FXCL Review 2022
FXCL Markets Ltd. is a forex broker offering over 40 different currency pairs alongside a range of cryptocurrencies, indices and commodity CFDs. The broker’s clients can also access demo contests, bonuses, educational content and investing services. Read this 2022 FXCL review to learn all you need to know about the broker before opening an account, including its typical spreads, account types, minimum deposits and more.
FXCL Markets Ltd., formally known as FX Clearing, was established in 2006. The broker is located in Saint Vincent & The Grenadines and is regulated by the Financial Services Authority (FSA), the regulatory body there. The broker has over 10,000 users and is particularly popular in the Philippines, Indonesia and Singapore, though it also covers major countries like the UK, Germany, Australia, South Africa and China. Citizens of the US, Japan, Vanuatu and Canada, alongside UN-sanctioned countries, are not able to open trading accounts.
FXCL uses the ever-popular and successful MetaTrader 4 (MT4) trading platform. MT4 is available to download for free on Windows and Mac. Even though it is slightly dated in design, the user interface is very friendly and easy to understand. Opening and closing trades is simple, with a variety of different order types offered. The software also comes packed with many additional features to improve the overall trading experience. There is an integrated news feed to provide information on global events, as well as expert advisor technology that can place trades autonomously. MT4 has over 30 technical indicators to help you analyse the market as well as a range of charts.
- Forex: Over 40 major, minor and exotic currency pairs.
- Commodities: Metals and energies CFDs, including gold, silver, oil and natural gas.
- Cryptocurrencies: Bitcoin, Ethereum and Litecoin cryptos, all against the US dollar.
- Indices: Nine global equity indices, including the FTSE 100, Nasdaq 100 and Nikkei 225.
Spreads & Commission
FXCL charges a monthly inactivity fee that increases over time. From 32 to 90 days there is a $25 charge, from 91 to 180 days there is a $50 charge, 181 to 365 there is a $75 fee and over 365 days the monthly charge is $100.
Most FXCL account types do not charge commissions, the only account that does is the ECN Pro account, which charges $3 per lot for forex, commodities and indices, as well as 0.15% per lot for cryptocurrencies. Typical spreads vary between the different account types. The Standard and Cent accounts have fixed spreads, while the Start, Interbank (Cent and Standard) and ECN Pro accounts have floating spreads.
Standard and Cent accounts have spreads starting from 1 pip, while Interbank Standard and Cent accounts start at 1.1 pips. The Start account starts at 1.6 pips and the ECN Pro account spreads start at 0.1 pips.
The rate of leverage offered at FXCL varies between the different account types. On the Cent account, leverage up to 1:1,000 is available, while it is capped at 1:500 on the Standard account. The Start account offers leverage rates up to 1:2,000 and both Interbank accounts (Cent and Standard) offer up to 1:500 leverage. The ECN Pro account offers rates of leverage that vary between different assets. Forex and commodities have leverage up to 1:300, indices up to 1:100 and crypto up to 1:10.
FXCL does offer a mobile app through MetaTrader 4 (MT4). The MT4 application is available to download for iOS and Android (APK) devices. All the same functionalities as the desktop app are available on mobile. It is easy to navigate and use. Opening and closing trades is simple and all the same technical indicators and charts are available through the mobile tool, allowing you to conduct your market analysis whether you are at home or on the move.
At FXCL, all transactions (deposits and withdrawals) can be made directly from your Trader’s Cabinet. The minimum deposit is very low at $1. There are no additional deposit fees, though banks may charge around 3% for bank transfers. In most cases, deposits are processed instantly or within minutes. Deposits can be made via the following methods:
There is no minimum withdrawal amount or withdrawal limit. Typically, withdrawals are processed within one business day. Before you can withdraw funds, you must complete the necessary verification and provide proof of identity and address. Withdrawals can be made to the same methods as deposits.
FXCL does offer a demo account for its users. It is free to open and provides a great place to practise trading before you feel ready to open a live account and risk real money. On occasion, the broker runs demo contests, rewarding those with the highest profits with real cash prizes.
Deals & Promotions
FXCL runs a range of bonus schemes. There is a bonus account that gains credits from any deposits and positions in your live account. These credits can then be used for trades and possibly turned into profit that can then be withdrawn. The broker also gives out a birthday present that can be redeemed within ten days on either side of your birthday. Deposit in this time and you receive a bonus of 100 + your age in %, up to the value of $2,000.
The firm does not run a no deposit bonus scheme. However, there is a 100% smart welcome bonus for deposits, which is valid up to the value of $2,000.
Regulation & Licensing
FXCL Markets Ltd. is regulated by the Financial Services Authority (FSA), the regulatory body for Saint Vincent and The Grenadines. The FSA is not a top tier regulatory body and so caution should be taken in case of scams or malpractice. Always check for good or bad customer reviews before trading with a broker that is not regulated by a top tier body.
FXCL has a range of educational tools and resources to help clients trade effectively. The broker provides a forex glossary to help you come to terms with the many definitions in the day trading world, as well as a market analysis overview for beginners.
At FXCL, accounts are split between two different types, those with fixed spreads and those with floating spreads. There are two accounts with fixed spreads, the Cent account and the Standard account. The main difference between these is that the Cent account trades in USD, EUR, MYR and THB cents and offers leverage up to 1:1,000, while the Standard account trades in USD, EUR, MYR, THB and NGN, with a maximum leverage rate of 1:500.
There are four floating spread account types. The Start account trades in USD, MYR and THB and offers leverage up to 1:2,000. The Interbank Cent account trades in US cent, MYR cent and THB cent, offering leverage rates up to 1:500. Interbank Standard accounts trade in USD, MYR, THB and NGN, with leverage up to 1:500. The ECN account only trades in USD, with leverage rates that vary from asset to asset.
All account types at FXCL are available as swap-free accounts for Islamic traders.
The key benefits of trading with FXCL are:
- Tight spreads
- Over 10,000 users
- Lots of account types
- Operating since 2006
- Low minimum deposit
- Demo account support
- Range of assets and markets
- Quick deposits and withdrawals
Our research flagged these potential drawbacks to trading with FXCL:
- No US customers
- No top tier regulation
FXCL clients can trade 24/5 from 00:00 GMT+2 Monday to 23:00 GMT+2 Friday.
Customer support is as important with FXCL as it is with any broker. Whether you have a trading issue or have simply forgotten your login details, you need to be able to get in touch with the support team. Customer service can be contacted via the following methods:
- Email: firstname.lastname@example.org
- Live Chat: Lower right corner, multiple languages
Safety & Security
Security when logging into FXCL is not particularly high. There is no option to set up two-factor authentication (2FA)and the broker does provide negative balance protection.
FXCL is a popular broker that offers competitive trading services to customers around the world. The forex broker offers a selection of over 40 currency pairs, as well as cryptocurrencies, indices and energy and metal commodities. The firm boasts a low minimum deposit combined with quick and easy deposits and withdrawals. The broker does lack when it comes to customer support and website security, however.
FXCL accepts traders from Australia, Thailand, Canada, United States, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.
Compare FXCL with similar brokers that accept traders from your location. Among available brokers these are the most similar to FXCL:
- Forex.com – Forex.com boast a global reputation. Regulated in the UK, EU, US and Canada they offer a huge range of markets, not just forex, and offer tight spreads on a cutting edge platform.
- eToro – eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs. eToro USA LLC does not offer CFDs, only real crypto assets available.
- IG Group – IG-US offer spread betting, CFD and Forex trading across a range of markets. They are FCA regulated, boast a great trading app and have over 47 year track record of excellence.
- AAAFx – AAAFx offers CFD trading in forex, commodities, indices and cryptocurrencies.
FXCL Comparison Table
|Markets||Forex, Commodities, Crypto||Forex, Stocks, Commodities, Crypto||Forex, Stocks, Commodities, Crypto||Forex, Stocks, Commodities, Crypto||Forex, Stocks, Commodities, Crypto|
|Minimum Trade||0.01 lots||$1||$10||0.1 lots||0.01 lots|
|Regulators||SVG FSA||CySEC, IIROC, NFA, CFTC, FCA, CIMA||FCA, CySEC, ASIC, FSA||FCA, ASIC, MAS, FSCA, JFSA, FMA, CFTC, NFA, BMA, DFSA, FINMA, BaFin||HCMC (Greece), FSCA (South Africa)|
|Bonus||–||No||–||–||100% Deposit Bonus available for Global clients|
|Leverage||1:2,000||1:200||1:30 EU||1:30||1:30 EU, 1:500 Global|
|Detailed Comparison||–||FXCL vs Forex.com||FXCL vs eToro||FXCL vs IG Group||FXCL vs AAAFx|
Compare Trading Instruments
FXCL vs Other Brokers
Compare FXCL with any other broker by selecting the other broker below.
Is FXCL Legit?
Yes, FXCL is legit. Make sure to read reviews before trading with any broker.
How Much Capital Do I Need To Trade With FXCL?
At FXCL you can trade with almost nothing. The minimum deposit is only $1, after this, you are free to trade.
Does FXCL Offer A Demo Account?
Yes, FXCL offers a demo account. The broker sometimes runs competitions through the demo account where real cash prizes can be won.
Is FXCL Trustworthy?
FXCL has been operating for a long time, this is usually a good sign. However, its regulation is lacking so make sure to check reviews before trading.
Can I Trade With FXCL In The US?
No, you cannot trade with FXCL in the US. Residents of the US, Japan, the Republic of Vanuatu and Canada cannot trade with the broker.
|FXCL boasts a competitive range of leverage rates and tradeable instruments that can be accessed through the MetaTrader 4 terminal.|