FXCC Broker Review 2024: Rating, Pros & Cons

FXCC Homepage

Summary of FXCC Forex Broker

As a forex trader, I believe a user-friendly trading platform is key to success, no matter your experience level. FXCC (Forex Central Clearing Company) is a leader in this area, offering a simple interface alongside powerful tools that will help you learn, grow, and profit.

Their platform includes helpful features like customer support, built-in trading tools, multiple trading terminals, and an economic calendar.

FXCC earns a TB (Trading.Biz) evaluation score of 5.8 after being carefully reviewed across multiple parameters. 

In this article, I’ll break down my experience with FXCC, including the pros, cons, and what to expect from the platform.

Pros and Cons of FXCC (Forex Central Clearing Company)

Evaluating the highly impacting factors

Consider Trading with FXCC (Forex Central Clearing) If

You’re interested in:

• Trading a wide variety of assets
• Enjoying low spreads with no commission
• Receiving a complete deposit bonus

It may be a serviceable platform for beginner traders, but FXCC is more suitable for professional traders who have been in the game for a long time.

Don’t Trade with FXCC (Forex Central Clearing) If

You’re a newcomer to the market. You may find the platform challenging to use due to its lack of intuitiveness. There are also no account types offering features that would be more comfortable for beginner traders.

Additionally, FXCC has limited regulatory oversight, being regulated only by the Cyprus Securities and Exchange Commission (CySEC).

Verified Office Address

Verified address of FXCC

FXCC has a registered address: Suite 7, Henville Building, Main Street, Charlestown, Nevis.

Regulations and Security

One of the first things I did when evaluating FXCC as a potential broker was look into its regulatory and security aspects. I’ll address these two areas separately and share my findings with you.

Regulation

At the time of writing, FXCC is duly registered under MISA and CySEC.

• MISA: FXCC is registered under the Mwali International Services Authority (MISA) to operate in all jurisdictions excluding the United States and EEA countries.
• CySEC: FXCC is registered and regulated by the  Cyprus Securities and Exchange Commission (CySEC) to operate in EEA countries.

It is important to note that registration within a specific region does not necessarily mean that FXCC has received licenses or is supervised or under the purview of a notable financial authority.

However, this does not automatically imply that it’s a scam or that the company engages in fraudulent activities. It simply means that clients have no insurance protection in events like bankruptcy. In fact, other traders’ reviews suggest that FXCC is a reputable brokerage company.

Traders in the EEA can also take comfort in knowing that CySEC is one of the most trusted financial regulatory bodies in the European Union. Being registered with CySEC means that FXCC adheres to strict standards in handling client funds, its influence in the financial market, and other critical areas.

Security

FXCC’s security measures are consistent with the standards observed by most foreign exchange brokers.

Currently, the standout feature is the option to sign in via Google or Facebook, simplifying the process and facilitating easier future access to the FXCC platform.

The platform also supports Google Authenticator as a two-factor authenticator (2FA) linked to the broker. This significantly enhances security by making it much more challenging for hackers to exploit any potential weaknesses in the users’ passwords or the broker’s security systems.

Expert Opinion on FXCC (Forex Central Clearing Company)

Forex Capital Online states that their “opinion about FXCC is very positive. This broker can provide the requirements of any forex trader from the beginner to a corporate structure. We like the very low spreads, the high availability, and flexibility of trading platforms.”

Expert opinion on Forex Central Clearing Company from ForexCapitalOnline

In their review of the platform, SA Shares claims that “FXCC is a great choice for beginners, active traders, day traders, and professionals. However, your account can be used for any trading style and supports all trading strategies.

FXCC provides plenty of high-quality educational resources, a great selection of research material, and advanced trading tools. No minimum deposit is required to open an account with this broker, and you can practice trading on a MetaTrader4 demo account if you are new to trading. You can reach their customer support team via live chat, email, or telephone.”

Expert opinion of Forex Central Clearing Company from SA Shares

Expert Review of FXCC (Forex Central Clearing Company)

As an experienced trader, I highly recommend FXCC to those who’ve already cut their teeth in the trading world. Its refreshingly straightforward platform makes it a top pick for traders who’ve moved beyond the basics.

However, if you’re just starting your trading journey, you should look for a platform that is more forgiving and flexible for newcomers.

I found the signup and verification process to be a breeze, without any unnecessary hurdles. Also, the variety of deposit options has always met my needs, ensuring I’m able to fund my account conveniently without delaying any of the moves I want to make on the platform.

Signup Process and Verification

Document verification page

The signup process for FXCC is straightforward and hassle-free. There are three methods for signing up:

• Manual signup: Input your first name, last name, email address, and create a password.
• Signup via Google: Sign in with your Gmail address and create a password.
• Signup via Facebook: Sign in with your Facebook account and create a password.

Verification

While the signup process is incredibly simple, the verification phase does require users to share personal details and information. This is part of a broader Know Your Customer (KYC) and Anti-Money Laundering (AML) process implemented by FXCC.

This verification process starts immediately after signing up for an account. You will be directed to the dashboard and prompted to complete your profile. This involves entering personal details, providing financial information, and going through the document verification process.

Financial information page on Forex Central Clearing Company

For document verification, you will need to provide personal identification, such as a passport, state-issued ID, or driver’s license. You must also submit proof of residence issued within the past six months.

This entire signup and verification process is streamlined and meticulously detailed to help prevent theft and address other security threats and issues that may arise.

The FXCC Broker Dashboard

FXCC dashboard 

The dashboard on FXCC is one of the simplest I’ve encountered, yet it’s still interactive. You’ll find a reminder on the main dashboard to complete your account verification. Below, you’ll find the different currency types you can deposit: GBP, USD, and EUR.

You’ll also find a dedicated segment that provides your account number, the default dollar currency, leverage, and the trading terminals to use.

Clicking on the three vertical lines at the top left of the homepage will give you other options, such as deposit, withdrawal, transactions, and download. The download option gives you links to the supported trading terminal to download on whatever device you use.

Deposit and Withdrawal

This is one of the most crucial aspects of using any broker. Funding your account and, more importantly, withdrawing your money with ease are vital.

FXCC excels at this on the deposit side, providing users with a variety of options. Your options for withdrawing funds are far more limited, however.

Deposit

Funding your account is straightforward. Click on the Deposit icon on your homepage and select one of five options to complete your deposit: Visa, Skrill, Neteller, Crypto, and Bank Transfer.

Deposit page on FXCC

• Depositing via Visa, Skrill, and Neteller: Simply provide the amount, select the desired currency (USD, GBP, or EUR), and (in some cases) enter your email address.
• Depositing via crypto: Select the desired currency (USD, GBP, or EUR) and choose the cryptocurrency for payment, such as Bitcoin, Ethereum, or Tether.
• Depositing via Bank Transfer: Provide details such as the beneficiary name, bank name, bank address, BIC, account number, and currency.

When funding your account with a bank transfer, you will be limited to making payments through the company’s bank (Wells Fargo Bank NA) and can only deposit in US dollars.

Withdrawal

Withdrawals from FXCC are restricted to bank wires or crypto wallets. You must specify the withdrawal amount and provide your bank details for a bank wire transfer. When withdrawing to a crypto wallet, you must give the amount, the cryptocurrency, and the cryptocurrency address.

FXCC withdrawal page

Please note that it’s crucial to thoroughly read all the withdrawal policy details before depositing into FXCC to ensure they align with your needs and that you won’t have trouble withdrawing funds.

Trading Conditions

Trading conditions on FXCC

• $0 trading commission
• Minimum trading leverage of 1:1
• Spreads starting from 0:0 pips
• Maximum trading leverage of 1:500
• Default account currency in USD
• No minimum deposit requirement
• Multilingual customer care
• $0 deposit fee
• A monthly inactivity fee of $5 (charged after 120 days of not using the platform)
• You might experience slippage in certain situations such as market opening and closing sessions, news releases, or a high-volatility market

These conditions add transparency when dealing with brokers and clarify what to expect when using the platform.

Trading Platforms

When it came to the trading platforms section of the site, I had high expectations. Unfortunately, I found limited information regarding the supported platforms, and the options available were somewhat restricted.

At the time of writing, there is only one supported trading terminal, MetaTrader 4 (MT4). While MT4 is a widely used platform, this can be frustrating for users like myself, who value having multiple options to choose from.

Available trading platforms on FXCC

One positive aspect of MT4 is its flexibility. It is accessible on various operating systems and devices, including iOS, Android, and desktop computers. This means you can trade across multiple devices, which enhances the platform’s flexibility.

However, FXCC could expand its offerings. Including support for the more advanced MetaTrader platform, MT5, would be useful, and adding another trading terminal would cater to diverse user preferences.

How to Start Trading With FXCC

• Sign up on FXCC
• Download and create a MetaTrader 4 (MT4) account
• Connect your MT4 account with your FXCC account
• Make a deposit into your FXCC account
• Select your desired trading instrument and start trading

Trading Assets and Instruments

This section will briefly cover an extensive list of instruments and assets you can expect when using FXCC. The available categories include forex, cryptocurrency, metals, energy, and indices.

Available assets on FXCC

Forex Instruments

If you trade in the forex market, various instruments are available. Below is a complete list of the forex assets you’ll find on FXCC:

• AUDCAD (Australian Dollar vs Canadian Dollar)
• AUDCHF (Australian Dollar vs Swiss Franc)
• AUDJPY (Australian Dollar vs Japanese Yen)
• USDTRY (United States Dollar vs Turkish Lira)
• USDZAR (United States Dollar vs South African Rand)
• ZARJPY (South African Rand vs Japanese Yen)

Cryptocurrency

Compared to other instruments, the list of cryptocurrency instruments is shorter, likely because it’s still a burgeoning asset class. There are eight instruments available:

• BTCUSD (Bitcoin)
• BCHUSD (Bitcoin Cash)
• ETHUSD (Ethereum)
• LTCUSD (Litecoin)
• XMRUSD (Monero)
• ZECUSD (ZCash)
• DASHUSD (Dash)
• XRPUSD (Ripple)

Precious Metals

There is an extensive range of metal instruments available for trading on FXCC, starting from the most popular metal classes. These include:

• XAUUSD (Spot Gold vs US Dollar)
• XAUEUR (Spot Gold vs Euro)
• XPDUSD (Spot Palladium vs US Dollar)
• XPTUSD (Spot Platinum vs US Dollar)

Trading Stocks and Indices

In this category, you’ll find not only the most common instruments (such as the NASDAQ, S&P, and DAX) but also a variety of other stocks and indices:

• US30 (US Wall Street 30 Index)
• US500 (US 500 Index)
• NAS100 (US Tech 100 Index)
• UK100 (UK 100 Index)
• GER40 (Germany 40 Index)
• EUSTX50 (EU Stocks 50 Index)
• FRA40 (France 40 Index)
• SPA35 (Spain 35 Index)
• SWI20 (Switzerland 20 Index)
• HK50 (Hong Kong 50 Index)
• JPN225 (Japan 225 Index)
• AUS200 (Australian 200 Index)

Energies

Your options for trading energy assets are more limited. You will have access to just two instruments:

• WTI (Spot US Crude Oil)
• BRENT (Spot UK Brent Oil)

Demo Account On FXCC

If you’re still exploring the forex market, you can try out an FXCC demo trading account. A demo account will provide you with a virtual $10,000 to play around with. This will allow you to learn about risk management and other financial market components, including using technical analysis tools, without risking any of your real money.

Customer Support

The customer support section on the platform is robust. Various aspects are streamlined to assist users in navigating any problems or issues they encounter. However, it’s important to note that customer support is only available 24/5 – from Monday to Friday.

FXCC customer support page

You can contact FXCC by mail, phone, fax, or by filing out a question form. You can also initiate a livechat by providing your name, email address, subject, and message.

There is also a FAQ section known as the FXCC Knowledge Base. It is segmented into topics like Funds, Accounts, and Trading Platforms to facilitate navigation and help you find a precise answer to your queries.

The platform also has a series of documents categorized under headings like Investment Services, CFDs (Contracts for Differences), and Power of Attorney to help clients get more detailed information on particular topics.

Finally, there is the risk disclosure section, listing all the risks associated with using FXCC. There are 26 in total and it’s good practice to review them, although I didn’t see anything to worry about in these disclosures.

Education and Training

This section of the platform is quite robust, providing training articles and market research. It is divided into three parts: Education Center, Research Center, and Basic Articles. Let’s take a look at what you’ll find in each.

Forex Central Clearing Company education center

Education Center

In this section, you’ll find a list of articles related to FXCC and its service offerings. This includes articles with titles like “What Is ECN?,” “ECN vs. Dealing Desk,” “Basic Trading Pairs,” and a number of user guides.

It also contains a useful glossary of forex terms, major economic indicators, and forex educational eBooks.

Looking through the forex trading lessons, I found articles on technical analysis, technical indicators, fundamental analysis, and other essential concepts for new traders.

Research Center

This section is far more limited. It contains an economic calendar, forex news, and daily technical analysis, but not much more.

Basic Articles

I appreciate this part because it goes deep, going past the surface level you’d expect from the header “Basic Articles.” Beginner traders are advised to start with the Education Center and only move to the Basic Articles when they become more familiar with forex trading.

One unfortunate downside to the entire educational section is that it provides only text-based content. There are no video training resources, which would help new traders learn more quickly and effectively.

Copy Trading And Investment Opportunities

If you’re hoping to engage in copy trading to snag some easy wins, you’ll want to steer clear from FXCC. The platform doesn’t offer that option, which is a bummer and a big reason I wouldn’t recommend it for beginners.

If you’re looking for hassle-free trading gains, it’s best to check out other brokers.

The FXCC Affiliate Program

FXCC has a lucrative affiliate program for users willing to form a partnership. This program is open to anyone in jurisdictions FXCC operates in and it provides great commissions (up to $500 in CPA, one of the highest in the forex industry) and advanced tracking to help you earn more.

FXCC affiliate program page

To register for the affiliate program, select the client type (individual or corporate). Then, you’ll have to choose the partnership program and select Affiliate (the other options are Broker, Regional Partner, and Strategy Provider).

Following this, you’ll be asked to fill in personal information and submit the request. Once that’s done, you’ll be contacted by the FXCC Partnership Team about your affiliate account. This can take anywhere from a few hours to a few days, so you might not be able to start sharing your affiliate links immediately.

Bonus on FXCC

As a first-time depositor on FXCC, you will receive a 100% bonus on your deposit, up to $2,000. There are additional benefits attached to this as well.

Languages on FXCC

The languages available on FXCC include Irish, Japanese, Italian, Javanese, Khmer, Korean, Polish, Latin, Slovak, Thai, Turkish, Swedish, Yoruba, Somali, South Africa, Sesotho, Tajik, Swahili, Spanish, Malagasy, Malay, Maltese, Maori, Nepali, Samoan, Urdu, Uzbek, Welsh, and Xhosa.

List of available languages on FXCC

Conclusion

FXCC (Forex Central Clearing Company) is a reliable forex broker. That’s not just my personal opinion – it’s supported by online comments from users attesting to the quality of the services. However, I always advise conducting extra due diligence to make sure the platform is right for you.

New traders might find the platform a bit difficult to navigate. They might also be frustrated by the lack of easy trading options, like copy trading. But for more experienced traders, or ambitious newcomers, FXCC is a great option.

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