FXCC Review – Learn More About The Broker’s ECN Accounts & ForexTrading Conditions
FXCC offers a No-Dealing Desk (NDD) Forex brokerage service through genuine ECN/STP conditions, which are devoid of any conflicts of interest between FXCC and its clients. Forex trading is a high-risk financial product that has a large number of risks in the market due to the significant amount of volatility, high leverage, and a trader’s emotional factors. Therefore, professional traders usually avoid trading with any dealing desk brokers and prefer to trade with ECN/STP brokers that offer Direct Market Access (DMA) conditions for the best trading environment. FXCC is primarily a European Forex broker that launched its FX and CFD products in 2010. The broker has its main base of operations in Cyprus and is regulated by the Cyprus Securities and Exchange Commission (CySEC). FXCC a part of the European Markets in Financial Instruments Derivatives (MiFID), which gives it the freedom to operate in the entire European Union under the European Economic Area (EEA) agreement. Although the broker also claims to be an FCA regulated broker, FXCC does not have any presence in the UK; rather, the broker is authorized under the EEA initiative to provide its services to the UK citizens under the EU regulatory environment.
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How Does CySEC Regulation Affect FXCC’s Overall Reliability Of Services?
CySEC works under an extensive set of regulatory guidelines proposed by the ECB and the MiFID, as per the input and supervision of individual regulatory agencies across Europe. Leading regulatory organizations in the EU such as the FCA, the BaFin, and the CySEC are known to create new policies and guidelines for protecting investors and for safeguarding the integrity of the European financial markets. All Forex trading companies domiciled in the EU are subject to the regulatory supervision and scrutiny from all allied regulatory organizations, which ensures a uniform code of conduct across the EU. FXCC is required to submit evidence of its financial standing to the CySEC on a regular basis by providing timely information about its operating capital, proof of segregation of client funds, and a transparent record of its financial transactions. FXCC is also expected to have an effective insolvency procedure in place to ensure that all customers will be fairly compensated in the event of bankruptcy or liquidation. The CySEC has further reinforced investor safety through the Investor Compensation Fund that provides a guarantee of up to €20,000 if a broker winds up its business without warning. FXCC is registered as a Cypriot Investment Firm (CIF) under the brand name, Forex Central Clearing Ltd., which holds at least €1 million in tangible assets. FXCC also ensures the most secure trading environment through state-of-the-art encryption technologies for processing payments, as well as for connecting traders to the best liquidity providers in the market. FXCC also connects its traders through EQUINIX servers, which are considered to be among the most reliable and secure third-party systems in the Forex markets.
The Types ECN FXCC Account Options Available To Traders
FXCC provides the ECN Standard, the ECN XL, and the ECN Advanced account packages that are differentiated according to the initial deposit balances and the cost of trading. All accounts come with a zero pip spread guarantee, while there are subtle differences in the commission for trading in each account. The ECN Standard is a regular ECN account that starts with a $100 initial deposit, alongside a maximum FXCC leverage of 1:300. FXCC allows its traders to open a position for as low as 0.01 lots, while the commissions start at 0.75 pips per side. Unlike other conventional ECN Forex brokers, FXCC does not charge a commission percentage, which improves transparency in pricing and lets traders to calculate their cost of trading without much effort. The ECN XL offers a slightly different approach to the commissions charged for a trading account. The ECN XL account offers a unique zero-commission trading for all accounts that have a maximum equity of $10,000, and 0.6 pips round turn commission for all accounts that have greater than $10,000 as the trading capital. The spreads are similar to the Standard account, while the leverage is lowered to 1:200 for a minimum account balance of $500. The ECN advanced account is aimed at institutional traders and investors that require a minimum of $100,000 in deposits, where the maximum leverage is restricted to 1:200. Traders can also enjoy a commission of 0.4 pips per side, which is one of the best commissions in the entire market. The ECN Advanced account also offers to more than 46 currency pairs, metals, and indices, while the ECN Standard and the ECN XL accounts offer access to 28 different financial instruments.
FXCC Funding Options – Deposits & Withdrawals
FXCC has realized its traders’ requirements by providing one of the largest varieties of payment options that include Skrill, Neteller, Visa, Mastercard, Bank Wire, PaySafeCard, SOFORT, RAPID Transfer, CashU, Neosurf, NetBanx, and UnionPay. The broker does not accept any third-party deposits due to the numerous Anti-Money Laundering Policies, but the broker does waiver the fees for deposits and any other commissions that may be charged by the respective banks or payment portals. Although FXCC has stipulated an initial deposit requirement of $100, clients are free to initiate a withdrawal request for as little as $50, but all fees of transfers that are associated with deposits are to be borne by the trader.
FXCC Apps, Mobile Trading Platforms & Customer Support
FXCC supports ECN trading through the MT4 trading platforms that are used extensively in the FX markets by both professional and institutional traders. The MT4 trading terminal connects traders to an ECN network through specific ECN bridges, which offers a seamless bridge to the top liquidity providers and associated partners of FXCC. FXCC also supports the different versions of the MT4 apps, which include FXCC mobile apps for iOS and Android, the MT4 multi-terminal, MAM/PAMM accounts for licensed fund managers and professional traders. FXCC is a customer-centric Forex broker that offers multiple modes of customer support options such as live chat, email, phone number, web contact, and even a callback feature, which ensures that all investors can be assured of complete peace of mind while dealing with the company. FXCC has been successful in creating an excellent Forex brokerage company, which is guaranteed to offer you one of the top-notch ECN services at a fraction of the trading cost. The availability of an ECN feature right off the bat is also an excellent opportunity for traders to enjoy the best trading conditions from the company. Open an FXCC demo account today to learn more about the broker’s Forex accounts, services, and products.
Is FXCC a regulated broker?
Yes, our FXCC review found that the broker is regulated by the FCA, BaFin, and CySEC. While these are all leading regulatory bodies, our FXCC review experts highly suggest registering with one of our recommended and trusted online forex brokers instead.
What account type does FXCC offer?
FXCC offers many different account types, including ECN Standard, ECN XL, and ECN Advanced. Our FXCC review experts found that the ECN Standard account had the easiest entry point with an initial deposit of $100. The ECN XL and ECN Advanced accounts require deposits of $10,000 and $100,000 respectively.
Does FXCC offer a bonus?
Yes, there are bonus offers available at FXCC. Review of their terms and conditions, however, shows that there are regional and other eligibility restrictions. For instance, anyone registering from a CySEC regulated region is not able to accept a bonus.
What is FXCC’s minimum deposit?
Minimum deposits vary depending on account type at the FXCC forex broker. Our FXCC review discovered that ECN Standard accounts’ minimum deposit was $100, which ECN XL and ECN Advanced were $10,000 and $100,000 respectively.
Is FXCC secure?
Yes, our FXCC review experts feel that this online broker is secure. They are licensed by many respected regulatory bodies, employ ample data transfer and security measures, and possess a transparent track record of their financial transactions. Our experts however cannot recommend this broker over others from our trusted list.