No one doubts that when choosing a broker to open an account, safety should be the top priority. However, can a company registered in Bermuda be considered reliable? This FXCess review will help you decide whether to trust such a firm or whether you should avoid it.
Key Features
- Company Name: Notesco Limited
- Website: https://www.fxcess.com/
- Available Contacts: No
- Foundation: 2018
- Services: CFD Trading
- License: No
- Initial Deposit: $10
From Sign-Up to Payout
Our experience with the broker began with their official website, fxcess.com, which is translated into several languages besides English: Spanish, Korean, Chinese, Japanese, French, and others. It’s curious why they support the Japanese if CFD platforms are banned in Japan. The same goes for clients in the U.S. — the company cannot serve them.
The website is designed in red and white tones, and the information about trading conditions is presented in sufficient detail, leaving little room for criticism. However, there are no contact details or information about the company itself. FXCess does not mention when it started operating, nor does it disclose any regulatory details. This seems odd and raises suspicions. Don’t you think so? Moreover, the broker claims to route client trades to liquidity providers but does not name a single one.
Okay, the website looks acceptable, so we can give it a neutral rating. The next step is registering on the platform. As usual, you need to provide contact details (phone and email), create a password, choose one of three account types, and confirm that you are not a U.S. citizen and agree with the legal documents.
In short, the process is standard. However, we recommend using disposable or unnecessary phone numbers when registering on such sites to avoid spam calls.
Verification in FXCess is mandatory and takes place through the personal account. There’s nothing unusual here, but just as with the contact details, it’s best not to rush into sending your documents until you’re sure the broker is operating legally.
As for financial transactions, they are carried out using various methods:
- Bank transfers.
- VISA/MC.
- Cryptocurrency.
Our Trading Experience With FXCess
As a trading platform, the broker uses MetaTrader 4 — one of the most well-known and popular terminals developed by MetaQuotes. There’s no point in discussing the capabilities of MT4, as there are already plenty of reviews and guides available online. If you’re not yet familiar with this software, you can easily find the information you need.
To get started, simply download the program to your PC or smartphone, install it, and connect using the credentials provided by FXCess. Additionally, the broker offers the option to test the platform on a demo account. Overall, there are no complaints about the platform itself — it’s time-tested and widely used in the trading community.
However, it’s worth mentioning that the firm could offer alternative platforms, as not all traders prefer MetaTrader. Moreover, more modern platforms with better optimization and enhanced functionality have already appeared on the market.
The Reality Check
Up until this point in the FXCess review, no serious flaws had been identified. However, let’s see if the situation changes after examining the broker’s legitimate status.
The company claims to be registered in Bermuda — a jurisdiction that is far from being considered reliable or reputable for the brokerage business. The platform is managed by the legal entity Notesco Limited. Indeed, it is present in Bermuda. However, this organization is also based in Cyprus and holds a license from CySEC. The regulator lists approved domains: www.fxlift.eu and www.ironfx.eu, but fxcess.com is not among them. How can this be explained?
We suspect that FXCess invented its connection to Notesco Limited to appear more credible and regulated. We can’t see any other explanation. Moreover, we visited the BMA register and discovered that this name is not included in the list of regulated entities. Does the broker actually hold licenses? No. That’s all you need to know about this company.
We do not recommend trusting brokers without licenses, as this can lead to the loss of your funds. Without a license and real oversight from regulators, such companies pose a danger to your deposit, and you risk losing all your investments with no chance of recovering them.
How Long Has FXCess Been in the Game?
Interestingly, the fxcess.com domain was registered in 2018, indicating that the company has been around for quite some time. We checked snapshots of the site in WebArchive, and they confirmed that the firm was indeed operational in those years. However, this doesn’t eliminate the concerns and regulatory issues, which make it unsafe for investors.
Extra Fraud Indicators
How does FXCess operate? Does it truly route client trades to liquidity providers, or is this just a deception? Considering that the company doesn’t disclose the names of its providers, it’s very likely that it doesn’t route trades anywhere and processes them internally. In this case, relying on long-term earnings and stable trading on this platform isn’t realistic. As soon as you start making a profit, this dealing desk will likely interfere because, as a profitable trader, you become a disadvantage for the broker. It needs traders who lose money, not those who earn it.
Additionally, there are many fake positive FXCess reviews on the internet. It’s easy to tell they are fake: the comments are short, repetitive, and lack evidence of the company’s actual financial reliability. Would an honest and transparent broker order fake positive reviews about itself? Of course not.
Is FXCess the Right Fit?
The firm may indeed be owned by Notesco Limited, but this guarantees nothing. Moreover, it could easily be a lie. In any case, the company lacks a license, is interested in its clients’ losses, and orders fake positive reviews. All of this is reason enough not to risk your money and to avoid working with such a platform.
I can’t recommend this company to other traders. They are crooks and scammers! They manipulate the charts to force their clients to lose money. I fell for their trick myself. I constantly compared the charts in fxcess with TradingView from other quote providers — there were huge differences. The broker was “painting” spikes that didn’t exist with other providers. I asked for their support about this, and they told me that quotes could differ, and that I had agreed to the terms. Long story short, any profitable trader here will become a losing one. Maybe someone can make money here, but it’s highly unlikely.
This is a terrible broker! No license, many fake positive reviews, and their social media accounts are inflated with bots. This is a fake broker! No one is actually trading here. Traders come, try, realize it’s a scam, and leave. The firm actively pays to have negative comments removed. That’s why this company is unpopular – because it’s stealing money from clients.