FXCC - New Broker

[Shaun12uk]

Anyone heard or tried this broker FXCC (www.fxcc.com) -all sounds to good to be true which is normally when someone steps in and says if it does it normally is!
However can someone prove me otherwise:

• 100:1 leverage
• min account of £500
• ECN - no dealing desk
• Scalpers welcome
• Very tight spreads 0.6 eur/usd and 1.2 on cable
• Commision of $10 round trip or 0.5 pip on spread

Only problem is based in Cyprus but upto 20,000 euro client funds protected by Cyprus backed fund although not really sure if that is worth the paper it is written on which is the only thing that worries me!

 

[anley]

Only problem is based in Cyprus.

That's all anyone needs to know. Probably Russian backed.

And people wonder why it all goes wrong with online FX........

 

[FXCC]

That's all anyone needs to know. Probably Russian backed.

And people wonder why it all goes wrong with online FX........

In actual fact there is no Russian involvement in the company, apart from Russian speakers on the support desks.

FXCC is fully regulated by CySec and also on the FSA register.

The other information posted by Shaun12 is correct, apart from the account opening minimums. It's 500 USD.

We work as an ECN on MT4 (with our ECN bridge) and we also offer Currenex to all clients.

The 20,000 Euro mentioned by Shaun12 is part of the ICF (Investor Compensation Fund). This is run by the Central Bank. As per CySec all client accounts are segregated.

Please feel free to contact me for anything else I can help with.
Thanks

 

[Als]

In actual fact there is no Russian involvement in the company, apart from Russian speakers on the support desks.

FXCC is fully regulated by CySec and also on the FSA register.

The other information posted by Shaun12 is correct, apart from the account opening minimums. It's 500 USD.

We work as an ECN on MT4 (with our ECN bridge) and we also offer Currenex to all clients.

The 20,000 Euro mentioned by Shaun12 is part of the ICF (Investor Compensation Fund). This is run by the Central Bank. As per CySec all client accounts are segregated.

Please feel free to contact me for anything else I can help with.
Thanks

who is involved then? easteuropeans?

accounts segregated?

hedging?

how can minilots ecn be run without dealing desk if only 500 to start?

 

[FXCC]

Als hi and thanks for stopping by.

At the risk of sounding prejudiced, we don't have any Eastern European involvement at all. We are EU and US. Personally I'm from Croydon.

Accounts are of course segregated.
Hedging is allowed

Minilots on an ECN: This is a great question, so deserves more than a one-liner.

FXCC works with a pool of banks who provide our liquidity. The banks aren't really concerned with the individual trade sizes from our clients. They see the total value of trades coming from FXCC. Whether that is made up of standard lots or mini-lots, the banks only see the TOTAL value.

We could be sending one big trade or 10 small trades. The banks see the total.

How that total is made up is of no interest to the banks. It's a bit like depositing 100 x $1 bills into your bank account, or 1 x $100 bill. The deposit slip still adds up to $100.

Hope this helps.

 

[Als]

try demo at present

and wonder

what value of profit for 1 pip of standart lot is

looks not like in all broker companies 10 but 6.7 and margin is 1000 though

that means hidden charge of 0.33 pip dnd in total all costs trader 2 pips

cant see any difference with ordinary 2 pip fixed then

in addition you want to present fxcc to be supervised by fsa

but registration does not mean regulation



did i get it right?

 

[FXCC]

Als

I've attached some screenshots which should explain the confusion.

How the commission and the margin is displayed has to do with how your account is set up.

10 USD is the same as 6.7 Euro (with the current rates).

There is no hidden charge.

Hope the screens-shots clear this up for you.

Regarding the FSA, I think I was quite clear in my original post. FXCC is on the FSA registry. I don't think I ever mentioned FSA regulation.

Please check the FSA registry yourself.
Our firm reference is:
549790

Hope this helps.

try demo at present

and wonder

what value of profit for 1 pip of standart lot is

looks not like in all broker companies 10 but 6.7 and margin is 1000 though

that means hidden charge of 0.33 pip dnd in total all costs trader 2 pips

cant see any difference with ordinary 2 pip fixed then

in addition you want to present fxcc to be supervised by fsa

but registration does not mean regulation



did i get it right?

 

[maxima]

who is involved then? easteuropeans?

exactly. send them all to the concentration camps, Adolf!

 

[Als]

beware spike from nowere

 

[FXCC]

Als, if there was a particular issue, feel free to PM me and we can look into it.

Many thanks

 

[Als]

about that spike(drop)

can't recall the date something a week ago after midnight (cet)

it was clearly the lack of liquidity what is a "normal" event

the problem is not the spike itself but the size of it

on dukascopy it was three times smaller!!!

and did not look that way but rather as a part of a gentle decline

after that i reconsided to try fxcc with minimal 500 what was an attraction



second point of unease is well defined by other trader who started this thread

whom i totally agree with

"...Only problem is based in Cyprus but upto 20,000 euro client funds protected by Cyprus backed fund although not really sure if that is worth the paper it is written on which is the only thing that worries me!....."

so many "newbie brokers" nest on this island that any of them awakes distrust from the off

thus the burdon of proof lies on the shoulders of a newcomer(broker)

 

[FXCC]

"...Only problem is based in Cyprus but upto 20,000 euro client funds protected by Cyprus backed fund although not really sure if that is worth the paper it is written on which is the only thing that worries me!....."

so many "newbie brokers" nest on this island that any of them awakes distrust from the off

thus the burdon of proof lies on the shoulders of a newcomer(broker)

Als hi again

Yes, the burden of proof lies with us, couldn't agree more. Cyprus is attractive for all types of companies though, not only forex brokers.

At the risk of sounding like an advert for the Cyprus tourism board, there are a few very good reasons for this:

1. Low Corporate Tax levels.
Current corporate tax level is 10%

2. Developed Infrastructure
Cyprus has a highly developed IT and Telecommunications network

3. High standard of English
In general, people in Cyprus have very good English skills

4. High standard of workforce skill level
Something like 60% of school leavers here go onto Higher education

These are excellent reasons for a company to locate their corporate headquarters in Cyprus.

Yes, some time ago Cyprus did have a rather "poor" reputation for being an off-shore zone for "paper" corporations. That changed when the country entered the EU. There is no longer an off-shore company scheme here. All corporations can only be registered on-shore.

FXCC is regulated and abides by the prevailing regulatory requirements in Cyprus. We have always been a locally registered company. Our company registration is here, our banking is here. There is no holding company (on-shore or otherwise) involved with FXCC, unlike some corporations which register on-shore and keep a dummy off-shore corporation behind them in one of the off-shore jurisdictions (BVI for example).

There are no nominee shareholders behind FXCC (which is another favourite trick). The shareholders of FXCC are physical persons.

There are no "dummy banks" involved with FXCC, unlike some companies which setup a banking license in some off-shore jurisdiction and add what is essentially a worthless "banking" title to their corporations.

We have never "traded as", changed our name or ever been anything other than what we are. A locally registered company.

Our CySec License is 121/10
Our FSA Register Number is 549790

The Investor Compensation Fund is operated and supervised by CySec along with the Central Bank. It's not a private entity, is not open to manipulation and is very, very strict. Certainly well worth the paper it's written on.

Hope this helps
Many thanks

 

[Als]

Als hi again

Yes, the burden of proof lies with us, couldn't agree more. Cyprus is attractive for all types of companies though, not only forex brokers.

At the risk of sounding like an advert for the Cyprus tourism board, there are a few very good reasons for this:

1. Low Corporate Tax levels.
Current corporate tax level is 10%

2. Developed Infrastructure
Cyprus has a highly developed IT and Telecommunications network

3. High standard of English
In general, people in Cyprus have very good English skills

4. High standard of workforce skill level
Something like 60% of school leavers here go onto Higher education

These are excellent reasons for a company to locate their corporate headquarters in Cyprus.

Yes, some time ago Cyprus did have a rather "poor" reputation for being an off-shore zone for "paper" corporations. That changed when the country entered the EU. There is no longer an off-shore company scheme here. All corporations can only be registered on-shore.

FXCC is regulated and abides by the prevailing regulatory requirements in Cyprus. We have always been a locally registered company. Our company registration is here, our banking is here. There is no holding company (on-shore or otherwise) involved with FXCC, unlike some corporations which register on-shore and keep a dummy off-shore corporation behind them in one of the off-shore jurisdictions (BVI for example).

There are no nominee shareholders behind FXCC (which is another favourite trick). The shareholders of FXCC are physical persons.

There are no "dummy banks" involved with FXCC, unlike some companies which setup a banking license in some off-shore jurisdiction and add what is essentially a worthless "banking" title to their corporations.

We have never "traded as", changed our name or ever been anything other than what we are. A locally registered company.

Our CySec License is 121/10
Our FSA Register Number is 549790

The Investor Compensation Fund is operated and supervised by CySec along with the Central Bank. It's not a private entity, is not open to manipulation and is very, very strict. Certainly well worth the paper it's written on.

Hope this helps
Many thanks

quality job!

(not like others...."we a good!...we are so goooooood!!!!!!!....")

nontheless some doubts will linger on the minds of many traders for some time

well....

you have great opportunity to display how transparent fxcc is

"....The shareholders of FXCC are physical persons."

this is a trump card then

why not publish fotos names and cv of the owners and management team

on your website?

take as an example fxflat

second

you did not address the question of sufficient liquidity

and linked with it price spikes

cause they can be perceived if not as stop hunting

but as some sort of neglect to provide good fills

regards....

 

[FXCC]

Als, you make some excellent points as usual.

I have a pretty simple philosophy in my life. When somebody asks a question, I give them an answer - when I can. If my answer will be anything less than factual, I simply won't give it.

In this particular case, I'm probably not the best person to answer anything "spike" related. If you can give me any extra information on this though, I promise to pass this across to the relevant department here in the company and they will look into it.

I'm not trying to pass the buck here. I just don't like:

a) dumb excuses
b) giving the wrong answers to questions which should be answered correctly

Imagine I come up with some dim-witted excuse and this turns out to be complete cods wallop. Then I look like a Muppet and have to make up another dim-witted excuse to cover up the first one.

Get me some info and this and I will get the real picture.

Regarding our shareholders, they will at some stage appear on the website. Not only our shareholders, but all the team. Bios and contacts included.

Hope this helps

quality job!

(not like others...."we a good!...we are so goooooood!!!!!!!....")

nontheless some doubts will linger on the minds of many traders for some time

well....

you have great opportunity to display how transparent fxcc is

"....The shareholders of FXCC are physical persons."

this is a trump card then

why not publish fotos names and cv of the owners and management team

on your website?

take as an example fxflat

second

you did not address the question of sufficient liquidity

and linked with it price spikes

cause they can be perceived if not as stop hunting

but as some sort of neglect to provide good fills

regards....