FXCC Broker Review

FXCC’s Overall Rating

FXCC distinguishes itself with the ECN XL Account with commission-free trades and spreads averaging 0.6 pips on EUR/USD with leverage up to 500:1. This single account has no minimum deposit requirements, appealing to a wide range of traders with its clear cost structure. However, the platform restriction to MT4, a limited range of assets, high withdrawal fees, and poor education for beginners make this a difficult broker to recommend. FxScouts gives FXCC a low rating of 3.88 out of 5.

Is FXCC Safe?

FXCC is a safe broker for s to trade with.  It is regulated and authorised by CySEC and is registered in the Republic of Vanuatu.

FXCC is regulated by the Cyprus Securities and Exchange Commission (CySEC) and is a part of the European Markets in Financial Instruments Derivatives (MiFID), which gives it the freedom to operate in the entire European Union under the European Economic Area (EEA) agreement.  Its authorization via the EEA also extends to the United Kingdom, allowing it to provide services to British residents.  FXCC is also registered in the Republic of Vanuatu, from where it provides services to clients outside of Europe and the UK. See the following list of FXCC Group registered companies:

• FX Central Clearing Ltd (www.fxcc.com/eu) is regulated by the Cyprus Securities and Exchange Commission (CySEC) with CIF license number 121/10.
• Central Clearing Ltd (www.fxcc.com & www.fxcc.net) is registered under the International Company Act [CAP 222] of the Republic of Vanuatu with registration number 14576.  
• FXCC Ltd is registered with various regulatory bodies of EEA member states that allow the provision of our services in their jurisdictions.

For all intents and purposes, the VFSC is not considered a forex broker regulator and applies no supervision of any CFD trading-related activities.  Clients must rely solely on the reputation of FXCC, as no additional measures exist to ensure client protection. However, in a show of good faith, FXCC segregates all client funds from the company’s operating capital at top-tier banks, and it offers negative balance protection to all its clients.  However, as FXCC is not regulated by the FSCA, s are not protected under any local investor protection schemes. 

While s may be apprehensive about trading under a subsidiary that is essentially unregulated, FXCC’s subsidiary in Europe is regulated by CySEC, a top-tier authority that maintains strict regulatory oversight. 

Awards

FXCC has won many awards over the years, substantiating its credentials as a safe broker. Some recent awards include: 

• Best STP Broker 2019 (World Finance Magazine Awards)
• Best Trading Account 2019 (World Finance Magazine Awards)
• Best STP Broker Europe 2018 (Global Banking and Finance Awards)
• Best MT4 Broker 2018 (JFEX Awards)

Overall, because of its history of responsible behaviour, CySEC regulation, and the wide industry acclaim, we consider FXCC a safe broker for s to trade with.  

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FXCC’s Trading Fees

FXCC’s trading fees are lower than other similar brokers.

There is no account choice at FXCC, which is unusual as most of its serious competitors have several account types with tighter spreads linked to higher deposit requirements. Click here for more details on FXCC’s single account.

FXCC has a simple account structure with trading costs included in the variable spreads. FXCC states that its revenue is derived from the spread, but it is not transparent about how the spreads are derived, and it does not publish the average spreads on its site.     

FXCC’s accounts were assessed to compare the costs to those of other brokers. When making this calculation, we use one lot of EUR/USD as a benchmark as it is the most commonly traded currency pair and it usually has the tightest spread.

The costs were evaluated based on the trading fees on one lot (100 000 USD) on the EUR/USD, including the spread and commission:

Trading Cost Formula: Spread x Trade Size + Commission = Cost in Secondary Currency (USD):

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As you can see from the table, the trading costs are built into the spread, which is variable and gets wider or tighter depending on trade volume and market volatility. 

The average cost of trading one lot of EUR/USD is 6 USD, which is much lower than the costs of the accounts at other similar STP brokers. Additionally, there are no minimum deposit requirements to open an account at FXCC.

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Broker

Trading Conditions

Base Currencies

EURUSD (Standard)

Trading Cost (Standard)

EURUSD (Best)

GBPUSD (Best)

USDJPY (Best)

Commission

FXCC

5/ 5

EUR, USD, GBP

0.60 pips

USD 6

0.60 pips

0.80 pips

0.80 pips

USD 0

HFM

4.5/ 5

USD, ZAR

1.00 pips

USD 10

0.10 pips

0.50 pips

0.30 pips

USD 0

AvaTrade

4.5/ 5

USD, GBP, EUR, AUD, ZAR, CHF

0.90 pips

USD 9

0.90 pips

1.60 pips

1.10 pips

USD 0

Swap Fees (Overnight Funding)

FXCC charges swap fees, or fees for positions that are held overnight. When trading a currency, you are borrowing one currency to purchase another. The swap interest fee is calculated based on the difference between the two interest rates of the traded currencies. The overnight funding amount is either added to or subtracted from your account when holding a position after a certain time. 

Unfortunately, FXCC does not publish the swap fees on its website.  These can be found on the MT4 platform by following these steps:

1. Right-click on the desired symbol in the Market Watch window and select Specification.

2. Scroll down until you see Swap Long and Swap Short.

FXCC’s Non-trading Fees

FXCC’s non-trading fees are average compared to other similar brokers.  

Some of the most overlooked trading costs are the non-trading fees that are charged by brokers.  These fees can significantly affect your profitability and so should be carefully scrutinised.

FXCC charges no inactivity fees or deposit fees, other than on payments via bitpay, which incur mining fees, but withdrawal fees are charged on most methods.  For example, a fee of 2.7% applies for withdrawals via Skrill and Neteller.  

Overall, these fees are average for the industry.

Opening an Account at FXCC

The account opening process at FXCC is user-friendly, fully digital and accounts are approved within an hour.  

All residents are eligible to open an account at FXCC and there are no minimum deposit requirements.

Creating an account is straightforward, the process is fully digital, and accounts are usually ready within an hour. FXCC offers individual and corporate accounts, but we will focus on opening an individual account:

1. New traders will have to click on the “Register” button at the top of the page where they will be directed to fill in their name, email address and create a password.

2. Traders will then have to fill in their personal details, including name, surname, telephone number, country of residence, physical address, and financial experience.  Traders will also have to upload the following documents:

   • Proof of Identification – FXCC accepts all government-issued identification documents such as Passport, national ID card, driving license, or other government-issued ID. 

   • Proof of Address – Proof of residence/address document must be issued in the name of the account holder within the last 6 months and must contain a trader’s full name, current residential address, issue date, and issuing authority.

3. Next traders will have to fill in their trading account settings, including preferred base currency, trading account type (live or demo), level of leverage, and expected deposit amount.  

Applications are usually approved within one hour.  Traders can then log in and fund their accounts.  

Overall, FXCC’s account-opening process is fully digital and hassle-free and accounts are generally ready for trading within an hour.  

FXCC’s Trading Accounts

FXCC offers only one account type, whereas most other brokers will provide at least two or three, but its account is suited to both beginners and more experienced traders.

With a single registration, FXCC clients can open both a real and a demo account, but trading is only offered on the Metatrader 4 platform (click here for more on FXCC’s trading platforms). 

The fact that there are no minimum deposit requirements on FXCC’s accounts makes them accessible to beginner traders.   We define beginner traders as inexperienced traders who have never traded before or have been trading for less than a year. Beginners often do not want to risk trading large sums of money, and will generally not be able to trade full-time during the workweek.  

While experienced traders often prefer higher minimum deposits and tighter spreads in exchange for a commission per lot, FXCC offers a low-cost trading environment, making it appealing to more experienced traders.

However, it should be emphasised that because FXCC has no minimum deposit requirement and offers maximum leverage of up to 500:1, it means that for traders who deposit a low amount it will be difficult to hold a substantial trading without getting stopped out and losing the money in their trading accounts.   

FXCC’s account has hedging capabilities, allows automated trading and scalping, and has a minimum transaction level of 0.1 lots. Additionally, once the account reaches a Margin Level that equals the Stop Out Level or below, the system will automatically close all open positions.

Most reputable STP/ECNs have between 3 and 10 execution venues; FXCC has only one – routed to a single execution venue in Cyprus.

FXCC also offers Islamic Swap Free accounts.  See below for account details:

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Demo Account – The FXCC demo account expires after 30 days, which is not ideal for beginners. The demo account gives you a starting balance of 10,000 USD and allows traders to view charts, news, and analysis, get access to the full-featured MT4 platform.  Demo accounts are a great way for beginners to experience real-time prices and real forex market volatility.

ECN XL Account – FXCC won Best Forex Trading Account of 2019 (World Finance Magazine Awards) for its ECN XL Account.  There are is no minimum deposit requirement on the account and spreads start at 0.0 pips on the EUR/USD, averaging at around 0.60 pips.  No commissions are charged, but trading is only offered on the MT4 platform.  

Overall, although FXCC only offers a single live account, its trading costs and low deposit requirements make it appealing to both beginners and experienced traders alike. 

Deposits and Withdrawals

FXCC offers a wide range of deposit and withdrawal methods.  While deposits are free, withdrawals are slightly more expensive on some methods than other brokers.  

In order to comply with the Anti-Money Laundering Directive, withdrawal requests will only be sent the same way the funds were received and up to the initial deposited amounts. FXCC offers many deposit and withdrawal methods, including bank wire transfers, credit cards, and debit cards, various e-wallets, and cryptocurrency payments. 

FXCC offers a “zero deposit fee” promotion.  This means that FXCC will pay the deposit fees charged by the payment processor when funds are deposited.  However, withdrawal fees are charged for most payment methods.  See below for details:

• Visa/Mastercard: Deposits are free and usually processed within one hour. FXCC does not charge a fee for withdrawals and it takes 5 – 10 working days to clear.
• Bank Wire Transfer: Estimated deposit transaction time is 5 – 7 business days. Withdrawals take 5 – 7 business days to reach your account, and fees are 30 USD – 45 USD per transaction.
• Union Pay: Deposits are processed in an hour. Withdrawals take 3 – 5 days to clear and cost 30 USD – 45 USD.
• Neteller: Deposits are processed in an hour, and withdrawals happen in real-time, but clients are charged 2.7% of the withdrawal amount.
• Skrill: Deposits are processed in an hour, and withdrawals happen in real-time, but clients are charged 2.7% of the withdrawal amount.
• Cryptocurrencies: Deposits are instant, and withdrawals are processed within 24 hours, but traders are charged “mining fees” on both deposits and withdrawals.  

Bonus Structure

FXCC offers discretionary bonuses and promotions that may be applied to your account.  For example, it offers a zero deposit fee promotion where FXCC absorbs the deposit fees charged by various payment processors.  See its website for other offers.

Base Currencies (Trading Account Currencies)

FXCC offers a limited number of base (trading account) currencies compared to other similar brokers.

Trading accounts can only be denominated in three base currencies – EUR, USD, and GBP, which is limited compared to other brokers.  Most other brokers denominated accounts in at least five to ten currencies.  Additionally, FXCC does not offer ZAR trading accounts, which is a disadvantage for s who will likely have bank accounts denominated in ZAR, and who will have to pay currency conversion fees on deposits and withdrawals.

For traders that trade in large volumes (more than 10 lots a month), it is better to open an account denominated in USD at a digital currency bank, especially for trading on assets such as the EUR/USD. This is because when trading a USD quoted currency pair with another currency account, there will be a small conversion fee for every trade made.

Overall, FXCC offers fewer trading account currencies than most other large international brokers and doesn’t offer accounts denominated in ZAR. 

Trading Platforms

FXCC’s trading platform support is severely limited compared to other similar brokers.  

FXCC only offers support for the Metatrader 4 platform. In addition to the desktop and mobile applications, FXCC also offers MT4 WebTrader, the browser-based version of the platform. Multiterminal is also available if you are managing numerous accounts simultaneously.

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Broker

Platform Choice

Copy Trading

Platforms

FXCC

4/ 5

No

MT4

HFM

4.5/ 5

Yes

MT4

MT5

HFM Trading App

AvaTrade

4.5/ 5

Yes

MT4

MT5

Avatrade Social

AvaOptions

Metatrader 4

While not the most beginner-friendly software, MT4 has been the industry-standard platform for trading Forex and CFDs since 2005. Its intuitive interface and user-friendly environment provide essential tools and resources for successful online trading.    Features of the MT4 include:

• A built-in library of more than 50 indicators and tools to streamline the analysis process.

• An impressive array of analytical tools, available in nine timeframes for each financial instrument.

• Live price streaming on live accounts and demo accounts 128-bits encryption for secure trading

• Algorithmic trading, which allows any trading strategy to be formalised and implemented as an Expert Advisor. 

• Customisable alerts

• Access to MetaTrader market and MQL4 community

FXCC offers the out-of-the-box MT4 trading terminal, but upgrades are available through third parties for an additional fee. One significant advantage is that FXCC offers free in-depth user guides, which many brokers fail to do, and which can set traders up for longer-term success.

FXCC’s Mobile Trading

FXCC’s mobile apps are limited compared to other similar brokers.  It offers a mobile version of MT4, but no proprietary mobile trading solutions.  

FXCC offers support for the MT4 mobile trading app for Android and iOS. Traders should be aware that there is some loss in functionality when compared to the desktop trading platforms, including reduced time frames and fewer charting options, but traders can close and modify existing orders, calculate profit and loss, and trade on the charts.

FXCC’s Trading Tools

FXCC offers fewer trading tools than other large international brokers.

FXCC only offers a VPS service, which is limited compared to other brokers. However, unlike other similar brokerages, it does not offer any additional sentiment indicators or analytics services such as Autochartist or Trading Central.

VPS

VPS services ensure that trades are never disrupted by technological or connectivity issues, such as load-shedding or internet service failure, which is a benefit to algorithmic traders who need to be connected to a server 24/7 to maximise uptime.  Other benefits of the VPS service include:

• 24/6 VPS email support
• 24/7 Redundant power to your VPS
• 24/7 Redundant internet connectivity to your VPS
• Low latency connectivity to FP Markets trading servers for precision trading
• Uninterrupted EA trading

The Virtual Private Server (‘VPS’) is owned and managed by a third-party provider (‘BeeksFX’) who is separate and independent from FXCC.  Clients have to meet certain eligibility criteria to receive free VPS services:

• Maintain minimum equity of $2,500 (or equivalent currency).
• Minimum monthly trading volume 30 standard lots round trip.

Clients who do not meet these criteria will have to pay a subscription fee of 30 USD per month.  

Overall, FXCC would do well to add some more trading tools to its arsenal.  

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Broker

Economic Calendar

Autochartist

Trading Central

Trading View

Free VPS

FXCC

Yes

No

No

No

Yes

HFM

Yes

Yes

No

No

Yes

AvaTrade

Yes

No

Yes

No

Yes

FXCC’s Financial Instruments

FXCC’s range of financial instruments to trade is smaller than most other brokers, with no shares nor specialty CFDs such as ETFs.

FXCC’s financial asset offering is limited to Forex, indices, metals, energies, and cryptocurrencies.  This is likely due to the fact that trading is only offered on MT4, which is primarily a Forex trading platform.  

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Forex: FXCC offers 70+ currency pairs for trading, including majors (EUR/USD, GBP/USD, and USD/JPY) and minors (NZD/CAD, EUR/JPY, and GBP/NZD), and exotics (EUR/NOK, USD/SEK and EUR/ZAR). This is a wider selection than is typically found at other brokers. 

Indices: FXCC offers trading on 12 indices, which is limited compared to other similar brokers, and includes the likes of the AUS200, UK100, US30, and US500.

Metals: FXCC offers five metals, which is average compared to other similar brokers. These include gold, silver palladium, and platinum.  

Energies: FXCC offers two energies for trading, which is average compared to other similar brokers, including US Crude Oil and UK Brent Oil.

Cryptocurrencies: FXCC offers 8 cryptocurrencies for trading, including Bitcoin, Bitcoin Cash, Ethereum, Monero, ZCash, Dash, Ripple, and Litecoin.  This is around the average number available at other brokers.  

Apart from the wide selection of Forex pairs, FXCC has a disappointing range of CFDs. This is mostly down to the fact that trading is only available on the MT4 platform.  

FXCC for Beginners

FXCC offers a short but varied range of written educational materials for beginner traders, but no videos or webinars.  It also lacks up-to-date market analysis and its demo accounts expire in 30 days, making it difficult for beginner traders to find their footing in the forex trading space.  

Educational Material

FXCC’s educational materials are of a high quality, but not as comprehensive as many of its peers.  

New traders have access to fourteen quality educational posts plus a dedicated section on major economic reports.  FXCC also offers eleven downloadable ebooks, but does not offer training videos, trading seminars or courses. All educational content is translated into over 80 languages, which is impressive.  

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Broker

Beginner Course

Advanced Course

Well Structured Education

Education Quality

Webinars

FXCC

Yes

No

Yes

Medium

No

HFM

Yes

Yes

Yes

High

Yes

AvaTrade

Yes

Yes

Yes

High

Yes

Analysis Material

Like its educational materials, FXCC’s market analysis is also limited. 

FXCC’s limited research and analysis section provides an up-to-date basic daily technical analysis, a morning roll call analysis, and a forex news section.   It also offers a ‘Traders Corner Blog’ with up-to-date trading news and an economic calendar for planning.  All market analysis material is fully translated into over 80 languages. 

Customer Support

The multi-lingual customer support team at FXCC is available 24/5 via telephone, live chat, and email, but, as with all regulated brokers, cannot offer investment advice.  FXCC also has seven social media channels and a FAQ section that answers many of the most common questions.

For the purposes of this review, we found the customer service responsive, knowledgeable, and polite.    

Evaluation Method

We value transparency and openness in the way we review the partners. To bring transparency to the forefront, we have published our review process that includes a detailed breakdown of how we review FXCC’s product offering. Central to that process is the evaluation of the reliability of the broker, the platform offering of the broker, and the trading conditions offered to clients, which are summarised in this review. Each one of these is graded, and an overall score is calculated and assigned to the broker.

Risk Warning

Trading Forex is risky, and each broker is required to detail how risky the trading of Forex CFDs is to clients. FXCC would like you to know that: Trading in Forex and Contracts for Difference (CFDs), which are leveraged products, is highly speculative and involves substantial risk of loss. It is possible to lose all the initial capital invested. Therefore, Forex and CFDs may not be suitable for all investors. Only invest with money you can afford to lose. So please ensure that you fully understand the risks involved. Seek independent advice if necessary.  FXCC does not provide services for United States residents and/or its citizens.

Overview

FXCC is a non-traditional, CySEC regulated STP/ECN broker. It offers the industry-standard MT4 platform, available for PC, mobile devices, and tablets.  With one live commission-free account, there are no minimum deposit requirements, and spreads average at 0.6 pips on the EUR/USD, which is tighter than other brokers. FXCC’s educational and market analysis materials are limited compared to its peers, and the demo account expires in 30 days, rendering it difficult for beginners to get a grip on trading.  

Editorial Team

 

Chris Cammack
Head of Content

Chris joined the company in 2019 after ten years experience in research, editorial and design for political and financial publications. His background has given him a deep knowledge of international financial markets and the geopolitics that affects them. Chris has a keen eye for editing and a voracious appetite for financial and political current affairs. He ensures that our content across all sites meets the standards of quality and transparency that our readers expect.

 

Alison Heyerdahl
Senior Financial Writer

Alison joined the team as a writer in 2021. She is the Senior Editor for FXScouts.  She has a medical degree with a focus on physiotherapy and a bachelor’s in psychology. However, her interest in forex trading and her love for writing led her to switch careers. She has a passion for Forex trading and over a decade of editorial experience researching Forex and the financial services industry, producing high-quality content. She hosts a weekly podcast, “Let’s Talk Forex,” alongside her colleague, Chris, and has produced over 100 Forex educational videos for the FXScouts YouTube channel. She also writes weekly technical analyses and has tested and reviewed over 100 Forex brokers.

 

Ida Hermansen
Financial Writer

Ida joined our team as a financial writer in 2023. She has a degree in Digital Marketing and a background in content writing and SEO. In addition to her marketing and writing skills, Ida also has an interest in cryptocurrencies and blockchain networks. Her interest in crypto trading led to a wider fascination with Forex technical analysis and price movement. She continues to develop her skills and knowledge in Forex trading and keeps a close eye on which Forex brokers offer the best trading environments for new traders.