Fxcess – Is It Secure Enough to Trade With?

Website URL: https://fxcess.com/

Founded:  2019

Regulations: Unregulated

Languages: English, Chinese (Simplified), Korean, Japanese, German, French, and Vietnamese

Deposit Methods: Skrill, Neteller, Wire transfer, and Visa cards

Minimum Deposit: $10

Free Demo Account: Yes

Number of Assets: 300+ trading instruments

Types of Assets: Forex, Indices, Spreads, Commodities, Futures, Shares, and Indices

Trading Accounts and Conditions: 

Fxcess has only two types of accounts to offer to its customers. However, it does not provide more details and information on the conditions of these trading accounts:

•   Classic Account: with the spreads starting from 0.5 pips.
•   ECN Account: with the spreads starting from 0.0 pips.

Fxcess – Advantages: 

Fxcess has not introduced any bonus or incentives to the traders for investing funds with them.

Fxcess – Disadvantages:

• Confusing and Complex Regulatory Status:  

Fxcess claims to be the trade name of a company named Notesco Limited that is registered in the area of Bermuda country. However, unfortunately, it is still not varied that this broker actually holds a license from the Bermuda Monetary Authority (BMA) or not because no valid registration details were found in the databases of BMA authority. While a company with a similar name has been found in the registers of the UK’s financial conduct authority and with the list of Notesco UK trading names. It means this broker is somehow related to Notesco UK limited which is regulated by FCA and Notesco financial services limited that is regulated by CySEC. Additionally, Fxcess is one of the UK Company’s registered trading names but the confusing fact is that they offer trading services that are actually banned in both the EU and the UK.

In addition to this, the broker does not make any claims nor does it state on its website that it is FCA regulated enterprise, which makes the situation even more complicated. The only thing they claim is that they are registered in Bermuda country not even that it is licensed with the regulatory body of the Bermuda country, the BMA authority but simply states that it is registered in the country.

Therefore, we cannot clearly conclude whether this broker is legitimate or not because it is somewhere linked to Notesco UK, which is a legitimate company. So, we can assume that maybe the broker is at some stage of getting licensed. While to be licensed from BMA in Bermuda, it will have to prove and show a minimum liquid capital of $250,000 which is a fair condition but still not that strict like FCA that is even more strict in overseeing the forex markets and extending more protections to the traders.

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• Different Fee charges:

In addition to the confusing regulation status, there are many fee charges associated with the Fxcess services. Firstly, they charge 3% of the deposit as the withdrawal fee in case of no trading activity executed and the customer wants to withdraw the funds. Secondly, the broker charges $50 as the annual administrative fee, which is surprisingly a quite high amount. Moreover, it also states on its website that it can change the fee amounts at any time without notifying the customer. Hence, customers should visit the fee page to note any changes.

•  High Leverage: 

It is a common practice followed by illegitimate brokers that they offer high leverage levels to attract more victims. Likewise, Fxcess also offers a leverage level capped at 1:500 which is an insanely high figure and poses an immensely high risk to the funds. Such high leverage caps are not recommended for trading as it no longer remains trading but gambling, “everything or nothing”. Whereas the legitimate brokers never offer such high leverage caps, this is why almost all the regulatory authorities have placed much lower caps on the amounts that can be offered to the traders because such high leverage levels are quite detrimental for the traders.

• Bonus Traps to Attract Victims:

Fxcess has introduced three types of partnership programs: introducing broker, white label, and affiliates. In addition to this, there are plenty of bonus schemes that this broker offers to trap the customers like a deposit bonus that starts from 40%, a loyalty bonus program, an email verification bonus, and even a phone verification bonus which sounds quite funny.

• No KYC Policy: 

Fxcess has not specifically mentioned its minimum initial deposit policy. However, you can start funding your account with an amount as low as $10. The most shocking fact here is that anyone can deposit without giving any proof of identity that indicates that this broker has no proper KYC policy and making it look even more untrustworthy and unreliable.

Conclusion

Fxcess, a broker based in Bermuda country, which claims and operates under the slogan of “Trade, but better”. Like other brokers, Fxcess also promises moons and stars, and fake empty promises. It claims to offer competitive spreads and desirable attractive bonuses to the customers. However, like other fishy brokers, these are only traps to attract the victims. Reality is somewhat different from this which shows that the broker has a bit of complex legal status. It is an offshore company operating with many trading names and links to different regulatory jurisdictions. Moreover, it is a controversial broker having many disturbing and confusing aspects in their business practices and forex services.

Therefore, it is suggested to never open an account and deposit your funds with this broker having confusing regulatory status. Instead, better to choose proven legit forex brokers who are duly regulated and supervised by the well-known regulatory bodies in the EU and the UK region because Europe has the safest environment for retail traders with many client protection rules that all legit brokers are bound to follow. This way, you can be sure your money is safe and secure.

Fxcess

2.5

User Experience

3.2/10

Payment Options

2.2/10

Security

2.3/10

Support

2.5/10

Reputation

2.4/10

Pros

• None

Cons

• Confusing and complex regulation status
• Different fee charges
• High leverage
• Bonus traps to attract victims
• No KYC policy