FXVC Review Is FXVC.com.au A Legit Forex Broker

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FXVC Review: Is FXVC.com.au A Legit Forex Broker?

FXVC.com.au Review: this is the name of a Forex broker offering CFDs and is based in Australia. Is it safe to invest funds with FXVC? Read this review to see why it is safe to trade with this broker and also profitable.

The most vital part of our reviews is the uncovering of if a company or Forex broker is properly licensed or not. To do this, we first establish the location or region where it claims to be based. Then we check with the commission or authority regulating trade there whether it is listed among regulated companies or not.

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FXVC discloses that it is a Forex broker operating in Australia. Trading in the forex market in this region is under the jurisdiction of the Australian Securities and Investment Commission (ASIC). When we checked the online register, we discovered that this is truly a licensed and registered company.

It is always encouraged to trade with licensed brokers because they are mandated to follow trading rules. Also, the authority regulating them monitors their activities and looks into issues that clients might have with them.

Advantages of FXVC

Besides being a regulated broker, it offers high leverage which some traders find encouraging, although this is not always a good thing. There are many trading instruments made available to clients as well. Transaction options also mean clients can use payment means they find convenient.

It is common for Forex brokers to start out with claims of making clients richer. This is because everyone seeking out easier ways to trade effectively does so to make more profit.

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However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.

FXVC Trading Platform

FXVC offers traders the MT4 trading platform. We advise readers and traders to always look out for the MT4 or MT5 platforms. The MetaTrader platforms are commonly used because they allow the use of trading robots.

Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.

These platforms are very good signs as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating system. All can be used on desktops, Linus, windows, iOS and Android.

Tools that comes with these trading platforms are also found to be useful for traders. It has proven to be user friendly as well and helps traders in analyzing the market easily.

Trading instruments offered to traders are: 30 currency pairs, CFDs on precious metals, indices and some popular cryptocurrencies. We know that legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them.

Maximum leverage offered to clients is 1:500 and while this may seem generous, it is not advisable. High leverages can lead to huge loss of funds as well. Spreads are 2.3 pips on the EURUSD pairs, which is quite too high. Though, the pricier account has a low spread of 1.1 pips.

Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.

Deposit and Withdrawal methods on FXVC

The means that traders are to use to make deposits and withdrawals are: VISA, MasterCard, Bank Wire, Neteller, Skrill, PayPal, and Poli. We find it encouraging that e-wallets are allowed.

This is because standard and legit brokers make deposit and withdrawals available via Visa, MasterCard and Wire Transfer. Many offer e-wallets like: Skrill, Neteller, UnionPay, FasaPay, and so on.

Minimum deposit required is $500 which is much higher than the obtainable of average of $100 to $250 that is common among legit brokers. Withdrawal fees are not mentioned and this may be because they do not apply. However, we will appreciate it if this is stated.

This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.

Is FXVC Licensed?

Yes. FXVC is a properly licensed and registered Forex broker. It is under the watch of the Australian Securities and Investment Commission (ASIC).

Regulated Forex brokers in Europe, America, Africa, Australia, and Asia are under many strict rules. The regulatory bodies like the FCA, FSCA, CySEC, AISC, NFA and many others have regulations protecting Forex traders from unfair brokers. This is why they come top as recommended Forex brokers.

Support

To speak with an agent of the customer service of this broker, interested clients are to access the website and use the means of contact there.

Conclusion

Since FXVC is regulated by one of the top Forex authorities in the world, we rate it highly because of security of funds. However, we find that the spreads on the standard account are not encouraging as well as the minimum deposit requirement amount.

But it gives generous leverage and offers a MT4 platform. Want to say anything about this broker? We would like to hear from you in the comment section.

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FXVC Review – 5 things you should know about fxvc.com.au

Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

FXVC is an Australian broker offering nearly 30 currency pairs and a number of CFDs with a leverage of up to 500:1 and the MetaTrader4 platform. The broker holds a license by the local Australian Securities & Investments Commission (ASIC) and that makes trading with FXVC safe.

As we noted trading instruments include all major forex pairs and crosses as well as some exotic ones like USDCNH.

The choice of CFDs is also not bad, with assets ranging form precious metals like silver and gold to energy commodities, indices and even cryto coins like Bitcoin and Bitcoin Cash, Litecoin, Ethereum and Ripple.

FXVC trading conditions

We opened a demo account with FXVC and the benchmark EURUSD spread floated about 2,2 pips – 2,3 pips. Unfortunately that is a pip higher than what we generally consider attractive.

With the broker’s premium account the spreads are advertised to start at 1,1 pips, and that is fine. Still, bear in mind that for such an account you should deposit at least 10 000 USD or more.

As for the leverage, FXVC allows you to trade with 1:500. Remember that Australia is the last major regulatory hub, where traders can still enjoy unrestricted margin trading.

And also FXVC offers Islamic versions of their trading accounts, which means that if your religion prohibits you from taking or paying interest (as is the case with the Shariah law) you can always open a swap free or Islamic trading account, which allows you to hold a position open over night without paying interest.

FXVC regulation & safety of funds

FXVC is owned and operated by Intelligent Financial Markets Pty Ltd, an Australian company, based in Sydney and regulated by the Australian Securities & Investments Commission (ASIC)– e.g. holding an Australian Financial Services License.

That is pretty important as proper regulation is the only way you can feel secure about your investment. Remember that under ASIC Client Money Reporting Rules all clients funds have to be deposited separately in a segregated, trust account at an Australian authorized depository institution (ADI) – a rule , which ensures that your funds will be held separately form FXVC company money.

Also we should note that all ASIC brokers are obliged to grant their clients a negative balance protection, which in practice guarantees that you can not lose more money then you have deposited.

FXVC trading platforms

FXVC offers MetaTrader4 – a well known trading solution popular with experienced an beginner traders alike. MT4, developed by MetaQuotes, has been on the market for the better part of the past 10 years and that why so much trading software has been developed specifically for that platform. With MetaTrader4 you can use over 100 customizable market indicators and trading robots, with which you can enjoy running automated trading sessions. And the charting package looks also pretty good, so no wander why so many traders prefer MetaTrader4.

FXVC Markets deposit/withdrawal methods and fees

At FXVC you can pay with popular e-wallets like Neteller, Skrill and PayPall, as well as Poli, which is particularly popular in Australia. Of course the broker also accepts major cards like MasterCard and VISA as well as bank wire.

The minimum deposit requirement to open a Standard Account with FXVC is 500 USD, which is a bit higher than what most other brokers require. For the premium Pro Account the deposit requirement is even steeper – 10 000 USD.

Otherwise you can open an account in AUD, EUR, GBP or USD and the minimum sum you can withdraw is 25 AUD.

Top Forex Brokers

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1 Comment

On 31 of October 2020, I deposit 250 Pounds in Bitcoin Loophole, they scammed me as they offered a very good investing tool to invest.
They linked my account with the trading platform FXVC or Broker.
They gave me an assessor Yair Kouana. He advised me to invest 50 pounds and invest in Crude Oil. He told me to do not do any movement without his advice and to keep calm. He used different marketing techniques to make me feel that I was going to earn lots of money, as asking me about what I wanted to buy, a house, clothes….this made me suspect.
Then one day He told me while assessing me, to do a deposit of £2500, without asking me. He guided me to do it step by step after being using marketing selling techniques. I told him that I was not agree and did not want to deposit £2500. He said that this was for a professional account, so will able to have more profit. I told him that I felt abused my trust and his aggressive marketing techniques and he apologised.
He continued advising me less frequently, after that I did not deposit £2500, when in the beginning He was calling me everyday to assess me about how to trade.
On 12.11.2020, He failed to our appointment. When I asked in the support trading platform, they said that Cyprus Securities and Exchange Commission (CySEC) had stopped then trading for 15 days because they were not able to meet certain legal regulations, very important to protect investors money. They said that they were not able to give any advise or trading.
As a result I was not able to continue trading, I had any advise about what to do, I was loosing money. I tried to invest in a product, and I was not able as the platform did not allowed me. In this moment I found out that the product that I invested in, Crude Oil had an end date of trading 17.11.2020. I was loosing money and it was not a good moment to sell. Before when I started loosing I did not sell as Yair Kouana, the assessor told me to be patient and never explained me about this ending of trading for this product in a concrete date. I did not know what was going to happen.
On Monday 18.11.2020 I realised that the product wasn’t any more as one of my investment and I have lost money. The total amount was £205.62, less services £35= £170.62.

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