FXCL Review: A Great Choice for Budget Traders

In the unpredictable world of forex trading, it’s important to find the right broker. Our forex trading broker review addresses this topic. FXCL (Forex Clearing Limited), a well-known company in this field, stands out as a significant platform. FXCL was founded in 2006 and is based in Vanuatu. It has made a name for itself as a trustworthy and easy-to-use forex trading broker.

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FXCL: Overview

FXCL, or Forex Clearing Limited, is a prominent figure in the global forex trading industry. Since its establishment in 2006, the company has grown to become a trusted name among traders worldwide. Headquartered in the island nation of Vanuatu, FXCL offers a strategic advantage with its location, providing an attractive regulatory environment for forex trading.

FXCL stands out in the competitive forex market through its strategic location, adoption of the MT4 platform, diverse account types, and accessible entry points for traders. This combination of factors positions FXCL as a preferred choice for individuals looking to navigate the complexities of forex trading.

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Regulation and Registration

Regarding government compliance, which is important for any financial firm, FXCL Markets is committed to dealing legally and honestly. The business is properly registered with the Financial Services Authority (FSA), and its registration number is 1637 CTD 2018. 

The registered office of FXCL Markets is strategically located at Suite 305, Griffith Corporate Center, P.O. Box 1510, Beachmont, Kingstown, St. Vincent and the Grenadines. This information further establishes its credibility and reliability as a forex brokerage.

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Account Types of FXCL

Cent Account

• Account Currency: US cent, EU cent, MYR cent, THB cent
• Leverage: Up to 1:1000
• Spread: Fixed, starting from 1 pip
• Margin Call/Stop Out Level: 30%/10%
• Execution: Instant
• Position Size: 0.01 – 200.00 lot
• Max. Number of Positions Online: 150
• Commission: No
• Swap Interest: Swap-free available

Standard Account

• Account Currency: USD, EUR, MYR, THB, NGN
• Leverage: Up to 1:500
• Spread: Fixed, starting from 1 pip
• Margin Call/Stop Out Level: 30%/10%
• Execution: Instant/Market
• Position Size: 0.01 – 2.00 standard lot
• Max. Number of Positions Online: 100
• Commission: No
• Swap Interest: Swap-free available

Start Account

• Account Currency: USD, MYR, THB
• Leverage: Up to 1:2000
• Spread: Floating
• Margin Call/Stop Out Level: 70%/50%
• Execution: Market
• Position Size: 0.01 – 1.00 standard lot
• Max. Number of Positions Online: 50
• Commission: No
• Swap Interest: Swap-free available

Interbank Cent Account

• Account Currency: US cent, MYR cent, THB cent
• Leverage: Up to 1:500
• Spread: Floating, starting from 1.1 pip
• Margin Call/Stop Out Level: 60%/40%
• Execution: Market
• Position Size: 0.01 – 500.00 lot
• Max. Number of Positions Online: 150
• Commission: No
• Swap Interest: Swap-free available

Interbank Standard Account

• Account Currency: USD, MYR, THB, NGN
• Leverage: Up to 1:500
• Spread: Floating, starting from 1.1 pip
• Margin Call/Stop Out Level: 40%/20%
• Execution: Market
• Position Size: 0.01 – 5.00 standard lot
• Max. Number of Positions Online: 150
• Commission: No
• Swap Interest: Swap-free available

ECN Pro Account

• Account Currency: USD
• Leverage: Forex, metals: up to 1:300; Indices: up to 1:100; Crypto: up to 1:10
• Spread: Floating, starting from 0.1 pip
• Margin Call/Stop Out Level: 100%/80%
• Execution: Market
• Position Size: Varies by instrument
• Max. Number of Positions Online: 300
• Commission: Varies by instrument
• Swap Interest: Available (with specific terms)

Live Contest Account

• Account Currency: USD
• Leverage: Up to 1:1000
• Spread: Floating
• Margin Call/Stop Out Level: 70%/50%
• Execution: Automatic Market Execution
• Position Size: 0.01 – 3.00 standard lot (forex, metals)
• Max. Number of Positions Online: 50
• Commission: $1.5 per lot (forex, metals)
• Swap Interest: Swap-free

Volume Cash Account

• Account Currency: USD
• Leverage: Up to 1:1000
• Spread: Floating
• Margin Call/Stop Out Level: 70%/50%
• Execution: Automatic Market Execution
• Position Size: 0.01 – 3.00 standard lot (forex, metals)
• Max. Number of Positions Online: 50
• Commission: $1.5 per lot (forex, metals)
• Swap Interest: Swap-free

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Deposit and Withdrawal

The Trader’s Cabinet allows you to handle transactions directly, making monitoring and controlling your money easy. FXCL enables you to contribute money in several ways, such as through local bank transfers, and quick coin exchanges. Another way to contribute money is low-cost methods such as PerfectMoney and Local Deposits. Some of these methods even cover the fees.

Withdrawals are handled quickly, usually within one business day, and have the same payment choices. FXCL puts a lot of emphasis on security, allowing only verified profiles to withdraw and prohibiting third-party transactions.

It’s important to note that the platform provides you with various withdrawal methods but can also charge reverse compensation fees in some situations.

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Products in FXCL

FXCL Markets offers a diverse range of trading instruments, catering to traders’ varied interests and strategies. Their product lineup includes:

• Forex
• Precious Metals
• Commodities
• Indices
• Digital Currencies
• Stocks

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Trading Platform of FXCL

• MetaTrader 4

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Fees of FXCL

FXCL markets do not charge any extra fees for deposits or withdrawals. However, traders should be aware that the payment systems used for these transactions might have their costs. Additionally, FXCL markets have a program to cover fees for specific payment ways. You can find out more about this on their deposit and withdrawal page.

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FXCL Promotions

FXCL Markets offers a range of enticing bonus programs to enhance the trading experience and increase profits for its clients:

Cashback Account

Traders receive credits in their Cashback account, which can be converted into profits.

First Step Promo

This promotion is designed to bolster confidence for traders at the start of their trading journey.

125% Booster Bonus

This bonus significantly increases the deposit amount, allowing traders to earn more.

100% Smart Bonus

This promotion aims to double the trading power, with the option to cash out the bonus after trading 20% of its size.

Automatic Cashback

FXCL compensates for losses by adding 0.6 pip for every qualified non-hedging loss position directly to the trader’s account balance.

Transfer Account Bonus

This promotion offers up to a 170% bonus for traders moving to FXCL from a different broker.

Birthday Present

A unique promotion that gives 100% plus the trader’s age as a bonus during the ten days before and after their birthday​​.

These promotions are part of FXCL’s strategy to provide value-added services to its clients, making trading more profitable and engaging.

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Customer Support

• Email: [email protected]
• Instagram: https://www.instagram.com/fxcl_markets/
• Facebook: https://www.facebook.com/FXCL.MARKETS/

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Pros & Cons

Pros Explained

• Zero commission charges: FXCL eliminates commission fees, lessening the financial burden on traders.
• Absence of swap/rollover fees: FXCL is ideal for traders holding positions overnight without extra costs.
• Minimal initial deposit: This broker offers a low entry barrier for new traders with limited capital.
• Opportunity for high-leverage: FXCL enables traders to magnify their trading positions, though it comes with increased risk.

Cons Explained

• MetaTrader 4 is the only platform: FXCL restricts traders to only MT4, not catering to those preferring MT5.
• Regulation from an offshore jurisdiction: Traders can have potential concerns about the extent of regulatory supervision.
• Constrained market offerings: This broker has a limited selection of markets and instruments than larger brokers.
• Lack of direct phone support: This broker has fewer markets and instruments than larger brokers.

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Is FXCL Worth Considering?

FXCL can be a good choice for those valuing cost-effective trading, with benefits like zero commission, no swap charges, and a low deposit requirement. Its high leverage offers potential gains but requires cautious risk management. 

However, limitations like exclusive use of MT4, offshore regulation, and limited market range may deter some traders. Deciding on FXCL depends on matching its features with individual trading needs and preferences.

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FAQs

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