FXCC is a legitimate broker, but the short answer masks a genuinely confusing corporate structure. The main global site (www.fxcc.com) now operates under a Mwali MISA offshore licence rather than the CySEC licence most older reviews describe. The original CySEC entity still exists, but only covers EEA residents who land on a separate www.fxcc.eu site. This article walks through what changed in 2024, what the current entities actually cover, and how to make sure you end up under the regulator you want.
What changed in 2024
Until 2024, FXCC was commonly described as "CySEC-regulated". The main entity, FX Central Clearing Ltd, held CySEC Cyprus Investment Firm licence 121/10 and served international clients through www.fxcc.com.
During 2024, the corporate structure shifted. The main www.fxcc.com site moved under Central Clearing Ltd, a company registered in the Comoros (Mwali). The Mwali International Services Authority issued licence BFX2024085 to cover the global retail business. The CySEC entity (FX Central Clearing Ltd, licence 121/10) was not shut down. It was moved onto a separate site at www.fxcc.eu and restricted to EEA residents only.
Older reviews that call FXCC "CySEC-regulated" without qualification are now only accurate for EEA residents who use the .eu site. For every other client, the effective regulator is Mwali MISA.
Why brokers pivot to offshore
Under CySEC (MiFID II rules), EU retail forex leverage is capped at 1:30 on majors, 1:20 on minors and less on indices and commodities. Offshore jurisdictions do not impose those caps. A broker that wants to offer 1:500 or higher leverage to non-EU clients has to move its international retail operation to a jurisdiction that allows it.
Mwali MISA is the fastest-growing regulator for this purpose. It is not the softest (SVG and Saint Lucia are softer), but it is a deliberate offshore choice. Exness, Hantec, IGM and several other mid-tier brokers now hold Mwali MISA licences for the same reason.
This pivot is legal and industry-normal. It does represent a regulatory downgrade for non-EEA clients compared to the pre-2024 CySEC structure.
The four legal entities
FXCC operates through four legal entities in total:
- Central Clearing Ltd - Mwali (Comoros) MISA licence BFX2024085. This runs the main www.fxcc.com retail site globally.
- FX Central Clearing Ltd - CySEC (Cyprus) licence 121/10, HE 258741. This runs the www.fxcc.eu site for EEA residents.
- Central Clearing LLC - SVG FSA registration 2726 LLC 2022. Registered at Griffith Corporate Centre, Kingstown, St Vincent and the Grenadines. Ancillary.
- Central Clearing Ltd - Nevis Companies Registry C 55272. Ancillary, not client-facing for most traders.
Only the first two matter for a retail client choosing where to open an account.
How to make sure you get the CySEC entity
If you are based in the EEA (EU plus Iceland, Liechtenstein and Norway) and you want the CySEC licence with Cyprus Investor Compensation Fund cover:
- Navigate directly to www.fxcc.eu, not www.fxcc.com.
- Check that the client agreement on registration references FX Central Clearing Ltd (HE 258741) and CySEC 121/10.
- Verify that the account opening confirmation email comes from the .eu domain.
If you land on www.fxcc.com, you will be routed to the Mwali entity regardless of your residence. The .com and .eu sites are separate businesses under separate regulators.
Is FXCC safe under Mwali MISA?
Mwali MISA requires segregated client funds, basic fit-and-proper checks on directors and annual reporting. It is a real regulator. What it does not provide is a compensation scheme: if the broker fails, there is no statutory pot of money to reimburse clients. Clients under the Mwali entity rely entirely on the broker's continued solvency.
FXCC has been trading since 2010 and has not had any public regulatory enforcement actions or insolvency events. The 15-year track record is a meaningful safety signal even without a compensation scheme.
What makes FXCC legitimate despite the downgrade
Several factors keep FXCC in the "real broker" category:
- 15 years of continuous trading under the same brand.
- Multiple licensed legal entities, including the still-active CySEC entity for EEA clients.
- No active regulator enforcement actions.
- No major client withdrawal complaints or insolvency events.
- Transparent disclosure of the entity structure in the client agreement (though not prominent on the homepage).
What keeps FXCC below tier-1 brokers
- The main global brand moved offshore in 2024, weakening the headline regulator.
- The entity split is easy to miss if you do not read the client agreement.
- Scale is smaller than IC Markets, Exness or XM.
- Zero-commission ECN pricing implies spread markup, which needs demo testing to verify the real cost.
The verdict
FXCC is a legitimate broker with a real history, real licences and no pattern of misconduct. It is not a scam. The honest framing is: the main www.fxcc.com brand is now an offshore broker (Mwali MISA), not a CySEC broker. If you want the CySEC cover that older reviews describe, you need to register at www.fxcc.eu specifically and be an EEA resident. For anyone else, you are trading under offshore regulation and should size positions accordingly.
Frequently Asked Questions
Is FXCC still CySEC-regulated?
Partially. The CySEC entity (FX Central Clearing Ltd, licence 121/10) still exists and serves EEA residents through www.fxcc.eu. The main global brand at www.fxcc.com moved to Mwali MISA (Central Clearing Ltd, licence BFX2024085) in 2024. Non-EEA clients no longer fall under CySEC.
Is FXCC a scam?
No. FXCC has been trading since 2010 with no regulatory enforcement actions, no insolvency events and multiple active licences. It is a legitimate broker. The 2024 move to Mwali MISA is a regulatory downgrade for non-EEA clients but does not make the broker a scam.
How do I get the CySEC version of FXCC?
Navigate directly to www.fxcc.eu and register there. You must be an EEA resident (EU plus Iceland, Liechtenstein and Norway). The client agreement should reference FX Central Clearing Ltd (HE 258741) and CySEC licence 121/10. If you land on www.fxcc.com, you will be routed to the Mwali entity regardless of residence.
What is Mwali MISA regulation?
The Mwali International Services Authority is the financial services regulator of the Autonomous Island of Mwali in the Comoros. It issues brokerage licences with segregated client fund requirements, basic fit-and-proper director tests and annual reporting, but does not provide a compensation scheme equivalent to the Cyprus ICF or the UK FSCS.
Is my money protected at FXCC?
EEA clients under the CySEC entity are covered by the Cyprus Investor Compensation Fund up to 20,000 EUR per client. Non-EEA clients under the Mwali entity are not covered by any compensation scheme. Client funds are held in segregated accounts in both cases, but segregation alone does not protect against broker insolvency.