RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
FXVC is an Australian broker offering nearly 30 currency pairs and a number of CFDs with a leverage of up to 500:1 and the MetaTrader4 platform. The broker holds a license by the local Australian Securities & Investments Commission (ASIC) and that makes trading with FXVC safe.
As we noted trading instruments include all major forex pairs and crosses as well as some exotic ones like USDCNH.
The choice of CFDs is also not bad, with assets ranging form precious metals like silver and gold to energy commodities, indices and even cryto coins like Bitcoin and Bitcoin Cash, Litecoin, Ethereum and Ripple.
FXVC trading conditions
We opened a demo account with FXVC and the benchmark EURUSD spread floated about 2,2 pips – 2,3 pips. Unfortunately that is a pip higher than what we generally consider attractive.
With the broker’s premium account the spreads are advertised to start at 1,1 pips, and that is fine. Still, bear in mind that for such an account you should deposit at least 10 000 USD or more.
As for the leverage, FXVC allows you to trade with 1:500. Remember that Australia is the last major regulatory hub, where traders can still enjoy unrestricted margin trading.
And also FXVC offers Islamic versions of their trading accounts, which means that if your religion prohibits you from taking or paying interest (as is the case with the Shariah law) you can always open a swap free or Islamic trading account, which allows you to hold a position open over night without paying interest.
FXVC regulation & safety of funds
FXVC is owned and operated by Intelligent Financial Markets Pty Ltd, an Australian company, based in Sydney and regulated by the Australian Securities & Investments Commission (ASIC)– e.g. holding an Australian Financial Services License.
That is pretty important as proper regulation is the only way you can feel secure about your investment. Remember that under ASIC Client Money Reporting Rules all clients funds have to be deposited separately in a segregated, trust account at an Australian authorized depository institution (ADI) – a rule, which ensures that your funds will be held separately form FXVC company money.
Also we should note that all ASIC brokers are obliged to grant their clients a negative balance protection, which in practice guarantees that you can not lose more money then you have deposited.
FXVC trading platforms
FXVC offers MetaTrader4 – a well known trading solution popular with experienced an beginner traders alike. MT4, developed by MetaQuotes, has been on the market for the better part of the past 10 years and that why so much trading software has been developed specifically for that platform. With MetaTrader4 you can use over 100 customizable market indicators and trading robots, with which you can enjoy running automated trading sessions. And the charting package looks also pretty good, so no wander why so many traders prefer MetaTrader4.
FXVC Markets deposit/withdrawal methods and fees
At FXVC you can pay with popular e-wallets like Neteller, Skrill and PayPall, as well as Poli, which is particularly popular in Australia. Of course the broker also accepts major cards like MasterCard and VISA as well as bank wire.
The minimum deposit requirement to open a Standard Account with FXVC is 500 USD, which is a bit higher than what most other brokers require. For the premium Pro Account the deposit requirement is even steeper – 10 000 USD.
Otherwise you can open an account in AUD, EUR, GBP or USD and the minimum sum you can withdraw is 25 AUD.