FXCE-Overview of Minimum Deposit, Spreads & Leverage
abstrak：FXCE, founded in 2020 and registered in Saint Vincent and the Grenadines, is a relatively new player in the trading industry. Operating as a non-regulated entity, it allows traders a maximum leverage of up to 1:500, which while offering considerable trading potential, also bears significant risk.
Note: FXCE's official site - https://invest.fxce.net/ is currently not functional. Therefore, we could only gather relevant information from the Internet to present a rough picture of this broker.
| Charles Schwab Review Summary | |
| Founded | 2020 |
| Registered Country/Region | Saint Vincent and the Grenadines |
| Regulation | Non-regulated |
| Market Instrument | Forex, Metals ,Commodities ,Cryptocurrency, Shares, etc. |
| Maximum Leverage | 1:500 |
| Spread | from 0 pips |
| Trading Platform | MT5 |
| Minimum Deposit | 10USD/1000USC |
| Customer Support | 24/7 - Phone: 0886 123 123; Email: support@fxce.net |
What is FXCE？
FXCE, founded in 2020 and registered in Saint Vincent and the Grenadines, is a relatively new player in the trading industry. Operating as a non-regulated entity, it allows traders a maximum leverage of up to 1:500, which while offering considerable trading potential, also bears significant risk.
Pros & Cons
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Pros:
Multiple Market Instruments Provided: The availability of multiple trading instruments is one of the strong points of the platform. This allows traders to diversify their investment portfolio across a wide range of products.
Support MT5 Trading Platform: The use of MT5, one of the most powerful and user-friendly platforms in the industry, promises a robust and efficient trading experience for both novice and seasoned traders.
Competitive Leverage: The platform offers a leverage ratio of up to 1:500, which can significantly increase potential profit margins. However, it's important to remember that leveraging also increases the risk of losses.
Cons:
Non-regulated: The platform operates without any external oversight which poses a certain level of risk in terms of trade execution, fund management, and dispute resolution.
Unavailable Website: Not having a fully functional website for users to gather information and manage their trades could pose serious challenges to potential and existing customers.
Is FXCE Safe or Scam？
Operating as a non-regulated entity, FXCE does not fall under the purview of any external regulatory body. Regulatory agencies often enforce rules ensuring transparency, fair trade practices, protection of investor funds, and offer an avenue for dispute resolution. As FXCE is non-regulated, it might potentially pose risks including a lack of transparency, unfair trading conditions, potential risk to investor funds, and no clear route for dispute resolution.
An unavailable or non-functioning website of a trading platform heightens these concerns. A website serves as the primary source of information, allowing clients to readily access critical data such as the broker's operational details, trading conditions, financial instruments offered, customer support, and more. This information significantly aids traders in making informed decisions related to their trading activities.
Market Instruments
FXCE provides a wide array of over 400 global financial instruments including:
Forex: Known also as foreign exchange, FXCE offers over 60 currency pairs for trading. This involves the simultaneous buying of one currency and selling of another.
Metals: This includes the trading of precious metals such as gold and silver, which are often seen as a safe-haven investment.
Indices: Indices trading involves a group of stocks that are representative of a specific market or sector. Traders can speculate on price movements without owning the individual stocks.
Commodities: Commodities trading involves physical assets like oil, gold, crops, and more. These are often traded through futures contracts.
Cryptocurrency: FXCE offers trading in digital currencies like Bitcoin, Ethereum, and more. Crypto trading involves speculating on price movements via CFD accounts.
Shares: Also known as equities, this involves investing in individual companies trading on the stock market.
Account Types
FXCE-MT5-REAL account: This account requires a minimum deposit of 50 USD. The real account is often used by traders who are ready to trade with real money and are comfortable with the risks associated.
FXCE-MT5-CENT (USC) account: This account is designed for beginner traders or those who prefer to trade with smaller amounts. The minimum deposit for this account is between 10 USD to 1000 USC, where 1 USD equals 100 USC. This essentially means that trading can start from as low as about 10 cents in USD, providing a less risky option for new traders to experience live trading.
Leverage
FXCE offers leverage up to 1:500. The concept of leverage in trading means that traders can essentially 'borrow' funds to place larger trades than their actual deposit. The dynamic range in leverage of this broker lets traders pick a comfortable risk level while allowing potentially higher returns.
However, it's also important to note that while higher leverage can lead to amplified profits if the market moves in favor, it equally amplifies the potential losses if the market takes a downturn. Hence, effective risk management is crucial while using leverage.
Spread & Commission
FXCE offers competitive trading conditions, with spreads starting from as low as 0 pips. The “spread” in forex trading refers to the difference between the purchase price (ask price) and the sale price (bid price) of a currency pair. A low spread signifies a smaller difference between these two prices, which can represent lower transaction costs and potentially higher profits for traders.
On top of that, FXCE provides a 90% cashback on trading commissions. This is a significant amount of cost-saving means for FXCE's clients. The “trading commission” is the fee that a broker charges for executing a trade. Offering a 90% cashback indicates that FXCE returns 90% of this fee back to their traders, effectively reducing the cost of trading on their platform by a substantial amount.
Trading Platforms
FXCE leverages the state-of-the-art and highly popular MetaTrader 5 (MT5) platform, enabling its clients to trade in global financial markets. The MT5 platform is well-regarded for its advanced features, superior charting capabilities, algorithmic trading tools, and access to various market instruments.
The platform is available on multiple operating systems including Windows and macOS, ensuring that traders can manage their portfolios, monitor markets, and execute trades from their desktop computers.
Deposit & Withdrawal
FXCE offers a fair degree of affordability and flexibility in terms of transaction fees. The platform does not charge any deposit transaction fees, which means clients can transfer funds into their trading accounts without incurring additional costs.
For withdrawals, FXCE allows for free transactions when clients opt to withdraw via USDT (a commonly used stablecoin in the crypto market) or directly through FXCE itself. This provides cost savings and makes these methods more attractive for withdrawing funds.
However, it's important to note that if clients choose to withdraw via Anpay, FXCE will charge a withdrawal fee. This fee amounts to 1.6% of the total withdrawal amount. Depending on the amount being withdrawn, this fee could potentially represent a significant cost.
Conclusion
FXCE, as a relatively new and non-regulated entity in the trading industry, presents a mixed set of potentials and risks. It presents a wide array of market instruments and a user-friendly trading platform, with beneficial trading conditions including low spreads, high commission cashback, and affordable transaction options. However, the lack of external regulatory oversight may raise concerns. Thus, it is advisable for potential and existing traders to conduct comprehensive research and understand trading risks fully before engaging with the platform.
Frequently Asked Questions (FAQs)
Q: What is the minimum deposit for opening an account with FXCE？
A: The minimum deposit is 50 USD for the FXCE-MT5-REAL account and between 10 USD to 1000 USC for the FXCE-MT5-CENT (USC) account.
Q: Are there transaction fees at FXCE？
A: FXCE does not charge deposit transaction fees, and withdrawals via USDT or through FXCE itself are also not charged. However, withdrawals via Anpay are charged at 1.6% of the total withdrawal amount.
Q: What customer support does FXCE offer？
A: FXCE provides 24/7 customer support and can be reached via phone at 0886 123 123 or through email at support@fxce.net.
Risk Warning
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies.
In addition, the date on which this review was generated may also be an important factor to consider, as information may have changed since then. Therefore, readers are advised to always verify updated information directly with the company before making any decision or taking any action. Responsibility for the use of the information provided in this review rests solely with the reader.
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