CCCapital Review Of A London-Based Market Maker Broker
CCCapital, also known as the City Credit Capital, is a UK-based Forex broker that dedicates its brokerage platform for services related to trading Forex currency pairs and different CFDs in the global financial markets. CCCapital has more than 15 years of experience in the industry, having been introduced to the retail derivatives trading market as early as 2001. CCCapital strives to achieve excellence in its trading products, and have been a fairly successful Forex broker that has managed to stay afloat, despite the inconsistencies in the market over the past two decades. In this City Credit Capital review, we will provide you with more information on opening a CCCapital account, and whether their services are suitable for different traders in the market.
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CCCapital promotes its services to various types of traders, and categorically serves as the primary FX trading service provider for institutional investors, private banks, brokerage firms, as well as other individual investors. CCCapital has its headquarters in London and is regulated by the Financial Conduct Authority (FCA). The FCA’s CCCaptial regulation ensures that the broker can cater to the entire European Union under the MiFID derivative and the European Economic Area (EEA) agreement. Immaterial of the recent uncertainties surrounding the exit of the UK from the EU, the FCA still falls under the EU’s MiFID initiative, which helps Forex brokers in the UK to continue operating in all EU member nations without individual licenses or authorization. CCCapital also has its branch offices in Hong Kong, Brazil, Chile, and Uruguay, while the broker does not seem to have any presence in other parts of the world such as the US, Australia, or Africa. Nevertheless, FCA regulation does play a vital role in ensuring the authenticity of the company, since FCA is an excellent regulatory organization that guarantees the protection of investors through proactive regulatory measures. Customer service is a guaranteed aspect of City Credit Capital, and all consumer complaints are routed through professional customer support channels for excellent arbitration and problem resolution. Being an FCA regulated broker, CCCapital is required to be a part of the Financial Services Compensation Scheme (FSCS), thereby promising a guaranteed compensation of up to £50,000 in case the broker ends up insolvent.
CCCapital gives its traders with two different options for opening a trading account. The first type of trading account is the Mini account, which starts with an initial deposit of $500 and a minimum lot size of 10,000. The Standard account allows traders to control more volumes through a minimum lot size of 100,000, which is available with a minimum first deposit of $5000. Both accounts are market maker accounts, which simply prove that the broker does not have access to an ECN bridge for offering direct market access. The initial deposit is too high for an ordinary account, and even the CCCapital leverage is pegged at a maximum of 1:100. City Credit Capital should face stiff competition from its competitors, especially when other mainstream Forex brokers are offering high leverage with lower deposit options. Several ECN brokers offer a trading account for as low as $1 deposit and even provide other convenient features such as higher leverage, better control over trades, and highly competitive trading costs. Even on the cost front, CCCapital spreads start from 3 pips on the majors, which is significantly higher than traditional market maker brokers. The trading features of CCCapital are certainly average at best, which might prevent the broker from expanding to its fullest potential in the competitive retail trading market. The broker does promise no requotes or slippages for its trading accounts, which is a much-needed feature that other market maker brokers need to follow. The lower leverage and higher deposit requirements also inhibit scalpers or high-frequency traders from facing a margin call, which ultimately helps CCCapital traders from compounding their losses.
The CCCapital Trading Environment
To compensate for the relatively harsher trading conditions, the broker does offer access to excellent trading resources and news materials to help traders to stay abreast of the market. Traders also get access to proprietary CCCapital platforms, which include the MarketTrader platform, as well as the MT4 platform. While the MT4 is a standard affair, the MarketTrader is a revolutionary platform that offers advanced charting options, better trading functionalities, and an intuitive user interface. The MarketTrader platform is also available for CCCapital mobile traders through the iMarketTrader apps designed for the iOS and Android, which takes care of all mobile trading needs. The MarketTrader platform is easy to understand, and both amateurs, as well as professional traders, will find it easy to get comfortable with the excellent trading interface. For traders that don’t have access to a dedicated trading terminal, CCCapital offers the web-based MarketTrader, which can be accessed on both the PC as well as mobile devices. As far as payment options are concerned, CCCapital accepts numerous payment options, which include card payments, wire transfers, Neteller, and Skrill payments. All funds are kept in segregated accounts according to the guidelines issued by the FCA, which prevents the broker from misusing client funds for any transactions other than maintaining their customers’ positions in the market. These funds are also held in tier-1 banks for enhanced stability and safety of funds, thereby offering better peace of mind to the trader. The broker is also silent regarding its CCCapital bonus on deposits, and it seems highly unlikely to receive a bonus while making an initial deposit. There are excellent alternatives to City Credit Capital that offer better trading conditions at significantly lower deposit requirements and trading costs, which may pan out better in the long run. Most of the CCCapital competitors also provide direct market access through ECN account, which is one of the most sought features in the retail FX market. Choose CCCapital only if you are comfortable with the trading conditions, else, browse through some of the other recommended brokers in the market.