Despite being active for a while, FXCC still isn’t a household name in the brokerage world. In the last three months, many clients have had complaints about the FXCC broker’s business.
That’s why we’re doing the FXCC Review, to show you really strong evidence of fraud against the provider. It all starts with the offshore branch from Nevis.
The most important part of this review is the FXCC regulation. In 2010, the Cyprus Securities and Exchange Commission (CySEC) issued a license to FX Central Clearing Ltd, the company that allegedly stands behind FXCC.
However, there is another one associated with the FXCC brand – Central Clearing Ltd. This company claims to be based in Nevis, which is an offshore domain, but the local regulator, the FSRC, has no such entity in its database.
Nevertheless, an offshore domain such as Navis is not trustworthy or reliable at all. The jurisdiction we recommend is the European Securities and Markets Authority (ESMA).
Speaking of ESMA, there are some rules that the regulator imposed, which FXCC does not follow. For example, the broker offers bonuses and leverage of 1:500 whereas ESMA banned bonuses and restricted leverage to 1:30.
That tells us that FXCC is clearly an offshore broker. The phone number provided starts with +44, which is the code for the UK, not Cyprus or Nevis.
The CySEC license is still vexing but then again, it’s a Tier 2 regulation and ESMA even warned about shortcomings in CySEC’s cross-border supervision. So, may we suggest you find a broker with a Tier 1 regulation (FCA, BaFin, FINMA, ASIC, etc.)?
FXCC is a broker that operates under the regulation of CySEC and offshore as well. Numerous complaints against the broker have appeared, coming from traders from the US, UK, India, Canada, and South Africa.
Let’s take a look at where FXCC left traces of its scheme. It seems that the broker infiltrated several heavily regulated domains:
Over the last three months, the number of visits to the FXCC website has been gradually growing from 21k to 44k. Out of that, 12% of visits came from Egyptians. If you noticed shady activity from FXCC, please let us know so we could inform the financial authorities.
As of lately, FXCC has been under fire. We found numerous negative reviews of the broker, mostly pointing to withdrawal issues. Here’s one recent case:
They are trying to stealing my money, beaware traders. At the time of withdrawal they ask for selfie… I gave them my selfie, they are again asking for another selfie. I denied it and told them to giving back my initial money, but they are denying it… it been 3 weeks since I they stuck my withdrawal!
I fell for the promises of zero commissions, only in real life it turned out to be untrue, although I didn’t really hope… In general, this is a regular standard account with spreads of 1.5-2 pips on EURUSD. Why write about zero commissions? To attract new customers?
The FXCC trading platform is MetaTrader 4. This famous software was created by the company MetaQuotes. Shortly after its release, it revolutionized the trading industry.
MT4 equips traders with advanced tools and features such as automated trading, live market reports, instant execution, a customizable interface, advanced charting, etc. It can only be rivaled by its successor, MT5.
Yes. Mobile trading is available. You can find the download link on the FXCC website. The MT4 mobile version has fewer charts but offers the advantage of trading on the go. However, it’s only available for Android.
The PC version of MT4 is considered the standard version. Every cutting-edge option we listed is available here. It’s also the best way to conduct in-depth research and analysis of the market and it’s easy to use. Just be careful given FXCC’s dubious status.
Last but not least, we got the MT4 Multi Terminal. The purpose of this is to “allow money managers and professional forex traders to manage multiple forex trading accounts simultaneously.”
Some of the multi-terminal features are place market & pending orders, hedging support, managing trading in real-time, etc. It’s a neat addition to the already great MT4.
Here’s an overview of the FXCC trading assets:
Despite claiming to offer zero commissions and 0.0 pips, one client claims that isn’t the case (recall one of the previous sections).
The spread for the EUR/USD pair is allegedly 1.5-2 pips without commissions, which seems plausible. The leverage, however, can be set extremely high – 1:500! That’s pretty risky, and most often leads to huge losses.
Legit brokers make money from commissions and fees so it’s strange when they say they don’t charge anything at all.
Based on what we found on the FXCC website, there’s only one live account available and one in the making. The available one is the ECN XL account.
It has no minimum deposit requirements, offers zero commissions, 1:500 max leverage, a 100% first deposit bonus, an Islamic account and hedging. We noticed it doesn’t offer crypto trading.
Yes. FXCC included a free demo account version of the ECN XL account. Traders can use all MT4 versions and practice with unlimited funds.
However, watch out for discrepancies like these found in the registration menu. It seems that FXCC is jumping from one offshore domain to another.
FXCC offers a 100% bonus on the first deposit. The maximum bonus amount is 2,000 $. Please note that bonuses are banned in the EEA zone by ESMA.
FXCC acknowledged it in the bonus policy, stating that it only offers bonuses outside the CySEC-regulated domain. That means you have to expose yourself to huge risks to get the bonus, which is not recommended.
Here’s a quick overview of the FXCC funding methods:
There’s a bunch of them, all free of deposit fees. Withdrawal fees vary from method to method. Many traders made complaints about having FXCC withdrawal issues.
And the FXCC withdrawal policy kind of goes against Anit-Money Laundering rules. The broker states that all withdrawals are performed via bank transfers while the AML policy says ‘same method’ for both deposits and withdrawals.
If the broker violated any terms and conditions or if you’re having withdrawal issues, it’s the first sign that you’ve been scammed. From what we know, you’re not the only victim of FXCC scam.
Over here at Global Fraud Protection, we have a team of experts with experience in bank chargebacks, recalls and using advanced crypto-tracing software such as CipherTrace. Book a free consultation with them to see what you should do next.
If this broker steals your money, start the chargeback process. Use Online Chat to book a free consultation with us, it’s the easiest and fastest way to do so.
FXCC isn’t 100% reliable. We advise you to find a broker with a Tier 1 license instead. If you’re having issues with FXCC, call us immediately.
Yes. FXCC offers a free demo account with all the versions of MT4.
Yes. FXCC included a mobile version of MT4 but only for Android.
Judging by all the complaints, not really. FXCC is an offshore broker by nature, which makes it risky.
FXCC isn’t 100% reliable. We advise you to find a broker with a Tier 1 license instead. If you’re having issues with FXCC, call us immediately.
Yes. FXCC offers a free demo account with all the versions of MT4.
Yes. FXCC included a mobile version of MT4 but only for Android.
Judging by all the complaints, not really. FXCC is an offshore broker by nature, which makes it risky.
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