FXCC Forex Broker Review
FXCC is Forex broker that offers ECN as the standard account for all clients, which is exactly what retail traders expect these days. Unless traders are looking for a micro account option, ECN is indeed the most preferred account option due to their relatively tight spreads and better quality of execution. In this FXCC review, we will dive deep into the company’s Forex services to have a better understanding of how the company operates in the financial markets.
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FXCC Regulation & The Broker’s Location
FXCC is a Cypress-based broker, joining the long list of Cypriot FX brokers that currently occupy a sizeable position in the Forex trading markets. Naturally, FXCC is regulated by the CySEC and is a part of the ICF for protecting clients against any unexpected closure of service or broker insolvency. CySEC FXCC regulation makes the broker a part of the MiFID derivative that allows it to offer FX trading-related services and products to the entire member nations of the EEA.
FXCC also claims to be regulated by the FCA in the UK, however, upon closer inspection, it is clear that the broker does not have any presence in the UK; neither is it regulated directly by the FCA. In fact, the FCA website explicitly mentions that FXCC provides its services to the entire EU through the EEA agreement, which binds all member nations of the EU under a single umbrella. Therefore, FXCC is trying to leverage the EEA pact to ingrain a false sense of FCA regulation status into the minds of their traders without actually setting up an office int he UK. Nevertheless, FXCC has the necessary regulatory compliance to offer services all across Europe; however, the broker does not accept clients from the US. FXCC is not a part of the CFTC or the NFA, which can make traders apprehensive about the long-term reliability of the broker.
FXCC has no representative offices in any other countries, especially since the broker has been around since 2011. Several other brokers have successfully managed to set up representative offices in several parts of the world, which had enabled them to improve their global presence. As far as the regulation and safety of clients are concerned, FXCC can be considered as a safe and reliable broker, especially since they are regulated under the new regulatory protocols issued by the CySEC.
What Are The Different FXCC ECN Trading Account Options?
There are three distinct options available for traders while choosing an FXCC account. The first type is called the ECN Standard account that starts with a minimum deposit of $100. The maximum FXCC leverage for this account is 1:300. The second type of account is the ECN XL account, which raises the initial deposit to $500 and a lowered leverage of 1:200. The company also offers a VIP account known as the ECN Advanced account that requires a minimum investment of $100,000 and a maximum leverage of 1:200. The Advanced account does not make sense, especially since there are no significant differences between the three different account types. The average FXCC spreads for all accounts start from 0.4 pips, and the commission is charged as pips instead of a percentage fee. Commissions vary between 0.4 pips to 0.75 pips, and although this helps in reducing the cost of trading, it is impossible to enjoy a 0 pip spread on any trade.
The XL account also benefits from a lack of rollover fees or SWAPs, along with a zero commission option for deposits less than $10,000. Usually, brokers offer reduced commissions for larger deposits, but in this case, the spreads are wider for smaller deposits, as the company aims to reward larger traders with tight spreads in exchange for a commission per trade.
FXCC offers access to Forex, Gold, Silver, and Indices trading through the MT4 platform. The MT4 trader is a highly popular trading terminal that is currently the largest trading platform regarding the volume of transaction and number of users. Users don’t get access to any proprietary FXCC trading platform, but the FXCC mobile traders do get access to the markets through the MT4 mobile apps. Traders can also opt for the MT4 MultiTerminal as well as the MT4 Multi Account Manager for managing multiple trading accounts through a single platform.
What Are The Payment & FXCC Bonus Options?
FXCC has a payment structure similar to most of the Cyprus-based FX brokers that include bank wire, credit cards, and e-payment portals such as Skrill and Neteller. On the FXCC bonus front, the broker launches periodic promotions that qualify traders for up to 100% in initial deposit bonuses. The bonus structure is highly subjective, and it is actually up to the broker’s discretion to issue or restrict bonuses according to their existing policies.
The broker does make up for a lack of bonus with a free VPS access, which promises to lower the latency and offer fast execution speeds for all accounts. VPS and ECN go hand-in-hand to provide the best trading environment by guaranteeing low latency, fast execution, no requotes, and less slippage. The company does pass on positive as well as negative slippage to the trader, which is a major advantage of opening an ECN account.
Dedicated Account Managers & FXCC Customer Support
Every account gets a dedicated account manager, and the customer support channels include live chat, phone, email, and a call-back feature. FXCC customer support is friendly and professional, and should be able to rectify most client issues, but the support representatives do take a bit more time to respond to your messages than you would normally expect from a Forex broker. All other things considered, FXCC is a Forex broker that offers ECN account as standard to their clients, which in itself is a great advantage because there are a large number of market makers in the market looking to capitalize on their customers’ losses. FXCC on the other hand does not have any conflict of interest with their clients, which makes it a reliable FX broker.