RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
FXVC is a CySEC regulated forex and CFD broker, offering a good selection of some 50 currency pairs and lots of CFDs, with a choice of five account types on a proprietary web based trading platform.
We counted a number of exotic currencies in the list, including Turkish Lira, Russian Rubble, Swedish Krona, Norwegian Krone, Polish Zloty, Singapore Dollar, Chinese Yuan, Mexican Peso, Israeli Shekel, Romanian Lei, Czech Krona, Hungarian Forint, Danish Krone, Honk Kong Dollar and South African Rand.
Other assets include CFDs on spot metals like platinum, gold and silver, commodities like natural gas, oil, coffee, cotton, sugar, cocoa and copper and even some crypto CFDs, with major coins like Ripple, Bitcoin, Ethereum, Litecoin and Dash. There are also several European indices and lots of stocks.
FXVC trading conditions
As we already mentioned FXVC offers five account types, so probably the spreads with its premium accounts would be better. As tested with a demo account, however, the benchmark EURUSD spread was fixed at 4 pips, which is more than twice higher than the maximum acceptable level with a standard account. So, regrettably we should admit, we do not like the spreads that we saw on the FXVC trading platform.
As for the maximum leverage, it is in line with the new European Securities and Markets Authority (ESMA) regulations, that came into force in the beginning of August, according which maximum leverage with all forex trade in EU is caped at 1:30, while for CFDs the cap is set at 1:20.
Besides, also in line with the new ESMA regulations, all forex and CFD brokers in Europe should publish the percent of traders that loose money with them. In the case of FXVC that number is between 74% and 89%.
Just for the record, the minimum deposit requirement to open a trading account with FXVC is 500 EUR, which is also a bit higher than the market average.
FXVC regulation & safety of funds
FXVC is a trading name of Centralspot Trading (Cyprus) Ltd., which is authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC) and that is good news as proper regulation is the single most important factor for the safety of any investment.
Among other requirements, all CySEC regulated brokers are obliged to maintain at all times a minimum operational capital of at least 730 000 EUR, as well as to keep all clients funds in a segregated, protected form creditors, trust account.
Also, all CySEC brokers have to participate in the Investor Compensation Fund – an insurance scheme that guarantees traders up to 20 000 EUR of their capital in case their broker goes insolvent. A similar compensation mechanism with FCA in the UK, guarantees traders up to 50 000 GBP of their capital.
FXVC deposit/withdrawal methods and fees
As with most other broker you can deposit or withdraw funds with FXVC through a variety of methods, including major credit or debit cards like VISA and MasterCard, e-wallets, including Skrill, as well as Electronic Find Transfer and wire transfer.
As we already mentioned, you will need to invest at least 500 EUR to open a starting Basic Account with the broker. For a Silver Account the minimum deposit requirement is 5000 EUR, for a Gold Account – 10 000 EUR, for a Platinum Account – 25 000 EUR, while for a VIP Account the minimum deposit is 100 000 EUR.