Advertisement
This review will aim to take a no-nonsense look at the FXCess broker. We will focus on conditions that most directly pertain to trading and the overall experience of using the brokerage. This includes instruments, platforms, and accounts, but also things like registration, funding, and additional service segments.
We aim to provide clarity to our readers and help them make an objective decision on whether FXCess is the right choice for them. In a sea of brokerages, it’s tough to break through. Does this one manage to do so?
FXCess Broker: Security and Trust
An unsafe broker can severely damage a trader’s funds, as well as their trust in the trading world. Sadly, with trading becoming more popular, more malicious entities have entered the space as well.
Luckily, based on our research, we doubt FXCess is a dishonest broker. We will present our findings here, but we also always encourage due diligence from traders, as well.
FXCess is a company with a clean operational history.
During our research, we haven’t found any major reports of significant and intentional customer harm or general deceptive behaviour. Its website is clear, free of false promises, accurately depicts its service, and is easy to navigate.
Also important for the FXCess broker is that it seems to be oriented towards longevity. It has a very active educational blog, often covering key concepts or real-life occurrences, has 24/5 support with a dedicated account manager for all accounts, and actively engages with users on social media and trust review websites to tackle issues and collect feedback.
All of this suggests that FXCess is a legitimate broker focused on long-term operation, unlike malicious companies that don’t exhibit such behavior.
FXCess Accounts
Accounts, or more precisely, their cost structures, dictate a large part of the trading experience. The goal, after all, is to optimise profits, and low trading costs go a long way towards that.
However, the way to achieve low costs largely depends on the trading strategy and volume of each individual trader. This is where accounts come in.
FXCess kept it relatively simple, with one floating spread account called Classic and one ECN account. However, simplicity is far from a negative in this case.
Far too often, brokers try to specialise their accounts and go overboard, creating an experience that’s positive in one regard but far too limiting in others.
The approach that the FXCess broker takes, on the other hand, both gives traders enough control and enough freedom to trade their way.
As for the accounts themselves, they are fairly similar, both sharing a $10 minimum, a dedicated account manager, and a 0.01 minimum lot size.
The big difference, of course, is that the Classic account has higher spreads with no fees, and the ECN account has fees, but its variable spreads start at 0.0. However, it is also notable that bonuses and Islamic swap-free options are only available through the Classic.
Platforms and Trading Tools
The next important bit is for the FXCess broker to provide sufficient trading tools for its customers. Trading today is largely tech-reliant, so having a subpar offering can put traders at a significant disadvantage.
Luckily, although they are once again fairly basic, FXCess’ options do provide users with enough tools for a competitive and enjoyable market experience.
The base platform shouldn’t surprise anyone. It’s MetaTrader 4, the most prominent tool in the forex and CFD space. The smooth learning curve, ease of use, lightness, and high complex feature potential make it a favoured tool among many traders.
Beyond that, the FXCess broker also offers the Trading Central addon. Although MT4 alone is analytically capable, TC takes it to the next level. It adds a custom economic calendar, thousands of indicators and visual objects, signals, Market Buzz, and AI-driven insights.
There’s much more to explore with Trading Central, and analytical traders are all but certain to find it up their alley.
Finally, there’s the PMAM tool, which makes managing multiple accounts easier. For account managers or traders who employ different accounts for different tactics, this tool cuts down on a lot of gruntwork and makes the trading process smoother.
Altogether, these tools enable different strategies and make trading smoother, less frustrating, and more efficient across the board.
FXCess Broker: Registration and Funding
The registration process is simple and straightforward, although it is protected by KYC. Users may find this process frustrating as it delays account opening, but it is crucial in creating a secure trading community. Besides, user testimonials and our own testing show that FXCess is fairly quick with KYC.
Funding is also simple and quick. The broker provides the two most popular options by far: card and wire transfers. Cards process instantly, while wire transfers can take 3-5 business days. There are also multiple base currencies: JPY, EUR, USD, GBP.
Trading Instrument Availability
Another key aspect of trading is instruments. Without a varied selection, traders are simply cut off from many trading avenues. However, the FXCess broker offers over 300 assets spanning multiple categories. The sections include:
- Forex
- Stocks
- Indices
- Futures
- Metals
- Commodities.
Bonuses and Promotions
Finally, it’s time to see what the broker does to go above and beyond. Here, there are three types of bonuses.
Two bring trading credits, 40% and 60% respectively, with the second one having steeper conditions. Next, there’s the sharing bonus, which doubles funds but halves all profits, meaning that P/L ratios remain the same.
Note that all of these are non-withdrawable.
Finally, for socially active traders, there are affiliate and Introducing Broker programs. These allow traders to refer their audiences, with the brokerage providing top-tier marketing tools.
Altogether, this caps off an already incredibly well-constructed service.
FXCess Broker Final Thoughts
FXCess proves that simplicity is sometimes the best approach. It provides just enough options to cover all the bases, but it doesn’t go overboard. That way, it prevents traders from feeling confused, or from certain choices limiting others.
Altogether, it’s a very solid brokerage, with strong trading, a pleasant experience, and good support along a trader’s journey.
*Terms & Conditions apply. Bonus cannot be withdrawn.
All trading involves risk. It is possible to lose all your capital. You should consider whether you can afford to take the high risk of losing your money.