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FXVC Review – is it scam or safe?
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FXVC is an Australian forex and CFD broker regulated by the Australian Securities & Investments Commission (ASIC). The broker offers two account types with an option for Islamic, swap free trading, leverage of up to 1:500 and the MetaTrader4 platform. For more information about their offer you may check the following review.
|Account type||Min. deposit||Max. leverage||Spread s|
|Standard Account||$500||1:500||2,3 pips|
|Pro Account||$10 000||1:200||1,1 pips|
Regulated in Australia
When we think of advantages the sound regulation comes always on top. As we noted FXVC is authorized and regulated in Australia – the Intelligent Financial Markets Pty Ltd, the Sydney based company operating the broker is licensed by the Australian Securities & Investments Commission (ASIC) and holds an Australian Financial Services License.
The benefits of trading with a properly regulated broker are obvious and on the first place comes the safety of your funds. Thus for instance under ASIC Client Money Reporting Rules all clients funds have to be deposited separately in a trust account at an Australian authorized depository institution (ADI) – a measure, which guarantees that all clients funds are segregated from FXVC own funds.
And FXVC, like all ASIC brokers, provides a negative balance protection – that means no one can lose more money than he or she has deposited. Here you may also check our list of brokers regulated in Australia:
We tried the FXVC trading platform with a demo account which mirrored their Standard Account and unfortunately the benchmark EURUSD spread floated around 2,3 pips, which is about a pip higher than what traders would usually expect in such cases.
With their Pro Account spreads started as low as 1,1 pips, but there you should deposit a much larger amount – at least 10 000 USD. In any case here you may also check our list of brokers offering their clients tighter spreads:
FXVC is an ASIC regulated broker, which offers safe forex and CFD trade with generous leverage and the MetaTrader4 platform. As a weak point we may point out the relatively high spreads that come with FXVC standard account.
FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.
XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.
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FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.
FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.
FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.
FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.
HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.
FXVC Review: Is FXVC.com.au A Legit Forex Broker?
FXVC.com.au Review: this is the name of a Forex broker offering CFDs and is based in Australia. Is it safe to invest funds with FXVC? Read this review to see why it is safe to trade with this broker and also profitable.
The most vital part of our reviews is the uncovering of if a company or Forex broker is properly licensed or not. To do this, we first establish the location or region where it claims to be based. Then we check with the commission or authority regulating trade there whether it is listed among regulated companies or not.
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FXVC discloses that it is a Forex broker operating in Australia. Trading in the forex market in this region is under the jurisdiction of the Australian Securities and Investment Commission (ASIC). When we checked the online register, we discovered that this is truly a licensed and registered company.
It is always encouraged to trade with licensed brokers because they are mandated to follow trading rules. Also, the authority regulating them monitors their activities and looks into issues that clients might have with them.
Advantages of FXVC
Besides being a regulated broker, it offers high leverage which some traders find encouraging, although this is not always a good thing. There are many trading instruments made available to clients as well. Transaction options also mean clients can use payment means they find convenient.
It is common for Forex brokers to start out with claims of making clients richer. This is because everyone seeking out easier ways to trade effectively does so to make more profit.
However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.
FXVC Trading Platform
FXVC offers traders the MT4 trading platform. We advise readers and traders to always look out for the MT4 or MT5 platforms. The MetaTrader platforms are commonly used because they allow the use of trading robots.
Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.
These platforms are very good signs as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating system. All can be used on desktops, Linus, windows, iOS and Android.
Tools that comes with these trading platforms are also found to be useful for traders. It has proven to be user friendly as well and helps traders in analyzing the market easily.
Trading instruments offered to traders are: 30 currency pairs, CFDs on precious metals, indices and some popular cryptocurrencies. We know that legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them.
Maximum leverage offered to clients is 1:500 and while this may seem generous, it is not advisable. High leverages can lead to huge loss of funds as well. Spreads are 2.3 pips on the EURUSD pairs, which is quite too high. Though, the pricier account has a low spread of 1.1 pips.
Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.
Deposit and Withdrawal methods on FXVC
The means that traders are to use to make deposits and withdrawals are: VISA, MasterCard, Bank Wire, Neteller, Skrill, PayPal, and Poli. We find it encouraging that e-wallets are allowed.
This is because standard and legit brokers make deposit and withdrawals available via Visa, MasterCard and Wire Transfer. Many offer e-wallets like: Skrill, Neteller, UnionPay, FasaPay, and so on.
Minimum deposit required is $500 which is much higher than the obtainable of average of $100 to $250 that is common among legit brokers. Withdrawal fees are not mentioned and this may be because they do not apply. However, we will appreciate it if this is stated.
This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.
Is FXVC Licensed?
Yes. FXVC is a properly licensed and registered Forex broker. It is under the watch of the Australian Securities and Investment Commission (ASIC).
Regulated Forex brokers in Europe, America, Africa, Australia, and Asia are under many strict rules. The regulatory bodies like the FCA, FSCA, CySEC, AISC, NFA and many others have regulations protecting Forex traders from unfair brokers. This is why they come top as recommended Forex brokers.
To speak with an agent of the customer service of this broker, interested clients are to access the website and use the means of contact there.
Since FXVC is regulated by one of the top Forex authorities in the world, we rate it highly because of security of funds. However, we find that the spreads on the standard account are not encouraging as well as the minimum deposit requirement amount.
But it gives generous leverage and offers a MT4 platform. Want to say anything about this broker? We would like to hear from you in the comment section.
COMPARE WITH A TRUSTED BROKER
Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide.. visit their official website
FXVC Broker Review
FXVC is an international CFD broker, which began operations in August 2020. FXVC offers their day traders and Forex investors, the popular CFD trading platform called TraderSoft. Available for trading are hundreds of underlying assets from Crypto, Forex, Stocks, Commodities and Market Indices. The trading platform has three sections for CFD, Forex, Simply Forex and Crypto.
Standard leverage on Forex pairs like EUR/USD is 30:1, and the spread is 3 pips. Bitcoin, Litecoin, Ethereum and Ripple CFD’s are listed on the Dollar and Euro.
Investors will quickly see that this broker offers a web based desktop trading platform, along with mobile apps. If you are looking for an MT5 broker, look here. Minimum deposit for a live trading account starts at €250.
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FXVC License & Regulation
When Forex investors research a new broker to determine if the broker is a legitimate company, or a scam broker, they always check for a valid license. When you see that a broker has a license and you have verified it with their governments regulator, like CySEC in Cyprus, you know they are legit.
Trading with a licensed broker ensures you will not have issues withdrawing your money like these people, read this.
Compare Forex Brokers
You can choose from thousands of CFD Trading companies online, however people usually invest with one of the best brokers listed here.
ForTrade is a very popular Forex broker that is licensed by the FCA in England and ASIC Australia, read more.
They are very popular because their trading platform is very user friendly, look here.
What was your experience like investing with FXVC? Please leave your review in the comments below.
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