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BTCC

BTCC Review
Trader's rating 0
Editor's rating 4

Trading Accounts and Conditions

 

Account type

Minimum deposit

Leverage

Maker fee

Taker fee

DAX exchange N/A N/A 0.1% 0.2% *
USD exchange 0.0001 BTC / $50 N/A 0.1% 0.1% **

 

*Wthdrawal fee of 0.001 BTC / 0.01 ETC also applies.

**Deposit and withdrawal fees also apply.

 

BTCC is the oldest and biggest cryptocurrncy exchanges in China. Although BTCChina has exited the Chinese Market in October, 2017, its other exchanges, BTCC DAX, as well as the USD exchange, are functioning.

 

BTCC offers crypto-to-crypto and fiat-to-crypto trading on different exchanges, as listed in the table above. Besides, it also offers some additional services like Physical Bitcoins (Mint), Mobi Bitcoin Wallet, and others. The good thing is, you can access both exchanges and all services through a single BTCC account. More importantly, BTCC has one of the larges mining pools globallyAt the time of writing of this review, they had mined around 3.4% of the newly created Bitcoin (for the last 24 hours) 

 

BTCC Advantages

 

Good reputation, proven security

Founded back in 2011, BTCC is the longest-running bitcoin exchange worldwide. It was the dominant player for CNY/BTC trades before it closed its China operations. It is still considered as one of the best exchanges for trading in popular digital coins like BTC, ETH, ETC and BCC.

 

BTCC has a 100% track record in security since its inception, as it has not experienced any major hacks in its long history. More than 95% of its users’ digital assets are kept in cold storage with multi-signature controls to minimize the risk and exposure to hacking.

 

Large trading volume, deep liquidity

Currently, BTCC is rated 16th by 24-hour trading volume according to the data provided by CoinMarketCap and is typically among the top 20 players in this category. This basically means that its users don’t have to worry about insufficient liquidity.

 

Supports fiat (USD) currency, and Bank Wire and credit card transfers offered

On BTCC’s USD exchange you can exchange your dollars for Bitcon, or vice versa. Supporting fiat currencies is an advantage, especially for newcomers in the cryptocurrency world, who are yet to buy some digital coins with their real money in traditional currencies. For those, using their credit card or bank account is utterly convenient.

 

>>A list of crypto-exchanges accepting credit cards<<

 

Competitive trading fees

The fees charged by BTCC are relatively competitive, amounting to 0.1% / 0.2% per trade. Typically, exchanges charge 0.20% - 0.25%. However, some of them do not charge market makers, as the latter provide exchanges with liquidity.

 

Relatively low withdrawal fee

Like most exchanges, BTCC does not charge blockchain deposits. Other than this, certain fees apply to deposits in fiat currency, as well as to withdrawals, depending on the funding method and the currency. While many exchanges charge quite hefty deposit and withdrawal fees, BTCC's commission seem relatively low:


 

 

Platform with advanced trading user face

Most cryptocurrency exchanges do not offer advanced platforms like the most popular forex and CFD trading terminal for MetaTrader 4. Nonetheless, BTCC has chosen a different approach – not only that it offers crypto-to-crypto and crypto-to-fiat trading on different exchanges, but the latter has two different interfaces – basic and professional. The advanced trading user interface offers lots of bells and whistles: wide range of technical indicators, advanced charts, add-ons, etc. Besides, there is WebSocket and FIX API available for professional clients’ trading needs. Of course, BTCC Mobile App is also offered.

 

 

BTCC’ advanced trading UI. Click to zoom in.

 

Extra Services

In addition to having one of the largest and top-rated mining pools in the world and operating several crypto-exchanges, BTCC offers a service called BTCC Mint. These are titanium coins that can be purchased with BTC and are shipped to all countries except the US.

 

BTCC also offers its Mobi Digital Currency Wallet, allowing storage, conversion, and transfer of bitcoin and more than 100 currencies, including the United States dollar, the British pound, and the euro.

 

BTCC Disadvantages

 

Not regulated

Like most crypto-exchanges, BTCC is not licensed, nor overseen by any governmental authority. So, this is no big issue.

 

If you prefer to trade in digital coins via a regulated company, we remind you that you can do that with forex brokers. Make sure you are aware of the differences between trading on an exchange and with forex brokerage beforehand.

 

>> Check out our list of regulated bitcoin forex brokers <<

 

Limited instrument portfolio

BTCC doesn’t offer a wide range of pairs for trade, choosing instead to focus on a smaller number of high-volume ones. Currently the available ones on both exchanges are: BTC/USD (constituting 70% of its overall volume), BCC/BTC, ETH/BTC, and ETC/BTC.

 

If you would rather trade in more exotic cryptocurrencies, check out Bittrexthis major US exchange offers over 190 digital assets for trade.

 

No margin trading

As a matter of fact, BTCC used to offer margin trading but discontinued this service in the beginning of 2017 after “discussions” with the People’s Bank of China (PBOC). Most cryptocurrency exchanges do not offer leverage, but there are some who do, like Kraken, Quoinex and others. Besides, all forex brokers ffer leveraged trading on cryptocurrency CFDs.

 

>> Brokers offering leveraged Bitcoin trading <<

 

No anonymous trading

Since BTCC Exchange requires its users to verify their identity in order to trade in order to ensure the safety and security of the funds and activities on its platforms. Identity verification is also required in compliance with certain government AML KYC regulations. Verification process can be slow and complicated. Besides, it defies the initial idea of of Bitcoin to allow anonymous trades.

 

Conclusion

 

BTCC is the oldest Bitcoin exchange worldwide. It is highly regarded for its reliability, security, deep liquidity and the extra services it provides for its users.

 

Initially set up in Shanghai in 2011, BTCC was one of the Chinese “Big Three” along with Huobi and OkCoin. Following China’s ICO ban in the country, BTCC shut down its local division (BTCChina). BTCC DAX and BTCC USD exchanges, however, are functioning, and the company operates via its units in the UK and Hong Kong BTCC (UK Limited or XO Market Limited).

 

None of these companies is formally regulated, but this does not effect the overall reliability of BTCC. Unlike the situation with forex brokers, the legal crypto-exchanges is still unclear in most countries. The important thing is, BTCC complies with governmental instructions – its halted margin trading, and was the first among the “Big Three” to shut down its Chinese operations. More importantly, it keeps clients’ assets in cold storage and has not been hacked during its long years of operation.

 

Besides, BTCC has a lot of advantages, apart from its reliability: competitive fees, various transfer methods supported, advanced trading platform with mobile app, and some great extra services, such as top-tear mining pool.

 

Pros Cons
Many years of experience, no hacks Not regulated
Competitive trading and transfer fees A few altcoins available
Accepts bank transfers, credit cards No anonymous trading, no margin trading
USD fiat supported  
Platform with advanced features available, mobile app  
Top-tier mining pool  

 

FXCM

FXCM Review
Trader's rating 3.9
Editor's rating 4.7

Trading Accounts

 

FXCM UK

Account type Minimum deposit  Minimum trade size Maximum leverage Average Spreads  
           
Standard $300 1000 1:30 1.5 pips + commission $4 (£3 in the UK)*   
 AciveTrader  $25 000 0.01 1:30 0.4 pips + commission $1.8 – $4 (£1.8 – £3 in the UK) *  

 

*Commission is calculated per standard lot of 100 000 base units (per side).

 

 

FXCM Australia

Account type Minimum deposit Minimum trade size Maximum leverage Spreads
Standard $50 1000 1:400 1.5 pips + commission $4 (£3 in the UK)*
AciveTrader  $25 000 0.01 1:400 0.4 pips + commission $1.8 – $4 (£1.8 – £3 in the UK) **

*Commission is calculated per standard lot of 100 000 base units (per side). 

 

FXCM offers two account types: Standard and Active Trader. For those unwilling to expose themselves to the greater risk related to trading in large volumes, micro lots are available on all account types.

 

Trading Conditions

 

Minimum initial deposit

In order to open an account with FXCM Australia, one has to invest just $50, which is a low minimum initial deposit. FXCM UK requires minimum deposit of $300, in line with the industry average. 

 

Spreads & Commission

FXCM offers competitive variable spreads, averaged 1.5 pips on EURUSD on commission-free accounts.

Active Trader account holders may benefit from tighter spreads and commission discounts, provided that they satisfy certain trading volume requirements. For further information, you may check out and compare real-time spreads of 10 leading brokers here

 

Maximum leverage

 

FXCM UK offers the highest possible under ESMA regulations spread levels to all of its clients:

30:1 leverage restriction for major currency pairs

20:1 for non-major currency pairs, gold and major indices

10:1 for commodities other than gold and non-major equity indices

5:1 for individual equities and other reference values

 

The maximum leverage offered by ASIC-regulated FXCM Australia is quite higer:

400:1 leverage for Forex trading

200:1 leverage for CFD trading

 

The Company. Security of funds

 

Company Country Regulation
FXCM LTD UK FCA
FXCM Australia Pty. Limited Australia ASIC
FXCM South Africa (PTY) Ltd (IB) South Africa FSCA


This broker takes regulation, financial transparency and investor protection very seriously. In order to maintain transparency of operations, the company provides regular press releases where anyone can see the broker's monthly execution data. Besides, the companies within the FXCM group are regulated by some of the most respected regulatory bodies in the world: FCA in UK and ASIC in Australia.

 

Both FCA and ASIC regulated brokers are under strict supervision and are very well controlled. To acquire a license from the UK financial watchdog, financial services providers need to maintain net tangible assests amounting to at least EUR 730 000. Australian brokers, on the other hand, must hold at  least AUD 1 000 000 to prove  their financial stability.


Besides, under the UK regulations, investors’ funds are kept in segregated bank accounts separated from the company’s operating funds and, in case of default, sums of up to GBP 50,000 are protected under the Financial Services Compensation Scheme (FSCS).
 

 

Trading platforms

 

This broker offers a selection of robust trading platforms to its clients, including the most popular MetaTrader 4, its award-winning Trading Station, and NinjaTrader. In addition, Copy trading is available through the advanced web platform ZuluTrade.

 

FXCM’s In-house award-winning platform Trading Station is available as desktop, web, and mobile versions.  Apart from its sleek design and intuitive interface, Trading Station comes equipped with Marketscope – a powerful charting package. Here are some of its key features:

 

-         -  Place and manage trades from the charts;

-          - Pre-loaded Indicators: over 30 popular indicators like MA, MACD, Bollinger Bands and RSI;

-          - Custom Indicators: over 600 custom indicators available;

 

FXCM’s Trading Station. Click to enlarge.

 

As trading robots are extremely popular among forex investors, Trading Station offers automated strategies that take the human element out of trading and what is more, you don’t need to stare at the PC screen all the time. You may easily determine key areas where your trading strategies can be improved, and gain confidence in your robots prior to applying them by using the platform’s strategy optimizer conducts excessive backtesting.

 

There are also some exclusive tools with Trading Station, like the unique order type, Good Till Date, which lets you execute at specific times; and the broker’s exclusive Real Volume indicators, which opens FXCM’s trading book of traders around the world.

 

NinjaTrader is another platform supported by FXCM. It has simplified interface and offers all of the functionalities that you can make use of if you trade on Metatrader 4 or the desktop version of Trading Station, and even more. You can also benefit from fast execution, trading from charts, creating your own trading strategies, superior back-testing options, custom indicators and alerts.

 

Those traders who stick to the good old MetaTrader 4 (MT4) will not be disappointed with FXCM, as the broker fully supports this powerful multiasset software. The platform comes equipped with an outstanding charting package, numerous built-in technical indicators, Fibonacci retracements, trend lines, support and resistance levels, and so on – pretty much everything a trader needs. Those who are handy with code may create their own automated strategies (EAs) and custom indicators in the MQL programming language.

 

Payment methods

 

Clients of FXCM may make deposits and withdrawals from and to their accounts via debit/credit card, bank wire transfer, check, and ACH (Automated Clearing House).

 

Conclusion

 

One of the biggest FX brokerages worldwide, FXCM is an excellent choice: a reliable and well-regulated broker, offering excellent trading conditions on a wide range of trading platforms. Here are, in a nutshell, the advantages and disadvantages with regard to this broker:

 

 

Pros Cons
Group of companies with multiple regulations Stocks, options, and futures are not available for trade
Tight spreads   
Low initial deposit  
A selection of trading platforms offered  
Advanced copy trading options   
Price improvement (e.g. positive slippage) is available  
   

             

 

Website: www.fxcm.com 

Headquarters:

55 Water St. FL 50, New York, NY 10041

Country: United States

Regulated by:
USA: CFTC, NFA # 0308179

US: CFTC and NFA (NFA Member# 0308179) 

UK: FCA (Firm registration #217689)

Australia: ASIC (AFSL #309763)

Hong Kong: SFC (SFC CE #AIM232)

Italy: CONSOB (#76)

Germany: BaFin (#122556)

France: Registered with the ACP, as the branch of Forex Capital Markets Ltd.

Forex
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