Clients of FXCL are offered a choice of 5 account types, which can be divided into two main groups: commission-free fixed spread accounts with instant execution, and market execution ECN accounts with floating spreads, incurring commission (except the ECN Light account, which is commission-free).
All accounts offer trade in micro lots and leverage of up to 1:500 (except the Beginner account, where leverage is up to 1:1000). Scalping is allowed for ECN Scalping account holders only.
Swap-free service is available on all account types to clients of Islamic belief, who are unwilling to earn interest, as it is against the Sharia rules. Commission is charged on Islamic ECN Interbank and ECN Scalping accounts amounting to 0.6/1.6 pip per lot respectively.
The Company. Security of Funds
FXCL Markets Ltd
FXCL is an offshore broker, offering trading in currency pairs and precious metals. Behind this brand is FXCL Markets Ltd. (part of the FX Clearing Group Holding), a brokerage company, which operates on the basis of a “Dealer in Securities” license, issued by the Ministry of Finance and Economic Management of the Republic of Vanuatu.
Vanuatu is an offshore tax-free destination, where registration procedure for forex and binary brokers is fast and low cost. Minimum capital requirements are very low, even compared to other offshore destinations, such as Mauritius and Belize: only $2000. Little focus is placed on supervision and client protection.
That is why we generally advise traders to avoid offshore brokers and to select a forex broker licensed in UK, Cyprus, or Australia for instance, where traders have certain level of protection and where financial watchdogs exercise supervision over financial services providers.
In spite the above said, FXCL has good reputation in the forex industry and besides, it has launched FXCL Fund Insurance Program in 2017 a service, under which investors’ deposits are fully insured. In order to take part in the fund insurance program, investors need to meet a minimum deposit requirement of $55 (or its equivalent to the account’s currency). Also, traders have to meet certain volume trading requirements in order to get 100% fund insurance.
Minimum Initial Deposit
FXCL has very low minimum deposit requirements for all trading account types – $1. In comparison, FxChoice, which holds a IFSC (Belize) license requires $100 for all account types.
Average spreads & Commissions
There are trading accounts with both fixed and floating spreads in the broker’s product portfolio. Fixed spreads available on Micro Cent and Mini accounts amount to 1 pips on EUR/USD under all market conditions, which is low for the forex market. As regards variable spreads, the ones offered on the ECN interbank account also start from 1 pips on EUR/USD (minimum spread of 0.8 pips + commission of 0.2 pips per lot), which is considered average.
In comparison, FxChoice’s variable spreads on the Pro (ECN) account are averaged 0.5 pips on EUR/USD and a commission of $3.86 per lot (per side) applies.
You may look up real-time spreads of 15 leading brokers here.
The maximum leverage rates offered by this broker are high, reaching 1:1000. However, this is not unusual for an offshore brokerage. You may check out a list of forex brokers offering leverage equal to or exceeding 1:500.
We advise traders use higher leverage levels carefully, for they may not only multiply their profits on a small deposit, but also lead to heavy losses in excess of initial investments.
FXCL offers its customers the famous MetaTrader 4 (MT4), desktop and mobile versions available.
MT4 is the preferred choice of most experienced traders, as the platform offers a number of technical indicators, extensive back-testing environment, advanced charting package and a wide range of Expert Advisors (EA), allowing clients to fully automate their trades.
EAs are advanced automated trading systems written in MQL4, that are able to analyze market conditions automatically, open/close positions and place/modify/delete orders. In this way they free you from manual trading routines.
Bonuses & Rebates
This broker offers its traders a variety of promotions. At the time of writing of this review the following ones are running:
– 130% Youtube Bonus – 130% deposit bonus (up to $2,000 per trader) for subscription to the company youtube channel.
– 60% on deposit (up to $2,000) per trader, which may be received multiple times.
– Automatic Loss Rebate, enabling to Mini, ECN Light and ECN Interbank account holders to receive 0.6 pip for every non-scalping non-hedging loss position.- Automatic Loss Rebate, enabling to Mini, ECN Light and ECN Interbank account holders to receive 0.6 pip for every non-scalping non-hedging loss position.
Methods of Payment
FXCL offers its clients the following payment modes: bank wire and various e-wallets, such as Neteller, Skrill, OKPAY, PerfectMoney, Local Deposit, AstroPay, Neteller, China UnionPay, Webmoney, Yandex Money, Contact24, Comepay, Payza, FasaPay Bitcoin.
There are no credit/debit card payment options and besides, ECN accounts can be deposited in USD only.
FXCL is an offshore broker that offers attractive conditions for forex trading through the industry’s standard MT4. The only concern one might have with this broker is its looser regulation.
FXCL Review Conclusion
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