FXCC is a leading online ECN broker, offering MT4 trading on a range of instruments, from forex and cryptos to indices and commodities. The brokerage holds various regulatory licenses, including with the CySEC. In this FXCC review, we investigate its Traders Hub to better understand the accounts, products and platforms on offer. Find out whether to register for a swing trading account today.
What Is FXCC?
Company Details
FXCC is an abbreviation and joint brand of FX Central Clearing Ltd, a forex and CFD broker headquartered in Limassol, Cyprus and Central Clearing Ltd, authorised in Vanuatu. The broker follows an ECN (electronic communication network) / STP (straight-through processing) model. This means that clients can access competitive execution latencies and prices, with no intervention or re-quotes.
History
FXCC was established in 2010 by a group of forex market professionals. The broker has since established itself as a worthy competitor in a densely populated industry, winning Best Forex Trading Account at the UK Forex Awards in 2017. FXCC is authorised as a Cyprus Investment Firm (CIF) and is regulated by both the CySEC and the FCA.
Markets
FXCC offers a generous array of CFD instruments and currency pairs:
- Cryptocurrencies: Eight cryptos, including Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC)
- Spot Metals: Popular precious metals, including silver, gold, platinum and palladium
- Energies: CFDs on energies like WTI and Brent crude oil futures prices
- Indices: 12 global indices, including Dow Jones, Nasdaq and S&P
- Forex: More than 70 major, minor and exotic currency pairs
Trading Platform
FXCC clients can make use of the popular MetaTrader 4 platform. MT4 is an easy-to-use solution available to download on Windows PCs and macOS computers or to use as a web browser platform. The software is accessible and great for beginners while offering impressive levels of sophistication. More advanced traders will appreciate the 50+ built-in technical indicators, embedded tick charts, automated trading functionalities and customisation options.
MetaTrader 4
Mobile App
MetaTrader 4 is also available as a mobile app, the standard of which surpasses that of many other mobile platforms. Having access to FXCC’s application allows you to connect to your account from anywhere, at any time. The MT4 app receives good reviews and feedback from traders of all levels. But while convenient, this platform version does lack some of the advanced features available on the desktop terminal.
You can download the MT4 app on iOS and Android mobile or tablet devices via the Apple App Store or Google Play Store.
Trading Accounts
FXCC offers two account types: the ECN XL and a demo account.
ECN XL
- Free funding
- No commissions
- 50% stop out level
- Scalping supported
- Leverage up to 1:500
- No minimum deposit
- Spreads from 0.0 pips
- Daily technical analysis
- 100% first deposit bonus
- 0.01 lots minimum trade
- USD, EUR & GBP currencies
Demo Account
FXCC offers a risk-free demo account for which traders of all levels can sign up. This account is a great place to practice forex trading skills and test new strategies with zero capital investment or risk. Each demo account is loaded with $10,000 of virtual funds, which means that you are not at risk of losing your own money. Traders have 30 days to use an FXCC demo account before it expires.
Opening an FXCC demo account provides access to real-time prices and market volatility tools. This also enables beginners to practise using all the features of the broker’s platform, including charts and analysis.
ECN Promo
Coming soon, according to the FXCC website. The ECN Promo account has had very little light shed upon it. However, it appears it will have no minimum deposit, 1:500 maximum leverage, free deposits and MT4 access.
Islamic trading accounts are available upon request.
FXCC Leverage
Leverage rates are variable with FXCC, reaching a maximum of 1:500. However, EU and UK clients are limited to rates of 1:30 due to regulatory restrictions. Clients can find a margin calculator on the broker’s website once they have registered for an account in the Trader’s Hub.
Fees
FXCC displays raw, floating spreads that can be as low as 0.0 pips. However, the average values are around 0.2 pips for EUR/USD and 0.3 pips for GBP/USD. The broker also prides itself on its zero-commission pricing structure, only charging overnight swaps.
Swap-free accounts are available on request, though these will incur some commissions. A $5 monthly dormancy fee is applied to accounts that have been inactive for 120 days.
Payments
Deposits
FXCC clients can fund their accounts in the following ways:
- Debit & Credit Cards (Visa & Mastercard)
- Bitcoin Cash
- Ethereum
- UnionPay
- EeziePay
- WebPay
- Litecoin
- Awepay
- Bitcoin
- Tether
- BitPay
- Boleto
- Efecty
- Oxxo
- Pago
- BCP
Accepted fiat currencies are USD, EUR and GBP, though Awepay supports MYR deposits and Eeziepay allows IDR, VND & THB currencies. All deposits are free and most requests take less than one hour to process.
Withdrawals
Withdrawals must be done using the same method as was used for your deposit. Using Visa & Mastercard bank cards does not incur a fee, though wire transfers can cost between $30 and $45, while e-wallets can charge up to 3.4%. Withdrawals generally take up to five working days to clear, though Skrill and Neteller are instant.
FXCC Regulation
FX Central Clearing Ltd. (FXCC) is authorised as a Cyprus Investment Firm (CIF) and regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 121/10.
As an EU-regulated entity, FXCC is a member of the Markets in Financial Instruments Directive (MiFID), which regulates investment services across the European Economic Area. Therefore, agencies in other participating jurisdictions, such as the UK’s FCA, regulate the broker in their local areas. The firm is also a member of the Investor Compensation Fund (ICF), which insures clients against insolvency.
Security
To ensure security, users’ funds are held in segregated bank accounts at leading international banks, which keeps your money safe from scammers. The broker also offers extended security algorithms that use public-key cryptography to keep fraudsters at bay. Additionally, MT4 sends data between servers using 128-bit encrypted connections.
FXCC Forex Tools
FXCC compiles its key trading tools into a dedicated section of its website within the Trader’s Hub.
- Economic Calendar: Knowing the timetable of economic releases is key to supporting trade performance
- Market Hours Table: This table displays which markets are open and closed at any point during the day
- Live Trading Positions: Current Trading Positions (CTP) is an independent tool that gives information on 16 currency pairs and gold spot prices. Trading signals and buy/sell interest are aggregated to highlight liquidity clusters. Positions are automatically verified and updated every 15 minutes.
- Live Quotes: The forex quotes table gives traders an insight into true market quotes and spreads that are available. When you place a trade, you get the true live market quote and best spread available, rather than a fixed, manipulated spread.
- Currencies Forecast Poll: FXCC’s Forecast Poll is a sentiment tool that highlights the near to medium-term price expectations by polling leading market experts. It comes with a five-year history related to the major FX currency pairs.
- Central Bank Interest Rates: The base rates at central banks can have a detrimental effect on performance. FXCC’s interest rates table provides a comprehensive list of all the key rates relating to global central banks.
- Forex News: FXCC strives to keep its traders informed by publishing breaking news, opinion, facts, figures and alerts in its FX News section. It also keeps traders informed via its social media channels with links to publications.
- Forex Calculators: These aid performance and include a position size calculator, a margin calculator, a pips calculator, a pivot calculator and a currency calculator. These can help with a trader’s plan and strategy.
Daily Market Analysis
Education
FXCC’s education centre is full of practical guidance on economic indicators, margin, slippage and more. It includes articles and discussions on types of forex trading strategies, like day trading, swing trading and scalping.
The broker’s education centre offers several free downloadable e-books and files. Beginners can also benefit from the step-by-step user guides on forex basics. It also offers Forex Trading Lessons for both beginner and intermediate traders.
The FXCC hosts a blog that has comprehensive articles on a plethora of related topics.
Promotions
FXCC offers new and existing clients a 100% first deposit bonus, which means traders can double their account equity from their first deposit. However, the maximum amount credited cannot exceed $2,000 (or equivalent).
This bonus is offered based on MT4 credit functions and credit goes out as soon as an account reaches a certain margin level. Therefore, bonus funds cannot be used to cover losses, though they increase the leverage up to 1:1000 for all instruments.
FXCC has previously offered other bonuses, such as a 200% deposit bonus (for any deposit, not just your first), a 100% start-up bonus, a 50% funding bonus and a no deposit bonus. However, these have all now expired.
Keep an eye out for new FXCC promotions.
Advantages
Reasons to sign up for a FXCC account include:
- Free VPS
- MT4 access
- Free deposits
- Crypto trading
- ECN raw spreads
- Zero commissions
- No minimum deposit
- Variety of instruments
- Cryptocurrency deposits
- Regulated by CySEC & FCA
- Competitive deposit bonuses
- Wide range of payment methods
Disadvantages
Downsides to opening an account with FXCC include:
- Withdrawal fees
- Not available in the US
- Only one account option
- No MT5 or cTrader access
- Limited educational content
Trading Hours
FXCC operates between 17:05 EST Sunday and 16:55 EST (New York time) Friday. The availability of specific instruments will vary according to the opening times of their respective markets and exchanges. The MT4 platform has a built-in market hours widget that informs clients of available assets and markets.
Customer Support
FXCC clients that wish to get in contact with the broker’s customer support team can do so via their telephone number, email address or live chat widget:
- Email: info@fxcc.com, support@fxcc.com
- Phone: +44 203 150 0832
The live chat service can be accessed via the chat logo in the lower-right corner of the broker’s website. The chat team can assist with withdrawal problems, account types, login and registration issues. However, a contact form can be filled out when its operators are not available.
FXCC is also visible across several social media platforms, including LinkedIn, Instagram and Facebook. Additionally, Twitter can be used to contact the company on any issues.
The broker provides a comprehensive FAQs section in its website’s health centre, answering common queries regarding accounts, trading platforms and fund safety.
FXCC Verdict
FXCC is a leading, low-cost broker for traders that wish to speculate on a variety of instruments using the popular MetaTrader 4 platform. Despite a limited selection of platforms and account types, the broker provides an appealing and competitive investing experience. Clients can access raw, ECN spreads with no commissions on a wide range of forex, crypto, equity and commodity CFDs. FXCC boasts one of the most cost-effective services on the market, so check out its risk-free demo account for 30 days of realistic practice.
FAQ
Is FXCC A Scam?
FXCC is a legitimate broker that gives several reasons to indicate that it is trustworthy. Several reputable agencies, including the CySEC and the FCA, regulate the broker. Moreover, clients are members of compensation schemes and the firm implements high levels of data and capital security.
Can I Use FXCC If I Am A Resident Or Citizen Of The United States?
Unfortunately not. FXCC does not accept traders from or in the US or Canada. However, residents of many other countries, including the UK, Indonesia and China can open accounts.
Is FXCC A Good Broker?
FXCC is a decent all-around broker, offering competitive ECN pricing with zero commissions and no deposit fees. The firm is regulated and offers one of the most popular trading platforms, MetaTrader 4. However, it does have its limitations, such as withdrawal fees and limited account options.
Is FXCC Regulated?
The Cyprus Securities and Exchange Commission (CySEC) and the UK Financial Conduct Authority (FCA) oversee and regulate the activities of FXCC. Given this EU regulation, the broker operates under the Markets in Financial Instruments Directive (MiFID), which further protects client capital and personal data.
Is There Only One Account Type With FXCC?
FXCC recently removed all of its account options to solely offer its most popular account, the ECN XL. With this account, clients can access raw spreads, zero commissions, leverage rates up to 1:500 and low execution latency.