FXCC is a Cyprus-based broker, joining the long list of Cypriot FX brokers that currently occupy a sizeable position in the Forex trading markets. Naturally, FXCC is regulated by the CySEC and is a part of the ICF for protecting clients against any unexpected closure of service or broker insolvency. CySEC FXCC regulation makes the broker a part of the MiFID derivative that allows it to offer FX trading-related services and products to the entire member nations of the EEA.
FXCC offers its clients a choice of three basic account types: Standard, XL, and Advanced. Since the spread provided on all of them is the same, the main difference between them, except the minimum initial deposit, is the amount of the commission applied, if any.
Besides, micro lots are available for trade on all three account types. Sharia-compliant swap free service is offered on ECN XL accounts with deposits below $ 10,000.
The Company & Safety of Funds
Founded in 2010, FXCC is a No-Dealing-Desk (NDD) forex broker, offering to trade in around 30 currency pairs, precious metals and a couple of indices through the most widely used MetaTrader 4 platform.
FX Central Clearing Ltd., doing business as FXCC, is a Cyprus Investment Firm (CIF), licensed and regulated by the Cyprus Securities and Exchange Commission (CySEC).
Additionally, FXCC is also regulated under the Markets in Financial Instruments Directive (MiFID) in regards to offering cross-border services within the EU under the MiFID Passporting Regime, allowing companies regulated in their “home state” to provide services to customers in the other EU Member States. Besides being EEA authorized, FX Central Clearing Ltd. is also registered with UK`s FCA.
Commissions & Spreads
This broker offers tight variable spreads, averaged 0.4 on the EUR/USD pair. However, commission fees apply in most cases, and the ones on the Standard account type amount to 1.5 pips round-turn, so average trading costs would be 1.9 pips on EUR/USD, which is a pretty high value for the forex market. This is why we would recommend the ECN XL account type (with a deposit from $500 to $10 000), which is commission-free.
Like most brokers, FXCC supports the award-winning MetaTrader 4 (MT4), the preferred choice of most experienced traders. The platform is equipped with a number of technical indicators, advanced charting package and a wide range of Expert Advisors (EAs), as well as extensive back-testing options for EAs. The platform is available as desktop and mobile versions.
What is more, FXCC’s clients are offered Multiple Accounts management solutions through the MetaTrader 4 MultiTerminal, which is an integral part of the MT4 package.
FXCC is a Cypriot ECN/STP broker that offers above average trading conditions and environment on the MT4 platform. Competitively low spreads and fast execution speed is also beneficial and what I would like to give the highest credit to is their customer services. Customer service was very responsive, quick and quite detail with any questions that we asked.