FXCC
(short for FX Central Clearing Ltd.) is a relatively new Forex broker
that directly addresses some of the gaps in the global currency trading
market. By offering a choice of two highly respected trading platforms,
service in 9 languages and trading conditions to rival some of the top
ECN Forex brokers, FXCC is proving that what they lack in years of
operation they make up for in trading conditions. If you’re looking for
an STP broker that allows scalping and hedging and has spreads in
fractional pips, read this FXCC review to determine if this is the right
broker for you.
General Information
Founded in: 2010
Headquarters: Limassol, Cyprus
Maximum leverage: 1:200
Minimum deposit: $500
Minimum deal size: 10,000
Languages available: English, Arabic, Chinese, French, German, Italian, Portuguese, Spanish, Turkish
Regulation: CySec, FSA, MiFid, ICF
Trading Platform
FXCC offers a choice between the popular MetaTrader4 platform and the Currenex platform, which we found to be markedly more user-friendly than that MT4. The Currenex platform is designed specifically for ECN brokers such as FXCC, and it claims to offer live executable bids and instant trade execution. Traders who take advantage of the Currenex trading platform can diversify their trades with multiple accounts and can instantly send requests to multiple places.
To focus on something other than the standard MT4 platform, we chose to test the Currenex platform exclusively during our FXCC review. We were thoroughly impressed by the platform and by FXCC’s overall implementation. As promised, trades were executed extremely quickly and, with the exception of a small glitch during the platform download, we encountered no serious flaws with the system. In fact, we were extremely impressed with the entire process and found that this trading platform is suitable for both new and experienced traders. Each icon is both intuitive and includes an explanatory text when you roll over it, so that you can find the feature you’re looking for quickly and easily. The interface is uncluttered but still full of relevant information so that traders won’t be lacking the tools and charts they need to trade successfully. But what really blew us away was the fact that that we made adjustments to the platform and that the platform then offered us the option of saving our new format before closing down. This is a feature that we haven’t encountered with many trading platforms, and we found it extremely helpful and considerate.
General Information
Founded in: 2010
Headquarters: Limassol, Cyprus
Maximum leverage: 1:200
Minimum deposit: $500
Minimum deal size: 10,000
Languages available: English, Arabic, Chinese, French, German, Italian, Portuguese, Spanish, Turkish
Regulation: CySec, FSA, MiFid, ICF
Trading Platform
FXCC offers a choice between the popular MetaTrader4 platform and the Currenex platform, which we found to be markedly more user-friendly than that MT4. The Currenex platform is designed specifically for ECN brokers such as FXCC, and it claims to offer live executable bids and instant trade execution. Traders who take advantage of the Currenex trading platform can diversify their trades with multiple accounts and can instantly send requests to multiple places.
To focus on something other than the standard MT4 platform, we chose to test the Currenex platform exclusively during our FXCC review. We were thoroughly impressed by the platform and by FXCC’s overall implementation. As promised, trades were executed extremely quickly and, with the exception of a small glitch during the platform download, we encountered no serious flaws with the system. In fact, we were extremely impressed with the entire process and found that this trading platform is suitable for both new and experienced traders. Each icon is both intuitive and includes an explanatory text when you roll over it, so that you can find the feature you’re looking for quickly and easily. The interface is uncluttered but still full of relevant information so that traders won’t be lacking the tools and charts they need to trade successfully. But what really blew us away was the fact that that we made adjustments to the platform and that the platform then offered us the option of saving our new format before closing down. This is a feature that we haven’t encountered with many trading platforms, and we found it extremely helpful and considerate.
Registering
for FXCC’s MetaTrader4 platform was notably easier than registering for
the Currenex platform, but we found using it to be less enjoyable than
the Currenex trading experience. Nevertheless, traders that are familiar
with this platform will appreciate the offering and will have no
trouble using FXCC’s version of the software.
It is worth mentioning that FXCC also offers the FXCC iTrader which is a trading platform specifically for iPad or iPhone users. We didn’t test this app during our FXCC review, but we would expect that it would work just as efficiently as the company’s other trading platforms.
Features
FXCC offers trading of 42 currency pairs, which is significantly more than many other top Forex brokers offer. And, while spreads are likely to be higher on some of the broker’s more exotic pairs, the company claims to have variable spreads starting at 0.1 pip. Spreads can be seen directly in the platform as well as on the broker’s website in real time so there is no guesswork involved.
Free access to the MYFX platform is available for all traders who open a demo MT4 account, but interestingly, it is not currently available for live traders. The company expects this service to be available shortly, and we expect this to be an excellent addition to the company’s MT4 platform. Access to Trading Central technical analysis is also available, though we did not test this service.
Other useful features include relatively low spreads on rollovers, as well as scalping, hedging and a commitment to no requotes. We also found the downloadable user platform to be especially useful since we were unfamiliar with the Currenex platform when starting out.
Customer Service
Because we had an unexpected problem when downloading the Currenex platform we had the occasion to have more communication than usual with the customer support team during our FXCC review. We were exceptionally pleased with the patience of the representatives that we chatted with as we endeavored to solve complex technical problems. FXCC’s chat support team answered our questions with relevant, knowledgeable responses.
We also tested FXCC’s email support and were satisfied to see that we received a response to our email within 24 hours.
FXCC
also offers local phone support in 42 countries for those who prefer
voice-to-voice contact, as well as an FAQ section with a search button
that made finding answers quick and easy.
Ease of Use
From our first visit to FXCC we noted that the website is intuitive and user-friendly. We had no trouble finding the information and services that we were looking for. When reflecting on our FXCC review, we can’t honestly determine whether the technical glitches we encountered were our fault or a glitch in the system. However, we can say that a competent customer support center was able to help us resolve our problems so that we could continue on with our account opening.
One thing we noticed is that FXCC offers all of the requisite documents and questions in an obvious place and in easily downloadble PDF format. This can be extremely useful for traders who wish to take their time when filling out the questions or those who prefer to review the application offline. It should be noted that in the Chrome browser our popup blocker initially prevented us from opening the application page, but we were able to quickly identify the problem. We did not have this problem when using FireFox.
Accounts can be funded in USD, EUR or GBP, via credit card, wire transfer, Neteller, MoneyBoookers or Union-Pay. PayPal is not currently available, but there are more than ample alternatives. Withdrawals must be made in the same way that deposits are made.
Final Thoughts
As an ECN broker with competitive trading conditions, FXCC is a welcome addition to the Forex world. The ability to open multiple accounts, to engage in scalping and hedging and to choose between two excellent platforms makes this brokerage a good choice for traders who enjoy choices and trading flexibility.
Ease of Use
From our first visit to FXCC we noted that the website is intuitive and user-friendly. We had no trouble finding the information and services that we were looking for. When reflecting on our FXCC review, we can’t honestly determine whether the technical glitches we encountered were our fault or a glitch in the system. However, we can say that a competent customer support center was able to help us resolve our problems so that we could continue on with our account opening.
One thing we noticed is that FXCC offers all of the requisite documents and questions in an obvious place and in easily downloadble PDF format. This can be extremely useful for traders who wish to take their time when filling out the questions or those who prefer to review the application offline. It should be noted that in the Chrome browser our popup blocker initially prevented us from opening the application page, but we were able to quickly identify the problem. We did not have this problem when using FireFox.
Accounts can be funded in USD, EUR or GBP, via credit card, wire transfer, Neteller, MoneyBoookers or Union-Pay. PayPal is not currently available, but there are more than ample alternatives. Withdrawals must be made in the same way that deposits are made.
Final Thoughts
As an ECN broker with competitive trading conditions, FXCC is a welcome addition to the Forex world. The ability to open multiple accounts, to engage in scalping and hedging and to choose between two excellent platforms makes this brokerage a good choice for traders who enjoy choices and trading flexibility.
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