FXCC Review

FXCC Review

Forex, Gold, Silver & Indices

  • CySEC regulated ✔
  • EUR/USD spreads from 0.1
  • No dealing desk execution
  • FX Trader Friendly grade: A
  • ECN trading
  • No trading style restrictions
  • $100 minimum deposit
  • Scalpers welcome
  • Islamic accounts
  • MT4
MT4 ECN Trading • FXCC

FXCC Review

FXCC is a CySEC regulated broker which only offers STP/ECN accounts. This broker allows all trading styles including scalping. FXCC offers tight variable spreads without a commission charge for its ECN XL account, for lower deposit sizes. FXCC offers more features including lower commissions with higher deposit account types.

Award

FXCC won 'Best Forex Trading Account' at the 2017 UK Forex Awards. This award was voted on by traders.

What is a key feature of FXCC ?

FXCC offers ECN trading, with low Forex spreads but without a commission charge on one of its account types.

Account types and minimum deposit

FXCC offers three account types. These are the ECN Standard account which has a minimum deposit of $100, the ECN XL account which has a minimum deposit of $500 and the ECN Advanced account which has a minimum deposit of $100,000.

All account types provide the MT4 platform, ECN/STP order execution, mobile trading, micro lots (0.01 lots), free technical analysis, allow scalping and provide a personal account manager. All trading styles are allowed at FXCC, hedging is supported and a news feed and analysis is available on the website.

Account opening

FXCC can open accounts in most countries of the world, but cannot open accounts for residents of some countries, including the United States and Canada. Account currencies are GBP, EUR and USD.

Platform

FXCC offers MT4, MT4 mobile, MT4 multi-terminal, and for licensed asset managers, FXCC MAM.

Markets

FXCC offers trading in markets covering Forex, Gold, Silver and Indices. The ECN Standard and ECN XL accounts offer 28 Forex pairs and the ECN Advanced account offers 46 Forex pairs. Trading in the Indices, which are WS30 and NDX, is only allowed for the ECN Advanced account type.

Commissions

  • The ECN Standard account charges commissions of 0.75 pips per lot per side for Forex and $7.5 per lot per side for Metals.
  • For deposits of less than or equal to $10,000, the ECN XL account does not charge commissions and for deposits greater than $10,000 the ECN XL account charges commissions of 0.3 pips per lot per side.
  • The ECN Advanced account charges commissions of 0.4 pips per lot per side for Forex and $4 per lot per side for Metals, Energy and Indices.

Thus commissions are charged except for the ECN Standard account with deposits less than or equal to $10,000 and commissions get lower with higher deposit account types.

As can be seen, the commission structure reflects the potential volume which may be traded as well as the deposit size.

Spreads and leverage

Spreads are variable with EUR/USD spreads from 0.1. The range of EUR/USD tends to be 0.2-0.6, under normal market conditions. As the ECN XL account for deposits less than or equal to $10,000 does not have a commission charge then this can be a competitive spread. Even for deposits greater than $10,000, the commission charge is a competitive 0.3 pips per lot per side for the ECN XL account. The spread for Gold (XAU/USD) is around 2.5 pips.

Maximum leverage is .

Funding

Deposit methods include bank wire transfer, credit/debit card, Skrill, Neteller, PaysafeCard, Rapid Transfer, Sofort, CashU and Neosurf. FXCC charges no deposit or account maintenance fees. The minimum withdrawal is $50.

Regulation

FX Central Clearing Ltd (FXCC) is regulated by the CySec with License Number 121/10. FXCC's address is Amorosa Centre, 2nd floor, 2 Samou Street, 4043 Yermasoyia, Limassol, Cyprus.

Summary and grade

This broker is an MT4 broker and does not have a some of the extra features or a custom web trader which other brokers can have. However, it provides very tight ECN/STP spreads, without commission for lower volume traders on the ECN XL account. For Forex traders looking for tight spreads and no restrictions on styles, this broker gets a Trader Friendly grade of A.

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