FXVC Review

As online CFD brokers go, FXVC is a rather peculiar operation. On the one hand, the broker uses a proprietary, browser-based trading platform. This is not common practice these days. Some would consider the lack of an MT4 or MT5 option worrying. On the other hand, there is not much user feedback available on the broker. What is out there in this regard is confusing as well. Some of the alleged client reviews the FXVC brand has accrued – positive and negative – are almost certainly fake.

The website of the broker itself is laden with conflicting information. In its About Us section, the broker claims that it takes pride in the “multiple platforms” it features. However, there is just one platform, a proprietary WebTrader. We have searched the site and found nothing else.

The main selling points and strengths of the broker are:

• An excellent library of trading resources.
• Quick withdrawals (the broker says it processes withdrawal requests within 24 hours)
• A decent selection of some 200 tradable assets. Everything the broker offers is traded via CFDs.
• A transparent fee structure.
• While the registration process is a little lengthy, deposits are quick and simple.

As mentioned, trader feedback is relatively scarce on the operation. What we gleaned from this feedback, however, is that users like FXVC’s:

• Platform and analysis tools.
• Reliability and consistency.
• Trade execution.
• Asset selection.
• Speed of withdrawal.

To go with the positive feedback, there are some user complaints as well. There are many problems traders have pointed out.

• There are not enough indices futures in the asset selection.
• The broker does not support mainstream trading platforms such as MT4 and MT5.
• The broker charges a steep commission on crypto deposits.

There are some clumsy allegations of fraud and scams, which are heavy on the ranting and light on relevant details.

FXVC makes it clear on its homepage, front, and center, that it is a licensed and regulated entity. Given its URL (fxvc.eu) it is not surprising that it is an EU-focused operation.

The company behind the FXVC brand is a certain Centralspot Trading Cyprus Limited. According to the official website of the brokerage, Centralspot is the possessor of CySEC license #238/14.

It did not escape our attention that the website of the broker is tight-lipped in the matter of company/license details. This is alarming in light of the fact that not all seems to be right with this license.

According to the CySEC page of the broker, Centralspot Trading’s company registration number is 325259. The authority granted the mentioned license on 20/06/2014.

The exact address of the company is Gladstonos 110 corner of Mesolongiou str, Ayia Trias 3032, Limassol. The phone number is +357 25 123 088.

Through this license, CySEC authorized the company to provide a selection of investment and ancillary services.

The problem is, that according to a CySEC decision dated 07/11/2019, the authority revoked the mentioned license. The brokerage had apparently violated certain sections of the Cypriot Regulated Markets Law.

It is unclear to us whether the company has since regained its license.

In theory, such a license means that FXVC is MiFID-compliant. As such, it can offer investment and ancillary services all over the European Economic Area, except for jurisdictions where such activity is expressly prohibited.

Platform and Tools

The only trading platform FXVC offers is a WebTrader, which we assume is a proprietary solution.

As trading platforms go, the FXVC platform holds its own. It does not boast any fancy capabilities and, no, you will not be able to use Expert Advisors with it.

Still, it looks decent and features a satisfying range of technical indicators. In every regard, it is reminiscent of a mobile trading platform. There is a well-defined section of trading instruments that is also searchable.

Traders can keep an eye on their open and closed positions and they can manage their funds. They can also request support directly from the trading platform.

As far as trading tools go, the 26 technical indicators will have to suffice. The platform supports seven different time frames. From a visual perspective, charting looks good. Full-screen charts are available as well. Various drawing tools, text labels, and chart-type options round out the picture.

Traders can set Stop-losses and Take-profits when opening a position.

Asset Classes

The tradable asset selection of the broker is fairly standard. It features five main asset categories: Forex, commodities, crypto, stocks, and indices. It bears repeating that you will trade every asset via CFDs and not directly. Thus, you will never gain ownership of any of the assets you trade through FXVC.

The Forex category contains 40 currency pairs. From majors such as the EUR/USD to minors like USD/HUF, you will find plenty of diversity here. Every one of the available pairs features at least a major.

In the Commodities section, the broker has made available five assets. Silver, platinum, gold, crude oil and Brent oil make up this selection.

As far as crypto CFDs go, FXVC supports six crypto/fiat pairs. The supported crypto assets are BTC, XRP, ETH, Dash, LTC, and BCH. The USD is the only fiat currency in these pairs.

The Stock CFDs section is the most generous. There are around a hundred stocks featured here.

A total of eight entries make up the indices category. They cover some of the important centers of the global economy. The national markets under their coverage are the US, the UK, France, Germany, Italy, and the Netherlands.

Commissions and Fees

On deposits, the broker does not charge any commissions on any of the methods.

On withdrawals, on the other hand, the minimum commission is USD/GBP/EUR 35, regardless of method.

The trading conditions depend on the account type one opens. There are five such account types.

• Bronze requires a minimum deposit of EUR 2,500.
• Silver requires at least EUR 5,000.
• For Gold, the minimum is EUR 10,000.
• Platinum account holders need to deposit at least EUR 50,000.
• The VIP account requires a minimum deposit of EUR 100,000.

The broker does not specify its exact spreads and trade commissions. It is safe to assume that the more expensive the account type, the better its trading conditions are.

Research and Education

This section is allegedly one of the main strengths of the broker. The mentioned account types offer educational packages of varying generosity. These packages consist of market briefings, ebooks, and access to various corners of the Education section.

FXVC’s Education section offers an Economic Calendar, Market Buzz, WebTV, Education on Demand, Analyst Views, ebooks, a glossary, and an asset index.

Education on Demand offers a series of online courses, complete with videos.

WebTV features video analysis of various fundamental factors such as the economic outlook of oil, factors impacting the USD, etc.

Analyst Views are like trading signals. They are bits of technical analysis complete with charts and interspersed with trading opportunities.

The broker also offers three ebooks: a Beginners’ Guide, an Advanced Guide to Trading, and an ebook on cryptocurrencies.

Customer Service

The first line of FXVC’s customer service is a live chat feature on the homepage of the official site. This feature is currently not available.

Traders can also contact the broker via an email form, on the Contact Us page.

These are the phone numbers clients can use to contact the FXVC support staff.

• +442039361455 for the UK.
• +46812420972 for Sweden.
• +35725123088 for Cyprus.

The broker does not maintain physical offices in Sweden and the UK.

Mobile

The broker used to offer mobile trading apps, but apparently, it no longer does. The App Store and Google Play pages of the said apps exist, but they are void of any information. This is just another unsettling detail about the way FXVC operates.

Conclusion

FXVC is a peculiar operation. It teeters on the edge of legitimacy. Several aspects of the operation seem haphazardly tossed-together. It is a licensed broker, but it had its license revoked at one point, as mentioned. It does not offer MT4 or MT5 and it relies on a proprietary web-based trading platform.

FXVC’s customer feedback is a mixed back. Some people like the quality of FXVC support. Its asset selection is average.