FXCC is the trade name of FX Central Clearing Ltd. The company was founded in 2010 and is authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC) under the licence number 121/10. All client funds are held in segregated accounts, totally separate from any FXCC corporate account.
The company announces its business model is based on utilizing Straight Through Processing (STP), where all FXCC client’s orders are sent to liquidity providers, eliminating any conflict of interests between the company and clients. In addition, the ‘No Dealing desk’ execution model comes with no dealer intervention and no re-quotes, the company claims on its website.
FXCC offers its clients 30 currency pairs, commodities (gold and silver) and two of the global indices (DJIA and NASDAQ 100).
There are three types of accounts that differ mainly in the minimum deposit amount. The most popular account is the ECN XL. It requires a minimum deposit amount of USD100. The spread markup is 0.4 pips and the commission on commodities is USD4 per lot. The second one is called Standard. You must deposit at least USD10,000 to open it and will receive a markup of 0.75 pips and a commission of USD7.5. You must invest at least USD100,000 to open an ECN Advanced account and you can trade over 200 currency pairs.
Customers can trade through the world’s most popular online trading platform – MetaTrader 4 (MT4). It is simple for beginners and has the complete functions for professionals. The platform contains all the necessary trading tools and including automated trading software – Expert Advisors. The terminal is available as a desktop version or as a mobile application for iOS and Android devices. The company offers the MetaFx MAM (Multi Account Manager) suitable for professional traders with multiple accounts.
Customers can feed their accounts through bank transfers, credit/debit cards, Sofort, Neteller, Skrill, NeoSurf and paysafe. The FXCC covers all transaction fees except those for bank transfers.
The Best Interest Policy document informs that stop loss orders are not guaranteed and under certain market conditions they can be executed at a worse than previously set price and the realized losses can be larger than expected. It is also mentioned that all types of orders are subject to slippage. The same document explains that for the purposes of orders for the financial instrument of CFDs, FXCC will act as an agent. That means the company is a pure STP broker, as it claims in the about us section of the website. So, you can be sure there is no conflict of interest between you and FXCC. In addition, the General Risk Disclosure document reveals that the client will not be liable for any negative balance in its trading account, which negative balance will be covered by the company. This means that the FXCC provides protection against negative balance and you cannot lose more than your initial investment.
Overall, FXCC is an ECN – STP broker, regulated by the CySEC. Each client’s trade is matched in an electronic configured network (ECN), through a straight through processing (STP) method. There is no dealing desk and the company is not a market maker. You can trade via the most popular terminal investing just USD100 and you cannot lose more than what you have invested. However, there are only 30 currency pairs and you cannot trade shares here.