RECOMMENDED FOREX BROKERS
FXVC is a decent enough broker, equipped with almost all the industry-standard tools: a regulation, a trading software, a decent number of financial instruments, etc. However, FXVC biggest issue by far is not the number of services but their quality. We found many lacklustre elements on the broker’s side, and the following review will reveal the main ones. As for the website, one cannot want more. It’s slick and easy to go through.
FXVC is a trading name of Finteractive Ltd. The company is firmly regulated by the Cyprus Securities and Exchange Commission (CySEC). This is one of the top regulators in the world and in Europe, and some of the best brokerages around are overseen by it. One can never go wrong with a CySEC license. The Cypriot watchdog is held in high esteem because of the regulatory framework it applies to each of its brokers, which mainly consists of scrutinizing rules about frequent reports, client safety, proper conduct, a €730 000 proof of financial stability, segregated user bank accounts, and more. There is also the matter of the Investor Compensation Fund, which sees all users of brokers regulated by CySEC covered by a reimbursement plan of up to €20 000. We also came across the fact that FXVC offers a Negative Balance Protection, meaning that users’ accounts cannot go below zero.
Furthermore, FXVC is authorized to offer cross-border services to almost all EU countries plus South Africa, Iceland, and the UK.
The creation of an account was a process so simple, that for a moment we become worried. In no more than 20 seconds we had created what looked like a live account, without even having to confirm anything through email or otherwise. In all honesty, we expected much more from the user area than what we got. There was no real depth to the dashboard, and really, what you see is what you get.
The same principle can easily be applied to the trading software. There we read a EUR/USD spread of 2.1 to 2.3 pips which is definitely over the normal rate and is not the best of spreads, In fact, the acceptable modern cost of trade is around 1.5 pips for the said currency pair. The leverage is the UE is limited at 1:30 by ESMA. The tradable financial instruments are fore currency pairs, indices, stocks, cryptocurrencies, and commodities.
The website is available in English, German, Spanish, Italian, Swedish, Dutch, and Polish.
The main and only trading software used by FXVC is a web-based one, begging the question if the broker will soon integrate a desktop one, as its inclusion is very important for a regulated broker, especially by CySEC.
From this webtrader we noticed that it comes with chart indicators, multiple time-frames, a roster of chart customization options, stop-loss and take-profit, and that’s pretty much it. There is definite room for improvement here, as this mostly feels like an offshore trading software more than it does a fully CySEC regulated one.
FXVC MINIMUM DEPOSIT
Being regulated by CySEC is a guarantee that all deposits will appear safely in a user’s trading account.
The minimum deposit is €250.
As per the user payment area, the only investment gateways are credit cards and debit cards. The website promotes a lot more payment methods, most of them e-wallets but also a bank transfer means, but we found no trace of the in the user area. Perhaps once users enter their card details that they will be redirected to the alternative payment methods? We cannot know for sure, but what we do know is that with is a suspicious move by FXVC.
There are no depositing fees.
All payments are processed on the spot, except for wire transfers that can take some 5 days to do so.
FXVC WITHDRAWAL METHODS AND FEES
All withdrawals are safe, secure, and sure to appear, courtesy of the CySEC license.
The same area reveals no payment methods, so we have to trust the website with the payment methods used for withdrawing. However, as we have seen with the deposit methods, there are clear dissimilarities between the user area on the website, where payment methods are concerned. So we cannot fully trust the website with what it claims the withdrawal payment methods to be.
Furthermore, there is also a noticeable inconsistency when it comes down to the minimum withdrawal amount. According to the withdrawal are, the minimum amount to take out is €50. However, the relevant section on the website claims that the minimum is €35.
All withdrawals are processed within 24 hours.
Overall, the withdrawal aspect seems way too shady than it should be. We honestly cannot fully vouch for what we just wrote about.
With all said, we feel like FXVC has still a lot to learn. There is a lot more to be asked for, especially today, a time where online trading has been breaking records left and right. The company has cover the basic and most crucial aspect- the CySEC license- but now it’s time to focus on its brokerage experience.