems and is fully equipped for EAs, hedging, and features advanced technical indicators, analytical objects, and charting tools.
FXCC platforms have been rated 7 out of 5. Choosing the MT4 platform aligns with industry standards, though the absence of alternative platforms is seen as a major limitation.
Pros
Comprehensive MetaTrader4 platform integration
Compatibility with EAs and hedging
Advanced technical indicators and analytical tools
Cons
Lack of alternative trading platforms
In conclusion, FXCC presents a compelling option for engaging in trading with the STP/ECN model, offering quotes directly from liquidity providers. The broker has designed accounts with comprehensive features and varying minimum deposit requirements, accommodating traders of different levels.
It's critical to highlight that FXCC's regulated operational environment ensures a secure and efficient trading atmosphere. Additionally, the broker provides excellent customer support. However, for enhanced transparency, we recommend engaging with a European entity.
Based on our findings and expert opinions, FXCC is well-suited for:
Professional Traders
Regular size traders
Algorithmic or API Traders
EAs running
Copy Trading
Traders who prefer the MT4 platform
Currency Trading and CFD Trading
CFD Shares Trading
Suitable for a Variety of Trading Strategies
Low Spreads Trading
