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FXVC Review - is it scam or safe?

FXVC review - Is fxvc.com.au scam or good forex broker?

RATING: 3.4 / 1 REVIEWS FXVC
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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 Spreads
Standard Account $500 1:500 2,3 pips
Pro Account $10 000 1:200 1,1 pips

 

FXVC Advantages:

 

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:

 

>>Brokers regulated in Australia<<

 

Leverage of up to 1:500

 

Australian is the last major regulatory hub, where retail forex trading with higher leverage remains unrestricted. That is why with FXVC you can enjoy leverage as high as 1:500. 

 

Good selection of trading instruments

 

When we tested the FXVC trading platform with a demo account we came across 28 currency pairs, some of which minor like USDCNH. And there was also a nice selection of CFDs including gold, silver, oil, 9 indices and even crypto coins like Ripple, Litecoin, Ethereum, Bitcoin and Bitcoin Cash. 

 

And if you like the idea of trading crypto coins, here you may also check our list of brokers offering bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

Various payment methods

 

Payment methods at FXVC include major credit and debit cards like Mastercard and Visa, wire transfer and e-wallets including NetellerSkrill, PayPall and Poli, which is especially popular in Australia. No crypto coins are accepted however, so here you may also check our list of brokers, where you can pay with bitcoins:

 

>>Forex Brokers Accepting Bitcoin<<

 

MetaTrader4 supported

 

FXVC do offer MetaTrader4, which  is undoubtedly the most popular trading platform on the market since it has been launched some 14 years ago.

 

 

The platform is light and intuitive, with user friendly interface, advanced charting tools and almost 100 in - build market indicators and customizable trading bots, with which one can easily run automated trading sessions. Besides, here you may also check our list of brokers, supporting the MetaTrader4: 

 

 >>MT4 Brokers<<

 

Islamic Account

 

FXVC offers an Islamic or swap free account, where you do not have to pay interest for positions left open overnight. Such account are created especially for the Muslim trading community, where the Shariah Law prohibits believers from trading with interest.

 

FXVC Disadvantages:

 

High spreads

 

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:

 

>> Lowest spread forex brokers<<

 

High minimum deposit requirement

 

That is another disadvantage. For their standard account FXVC asks for a minimum deposit of at least 500 USD and that is twice higher than what most other brokers would ask you for. And besides some big players like FBS and IG will let you open a trading account without a minimum deposit whatsoever.  

 

At FXVC you can open an account in AUD,EUR, GBP or USD and the minimum withdrawal amount is 25 AUD.

 

Conclusion:

 

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.

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Traders` reviews for FXVC

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best education i got

liked the review!!
got great education from those guys. still working there, actually took my account to a higher position after some trail and error.

What you wrote about the minimal cap. I also mentioned that at the beginning and the people at FXVC told me that it works in my benefit. I said okay it is just saless talk but actually the account manager was very professional and showed me that I would have lost my entire account with less money in it!!!

Love it.

Jim Lawson 05/14/2019
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