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The firms operating in the financial market for long are expected to provide quality service and robust security. FXCC has been in the arena of trading since 2010 and still fails to stand on traders’ expectations.
The brokerage firm has not taken any initiative to upgrade its services and enhance its trading portfolio. The use of outdated trading portfolios to deliver trading services is a major drawback. Here in FXCC review 2021, we will cover each point in detail.
Is FXCC Scam or safe?
The broker is authorised under some random and local authorities which are not popular. No central financial body such as CySEC, ASIC, FCA and several others regulates the firm. It has been 11 long years, and the broker has not got itself registered with the safe firm.
The authentic bodies keep a check on all activities and warn or cancel the license of the broker if they find it involved in any illegal activity. We don’t know why the broker is hesitating to take a license from these bodies. It simply implies that it wants to hide some illegal activities. We do not think that the firm is right for you. It is a scam or a trap. Think twice before investing with the firm as it takes seconds to lose everything.
Types of trading accounts
The broker offers three account types, namely Standard, Advanced, and XL accounts. But, if you closely check the features associated with each account, you will not find any difference.
a) Standard trading account
- Limited features
- Poor services
- The minimum deposit is as high as $10,000
- Only 30 trading instruments
- Extremely low leverage
- Supports only three base currencies including USD, GBP and EUR
b) Advance trading account
- Limited features
- Poor services
- Outdated platform
- The minimum deposit is as high as $10,000
- Extremely low leverage 1:100
- Supports only three base currencies including USD, GBP and EUR
c) XL trading account
- The minimum deposit is 500 dollars
- Limited features
- Outdated platform
- Supports only three base currencies including USD, GBP and EUR
The high fees charged on each account type do no justice with the broker’s trading services. There are other reliable and advanced brokerage firms which offer far better service than this firm that too at the affordable trading range. It is better to opt those over FXCC.
Trading platforms
The trading platforms offered by the broker for trading are pretty conventional and outdated. The entire financial market has moved to the successor of MT 4, i.e. MT 5 and the broker is still facilitating services though outdated MT 4. Also, the package opted for the cheapest one as it lacks several vital features.
The interface of MT 4 and other platforms offered is a bit problematic for neophytes. Unfortunately, the broker has not taken any step towards this major issue. They do not offer free platform-based tutorials.
Process of account opening
The process of opening a trading account with the broker is time-consuming and tedious. It requires numerous formalities. Also, the firm asks for several personal information which you may not feel comfortable providing. Moreover, document verification takes several days, so you need to wait long to get an account. Traders usually miss out potential trading opportunities due to this.
Tradable products and markets
Portfolio diversification helps in mitigating risk to a larger extent. Sadly, the broker blocks all the ways to expand the portfolio size. It offers a limited and restricted range of tradable markets and financial instruments for trading. The assets in each market type are also sparse and restricted.
Fees, commission and spreads
The broker displays low spreads on each trade, but it shows you an entirely different and high spread as soon as you enter a trade. Also, this spread changes while executing the trade. Apart from this, there is a rollover fee charged on holding the trading position overnight.
The commission is high on assets and brokers charge several high and hidden fees from traders that are not revealed on the broker’s official website. Overall these extravagantly high charges directly impact the profit size.
Minimum deposits
The minimum deposit associated with trade, as seen above, is extremely high. It is five to ten times high compared to some trusted and renowned firms.
Process of deposit and withdrawal
The process of deposit and withdrawal is time-consuming. You require to fill a withdrawal form and wait for 5 to 7 long days to receive your funds. Moreover, the methods available are limited and not globally used. There are several charges associated with the withdrawal. We do not find cash, credit and debit card options on the website so we cannot say anything about it.
Research tools
The trade backed up by research is said to harvest relatively larger profit. They also help in determining the exact entry and exit points. Unfortunately, you will find a calendar and news in the name of research tools, thus lacking some vital and advanced ones. Also, the new is available for the paid subscribers.
Educational resources
The broker does not pay heed on enhancing the knowledge of traders. They offer only ebooks and articles in this section, leaving some important ones, including courses, webinars and VODs. It is one of the major setbacks.
Customer support service
The customer support service of the broker is worst. It is not available on weekends. We check some customer reviews that say that the team does not answer calls and revert mail after five days. When we tested the same, we received similar results. It looks like the broker is least interested in solving the queries of traders. The customer support team is the backbone of every business. Unfortunately, in the case of FXCC, this link is fragile and just to show off.
Disadvantage of FXCC
We have summarised several setbacks of the broker in the following points:
- Extremely high minimum deposit to open trade
- Lacks Metatrader 4
- Provides outdated and conventional platforms
- Limited markets and tradable assets
- Restricted educational resources
- Limited research tools
- Not well-regulated
- Poor user interface
The Bottom Line
FXCC is an unregulated and unsafe firm for trading. It charges a high fee, spread and commission from traders and offers poor services. The broker’s only aim is to maximise its profit, keeping sentiments of trades at the side. You should not risk your hard-earned money by reading biased reviews and scrolling misleading websites.
It is better to go with a reliable firm like T1markets, ROinvesting, ETFinance, PrimeFin, Brokereo. They offer excellent trading services at an affordable price.
Frequently asked questions
Is FXCC safe?
No, it is unsafe for trading as it is not regulated by authentic financial bodies such as ASIC, CySEC, FCA and several others.
What are the cons of FXCC?
The disadvantages of a broker include:
- Extremely high minimum deposit to open trade
- Lacks Metatrader 4
- Provides outdated and conventional platforms
- Limited markets and tradable assets
- Restricted educational resources
- Limited research tools
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