FXCC Review

FXCC Ratings at a Glance

Founded in 2010 by a group of forex market professionals, Forex Central Clearing Corp. (FXCC) decided to build on their vast market experience to become the most customer centric forex broker in the business. FXCC’s main objective consists of empowering its clients with all the necessary tools to develop their trading skills while providing an unparalleled trading experience on the popular MetaTrader 4 (MT4) platform. 

The broker uses an electronic communications network (ECN) and straight through processing (STP) model, which provides competitive exchange rates and real time streaming directly from top multibank liquidity providers. This type of trading model levels the playing field with more transparency and a greater degree of control over your trades. 

The broker’s no dealing desk (NDD) execution model also prevents re-quotes and involves no dealer intervention in your trades. FXCC’s Price Aggregator automatically scans the market for the best bid/offer price combinations, thereby ensuring you get the most competitive and transparent executions for your trades. Keep reading our FXCC review to find out if this broker would be appropriate for your needs. 

FXCC provides trading in over 70 major, minor and exotic currency pairs, with especially tight forex dealing spreads. Spot gold contracts for difference (CFD) can be traded against the U.S. dollar and the EU euro, while spot silver, palladium and platinum contracts can only be traded against the U.S. dollar. You can also trade Spot US Crude Oil (WTI) and Spot UK Brent Oil (BRENT) contracts. 

Cryptocurrencies available for trading through CFD contracts include:

Major world stock exchange indices available for trading on FXCC include:

Forex currency pairs and stock index CFDs can be leveraged at up to 500:1. Bitcoin CFDs can be leveraged at up to 40:1, while other altcoins have a maximum leverage ratio of 10:1. 

FXCC ECN XL account holders pay no commissions to trade any supported asset. Dealing spreads for forex pairs and CFDs can vary from 0.0 pips upwards depending on the liquidity and trading volume of the asset involved. 

For example, the EUR/USD currency pair is the most liquid currency pair in the forex market, so it generally has the tightest dealing spread. If an important news event occurs, such as a key economic data release, the EUR/USD dealing spread can widen considerably depending on how much market volatility the event causes. 

Tight dealing spreads lower your overall trading costs and can significantly improve your trading results, especially if you are an active trader. FXCC has unusually competitive dealing spreads that you can gauge by opening a free demo account. 

In addition to offering free access to a Virtual Private Server (VPS), FXCC currently offers an attractive bonus to account openers. You just open an account and make a deposit to receive an impressive 100% deposit bonus in your trading account up to a maximum amount of $2,000. Terms and conditions do apply to this promotion, especially when it comes to making withdrawals, so make sure you read and understand them before making a deposit. 

FXCC provides assistance to trading clients via its 24 hour Monday through Friday multilingual customer support service that features dedicated account managers. The broker also has a live chat service and an online form you can fill out, as well as a support email address, fax and phone number. In addition, FXCC maintains active social media profiles on Facebook, Twitter, LinkedIn and other networks. 

FXCC supports the MT4 mobile trading platform that provides excellent trading features you can also enjoy when using the MT4 desktop platform. Not only can you select from a wide range of charting tools and technical indicators with this app, but you also get real time market pricing. Apps for both iOS and Android mobile devices are available. 

FXCC supports the sophisticated MT4 trading platform that has an extensive user community and strong functionality that includes trade strategy automation, so its user experience will be familiar to any trader who already uses that popular platform. Novice traders should have little difficulty finding online assistance about how to operate the MT4 platform and use it to their advantage. 

An active forex trader located outside the US will probably find just about everything they need at this broker. Some of the user benefits you can take advantage of by having a trading account with FXCC include: 

• Professional ECN/STP execution
• Institutional services for the retail client
• Tight ECN spreads from 0.0 pip
• Hedging, scalping and EAs allowed
• Free VPS and SMS service
• Duly regulated and licensed
• Security of funds
• No markup or commission charged

Regarding leverage, if you live within the EU, your regulator limits leverage to 30:1 on forex trades with FXCC. Outside the EU, you can typically use leverage of up to 500:1 on forex and stock index CFD trades with FXCC, although the maximum leverage on newly opened forex positions is reduced to 100:1 every Friday from 22:00 to 24:00 hours server time. 

FXCC clients based in the EU who deal through the broker’s FX Central Clearing Ltd subsidiary have the comfort of knowing that the entity is duly regulated by the Cyprus Securities and Exchange Commission (CySEC) under CIF license number 121/10. Other clients may deal through the broker’s Central Clearing Ltd subsidiary that is registered in Saint Vincent and the Grenadines.

FXCC uses state-of-the-art Secure Sockets Layer (SSL) network security protocol to keep client private information safe. Furthermore, all client funds are held in accounts with major international banks and kept segregated from FXCC corporate accounts. The broker also offers negative balance protection. 

FXCC supports the top MT4 trading platform and mobile app. It also has an extensive asset range, tight dealing prices, fast execution times, decent customer service, an attractive deposit matching promotion, and both offshore and EU regulated subsidiaries that non-US residents can trade through. You can even get a VPS service for free to keep your automatic trading bots running smoothly if your own Internet is spotty. Overall, this broker has a lot going for it. 

FXCC vs. Competitors

Depending on the scope of your trading and the assets you plan on trading, FXCC might not meet your needs. This is especially true if you plan on trading physical cryptocurrencies or any of the commodities traded through CFDs. 

If you plan on trading U.S. shares through CFDs like Apple or Amazon.com, you would probably do better with another broker. Basically, with FXCC, your choices of tradable assets are somewhat limited. If you plan on just trading forex currencies and CFDs on the assets available, FXCC would probably make sense. 

While many forex traders are familiar with the MetaTrader 4 software, which allows for expert advisors that can automate your trades, no other trading platform is offered. If you have a broad range of assets that you trade, such as international stocks, bonds or other equities, you might want to consider an international broker that provides these services. 

Frequently Asked Questions

Methodology

For brokerage reviews, Benzinga created a weighted scale based on the following criteria: usability, services offered, customer service, education, research, mobile app, account minimums and fees. We aim to provide the most up-to-date, impactful and trustworthy reviews. For an in-depth look at our process, read the full methodology process.