The website cccapital.co.uk is operated by City Credit Capital (UK) Limited (CCC), which is registered in England and Wales and is authorized and regulated by the Financial Conduct Authority (FCA) under reference number 232015. The company was founded in 2001 and is headquartered in London. Now it claims to be a world leader in retail trading. It offers online dealing services to retail and institutional clients. The company is proud of its own trading platform, which it describes as efficient and highly robust. As an FCA regulated firm, City Credit Capital keeps all client money separate from company funds, in a segregated account. In addition, clients of CCC are automatically protected by The Financial Services Compensation Scheme (FSCS) and would be eligible for compensation up to a maximum of GBP85,000 if the company becomes insolvent.
There are two types of real accounts that differ mainly in the required initial deposit and the minimum lot size. The “MINI” account requires at least USD500 to open and the minimum lot size for forex trading will be 10,000. The “STANDARD” account requires an investment of at least USD5,000 and the minimum lot size for forex trading will be 100,000. The company claims you will not be requoted and stop loss orders are guaranteed (no slippage) during market hours and normal market conditions. However, it notes that if a stop loss order closes a position originally opened by an entry order may be subject to slippage.
Trading assets include 17 currency pairs, 8 global indices, and 7 commodities. The average spread for the EUR/USD pair is 3 pips, which is somehow wider than expected.
Customers can trade through its own developed platform called Markets Trader. It is available as a downloadable application for Windows and Mac machines and is also accessible as a mobile version for iOS and Android devices. The company defines it as a fast, secure, and flexible way to trade. The application has a customizable nature and traders can create their own trading layouts. Useful features such as a graphics package, over 20 technical indicators, risk management tools, and real-time news are also available. In addition, the well-known MetaTrader 4 (MT4) terminal is available as well. It is one of the most popular trading platforms in the world, providing the necessary tools to analyze price dynamics, create and use automated trading software (Expert Advisors).
The methods you can use for deposits include debit or credit cards, bank wire, cheques, Skrill and Neteller. Withdrawals will be made within seven business days of acceptance of a withdrawal request.
The “Terms of Business” document shows that in respect to every trade made between you and the company, City Credit Capital (UK) Limited shall deal as principal with you. The “Order Execution Policy” file also shows that City Credit Capital (UK) Limited will deal with you as principal and not as your agent. It will always be the counterparty to your trades and therefore it is the only “execution venue”, or it acts as a market maker. The company generally makes its money from the spreads of the instruments. However, a client’s loss may result in the profit for the company, which involves a conflict of interest because when the company executes orders, it keeps the risk to itself.
Nothing is said about stop loss orders in these documents, but the account section of the website gives us a hint that you will not be requoted and stop loss orders are guaranteed (no slippage) during market hours and normal market conditions. However, it notes that if a stop loss order closes a position originally opened by an entry order may be subject to slippage.
The FCA regulation ensures that the company has a negative balance protection policy, and therefore you cannot lose more than you have on your account.
Overall, City Credit Capital (UK) Limited is an FCA-regulated company that must meet strictly regulatory requirements. Customers can trade through one of the most popular platforms over the world – MT4, as well as its own developed terminal. All retail clients are covered by negative balance protection. Trading conditions are not so competitive – wider than expected spread and the lack of global shares. In addition, the company is a market maker and a conflict of interest exists.