Pros & cons of FXCess

FXCess Fact sheet

Regulations are one of the key factors of safety. However, sometimes less regulated brands manage to come out on top because of their dedication and years of experience in the industry. FXCess is one such rare example as the broker has been around for 5+ years, which is almost impossible for an unreliable broker. The parent company of FXCess, Notesco Limited, is registered in several countries, including:

• Notesco Limited: Registered in Bermuda with registration number 51491
• CIFOI Limited: Registered in Gibraltar and owned by Notesco Limited

The broker, while not overseen by regulatory authorities, still managed to gain a reputation among traders for offering top-quality services with super-low spreads and very cheap trading commissions. This superior flexibility allows FXCess to access traders from most countries and offer them high leverage, which can be especially attractive for traders who have small budgets and want to still control considerable trading sizes. FXCess does not accept clients from several countries such as the USA, Iran, Cuba, Sudan, Syria, and North Korea. 

Policies that FXCess follows

When it comes to safety policies, FXCess is dedicated to offering its clients not only attractive trading conditions but peace of mind with its safety policies. The broker has a negative balance protection, preventing traders from losing more than their initial investment. In other words, with the negative balance protection, the trader’s balance never goes in minutes and is always reset to zero, avoiding liabilities for excessive losses. This can easily happen if traders abuse the generous leverage, FXCess is dedicated to offering to its clients. 

FXCess is a member of the compensation fund, which ensures the investors get their money back if something goes wrong with the broker. This policy is critical for defining the safety of FXCess as it shows the broker is dedicated to staying in the market for the long run. 

The broker keeps trader funds in segregated bank accounts with top-tier international banks. This segregation policy ensures the broker’s employees can not touch client funds, safeguarding traders' capital further. 

Forex trading on FXCess 

FXCess excels in the number of currency pairs it offers to its traders. There are more than 80 currencies available including major pairs, minor pairs, and a decent number of exotics. The spreads are exceptionally low for ECN account holders on major pairs, starting from 0 pips. On the classic account, the spreads start from 1.7 pips on major pairs, allowing both swing traders and trend traders to speculate on foreign exchange markets without volume-based commissions. Zero spreads ECN account comes with a commission, but it is super competitive at 4.5 USD per lot round-turn. Traders have to pay this 4.5 USD only once when they open a trading position for 0 pips, which is very flexible for scalpers. FXCess with this approach to FX trading is very suitable for scalpers as well as for all other types of trading methods.

Metals and Commodities trading on FXCess

The broker offers access to a diverse number of commodities, including precious metals. Traders can speculate on various agricultural and energy commodities such as Coffee, Crude Oil, Sugar, and several types of Oil. With these offering commodities, traders can speculate on various commodities and also trade on precious metals at FXCess including Gold and silver. All commodities are offered in the form of CFDs, allowing traders to instantly execute both buy and sell trades. 

Shares as CFDs trading on FXCess

Shares are also offered in the form of CFDs and allow instant execution of both buy and sell trading positions. This is an advantage of CFDs over traditional shares trading, and CFDs are much better for their flexibility. All popular shares are offered including Apple, Google (Alphabet Inc.), Facebook (Meta), Microsoft, Walmart, and more. Spreads are from 13 to shares, which is very competitive. 

Indices trading on FXCess 

The broker also offers index CFDs to speculate on whole sectors of the major economies such as the US, EU, and Asia. Popular indexes offered by FXCess include FTSE 100 Index, S&P 500 Index, Dow Jones 30 Index, NASDAQ 100 Index, DAX 40 Index, EU Stocks 50 Index, CAC 40 Index, Nikkei 225, AEX 25, and more. Spreads are also competitive on all indexes, ensuring traders can freely deploy any strategies including scalping, which is very popular among prop traders. 

Futures trading on FXCess

Futures are a very interesting class of assets, allowing traders to buy or sell the instrument at a predetermined price and time in the future. There are futures with several underlying asset classes, including Forex, offering low spreads and competitive trading environments when compared to other prominent brokers. Spreads are competitive and allow traders to quickly scalp markets as well as use other trading methods such as swing trading or trend trading, making FXCess one of the most appealing Forex and CFDs brokers with futures trading offerings. For beginner traders who want to learn futures trading, the broker offers a free demo account which can be opened in a few clicks to check and test futures trading for themselves without financial risks. 

Since every trader needs different things from their Forex account, FXCess offers diverse accounts combined into two account types, classic, and the ECN. The classic account is suitable for general financial trading and has zero volume-based trading commissions, which is very appealing for trend traders and swing traders. The ECN account is for scalpers as it comes with super low spreads of 0 pips on major pairs, and a very low commission of 4.5 USD per lot round-turn (paid only once). 

Pros & cons of FXCess account types

Traders can use several currencies to fund their live accounts including JPY, EUR, USD, and GBP no matter the payment method selected which is very flexible. It is always better to open an account in your native currency to avoid conversion fees and extra costs, increasing your FX trading budget effectively. 

FXCess Classic Account

The classic accounts by FXCess are designed for general FX trading and offer the full coverage of trading assets for relatively higher spreads from 1.7 pips but for zero trading commissions. This account is preferred by swing trades and trend traders for its low commissions. The minimum deposit starts at 10 USD, and the maximum leverage is capped at 1:1000. The FXCess classic account comes with a dedicated account manager, which is very good, especially for beginner traders who want some guidance in trading. The minimum lot size is 0.01 lots, allowing traders with very thin budgets to manage reasonable trading sizes. 

FXCess ECN Account

The ECN account from FXCess is the most suitable for scalpers with its 0 pip spreads on major pairs like EURUSD and super competitive commission of 4.5 USD per lot round turn. The minimum deposit is also 10 USD for the ECN account, but the maximum leverage is lower at 1:500. This leverage, while lower than the classic account, is still very flexible, allowing traders to control considerable lot size with a low budget (500 times the 10 USD = 0.5 standard lots!). Account base currencies for both accounts are 5, EUR, GBP, JPY, USD, and NGN.

Getting started on FXCess – Main steps

The registration of an account is a straightforward process and requires traders to fill in the fields with the relevant personal data such as email, full name, mobile number, and country of origin. You can also select your trading platform, account type, leverage, and bonus if the classic account is selected. This account registration procedure is very flexible and allows traders to choose all important features in advance. 

Step 1: Open an account

Once you finish the signing up process you are navigated to the client area where you can manage funds, and accounts, add or withdraw funds, and more. It is essential that you verify your account to ensure both deposits and withdrawals work without issues. 

Step 2: Time to verify your account

But before you deposit funds it is mandatory to verify your account by providing all the required KYC documents, proof of identity, and proof of residence. You must be verified, as withdrawals only work for verified accounts. Here is the exact list of KYC documents accepted by FXCess for account verification:

• Proof of identity: you can provide the broker with a digital copy of your driving license, passport, or government-issued IC card
• Proof of residence: you can upload your bank statement that includes your address, or you can use a utility bill

You can scan your documents or take a picture with a good-quality smartphone camera. All the information given in the documents must be clearly visible on the photos to ensure the risk department of FXCess can verify the authenticity of the documents. Do not edit your documents and pictures as well. 

Step 3: Make your deposit and start trading

After the verification process has been completed, which usually takes under 24 hours, you can deposit funds and start trading on your favorite assets. If you are a scalper, the ECN account will offer 0 spreads, while for other types of trading the classic account will be sufficient for commission-less trading. The broker accepts bank cards and wire transfers. The list of accepted currencies includes JPY, EUR, USD, and GBP. Ensure to use your fiat currency to avoid conversion fees. 

When considering trading Forex, the fees and commissions are the number one cost of trading. Low spreads and low commissions ensure you can increase your profitability and use more scalping strategies profitably. 

Comparing fees with other brokers

FXCess provides traders with a flexible choice of accounts between classic and ECN. Since both accounts offer similar specs except spreads and commissions, we will use the ECN account for comparison against other brokers. There are no funding fees or inactivity fees charged by FXCess while the commission is low at 4.5 USD round turn per lot for 0 pips. 

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*Inactivity fee was eliminated by IB in 2021, it used to be $20/m

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FXCess provides traders access to an advanced trading platform, MetaTrader 4 (MT4). The platform comes with a full set of features including both custom and built-in indicators and automated trading capabilities (Expert Advisors or EAs). The broker also offers its proprietary trading app for mobile devices, as well as the MT4 mobile app. Traders can use MT4 for both desktop and mobile or access its web trader version if needed. MT4 remains the most popular trading platform to this day, and FXCess offers it with the full feature set. The platform has thousands of free EAs and custom indicators, and FXCess allows traders to use any indicators or EAs. 

The FXCess mobile app is accessible on both Android and iOS and allows traders to flexibly trade all the offered assets on the go without compromising functionality. It was developed by the broker itself to provide a more modern alternative to MT4, which has a slightly older design and limited features on mobile apps. Despite disadvantages, the MT4 mobile app provides traders with real-time charts and stop-loss and take-profit orders, as well as charting software and numerous tools. There are all the popular indicators built-in, providing the ability to analyze markets on the go, which is very useful as modern traders often prefer to use their smartphones as the main trading platform. 

FXCess does not directly provide trading education but has a dedicated blog where the broker combines educational materials and market insights. The blog is very well-structured and has a menu to quickly browse between topics such as Forex news, trading concepts, and trading strategies. Traders can select what type of education they need and browse through the extensive list of articles. The blog of FXCess is constantly enriched with educational articles and market insights, which is advantageous for beginners. 

FXCess excels in providing its traders professional support 24/5 to allow traders around the globe to get a quick solution to their issues and questions. Both the support and website are multilingual, making FXCess a truly international FX broker aiming at providing responsive support. Main support channels include hotline, live chat, and email. The live chat is by far the fastest way to get help and there is always an agent available to answer traders. Customer support agents at FXCess are professionally trained and are polite and knowledgeable about the broker’s services and details.

FXCess stands out as a robust Forex and CFDs broker, offering a wide range of trading instruments in diverse trading assets such as Forex, commodities, indices, futures, stocks, and indices. Despite it being a relatively young broker, which was launched in 2019 it has amassed a positive reputation for offering flexible trading account choices, low spreads, and low commissions. Trading platforms are MT4 and FXCess mobile app provide a seamless trading experience on the go. The broker has 0 fees for both deposits and withdrawals and follows strict safety policies, ensuring the safety of client funds. The education is provided via the blog and support is multilingual, including the live chat provided by professionally trained support personnel.