Risk Warning

Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.

Overview of FXCC

FXCC (Forex Central Clearing Ltd) is a brokerage firm specializing in foreign exchange (forex) trading. Founded in 2010 and headquartered in Limassol, Cyprus, FXCC is regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 121/10, ensuring compliance with financial and operational standards to safeguard client interests.

With a focus on providing a robust trading experience, FXCC offers a diverse range of tradable assets, including forex pairs, commodities, indices, and cryptocurrencies. Traders can access major, minor, and exotic currency pairs, enabling them to diversify their portfolios and explore various market opportunities.

FXCC caters to different trading preferences by offering multiple account types. These include standard accounts, ECN (Electronic Communication Network) accounts, and Islamic accounts suitable for traders adhering to Shariah principles. Each account type may have specific features and trading conditions tailored to meet the needs of different traders.

Is FXCC regulated？

FXCC (Forex Central Clearing Ltd) is a regulated brokerage firm. It is authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 121/10 and Nevis with registration number C 55272. Being regulated by CySEC signifies that FXCC operates in compliance with the regulatory framework and standards set forth by the CySEC.

Regulation by CySEC is significant as it ensures that the company adheres to strict financial and operational guidelines designed to protect the interests of clients. It includes measures such as segregation of client funds, ensuring transparency in pricing and execution, and implementing risk management protocols.

The regulatory oversight provided by CySEC aims to maintain the integrity of the financial markets and foster a fair and secure trading environment for investors. It also offers a certain level of recourse for clients in case of disputes or issues that may arise during the course of their trading activities.

Pros and Cons

FXCC, a regulated broker authorized by the Cyprus Securities and Exchange Commission (CySEC), offers several advantages and disadvantages. On the positive side, FXCC provides a wide range of tradable assets, including forex, commodities, indices, and cryptocurrencies, allowing for diversification and trading opportunities. The broker also offers competitive leverage ratios, multiple trading platforms such as MetaTrader 4 (MT4) and MetaTrader 5 (MT5), and various channels of customer support, ensuring prompt assistance.

However, some drawbacks include limited account types, a non-transparent fee structure that may make it challenging for traders to understand costs, limited educational resources compared to other brokers, limited bonus offerings, and the possibility of withdrawal fees. Traders should carefully consider these factors and conduct their own research to determine if FXCC aligns with their specific needs and preferences.

Market Instruments

FXCC offers a range of market instruments for trading. Here are some common market instruments that the company typically provides:

Forex Currency Pairs: FXCC specializes in forex trading and offers a wide selection of currency pairs. This includes major currency pairs like EUR/USD, GBP/USD, and USD/JPY, as well as minor and exotic currency pairs such as USD/ZAR or AUD/NZD. These currency pairs allow traders to participate in the global foreign exchange market and take advantage of currency fluctuations.

Commodities: FXCC may provide trading opportunities in various commodities such as gold, silver, crude oil, natural gas, and agricultural products. Trading commodities allows investors to speculate on the price movements of these tangible assets, which are influenced by factors such as supply and demand dynamics, geopolitical events, and economic indicators.

Indices: FXCC may offer trading on popular stock market indices like the S&P 500, Dow Jones Industrial Average, FTSE 100, or Nikkei 225. Trading indices allows investors to gain exposure to a basket of stocks representing a particular market or sector, providing opportunities to profit from the overall performance of the index.

Cryptocurrencies: As cryptocurrencies gain popularity, FXCC may provide trading opportunities in digital currencies such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and others. Trading cryptocurrencies allows investors to speculate on their price movements without owning the underlying assets.

Main Account Types

FXCC typically offers multiple account types to cater to different trading preferences, including ECN XL Accounts in either Standard Account type Islamic Account type. While the specific account types may be subject to change or updates, the website primarily provides information on the ENC XL Account type. Here is a short description of ENC XL Accounts and each common account type that FXCC may provide:

ECN XL Accounts: ECN (Electronic Communication Network) XL accounts are known for providing direct market access. These accounts typically offer tighter spreads and faster order execution since they connect traders directly to liquidity providers, such as banks and financial institutions. ECN accounts may have variable spreads and charge a commission per trade.

Standard Accounts: Standard accounts are designed for traders who prefer a straightforward trading experience. These accounts typically have fixed or variable spreads and may require a minimum deposit to open. They offer access to the available tradable instruments and basic trading features.

Islamic Accounts: FXCC may offer Islamic accounts for traders who adhere to Shariah principles. Islamic accounts operate in compliance with Islamic finance principles, ensuring that no interest (swap) charges are applied on overnight positions. These accounts may have specific terms and conditions to meet Shariah requirements.

According to their website, the main type of account launched is the ECN XL type. The ECN XL type is described as including no minimum deposit with a 100% first deposit bonus, a Lot Size of 0.01 and a 1:500 max leverage. The ECN XL account also allows hedging as well as gives the option between a Standard Account and an Islamic Account.

In conclusion, FXCCs offered ECN XL account gives primary deposit incentive, the ability to hedge funds, and a choice between two account types.

Set-by-set on opening an account

1. Visit the FXCC official website: Use a web browser to navigate to the official website of FXCC. (https://www.fxcc.com/)

2. Locate the “Open Account” button: Look for a prominent button or link on the website's homepage that leads to the account registration process. It's often located in the top right corner or the main navigation menu.

3. Choose the account type: Select the desired account type based on your trading preferences and requirements. FXCC may offer different account options, such as standard accounts, ECN accounts, or Islamic accounts. Review the account types available and choose the one that suits you best.

Leverage

FXCC typically provides leverage ratios ranging from 1:1 up to 1:500. However, it's important to note that leverage requirements can be subject to change and may be adjusted based on regulatory guidelines and market conditions.

Spreads & Commissions (Trading Fees)

The specific trading fees charged by FXCC can vary depending on various factors such as the type of account, trading instruments, and market conditions. A spread commission, also known as a spread markup, is a fee charged by a broker for executing trades on behalf of traders. It is a common pricing model used in financial markets, particularly in forex trading. FXCC typically charges spreads, which is the difference between the bid and ask price of a trading instrument. Spreads can vary based on market liquidity, volatility, and the type of account. ECN accounts usually have tighter spreads compared to standard accounts but may charge a commission per trade. ECN accounts at FXCC may have a commission structure where a fixed fee is charged per lot traded. This commission is separate from the spreads and is applicable to trades executed in ECN account types. The specific spread and commission rates can vary based on the account type, trading instrument, and market conditions. Traders should carefully review the details provided by FXCC to understand the applicable spreads and commissions for their trading activities. It's important to consider the spread and commission model, along with other factors such as execution speed and overall trading conditions, when assessing the cost of trading with FXCC.

Bonuses

Typically, FXCC offers bonuses which may include welcome bonuses for new clients, deposit bonuses that provide additional funds based on the amount deposited, and loyalty or referral bonuses for existing clients who refer new traders or maintain a long-term relationship with the broker. These bonuses can provide traders with additional trading capital or rewards, potentially enhancing their trading experience.

It's important for traders to thoroughly review the terms and conditions associated with any bonuses offered by FXCC, as there are usually requirements that need to be fulfilled before the bonus can be withdrawn. Such requirements may include minimum trading volumes, specific timeframes, or other criteria set by the broker.

Trading Platform

FXCC typically offers popular trading platforms to its clients. While the specific platforms provided may vary or evolve over time, here are some common trading platforms that FXCC may offer:

MetaTrader 4 (MT4): MT4 is a widely used and highly regarded trading platform in the industry. It offers a user-friendly interface, advanced charting tools, a wide range of technical indicators, and automated trading capabilities through Expert Advisors (EAs). MT4 is known for its stability, customization options, and extensive community support.

Multi Account Manager (MAM): MAM is a money manager that can execute trades on the master account, and those trades are automatically replicated in the connected client accounts. This allows for efficient management and execution of trades across multiple accounts without the need to individually place trades for each client.

Deposit & Withdrawal

FXCC's minimum deposit requirement typically starts from $100 or its equivalent in other currencies. However, it's important to note that the minimum deposit amount can vary based on the chosen account type and the payment method used. Different account types may have different minimum deposit requirements, and certain payment methods may have their own minimum deposit limits imposed by the respective payment processors.

FXCC may charge withdrawal fees, but the exact fees and conditions can vary depending on several factors, including the withdrawal method, the account type, and the amount being withdrawn. It's advisable to review the information provided on the official FXCC website or contact their customer support directly for the most accurate and up-to-date details regarding withdrawal fees.

Customer Support

FXCC offers customer support to assist their clients with inquiries, technical issues, and other concerns. The company provides various channels through which customers can reach their customer support team. Here are some common customer support options provided by FXCC:

Phone Support: FXCC may offer phone support, allowing customers to directly speak with a representative. The contact numbers for phone support are typically provided on their website or in the client portal. Customers can call the provided phone numbers during the specified working hours to seek assistance.

Email Support: Customers can contact FXCC's customer support team via email. This method allows customers to describe their queries or issues in detail and receive a response from the support team. The email address for support is typically available on the FXCC website.

Live Chat: FXCC may offer a live chat feature on their website. This enables customers to engage in real-time text-based conversations with a support representative. Live chat is often preferred for its convenience and quick response times.

Online Contact Form: Some brokers, including FXCC, may provide an online contact form on their website. Customers can fill out the form with their details and submit their queries or concerns. The support team will then respond via email or the preferred communication method.

Educational Resources

FXCC may offer a range of educational resources to assist traders in enhancing their knowledge and skills. Here are some potential education resources that FXCC may provide:

Video Tutorials: FXCC may offer video tutorials covering various trading topics, including platform tutorials, trading strategies, technical analysis, and risk management. These videos can provide visual and step-by-step guidance for traders.

Webinars: FXCC may conduct webinars on a regular basis, featuring market experts and experienced traders. Webinars can cover a wide range of topics, including market analysis, trading techniques, and risk management. Participating in webinars allows traders to gain insights and interact with industry professionals.

Trading Tools: FXCC may provide traders with access to trading tools, such as economic calendars, market analysis tools, and indicators. These tools can help traders make informed trading decisions and analyze market trends.

eBooks: FXCC may offer educational eBooks covering various aspects of trading, including trading psychology, technical analysis, fundamental analysis, and risk management. eBooks provide in-depth information and can be a valuable resource for traders of different experience levels.

Glossaries: FXCC may provide a glossary of trading terms and definitions. This can be helpful for new traders or those who want to clarify specific trading terminology.

Trading Academies: FXCC may have a dedicated trading academy or educational section on their website. These academies often provide structured learning materials, courses, quizzes, and interactive learning resources to help traders develop their skills.

Market Insights: FXCC may offer regular market insights, including market analysis, daily/weekly market summaries, and economic news updates. These insights can provide traders with a better understanding of market trends and potential trading opportunities.

Conclusion

FXCC is a regulated forex broker headquartered in Cyprus. They offer a wide range of financial services, including forex, commodities, indices, and cryptocurrencies. Traders can access these markets through popular platforms like MT4 and MT5. With multiple account types and competitive leverage ratios, FXCC caters to different trading preferences. They provide customer support via phone, email, live chat, and online forms. FXCC also offers educational resources such as tutorials, webinars, and market insights.

FAQs

Q: Is FXCC a regulated broker？

A: Yes, FXCC is a regulated broker authorized and supervised by the Cyprus Securities and Exchange Commission (CySEC).

Q: What is the minimum deposit requirement at FXCC？

A: The minimum deposit requirement at FXCC typically starts from $100 or its equivalent in other currencies, although it may vary based on the chosen account type.

Q: What trading platforms does FXCC offer？

A: FXCC offers popular trading platforms such as MetaTrader 4 (MT4) and MetaTrader 5 (MT5), providing traders with a reliable and feature-rich trading environment.

Q: Can I trade multiple asset classes with FXCC？

A: Yes, FXCC offers a range of tradable assets including forex, commodities, indices, and cryptocurrencies, allowing traders to diversify their portfolios.

Q: How can I contact FXCC's customer support？

A: You can reach FXCC's customer support through various channels, including phone support, email support, live chat on their website, or by filling out an online contact form.

General information and regulations of TopFX

Established in 2010, TopFX is an online Forex broker regulated by CYSEC, FCA and FSA at present.

TopFX is a reputable brokerage firm established in Cyprus. It caters to individual retail traders, institutional investors, and professional traders worldwide. They offer a wide range of financial services, including Forex, Indices, Shares, Metals, Energies, Cryptocurrencies, ETFs, and more. Traders can choose from multiple account types with spreads starting from 1.0. The maximum leverage is 1:1000, allowing traders to amplify their positions. TopFX provides a seamless trading experience through their advanced platforms, MetaTrader 4 (MT4), and cTrader, available on desktop, web, and mobile devices.

In the following article, we will analyze the characteristics of this broker from various aspects, providing you with simple and organized information. If you are interested, please read on. We will also briefly summarize the main advantages and disadvantages so that you can understand the broker's characteristics at a glance.

Is TopFX legit or a scam？

Yes, TopFX Global Ltd is a company registered under the Laws of Seychelles with registration number 8424819-1 and licensed by the Financial Services Authority (FSA) of Seychelles with a Securities Dealer License No: SD037.

Another regulated entity within the group: TopFX Ltd is registered as a Cyprus investment firm (CIF) and licensed by the Cyprus Securities and Exchange Commission (CySEC) under licence number 138/11 in accordance with the Markets in Financial instruments Directive (MiFID II).

Pros and Cons

TopFX offers several advantages to traders. Firstly, they provide a diverse range of market offerings, allowing traders to access various financial instruments. Additionally, TopFX offers competitive spreads, ensuring cost-effective trading. The platform is equipped with advanced trading platforms, offering advanced features and tools for enhanced trading experiences. Furthermore, TopFX is regulated, providing a secure and reliable trading environment. Traders can also choose from flexible account options to suit their individual needs. However, it's worth noting that TopFX has limited educational resources and no fixed spread accounts. Customer support channels are also limited, and there are no social trading features or guaranteed stop loss orders available.

Market instruments

TopFX offers investors access to conventional and popular tradable financial instruments on global financial markets, mainly Forex (more than 60 currency pairs), indices, stocks, metals (gold, silver, platinum, palladium), energy, cryptocurrencies, ETFs, etc.

1. Forex: TopFX allows traders to participate in the foreign exchange market, offering a wide selection of currency pairs. Traders can speculate on the price movements between major, minor, and exotic currency pairs, taking advantage of the volatility and liquidity of the Forex market.

2. Indices: TopFX provides trading opportunities on major global stock indices, such as the S&P 500, NASDAQ, FTSE 100, and Nikkei 225. Traders can speculate on the overall performance of a specific stock market rather than individual stocks, based on their analysis and market insights.

3. Shares: TopFX offers access to a variety of shares from global markets. Traders can invest in individual company stocks, such as Apple, Google, or Amazon, and take advantage of the price movements of these shares.

4. Metals: TopFX allows trading in precious metals like gold, silver, platinum, and palladium. These metals are often considered safe-haven assets and can be used as a hedge against inflation or economic uncertainties. Traders can speculate on the price fluctuations of these metals.

5. Energies: TopFX provides trading opportunities in energy markets, including oil and natural gas. Traders can participate in the price movements of these energy commodities, which can be influenced by geopolitical events, supply and demand dynamics, and other market factors.

6. Cryptocurrencies: TopFX offers trading in popular cryptocurrencies like Bitcoin, Ethereum, Litecoin, and Ripple. Traders can take advantage of the high volatility and liquidity of the cryptocurrency market, speculating on the price movements of these digital assets.

7. ETFs (Exchange-Traded Funds): TopFX allows traders to invest in ETFs, which are investment funds traded on stock exchanges. These funds are composed of a basket of assets, such as stocks, bonds, or commodities. Traders can gain exposure to a diversified portfolio of assets by trading ETFs.

8. Range of Markets: In addition to the above instruments, TopFX provides access to a wide range of other markets, allowing traders to explore various trading opportunities. These markets may include commodities, bonds, options, futures, and more.

Spreads and commissions for trading with TopFX

TopFX offers competitive spreads and commissions across its three account types: Zero Account, Raw Account, and VIP Account. The Zero Account features spreads starting from 1.0, while the Raw Account offers incredibly tight spreads starting from 0.0. For the VIP Account, spreads start from 0.2. Both the Zero Account and the VIP Account come with zero commissions, allowing traders to focus solely on the spreads. On the other hand, the Raw Account charges a commission of $2.75 per lot traded. These flexible options cater to traders of various strategies and preferences, ensuring cost-effective trading conditions at TopFX.

Account Types for TopFX

Demo Account: TopFX does not provide a demo account that allows you to try out the financial markets without the risk of losing money.

Live Account: TopFX provides three distinct types of trading accounts to cater to the diverse needs of traders: Zero Account, Raw Account, and VIP Account.

The Zero Account is an ideal choice for traders looking for competitive spreads without any commission charges. With spreads starting from 1.0 pip and zero commission, this account offers a cost-effective trading solution. The minimum deposit requirement of $500 ensures accessibility for traders at different levels, while the maximum leverage of 1000:1 provides flexibility in managing trading positions.

For traders seeking the tightest spreads and direct market access, the Raw Account is a suitable option. With spreads starting from 0.0 pip and a commission of $2.75 per lot traded, this account offers ultra-low-cost trading. The minimum deposit of $5000 reflects a higher commitment level, attracting more experienced traders. Additionally, the account provides a maximum leverage of 1000:1, allowing traders to amplify their trading potential.

The VIP Account is designed for high-volume and high-net-worth traders who require personalized support and exclusive features. With spreads starting from 0.2 pip and zero commission, this account offers competitive trading conditions. The minimum deposit requirement of $50,000 ensures that only elite traders can access the VIP Account, providing a tailored trading experience. The maximum leverage of 1000:1 enables traders to maximize their capital efficiency.

How to open an account？

The account opening process with TopFX is straightforward and can be completed in a few simple steps:

1. Registration: Visit the TopFX website and click on the “Open Account” or “Register” button. You will be directed to a registration form where you need to provide your personal details such as name, email address, and phone number. Create a username and password for your account.

2. Verification: After submitting the registration form, you will need to go through a verification process to comply with regulatory requirements. This typically involves submitting identification documents such as a passport or driver's license, as well as proof of address such as a utility bill or bank statement. TopFX will review and verify your documents.

3. Account Selection: Once your account is verified, you can choose the type of trading account that best suits your needs. Select from the Zero Account, Raw Account, or VIP Account, considering factors such as spreads, commissions, minimum deposit, and leverage. Take the time to review and understand the features and conditions of each account type before making a decision.

4. Funding Your Account: After selecting your desired account type, it's time to fund your trading account. TopFX offers multiple convenient payment methods, including bank wire transfer, credit/debit card, and online payment systems. Follow the instructions provided on the website to deposit the minimum required amount or any additional funds you wish to allocate for trading.

5. Start Trading: Once your account is funded, you can log into the TopFX trading platform using your credentials. Familiarize yourself with the platform's features and tools, and you're ready to start trading. Choose from a wide range of market instruments, analyze the market, place trades, and manage your positions.

It's important to note that the account opening process may vary slightly based on individual circumstances and regulatory requirements. TopFX strives to make the process as efficient and user-friendly as possible, providing support and guidance throughout the journey to ensure a smooth account opening experience.

Trading platforms offered by TopFX

TopFX offers traders two high-performance trading platforms in the retail sector, MT4 and cTrader. Both support automated trading solutions, occupying the top two places in this sub-sector. The trading platform options at TopFX are excellent and show that the management understands traders' needs. Traders can opt for an enhanced MT4 trading platform or cTrader as an alternative.

Leverage offered by TopFX

At TopFX, leverage allows traders to amplify their trading positions. With a maximum leverage of 1000:1, offered across all three account types - Zero Account, Raw Account, and VIP Account - traders can control larger positions in the market with a smaller initial capital investment. This high leverage enables potential for increased profits, but it is important to remember that it also carries a higher level of risk. Traders should exercise caution and employ proper risk management strategies when utilizing leverage to maximize their trading opportunities at TopFX.

Deposit and withdrawal methods and fees

TopFX offers a wide range of options for Deposit & Withdrawal, making it convenient and flexible for traders. Users can choose from various methods including Credit/debit cards, Bank Wire Transfer, E-wallets, and Cryptocurrency, such as PayPal, Skrill, Neteller, China UnionPay, mPay, FasaPay, Webmoney, among others. Each method may have different minimum deposit requirements, but the overall minimum deposit is $50. Whether you prefer traditional banking methods, digital wallets, or even cryptocurrencies, TopFX ensures that you have plenty of options to fund your trading account and make withdrawals. This diverse range of options allows traders to choose the method that suits them best and provides a seamless and hassle-free experience when it comes to managing their funds.

Educational resources

A series of educational resources is available at TopFX, such as trading signals, news, trading central, market analysis, etcetera.

Customer support of TopFX

The customer support, offered by TopFX, is moderate. That is, it has the basics like email, phone number, address, social networks, multilingual service. These are necessary, but it will be better if it could offer more like live chat, callback, Q&A, and so on.

Here are more details about the customer support service

Languages: English, Spanish, Arabic, Chinese, French, Portuguese and so on.

Address: CT House, Unit 8, Office No 8H, Providence Mahe Seychelles

Phone: +248 4374705

Email: support@topfx.com.sc

Social media: Facebook, Instagram, LinkedIn

Users exposures on WikiFX

On our website, you can see that some users have reported scams. Please be aware and exercise caution when investing. You can check our platform for information before trading. If you find such fraudulent brokers or have been a victim of one, please let us know in the Exposure section, we would appreciate it and our team of experts will do everything possible to solve the problem for you.

Customer Support

TopFX provides excellent customer support through multiple channels, ensuring that traders receive timely assistance whenever they need it. Users can reach out to their customer support team via phone, email, and live chat. With the phone option, traders can directly speak with a representative who can address their queries and provide real-time assistance. Email support allows traders to send detailed inquiries or requests, and the TopFX team strives to respond promptly with helpful solutions. Live chat is another convenient option, enabling traders to have instant conversations with support agents, allowing for quick resolutions to their concerns. Whether you prefer the convenience of live chat, the personal touch of a phone call, or the detailed communication of an email, TopFX's customer support team is dedicated to delivering efficient and effective assistance to ensure a smooth trading experience for all users.

Educational Resources

TopFX offers a range of educational resources to help traders enhance their knowledge and improve their trading skills. They provide webinars where experts share valuable insights and strategies. Traders can access informative articles that cover various trading topics and market trends. Tutorials are available to guide users through different aspects of trading, from basic concepts to advanced techniques. Additionally, TopFX provides comprehensive market analysis, including technical and fundamental analysis, to assist traders in making informed decisions. With these educational resources, traders can stay updated, learn new strategies, and develop a better understanding of the financial markets, ultimately improving their trading performance.

Conclusion

In summary, TopFX is a reputable brokerage firm based in Cyprus, offering a diverse range of financial services to individual retail traders, institutional investors, and professional traders worldwide. With a wide range of market instruments, competitive spreads, and advanced trading platforms like MetaTrader 4 and cTrader, TopFX provides traders with a comprehensive and reliable trading experience. The company is regulated by the Financial Services Authority (FSA) of Seychelles and the Cyprus Securities and Exchange Commission (CySEC), ensuring a secure and trustworthy trading environment. Traders can choose from flexible account options, including the Zero Account, Raw Account, and VIP Account, with varying spreads, commissions, and leverage options. While TopFX offers excellent customer support, it has limited educational resources and lacks certain features like fixed spread accounts, social trading, and guaranteed stop loss orders. Overall, TopFX offers a solid trading platform with competitive conditions, suitable for traders of all levels.

FAQs

Q: Is TopFX a regulated broker？

A: Yes, TopFX is a regulated broker. It is authorized and regulated by several top-tier financial authorities, including the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC) in Cyprus.

Q: What trading instruments are available at TopFX？

A: TopFX offers a wide range of trading instruments, including Forex, Indices, Shares, Metals, Energies, Cryptocurrencies, ETFs, Range of Markets

Q: What trading platforms does TopFX offer？

A: TopFX offers several trading platforms, including MetaTrader 4 and cTrader.

Q: What is the minimum deposit required to open an account with TopFX？

A: The minimum deposit required to open an account with TopFX is $50.

Q: What is the maximum leverage offered by TopFX？

A: The maximum leverage offered by TopFX is 1:1000.