When a broker is in business for thirteen years, it is expected to have immense growth potential. To win traders and investors’ trust, a broker must function with utter dedication and diligence; and reach the pedestal where the players or investors choose it and stick to it. No investor will stick to a broker if the services and functionality are outdated and do not move along with technology advancements. That is the case with FXCC.
Even though the broker stands in the market since 2008, there are negligible alterations or advancements in the services. It seems like the broker is too lazy to put any efforts and dedication towards the satisfaction of clients and customers.
In this review, we will discuss why FXCC might not be the right choice for traders to invest their hard-earned money with.
FXCC safe or not?
FXCC is regulated in various countries; mostly by local regulators. We do not understand why the broker has to put itself for regulation from regulators all over instead of setting up authority from one single powerful and reputed regulating authority. This creates ambiguity and we do not think it is quite safe for traders to go with FXCC.
- FXCC offers three types of ECN accounts for the clients: Standard, Advanced, and XL accounts.
- When looked closely, there are not many differences in each account. XL account seems to offer a few additional features as compared to the other two ECN accounts.
- In the standard account, one is required to fund the account with a minimum deposit as high as 10,000 dollars. Only 30 instruments are offered for trade on the standard account. Leverage up to 1:200 is offered with spreads starting from 0.1. Some features include technical analysis, economical calendar, trading tools, free VPS, and personal account manager.
- In the advanced account, the minimum deposit is as high as 1,00,000 dollars! For what? We do not know. Leverage is as low as 1:100; spreads start from 0.1. One sigh of relief comes from more than 200 instruments offered for trade. All other features are similar to the standard account.
- In the XL account, one can trade with a minimum deposit of 500 dollars. Again, only 30 instruments are available to facilitate trade-in. The leverage goes up to 1:300, with spreads starting from 0.1. Apart from the ones mentioned above, the additional benefits include zero swaps, no commission on trading, and no fee on deposits.
- In all three accounts, only three base currencies are available: EUR, USD, and GBP.
We think that the service provided in all three accounts does not match the broker’s high deposits from its clients. Many other reputed brokers offer many advanced and excellent features at a lesser amount. Take HFTrading; for instance, it offers more than 250 instruments to facilitate trading with a minimum deposit of just 250 dollars. It can be clearly seen that the broker is overcharging clients for the bare minimum. Many brokers offer services like economic calendar, free SMS notifications, and more at very low deposits.
- FXCC offers trading through MetaTrader 4 platform for PC, smartphones, and tablets. Yes, MetaTrader 4 offers a wide array of services and functionalities, but when many other brokers have moved on MetaTrader 5 and more advanced operations and functionalities, then why still hang on to something outdated.
- Looking at the desktop or mobile trading, the whole interface is very difficult and challenging to understand and go through. There are a lot of functionalities, all trapped in without any structure or system. Even the website of FXCC is spread hither and thither. It might be extremely difficult for a beginner to get used to the whole functioning of the platform. There are a lot of tabs with multiple functions that can be very confusing.
- When looking at the website, the process of creating an account with FXCC seems very excruciating and cumbersome. In the first step, you will be told to fill in all the personal details. One might feel hesitant as it is pretty ambiguous what the next step holds. The broker should at least provide a structure on how to go about the whole process of opening an account.
- There are no terms and conditions mentioned on the page of registration on the website. This again leads to a lot of hesitation and confusion. Some might even decipher it as a red flag.
- The minimum deposit charged by the broker to open an account goes up to 500 dollars. This is so much higher as compared to the standard deposits of 100 to 250 dollars. Many regulated brokers let you open an account with just 78 dollars, with mostly similar features as FXCC.
- The whole process of document verification takes up a lot of time and is very slow. The instant account opening feature is absent from the platform of FXCC.
Products and Instruments for Trading
A restricted range of instruments and products are offered for trade by FXCC. Even in each category of instrument, there are pretty limited assets involved. This limits the trading opportunities for clients and they can lose out on many profitable trades.
Commission, Fee, and Spreads
As for the trading cost, FXCC does not charge a commission per trade. The spreads for the broker start from 0.1 pips. FXCC also charges a rollover fee for the positions that are held overnight.
Deposit and Withdrawal
A minimum deposit of 500 dollars is required to open an account with FXCC. This deposit is quite high looking at other brokers like ETFinance, HFtrading who have quite less of a minimum deposit with better services.
The withdrawal charges vary according to the volume and the method chosen.
The broker offers the maximum leverage of 1:300. However, on most of the assets, the leverage is pretty less and dissatisfactory.
For research purposes, the following tools are available with FXCC:
- Forex News
- Economic Calendar
- Daily Technical Analysis
The broker has limited tools available for research. Important tools like reports season calendars are missing.
For educational purposes, one can go with either articles or ebooks. There are no webinars, or VODs offered by the broker. In contrast, many reputed brokers offer a wide range of educational tools and materials for beginners.
FXCC claims to offer 24/5, Monday to Friday customer service and support, but there are no responses to emails or phone calls when tested.
Why not trade with FXCC?
- Very high minimum deposit
- Difficult navigation and interface system
- No MetaTrader5
- Limited securities
- Limited trading tools
- Very few research tools and educational materials
All in all, we don’t think FXCC is worth the money and charges it implies on the clients. With the minimum deposit as high as 500 Dillards, the broker’s services are quite basic with no additional sparkling feature. We recommend you check out other regulated brokers like ETFinance, PrimeFin, Brokereo, or HFTrading and feel the difference.
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