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FXCL Review - Is it scam or safe?

FXCL Review - Is it scam or safe?

RATING: 2.2 / 2 REVIEWS FXCL
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Trading Accounts

  

Account type

Minimum deposit

Minimum trade size

 Maximum leverage

Spreads

Beginer

 $1

0.01 

1:1000

2 pips on EUR/USD, fixed

Micro Cent

 $1

0.01 

1:500

1 pips on EUR/USD, fixed

Mini

 $1

0.01 

1:500

1 pips on EUR/USD, fixed 

ECN Light

 $1

0.01 

1:500

from 0.6 pip on EUR/USD, floating

ECN Interbank

 $1

0.01 

1:500

from 0.8 pip on EUR/USD, floating + commission 0.2 pip per lot

ECN Plus 

 $1

0.01 

1:500

from 1 pip on EUR/USD, floating + commission 0.6 pip per lot

 

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

  

Company

Country

Regulation

FXCL Markets Ltd

Vanuatu

VFSC


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.


Trading Conditions


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


Maximum Leverage

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.


Trading Platform


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.


Conclusion


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. Here are, in a nutshell, the advantages and disadvantages of FXCL:

 

Pros  Cons
Comparatively low spreads Registered offshore
MT4 available No choice of trading platforms
Low initial deposit  
High leverage levels offered  
MT4 available   
Bonuses available  

 

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Traders` reviews for FXCL

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

Complaint of not paying my withdrawal of investment

They are victimizing investors, hope to get the name of the regulatory agency
Of this company so I can request for the revocation of their permit to put a stop to their fraudulent activities.

MATILDE P. DULUTAN 07/15/2019

FXCL - Don't deposit money with this broker!

Take this as a warning. Don't deposit your money if you love it.

Here's my story...

I've found about this broker on MQL5 and thought, hey why not give it a try. I've registered their zero spread account and deposited 250$ via BitCoin. Later, I've found that their commission for zero spread accounts is not good ($30-$50 a lot), so thought I should withdraw.

That's where I came to know about their ugly face! They've put a restriction on withdrawal unless one verify their account.

I've uploaded my ID and address proof as requested, waited for two days only to get an email saying that my documents were rejected.

When asked about rejection, they've replied that they don't take electronic copies. I've later uploaded physical copies scan.

One of which got rejected again. I got pissed and asked them to simply issue a refund to the same payment method which I've initially used to deposit funds, but they've declined. According to them, one must verify in order to withdraw and it's upto them to approve your profile, lol. Is that means that a client can't do shit if they keep on declining his uploaded documents? Anyways, I'll report these suckers and writing a review here hoping it would help someone.

Faraz 07/27/2018
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