An In-Depth Review of FXCC: Regulation, Trading Conditions, and User Experiences

1. Introduction to FXCC

FXCC positions itself as an international online trading brand, offering services in Forex and Contracts for Difference (CFDs). The entity primarily highlighted on its official website, fxcc.com, is Central Clearing Ltd, a company registered in Mwali Island (company number HA00424753). This operational structure and regulatory framework form a crucial part of understanding FXCC’s service proposition. The broker emphasizes an Electronic Communication Network (ECN) model, particularly through its ECN XL account, which it markets as a “World Best Trading Account”. This review will delve into FXCC’s corporate background, regulatory standing, account offerings, tradable instruments, trading platforms, fee structures, customer support, and an analysis of available trader reviews to provide a comprehensive assessment.

2. Regulatory Landscape and Security of Funds

The regulatory environment in which a broker operates is paramount for assessing the safety of client funds and the overall trustworthiness of the platform. FXCC’s regulatory status is multifaceted and involves jurisdictions with varying levels of oversight.

A. Licensing and Regulatory Bodies

• Central Clearing Ltd and Mwali International Services Authorities (MISA): The primary entity providing services through fxcc.com, Central Clearing Ltd, is authorized and regulated by the Mwali International Services Authorities (MISA) under International Brokerage and Clearing House License no. BFX2024085. This license was issued on April 26, 2024, and is valid until April 26, 2026, as per MISA’s license verification page. MISA was formed in 1998 and is responsible for company registration and licensing of activities including FX, insurance, and gambling in Mwali (Moheli), an autonomous island of the Union of Comoros. MISA operates based on the Mwali Services Act of 1998 (amended in 2001) and states it has an Anti-Money Laundering Unit.
• FX Central Clearing Ltd (Cyprus) and CySEC: Historically, FXCC (formally FX Central Clearing Ltd) has been associated with regulation by the Cyprus Securities and Exchange Commission (CySEC). CySEC is a well-regarded European regulator, and adherence to its standards, including the Markets in Financial Instruments Directive (MiFID), implies a higher level of investor protection. However, the current prominence of the MISA-regulated Central Clearing Ltd on the FXCC.com website suggests a shift in the primary regulatory entity for international clients. Recent CySEC activity includes guidance on sanctions screening systems (February 2025) and settlements with other firms (April 2025), indicating ongoing regulatory action in Cyprus. The exact current CySEC status of an FXCC-related entity and which clients it serves requires careful verification by potential users.
• Vanuatu Financial Services Commission (VFSC): Some reviews also mention FXCC being registered in the Republic of Vanuatu. The VFSC is known for a more lenient regulatory environment, often attracting brokers seeking lower capital requirements and the ability to offer higher leverage. However, the official FXCC.com site does not currently highlight VFSC regulation for Central Clearing Ltd.
• Ministry of Investment of Saudi Arabia (MISA – Saudi Arabia): Investing.com reviews mention MISA regulation for FXCC. It is crucial to distinguish this MISA (Saudi Arabia), which governs foreign investment in Saudi Arabia, from MISA (Mwali). The context in the reviews likely refers to the Mwali regulator given FXCC’s current operational disclosures.

B. Investor Protection and Fund Security

• Segregation of Client Funds: FXCC states that all client funds are held in segregated accounts. This is a standard industry practice designed to protect client money from being used for the broker’s operational expenses and in the event of broker insolvency. FXScouts also notes that FXCC segregates client funds at top-tier banks.
• Negative Balance Protection: FXCC offers negative balance protection to all its clients, meaning traders cannot lose more than their deposited funds. This is a critical risk management feature.
• Tier 1 Banks: Client funds are reportedly stored in Tier 1 banks, adding a layer of security.
• Investor Compensation Schemes:
  • MISA (Mwali): The regulatory framework of Mwali (Comoros) is generally considered offshore. Information regarding statutory investor compensation schemes under MISA is not readily available in the provided snippets and is often a feature of more robust regulatory jurisdictions. While MISA claims to ensure credibility and compliance, the Central Bank of Comoros has reportedly referred to MISA as a “fictitious entity” without legal basis to issue financial licenses. This raises significant concerns about the actual protection and recourse available to clients under this regulation. If MISA is not a legitimate state regulator, any claims of investor protection through it would be invalid.
  • CySEC: Clients under a genuinely CySEC-regulated FXCC entity (if applicable and active) would typically be covered by the Investor Compensation Fund (ICF) of Cyprus, which offers protection up to a certain amount (e.g., €20,000 as mentioned for OCTA’s CySEC entity).
  • VFSC (Vanuatu): Vanuatu does not typically operate a statutory investor compensation scheme.
• Two-Factor Authentication (2FA): FXCC utilizes 2FA to enhance account security.

3. Account Offerings

FXCC primarily promotes a single main account type, the ECN XL Account, but also mentions other options.

A. ECN XL Account

The ECN XL Account is heavily featured as FXCC’s flagship offering, often described with highly competitive terms.

• Minimum Deposit: A standout feature is the $0 minimum deposit, or no minimum deposit requirement. This significantly lowers the barrier to entry for traders.
• Leverage: Maximum leverage is up to 1:500. This level of leverage is common among offshore-regulated brokers and offers the potential for amplified profits, but also carries a correspondingly high risk of significant losses.
• Spreads: Advertised with spreads starting from 0.0 pips. Independent reviews provide more nuanced figures; FXScouts reports an average of 0.6 pips on EUR/USD, while FXEmpire measured EUR/USD at a very competitive 0.1 pips.
• Commissions: The ECN XL account is marketed as having $0 trading commission. FXCC states its revenue is derived from the spread for this account type.
• Swap Policy: A significant claim for the ECN XL account on the official FXCC.com website is “No swaps”. This is a highly attractive feature, as swap fees (overnight financing charges) can accumulate and impact the profitability of positions held overnight or longer. However, this claim is contradicted by multiple external review sites, such as Investing.com and FXEmpire, which state that FXCC charges swap fees for holding positions overnight. This discrepancy is critical. Typically, “swap-free” accounts are offered to Islamic clients adhering to Sharia finance principles, or come with conditions such as wider spreads, administrative fees after a certain grace period, or higher commissions to compensate the broker for the absence of swap revenue. Given the ECN XL account’s claims of $0 commission and spreads from 0.0 pips, a truly unconditional “no swaps” policy would be exceptionally competitive. The lack of explicit conditions for this feature on the FXCC.com snippet is a transparency concern. If the “no swaps” feature is conditional or has been recently introduced and not yet reflected in all reviews, this needs clarification from the broker.
• Execution: The account operates on an ECN/STP (Electronic Communication Network/Straight Through Processing) model. FXEmpire noted average execution speeds of under 60 milliseconds, which is favorable for precision trading.
• Minimum Transaction Size: Sources show a discrepancy. While the ECN model often supports micro lots (0.01), FXScouts indicates a minimum transaction level of 0.1 lots for the ECN XL account.
• Suitability: FXCC positions this account as suitable for both beginners (due to no minimum deposit) and professionals (due to its ECN characteristics and low advertised costs). If the ECN conditions are genuine, it could be well-suited for scalpers and high-frequency traders.

The combination of “no minimum deposit” and high leverage (1:500) warrants careful consideration. While enhancing accessibility, it may also encourage trading with insufficient capital, particularly for novice traders who might not fully grasp the associated risks, especially under a regulatory framework perceived as less stringent (MISA).

Table: FXCC ECN XL Account Features (Advertised)

Feature	Detail	Source Snippet(s)
Minimum Deposit	$0 / No minimum deposit	1
Maximum Leverage	1:500	1
Spreads (from)	0.0 pips	1
Average EUR/USD	0.1 pips (FXEmpire), 0.6 pips (FXScouts)	4
Commissions	$0	1
Swap Policy	“No swaps” (per FXCC.com) (Contradicted by some reviews)	1
Deposit Fees	$0	1
Execution Model	ECN/STP	7
Platform	MT4, MT5	1
Customer Support	24/5	1

B. Other Account Types

• Corporate Account: FXCC.com mentions the availability of a Corporate Account, but no specific details regarding its features, minimum requirements, or target clients are provided in the available materials.
• Islamic Account: An Islamic (swap-free) account option is noted as available by Investing.com. This aligns with the potential for swap-free conditions, although it’s unclear if the ECN XL “no swaps” feature is distinct from or part of this Islamic account offering.
• Managed Account: Investing.com also indicates the availability of managed accounts, though further details are absent.

C. Demo Account

A demo account is available for traders wishing to practice or test the platform and conditions. However, FXScouts notes that the demo account expires after 30 days, which may be a limitation for traders seeking an extended period for practice or strategy testing.

4. Tradable Markets and Instruments

FXCC provides access to a selection of popular tradable instruments, primarily focused on CFDs.

A. Range of Offerings:

• Forex: A key offering, with FXCC providing a variety of major, minor, and exotic currency pairs. FXScouts specifically mentions over 70 currency pairs available.
• Cryptocurrencies: CFDs on cryptocurrencies are available. While specific coins are not detailed on the main FXCC.com page snippet, FXEmpire indicates the availability of Bitcoin, Bitcoin Cash, Ethereum, and Litecoin.
• Metals: CFDs on precious metals, such as gold and silver, are offered.
• Indices: Traders can access CFDs on major global stock market indices.
• Energies: CFDs on energy commodities, like oil, are part of the product lineup.
• Commodities (General): This category is listed by Investing.com.
• Stocks/Shares CFDs: A notable omission is the absence of single stock CFDs. Multiple review sources, including Investing.com and FXEmpire, explicitly state that FXCC does not offer trading in individual company shares. This is a significant limitation for traders seeking to diversify into equities.
• Total Instruments: There is some variation in the reported total number of tradable instruments. Investing.com mentions “over 200 available assets”, while FXEmpire states “100 tradable instruments”. FXScouts describes the overall range of CFDs as “disappointing” compared to peers, aside from the forex pairs.

The instrument range appears tailored to traders focusing on core ECN/STP products like forex, popular commodities, and major indices. The lack of stock CFDs suggests a specialization rather than a comprehensive, multi-asset offering.

B. Depth of Market:

The ECN execution model implies that traders should have access to Level II pricing or market depth, allowing them to see the order book. However, the extent and quality of this feature are not explicitly detailed in the provided materials.

Table: FXCC Tradable Instruments Summary

Asset Class	Examples/Number Available	Availability of Stock CFDs	Source Snippet(s)
Forex	70+ pairs including Majors, Minors, Exotics	N/A	1
Cryptocurrencies	Bitcoin, Bitcoin Cash, Ethereum, Litecoin	N/A	1
Metals	Gold, Silver	N/A	1
Indices	Major Global Indices (e.g., US30, GER40 implied by ECN focus)	N/A	1
Energies	Oil	N/A	1
Stock CFDs	Not Available	No	7
Total Instruments	100 (FXEmpire) to over 200 (Investing.com)	N/A	7

5. Trading Platforms and Tools

FXCC primarily relies on the MetaTrader family of platforms, with some discrepancy in information regarding MT5 availability.

A. MetaTrader 4 (MT4):

This is the predominantly featured and widely confirmed platform offered by FXCC. It is available in several versions:

• Desktop: Downloadable for PC (Windows and macOS versions are mentioned on FXCC.com).
• Mobile: Dedicated applications for iOS and Android devices, allowing for trading on the go.
• WebTrader: A browser-based version (MT4 Webtrader) that does not require software installation.

MT4 is known for its robust charting capabilities, a wide array of technical indicators, analytical tools, and strong support for automated trading via Expert Advisors (EAs) and custom scripts. FXEmpire also notes the availability of MT4 Multi Terminal for money managers.

B. MetaTrader 5 (MT5):

The official FXCC.com website lists MetaTrader 5 as available for PC, Mobile, and Web. This suggests a recent expansion or update in their platform offerings. However, several external reviews, which may be based on earlier assessments, either state “MT4 only” or do not prominently feature MT5. Investing.com, for instance, lists “No” for MT5 desktop availability in its table. This discrepancy is important. If MT5 is indeed now fully available as per the official site, it represents a significant upgrade, offering more timeframes, indicators, and generally better handling of a wider range of asset classes (though FXCC’s instrument range remains somewhat focused).

C. Mobile and Web Trading Solutions:

As mentioned, both MT4 and MT5 are offered with mobile apps for iOS and Android, and WebTrader versions for browser-based access. This ensures accessibility across various devices. Investing.com notes that FXCC does not provide a proprietary web trading platform, with trading conducted through the MetaTrader applications.

D. Additional Trading Tools:

• VPS Hosting: FXCC offers Virtual Private Server (VPS) hosting. This service is often provided free of charge to traders who meet specific criteria, such as maintaining a minimum account balance (e.g., $2500) or achieving a certain monthly trading volume (e.g., 30 lots). VPS hosting is particularly beneficial for traders using EAs.
• Analytical Tools: These are primarily integrated within the MT4 and MT5 platforms themselves, including advanced charting packages and numerous technical indicators.

The potential recent full adoption of MT5, if accurately reflected on the official website, would be a positive development. However, a historical reliance on MT4 might suggest a more conservative approach to adopting newer technologies.

6. Comprehensive Fee Structure

FXCC’s fee structure is centered around its ECN XL account, which advertises low trading costs. However, non-trading fees, particularly for withdrawals, have drawn criticism.

A. Trading Costs: Spreads and Commissions

ECN XL Account:

• Commissions: A key selling point is the $0 trading commission.
• Spreads: Advertised to start from 0.0 pips. Real-world average spreads on EUR/USD are reported as 0.6 pips by FXScouts and a very competitive 0.1 pips by FXEmpire during its testing. These figures suggest potentially very low direct trading costs.
• Transparency: FXScouts has raised concerns about transparency, stating that FXCC does not clearly explain how its spreads are derived and does not publish official average spreads on its site. This contrasts with the specific figures obtained by some reviewers.

B. Non-Trading Fees

• Deposit Fees: FXCC states there are no deposit fees for the ECN XL account. Furthermore, FXCC runs a “zero deposit fee” promotion, indicating they cover fees charged by payment processors.
• Withdrawal Fees: This is a significant area of concern.
  • FXCC’s official stance is often that it does not charge withdrawal fees itself.
  • However, the broker consistently clarifies that Payment Service Providers (PSPs) may impose their own charges.
  • Numerous reviews and user comments highlight “expensive withdrawals”, “withdrawal fees charged by PSP”, or a “handling fee for withdrawals”. FXEmpire specifically noted that withdrawal fees apply to all payment methods except debit/credit cards.
  • This discrepancy suggests that while FXCC might not levy a fee directly labeled “withdrawal fee,” the pass-through costs from PSPs or other administrative/handling charges result in a tangible and often high cost for clients. This lack of clarity on the total potential withdrawal cost is a major drawback.
• Inactivity Fees: The information on inactivity fees is inconsistent.
  • Investing.com reports an inactivity fee of $5 per month after three months of no trading activity.
  • An FXEmpire beta site snippet mentions an inactivity fee after 120 days but then contradicts this in its summary table by stating “No” for inactivity fee. The main FXEmpire review refers to a “very low inactivity fee”.
  • The official FXCC.com snippets do not mention inactivity fees.
  • This ambiguity makes it difficult to ascertain the exact policy.
• Swap Fees / Overnight Funding Fees:
  • The ECN XL Account on FXCC.com is advertised with “No swaps”.
  • However, for standard accounts or other instruments, FXCC generally charges swap fees. The precise conditions for the “no swaps” feature on the ECN XL account remain a critical point requiring clarification.
• Currency Conversion Fee: FXCC states it does not charge currency conversion fees.

Table: FXCC Non-Trading Fee Overview

Fee Type	FXCC’s Stated Charge (Direct)	Notes from Reviews & Other Sources	Source Snippet(s)
Deposit Fees	$0	FXCC covers processor fees.	1
Withdrawal Fees	$0 (by FXCC)	PSPs may charge significant fees; “Expensive withdrawals,” “handling fees” commonly reported. Fees may apply to most methods except cards.	4
Inactivity Fee	Not stated on fxcc.com	$5/month after 3 months (Investing.com); “very low” or “120 days” then “No” (FXEmpire – inconsistent).	7
Swap/Overnight Fees	“No swaps” on ECN XL (Conditions unclear, contradicted by some reviews)	Standard accounts incur swap fees.	1
Currency Conversion Fee	$0		14

7. Customer Experience and Support

FXCC provides several channels for customer support and a range of educational and research materials, though the perceived quality of these resources varies.

A. Customer Service Channels and Responsiveness:

• Channels: Live Chat, contact form, FAQ section. FXEmpire also lists email and phone.
• Availability: Advertised as 24/5.
• Trader Feedback: User reviews on Myfxbook mention responsive and helpful support. Investing.com notes “Fast and Friendly Support”.

B. Educational Resources: Scope and Quality:

• Offerings: “Education Center” includes articles on ECN trading, forex basics, economic indicators, e-book, glossary, chart reading introductions.
• Trader Feedback: Divergence in opinion.
  • Investing.com suggests FXCC “offers enough material”.
  • FXScouts describes education as “poor for beginners” and materials “limited”.
  • FXEmpire deems the range “decent”.
  • A Myfxbook user recommended improvements, stating analytics and education are “suffering the most”.

While content is provided, its depth and practical utility, especially for novices, may be below par.

C. Research and Market Analysis Provisions:

• Offerings: “Research” section lists “About Market Analysis,” “Economic Calendar,” “Daily Technical Analysis,” “Morning Roll Call Analysis,” “Forex News,” “Traders Corner Blog”.
• Trader Feedback: Opinions vary.
  • FXScouts found market analysis “limited”.
  • FXEmpire noted “regularly updated research content”.

Comprehensiveness or actionable insight might not meet all traders’ expectations.

8. FXCC Trader Reviews: A Synthesized Perspective

Aggregating feedback provides a clearer picture of FXCC’s strengths and weaknesses.

A. Sources of Reviews:

Reviews primarily from Investing.com, FXScouts, Myfxbook, and FXEmpire. (Specific forum threads not accessible in provided research).

B. Positive Feedback: Common Praises

• Low Trading Costs: ECN XL account’s $0 commission and spreads from 0.0 pips frequently lauded.
• ECN/STP Execution: Appreciated for direct market access and potentially faster, transparent execution. Some report “flawless” execution.
• No Minimum Deposit: Enhances accessibility for the ECN XL account.
• Responsive Customer Support: Some traders report positive interactions.
• Suitability for Scalpers/High-Frequency Traders: Low costs and ECN model attractive.
• Fund Security Measures (as stated): Segregated accounts at Tier 1 banks noted positively.

C. Negative Feedback: Recurring Complaints

• Withdrawal Fees and Issues: Most consistently cited negative. “Expensive withdrawals,” PSP fees, “handling fees” reported.
• Limited Trading Platforms: Historical MT4 focus, unclear MT5 status, lack of proprietary web platform.
• Limited Tradable Instruments: Absence of stock CFDs is a major drawback. Overall CFD range “disappointing” or “limited” beyond forex.
• Subpar Educational and Market Analysis Resources: Some find materials insufficient or of limited depth, especially for beginners.
• Inactivity Fees: Listed as a con by some.
• Offshore Regulation (MISA): Critical concern due to questions about its legitimacy and weaker investor protection.

FXCC appears to cater to experienced, cost-sensitive traders focused on ECN forex, comfortable with MT4/MT5 and higher risks of offshore regulation. For beginners, those needing diverse instruments, robust education, or strong regulatory oversight, FXCC presents considerable drawbacks.

Table: Summary of FXCC Trader Review Themes

Review Source	Key Positive Themes Mentioned	Key Negative Themes Mentioned
Investing.com	Low trading costs (ECN XL), No minimum deposit, Fund security (Tier 1 banks), Responsive support	Withdrawal fees by PSPs, No stock trading, No web platform, Inactivity fees
FXScouts	No minimum deposit, Low spreads (average 0.6 pips EUR/USD)	Expensive withdrawals, MT4 only, Limited instruments (ex-Forex), Poor education/analysis, Unclear spread derivation
Myfxbook (Users)	Competitive pricing (ECN XL), Responsive support, Good for scalpers	Desire for platform updates/more options, Education/analysis needs improvement
FXEmpire	Very low trading fees, Fast execution, Robust supporting materials (for some), VPS hosting	Withdrawal handling fees, No share CFDs, MT4 primary (though MT5 may be new), Offshore entity has weaker protection

9. Conclusion: Is FXCC the Right Broker for You?

FXCC presents a mixed profile, offering some highly attractive features alongside significant concerns, particularly regarding its regulatory environment.

A. Consolidated Pros and Cons:

Potential Pros:

• Exceptionally low direct trading costs via ECN XL account ($0 commission, raw spreads from 0.0 pips).
• No minimum deposit for ECN XL account.
• High maximum leverage up to 1:500.
• Advertised “No swaps” on ECN XL account (if unconditional).
• Negative Balance Protection.
• Availability of MT4 and potentially MT5.
• Free VPS hosting for qualifying clients.
• Client funds reportedly in segregated accounts with Tier 1 banks.

Significant Cons:

• Primary Regulatory Oversight by MISA (Mwali): Critical concern. MISA’s legitimacy questioned (not recognized by Central Bank of Comoros), casting doubt on investor protection.
• Potentially High Effective Withdrawal Costs: Widespread reports of “expensive withdrawals” due to PSP/handling fees despite FXCC claims of no direct fees.
• Limited Range of Tradable Instruments: Absence of stock CFDs is a major limitation.
• Platform Limitations: Historically MT4-focused; lack of proprietary web platform.
• Debatable Quality of Educational/Research Resources.
• Inactivity Fees (inconsistent details).
• Contradictory Information (e.g., “no swaps” on ECN XL vs. review site info).

B. Suitability for Different Trader Profiles:

• Experienced, Highly Cost-Sensitive Scalpers/Day Traders: Might find ECN XL attractive but must accept MISA regulatory risks and potential withdrawal complexities.
• Beginner Traders: Caution strongly advised. Weak MISA regulation, limited/subpar education, and complex withdrawals make it less ideal.
• Traders Prioritizing Strong Regulatory Protection: FXCC (via MISA-regulated Central Clearing Ltd) is likely unsuitable due to concerns about MISA’s legitimacy.
• Traders Requiring Diverse Instruments (especially Stocks): Unsuitable due to no single stock CFDs.

C. Final Verdict and Key Recommendations:

FXCC’s ECN XL account offers a competitive cost structure on paper. However, the overriding concern is the MISA (Mwali) regulatory framework. Given serious questions about MISA’s legitimacy, genuine investor protection is highly questionable, significantly elevating risk.

Persistent complaints about high effective withdrawal costs and lack of transparency in areas like the “no swaps” condition also detract from the value.

Key Recommendations for Potential Clients:

1. Exercise Extreme Caution: Due to MISA regulatory concerns.
2. Verify Regulatory Status for Specific Entities: If considering a CySEC-regulated entity, verify its active status directly with CySEC.
3. Demand Full Transparency on Fees: Get written clarification on all withdrawal costs, “no swaps” conditions, and inactivity fees.
4. Understand the Limited Recourse: Under a contested regulator like MISA, legal recourse may be ineffective.
5. Consider Alternatives: Traders prioritizing safety should strongly consider brokers regulated by reputable authorities (FCA, ASIC, recognized CySEC entities).
6. Test with Minimal Capital: If proceeding with the MISA-regulated entity, start with a very small amount to test processes, especially withdrawals.

In summary, while FXCC’s ECN XL account advertises attractive conditions, the significant concerns regarding the MISA regulatory oversight make it a high-risk proposition for most traders. Benefits of low trading costs must be weighed against substantial risks to fund safety.

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