AN OVERVIEW OF CCI Traders
Finding a reputable CCI Traders review local or worldwide can be a difficult process, especially finding a complete list from a trustworthy reputable source.
Below is an in-depth review regarding CCI Traders to help you make an informed decision before opening your account or trading on their platform.
CCI TRADERS is a forex broker company in St. Vincent & The Grenadines.
A Forex broker like CCI TRADERS provides traders with access to one or more platforms that will allow them to buy and sell foreign currencies. Forex brokers are also known as retail or currency trading brokers. Retail currency traders in turn use these broker companies to gain access to the 24-hour currency market for speculation purposes.
Forex broker services can also be provided for institutional clients and large companies such as investment banks.
HISTORY AND HEADQUARTERS OF CCI TRADERS
CCI TRADERS has been providing training and trading services to clients across the globe since 2008 and became a brokerage house in 2019. It offers trade on commodities such as metals and energy, major global indices, currencies and several CFD products.
CCI Trading Ltd. is registered in St. Vincent & The Grenadines under FSA and while it is a global broker, its dominant clients are from the Middle East, Africa, Asia and some other countries.
CCI Traders is one of the first brokers in the industry to do away with swap charges for all categories of clientele.
Besides that, CCI Traders also does not charge a commission on its entire product range. It assures fund segregation, offer low spreads, high leverage, negative balance protection, direct market execution and low minimum deposits with ECN trading facilities.
Retail clients can start with a minimum deposit of $50 and funding methods include debit/credit cards, eWallets and Bitcoin, with all deposits processed instantly.
The broker’s is only registered by the Financial Services Authority (FSA) in St. Vincent & the Grenadines while another subsidiary is authorised and regulated by the Financial Services Commission (FSC) in Mauritius. CCI Traders claims however to have an insurance cover of up to $1 000 000 against errors, frauds, embezzlement, negligence and hacking.
CCI Trader is an ECN broker and offers a 50% bonus on the first deposit.
AWARDS AND RECOGNITION
In the world of forex broker companies being honoured with awards from esteemed organisations or publications, count much for the company’s reputation. Such awards are usually mentioned with pride on the company website.
CCI TRADERS have won the ‘Best STP/ECN Broker’ award for 2020 at the 11th edition of the African Financial Expo.
CCI TRADERS ACCOUNTS
A forex account is a trading account held by a trader with a company like CCI TRADERS, that is issued with the primary purpose of trading through its platforms. Usually the number and type of accounts that a trader can open with a broker company differs according to the country in which the brokerage operates, the country of residence of the trader and the regulation authorities under whose jurisdiction it operates.
Accounts usually differ in the way spreads or commissions are applied, what minimum deposit is needed to open that type of account and certain services or advantages that account holders may get access to.
In the case of Muslim customers, special Islamic accounts, that is swap free accounts, are offered that mirror the other account types, but which operate in accordance to Shariah law.
TYPES OF ACCOUNTS AND ITS FEATURES
CCI Traders offers clients the option of three trading accounts: CCI ECN Mini, CCI ECN Premium and CCI ECN Institutional and offers three different account levels with increasing minimum deposits and different conditions – Retail, Professional, and Institutional accounts.
Key features include access to all the trading instruments, negative balance protection, zero swap charges and direct market execution.
The differences are primarily in the minimum deposit, trading platform, spread and max leverage. Traders on the ECN mini, premium or institutional accounts will execute trades from MetaTrader 5, whereas those registering for the CCI Standard account, can access CCI Trader’s proprietary offering, the ‘XOH Trader’.
The account features are as below:
The retail account is the most basic account and requires a $50 minimum deposit. It allows traders a 500:1 leverage and fixed spreads.
The account gives access to major instruments, but there is no listing on the website of which assets. There are no swaps for the account, and negative balance protection is provided.
On a professional account the minimum initial deposit required is $10,000, with some extra changes that improve the trading conditions. Traders on this level account gets access to all of the assets offered by CCI Traders, but the leverage allowed for the account is lowered to 200:1.
Like the Retail Account there are no swaps on the account, and negative balance protection is provided on accounts. The professional trading account comes with variable spreads based on the instrument being trading.
The Institutional account requires a minimum initial deposit of $100 000. This account also gives access to all available assets, but leverage drops even further to 100:1. This account also has no swaps, negative balance protection is provided, and spreads on this account level are fixed.
Multiple Account Management (MAM) services:
The broker offers a MAM system for fund managers to manage their clients account on one interface as a value-added service.
New and unsure traders can create a demo account at the platform provider’s website, which help to get informed about many of the available features.
DEPOSITOS AND WITHDRAWALS
CCI TRADERS gives detailed information about its deposit and withdrawal conditions once you have fully login to your profile on their site. Transactions are done fast and different payment options for deposits are available. Same day withdrawals processing is promised.
The following deposit methods are available to everyone: Credit/debit cards, Bank guarantee, E-Payment Perfect Money, Bitcoin, and local deposits.
Bank transfers are available, but on a country by country basis.
Withdrawal Methods available are Wire Transfer, Visa, MasterCard, BTC and E-payment.
It seems that there are no extra fees attached to deposits.
All the basic deposit methods indicate that funds are available immediately, but international and local bank transfer options will vary in time for availability.
COST AND FEES, COMMISSIONS AND SPREADS
Cost of trading depends on different factors like commissions, spread and margins.
The spread of a currency pair is the difference between the bid and the ask rate. A pip represents the smallest increment that an exchange rate can move. One pip is 0.01 for currency pairs with JPY as the term currency and 0.0001 for all other pairs.
The amount of money required in your account to open a position is called the margin and is calculated according to the current price of the base currency against USD, the size (volume) of the position and the leverage applied to your account.
Commissions are the charges imposed by an investment broker on a trader for making trades on the trader’s behalf. The level of commissions depends on the asset being traded and the type of service offered by the broker.
Execution-only brokers, who do not involve in personal investment advice and give traders complete control over how they trade the markets, usually charge lower commissions.
The CCI TRADERS website does not include much information about fees, costs, and spreads. It does mention transparent spreads which you can see as part of the trade ticket in the live platform.
This CFD broker offers a mix of fixed or flexible spreads, with the latter starting at 0.01. Other reviews put the minimum spread on the FX pairs to be 0.1 pip, and in the case of commodities, the minimum spread is around 20 cents for crude oil and spot silver, and slightly more for spot gold.
CCI Traders does not charge commissions on any of their products, but only earns from the spread, which is the bid-ask difference.
CCI Traders seems not to charge any additional charges.
Leveraged product trading magnifies a trader’s potential profit – but of course also increase the potential loss. This facility that enables traders to get a larger exposure to the market than the amount they deposited to open a trade, is called leverage.
The amount of leverage is expressed as a ratio, for instance 50:1, 100:1, or 500:1. Assuming that a trader has $1 000 in a trading account and is trading ticket sizes of 100 000 USD/JPY, that leverage will equate 100:1.
Traders should always keep in mind that, although a high leverage offered may be a plus point for the brokerage, but trading at such a high leverage should only be attempted by experienced traders that know how to prevent big losses.
CCI TRADERS investors receive maximum leverage of up to 500:1, while professional traders get a maximum leverage of 1:200.
Forex brokers often lure new traders with offers of deposit bonuses. This can be useful, but it is essential to discern what the conditions are to really benefit from a bonus.
The bonus usually compensates traders for choosing a certain broker, since once the account is active, the trader will have the same expenses as any other. The bonus usually only starts giving some expenses back to the trader once the person has proved himself as an active trader.
Hence, although no deposit bonuses are a great way to help you start trading, the terms to benefit from it often require trading with such a high volume before you can withdraw profits, that it may not be worthwhile.
According to the company website and other sources CCI TRADERS offers a 50% bonus on First Deposit.
TRADING PLATFORMS, SOFTWARE AND ITS FEATURES
The forex trading software, also called the platform, provided by a broker company to its clients to carry out their trades can be a multi-asset one that allows clients to trade forex as well as other asset classes like CFDs on stocks, stock indices, precious metals, and cryptocurrencies.
Some companies provide an own proprietary platform, which may benefit traders due to specific characteristics developed by specialists employed by the broker, while others prefer to provide the better-known platforms that were tried and tested through time.
CCI TRADERS offers its clients the choice of the MetaTrader 5 platform or the proprietary XOH platform. The XOH Trader is available as web, desktop and mobile applications, while MT5 is only accessible in downloadable desktop and mobile versions.
The platforms are technologically quite advanced, offering economic news, advanced charting and dozens of indicators, notifications and alerts, a variety of chart types and time frames, all fairly transparent and easy to use.
They claim to grant access to over 3 000 assets and uses either STP or ECN execution.
Features of the CCI Traders MetaTrader 5 desktop platform include:
- Accessible on all computers and supports all browsers
- Compatible with Windows, Linux, macOS, Android and iOS
- Equipped with all order types, including market, pending and instant
- You can monitor three chart types in 21-time frames
- Over 80 in-built technical indicators and analytical objects
- Manual and automated trading execution
- Hedging and scalping are allowed
- Advanced market-depth functions
- Ability to place price alerts, monitor the live global economic calendar and execute one-click trading
- Option to download, purchase or rent trading indicators from the codebase
MARKETS, PRODUCTS AND INSTRUMENTS
Most brokers offer all or some of the following market instruments for trading:
Forex trading, or currency or FX trading, involves the currency exchange market where individuals, companies and financial institutions exchange currencies for one another at floating rates.
As with currency exchange markets, commodity markets offer trading in contract-based tradable goods.
Equity or stock indices can represent a specific set of the largest companies of a nation or they can represent a specific stock market. It is actual stock market indexes which measures the value of a specific section of a stock market.
This involves the trading of gold, silver and other precious metals as hard commodities that are contract-based tradable.
The high volatility of energy prices due to political, environmental and several other factors, is a typical feature of this product, making it a popular trading choice.
Tradable cryptocurrencies include the following:
Bitcoin (BTC) is the digital currency with the largest market capitalisation and price levels and dominates 50% of the total crypto market cap.
Litecoin (LTC) is similar to Bitcoin but differs in terms of scalability.
Ethereum (ETH) is the second largest cryptocurrency after Bitcoin and allows developers to create smart contracts on a platform.
Ripple (RPL) is popular among big banks with the Ripple network a next generation real-time gross settlement system.
CCI TRADERS offers access to over 3 000 assets although retail accounts get only limited access. The professional and institutional accounts have full access, which include forex, commodities, indices and stocks, ETFs, and cryptocurrencies.
SAFETY AND REGULATION
Before deciding to join a brokerage company to start trading, a potential trader needs to establish whether a broker like CCI TRADERS is safe and secure to trade with. One of the most reliable benchmarks to measure the safety of a brokerage is to establish which regulating authorities are watching and overseeing its actions and whether the company complies with those regulations.
In general, a so-called “offshore” broker tends to have a less favourable reputation and potential traders should think carefully before investing with them.
Secondly, the safety or clients’ funds should be guaranteed and in the case of the company defaulting or going bankrupts, a safety net of some sorts would come in handy to prevent customers of taking more losses.
CCI TRADERS CCI Traders is the brand of CCI Trading LLC, which is registered in St Vincent & Grenadines. Although established in 2008, the broker was founded in 2017 and obtained its SVG licence only in 2019.
CCI Trading Limited, the other subsidiary, recently received a regulatory license from the Financial Services Commission (FSC) in Mauritius.
Potential traders need to be assured that the broker company they chose can offer the necessary support and help whenever they may need it. The ease with which such support teams can be contacted, may also play a role when choosing a broker.
The customer support team of CCI TRADERS can be reached via an online chat facility, email or Skype.
EDUCATION AND TRAINING
Before starting to trade, potential CCI TRADERS clients should arm themselves with all possible information and trading skills needed to be successful in the world of forex and commodity trading. If CCI TRADERS ’s website itself does not provide enough means, a trader should explore other informative sources to obtain that skills and knowledge.
CCI TRADERS does offer live seminars and online educational videos, and conduct local seminars on a regular basis, where they teach groups of individuals and institutional clients the basics of trading oil, forex and indices. Some of these seminars cost a fee, but some are offered free to anyone who has $100 or more in a trading account.
Potential traders need to be enabled to do as much as possible research about speculative trading before commencing to do it and while trading with a specific brokerage. Trading successfully relies heavily on knowledge and understanding of the markets and the platforms offered by a broker, therefore research options offered by brokers form an integral part of its features when choosing the right company to trade with.
CCI TRADERS offers research options like an economic calendar and news, which are included in the charting package, as well as market analysis tools.
CCI TRADERS was established in 2008, albeit under a different name. In 2019 the broker registered for its first license with the Financial Service Authority (FSA) in Saint Vincent & the Grenadines.
CCI Traders provides a range of diverse services that include retail trading, hedging and broking and offers a range of about 100 CFD products across FX, commodities, stocks and indices from two trading platforms, including the proprietary XOH and MetaTrader 5.
The ECN broker offers good programmes and bonuses, one of which is a COVID-19 bonus. Beginners can also access a one-hour educational video on the basics of the forex markets.
Information regarding fees and spreads are scarce, and a detailed listing of assets available to trade is lacking.
Its platforms have all the features a trader would need to generate success.
CCI TRADERS warns potential traders that Forex and CFDs trading always carries a high level of risk, therefore may not be suitable for all investors.
Before clients decide to trade the products offered by CCI TRADERS, they are advised to contemplate their investment objectives, financial situation, needs and level of experience carefully before investing money that they cannot afford to lose.
Especially when traders use CCI TRADERS ’s leveraged accounts, they should make sure to maintain a sufficient level of margin to sustain their positions, since trading Forex/CFD and Options on margin and using a higher than necessary leverage can be either beneficial or detrimental to a trader. It is always possible to sustain a loss of some or all of an initial investment.
While CCI TRADERS promises to make all efforts to fill a trade at the requested price, trading on-line does not necessarily reduce risks associated with currency trading, therefore quotes and trades are usually subject to the terms and conditions of a Client Agreement, which is accessible through the broker’s website.
Potential traders should first acquaint themselves with all these associated risks and seek advice from an independent financial advisor.
CCI TRADERS AT A GLANCE
|Broker’s name||CCI TRADERS|
|Headquarters||Kings Town, St. Vincent as well as an office in Mauritius|
|Regulating authorities||Registered in St. Vincent & The Grenadines under FSA|
|Countries not accepted for trade||Canada, North Korea, Syria, South Sudan, US, UK or Yemen|
|Islamic account (swap free)||Yes- all accounts are swap free|
|Deposit options||Wire Transfer, Visa, MasterCard, Bank guarantee, BTC, E-Payment|
|Withdrawal options||Wire Transfer, Visa, MasterCard, BTC, E-payment|
|Platform(s) provided||MetaTrader 5 platform or the proprietary XOH platform|
|OS compatibility||Windows, Apple (Mac), Linux, Windows Phone, Android, iPhone|
|Tradable assets offered||Forex
|Customer support languages||English exclusively|
|Customer service hours||24/5|
- How many instruments can I trade with CCI TRADERS?
You can trade several different instruments with CCI TRADERS, which include the following:
- Major Indices
- Precious Metals
- CFD Stocks
- Which platforms are supported by CCI TRADERS?
CCI TRADERS provides the MetaTrader 5 platform and the proprietary XOH platform.
- Does CCI TRADERS offer leverage?
Yes, CCI TRADERS offers a maximum leverage of up to 1: 500.
- What spreads can I expect with CCI TRADERS?
CCI TRADERS offers different spreads on its various accounts. The spreads and leverage offered by CCI Traders directly relate to the account type.
- Does CCI TRADERS charge commission?
- Is CCI TRADERS regulated and by whom?
CCI TRADERS is registered in St. Vincent & The Grenadines under FSA.
- Is CCI TRADERS a recommended forex trading broker for experts and beginners?
CCI TRADERS offers a fair trading environment for most types of traders.
- What is the overall rating out of 10 for CCI TRADERS?
- What is the difference between a demo and live trading account?
A demo account as is offered by broker companies like CCI TRADERS is usually funded with virtual money and gives a prospective customer the opportunity to experiment with the company’s trading platforms and its features.
Does CCI TRADERS offer a demo account?
- Can I convert my demo account to a live trading account with CCI TRADERS?
This is not clear from information on the company homepage.
- Which live trading accounts does CCI TRADERS offer?
- Retail Account
- Professional Account
- Institutional Account
- Multiple Account Management (MAM) services
- No separate Islamic account since all accounts are swap free
- What are the available deposit currencies for a live trading account?
DEPOSITS AND WITHDRAWALS
- What is the minimum deposit required to open an account with CCI TRADERS?
- How do you make a deposit and withdraw money with CCI TRADERS?
CCI TRADERS offers the following deposit and withdrawal methods:
- Wire Transfer
- Bank guarantee
- Wire Transfer
The same method that was used to fund an account must normally be used to withdraw and monies will usually only be refunded to accounts in the same name as the trading account.
- Does CCI TRADERS charge withdrawal fees?
Fees from financial institutions may be applicable.
- How long does it take to make a withdrawal?
Withdrawals by means of certain methods may be processed within a day but depending on bank services it may take several days to be available.