FXCC, founded in 2010 and domiciled in Limassol, Cyprus, is a regulated Foreign Exchange Broker that offers a wide range of trading technologies and services. Their ECN/STP business model allows clients to take advantage of transparent real-time pricing.
An ECN, which stands for Electronic Communication Network, broker acts like a bridge linking smaller market participants with tier-1 liquidity providers.
FXCC ECN Account
FXCC is regulated by CySec, MiFID, FCA in the UK and ICF in Cyprus and caters to all levels of Forex traders looking for a full service ECN brokerage.
There are three different ECN/STP accounts to choose from at FXCC.
A deposit of $100 will open an ECN Standard account with leverage of 1:300. ECN XL requires a minimum deposit of $500 and the maximum leverage is 1:200. Anyone with $100,000 or more can open the ECN Advanced account.
All three accounts use the MetaTrader4 trading platform, receive 24 hour support and personal account manager. Traders can take advantage of Automated Trading/ Expert advisors, scalping and free technical analysis.
All account types receive the same great service and support.
FXCC Account Types
There is also a Corporate Forex Trading Account which can be opened by a legal or registered corporation.
I was pleased to see when doing this FXCC review that a demo account is available and encouraged for traders who are just starting out in Forex trading and who do not want to put their own money at risk.
Currently FXCC offers its clients 30 currency pairs including Spot Gold and Silver with plans to add more financial instruments in the future.
Instead of a fixed spread, FXCC's ECN/STP trading model has very tight variable spreads. This means the spread on offer will accurately reflect the true buying and selling rates for a particular currency pair and ensures investors are trading Forex under real Forex market conditions of supply and demand.
A Forex rollover/swap where interest is added or deducted for holding a position open overnight (Buy (Long) / Sell (Short) is available as is scalping.
At FXCC, clients may select their required leverage from 1:1 all the way up to 1:300.
Since transparency is important at FXCC, the team goes out of its way to explain the concept of slippage. Slippage is defined as the difference in pips between the order price and the execution price for a particular transaction. It’s a fairly normal Forex trading occurrence that is usually spoken of negatively. When it goes against the trader it can be bad, but slippage can also work in the trader’s favor and FXCC provides a complete description of how it works and when it can be a positive rather than a negative event.
Slippage and Price Improvement Explained
Technical analysis is important at FXCC and they provide a daily FX analysis on all major currency pairs to all their registered traders.
Live quotes are listed for each asset traded and besides the usual currency calculator offered by most other Forex brokers, FXCC also offers several other calculators including a margin calculator, pip calculator, pivot calculator and position calculator.
FXCC prides itself on providing the best possible infrastructure for their clients to trade on. The extra mile in infrastructure is the FXCC NY4 Equinix MT4 server, which facilitates the quick execution of all Forex trades.
The Equinix NY4 server facility is located not too far from Wall Street, in the heart of New York City. Through this server technology, FXCC Forex ECN broker participates in the Equinix Financial Exchange. Client traders become part of a network of trading hubs and bank servers, located in the Equinix data centers.
Deposits to FXCC accounts can be done by bank wire, credit cards, Moneybookers, Neteller and WebMoney. All withdrawals are done using the withdrawal procedure of FXCC Finance Department.
The main bonus offered at the time of this review was the 100% welcome bonus which is available on the Standard trading account. FXCC also considers their ECN XL account to be a bonus as it offers traders the best of market Interbank spreads, zero commissions, zero swaps and zero mark-ups.
Orders in this account are executed immediately by going straight through to the processing department with No Dealing desk intervention and all orders are cleared through the pool of FXCC liquidity providers.
In addition, all FXCC account holders receive free personal 1 on 1 Forex training which covers topics such as platforms, navigation and more. All members also receive a free eBook that is suitable for experienced or new traders.
Previous bonuses included a 30% credit bonus and a 100% deposit bonus.
Most Forex brokers have not started using SMS to send out alerts to their account holders and it was nice to see that FXCC does. All live accounts are automatically subscribed to the FXCC SMS Alert Service and SMS’s are sent out for deposit and withdrawal confirmations and for news and market updates. In addition, traders receive security alerts when changing their MT4 Master Passwords.
There are close to 50 FXCC call centers scattered around the world with local telephones and traders can reach representatives that speak the native language of that location. Traders can request a Call Back and an FXCC customer service rep will return the call promptly. Chat is also available as are email addresses to various departments at the main office in Cyprus.
The FXCC website is intuitive and user-friendly. We had no trouble finding the information and services that we were looking for. FXCC offers all of the requisite documents and questions in obvious places and in easily downloadable PDF format. This can be extremely useful for traders who wish to take their time when filling out the questions or those who prefer to review the application offline.
Review info: FXCC
Review Date: 2015-10-12
Rating : 4
Reviewed By : Sara Patterson (Google+)