FXCL Markets review

On-line since: 2006
Country of origin: Saint Vincent and the Grenadines
Regulation: -
Payment options: international bank transfer, PerfectMoney payment system (instant money transfers from cards or e-wallets with low fees)
Minimum account size: $1
Minimum lot size: 0.01 lot
Leverage: up to 1:1,000 depending on account type
Spreads: variable and fixed depending on account type

About the company:

FXCL Markets is part of FX Clearing Group Holding. In 2006, it was registered by the Ministry of Finance and Economic Management of the Republic of Vanuatu as a securities dealer. This license enables the broker to provide financial services.

Products and services:

The company's clients can trade 33 currency pairs, cryptocurrencies, as well as gold and silver.

Company history:

Until 2016, the company operated under the trade name FX Clearing. Then it changed its name, regulatory authority, and an official website to FXCL Markets. The broker is headquartered in Vanuatu.

Asset security:

Given that the broker's activity is not regulated, the company cannot ensure the safety of assets. However, it is possible to use your own deposit insurance program. In case an insured event occurs, you can receive up to 100% of the compensation. There is an opportunity to insure from 10% to 100% of your funds. According to the company, the program is completely free and available on the Micro Cent and Mini accounts.

Accounts and currencies:

Clients can choose from six types of trading accounts: Micro Cent, Mini ESN Cent, ESN Interbank, ESN Plus, and ECN Copytrade. In addition, the broker can open accounts under individual conditions. The following account currencies are available: USD, EUR, MYR, THB, NGN, US cent, EU cent, MYR cent, and THB cent. It is also possible to open a Copy Trading account with a minimum deposit of $150. The broker provides its clients with a fairly wide range of trading account types, which are markedly different in trading conditions. So, we recommend you pay particular attention to the choice of a trading account.

Affiliate program:

The broker also focuses on this issue. The company's potential partners can use several options for cooperation. The IB program where earnings depend solely on communication skills is worth emphasizing. It does not require special knowledge of financial markets. You can attract new customers and receive a percentage. Using the White Label program, financial managers and brokers can gain access to the international financial market and start their own business. The description of other affiliate programs can be found on the FXCL official website.

Bonuses:

There is a substantial number of different bonuses ranging from a deposit bonus to a birthday one. Clients can receive both small gifts for simple steps and rather substantial rewards, as well as cashback.

Minimum deposit

Deposit starts from $1.

Spreads and commissions

Spreads start from 1 pip. Depending on the account type, they can be fixed or variable. There is no commission on almost all accounts except ECN Interbank and ECN Plus which fees are 0.6 point per lot.

Leverage

Leverage is up to 1:1,000.

Trading platforms

FXCL offers its clients to take advantage of the popular MetaTrader4 platform which is compatible with both PC and mobile devices.

Support service

Clients can contact support by phone, Skype, e-mail or through the feedback form on the broker's website.

Feedback from traders

There are both positive and negative reviews about the broker on the network. However, the negative ones prevail. Traders complain that the company can close some trader’s successful deals, demand money, and ban the withdrawal of funds.

Georg, 25.12.2018

“FXCL Markets is a scam. I invested money in a deal, and the company manager promised I would get my money back with a huge profit, but I got nothing. They ripped me off. So, I do not recommend you trade with a fraud such as FXCL Markets, otherwise, you will be left with nothing.”

Mangust, November 16, 2017

“During a period of almost two weeks, I could not get any explanation from the financial service where my money was. At first, it was my fault. I was mistaken in filling in the card's banking details, so it was impossible to withdraw money. I corrected everything. Then I spent a week waiting for my money back. Later, I phoned the customer service and was told that I should contact the bank. The bank said that there was no income to the account. Then I phoned the FXCL Markets again. They answered that my money had returned back to the broker!!! So, I hardly believe thay any of my attempts to withdraw money would lead to success since it is likely to be “my generous gift” to the broker."

Advantages:

• wide range of trading account types;
• large number of bonus and affiliate programs;

Disadvantages:

• not regulated.