FXCC Review – Is FXCC Scam or Legit?
FXCC Review
FX Central Clearing, known as FXCC for short, is a foreign exchange platform created in 2010. Its founders are industry professionals with many years of experience in the exchange industry, buying and selling commodities in the financial market.
This broker offers traders a reliable platform with very high standards. Prices of commodities on the platform are well suited to traders of all experience levels. The processes involved in executing trades are fair and transparent. There are lots of amazing features on FXCC. Discussing each in detail will help you appreciate this broker for the value it dishes.
This review is an analysis of the quality and efficiency of services provided on this platform.
Features Of FXCC
First time deposit | 100% bonus |
Leverage | 1:500 |
Deposit fees | None |
Customer support | 24/5 |
Awards | 5 |
Trading instrument | 30 currency pairs, gold and silver included |
Minimum withdrawal | $50 |
Registration
FXCC is a registered broker based in Cyprus. It has obtained a license from Cyprus Securities and Exchanges Commission hence Its activities are regulated by this agency. It offers it services to traders in all countries except traders from the United States.
Account Creation Process
New and experienced traders can easily sign up on FXCC by going to the website’s sign up page. Some details will be required, like first name, last name, email address and password. There is a provision to sign up with a Facebook account too. The email address entered should be verifiable as a link will be sent to the address to confirm the identity of address owner. Passwords should be strong codes. These are codes made up of an alphabet or alphabets, numbers and special characters.
Account Verification Process
The account verification process is quite short. To have your account verified, go to the section with the complete your profile feature and click on it. Fill in the other details requested like nationality and country of residence. Next, you will be prompted to submit a government issued ID and a proof of address document. This makes it possible for FXCC to verify the details you have submitted.
The screening period is often very short. Afterwards, the account will carry a verified status and users can make transactions without any restriction.
First Time Deposit
This broker is running a promotion at the moment. Traders are being credited a 100% bonus on their first deposit. This move is a way of encouraging traders. The bonus is credited to the user within 24 hours of making the first deposit.
However, the right to have this bonus conferred on a user is left to the platform. This bonus feature comes with some terms and conditions. Although most traders that started out on this platform acquired the bonus. The only thing that could hinder getting the bonus is indulgence in an act that is against their terms and conditions.
Leverage
A good number of traders have an insatiable desire to want to raise their stakes in the market. The lesser population want this too but many are held back by fears. While this fears are understandable, there is so much to gain.
This broker is very intuitive. It understands the needs of traders perfectly well. The provision to apply for a leverage was made to support traders and help them raise their profits in the market. They offer a very competitive leverage. The highest ratio on the platform is 1:500. Any trader can qualify to get a leverage this high.
They didn’t stop at providing a high leverage. The platform is filled with so many courses, videos and books to equipped traders with the expertise to trade successfully with high amounts. There are lots of lessons on risk management to control the occurrence of heavy losses.
Deposit Fees
The way activities are run on brokerage platforms differ among brokers. This is one of the reasons why intending traders must thoroughly survey a platform before signing up. The fees that come with transactions is one important feature to look out for. Some fees are deliberately high and this is quite unfavorable to traders of all experience levels.
On FXCC, there are no fees on deposits. Traders can sign up and funds their wallets with amounts that they are comfortable with.
No Minimum Deposit
The majority of brokers fix minimum deposit amounts for reasons best known to them. Some minimum deposits are very high while others are low. The low minimum deposit may be readily affordable to a large number of brokers but there are still some traders who may not be able to meet the trading requirement.
FXCC welcomes brokers of all experience levels to trade on the platform with whatever deposit they find convenient. This means that traders get to fix their own minimum deposit and trade on the go.
Customer Support
The customer support service feature helps traders easily distinguish great brokers from mediocre brokers. All quality brokers value customer satisfaction as this goes a long way in keeping the brand alive. Also, no trader wants to use a platform with no representatives to lay complaints to. Issues could arise using the platform. This may not necessarily be a system glitch but perhaps difficulty understanding some terms or guidelines.
FXCC offers traders a 24 hours customer support service all through the week from Mondays to Fridays. There are several great reviews about the efficiency of their support service. Their representative agents are very active. Reports tend to be resolved within a very short period of time. Users can contact the customer service department via email, telephone number or their social media handles.
FAQs
The frequently asked questions section or the FAQs section is a part of the website where questions formerly asked by users are displayed with answers. There are lots of published questions on this platform. Some are probable questions users may ask while others are questions that have been asked already. They are grouped into sections in order to ease the search process for users. Solutions to problems encountered can be gotten from here if the user does not desire to contact customer service.
Then, there is the community support section. This section contains answers to questions given by other users. Users can post questions here to the community or directly to a representative. Answers are provided promptly and the user is guided on whatever they may need support on.
Awards
Awards connote credibility. It lets the world know about the hard work and effort being put into a service. Clients get signals that they can rely on such brands for whatever transaction they hope to carry out. Being nominated severally is indeed a mark of selfless dedication to service.
FXCC has been nominated countless times for awards spanning over continents like Europe and Asia. It has been awarded five awards from five different companies. It was awarded best STP broker by World Finance Magazine in 2019. In the same year, it was conferred the title of XL account by the same organization. It won the Global Banking Finance award in 2018 as best STP broker in Europe. JEFX awarded it the best of the best brokers award in 2018 as the best broker with MT4 trading platforms and an XL trading account.
Early in 2018, Mena Forex Shows also identified this broker as the best STP and ECN broker that supports Islamic Forex trading. In 2017, it won the UK Forex awards as the broker with the best trading account.
FXCC has been winning awards since 2017. All awards identify the comfortable trading environment the platform offers with a trading account to suit everyone as well as guidelines for optimum customer satisfaction. It is sure proof that this broker offers the very best of brokerage services in the exchanges industry.
Provision For Demo Accounts
A demo account is an account that comes with a virtual portfolio. The funds in this account are fake funds. Traders new to the industry can practice and trade in the market without fear of losing their hard earned money to inexperience.
Demo accounts on this broker are open to all traders. All accounts are set to the default real portfolio and can be switched when desired. Beginning traders who want to practice what they have learnt can do this with this account. There are no fees whatsoever for trades carried out on the demo account.
Experienced traders who are trying to confirm the efficiency of using the platform can also switch to the virtual portfolio and test how trading works. There are no limits to how long the account can be used. This is effective is helping traders decide if they are comfortable with FXCC because the demo account is an exact replica of the real account except for a few tweaks.
Economic Calendar
Calendars are significant as they give us a sense of direction and a clear way of planning our activities. This is same with trading cryptocurrencies or any market commodity. Economic calendars contain the days specific events happen in certain places. These events very often affect the normal direction in which trades take. Sometimes, prices could fall or rise. The market has a higher tendency to become very volatile at this period.
There are economic calendars for traders on the platform. All traders can access the calendars at will once they are signed in. The days when events are to take place are highlighted to guide traders with their trading plans and schedules. Tips are also provided for traders who may not really be acquainted with how the market works. They can make use of the tips to save themselves from poor execution as lack of awareness can lead to losses at such a time.
Trading Platform
Trading platforms are softwares that host the market where exchanges take place. It allows traders make exchanges for commodities like cryptocurrencies, foreign exchange and many more. There are so many trading platforms but one of the strongest in the league is MetaTrader. This trading platform is very efficient and speed is quite high.
FXCC makes use of MetaTrader 4 as its trading platform. Users of FXCC enjoy this high tech feature at their convenience. Trades are executed at the appropriate time. Issues experienced on some brokers like system lag, slow load time and late execution do not occur on this platform.
In addition to the incorporation of a great trading software, the platform is readily accessible via the android app for Android devices and IOS app for apple phones and laptops.
Payment Channels
The payment channels available to traders on a brokerage site go a long way in simplifying the trading process. This is because traders have to constantly make deposits and withdrawals. Some platforms have a slim list of payment channels and so the withdrawal and deposit process becomes difficult for traders. They would have to resort to alternative ways of depositing and withdrawing funds from their wallet all the time. The fact that this is super inconvenient cannot be overemphasized. Yet, there are lots of platforms operating this way.
On FXCC, there are so many payment channels available to traders. It is left to users to make up their minds on the one they will be going with. For every country that can access their service, there is a super easy route to withdraw funds after a trade and to make deposits when necessary.
The payment channels supported on this broker include: About19, Webpay, Neosurf, Visa, MasterCard, Wire Transfer, Neteller, Skrill, Oxxo, UnionPay, Yandex, Efecty and many more.
Account Type
The accounts on this platform have all the features that any trader would desire. It offers maximum leverage and no spread. Traders can make a deposit of any amount as there is no fixed rule for deposit. It supports hedging and rules guiding Islamic banking and finance. Also, all new users stand a chance to enjoy a 100% deposit bonus on their first deposit.
Trading Tools
Trading tools allow traders to make optimum profit from their trades. From charts, to indicators, and graphs. Users can leverage the tools on this platform to make the necessary calculations before placing trades. Price fluctuations and current prices are displayed on the platform along with the level of market volatility. There are also several forex calculators that users can make use of. These softwares have been simplified in every way possible.
News and daily analysis may not be physical tools but they are very essential. The platform ensures a constant update on the happenings in the financial markets. Analysis made by professionals and industry experts are published regularly and can be accessed by all traders on the platform.
Education
Only amazing brokers care to provide the necessary learning materials to equip traders with the right skills for trading. There are numerous learning materials for traders of all experience levels. The demo account provision was created with the intention of giving traders room to practice and master their skills without having to worry too much about the risks involved with trading.
Trading materials on the platform include: ebooks, articles, guides, trade and price analysis, courses and market predictions. This broker also has an academy completely dedicated to the impartation of trading skills and knowledge. Traders that make use of this broker do not have to look anywhere else when it comes to getting educational resources.
Trading Instruments
Providing a great software, diverse educational materials and customer service is a guarantee that the platform is efficient for use. It effectiveness is represented in how far it can go to ensure that traders are able to wonder through the endless depth of the financial market.
FXCC has done a lot of work on the platform. Traders can access about 30 currency pairs including gold and silver. All popular commodities can be found on the list. The best part is traders with any account type can access all trading instruments provided.
Major Currency
There are three major currencies supported on this platform. They are; USD, EUR and GBP. These currencies are popular among residents of all countries in the world. This makes it easy for traders to be able to transact with the base currencies. Other fiat currencies can be exchanged during the process of withdrawing or depositing funds.
Markets
The financial market is boundless and traders on this platform can testify to the experience. Provision for trades in five markets have been made. These five markets include: the foreign exchange market, cryptocurrency, metal, indices and energy market.
Traders can pick from any of the five listed and trade their favorite commodities. Whatever choice the user makes, maximum profit and satisfaction is guaranteed.
Minimum Withdrawal
The minimum withdrawal limit on FXCC is $50. Trades on commodities that yield an exchange of this amount and above can be withdrawn easily via any of the payment channels available.
Conclusion
All of the great features discussed above have been seamlessly incorporated on the platform. With FXCC, trading and peace go hand in hand as there is obviously nothing to worry about when using this broker.
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