FXCESS foreign exchange brokers specializing in providing foreign exchange trading services, the company's official website https://my.fxcess.com/registration, about the company's legal and temporary regulatory information, the company's address PO Box 4301, Road Town, Tortola, British Virgin Islands.
FXCESS Forex Broker
Basic Information
The Virgin Islands
5-10 years Suspicious Regulatory License White label MT4 High potential riskCompany profile
Pros
Competitive trading conditions with a low minimum deposit of $10.
Wide variety of trading instruments, including over 300 options across forex, commodities, and indices.
User-friendly platforms like MetaTrader 4 and the PMAM for managing multiple accounts.
Cons
Lack of regulation, raising concerns about the safety of funds and overall trustworthiness.
High fees associated with withdrawals and account maintenance, which can impact profitability.
Mixed user reviews regarding customer support and withdrawal processes, with reports of delays.
FXCess Forex Broker - Complete Information Guide
1. Broker Overview
FXCess, established in 2018, is a financial trading platform that primarily operates under the trading name of Notesco Limited, which is registered in Bermuda. The broker aims to provide a user-friendly trading experience for both novice and experienced traders, offering a diverse range of financial instruments and trading conditions. FXCess's headquarters is located at Ground Floor, Swan Building, 26 Victoria Street, Hamilton HM 12, Bermuda. As a privately held company, FXCess focuses on delivering competitive trading solutions without being publicly traded.
FXCess serves a global market, attracting clients from various regions, including Europe, Asia, and Africa. The company has rapidly developed since its inception, establishing a reputation for offering low-cost trading options and a variety of account types suitable for different trading styles. Key milestones in its development include the launch of its proprietary trading platform and the introduction of various customer support initiatives.
The broker operates primarily in the retail forex market, providing services to individual traders. FXCess offers access to over 300 trading instruments, including forex pairs, commodities, indices, and shares, allowing clients to diversify their trading portfolios effectively.
2. Regulatory and Compliance Information
FXCess claims to be regulated by the Financial Services Authority (FSA) of Seychelles and the British Virgin Islands Financial Services Commission (BVI FSC). However, the broker's regulatory status has been a subject of scrutiny. The registration number for Notesco Limited is 51491, but there is limited information available regarding its regulatory oversight.
The broker's licenses are intended to provide a level of security for clients, including the segregation of client funds to ensure that they are kept separate from the company's operational funds. This practice is crucial for safeguarding clients' investments. Additionally, FXCess participates in an investor compensation fund, which aims to protect clients in the event the broker cannot meet its financial obligations.
FXCess adheres to Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance measures. These practices are designed to prevent illicit activities and ensure that the identity of clients is verified before they can trade or withdraw funds.
3. Trading Products and Services
FXCess offers a wide array of trading products, including:
- Forex Currency Pairs: The broker provides access to over 80 currency pairs, including major pairs like EUR/USD, GBP/USD, and USD/JPY. This extensive selection allows traders to engage in various trading strategies.
- CFD Products: FXCess offers Contracts for Difference (CFDs) on a variety of asset classes, including:
- Indices: Major global indices, allowing traders to speculate on market movements.
- Commodities: Including precious metals like gold and silver, and energy commodities like crude oil and natural gas.
- Stocks: CFDs on popular stocks, enabling traders to take advantage of price movements in individual companies.
- Futures: Access to futures contracts, providing opportunities for trading on future price movements.
FXCess continuously updates its product offerings, ensuring that traders have access to the latest financial instruments. The broker focuses on providing retail trading services, catering primarily to individual clients looking to trade in various financial markets.
4. Trading Platforms and Technology
FXCess supports the widely-used MetaTrader 4 (MT4) platform, known for its robust features and user-friendly interface. The platform is available for desktop, web, and mobile devices, allowing traders to access their accounts and execute trades from anywhere. Additionally, FXCess offers a proprietary trading platform called PMAM (Personal Multi Account Manager), designed for professional traders and money managers to manage multiple accounts efficiently.
The broker utilizes ECN (Electronic Communication Network) and STP (Straight Through Processing) models for order execution, ensuring fast and reliable trade execution. The servers are strategically located to minimize latency, enhancing the trading experience. FXCess also provides support for automated trading, allowing clients to utilize Expert Advisors (EAs) for algorithmic trading strategies.
5. Account Types and Trading Conditions
FXCess offers two main types of trading accounts:
Classic Account:
Minimum Deposit: $10
Spreads: Variable spreads starting from 1.7 pips.
Commission: No commission on trades.
ECN Account:
Minimum Deposit: $10
Spreads: Zero spreads on major currency pairs.
Commission: $4.5 per round turn per lot.
Both account types allow for a minimum trade size of 0.01 lots, catering to traders with varying capital. FXCess also offers leverage up to 1:1000 for Classic accounts and 1:500 for ECN accounts, providing traders with the flexibility to manage their positions effectively.
The broker has a clear overnight fee policy, ensuring transparency regarding swap rates for positions held overnight.
6. Fund Management
FXCess supports several deposit methods, including bank transfers and credit/debit cards (Visa and Mastercard). The minimum deposit requirement for both account types is $10, making it accessible for many traders. Deposits are typically processed instantly for card transactions, while bank transfers may take 2-5 business days.
FXCess does not charge any fees for deposits or withdrawals, which is an attractive feature for traders. However, it's important to note that withdrawals may be subject to bank charges, depending on the payment method used. The withdrawal process is generally efficient, with funds being processed quickly for card withdrawals.
7. Customer Support and Educational Resources
FXCess provides customer support through various channels, including email, live chat, and phone support. The support team is available 24/5, but does not operate on weekends, which may be a limitation for some traders. The broker offers multilingual support, ensuring that clients from different regions can receive assistance in their preferred language.
Educational resources at FXCess include a well-structured blog that covers market insights, trading strategies, and risk management techniques. While the broker does not offer formal trading courses, the blog serves as a valuable resource for traders seeking to enhance their knowledge and skills.
8. Regional Coverage and Restrictions
FXCess operates on a global scale, serving clients from various regions, including Europe, Asia, and Africa. However, the broker does not accept clients from certain countries, including the USA, Iran, Cuba, Sudan, Syria, and North Korea. This restriction is in place to comply with international regulations and to mitigate risks associated with trading in those jurisdictions.
In conclusion, FXCess presents itself as a broker with a diverse range of trading products and competitive trading conditions. However, potential clients should conduct thorough research and consider the regulatory environment before engaging with the broker. The absence of robust regulatory oversight may pose risks, and traders are advised to weigh the benefits against the potential drawbacks of trading with FXCess.
FXCESS Similar Brokers
Latest Reviews
Mr. Rolex
Portugal
It is highly concerning and completely unacceptable that they have scammed me by deleting my profits, blocking my account, and ignoring my attempts to contact them. It is clear that this broker is nothing but a scam, and I would strongly advise anyone considering using their services to stay far away. They have shown a complete disregard for their client's financial well-being and have engaged in fraudulent practices that are illegal and highly unethical. Overall, I would give this broker a very negative review. They engaged in fraudulent practices, blocked my account without explanation, and ignored my attempts to contact them. It is unacceptable, and they have shown a complete lack of professionalism and ethics.
Exposure
2023-03-11
NicolasRenaud
France
The best thing, I liked about fxcess that they provide both variable and zero spread accounts. Some traders, like me, prefer trading non-typical and high volatile pairs, for example, some exotic forex pairs, that`s why the wide spreads are not for us. For just several bucks commission, I can trade these assets, on which my trading strategy is developed for, so I don`t need to worry about wide spreads.
Positive
2025-01-10
LeviKolb
Germany
The MT5 trader just looks better in the web... I mean, look at this, its not impressive-looking. But the conditions, on the other hand... Just watch, for my regular acc, spreads are pretty sublime. For eurusd they are not even shown, less than 0.1 pips, for most other majors its 0.1-0.3 pips. nzdusd 0.3 pips. I can deal with older platform as long as its oldie but goldie.
Positive
2024-09-27
PolCuéllar
Mexico
I am pretty much satisfied with the trading terms here. Account types choice isn't big, but I would say... exhaustive. Classic account is something that I opted for because I am used to paying spreads and I don't know how to calculate commissions properly. It's cool they give traders such a choice, sometimes we are missing such accounts which will be universal. All in all I am happy.
Positive
2024-09-23
FXCESS
News
Exposure Fxcess Review: Profit Deletion, Withdrawal Denials & Illegitimate Account Blocks Irate Traders
Is withdrawing funds from Fxcess a herculean task for forex traders like you? Does it delete profits using manipulative practices? Does your Fxcess forex trading account balance turn to ZERO upon withdrawal request? Or Has your account been blocked when you sought withdrawals from it? These complaints have become extreme under Fxcess Review online. In this article, we have shared a few complaints. Take a look!
News $25 no-Deposit Verification Bonus – Fxcess
Verify mobile phone no. to get a $15 USD trading bonus and get another $10 USD for verifying the email address
FX5628077252
Italy
Presented as a reliable broker, it turned out to be the worst scam of my life. I started with them in April 2024 with an investment of 2k and then relied on an automatic bot by investing 5k (they made me lose everything in 6 days, claiming it was a coincidence). In July 2024, I returned and invested 27k, earning 42K in two months (all provable from my account). In August 2024, when I started requesting the first withdrawals, I began to notice a long wait, so much so that I had to urge the account manager to unlock the operation (on that occasion, I was already warned that the broker could reserve the right to block my account for excessive profits, something I never knew). Just a few days, specifically on September 13th, I found dozens of signals with very high leverage and on currencies that I have never traded, causing me a loss of 42k. NON-EXISTENT SUPPORT AND RESPONSIBILITY PLACED ON THE CLIENT. DISGUSTING.
Exposure
2024-09-19