FXCC, a true ECN broker answers your questions;

[FXCC]

Traders, you may have noticed the banner ads for FXCC on the T2W site over the past week or so. Whilst the fresh exposure is on the site I thought I'd take a bit of time out to briefly introduce both myself and the company to you. I'm Andrew, I head up the marketing department in Cyprus and will regularly check this thread for any questions or issues you may have as new or existing clients.

As the thread develops I'd also be delighted to discuss any wider (perhaps valuable) insights I may have into the industry which may prove to be of interest. Perhaps we could openly discuss some of the myths and concentrate on the realities.

So what separates us over and above the competition? Firstly the spreads; our typical spread on the Euro atm is circa 0.5, it's been as low as 0.2 yesterday. We are NDD true ECN, there is absolutely no dealer intervention, we place your trade out there into the liquidity 'pool' from our providers, the more you trade the more we make in commissions, but the more you trade the lower our quotes get. We welcome real scalpers and low time frame traders. Our fills are instant and the spreads are a true reflection of market conditions.

Over the next few months we'll be expanding our offering to include many support service initiatives through our FXtra 'channel' content, once we're closer to launch I'll give you all a heads up and a link.

I truly believe we have a few USPs and I'll cover them as the thread develops, firstly I'd like to mention the Currenex platform which is normally reserved for clients over a certain account level, but with FXCC you need only 500 USD to open an account and please bear in mind that at that level you'll still access the tightest spreads on offer.

As I said I wanted to keep it brief and let the thread develop organically by way off T2W membership input, so please fire away with any questions, in the meantime here's a brief history of the company and if you find yourself in Cyprus over the summer please PM me and I'll buy you lunch or dinner and give you the 'factory' tour. I can pretty much guarantee the sun will be shining and the beer will be cold… If you golf – bring the clubs. I’m off 7 but can be adversely affected by the dreaded “I can get there if I thump it” syndrome.

Brief history of FXCC:
Founded in 2010 we received our CySec Regulation (License Number 121/10) in September 2010. Our FSA Registry followed in 2011 (Firm Reference Number 549790).

The product we offer is a true ecn environment. We don’t do dealing desks, so there is no price manipulation. Platforms on offer include MT4 (with our ECN bridge), Currenex and iTrader for iPhone and iPad.

Looking forward to any and all questions, so feel free to fire away.
Thanks
Andrew, FXCC

 

[forker]

Do you have insurance to cover your clients in case you go under?

 

[FXCC]

Do you have insurance to cover your clients in case you go under?

Forker, thanks for stopping by. I won't start spouting canned responses here or "one I prepared earlier". The long and short of it is that FXCC belongs to the Investor Compensation Fund which covers client funds upto 20,000 Euros. Plus we segregate all client funds.

I would add one thing here. CySec is tough. There is a lot of misconception about Cyprus and how people perceive it as being an off-shore haven. Fact is there is no longer any off-shore structure in Cyprus. CySec has recognised the fact however that the misconception still lingers and they have toughened up their policies considerably.

Hope this helps

 

[forker]

Thanks for the clarification.

 

[FXCC]

Thanks for the clarification.

Glad I could help. Anything else, feel free to ask.
Andrew

 

[YouAreNotFree]

''Opening an account with FXCC is easy. All you need to do is fill out the simple online registration form, attach documents, submit the form to us, and we will do the rest for you in just a few minutes.''

Mine has still not been processed after I submitted the necessary docs on Friday.

I contacted customer support via live chat, but the lady left me waiting for so long whilst she attempted to find out what was going on that I ended up drifting onto doing something else and completely forgot about our convo.

 

[FXCC]

''Opening an account with FXCC is easy. All you need to do is fill out the simple online registration form, attach documents, submit the form to us, and we will do the rest for you in just a few minutes.''

Mine has still not been processed after I submitted the necessary docs on Friday.

I contacted customer support via live chat, but the lady left me waiting for so long whilst she attempted to find out what was going on that I ended up drifting onto doing something else and completely forgot about our convo.

Dear Sir,

First and foremost I would like to thank you for your interest in FX Central Clearing Ltd.

We apologize for the inconvenience, and please I need little information to help me investigate this issue quickly.

May you please send me Private Message with your email address which you’ve used while registration with us.

Note: Please bear in mind that sometimes spam programs may identify our emails as spam. It may help if you change the setting of your spam detection programs and marked FXCC as trusted sender.

Best Regards,

 

[pboyles]

Dear Sir,

First and foremost I would like to thank you for your interest in FX Central Clearing Ltd.

We apologize for the inconvenience, and please I need little information to help me investigate this issue quickly.

May you please send me Private Message with your email address which you’ve used while registration with us.

Note: Please bear in mind that sometimes spam programs may identify our emails as spam. It may help if you change the setting of your spam detection programs and marked FXCC as trusted sender.

Best Regards,

Could you clarify something for me. You list your address in Cyprus, however your company, FX Central Clearing Ltd, is registered to an address in London, your web server is in Germany.

If I wanted to come to your office to check you were a genuine broker where would I go? The reason I ask is that your published address seems to be home to a company called Divine Advertising Ltd.

http://www.cyprus.com/professional-services/marketing-advertising.html

 

[Black Swan]

Could you clarify something for me. You list your address in Cyprus, however your company, FX Central Clearing Ltd, is registered to an address in London, your web server is in Germany.

If I wanted to come to your office to check you were a genuine broker where would I go? The reason I ask is that your published address seems to be home to a company called Divine Advertising Ltd.

http://www.cyprus.com/professional-services/marketing-advertising.html

Several businesses have addresses at Canary Wharf..is that an issue?

 

[FXCC]

Could you clarify something for me. You list your address in Cyprus, however your company, FX Central Clearing Ltd, is registered to an address in London, your web server is in Germany.

If I wanted to come to your office to check you were a genuine broker where would I go? The reason I ask is that your published address seems to be home to a company called Divine Advertising Ltd.

http://www.cyprus.com/professional-services/marketing-advertising.html

PBoyles hi and thanks for dropping by.

We actually took over the old offices of Divine. They moved to new offices down the road (or up depending on which way you're coming) at No. 6 Spyrou Kyprianou Avenue. We're at No. 16 Spyrou Kyprianou Avenue. Same street, same post code.

http://www.divineadvertising.com/#/contact/divinecontact/

Our registered address is also shown on the CySec registration page:
http://www.cysec.gov.cy/licence_members_1_en.aspx

It's in alphabetical order so scroll down a bit and you'll get our registered address.
16 Spyrou Kyprianou Avenue.

If you did fancy a visit to the offices, more than happy to see you here. Any time before end-September and I can guarantee the sun will be hot and the beer cold. After that, it might not be that hot, but the beer will still probably be cold.

Hope this helps.

 

[pboyles]

Several businesses have addresses at Canary Wharf..is that an issue?

It may well be if they have the same address and office number. However it could also be a coincidence or mistake, the point is it that it should be clarified.

 

[Black Swan]

Boylesey,

I know you've got a bit of a rep on 'ere as a sleuth but as I've mentioned to you before it's bordering on a bit obsessional at times, Give it a rest eh? How about asking something constructive for a change, such as questions regarding allowing the use of Currenex, even for micro accounts, or asking for an opinion on dealer plug ins versus ECN, stp, bridge etc given that's been raised as an issue again recently on other threads..

 

[pboyles]

What next, exposing Goldman Sachs?

Too late

http://www.nytimes.com/2010/07/16/business/16goldman.html

 

[FXCC]

Well I did say I would be available to answer any and all questions and physical address is a concern. To re-cap (and apologies to Goldman Sachs) we are located at 16 Spyrou Kyprianou Avenue which was the old premises of Divine Advertising. They are now at 6 Spyrou Kyprianou Avenue. We still get some of their mail and somehow managed to inherit their aquarium which is filled, as far as I can make out, with mad fish.

I can understand the concern PBoyles might have had. We've all heard stories about brokerages started with a laptop and an MT4 license, so were we are physically is a concern.

One note to BlackSwan - Yes, I would be more than happy to discuss the dealing desk plugins on MT4. Getting re-quoted by a dealer is NOT the complicated thing some people believe. It's a mouse-click.

We do offer MT4 BUT with an ECN bridge which bypasses the dealer options. On Currenex it's not an issue.

Any and all questions people. I'll do my best to get a straight answer to you.

Thanks, Andrew

 

[YouAreNotFree]

Dear Sir,

First and foremost I would like to thank you for your interest in FX Central Clearing Ltd.

We apologize for the inconvenience, and please I need little information to help me investigate this issue quickly.

May you please send me Private Message with your email address which you’ve used while registration with us.

Note: Please bear in mind that sometimes spam programs may identify our emails as spam. It may help if you change the setting of your spam detection programs and marked FXCC as trusted sender.

Best Regards,

Sorted now.

 

[Black Swan]

Sorted now.

Will you be using the Currenex platform? I'm just beginning to get to grips with it....impressed.

 

[YouAreNotFree]

Will you be using the Currenex platform? I'm just beginning to get to grips with it....impressed.

I was going to use it for placing trades, and MT4 for my chart analysis.

But, in the end I think i'm going to stay with my SB broker because of this.......

http://www.trade2win.com/boards/bro...ing-anything-but-spreadbetting-companies.html

 

[stiltskin]

I was going to use it for placing trades, and MT4 for my chart analysis.

But, in the end I think i'm going to stay with my SB broker because of this.......

http://www.trade2win.com/boards/bro...ing-anything-but-spreadbetting-companies.html

Looks like another Broker promising to be honest and then stitching you up, the search goes on.

 

[Black Swan]

I was going to use it for placing trades, and MT4 for my chart analysis.

But, in the end I think i'm going to stay with my SB broker because of this.......

http://www.trade2win.com/boards/bro...ing-anything-but-spreadbetting-companies.html

Were you looking to only open with £500? IMHO you need to weigh up; the spreads on offer, and or the commission per trade and the fact you get Currenex with very small accounts.. on the face of it I reckon you're being a touch hasty..

 

[FXCC]

Looks like another Broker promising to be honest and then stitching you up, the search goes on.

The concerns the OP posted on that thread have been addressed. To his satisfaction or not remains to be seen, but this question was addressed.

It would be a lot easier for us (and a lot more profitable) to run a dealer desk setup. That way we would be more than happy to cover any and all funding charges and even offer mega sign-up bonuses. The size of the bonus is pretty much irrelevant. It's not as if any of it would ever be paid out.

On a dealing-desk setup, all we would need to do is keep hitting the Reject button (and Yes, that's all there is to it) till the amazingly generous bonus and the underlying deposit were gone.

Many thanks
Andrew