FXVC is an Australian broker founded in 2018 offering traders all the essential tools and regulations in order to trade the forex and CFD market. We have put it to the test by testing their platform, pros, cons, etc. Read our full review to find out all you need to know about this broker.
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What is FXVC?
Founded in 2018, FXVC is an Australian CFD and forex broker operated by Centralspot Trading (Cyprus) Ltd. The broker is regulated by the Cyprus Securities and Exchange Commission (CySEC) which means it is fully regulated in Europe.
FXVC allows traders to connect to a vast selection of financial instruments through its in-house innovative trading platform and buy or sell leveraged financial assets across seven markets.
FXVC commits to providing traders with the best trading execution, high-quality products and services, and full transparency with regard to the quality of clients’ trade execution. The broker is located at Lophitis Business Centre, Office 102, 249, 28th October Street, Limassol, 3035 Cyprus.
FXVC Products and Markets
Score: 7/10
Compared to other forex and CFD brokers like IG, FXVC has a limited selection of 305 financial assets. However, the broker ensures that clients can receive all the necessary financial products in one place as well as special financial assets like Yandex, Tata Motors, Rolls Royce, Kuwait index and more.
- Forex
- Indices
- Commodities
- Stocks (shares) – stocks in different exchanges across the globe.
- Cryptocurrencies
- Bonds
- Futures
FXVC Special Features
Score: 7/10
FXVC is focused on providing high-quality markets data, news and analysis and educational material for its clients. The broker offers useful features for a better forex trading experience including special financial assets, video chart analysis, and negative balance protection.
Special Financial Assets
One of the advantages of choosing FXVC is the special selection of financial instruments. Although the broker does not offer a wide selection like Markets.com for example, FXVC has unique financial assets such as Dubai financial index, FAZ, short banks, Gazprom (Russia), GoDaddy, Istanbul stock exchange index, Las Vegas Sands, Lukoil (Russia), Moscow interbank exchange, Oman MSM30, oranges futures, Reuters, S.bank in India, Shanghai composite, Tel Aviv 25, Turkcell (Turkey), and more.
Video Chart Analysis
FXVC offers its clients video chart analysis in order to help traders with trading decision making and analyzing the markets. In addition, the broker also offers financial news, weekly market summary and live market summary.
Negative Balance Protection
Negative balance protection ensures that traders loss will not exceed more than what they initially deposited if their account goes into negative as a result of their trading. FXVC provides all clients the negative balance protection.
Supported Countries
Score: 7/10
FXVC accepts all traders from European countries since they are licensed with CySEC. The broker does not accept traders from the following countries:
- United States
- Australia
- New Zealand
- Belgium
- Canada
- Japan
- Syria
- North Korea
- Iran
- Israel
Languages
Score: 5/10
FXVC is a new broker in the industry and even though it is one of the fastest growing forex and CFD brokers, FXVC has limited language support. Currently, the website of the broker supports English and German only.
FXVC Trading Platforms
Score: 8/10
FXVC offers its in-house trading platform, the FXVC Web Trader which is a web-based trading platform has the basic tools to execute market orders. The platform is easy to use and suits beginners traders with all the essentials functionalities to trader CFDs.
FXVC Web Trader Trading Platform
The FXVC Web Trader was developed by the broker’s team offering all the essentials tools to execute orders. It’s not the most advanced trading platform in the market and lacks and mobile application, however, if you are looking for a simple-to-use trading platform then the FXVC Web Trader can be a good solution.
WebTrader works across multiple operating systems, including Mac OSX, Linux, Windows and mobile operating systems.
Fees and Limits
Score: 8/10
Trading and Non-Trading Fees
Rollover/Overnight fees – FXVC charges overnight/rollover (swaps) fees for FX and CFDs at the end of the trading day.
Maintenance Fee – FXVC may charge for managing and maintaining the Client’s Account a monthly Maintenance Fee of €/$/£ 20.
Note that FXVC does not charge an inactivity fee, unlike other forex brokers in the industry like Oanda. The broker also does not charge registration fee.
Deposit and Withdrawal fees
FXVC does charge any deposit fee but the broker does charge a withdrawal fee of 1% of the withdrawn amount, with a minimum withdrawal fee of €/$/£ 35 (EUR/USD/GBP).
Spreads
FXVC takes pride in offering low spreads compared to other forex and CFD brokers. FXVC spreads vary depending on the account type with VIP traders will enjoy the benefit of extremely low spreads. The broker offers, for some financial assets, spreads as low as zero pips.
In conclusion, FXVC does not charge any hidden fees and the broker offers competitive spreads compared to other brokers in the industry.
Minimum Deposit
Score: 8/10
FXVC has set a minimum deposit requirement of 500 EUR/GBP/USD in order to open a real live account. The broker’s requirement is average compared to other brokers in the industry. FXVC also has a maximum deposit of 10,000 AUD for a credit card, 50,000 AUD for Neteller and unlimited for bank wire transfer and Skrill.
Account Types
Score: 7/10
FXVC offers a great selection of account types designed for all trading levels. The broker has five account types ranging from a minimum deposit requirement of €500 to €100,000. The broker offers the Basic account, Silver account, Gold account, Platinum account, and VIP account. FXVC provides traders who select the silver, gold platinum and VIP additional trading tools such daily market analysis, SMS alerts and email research.
We recommend contacting the broker before you open a trading account to clarify all the account details and benefits.
How to Sign Up and Trade on FXVC
Opening a trading account with FXVC can be done easily and quickly. All you need to do is to follow the next steps:
- Login to FXVC website and click the ‘Open Account’ button on the top right corner of the screen.
- Fill in your personal details and click the ‘Sign-Up- button.
- Then, you can fund your account via one of the payment methods.
- Start trading.
How to Configure Your FXVC Account
FXVC provides its in-house Web Trader trading platform. The platform is a web-based application, which requires a simple log in through your web browser.
FXVC Web Trader Trading Platform
FXVC Web Trader is a user-friendly trading platform with easy-to-use navigation and execution. As you log in to the platform, you can see four tabs at the top of the instruments window: CFD, forex, FXSimplified, and crypto CFDs. In the bottom of each tab, you can choose other tabs to filter the instruments.
In the dashboard, you can also see the chart and the account details. Note that you can insert orders from the main page as well as from the instrument page.
Above the chart, you have a selection of the platform’s interface. You can view a specific instrument which allows you to view the popularity (market sentiment) feature.
Another option is to view eight of your preferred instruments on the main page.
The FXVC trading platform also allows you to use the one-click trading button and insert orders of 0.01 micro lot.
Security and Regulation
Score: 8/10
Regulation
Brokers’ regulation is one of the most important factors to consider when choosing a forex and CFD broker.
FXVC is a trading name for Centralspot Trading (Cyprus) Ltd which is regulated company by the Cyprus Securities and Exchange Commission (CySEC) under license No.238/14. The broker also complies with the Markets in Financial Instruments Regulation (EU) No 600/2014.
Security
Cybercrime and the safety of funds is one of the main risks involved with depositing your funds at a certain forex and CFD broker. FXVC is offering clients security measurement to protect the safety of funds. The brokers use the internationally accepted security system SSL (Secure Sockets Layer) that encrypts all credit card payments over the web. This system is automatic, and you will receive instant notification if your browser does not support it.
The broker also provides traders the Investors Compensation Fund which provides coverage of a maximum payment to any investor of EUR 20,000.
Deposit and Withdrawal Process
Score: 8/10
FXVC does not charge any deposit fee, however, the broker charges a withdrawal fee of 1% of the withdrawn amount, with a minimum withdrawal fee of €/$/£ 35 (EUR/USD/GBP).
Deposit
FXVC offers the following payment methods in order to fund your trading account:
- Credit/Debit card (Mastercard, Visa)
- Wire transfer
- PayPal
- Neteller
- Skrill
- Poli
Withdrawal
Withdrawal from FXVC will be returned via the same payment method as the original deposit. The broker has a minimum withdrawal amount of 25 AUD/EUR/GBP /USD.
Education and Resources
Score: 8/10
One of the keys to success in trading is educational material and your development as a trader. Traders must be familiar with all the terms and trading functionalities in order to become profitable traders. Some forex and CFD brokers like Coinbase acknowledge that, providing educational content for beginners and experienced traders.
FXV provides a great education section on the website for registered clients that includes a glossary, ebooks, and video courses. The broker also offers an economic calendar, and financial news and a special education section as part of the Web Trader trading platform.
Customer Service
Score: 9/10
FXVC offers a solid customer support team. Traders and investors can contact FXVC support team between Monday to Friday via email, live, chatbot, or phone number. The broker offers phone lines in the United Kingdom, Germany, Sweden, and Cyprus.
In addition, the broker provides a useful FAQ page categorized to deposit, open account, trading platform, support, and trading.
Mobile App
Score: 9/10
FXVC has developed the in-house FXVC Web Trader trading platform which is available on web browsers. The broker, however, does not yet offer a mobile application. Take note that FXVC Web Trader trading platform is available on iOS and Android mobile browsers so you can view and execute trades from your mobile phone.
Pros and Cons
Pros:
- Special selection of financial instruments
- An advanced and innovative in-house trading platform
- Regulated broker
- Good customer service
- A selection of five account types
- Offers security measurements and safety of funds
- No hidden fees and commissions
- Offers low spreads
- Provides market news, analysis, and education material.
Cons:
- Not available for US traders
- A low leverage ratio for European traders
- A limited selection products
- No automated trading offered
Conclusion
FXVC is a new forex and CFD broker in the market and already has taken the correct steps in offering a safe and advanced trading experience. Well, there are improvements to be made such as increasing the selection of assets, developing a mobile application, and adding new features and trading tools. Nonetheless, the broker offers its own user-friendly trading platform, a unique selection of financial assets, and all the necessary regulation and security measurement for its clients.
In conclusion, based on our review we would certainly recommend FXVC as a great trading platform for all levels of users.
FAQs
What is the leverage ratio offered by FXVC?
FXVC complies with the European law and regulation which limits leverage ratio to 1:30. Although leverage can help investors to achieve many investment opportunities, high leverage ratio can either gain big profits or end up with a negative balance.
What is the minimum deposit to open a forex/CFD account at FXVC?
FXVC has a minimum deposit requirement for the basic live account of 500 EUR/GBP/USD.
Is FXVC a regulated broker?
Yes. FXVC is regulated by the Cyprus Securities and Exchange Commission (CySEC) under under license No.238/14. FXVC is EU fully regulated broker.
FXVC - Is it a scam broker?
No. Although FXVC is a new broker in the industry founded in 2018, the broker has achieved all the necessary licenses, regulations, and clients protection measurements to offer a reliable and safe trading environment.
Can I use Automated Trading with FXVC?
No, FXVC does not offer an automated trading through its in-house trading platform.
Is FXVC available in the US?
No, FXVC is not available for US traders. The broker is not regulated by the Securities and Exchange Commission (SEC) and therefore cannot offer service for US residents.
Does FXVC support MetaTrader4?
No. FXVC does not support Meta Trader 4.
