|Supported languages:||English and German|
|Year of foundation:||2014|
|Holder:||Centralspot Trading Ltd|
|Headquarters:||249, 28th October Street, Lophitis Business Centre 1, Office 102, CY-3035 Limassol|
|Methods of contacting customer support:||E-mail, phone, online chat|
|Deposit/Withdrawal methods:||Bank transfer, Skrill, Neteller, Trustly, Debit, and Credit Cards|
|Minimum deposit:||500 USD|
|Financial leverage:||Up to 1:30 in the European Union, outside the EU is significantly higher|
|Spreads:||EUR/USD 2,9 pips on a standard account type|
|Underlying assets:||Forex, shares, commodities, indexes, cryptocurrencies|
|Other trading platforms:||WebTrader|
FXVC is one of the leading CFD brokerages that offers a wide selection of financial markets including stocks, commodities, indices, forex, and cryptocurrencies. All of these assets can be traded on their proprietary web trading platform.
The company was initially founded in 2014, and it has been expanding ever since so that in 2020 it welcomes traders from across the globe. FXVC is owned and controlled by Central Spot Trading Limited from their headquarters which are located in Cyprus.
This in-depth FXVC review will cover the most important aspects traders should consider before choosing the best broker to suit their individual needs.
FXVC is a trading brand of Centralspot Trading Limited. They are regulated and authorized by the Cyprus Securities and Exchange Commission (CySEC). For traders, this should be a great sign, since CySEC is one of the most renowned regulatory bodies across the world. As a part of the EU, CySEC’s regulations and operations comply with all European financial laws. All brokers under CySEC have to maintain a minimum of $730,000 in operational capital. Furthermore, all client funds need to be in protected and segregated accounts. FXVC also needs to be a part of an insurance scheme – Investor Compensation Fund, that guarantees a sum of up to $20,000 of traders capital, in case the company goes bankrupt.
FXVC went the extra mile by ensuring full collaboration with the Know Your Customer (KYC) guidelines. These were set in motion by EU regulatory authorities to prevent identity theft and money laundering.
The KYC policy is an important piece of additional safety that goes a long way when it comes to ensuring and double-checking your identity and other personal information. This is especially crucial when it comes to processing your withdrawal requests. Namely, you will notice that, when you submit a request for a withdrawal of money from your account, you will also get a request for submitting a document such as your last water bill. This is just to make sure that there are no signs of identity theft or another type of abuse of information.
This is, unfortunately, something that the trading community as a whole is experiencing quite often these days. So, the main goal of this policy is to serve as another layer of security for you and your data, not to mention your funds which you probably needed awhile to earn and want to invest in something great on the market.
Opening an Account
Opening an account with FXVC is simple enough and can be completed in just a few steps. The short online form consists of the usual fields. When you enter your name and basic information, you need to make sure you read all the brokerage terms. Once you have submitted the form, you are required to verify your account using a government-based identification, proof of address, and a credit card. Now you only need to wait for the welcome email, and you are ready to go. The important thing to note is that you don’t need to make an initial deposit in order to register and open your account. Of course, you will need to deposit some funds to start trading on a live account. If you wish to practice first, there is a demo platform available for traders to tune their strategies and familiarize themselves with the platform.
Instead of going for the tried and tested MetaTrader platform, FXVC has developed its own, in-house build one. On the plus side, it appears to be simple and easy to use. On the downside, many traders are used to seeing MT4 and MT5 and they may be turned away just because of this. It seems that FXVC has put in extra work to make its browser platform as attractive as possible for this very reason. There is much to love about it, starting with its simplicity, beginner-friendly design, and the ability to simultaneously trade on four different asset tabs. It is a convenient way to trade.
Also, the platform is available on mobile devices so that traders can use the platform on the go. Android and iOS are fully supported.
There is quite a diverse offer of account types based on investor needs and budgets. This was no doubt set in place to attract both the beginner/weekend traders as well as the pro ones. There are 5 account types for traders to pick from. They vary from the size of the minimum deposit as well as the additional features and perks.
This is the entry point for trading with FXVC. It requires a minimum deposit of $500. A basic account will grant you access to the FXVC trading platform, all tradable assets as well as the analysis research alert.
A step up from the basic account is the Silver package. It becomes available after a $5000 deposit. The first perk you get is in the education tab. You receive plenty of reading materials via e-books as well as various tutorials and charts. An additional benefit is you being able to contact your own client – relationship agent. You are also constantly receiving updates and reviews via email to remain current with all current trading news.
With a minimum deposit of $5000 or more, you get into Gold account territory. In it, you receive all the benefits listed above with one huge game-changer. You get SMS announcements and trading alerts straight to your phone.
This one will require a minimum of $25000. The biggest attraction to this tier is being able to trade with lower spreads. What is more, another set of education tools become available. Advanced courses are meant for experienced traders to further advance their strategies.
At the top of the ladder, there is the VIP account type. The largest investors get to do practically anything as every feature is opened from the very beginning. For a $100,000 deposit, you are allowed to execute all your trading moves and spectate market performance in real-time without a hitch. Also, the support team remains at your constant beck and call.
Commissions and Spreads
FXVC firmly believes that offering fixed spreads is beneficial for traders. In addition to comfort, it is more predictable and as a result – less risky. FXVC’a fees are forced through these fixed spreads. Even though they are slightly higher than the industry average, they can vary drastically based on what account traders are using. EUR/USD currency par spreads were higher than with the competition. However, traders who opt for Platinum or VIP accounts can benefit massively due to the advantage of lover spreads. All things considered, FXVC deems that its superior trading experience is worth charging slightly more than its closest competitors.
Many brokerages have recognized the necessity of educating their clients in other to develop a long-lasting relationship. In this sense, FXVC has created an environment in which all traders, no matter the prior experience can find something of value.
Still, all clients with a registered account can access basic investment education on the platform. This is excellent for beginners to get a better grasp of the terminology and the industry as a whole. Developing ideas and strategies can be achieved after mastering the basics of the education section.
Therefore, FXVC wanted to cater to those with prior trading experience. There are live investment webinars as well as custom-made educational resources for advanced traders. In addition to useful charts, FXVC offers a wide variety of useful trading tools and options that will keep traders up to date with all the market changes.
In the conclusion of this FXVC review, this broker has earned its reputation of being a legitimate online trading platform that continues to grow and threatens to become one of the industry leaders. Thanks to it being regulated in most global markets, it is a safe and secure place for investors. Its user-friendly design, account managers, and reliable customer service make the trading experience as smooth as it comes. Education material is there to attract both newcomers and industry veterans. At this point, FXVC is an excellent choice for traders of all levels, and it is strongly recommended for anyone interested in online investing.