When the broker has been in business for more than 10 years, one expects utmost loyalty, trustworthiness, and excellent services. Well FXCC has been in the market for about 13 years, but no real growth or dedication in its services and functions can be witnessed. No one would like to trade with a broker whose services do not move along with the technological advancements. In this review of FXCC, we will discuss each aspect of the broker, and why you should not go with it.
FXCC Scam or Safe?
The broker claims to have regulations from multiple authorities. But all these authorities are local and not that well-reputed. We do not understand the brokers need for multiple regulations when it can be regulated by one major and reputed regulatory authority. This creates confusion, and we do not think it is safe to trade with FXCC. We would advise traders and investors to think twice before they put their hard-earned money in the hands of the broker.
There are three account types (Standard, Advanced, and XL) offered by the broker. But when examined closely, one cannot find much disparity between them. All of them have similar basic features without much alteration. The minimum deposit of the standard account is as high as $10,000. In this account, only 30 instruments are offered for trade, and leverage is low too.
The advance account entails the minimum deposit as high as 100000 dollars. Leverage is as low as 1:100.
In the XL account, the minimum deposit is 500 dollars with very fewer features available. In all the three accounts, there are only three base currencies available; EUR, USD, and GBP.
We do not think the services provided by the broker match the extremely high minimum deposits at all. There are other more reputable and highly regulated brokers like HFTrading, ETFinance which provide better services at a shallow minimum deposit than FXCC.
The broker offers trade via MT4 trading platform for mobile and desktop trading. We do not understand why FXCC is stuck to an outdated technology when other brokers have firmly moved towards the more advanced MT5 trading platform.
Also, the user interface of the mobile application is pretty problematic and difficult to understand. There are multiple functionalities, all trapped in without any structure or system. A beginner or new trader may find it really challenging to get accustomed to the platform.
The account opening process of FXCC seems pretty time-consuming and tiring. One has to go through several steps, fill in multiple questionnaires. Also, document verification can take hours and hours. We cannot say that Swift and easy account opening process is the advantage that FXCC can offer.
Products and instruments for trading
FXCC offers a restricted and limited range of products and instruments for trade. Even in each category of instrument, the securities and assets are limited and sparse. This limits the trading and profit-making opportunities for traders and investors.
Commission, fee, and spreads
The spread starts from 0.1 pips and can go extremely high. There is also a rollover fee involved for trading positions that are held overnight. Moreover, the commission charges on various securities are expensive too.
The overall cost can eat up a major chunk of a trader’s profit.
Deposit and withdrawal
A minimum deposit of 500 dollars is required to open an account with FXCC. This deposit can go up to 1,00,000 dollars.
There are minimal and conventional methods of depositing and withdrawing the funds available with the broker.
For research purposes, just news and calendar is available. More advanced research tools like technical analysis, calculators are absent. Please search for the important aspect of trading and be highly crucial to determine each trade’s exit and entry points.
For educational purposes, there are only articles or ebooks available. There are no webinars, VODs, courses available. Lack of educational material can be a major drawback for beginners.
FXCC claims to offer customer service and support 24/5. But when tested practically, the response time for phone calls is quite elongated. And there are no responses to the emails. We can say that FXCC does not care about solving the problems and issues of its clients most quickly and rapidly.
Why not trade with FXCC?
- Extremely high minimum deposit
- No MetaTrader 5
- Limited trading instruments and assets
- Limited research and trading tools
- Poor user interface
- Restricted educational material
All in all, we do not think FXCC is worth the high deposits and charges it entails. The services and features offered by the broker are bare minimum with low leverage. There are limited securities and products available for trade. One can go and check out other reputed and highly regulated brokers like HFTrading, ETFinance or PrimeFin. These brokers offer a vast range of trading products at a low minimum deposit.