FXVC Review 2020
FXVC is a regulated brokerage firm that offers traders a limited choice of assets to trade online via the brokers proprietary web trading platform. They do offer some market analysis and useful educational resources to assist traders but they do not provide the popular MetaTrader platforms whilst they also have a high minimum deposit requirement.
FXVC Review 2020, Pros & Cons
- Regulated trading broker
- Simple WebTrader platform
- Educational resources
- Trading Central daily newsletter
- Daily/weekly market review
- One on one academy
- Trading Central signals
- Limited assets compared to other brokers
- Limited trading tools
- No MetaTrader platforms
- Minimum $2,500 deposit
- Best trading conditions & features require larger account size
- Account inactivity fee
In this detailed FXVC review, our online broker research team have covered some of the most important aspects for you to consider when choosing the best broker for your online trading needs.
FXVC is not ranked in our best forex brokers, best stock brokers, best cfd brokers, best crypto brokers or best online brokers categories. You can use our free broker comparison tool to compare online brokers including FXVC.
FXVC Review: Summary
FXVC provides online trading and investing services to clients all over Europe and South Africa. They offer over 300 trading assets via user-friendly trading platforms. This includes popular stocks, forex currency pairs, indices and commodities. The broker provides clients with dedicated support, without the high costs that can be associated with boutique brokerages.
FXVC was founded and launched in 2014 by professionals from the financial services industry. They provide a low-latency environment backed by extensive price feeds, so you can execute your trading plans with the upmost precision. Some of the key features of the FXVC broker include:
- Multiple platforms for convenient & efficient trading
- Educational resource library
- Around 300 popular trading assets
- Strong account security procedures implemented
- Simple deposit process & 24h withdrawals
- Transparent pricing via live feeds
FXVC Review: Regulation
FXVC is a trading name of Centralspot Trading Ltd. FXVC is authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC). CySEC are one of the more respected regulators when it comes to online brokers.
Amongst the roles of CySEC is to supervise and control licensed companies offering investment services, mutual funds, investment advisors and mutual funds management companies. As an EU member state, CySEC’s financial regulations and operations comply with the European MiFID financial harmonization law.
FXVC also states that they have incorporated advanced security to help keep your personal and financial information secure. They implement the same level of security as the banking industry for deposits and withdrawals. The broker takes responsibility to protect your information and funds very seriously.
As part of their efforts to help fight against identity fraud and money-laundering, they must fully cooperate with the Know Your Customer (KYC) guidelines established by regulatory authorities. In addition to this, they work with respected Financial Services Institutions to help keep account funds safe.
FXVC Review: Countries
FXVC serves traders in Europe and South Africa. They cannot accept clients form countries such as the United States of America. Some FXVC broker features and products mentioned within this FXVC review may not be available to traders from specific countries due to legal restrictions.
FXVC Review: Trading Platforms
The FXVC trading platform offers a seamless trading experience for trading forex and CFDs online. You can launch the FXVC WebTrader platform directly from the brokers website. FXVC is a web-based trading platform, meaning you can log in to your account and trade on any device that has an internet connection. It does not require any software to be downloaded or installed.
You can choose between the different instruments the broker offers, change the chart timeframe and style, add indictors and objects, place trades and manage positions. The platform is very simple to use although it may have limited functionality for some traders whose strategies have more complex requirements.
FXVC Review: Trading Tools
On the FXVC website there is an economic calendar that is powered by Trading Central. This shows the latest news releases along with the impact they are expected to have on different global markets. You can see the time and date of each release along with the previous, forecasted and actual impact it has. This is a useful tool as part of conducting fundamental analysis and is often used by traders to either stay out of volatile market conditions or for those who trade the news. The calendar has filters to only display the news that is relevant to you.
FXVC Review: Education
FXVC do supply clients with some useful educational resources which can be used to help improve their trading skills and knowledge. There is an education on demand section, videos and market analysis.
FXVC offers some analysis of different assets which can be used to help inspire potential trade ideas and to keep you in the loop with some of the latest market news.
The WebTV section on the brokers website is also powered by Trading Central and includes videos that focus on and analyse various markets around the globe.
There is a trading glossary that displays an A-Z for some of the most commonly used trading terminologies along with an explanation on what each of them mean.
FXVC Review: Trading Instruments
FXVC offer over 300 instruments for trading online from the following asset classes:
FXVC Review: Trading Accounts & Fees
FXVC have a selection of trading accounts with different features to suit the different needs of investors. The minimum account deposit starts from $2,500 on the bronze account which is much larger than most other online brokerages, some who allow you to open a real trading account with just $1. The larger the account size, the lower the commission bracket is whereas each account comes with a varying level of benefits. The trading brokers review team prefer it when a broker offers the same conditions to all clients regardless of their investment size. The maximum leverage is 1:30 for non-professional clients. There is an inactivity fee if your account is inactive for over three months.
Demo accounts are freely available and allow you to trade with virtual funds risk free. This can be a good way to practice using the trading platform and test your trading skills before going live. Islamic accounts that comply with Sharia law are also available upon request.
Those who qualify as professional clients can apply for the professional account which gives increased leverage for certain instruments and a reduction on current margin rates, allowing you to trade with more leverage, as opposed to the limitations imposed by ESMA on retail clients.
To qualify as a professional client requires meeting 2 out of the 3 following guidelines, 1) Have a portfolio of greater than $500k (not including property or cash) 2) Have a verified history of placing significant sized positions (down to broker discretion) 3) Have worked in the capacity of a professional position related to derivatives / speculation / trading. Match any two of these requirements to qualify as a professional client.
It is important to note that negative balance protection, Investor Compensation Fund and recourse to the Financial Ombudsman Service can be limited should you qualify for a professional account as you are then classified as professional trader under ESMA regulation.
As broker fees can vary and change, there may be additional fees that are not listed in this FXVC review. It is imperative to ensure that you check and understand all of the latest information before you open an FXVC broker account for online trading.
FXVC Review: Customer Service
FXVC clients are serviced by a dedicated team of client relationship agents and customer support that aim to promote a positive trading relationship between broker and trader. The broker states that the support team is highly qualified and accessible for trader’s whatever assistance they may need. You can reach them by submitting any questions, comments or concerns you might have through the online form on the brokers website. In addition to this, you may also reach them via email, live chat or phone.
FXVC Review: Deposit & Withdrawal
FXVC accept Bank Wire transfers, Credit/Debit cards, Neteller, Skrill and some other methods depending on your country of residence. Not all methods are available for both deposit and withdrawal. It is worth noting that you must withdraw via the same method used to fund your account. Withdrawal requests are processed by the processing department within 1 working day. However, the time needed for the funds to be transferred will vary, depending on your payment method. Bank transfers may take a few business days to clear whilst some methods can be instant.
Some fees may be charged when using certain payment methods. Some payment systems may have transaction limits, restrictions, and requirements which are indicated on their respective websites. You may need to verify your account to remove limits on particular methods in some countries. FXVC strictly does not accept third-party payments. All funds deposited into your trading account must be under the same name as your FXVC trading account.
FXVC uses all possible measures to ensure your security. They implement the internationally accepted security system SSL (Secure Sockets Layer) that encrypts all credit card payments over the web. This system is automatic, and you will receive instant notification if your browser does not support it.
Accounts can be opened USD, EUR and GBP. If you transfer funds in a different currency from your FXVC account, the funds will be converted into your account currency using the exchange rate at the time of the transaction. The different currency options are beneficial as currency conversion fees do not apply when using an account in your own currency. You cannot change your currency once you have registered.
FXVC Review: Account Opening
To open an account with FXVC you will need to follow a few simple steps. You need to enter your information into the short online form and make sure that you read all of the brokers terms and conditions before you proceed. Once you have submitted the form you can verify your account using a government issued identification, proof of address and credit card. You will receive a welcome e-mail and you can now deposit and start trading. A deposit is not required in order to register and open an account although you will need to deposit money to start trading on a live account, unless you plan to start with a demo account first. If you have any problem during registration then you can contact the FXVC support team who are on hand and more than happy to help.
FXVC Review: Conclusion
Overall, FXVC has a basic offering for online trading with a simple platform and limited range of trading instruments. They do have educational materials and market analysis but no social trading platform integration. The minimum deposit is very high when compared to other brokers whilst the account with the best trading conditions requires a significant deposit. Whilst they are regulated, we believe that they could improve their overall offering by including the MetaTrader platforms, increasing their product range and offering an account with a lower entry level.
CFDs are complex products and have a high risk of rapid loss of money because of the use of leverage. 67.22% of retail investor accounts suffer capital losses when trading in CFDs with this provider. You need to evaluate if you understand how CFDs work and if you can cope financially with the high risk of losing your funds.