FXCC ReviewCategory: Reviews | Author: Trading Brokers | Date: November 17, 2022
FXCC is an award-winning trading broker that gives you access to trade online using provided platforms. They have a good range of around 200 financial instruments, including Forex, Cryptos, Commodities and Indices. You can trade and invest on the popular MetaTrader 4 (MT4) platform for your desktop and mobile devices. There is no minimum deposit required to start trading and free demo accounts are available if you want to practice at first. The broker has lots of educational resources to educate new traders and encourage informed decision making. There are also some useful trading tools which can help with your market analysis and trading strategies. Copy trading is available for investors and money managers. Qualifying traders can get access to a free VPS which is a great way to remotely run your platforms 24/7. Other essential features of the broker worth noting include leverage of up to 1:500, small 0.01 minimum trade size, spreads from as low as 0.0 pips and zero commission fees.
Pros & Cons
- User-friendly MT4 trading platform with Multi Terminal
- Over 200 financial markets to trade online
- Tight spreads starting from 0.0 pips
- Commission-free trading
- Crypto trading and funding
- Multi-account management
- No minimum deposit or deposit fees
- Decent selection of educational resources
- Free VPS
- Free demo accounts
- Islamic accounts
- 24/5 customer support
- No MetaTrader 5 platforms
- Withdrawal and inactivity fees
- No individual stock instruments
- Lack of updated market analysis
- Cannot accept clients from some countries
- No 24/7 support
FXCC was founded in 2010 by a team of forex professionals, focused on building upon their extensive experience in the financial markets, they strived to create a brokerage service that is based on the high levels of standards that they would demand as customers. I like how the company is comprised of a dedicated team of professionals with extensive experience in the financial industry. This means that they should understand exactly what we need as traders.
The broker that provides you with a competitive online trading environment and the required resources to help you get the best out of your trading. They are committed to your success, by delivering competitive pricing, via fair and transparent order processing. There main objective is to empower clients with all the tools they require, to develop their skills, whilst enjoying an unrivalled trading experience, during every step of their journey.
You get free access to the MT4 trading platforms along with educational materials and useful trading tools to enhance your trading experience further. I feel that they have everything professionals, active traders, hedge fund managers and corporate clients will need to trade in the global financial markets, with access to real time streaming and competitive prices directly from leading multibank liquidity providers. This is all backed by 24/5 customer support.
The broker operates using the STP/ECN execution model, which offers access to the interbank markets. “ECN” stands for “electronic communications network” and “STP” stands for “straight through processing”. ECN brokers execute by matching client orders and STP brokers execute by passing client orders directly to an external liquidity provider, with no dealer intervention and no re-quotes. Your trades are made on prices provided to FXCC by its liquidity providers. This means that you can get your trades execute at the best available prices from the brokers liquidity providers without any interference from the broker itself. I prefer this model as it helps to eliminate any conflict of interest between my trades and the broker, ensuring that all my orders are executed in a truly competitive and transparent method. On the contrary, a market maker broker can take the opposite side of your position which means they can mark-up prices which I don’t think gives a level playing field.
- Forex ECN, straight through processing
- Liquidity pool of institutional partners
- Tight spreads & competitive price quotes
- Unrivalled levels of security and speed
FXCC brand is an international brand that is authorized and regulated in various jurisdictions and is committed to offering you the best possible trading experience. I would always prefer to use a regulated broker as they can provide certain protection that an unregulated brokerage firm cannot. However, not all regulators are created equal. Some are more respected than others. I am personally satisfied with this brokers regulation and wouldn’t have any problem using them for my trading. If you would prefer some more top-tier regulators, then you might want to consider City Index as an alternative option.
- FXCC is a trading name of Central Clearing Ltd, an investment company registered in the Republic of Vanuatu.
- FX Central Clearing Ltd is authorized and regulated as a Cyprus Investment Firm (CIF) by the Cyprus Securities and Exchange Commission.
The broker implements state-of-the-art Secure Sockets Layer (SSL) network security protocol, to help ensure that private information is kept safe. They regularly identify, assess and control each type of risk associated with its operations. The broker states that all client funds are held in segregated accounts with leading International banks., completely separate from any and all of their own corporate accounts. This means that funds should not be used for anything else other than your trading activity.
The broker can accept clients from most countries but does not provide services for United States residents and/or citizens. If you reside in the USA, you can take a look at some other options from our best USA brokers.
FXCC offers one of the best trading platforms in MetaTrader 4 (MT4) for desktop, mobile devices and directly through your web browsers. MT4 is provided by the majority of trading brokers due to its simplicity and user-friendly interface. In addition, I appreciate how they provide access to the MT4 Multi Terminal that allows you to log in to unlimited accounts simultaneously.
However, the broker does not offer any other platforms such as MetaTrader 5 (MT5), cTrader, or an in-house proprietary platform. After MT4, I would prefer MT5 as the second choice because of its additional features including more timeframes and built-in tools. If you are looking for more platforms, then RoboForex could be an option for you as they have a good selection.
The broker also provides you with copy trading via Multi-Account Management (MAM). Copy trading is helpful for you if you don’t want to scan the markets for trades yourself because you don’t have the time or knowledge to do so. Instead, you can select a professional trader with a solid track record and start copying trades in return for a small commission to the manager.
MetaTrader 4 (MT4)
The broker lets you trade the available financial instruments using the MT4 trading platform. The software offers an impressive array of analytical tools, including nine timeframes and four chart types for each financial instrument to ensure detailed market analysis. A built-in library of more than 50 technical indicators and an abundance of tools enables you to identify trends, define various market shapes, determine entry and exit points, print charts of any instruments, and conduct your own customised market analysis according to your preferred trading strategies.
The MT4 platform is available in desktop, web, and mobile versions. I use the desktop platform for running automated systems as it is the only version which can. The web version of the platform is great if you need to access your account from any device without installing any software and it is always up to date. The mobile trading app is perfect for taking the markets with you in your pocket. It makes it quick and easy to keep track of your trades and the latest market news from anywhere at any time.
MT4 Multi Terminal
The MetaTrader 4 Multi Terminal is a component of the MT4 package that was designed to enable money managers and professional forex traders to handle many forex trading accounts at the same time. Any trader who is familiar with MT4 will feel right at home with the user interface on the MT4 Multi Terminal. This uses the same user-friendly interfaces and contains extensive functionality that allows for the management of any number of accounts, the retrieval of quotations for any currency pair, the placement of a range of order types, as well as advanced reporting and trading history capabilities.
Professional traders and asset managers with many accounts want solutions that make managing several accounts straightforward and secure. The broker provides the MetaFx MAM (Multi Account Manager) software to multiple account traders and money managers. MAM provides major benefits over competing platforms such as MetaTrader Multi Terminal.
The FXCC MAM is good for:
- Professional traders or money managers that need to trade numerous MT4 accounts at the same time
- If you need to examine the status and history of many accounts
- If you execute group trades on numerous accounts
But it’s worth mentioning here that past performance never promises a profitable future. Keeping that in mind, you need to do proper research before selecting and investing in anyone else’s trades. I actually prefer to take control of my own trading as I like to be responsible for my decisions. It can be good to learn from mistakes and improve your trading skills by having some hands-on experience. Free demo accounts are available if you don’t want to take any risk whilst practising.
Apart from the various trading tools that you will find built into the MT4 trading platform, you are provided with some useful standalone trading tools to help get the most out of your trading. These tools include a Free VPS, Economic Calendar, Economic Analysis and Forex Live Charts. However, other important tools for market analysis such as Trading Central and AutoChartist aren’t available at FXCC. If you would like access to these industry leading signal generating tools, then GO Markets provide both. That being said, I think MT4 should have more than enough tools for most of you, especially if you are just looking to follow market prices and place or manage trades with minimal fuss.
FXCC provides the flexibility and convenience of trading using VPS (virtual private server) services. Adopting VPS has three key benefits to improve trading performance: speed, security, and accessibility. You can log in to your trading account in the pre-installed MT4 on VPS, turn on auto trading with expert advisors or trading signals, then leave it. VPS will make sure your MT4 terminal keeps running with minimal downtime. I have my own VPS which is an invaluable tool for me to test brokers and run my automated trading strategies around the clock without needing my own computer constantly switched on. To apply for your free tools, simply login to the Traders Hub read the Terms & Conditions and make your request.
An economic calendar is an invaluable trading tool which is often overlooked and undervalued by traders. Being ahead of the curve; knowing the timetable of economic releases by way of a calendar, is an absolutely vital aspect to support trading performance. I believe that having access to a thorough, comprehensive and detailed economic calendar, is extremely important. I would always like to check a calendar prior to taking any trade decision.
The broker has developed a unique range of calculators which can help top aid your performance. Each one has been carefully developed with traders’ needs being of primary importance. Within this collection is a: position size calculator, margin calculator, pips calculator, pivot calculator and currency calculator. It’s imperative that traders familiarise themselves with several of these calculators, as I feel that they can be very useful to assist with the development of a trading plan and strategy, with risk and exposure at the forefront of that plan. These calculators can also help traders to avoid basic errors, for example; miscalculating position sizing by just one decimal point can increase the risk per trade significantly.
The “Education & Research” section of the broker’s website is replete with various educational resources, such as learning articles, forex news, traders corner blog, glossaries, educational eBooks, and more. There is an FAQ section that answers some of the common questions that you may have. I think there is enough to improve your trading if you are a complete novice. There is a nice selection of forex eBooks, providing guidance and understanding of the key trading concepts. A great amount of thought was applied into the forex education centre in order to ensure it can help to make a difference and enhance your knowledge of the markets.
On the other hand, if you already have some experience then I don’t think you will learn anything new. The broker also does not conduct seminars, webinars or podcasts. They also do not have frequently updated market analysis which could help gives us some further market insights. If you are just getting started on your trading journey and need guidance along the way, Fortrade is a broker with lots of educational resources.
FXCC offers the following trading products for you to trade with competitive conditions: Forex, Cryptocurrencies, Metals, Energies and Indices. Despite having a decent selection of instruments in each category, I would consider it a thin product portfolio as many popular asset classes are missing, such as individual stocks, options, bonds, and ETFs. I would like to suggest you check IG as a viable alternative as they have thousands of trading instruments along with other good services.
ECN XL Account
The broker only provides you with one live trading account designated as the ECN XL Account. The account requires no minimum deposit and offers leverage of up to 1:500. The spreads are variable and start very low from just 0.0 pips but there are no fixed spread accounts available. Clients can open an ECN XL account and enjoy the same level of dedicated full support and service as if they are a VIP client. It is great that everyone can get access to the same ECN/STP trading environment. However, I would really like to see more account types offered as we all have different strategies that can require different conditions. That being said, if you are looking for a broker that has multiple account types, HYCM has a better selection.
- No Minimum Deposit
- 0.01 Lot Size
- 1:500 Max Leverage
- Free Funding
- ECN Type Execution
- EA Available
- Islamic Account
- Hedging Allowed
Whether your new or an experienced trader, a risk-free demo account is a great way to experience the benefits of ECN trading with FXCC. You can practice your forex trading skills or test new strategies without making a financial commitment.
- Get real-time prices and real forex market volatility
- View charts, news and analysis just like on a real account
- Access to full-featured MT4 trading platform
- Practise trading with $10.000 virtual funds
- Build your confidence before trading for real
I think it is great how the broker supports Muslim traders by giving them the option of a swap-free account which complies with Sharia law. However, this is not a unique feature and something that you will find most brokers provide nowadays.
Applications for Corporate trading accounts should be submitted when a Legal or Registered Corporation intends to open an account. On the Corporate Account Application form, you will find areas specially designed for assigning an Authorized Representative(s), to trade, deposit or withdraw on behalf of the applicant. Opening a Corporate Trading Account is a straightforward procedure.
It is relatively straight forward process to open an account at FXCC. You just need to click on the ‘Register’ button at the top-right corner of the brokers website. You will be required to fill in the account application form with your details and may be asked to provide some KYC documents in order to verify your account. This is pretty standard procedure when dealing with a regulated broker as they must follow AML policies. I like how the process is all done online and shouldn’t take you more than a few minutes to complete.
The broker’s customer support team are available 24/5 from Monday through to Friday. They can provide answers to all of your general, technical, and account-related inquiries. The support team can be reached via telephone, email, live chat, online form, and social media.
Despite offering crypto trading 24/7, FXCC does not offer 24/7 customer support. If you are planning to trade crypto on the weekend and encounter any issues, you may only contact support on the coming Monday. If this is a concern for you, there are brokers like FP Markets who do offer 24/7 client support and crypto trading.
This is an area in which the broker does very well. I like how there is plenty of flexibility for quick and easy account funding. Other brokers are limited to bank transfer which can cause a delay in getting access to your funds. This is not ideal if you want to act fast on some market news. With FXCC, you can make deposit and withdrawal requests via a good variety of payment methods including:
- Bank Wire Transfer
- Credit/Debit Cards
- Digital Wallets
|This Broker||AvaTrade||IG||IC Markets|
|Regulated||ADGM FRSA, ASIC, BVIFSC, CBI, FFAJ, FSCA, IIROC, JFSA||ASIC, BaFin, CFTC, DFSA, FCA, FINMA, FMA, FSA, FSCA, JFSA, MAFF, MAS, METI, NFA||ASIC, CySEC, FSA, SCB|
|Commission||From $0||From $0||From $0|
|Instruments||Forex, Commodities, Crypto, Stocks, Indices, Options, Bonds, ETFs||Forex, Commodities, Crypto, Stocks, Indices, Options, Bonds, ETFs||Forex, Commodities, Crypto, Stocks, Indices, Bonds|
|Platforms||MetaTrader 4, MetaTrader 5, AvaTradeGO, AvaOptions, AvaSocial, DupliTrade, ZuluTrade||MetaTrader 4, IG Platform, IG Progressive Web App, ProRealTime (PRT), L2 Dealer, FIX API||MetaTrader 4, MetaTrader 5, cTrader|
|Funding||Bank Transfer, Credit/Debit Card, E-Wallets||Bank Transfer, Credit/Debit Card, E-Wallets||Bank Transfer, Credit/Debit Card, E-Wallets|
Overall, FXCC is a multi-asset brokerage firm that gives you access to trade over 200 financial instruments via the popular MT4 trading platform. You can benefit from a range of competitive trading conditions, such as low spreads from 0.0 pips, zero commission fees and reliable execution speeds. There is only one trading account type but several payment methods for you to choose from. Beginners can take advantage of some basic educational content and see what the broker has to offer with a demo account. The broker has solutions for money managers and those of you who want to copy trading signals from other trades. However, there aren’t any individual stocks to trade and there is an inactivity if you do not trade enough. That being said, I think that the broker can be a feasible option for day traders who are looking to primarily trade forex or cryptos.
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