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The WikiFX Score of this broker is reduced because of too many complaints!

FXCN

China|2-5 years|
Suspicious Regulatory License|Suspicious Scope of Business|High potential risk|

https://isiet.net/Pc/Product/lists.html

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uxin@qq.com
https://isiet.net/Pc/Product/lists.html
The WikiFX Score of this broker is reduced because of too many complaints!

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No valid regulatory information, please be aware of the risk!

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Broker Information

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Company Name

yuxin yuxinex Banking Corporation

Company Abbreviation

FXCN

Platform registered country and region

China

Company website

Pyramid scheme complaint

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Warning: Low score, please stay away! 2
Previous Detection : 2024-03-29
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
  • The number of the complaints received by WikiFX have reached 5 for this broker in the past 3 months. Please be aware of the risk!

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    FXCN · Company Summary

    Key Information Details
    Company Name FXCN
    Years of Establishment 2-5 years
    Headquarters China
    Office Locations N/A
    Regulation Unregulated
    Tradable Assets Forex, Stocks, Cryptocurrencies, Commodities, Indices
    Account Types Standard, VIP, ECN, Islamic
    Minimum Deposit $100
    Leverage Up to 1:400
    Spread As low as 0.5 pips
    Deposit/Withdrawal Bank transfer, Credit card/Debit card, Electronic wallets
    Trading Platforms MetaTrader 4
    Customer Support Email

    Overview of FXCN

    FXCN is a relatively recent entity in the financial landscape, operating in China without regulatory oversight. The company offers trading services primarily in Forex, alongside other assets such as stocks, cryptocurrencies, commodities, and indices. They provide a range of account types, including Standard, VIP, ECN, and Islamic, with corresponding minimum deposit requirements.

    Leverage options are available, with ECN accounts offering up to 1:400 leverage. The lowest spread is 0.5 pips for ECN accounts. Clients can use various deposit/withdrawal methods, including bank transfers, credit/debit cards, and electronic wallets like PayPal and Skrill. The company's chosen trading platform is MetaTrader 4, and their customer support is solely accessible through email. It should be noted that FXCN has no official website, which negatively affects the credibility of the company.

    Overview of FXCN

    Regulation

    FXCN operates without regulatory oversight, making it an unregulated broker. This absence of regulation means that the company does not adhere to any specific industry standards or compliance requirements imposed by financial authorities. Consequently, there is no external entity monitoring or overseeing its operations, leaving clients without the safeguards and oversight typically associated with regulated brokers. This unregulated status implies that clients may have limited recourse in the event of disputes or issues with the broker, as there are no regulatory bodies to turn to for intervention or resolution.

    Pros and Cons

    Pros Cons
    Range of Account Types Unregulated Status
    Competitive Leverage Limited Customer Support
    Market Instrument Variety Mixed Customer Feedback

    Pros:

    Range of Account Types: FXCN offers a variety of account types, including Standard, VIP, ECN, and Islamic, accommodating traders with different risk tolerances and trading preferences.

    Competitive Leverage: The broker provides competitive leverage ratios, with up to 1:400 for ECN accounts, allowing traders to maximize their exposure in the markets.

    Market Instrument Variety: FXCN offers a selection of market instruments, including Forex, Stocks, Cryptocurrencies, Commodities, and Indices, enabling diversification in trading strategies.

    Cons:

    Unregulated Status: FXCN operates without regulatory oversight, which may pose potential risks to client funds and transparency, and could deter cautious investors.

    Limited Customer Support Channels: FXCN primarily relies on email support as the main communication channel, potentially causing delays in addressing urgent inquiries and concerns.

    Mixed Customer Feedback: Customer feedback includes reports of potential scams and difficulties with fund withdrawals, which can tarnish the company's reputation and raise concerns about reliability.

    Inaccessible WebsiteThe website of FXCN is currently inaccessible, which poses significant challenges to the company's credibility. This inaccessibility prevents potential traders from creating trading accounts or accessing essential information about the broker's services and offerings. As a result, individuals interested in exploring FXCN as a trading platform are left without the opportunity to evaluate its suitability or make informed decisions.

    The inability to create trading accounts deprives traders of the opportunity to engage in financial transactions through this broker, limiting their options for investment and trading activities. This lack of accessibility, coupled with the absence of regulatory oversight, further diminishes FXCN's reliability and may deter prospective traders from considering it as a viable option for their financial endeavors.

    Market Instruments

    FXCN offers a selection of market instruments that encompass Forex, Stocks, Cryptocurrencies, Commodities, and Indices. Market instruments products are not specifically mentioned by the company as there is no official website to give an idea of what products are available to trade.

    Market Instruments

    Forex: At FXCN, traders can delve into the intricate world of the foreign exchange market. This platform provides access to a multitude of currency pairs, allowing traders to engage in speculative activities on popular pairings such as EUR/USD, GBP/JPY, and many others. This expansive Forex offering enables participants to navigate the complexities of global currency fluctuations.

    Stocks: The company extends its trading services to the realm of equities, allowing clients to invest in the shares of publicly listed companies. This feature affords traders the opportunity to diversify their portfolios by entering the stock market, accessing a wide range of stocks across various industries and regions.

    Cryptocurrencies: FXCN recognizes the growing interest in digital assets and facilitates cryptocurrency trading. Traders can explore the exciting world of cryptocurrencies, with options including Bitcoin, Ethereum, and other prominent coins. This inclusion provides an avenue for those seeking exposure to the volatility and potential rewards of the crypto market.

    Commodities: Commodity trading is also a part of FXCN's offerings, encompassing assets like gold and oil. This category appeals to traders interested in tangible assets, enabling them to speculate on the price movements of globally significant commodities.

    Indices: FXCN rounds out its selection with indices trading. This segment offers access to well-known market indices such as the S&P 500 and FTSE 100. By engaging in index-based trading, participants can implement diverse investment strategies.

    Here's a table comparing the market instruments of FXCN with other selected brokerages:

    Broker Market Instruments
    FXCN Forex, Stocks, Cryptocurrencies, Commodities, Indices
    OctaFX Forex, Cryptocurrencies, Indices, Metals, CFDs
    FXCC Forex, Metals, Commodities, Indices, Cryptocurrencies
    Tickmill Forex, Indices, Commodities, Bonds
    FxPro Forex, Shares, Indices, Futures, Metals

    Account Types

    FXCN offers four distinct account types: Standard, VIP, ECN, and Islamic. Specifics are as follows:

    Standard Account: FXCN offers a Standard Account option with a minimum deposit requirement of $100. This account type features a spread of 1.5 pips, while traders are charged $0.005 per lot as commissions. Standard accounts offer leverage of up to 1:100. Overnight fees are applicable, and the account is subject to inactivity fees.

    VIP Account: The VIP Account at FXCN requires a higher minimum deposit of $10,000. Traders opting for this account enjoy a reduced spread of 1 pip, along with a lower commission fee of $0.003 per lot. VIP accounts offer leverage of up to 1:200. Similar to the Standard Account, overnight and inactivity fees apply.

    ECN Account: FXCN's ECN Account is available with a minimum deposit of $5,000. This account type boasts a competitive spread of 0.5 pips and a commission fee of $0.002 per lot. ECN accounts offer leverage of up to 1:400. Traders using this account are also subject to overnight and inactivity fees.

    Islamic Account: For traders who require an Islamic Account, FXCN offers this option with a minimum deposit of $100. The spread for this account is set at 1.5 pips, and there is no commission fee. Islamic accounts offer leverage of up to 1:100. While overnight fees apply, Islamic Account holders do face inactivity fees.

    Account Features Comparison:

    Account Type Minimum Deposit Spreads Commissions Leverage Overnight Fees Inactivity Fees
    Standard $100 1.5 pips $0.005/lot Up to 1:100 Yes Yes
    VIP $10,000 1 pip $0.003/lot Up to 1:200 Yes Yes
    ECN $5,000 0.5 pips $0.002/lot Up to 1:400 Yes Yes
    Islamic $100 1.5 pips No Up to 1:100 Yes Yes

    Minimum Deposit

    FXCN has varying minimum deposit requirements across its account types. The Standard Account necessitates a minimum deposit of $100, while the VIP Account imposes a significantly higher threshold of $10,000. The ECN Account falls in between with a minimum deposit of $5,000, while the Islamic Account aligns with the Standard Account at $100. These distinct deposit requirements cater to a range of traders with different risk appetites and capital availability.

    Leverage

    FXCN offers varying leverage levels across its account types. The Standard Account provides leverage of up to 1:100, while the VIP Account offers leverage of up to 1:200. The ECN Account comes with the highest leverage, allowing traders to utilize up to 1:400. For Islamic Account holders, the leverage offered is up to 1:100. These leverage ratios determine the amount of capital that can be controlled by traders in comparison to their initial investment.

    Leverage

    Here is a table comparing the maximum leverage for market instruments of FXCN with those of Alpari, HotForex, IC Markets, and RoboForex:

    Broker Maximum Leverage
    FXCN Up to 1:400
    Alpari Up to 1:1000
    HotForex Up to 1:1000
    IC Markets Up to 1:500
    RoboForex Up to 1:2000

    Spread

    FXCN offers varying spreads across its account types. The Standard Account features a spread of 1.5 pips, while the VIP Account offers a reduced spread of 1 pips. The ECN Account boasts a competitive spread of 0.5 pips. Additionally, the Islamic Account aligns with the Standard Account, offering a spread of 1.5 pips. Spreads represent the difference between the buying and selling prices of a financial instrument and can impact trading costs.

    Deposit & Withdrawal

    FXCN offers a range of deposit and withdrawal methods, categorized into three primary options:

    Bank Wire Transfers: Clients can utilize bank transfers to deposit and withdraw funds with FXCN. This method involves direct transfers of funds between a bank account and the trading account, providing a secure and traditional approach to financial transactions.

    Credit/Debit Cards: FXCN accepts credit card and debit card transactions, allowing clients to use their cards for both deposits and withdrawals. This method offers convenience and is widely accepted, enabling clients to manage their funds efficiently.

    Electronic Wallets: For a more digital payment solution, FXCN provides electronic wallets as an option. Popular e-wallets such as PayPal and Skrill are available, offering clients a swift and convenient way to handle financial transactions.

    Deposit & Withdrawal

    Trading Platforms

    FXCN offers the MetaTrader 4 (MT4) trading platform, a well-established and widely used platform in the industry. MT4 provides traders with a range of tools and features for technical analysis, charting, and automated trading through Expert Advisors (EAs). Its user-friendly interface and extensive functionality make it a popular choice among traders.

    As MetaTrader 4 is the sole trading platform offered by FXCN, having a singular platform can be disadvantageous when compared to competitors with multiple platform options. Traders may have varying preferences and requirements, and a lack of platform diversity limits their ability to choose a platform that best suits their trading style and needs.

     Trading Platforms

    The following table compares the trading platforms offered by FXCN with those of other selected brokerages:

    Broker Trading Platforms
    FXCN MetaTrader 4 (MT4)
    FXTM MetaTrader 4 (MT4), MetaTrader 5 (MT5)
    Exness MetaTrader 4 (MT4), MetaTrader 5 (MT5)
    Pepperstone MetaTrader 4 (MT4), MetaTrader 5 (MT5), cTrader
    FP Markets MetaTrader 4 (MT4), MetaTrader 5 (MT5), IRESS

    Customer Support

    FXCN offers customer support solely through email. Clients can reach out to the company's support team via email at the provided address, which is uxin@qq.comand yuxin@qq.com. Email support serves as the primary communication channel for addressing inquiries and concerns.

    Relying solely on email as the primary customer support method, as seen with FXCN, can be disadvantageous. This limitation may hinder quick responses and real-time assistance for urgent issues, as it lacks the immediacy and accessibility of live chat or phone support, potentially impacting the overall customer experience. Additionally, having only one support method may not accommodate the diverse preferences of clients who may prefer alternative communication channels for assistance.

    Customer Feedback

    Customer feedback regarding FXCN suggests a generally negative sentiment. Some clients have raised concerns, mentioning issues related to potential scams, difficulties in withdrawing funds, and aggressive customer service. These reviews highlight challenges and experiences that some traders have encountered while dealing with the company. Such negative feedback has the potential to adversely affect the company's reputation in the eyes of potential clients, as it raises questions about the reliability and trustworthiness of FXCN as a brokerage option.

     Customer Feedback

    Conclusion

    In conclusion, FXCN is an unregulated brokerage with a relatively recent presence in the financial industry. While it offers a range of market instruments including Forex, Stocks, Cryptocurrencies, Commodities, and Indices. The availability of multiple account types with varying deposit requirements, spreads, commissions, and leverage options caters to diverse trading preferences. Trading with FXCN was primarily done through MetaTrader 4.

    However, client feedback, which has mentioned issues related to potential scams and difficulties with fund withdrawals. Additionally, the sole reliance on email as a customer support channel and the absence of a variety of trading platforms may limit accessibility and responsiveness, potentially impacting the overall trading experience. These factors, combined with the unregulated status, makes for a brokerage with a high risk factor.

    FAQs

    Q: How does FXCN handle customer inquiries?

    A: FXCN primarily relies on email support for customer communication.

    Q: What market instruments are offered by FXCN?

    A: FXCN provides access to Forex, Stocks, Cryptocurrencies, Commodities, and Indices.

    Q: What is the minimum deposit requirement for a VIP account at FXCN?

    A: A VIP account with FXCN requires a minimum deposit of $10,000.

    Q: Are there any commissions associated with FXCN's Islamic account?

    A: No, the Islamic account at FXCN does not charge commissions.

    Q: How does FXCN address inactivity on trading accounts?

    A: FXCN imposes inactivity fees on accounts that remain inactive for a certain period.

    Q: What customer feedback trends have been observed regarding FXCN?

    A: Customer feedback for FXCN varies, with mentions of potential scams and difficulties with fund withdrawals.

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    菁美绽放
    more than one year
    FXCN is a vile and shameless forex scammer. My only consolation is that their website is already down, so maybe there won't be any new victims...I hope the tragic experience of me and other victims can remind other forex traders to be more vigilant and not get scammed... Please don't fall into the traps, friends!
    2023-03-14 16:50
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