FXCC Discussion

Hi,

Anybody here using this broker? Is this market maker broker? I want to avoid market maker broker. Last time happen at OctaFX broker. Loss my money because it touch my SL and then goes down.

Hate when broker take money like that. So now will do some research to avoid that happen again and share the info. Please review here if got trader that use this broker.

Thanks.

so here's my research:

marketmaker? according to their website, they are an ECN, hence this which i took it directly from their site:



now, i do not have an account with them and i do not plan on to so in terms of execution speed and the user side reviews, i cannot say. i'm judging based on all the 3rd party info i can find.

Account Types:

a quick look at their account types, apparently all ecn accounts in their name (mini-ecn, standard-ecn, and advanced-ecn) reveals no information on minimum spread. this is a good sign as some brokers claiming to be an ecn will show different minimum spreads for different account types and on top of that charge a commission, which i find really funny as the different minimum spreads would mean that you are manipulating the price feeds. of course, there could be other reasons as lower position sizes won't be accepted to some LPs and the illiquidity would cause a slightly wider spread.

Spreads:

their spread page was completely unhelpful. there aren't any stats on average spreads nor minimum spreads so i actually went over to myfxbook to take a look.

here's a screenshot of their spread right now on a tuesday night for me:



now, to give you a better understand of the market conditions and just how liquid the markets are right now, here's a comparison of fxcc with a few other ecn brokers which i consider top tier brokers. (for the rest of you, if you don't like these brokers i use for comparison, show your and don't bother bashing it in):



you can see that right now, icmarkets spread for eur/usd actually reached 0pips while others aren't far behind at 0.1 and 0.2 pips. only fxcc has this huge spread.

to really show what a joke they are, here's a look at their explanation:

http://www.fxcc.com/sites/all/themes...ges/Spread.png
in my opinion, their so called "aggregation engine" must really suck big time to have a spread of 2 pips on a major pair including commissions. of course, i haven't forgotten about the commission. if you look at the account types, you can see that it says 1 pip a side for mini and standard ecn accounts and 0.4 pips a side for their advanced account. i don't know about you, but this is quite insane.

so putting their commission at 2 pips for open and close, this would mean that the actual spread is maybe 0.3 pips which is still not better off than the other leading brokers.

in conclusion:

just avoid them entirely. their spreads are decent, slightly higher than icm but of course this would fluctuate throughout the trading sessions and so it really depends on when you are viewing this. however, if we were to add commission in the spread, icm's $7 commission can be lowered to $5.50 with hftgroupfx discount so that's a commission embedded in spread of 0.55 pips plus current spread of 0 so total cost in spreads is about 0.55 pips. of course, this is one of those rare opportunities where the spread hits this low. usually, icm has a spread of around 0.2 to 0.4 pips. let's use 0.4 pips to get an idea of the higher end. at 0.4 pips, the total cost can be rounded to a 1 pip spread. compare this with fxcc's 2.3 pips, that's a bit unnecessary to pay more for less, don't you think?

*note: i just took a few quick glances, better for you to read their full TOS to understand what's going on, but like i said b4, i'm not even considering them so i'm not gonna bother.

I have used them before the cyprus bailout with no dramas. In fact their service is quite good. I agree they have increased their spread around 9 months ago making them expensive but didnt concern me as im more of a swing trader. If you are a scalper then look elsewhere but for systems chasing 25+ pips then they are fine.

Why elephant ad for FXCC has a trunk facing down?
Whirlwind should be facing up - on Fortunately - potential investors.
Whirlwind facing down, discourages me a little.

I tryed using this broker until last night when there spread on the AUD/NZD pair went to nearly 50 pips and wiped out my trades , avoid and don't waist throw your money away

Bumping out of genuine curiosity.

FXCC's ECN XL account seems too good to be true, and I was wondering if there were any members who had experience with the broker, and know whether their business model is as transparent as they say i.e not a market maker, no stop hunting, straight through processing etc. Also, whether FXCC are prompt with fund transfers and withdrawals.

They're not FCA regulated, but are recognised and are CySec regulated.

Any information?

I too would be interested in other's experiences of this broker.

Their website does state that they are FCA regulated (http://www.fxcc.com/regulation) and this confirms that FSCS may be able to compensate if the firm goes bust



Or am I misunderstanding something??

Ditto that, would love to hear anybody's experience with this ECN XL account.....wow NO SWAPS!!! It sounds TOO good to be true, but remain open and eager to hear about other clients/users of FXCC.

I also want to know is FXCC is good go. I Can see no SWAP and less spread