FXCC review: One of the top 10 forex trading platforms
FXCC, or FX Central Clearing, is a trading company with roots in Cyprus that helps experts in the foreign exchange market trade currencies, cryptocurrencies, indices, and metals using the latest technology. All orders are routed and matched in the digitally designed network by the stability pools of institutional providers and market estimates for the company, which uses an ECN/STP trading system.
What’s lovely, FXCC’s technology offers effective, transparent pricing with the lowest spreads available. Additionally, various ECN trading accounts are available that can be customized to meet individual demands and specifications.
Pros and Cons of FXCC
Various traders worldwide have acknowledged FXCC Forex brokers, as seen by their numerous awards (Forex Brokers List). The expert team at FXCC Broker offers specialized services and a favorable trading environment built on top-notch technology. The FXCC instrument selection is strong, and the spreads are average.
On the other hand, educational resources are relatively constrained, and the solely available platform is MT4, which is a little outdated.
Is FXCC legit or a scam?
FXCC is a corporation that is governed by the Cyprus Securities and Exchange Commission (CySEC).According to comprehensive studies ,FXCC is regarded as a low-risk trading broker, not a scam
The broker automatically works under EU Markets in Financial Instrument Directive (MiFID) with cross-border registrations in its states because the company is approved by an EU Member State, which permits the supply of services throughout the EEA.
Commissions & Spreads
Live spreads typically range between 0.2 and 1.0 pip for EUR/USD and GBP/USD, respectively. A 15-minute average spread chart for popular instruments, such as spot gold and silver, is available on the FXCC website.
Notably, there are no commissions on any of the instruments. When compared to competing trading brokerages, this makes FXCC an affordable option. Additionally, customers must pay rollover fees and a $5 dormancy fee on accounts that have lain dormant for 120 days.
For clients outside of the EU, leverage is provided between 1:1 and 1:500. Cryptocurrencies are limited to 1:10, except for Bitcoin, which can be traded at a rate of 1:10. Rates for trading Forex, commodities, energy, and indices can reach 1:500.
Once you’ve created an account in the Traders Hub, you can use the margin calculator for no charge.
You can connect to your trading account from anywhere using the MT4 mobile app. Because of its user-friendly interface and dependability, the cutting-edge platform consistently earns positive comments and reviews online.
Thirty technical indicators, nine timeframes, and a live stream of market prices are all included in the application. An economic news stream and the whole trading history are also included. Additionally, traders can use the mobile app to deposit and withdraw money.
Swap rates on leveraged overnight positions are among the most frequently disregarded trading expenses. Depending on the trading technique, it can be the most significant trade fee. I advise traders to look them over before calculating their overall trading expenses. Many brokers skip this step, whereas FXCC instructs customers on how to get the most current rates.
FXCC offers a positive swap on eligible short positions in which traders are compensated for holding holdings overnight. When it comes to day trading, the 9:30 a.m. to 10:30 a.m. Eastern Time (ET) window frequently offers the best time to trade in the smallest amount of time.
By following these steps, MT4 traders can get swap rates from their platform:
1. Right-click the selected symbol in the Market Watch window and choose Specification.
2. Continue scrolling until Swap Long and Swap Short appear.
Here are some samples of trading costs for positions held for one night and seven nights in the ECN XL account while buying and selling the EUR/USD.
Types of FXCC Accounts
FXCC only provided one type of account when this evaluation was written: the commission-free trading ECN XL account. I enjoy that all deposits are treated equally.
Regarding the FXCC ECN XL account, my observations are:
This account allows for no minimum deposit, giving traders freedom and flexibility as they build their portfolios.
The stop-out level is 50%, and the maximum leverage is 1:500.Applying for negative balance protection
No minimum stop-loss distance is required.
ECN execution, as its name implies, is used by FXCC, making it perfect for scalpers and other high-frequency, high-volume traders.
Orders with volumes as low as 0.01 lots can be placed by traders.
Scalping, edging, and news trading are all permitted trading methods at FXCC.
Additionally, qualifying traders to have access to free VPS hosting and support for algorithmic trading, or EAs, as MT4 refers to it.
The servers are in Hong Kong, London, Germany, and New York.