broker

FXCC Review 2022

Updated:
4.0
Trust
4.6
Fees
4.2
Platforms and Tools
4.1
Customer Support
4.2
Tradable Instruments
1.2
Account Types and Terms
4.5
Deposit and Withdrawal
4.9
Research
3.4
Education
3.1
While we adhere to strict editorial integrity, this page may refer to our partners' products. Here's how we make money.Learn how we make money and our review methodology.

Please Note: FXCC’s score and review evaluate FX Central Clearing Limited (www.fxcc.com/eu), which is regulated by the Cyprus Securities and Exchange Commission (CySEC). We tested the ECN XL Account‘s performance on the MetaTrader 4 platform, the company’s website, and mobile apps.

Additionally, FXCC operates under another entity that serves traders worldwide. Read here for more details.

Data was collected between the 16 and 17th of March 2022.

The Big Picture

Having operated for more than 10 years, FXCC has established itself as a stable and reliable STP broker. FXCC can be a trustworthy partner to beginners and more experienced traders alike with its strong licensing and competitive fees. The broker’s biggest drawback is that it does not offer a lot of trading instruments.

We found FX Central Clearing Limited, FXCC’s European entity, to be reliable and safe as it is regulated by CySEC, a top-tier regulator. However, the protections provided by Central Clearing Limited – the broker’s Vanuatu-registered entity – are fewer.

The broker also earned a high score in our review on the Fees category, as the spreads it charges are below the industry average. There are no trading commissions, and the broker does not have any charges on deposits or withdrawals.

Though limited in their scope and breadth, the educational and research materials offered to clients are informative and probing. They represent a solid basis upon which less-experienced traders can improve their performance. However, the limited number of tradable instruments affected FXCC’s final score. The lack of diversity may put off more experienced traders looking for an abundance and flexibility of options.

FXCC also offers excellent customer support. Information is always presented clearly and concisely so that traders with different backgrounds can digest it easily. FXCC is putting a lot of effort into building strong broker-client relationships.

FXCC Key Takeaways for 2022

  • We evaluated FXCC across 9 categories (Trust and Stability, Fees, Tradable Instruments, Account Types, Deposit and Withdrawal, Research, Customer Support, Education, and Platform and Tools).
  • Brokerage services are provided by two entities. Being licensed and regulated by CySEC (Cyprus Securities and Exchange Commission), FX Central Clearing Limited scored highly with regard to trust and reliability. Non-EU traders will benefit from fewer regulations under Central Clearing Limited.
  • FXCC also earned a high grade in the Fees category because of its low trading costs.
  • The broker received a high score in the Account types category. The options it offers are diverse and structured in such a way as to accommodate most traders’ goals and needs. Meanwhile, deposits and withdrawals are free.
  • FXCC received its lowest grade in the Tradable Instruments category due to low availability and diversity. FXCC’s XL Account offers only 30 tradable instruments, which is way below the industry average.
  • We found its research and educational materials to be narrow and not all-encompassing. Despite the lack of diversity in those two categories, beginner traders can still learn a great deal about the nature of trading from FXCC’s educational materials. The topics that are covered by those are probing and informative.
  • Advanced traders will enjoy FXCC’s fast trade execution and low risk of slippage.

Who is FXCC for?

FXCC’s competitive spreads and the lack of commissions are particularly suitable for intraday traders. Such traders aim to catch a few pips from relatively minor price swings lasting several minutes to several hours. That is why fast and precise order filling is so important. And Straight-through processing execution typically satisfies this need because there is no dealing desk, and orders do not have to be matched.

FXCC can be a reliable partner to beginner traders with its strong regulation and cooperative customer support, having scored high marks in both segments. We believe that more seasoned traders can take advantage of its ECN/STP business model to achieve consistency of performance in the long term.

FXCC Pros and Cons

Pros Cons
  • Licensed by CySEC, a trustworthy regulator
  • STP order execution, no dealing desk
  • Low spreads and no commissions
  • Low minimum deposit requirements
  • FXCC’s offshore entity is unregulated
  • Very few trading instruments
  • Limited educational and research materials

 

broker

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About the Author

Plamen Stoyanov
Personal Name: Plamen Stoyanov Author with FX Empire since March 2022 Education and Work Information Education: BA in Economy and International Relations
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How Do We Rate?

When trading forex and CFDs, it is crucial to know a broker's strengths and weaknesses. That is why FX Empire developed its proprietary rating system. We put the knowledge and expertise of our reviewers to work to bring you the most suitable brokers. A total of 200 variables have been analyzed to help you choose your broker wisely. This chart describes all the categories we evaluated and rated.
How Do We Rate Chart
Visit our methodology page to learn more about our review and rating process.
FXCC Main Features
☑️
Regulations
CySEC (Cyprus)
🗺
Supported Languages
English
💰
Products (CFD)
Currencies, Commodities, Indices, Crypto
💵
Min Deposit
$0 (Central Clearing Limited), $100 (FX Central Clearing Limited)
💹
Max Leverage
1:30 (CySEC)
🖥
Trading Desk Type
No dealing desk, STP
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FXCC Full Review

Trust

4.6
How Do We Test A Broker's Trust?
When choosing a broker, trustworthiness is one of the most important things to keep in mind. Always check the broker's regulations, know how financially secure the firm is, and find out whether the broker is transparent and reliable. These factors, calculated into our score, will help you understand if your money is safe.

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FXCC’s licensing by the Cyprus Securities and Exchange Commission (CySEC) attests to the high transparency and safety of the broker’s primary entity. FX Central Clearing is therefore trustworthy and suitable for European traders. Central Clearing Limited, the company’s overseas entity, is not regulated and therefore presents a higher risk to FXCC’s traders.

FXCC Regulations

When we examine a broker’s regulations, we focus on the licenses issued to its separate entities. These entities usually work with clients from different geographic areas, requiring local authorities’ licensing. We rank the different regulations on a three-tier system, with tier one indicating the highest grade regulation.

This is what we found about the regulations of FXCC’s two entities:

  • FX Central Clearing Limited is licensed and regulated by CySEC, which has the highest tier-1 ranking on our system, under CIF license number 121/10.
  • Central Clearing Limited is registered under the International Company Act [CAP 222] of the Republic of Vanuatu with registration number 14576. However, the entity is not regulated by the VSFC.

FXCC’s license on cysec.gov.cy

FX Central Clearing’s CySEC regulation means that the entity operates within the MiFID regulatory framework, ensuring the highest protection for clients from the European Economic Area (EEA). This involves segregation of client funds, negative balance protection and leverage of 1:30 for retail traders.

The company’s registration alone does not ensure client funds protection, even though the entity claims to have negative balance protection. This may be true, however, VFSC cannot guarantee it.

Central Clearing Limited Vanuatu’s registration

We have summarised the most essential aspects of the two entities in terms of regulation and safety on the chart below:

Entity Features FX Central Clearing Ltd Central Clearing Ltd
Country/Region Nicosia, Cyprus Port Vila, Vanuatu
Regulation Licensed and regulated by CySEC under CIF license number 121/10 Registered in Vanuatu with reg. number 14576
Minimum Deposit 100 0
Negative Balance Protection Yes Yes
Islamic Account No Yes
Max Leverage 1:30 1:500

Why Is It Important to Know Where Your Broker Subsidiary (Entity) is Regulated?

Since the 2008 Credit Crunch, governments in Europe and the U.S. have tightened financial regulations considerably to mitigate the risks of future debt defaults. This has prompted some brokers to seek offshore regulations, where governmental oversight is looser.

That is why a licence alone is not enough to protect a trader’s funds with a broker. It is best to select an entity regulated by a tier-1 regulator, ensuring that the most rigorous industry standards are maintained when it comes to safety.

In particular, several aspects of a broker’s profile are worth paying attention to:

  • Segregation of client funds from company funds. Realistically, most retail traders do not know where their deposits end up beyond what they can see in their account balance. FXCC’s regulation by CySEC means that a client’s funds are kept separately from the company’s capital.
  • Negative balance protection. FXCC has negative balance protection, meaning that the broker reserves the right to terminate any positions that run the risk of incurring losses that exceed the balance. This is particularly important for margin trading with CFDs.
  • Compensation scheme. FXCC is a member of the Investor Compensation Fund (CIF), meaning that its clients can be compensated if FXCC is unable to pay what it owes them or faces the risk of bankruptcy. The payable compensation amount may reach up to 20 000 euros.
  • Standard leverage. FXCC offers leverage of up to 1:30, meeting industry standards.

Stability and Transparency

In our tests for the Trust category, we also cover factors relating to stability and transparency. Here, we focused on how long the broker has been in business, the company’s size, which indicates the stability of its business model, and how transparent they are in terms of information being readily available.

Having been founded in 2010, FXCC has existed for long enough to indicate that its business model is probably effective and stable. The company employs nearly 40 people.

In terms of transparency, the main web page is easy to navigate, with all relevant data usually being no more than a few clicks away. Information concerning costs and fees is not obscured by highly technical jargon or a mountain of irrelevant filler, which is a ploy commonly implemented by less reputable brokers. We found the ‘Average Effective Spreads’ tool especially useful and informative.

Being an STP broker, FXCC’s business model is rather uncommon in the industry, though more and more brokers go in the same direction. Traders need to be aware of the pros and cons of working with an entity that does not have a dealing desk, and FXCC puts in the extra effort to explain the intricacies of STP trading.

In summary, our findings indicate that FX Central Clearing Ltd can be regarded as having a high level of trust and stability due to the following factors:

  • Licensed and regulated by a top-tier body (CySEC).
  • Compliant with the highest industry standards.
  • As an STP broker, FXCC has an incentive to help its clients succeed.
  • All information presented on the website is clear, informative, and straight to the point.

Fees

4.2
How Do We Test A Broker's Fees?
Broker fees can be difficult to understand. We test the broker's platforms and examine commissions, spreads, and overnight fees to ensure that you can determine if trading with this broker is worth your time and money.

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FXCC offers competitive conditions in terms of costs, with most spreads meeting the industry average. The ECN XL account does not have any commissions or fees on deposits and withdrawals, but this does not apply to the ECN Advanced account. There is a small ‘Dormant’ fee for inactive accounts.

FXCC charges a spread markup starting from 0.4 pips added to the spread charged by its liquidity providers. As an STP broker, FXCC obtains its liquidity from other financial institutions and banks, which charge their own spreads. That is why retail traders, as the final consumers, have to pay both. At the time of the review, we found the spreads that retail traders pay on an ECN XL account to be competitive.

The only other costs they might face are a commission on silver and an inactivity fee. Beyond that, FXCC’s financial conditions are quite favourable.

FXCC Spreads

We tested the spread on an FXCC XL account during the London open at 8 am UK time and just after the U.S. open at 2.45 pm UK time. These are the most actively traded times, so floating spreads tend to fluctuate most. These were recorded on the 17th of March.

Instrument Live Spread AM Live Spread PM
EURUSD 1.5 pips 1.3 pips
GBPJPY 2.2 pips 2.3 pips
Gold (XAUUSD) 37 pips 39 pips

Based on our findings, we concluded that FXCC’s spreads are low to average. With an industry average of around 2 pips, FXCC’s spread on EURUSD is quite competitive. Meanwhile, the spreads on a major pair such as GBPJPY and gold are below average since FXCC obtains its liquidity from a pool of international banks and financial institutions.

FXCC Swap Fees

A swap fees, also known as a rollover, is the cost of holding an open position overnight. This cost can vary considerably during periods of heightened market volatility. The values listed in the table below are for one full contract (100,000 units) of the base currency. Swap long refers to the charge deductible or credit receivable for holding a buy position open overnight. In turn, swap short relates to the charges/credits deductible or receivable for holding a selling position open overnight.

We documented FXCC’s fees in the table below:

Instrument Swap Long Swap Short
EURUSD Charge of $8 Credit of $0
GBPJPY Charge of $3 Charge of $9

Overall, FXCC’s swap rates exceed the industry average, though this can be attributed to the particular conditions that were prevalent on the market at the time of the review’s writing.

Non-Trading Fees

FXCC charges a 5 EUR/USD/GBP fee for inactivity, also known as a Dormant fee. It applies to accounts that remain inactive for more than 120 calendar days. This charge does not apply if the free balance in the account is equal to zero.

The company does not charge a fee for processing deposits or withdrawals. However, the client may be liable for charges made by the payment providers (third-party) involved in the transfer.

Are FXCC’s Fees Competitive?

We concluded that FXCC’s trading and non-trading fees are competitive for retail and professional traders alike. This is owing to the commission-free trading on most instruments and free deposits and withdrawals. On the other hand, FXCC’s rollover charges are higher than the industry average.

It is also worth mentioning that at the time of writing this review, FXCC’s spreads were higher than usual because of elevated market volatility. Periods of heightened uncertainty generally drive prices up, which is what causes FXCC’s liquidity providers to raise their spreads as a consequence.

Platforms and Tools

4.1
How Do We Test A Broker's Platforms and Tools?
Platforms are where you trade, so they must be secure, fast, and accessible while offering you the tools you need to succeed. Each broker's desktop, web, and mobile platforms are evaluated according to the order types, speed of execution, ease of use, and other 'need to know' features.

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FXCC incorporates MetaTrader 4, which may be difficult to get used to at first, especially for newbies. Nevertheless, as the most popular platform in the world, MT4 has all the essential tools a trader may require. The platform allows for the execution of sophisticated orders to match the needs of traders with varying styles and experiences.

We tested the performance of the platform on MT4’s desktop and mobile app versions, focusing on the quality of the charts, availability of drawing tools and indicators, and general ease of use.

MetaTrader 4 is a bit rough around the edges, and it takes some time to learn where everything is. Even still, all essential charting tools are present, and the platform can be used to carry out detailed and intricate technical analyses.

Trading on MetaTrader 4’s Desktop Version

MetaTrader 4 Desktop Version

General Ease of Use

Even though there are newer versions of the household name, MetaTrader 4 can accommodate the needs of inexperienced and seasoned chart artists alike. Still, the platform is quite complex and beginners may need some time to get used to it at first. Nevertheless, finding a particular instrument and extracting vital information about it, such as spread size, minimum position size, or swaps takes only a few clicks.

As an STP broker without a dealing desk, FXCC does offer fast execution, which complements MetaTrader 4’s simplicity and flexibility perfectly. Traders can thus benefit from the two by reacting promptly to changing market sentiments and catching a new opportunity at a moment’s notice.

Charts

MetaTrader 4 contains some of the most commonly used tools needed to examine the price action of any given asset. We have listed some of those available to FXCC’s clients on the platform:

  • Chart options. Traders can augment their charts based on their personal preferences. They can choose between bar charts, line charts and candlesticks. The platform offers 9 different timeframes.
  • Trading indicators. Some of the more popular trend indicators available on the platform include moving averages, Bollinger bands, ADX and others. Among the oscillators, it incorporates the MACD, RSI, DeMarker and others. Other popular indicators include the Gator oscillator, Money Flow index, and others.
  • Drawing tools. This is where you can get really creative. You have under your disposal different trend lines, parallel channels, Fibonacci retracement levels and fans, Elliott waves, and others.

Orders

Traders can either open simple market orders at the spot level or place the more intricate limit orders at a different price level. The platform also offers classic stop-losses as well as trailing stop orders. Those are used to limit the overall risk while leaving the profit potential of the underlying position uncapped.

The platform also offers expiry orders, which can be used for protection against the unpredictability of the future. If certain conditions aren’t met by a specific time, the order will be closed.

FXCC Mobile App

FXCC’s mobile app has the same functionality as the desktop version but it’s more difficult to use. This is owing to a problem that is inherent to most such apps. A comprehensive technical analysis is best carried out on screens with high resolution, which is quite difficult to do on a typical smartphone. The app, however, has its essential benefits, particularly when you need to adjust your positions while on the go.

FXCC clients can download MetaTrader 4 on their smartphones and tablets. The software runs on iPhone, iPad (ios) and Android devices. We have conducted our test on an Android device.

General Ease of Use

The app offers most of the same features available on the MT4 desktop version, though they are compressed and altered for smaller screens. The ease of use inevitably suffers when a technical analysis has to be conducted on a lower resolution smartphone. Nevertheless, the app is still useful for quick checks on the account’s performance and possibly making changes to the open positions on the go.

MetaTrader 4 on Android

Charts

The charts on the mobile version are informative and sufficient, yet they are cramped and more difficult to navigate compared to the desktop version. The mobile version includes most of the tools and indicators available on the desktop version:

  • Chart options. Traders can augment their charts based on their personal preferences. They can choose between bar charts, line charts and candlesticks. The platform offers 9 different timeframes.
  • Trading indicators. Some of the more popular trend indicators available on the platform include moving averages, Bollinger bands, ADX and others. Among the oscillators, it incorporates the MACD, RSI, DeMarker and others. Other popular indicators include the Gator oscillator, Money Flow index, and others.
  • Drawing tools. This is where you can get really creative. You have under your disposal different trend lines, parallel channels, Fibonacci retracement levels and fans, Elliott waves, and others.

Orders

Order execution follows the same inherent logic and can be conducted just as fast. However, regardless of how comfortable trading from your smartphone gets, this sense would always be at least partially misleading. Trading should always be conducted with the greatest amount of care possible, yet it is difficult to apply the same level of caution when using your phone.

Nevertheless, the mobile app can be an indispensable asset when you need to make emergency interventions, such as terminating a losing trade when you cannot use your desktop version.

Tradable Instruments

1.2
How Do We Test A Broker's Tradable Instruments?
In this section, we check the broker’s market offering and how varied the instruments and asset classes are. It will allow you to check if they offer what you're looking for and what you can trade.

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FXCC’s biggest drawback is the limited number of tradable instruments on an ECN XL account. It has a selection of only 30 instruments, including 28 currency pairs and 2 commodities, which is way below the industry average.

Due to the lack of diversity, FXCC’s instruments score is low. And while it is true that the Advanced XL account entails over 200 tradable instruments, with a minimum deposit requirement of 100 000, these instruments will be unavailable to most traders.

What Are CFDs?

CFDs are financial derivatives used for trading on margin. To put it simply, they allow traders to speculate on the price action of a given asset without physically owning the underlying. Trading CFDs with leverage is appealing because it is easily transacted and can multiply the profits of your winning poisions. On the downside, trading CFDs on margin can just as easily multiply the losses incurred by your failed trades.

What Can You Trade with FXCC?

The list of trading instruments on an FXCC XL account consists of FX pairs and commodities.

  • 28 currency pairs
    • Majors and minors
  • 2 commodities
    • Silver and gold

Even though the assortment is quite limited compared to other brokers, it is enough to be able to implement some of the most popular types of trading strategies. Intraday traders can speculate on intermittent changes in the price action of currency pairs. In contrast, position and day traders can trade on more significant changes in the longer term with a combination of majors and, say, gold.

Here is a breakdown of the most notable instruments:

Forex Commodities
EURUSD | GBPUSD | GBPJPY | EURGBP | USDJPY | GBPCHF Gold | Silver

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Customer Support

4.2
How Do We Test A Broker's Customer Support?
Traders tend to underestimate customer support, but it might be a crucial feature in moments of crisis. In our rating, we check the contact methods available, how accessible a live agent is and how helpful the responses are. This information will allow you to know if a broker can provide full support when you need it.

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FXCC offers 24/5 customer support. You can choose from sending an email, using the live chat or calling one of the two numbers. FXCC also offers multilingual support. The staff are well-informed with a good command of English. They respond quickly, providing short, concise and helpful answers to even more complicated queries.

Customer Support Test

We conducted our customer support test on the 18th of March at 11 am GMT +02, clicking on the live chat icon in the ‘About’ section of the website. An agent responded within one minute after our question was submitted, and it took as long for a satisfying answer to be provided.

Chat With FXCC’s Customer Support

When asked a topic-specific question (in this case, concerning their rollover charges), their customer support provided a concise answer within minutes. This means that they are familiar with the matter and have a good overall understanding of basic concepts.

Deposit and Withdrawal

4.9
How Do We Test A Broker's Deposit and Withdrawal?
The deposit or withdrawal process can be a tricky one. You may discover that there are hidden fees, or that withdrawal times are longer than you anticipated. We check these factors and others so you know what to expect when trading with this broker.

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FXCC does not charge any fees on deposits and withdrawals, which earned the broker a high score on this category. However, you should keep in mind that you can only withdraw funds via the method you previously used to deposit. The wide variety of methods available for both enhances the overall customer experience.

FXCC Deposit and Withdrawal Methods

Method Base Currencies Fees Processing Time
Bank Wire USD/EUR/GBP None 3-5 business days
Credit/Debit Card USD/EUR/GBP None Around 1 hour
Rapid Transfer USD/EUR/GBP None Around 1 hour
PaysafeCard USD/EUR/GBP None Around 1 hour

Third-party fees may apply depending on the selected processing method. For additional information, please visit the main deposit page on the website.

A bit of a drawback is that traders should use the same method for withdrawing their funds as the one they had previously used to deposit. Processing times also vary depending on the selected method.

Account Types and Terms

4.5
How Do We Test A Broker's Account Types and Terms?
In order to achieve your trading goals, you need to choose the right account. We evaluate each broker's account types, how easy it is to open an account with them, and the steps involved, so you can decide if it is worth your time to open an account.

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The accounts offered by FX Central Clearing are designed to strike a good balance between efficiency and cost, despite the absence of swap-free accounts. Account creation is fast and easy. In terms of practicality, FXCC’s various account types cater to the needs of most retail traders, which is why it was awarded a high score in this category.

Account opening takes only several minutes to complete. Provided you have all the relevant documents prepared in advance, and the verification can be finalised within 24 hours (during business days). This applies to all account types.

With a minimum deposit of 100 (USD, EUR, or GBP) and zero commissions, the ECN XL account is the best fit for small retail traders or people who are just now getting involved with capital markets for the first time. In contrast, market whales who can afford to fund their accounts with amounts north of 100 000 may enjoy the 200+ instruments available on the ECN Advanced account.

Why is Choosing the Right Account Type Important?

The type of account you choose will be a major determinant of your future success or failure in the market. This would be true if you have a sophisticated trading system that you want to implement aggressively or would prefer to learn about trading’s basics without paying too much for it.

What Account Types Does FXCC Offer?

Account Features ECN Standard Account ECN XL Account ECN Advanced Account
Minimum Deposit 10000 100 100000
Commission Zero on FX Pairs, 7.5$ a side on silver Zero on FX Pairs, $4 a side on silver Zero on FX Pairs, $4 a side on silver
Spread Markup 0.75 pip a side 0.4 pip a side 0.4 pip a side
Max Leverage 1:30 1:30 1:100
Islamic Account No No No
Demo Account Yes Yes Yes
Number of Instruments 30 30 200+

The spread markup is added to the interbank spreads quoted by FXCC’s liquidity providers, which may start from as low as 0.1 pips. In other words, the liquidity FXCC obtains from other banks and financial institutions has a baseline spread that is added to FXCC’s spread markup. The combination of the two is what FXCC’s clients have to pay.

Depending on the underlying market volatility, this baseline spread may rise or fall, thereby altering the spreads that traders have to pay. On average, STP brokers tend to offer very competitive spreads precisely because they obtain their liquidity from some of the biggest financial institutions out there.

In terms of practicality, the XL account boasts the best cost-to-service value. In contrast, the Advanced account offers the highest flexibility with its wider range of available instruments and the availability of higher leverage.

An alternative to the three main account types is the corporate account, which is constructed specifically for Legal or Registered entities. Though it is not intended for retail traders, its availability alone is evocative of FXCC’s catering to all of its clients’ different needs and goals.

What is CFD Leverage?

The leverage is essentially a mechanism that can allow traders to open positions with larger market exposure against smaller initial deposits. It can increase the profits generated by winning positions and the losses incurred by failing ones.

Your leverage can either be your best friend or worst enemy on the market, depending on how prepared you are for margin trading. Suppose you were to open an ECN XL account with an initial deposit of $100. With a leverage of 1:30, your total market exposure would be 30 times higher or equal to $3000.

When trading with CFDs, you have to be very careful because your losses can be leveraged just as easily as your winners. Many retail traders wipe out their accounts because even if they meet the bare minimum deposit requirement, this may not be enough to help them weather some of the more violent price swings whose impact is magnified by the leverage.

How to Open an Account with FX Central Clearing?

Opening an account with FXCC is fairly easy and quick. You can be done in less than 10 minutes, without too much hassle. We have broken down the process for you in these few easy steps:

  • Step 1 – After you click ‘Register’ on the top right corner of the main page, you will be asked to fill in your names, email address, telephone number, etc. Then you have to tick the boxes to acknowledge that you have read the Terms and Conditions and that you are not a ‘U.S. reportable person’.
  • Step 2 – Afterwards, a confirmation email will be sent to your email address. Open that email and click the large ‘Confirm Email Address button. Below it, you will find a temporary password that has been automatically generated (you can change that later).
  • Step 3 – Once you log in to your live account, you will be asked to fill in additional information as part of the verification process.
A live account with FXCC

Why is Demo Account important?

A demo account is important not just because it lets you test out your trading system in a safe environment but also because you can determine whether the broker’s services meet your needs.

You can also set up a demo account for yourself to test your MetaTrader 4 skills. You can download the platform from either the main page of the website or from your live account. FXCC’s demo account offers the same features as the live account, which is why it can help beginners before they get started with the real deal.

FXCC does not accept clients from the U.S.

Your capital is at risk

Research

3.4
How Do We Test A Broker's Research?
Research options provided by brokers may not be seen as the most important feature for some traders, but they can give you an edge over the competition. Staying on top of important market news announcements and being aware of big themes can be very helpful. The rating system provides a clear picture of how well your broker fulfills this service.

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FXCC’s research materials are detailed and informative, though they are not all-encompassing, and traders may need external sources of information. FXCC’s grade mainly suffered because the website does not have any video materials and webinars.

FXCC’s research provides a wide range of descriptive technical and fundamental insights, news and analyses, which are nonetheless limited in their scope. There are also no video materials or webinars to complement the written articles.

FXCC Research materials include:

  • The trading analyses represent a quick rundown of key developments on the price action of a given instrument over the last several hours. The most important support and resistance levels are underpinned on the chart, giving readers a sense of where the day’s battlegrounds may occur between bears and bulls may take place.
  • The fundamental picture. The analyses also underscore the current market sentiment – whether bullish or bearish bias is prevailing. Unlike other such materials, FXCC does not oversaturate its analyses with a heap of useless information and incompatible indicators to mask the inaccuracies of its forecasts. Quite the contrary, the information presented is accurate, punctual and straight to the point.
  • The news section is yet another great addition. In it, FXCC has managed to integrate pieces directly from Bloomberg, most traders’ favourite source of news and financial insights. FXCC also has a rich collection of highly instructive articles covering topics from all aspects of the general trading experience.
FXCC Trading Analysis

Education

3.1
How Do We Test A Broker's Education?
Educating yourself on how to trade the financial markets can make the difference between success and failure. We check the educational content provided by the broker, its quality and suitability for beginners and advanced traders.

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The lack of instructive video materials and webinars resulted in the broker’s low Education score. However, FXCC makes up for it with its abundance of articles written in an easily digestible language.

FXCC’s educational courses manage to cover all necessary topics without leaving anything behind. But more could have been said about the psychology of trading, arguably the most complex and difficult skill to master. Also, the incorporation of video materials could have made the study process easier for beginners.

One of the most challenging aspects of teaching a trader about the market is avoiding transmitting your own biases or misconceptions. Despite the apparent need to be as objective as possible, many traders eventually find out that their craft also contains a considerable dose of subjectivity. That is why it is so vitally important to learn about the basics of trading without developing such biases and misconceptions.

FXCC stays committed to achieving that goal. Its educational courses are technical and informative without straying into empirically ambiguous territory. The materials are delivered matter-of-factly, representing a well-rounded bank of information.

FXCC’s Educational Section

The Bottom Line

Investors looking for a broker with low overall fees and good trading conditions should definitely consider FXCC. Despite the glaring issue with the minimal number of available trading instruments, the broker more than compensates for this in other ways.

FXCC’s European entity – FX Central Clearing Ltd.- is regulated by CySEC and complies with MiFID regulations. However, the offshore entity – Central Clearing Ltd.- is not regulated, entailing higher trading and non-trading risks.

And since FXCC operates as an STP broker without a dealing desk, its spreads are competitive, and the speed of trade execution is fast. FXCC really gives the impression that it is actively looking to foster strong broker-client relationships.

In addition to the above-mentioned problem that FXCC’s ECN XL account offers only 30 instruments, those can be traded solely as CFDs. With spread betting being the only option, traders cannot use other types of instruments such as bonds, ETFs, and options to diversify their positions.

On the other hand, FXCC has integrated MetaTrader 4, which contains all of the essential indicators and tools a trader may need to make comprehensive technical analyses.

Beginner traders have the opportunity to start their journey on the market with a broker that can and does cater to their most essential needs. The available account types and supporting educational and research materials on the website are enough to provide those traders with a solid start in the world of CFD trading.

More advanced traders, in contrast, can take advantage of FXCC’s lower spreads to build lasting trading systems that can gain the maximum out of most opportunities on the market.

No broker is perfect, and there is more that can be desired of FXCC, but overall, the benefits of working with the company outweigh the negatives by a wide margin.

FAQ

Where is FXCC based?
FX Central Clearing Ltd is based in Cyprus. Central Clearing Ltd is based in Vanuatu.

Is FXCC safe?
Yes. FX Central Clearing Limited is licensed and regulated by the Cyprus Securities and Exchange Commission (CySEC). Central Clearing Ltd has somewhat looser protections by VFSC.

How does FXCC make money?
Via the spreads, it charges for order execution on its platforms.

Is FXCC good for beginners?
Yes. It offers excellent educational materials and competitive conditions. Additionally, the low spreads are suitable for first-time retail traders.

How do I deposit in an FXCC account?
There are multiple ways, including Credit/Debit cards, Bank transfers and others. The transactions are usually finalised within the first several hours.

What is the min. deposit for FXCC?
100 USD/EUR/GBP for accounts registered with FX Central Clearing Ltd. There are no such requirements for the broker’s offshore entity.

How do I withdraw money from FXCC?
Via the same method that had been used to deposit.

How long does it take to withdraw money from FXCC?
Depending on the method, from several hours to 5 business days.

What is the max leverage in FXCC?
1:100 on accounts created with FX Central Clearing Ltd. The maximum leverage on accounts created with Central Clearing Ltd is 1:500.

How do I open an account with FXCC?
You can open a live account from the main page on the website.

What platforms does FXCC offer?
MetaTrader 4. The platform has a desktop version as well as a mobile app.

Does FXCC offer a demo account?
Yes. It can be set up once you have opened your live account.

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See FXCC Full Information
Broker General Information
Trading Features
Other Details
Headquarters Country
Cyprus
Foundation Year
2010
Regulations
CySEC (Cyprus)
Publicly Traded
No
Number Of Employees
0-50
Trading Desk Type
No dealing desk, STP
Trading platforms
MT4
Restricted Countries
United States
Supported Languages
English
Min Deposit
$100
Max Leverage
1:30 (CySEC)
Deposit Options
Wire Transfer, Credit Card, Cryptocurrencies, Skrill, Neteller, Debit Card
Withdrawal Options
Wire Transfer, Credit Card, Cryptocurrencies, Skrill, Neteller, Debit Card
Cryptocurrencies
Bitcoin Cash, Bitcoin, Litecoin, Zcash, Ripple, Monero, Dash, Ethereum
Products (CFD)
Currencies, Commodities, Indices, Crypto
Demo Account
Yes
Islamic Account
Yes
Segregated Account
Yes
Managed Account
Yes
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