FXCC Review

FXCC is a forex and CFD broker that can be classified as one of the oldest retail brokers in the market. Even though it has undergone a lot of changes to its operational structure and its product suite, it still retains the essence of the brokerage business that predates the 2008 global financial crisis.

I. Background and Company Overview of FXCC

FXCC is a winner of the Best Forex Trading Account award, issued by the UK Forex Awards in 2017. The company's EU operations are licensed and regulated, and the company provides negative balance protection and a host of other protocols to protect its clients' funds. There are a number of features that retail traders will find interesting:

• The presence of a multi-terminal and a MAM account platform will benefit traders seeking to trade more than one account on FXCC.
• Customer support is multi-lingual.
• Full access to the interbank market so traders can choose their execution prices with no requotes.

II. Trading Platforms and Tools

What trading platforms are used by FXCC's trading clients? The following platforms are available:

• MT4
• MT4 multi-terminal
• Multi-account manager (MAM) platform.

The conventional MT4 platform comes as a desktop client with mobile versions. The web-based version is not available on FXCC.

The MT4 Multi-terminal is created for those who trade multiple accounts and who want simultaneous execution of trades on those accounts. It has a similar programming interface with the MT4 client terminal.

The MAM platform comes courtesy of MetaFX, and this is a commercial brokerage application for those managing funds for multiple traders. It comes with allocation methods that are more sophisticated than the MT4 multi-terminal, allows

TradeStation signals and has a server-side plugin that guarantees instant execution.

Trading with these platforms can be enhanced with certain tools such as those listed below:

• A free VPS for those with funded live accounts.
• A morning roll call analysis suite which features a market watch section where in-house analysts provide actionable insight into happenings in the markets.
• A range of forex calculators such as the margin calculators, pivot calculators and pip calculators.
• A position calculator which is used to calculate the position sizing from the account capital and the percentage of commitment of this capital the trader wants to make.

III. Account Types and Spreads

FXCC currently has just the ECN XL account on offer. As you can imagine, this is a variable-spread account which comes without payment of commissions on each trade. No minimum deposit is set, and traders can expect to have a stop out level of 50% on trades. Available markets for this account type are forex pairs, metals, indices and energy assets.

The ECN Promo account is an account type that will be launched soon. It will also be a variable spread account.

IV. Contract Specifications

What are the contract specifications of the assets listed for trading on FXCC?

• Spreads on the ECN XL account are floating and start from 0 pips.
• Leverage maximum level is pegged at 1:500.
• The minimum order size is 0.01 lots, with an increment of 0.01 lots.
• No commissions are charged.
• There is negative balance protection.
• The use of expert advisors is allowed.
• A swap-free account is available, but only by request.
• Traders are allowed to trade the news and can apply scalping techniques.

V. Security and Regulation

The FXCC brand is owned and operated by Central Clearing Ltd, operating in Cyprus (EU brand) and St. Kitts & Nevis (offshore operations).

In the EU, FX Central Clearing Ltd is regulated by the Cyprus Securities and Exchange Commission (CySEC) wih license number 121/10.

In Nevis, Central Clearing Ltd does not operate under a regulator, but is duly registered with company number C 55272.

There is no information as to what countries are prohibited from trading with FXCC, but EEA countries cannot trade with the international brand. Residents of the European Economic Area must trade with the EU brand, under ESMA's rules.

VI. Customer Support and Education

Here are the channels through which the customer support desk on FXCC can be reached.

• Phone: +44 203 150 0832
• Live chat
• Twitter: twitter.com/fxccforex
• Facebook: facebook.com/fxccforex

Conclusion

If you are averse to dealing desk models of brokerage business and prefer direct market access, FXCC should be your brokerage of choice.