FXCC offers its clients a choice of three basic account types: Standard, XL and Advanced. Since the spread provided on all of them is the same, the main difference between them, except the minimum initial deposit, is the amount of the commission applied, if any.
Besides, micro lots are available for trade on all three account types. Sharia-compliant swap-free service is offered on ECN XL accounts with deposits below $ 10 000.
The Company. Security of Funds
Founded in 2010, FXCC is a No-Dealing-Desk (NDD) forex broker, offering trading in around 30 currency pairs, precious metals and a couple of indices through the most widely used MetaTrader 4 platform.
FX Central Clearing Ltd., doing business as FXCC, is a Cyprus Investment Firm (CIF), licensed and regulated by the Cyprus Securities and Exchange Commission (CySEC).
The Cypriot financial watchdog applies certain rules and requirements to license holders and makes sure they are being observed. For instance, customer funds must be held in segregated accounts. Also, the Commission requires forex brokers to hold at least €1,000,000 net tangible assets as a proof of good financial standing.
As a further guarantee to clients’ funds, all CySEC-regulated companies are members of the Investor Compensation Fund. This is the fund of last resort for customers of regulated firms. If the company becomes insolvent or ceases trading, the Fund is able to pay compensation to its covered clients, amounting to a maximum of 20,000 EUR.
Additionally, FXCC is also regulated under the Markets in Financial Instruments Directive (MiFID) in regards to offering cross-border services within the EU under the MiFID Passporting Regime, allowing companies regulated in their “home state” to provide services to customers in other EU Member States. Besides being EEA authorised, FX Central Clearing Ltd. is also registered with UK`s FCA.
Minimum Initial Deposit
In order to open an account with FXCC, traders have to invest at least $100. Such minimum initial amount is reasonable and average. Many Cyprus-based brokerages, however, require smaller amounts: FXTM and XM both demand just $5 from their clients as a start.
Spreads & Commissions
This broker offers tight variable spreads, averaged 0.4 on the EUR/USD pair. However, commission fees apply in most cases, and the ones on the Standard account type amount to 1.5 pips round-turn, so average trading costs would be 1.9 pips on EUR/USD, which is pretty high value for the forex market. This is why we would recommend the ECN XL account type (with deposit from $500 to $10 000), which is commission-free.
In comparison, Cyprus-based Exness also provides its ECN account holders with average spreads of 0.4 pips on EUR/USD, incurring a commission of $2.5 per standard lot. For further information, you may look up and compare real-time spreads of 15 leading brokers here.
The maximum leverage level offered by FXCC is 1:300, which is an average ratio for the forex market. If you, however, need higher leverage, many Cyprus-based brokers offer such. For instance, FXTM provides leverage up to 1:1000 and you can check out a list of brokers offering leverage equal to or exceeding 1:500 here.
Nonetheless, we advise traders to realize the risks of margin trading and exercise caution, as higher leverage involves greater risk.
Like most brokers, FXCC supports the award-winning MetaTrader 4 (MT4), the preferred choice of most experienced traders. The platform is equipped with a number of technical indicators, advanced charting package and a wide range of Expert Advisors (EAs), as well as extensive back-testing options for EAs. The platform is available as desktop and mobile versions.
What is more, FXCC’s clients are offered Multiple Accounts management solution through the MetaTrader 4 Multi Terminal, which is an integral part of the MT4 package.
Methods of Payment
FXCC offers the following payment methods: credit/debit cards (Visa, Visa Electron Maestro, MasterCard), bank wire, and e-wallets Skrill and Neteller.
Accepted currencies: USD, EUR, GBP.
FXCC is a Cypriot ECN/STP broker that offers pretty good trading conditions on the MT4 platform. What is more, its customer support does a great job.
FXCC Review Conclusion
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