It seems that there is no easier thing than finding a Forex broker since they can be found on every corner. This might be true, but to find a good broker requires more than just a blind pick. First of all, traders have to examine the broker to find out if the broker is going to meet its payment obligations. Sometimes, there is no other way then to learn it the hard way, since many brokers cannot be “read” right away. Traders usually start with inspecting the broker’s regulator to see how efficient they are. This is definitely a smart move to start researching what is going on behind the curtains. FXCC is one of the brokers who run the perfect website which looks trustworthy. The broker transparently displays all information which could be of traders’ interest. If the broker just appears to be shiny or is it really how it looks like will be described in this FXCC review.
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Background Check
FXCC is an ECN broker who has been operating since 2010. The broker is seated in Limassol and managed to make its breakthrough to the international level. The broker enjoys a good reputation because it is licensed with the CySEC Commission which is one of the most desirable regulators. The broker guarantees the security of clients’ funds which are not mixed with the company’s funds and traders have the right to legally proceed against the broker if something goes wrong. Nevertheless, a group of traders claims that they have been scammed by the broker who needs way too long to transfer requested withdrawals. Also, some customers claim that they could not refund their deposit even if the deposit was not processed. We cannot tell for sure if the customers got scammed or if they do not know the market enough and how the broker business works. Let us see what the broker generally offers.
Platforms
What else to expect from a modern European broker than the Meta Trader 4 platform. FXCC also offers this ultra-popular platform in all its forms and shapes. First, we have the MT4 desktop version, then the MT4 Multi Terminal, and the Mam platform for professional investment managers. The MT4 is still the number 1 among the platforms, and no other platform offers more than this piece of wonder. With the complex and simple features, the MT4 has been meeting the needs of newcomers and professionals since 2005. The MT4 Multi Terminal is web-based and lets you manage multiple accounts at once. The Mam platform is suitable for financial advisors and bigger companies who manage the funds of their clients. If you register with this broker, do not miss out to download the FXCC mobile app for easier access.
Account Types
As we said, this broker offers only ECN services and acts as the intermediary between the customers and liquidity providers (like banks). The FXCC account package looks like this:
- ECN Standard ($100)
- ECN XL ($500)
- ECN Advanced ($100,000)
All accounts allow scalping, free technical analysis, auto-trading, account manager, and a minimum trade size form 0.01 lot. It takes just $100 to open the Standard ECN account with leverage 1:300. The ECN XL is somewhat more expensive with an initial deposit requirement of $500 and lower, more competitive leverage 1:200. The ECN Advance account is only for the trader elite who have the courage and financial means to deposit $100,000 for a unique trading experience with all conveniences. The leverage is the same as with the XL account, e.g. 1:200. Being ECN accoutns, each of the above-listed accounts will give you the best quotes in the market and link you to different quotes which are defined by the numerous liquidity providers. Pips are also low starting from 0.2 pips.
FXCC Bonus
The broker does not offer any direct bonuses or promotions. Yet, there is one thing which could be regarded as a nice gesture, and that is free VPS (Virtual Private Server) which is taken from a third party and the broker does not take any responsibility for the quality of the service. Still, it is free and worth a shot.
Funding Options
We have seen many brokers who offer too little payment methods, as well as the opposite, brokers who offer more than 10 payment methods. FXCC can be regarded as the golden middle with its decent number of funding options. They are wire transfer, credit cards, e-wallets including Neteller, Skrill, Sofort, CashU, Paysafecard, and Rapid Transfer.
Customer Support
The customer support team is available 24/5 who “serve the needs and desires of their customers” (according to the broker). The most popular contact forms are available, i.e. telephone line, e-mail, and live chat. Live chat is considered the most efficient form of communication since it guarantees fast replies. The FXCC also offers various educational materials in case traders need a Forex education.