FXCC_review

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Important Facts 

  • About the Company: FXCC is the trading name of FX Central Clearing Ltd. 
  • Founded: 2010
  • Payment Options: Wire Transfer, Credit/Debit Cards, MoneyBookers, Neteller and Webmoney.
  • Platforms: MetaTrader 4, Sirix WebTrader & Mobile Trader.
  • Minimum Deposit: $100 for an ECN Mini account.
  • Regulation: FX Central Clearing is regulated by CySEC of Cyprus.
  • Social Trading: ZuluTrade and FxStat Tradebook.
  • Support Options: Callback, Email, Phone and Live Chat.

Platform(s) 

Many traders will be excited to hear that FXCC offer the ever popular MetaTrader 4 platform to it’s customers. The MetaTrader 4 platform from FXCC works exactly as one would expect and clients can trade using Expert Advisors with no limitations. MetaTrader 4 is considered one of the better retail FX trading platforms and many traders look for brokerages who offer MT4. In addition to providing the MetaTrader 4 platform, FXCC also offer the SIRIX WebTrader platform which while not as popular is still a good option for those who want to trade from a computer which does not have the FXCC MT4 platform installed. The SIRIX WebTrader platform does offer some pretty decent social trading functionality which may be attractive to those interested in social trading. FXCC also provide Mobile trading support. Traders can use the SIRIX Mobile and Tablet platforms to place and monitor pending orders, access real time charts, modify and execute trades and use SIRIX’s social trading features.

Trading Conditions 

  • Leverage: Up to 1:300 
  • Scalping: Allowed.
  • Expert Advisors: Allowed, with no restrictions.
  • Hedging: Allowed.
  • Trailing Stops: Yes.
  • Spreads: ECN, variable.
  • Commission: 1 pip.

FXCC operates using an ECN model, which means that they offer very tight spreads to those wishing to trade with them. The spreads on offer at FXCC can be very tight with the brokerage offering spreads as low as zero pips on the major currency pairings. In addition to offering tight spreads, clients can take advantage of the significant leverage on offer. The trading conditions at FXCC are very good and the brokerage would make a good choice for those seeking a competitive ECN brokerage.

Instruments 

  • Currency Pairings: 56 with Advanced Accounts and 28 pairings with Mini and Pro accounts.
  • Other Instruments: Gold and Silver.

The brokerage offers a decent range of currency pairings to customers with Advanced accounts. However the brokerage doesn’t offer a particularly wide range pairings to those trading with Mini and Pro accounts, though this will only really effect those who wish to trade exotic or minor currency pairings. As an ECN brokerage FXCC is very much focused on Forex trading and only offers precious metal trading in addition to it’s Forex offering. While the brokerage will be a good choice for those wishing to trade the major currency pairings, the limited range of other financial instruments means those looking for a total brokerage solution may have to look elsewhere. 

Customer Support 

  • Contact Methods: Phone, Call Back, Email and Live Chat. 
  • Telephone Numbers: A wide range of global telephone numbers.
  • Support Languages: English, German, Chinese, Arabic, Spanish, French, Italian, Portuguese and Russian.

Customer service at FXCC is very good, with the brokerage doing it’s utmost to solve customer problems. Customers can get into contact with the brokerage through a variety of different contact methods. The staff at the brokerage are quick to answer customer queries and customer support is available in a number of different international languages. The brokerage also provides customers with a  wide selection of different of international numbers. This should make it easy for clients to get into contact with the brokerage without running up huge phone bills.

Regulation 

  • Regualted: By CySEC of Cyprus.  
  • MiFID Regulated: Yes, can accept clients from throughout the European Union.
  • US Traders: FXCC does not provide services for United States residents and/or citizens.
  • Regulatory Record: Clean at time of writing.

FXCC is the trading name of FX Central Clearing Ltd. who are registered and regulated in Cyprus. As Cyprus is part of the European Union, this allows FXCC to accept clients throughout the EU through MiFID’s outbound pass-porting. While CySEC is generally not considered the toughest EU regulator, MiFID ensures that clients trading with FXCC receive a minimum standard of financial regulation. For instance client funds will be protected up to the amount of 20,000 Euros should the brokerage collapse, measures like these should help reassure those who are considering depositing with the brokerage. The brokerage has a clean regulatory record having never been on the receiving end of a fine from CySEC.

Overall 

Those looking for a European regulated ECN brokerage should seriously consider FXCC as an option. The only downside to the offering from FXCC is the limited range of financial instruments available for trade. Those looking to trade instruments other than Forex should look elsewhere.

What do you think of our FXCC review? If you have any experience with the brokerage please feel free to share.

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