FXCL HeadlinesTrading PlatformAssetsSpreads & CommissionLeverageMobile AppsPayment MethodsDemo AccountDeals & PromotionsRegulation & LicensingAdditional FeaturesAccount TypesBenefitsDrawbacksTrading HoursCustomer SupportSafety & SecurityFXCL VerdictAccepted CountriesAlternatives to FXCLFAQ
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 Headlines
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.
Trading Platform
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.
Assets
FXCL is primarily a forex broker but it also offers other markets, such as commodities, cryptocurrencies and indices.
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.
Leverage
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.
Mobile Apps
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.
MT4 Mobile Platform
Payment Methods
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:
Perfect Money
Wire Transfer
Credit Card
Dragonpay
Debit Card
PayTrust
FasaPay
Bitcoin
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.
Demo Account
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.
Additional Features
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.
Account Types
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.
MetaTrader 4 Platform
Benefits
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
Drawbacks
Our research flagged these potential drawbacks to trading with FXCL:
No US customers
No top tier regulation
Trading Hours
FXCL clients can trade 24/5 from 00:00 GMT+2 Monday to 23:00 GMT+2 Friday.
Customer Support
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: support@fxclearing.com
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 Verdict
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.
Accepted Countries
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.
Alternatives to FXCL
If you are looking for alternatives to FXCL we have compiled a list of the top 5 brokers that are similar to FXCL below. This list of brokers like FXCL is in order of similarity and only includes companies that accept traders from your location.
LQDFX – LQDFX offers online trading with multiple STP accounts and MT4 analysis tools.
Pacific Union – Pacific Union is a multi-asset broker offering trading via the MT4 and MT5 platforms.
Finq.com – Finq.com offer a great all round service with trading on 2100+ assets and immediate bonus offers. Up to $4000 in Deposit Bonuses.
Anzo Capital – Anzo Capital is a competitive global forex and CFD broker with ECN and STP accounts, both offering MT4 access and a wide range of assets.
AdroFX – AdroFX is a regulated, global broker offering forex, CFD and crypto trading with MT4 access and attractive welcome bonuses.
FAQ
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.