In this FXCC review, we take an in-depth look at the broker’s key features, such as its account offerings, fees, trading platforms, and customer support. Our evaluation is based on hands-on trading experience with FXCC, providing insights into how it compares with other brokers, especially for day traders.
FXCC Overview
FXCC (Forex Central Clearing Ltd.) is an online Forex and CFD broker that was established in 2010. The company has grown significantly over the years and has earned a solid reputation in the trading industry. FXCC offers access to the ECN/STP trading model, which means that clients can trade directly with liquidity providers without any interference from the broker.
Their mission is simple: to provide traders with a fair, transparent, and customer-friendly trading environment. With over a decade of experience, FXCC has attracted traders from across the globe, offering a wide range of trading instruments and competitive trading conditions.
Key Features of FXCC
Some of the standout features that make FXCC an attractive choice include:
- ECN/STP Execution: One of the biggest advantages of FXCC is that it operates under an ECN (Electronic Communication Network) and STP (Straight Through Processing) model. This means trades are executed without any dealing desk, providing real market prices.
- No Commissions on Trades: Unlike many brokers, FXCC does not charge commissions on trades. Instead, their profit is made through spreads, which are competitive compared to other brokers.
- Wide Range of Instruments: FXCC offers more than 200+ trading instruments, including Forex, indices, commodities, and cryptocurrencies.
- MetaTrader 4 Platform: FXCC offers the popular MetaTrader 4 (MT4) platform, which is widely used in the industry for its ease of use, powerful charting tools, and automated trading features.
- Tight Spreads: The broker provides tight spreads, which start as low as 0.0 pips during certain market conditions.
- Multiple Account Types: FXCC offers various account types designed to meet the needs of different traders, from beginners to professionals.
Account Types Offered by FXCC
FXCC provides a range of account types that cater to different trading needs. Whether you are a beginner or an advanced trader, FXCC has something for you. Here are the types of accounts you can open:
- ECN XL Account: The most popular account type. It provides access to tight spreads and zero commissions.
- Demo Account: Perfect for beginners or traders wanting to test out the broker’s platform without any risk. This account mimics live market conditions without the need for real money.
- Islamic Account: FXCC also offers a swap-free account, which complies with Islamic trading principles.
The minimum deposit required to open an account is as low as $100, making it accessible for new traders.
Regulations and Security
When selecting a Forex broker, regulation and safety are critical factors. FXCC is regulated by the Cyprus Securities and Exchange Commission (CySEC), one of the most respected regulatory bodies in the industry.
This regulation ensures that FXCC follows strict guidelines when it comes to transparency, client fund protection, and overall operation. Client funds are also segregated, meaning your money is kept separate from the broker’s operational funds, ensuring added security.
Additionally, FXCC complies with the Investor Compensation Fund (ICF), providing extra peace of mind in case of broker insolvency.
Trading Platforms and Tools
FXCC offers the MetaTrader 4 (MT4) platform, which is known for its ease of use and wide range of features. Whether you’re a seasoned trader or a beginner, the MT4 platform offers everything you need, including:
- Advanced Charting Tools: Access to numerous chart types, indicators, and timeframes.
- Automated Trading: Create or download Expert Advisors (EAs) to automate your trading strategies.
- Mobile Trading: With MT4 Mobile, you can trade on the go, ensuring you never miss an opportunity.
In addition to MT4, FXCC provides access to various trading tools such as:
- Economic Calendar
- Forex Calculators
- Technical Indicators
- Market News and Analysis
Deposits & Withdrawals
FXCC provides a solid variety of payment options, including traditional methods like card and wire transfers, as well as more modern solutions like cryptocurrencies and e-wallets. This diverse selection is particularly convenient, with the crypto payment option standing out for its flexibility, making it accessible to traders almost anywhere in the world.
However, I did notice the absence of PayPal, which is one of the most popular e-wallets globally and is offered by competitors like XTB and IG.
On the positive side, all deposits are free of charge. E-wallets such as Skrill and Neteller are processed within an hour, while wire transfers may take 5-7 business days to complete.
Pros and Cons of FXCC
Here’s a simple table outlining the pros and cons of FXCC:
| Pros | Cons |
|---|---|
| Competitive spreads | Limited asset classes |
| No commissions on trading | Fewer educational resources |
| Multiple account types | Lacks social trading features |
| Regulated by reputable authorities | Limited customer support hours |
| Access to advanced trading platforms | No proprietary mobile app |
| Free VPS for eligible accounts | Limited research tools |
| Fast and secure payment methods | No cryptocurrency trading |
| Negative balance protection |
Pros:
- No Dealing Desk (NDD) Execution: Provides direct access to the market without broker intervention.
- Zero Commissions: Profit is made through the spread, ensuring no hidden charges.
- Fast Execution: The ECN model provides lightning-fast trade execution.
- Tight Spreads: Starting from 0.0 pips, giving traders competitive pricing.
- MetaTrader 4 Platform: Easy-to-use and feature-packed platform.
- Regulated Broker: Supervised by CySEC, offering peace of mind regarding security.
Cons:
- Limited Platform Options: FXCC only offers MT4, while some traders may prefer MT5 or other platforms.
- No US Clients: FXCC does not accept traders from the United States.
- Limited Educational Resources: FXCC lacks a comprehensive educational section for beginners compared to other brokers.
Customer Support and Service
FXCC offers a dedicated customer service team available 24/5 via live chat, email, and phone support. Their customer support is known to be responsive, helpful, and available in multiple languages, which is crucial for international clients.
Traders can also find helpful resources like FAQs, platform tutorials, and market news on their website. However, as mentioned earlier, their educational resources are somewhat limited compared to other brokers, which might be a downside for beginners looking for in-depth learning material.
Conclusion
FXCC is a well-established broker with over a decade of experience in providing high-quality Forex trading services. Its ECN/STP execution model, competitive spreads, zero commissions, and reliable regulation make it a great choice for traders looking for transparency and efficient trade execution.
While it may not offer as many platform choices or educational resources as some competitors, FXCC excels in delivering a seamless trading experience through its MT4 platform, tight spreads, and efficient customer support. Whether you are a beginner or a seasoned trader, FXCC provides an ideal environment for your trading activities.
If you’re looking for a trusted broker in 2024, FXCC is worth considering.
FAQs About FXCC
Yes, FXCC is regulated by CySEC, ensuring it follows strict rules on client fund protection and operational transparency.
The minimum deposit to open an account with FXCC is $100.
No, FXCC does not charge any commissions. They profit through the spreads on trades.
FXCC offers the MetaTrader 4 (MT4) platform, which is known for its ease of use and advanced trading features.
This detailed FXCC review aims to help traders understand what to expect when trading with FXCC. With a strong regulatory framework, competitive spreads, and efficient customer support, it remains a competitive option in the Forex market.
Top 4 Alternatives to FXCC
Compare FXCC with the top 3 similar brokers that accept traders from your location.
XM
XM is a well-established forex and CFD broker, offering access to a wide range of trading instruments and exceptional trading conditions. Founded in 2009, XM is regulated by multiple authorities including CySEC and ASIC, providing clients with secure trading opportunities. With over 5 million clients globally, XM is known for its transparent fee structure, fast execution, and top-tier platforms like MT4 and MT5.
Deriv
Deriv was founded in 1999 and has grown into a popular choice for traders seeking innovative trading solutions. Offering more than 100 tradable assets, including forex, indices, commodities, and synthetic indices, Deriv combines flexibility with a user-friendly experience on platforms such as DTrader, MT5, and Binary. The broker is regulated by the MFSA and VFSC, ensuring a reliable environment for traders.
Doo Prime
A global financial services group, Doo Prime offers multi-asset trading across forex, commodities, stocks, and more. Established in 2014, Doo Prime is regulated by the FCA and FSA, catering to both retail and institutional traders. With access to premium platforms like MT4, MT5, and FIX API, it provides fast execution and competitive spreads, making it a strong alternative to FXCC.
Blueberry Markets
Blueberry Markets, founded in 2016, is an Australian-based broker regulated by ASIC. It offers competitive spreads, advanced trading tools, and seamless access to MT4 and MT5 platforms. Known for excellent customer service and a straightforward trading experience, Blueberry Markets is favored by both beginner and experienced traders alike.
CFDs and FX are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs
Editorial Staff at Chweya is a team of financial experts led by Vincent Nyagaka, with over 9 years of experience in finance, commerce, forex, crypto, and marketing. Started in 2014, Chweya is now among the largest free financial resource sites in the industry and is often referred to as Wikipedia for business.
