FXCL
Pros and Cons
Pros
- Low minimum deposit of $1
- Leverage up to 1:2000
- Wide range of trading instruments including Forex and cryptocurrencies
- Supports popular MT4 trading platform
- Multiple payment methods for deposits and withdrawals
Cons
- Revoked regulation status by VFSC
- Limited customer support options
- No Islamic trading accounts available
- No support for MetaTrader 5
- High risk of withdrawal issues reported
Basic Information
User Reviews
FXCL Overview
FXCL, founded in 2006, is a forex brokerage based in Gaborone, Botswana. Originally registered in Saint Vincent and the Grenadines, FXCL is regulated by the Vanuatu Financial Services Commission (VFSC), although its license has been revoked. This raises concerns regarding its regulatory compliance and credibility, making it essential for potential traders to exercise caution and conduct thorough research before engaging with the broker.
FXCL offers a range of trading instruments, including forex, indices, and cryptocurrencies, with a low minimum deposit requirement of just $1. Traders can utilize the widely recognized MetaTrader 4 platform, which provides robust trading tools and features. Customer support is available via email, but the broker has received criticism for its limited support channels. Notably, FXCL stands out with its competitive leverage options of up to 1:2000 and a variety of account types, catering to different trading preferences. However, potential clients should remain vigilant due to the broker’s past regulatory issues and mixed reviews from users regarding withdrawal processes.
Is FXCL Safe? Regulation Analysis
Regulatory Information
| Regulatory Authority | Country/Region | Fund Protection Measures |
|---|---|---|
| VFSC | Vanuatu | None |
Is FXCL Regulated and How Are Client Funds Protected?
FXCL Markets Ltd. is currently not regulated by any recognized financial authority. Originally, it was regulated by the Vanuatu Financial Services Commission (VFSC), but this license has been revoked. As a result, there are significant risks associated with trading with FXCL, including a lack of investor protection and potential challenges in accessing funds. Since the broker does not adhere to stringent regulatory standards, traders may face difficulties with withdrawals and experience higher risks of fraud. It is advisable for potential clients to exercise caution and consider trading with regulated brokers to ensure better fund safety and investor protection.
Trading Products and Services
What trading instruments does FXCL offer?
| Asset Category | Available Products | Total Count (if available) |
|---|---|---|
| Forex | EUR/USD, GBP/JPY, Major & Minor Pairs | Many |
| Commodities | Gold, Silver, Crude Oil | Varies |
| Indices | S&P 500, NASDAQ, FTSE 100 | Many |
| Stocks | US (e.g. Apple, Tesla), UK (e.g. BP, Vodafone) | Varies |
| Cryptocurrencies | BTC, ETH, XRP | Many |
FXCL offers a diverse range of trading instruments, catering to various trader profiles from beginners to seasoned professionals. With assets spanning Forex, commodities, indices, stocks, and cryptocurrencies, traders can leverage multiple products to enhance their portfolios. This extensive selection not only allows for tailored trading strategies but also supports effective portfolio diversification, which is crucial in today’s dynamic markets. By providing such a wide array of options, FXCL empowers traders to adapt their approaches based on market conditions and personal investment goals, ensuring flexibility and resilience in their trading endeavors.
Account Types and Trading Conditions
What Account Types and Fees Does FXCL Offer?
| Account Type | Target User Group | Essential Characteristics | Applicability Notes |
|---|---|---|---|
| Retail Account | Beginners and casual traders | Low minimum deposit, user-friendly interface | Suitable for small-capital practice |
| Professional Account | Experienced traders | Higher leverage, lower spreads | Requires trading volume qualifications |
| Corporate Account | Corporate clients | Customized services, dedicated account manager | Requires corporate documentation |
| Islamic Account | Traders seeking swap-free options | Compliant with Sharia law | Applicable based on religious requirements |
| Demo Account | New traders and those testing strategies | Practice trading with virtual funds | No risk involved, ideal for skill development |
Account Opening Process
To open an account with FXCL, users must follow a straightforward process. Initially, traders need to provide personal information, including their name, contact details, and date of birth. Following this, employment and financial details are required to assess suitability for various account types. Furthermore, identity verification is mandatory, which includes submitting a government-issued ID and proof of address. FXCL allows for flexibility, permitting users to upgrade to a professional account as their trading experience and volume increase.
Trading Fees
| Product | Spread (pips) | Commission | Notes |
|---|---|---|---|
| Forex (EUR/USD) | 0.8 | $0 (ECN: $3.5/lot) | Tight spreads for major pairs |
| Forex (GBP/USD) | 1.0 | $0 (ECN: $3.5/lot) | Competitive spreads |
| CFDs (US Stocks) | 1.5 | $3/lot | Fixed commission structure |
| CFDs (Indices) | 1.0 | $3/lot | Standard commissions apply |
| Cryptos (BTC/USD) | 1.0% | 0.15% | Variable based on market conditions |
Other Fees
FXCL applies several additional fees that traders should be aware of. Deposit and withdrawal fees may vary based on the payment method chosen. Inactivity fees may apply if an account remains dormant for an extended period. Traders also need to consider platform usage fees if applicable, as well as overnight interest charges, also known as swap rates. Additionally, currency conversion fees may be incurred for transactions made in different currencies.
Trading Platforms and Apps
What Trading Platforms and Apps Does FXCL Offer for Traders?
| Platform | Device Support | Key Features | Additional Services |
|---|---|---|---|
| MT4 | Windows, macOS, iOS, Android | Two-factor authentication, multiple order types, technical indicators, price alerts | Demo accounts, VPS |
| Web Version | Any device with a browser | Secure login, market analysis tools, symbol lookup | Demo accounts |
| Mobile App | iOS, Android | Biometric login, push notifications, one-click trading | Demo accounts |
FXCL provides several trading platforms to accommodate different trader preferences. The MT4 platform is robust, suitable for both beginners and experienced traders, featuring advanced charting tools and various order types. The web version offers accessibility from any browser, allowing for on-the-go trading. The mobile app enhances convenience with features like biometric login and real-time alerts, ensuring traders can manage their accounts anytime.
Security is a priority across all platforms, with measures like two-factor authentication and encrypted connections. Additionally, FXCL supports mobile trading, facilitating quick access to markets and efficient order execution through various devices.
Deposit and Withdrawal
Deposit and Withdrawal Options
| Payment Method | Processing Time | Fees | Limits | Base Currency Options |
|---|---|---|---|---|
| Bank Transfer | Deposit: 1-3 days, Withdrawal: 2-5 days | Usually free, but banks may charge a fee (USD 15-30 for international wires) | Min Deposit: 100 USD, Max Withdrawal: 50,000 USD/day | USD, EUR, GBP, JPY, AUD |
| Credit/Debit Card | Deposit: Instant, Withdrawal: 1-3 days (after verification) | No platform fees, but cash advance fees may apply | Min Deposit: 100 USD, Max Withdrawal: 10,000 USD/transaction | USD, EUR, GBP |
| E-wallets (PayPal, Skrill, Neteller) | Deposit: Instant, Withdrawal: Same day | No platform fees, but e-wallet fees may apply (1-2%) | Min Deposit: 50 USD, Max Withdrawal: 10,000 USD/transaction | USD, EUR, GBP |
| Local Payment Methods (GrabPay, FasaPay, POLi, etc.) | Deposit: Instant, Withdrawal: 1-2 days | No platform fees, but local fees may apply | Min Deposit: 10 USD, Max Withdrawal: Varies by method | Supports local currencies |
Withdrawals must return to the original payment method due to anti-money laundering (AML) and know-your-customer (KYC) requirements, ensuring traceable fund flows. First-time large withdrawals (typically over 2,000 USD) require identity documents (passport) and address proof (utility bill), with additional scrutiny for suspicious transactions.
Payment methods may vary by region; for example, Southeast Asian users may prefer GrabPay or local bank transfers, while European clients often use SEPA transfers. Some payment tools are restricted, such as US users who cannot use Skrill, and certain Middle Eastern countries limiting PayPal. Local advantages may include zero-fee transfers for partner banks in Japan.
Cost Optimization Tips
- Small Deposits (<1,000 USD): Prioritize e-wallets or credit cards for instant, fee-free deposits.
- Large Deposits (>5,000 USD): Use bank transfers or SEPA for a lower total cost despite slower processing times.
- Avoid Hidden Costs: Match the deposit currency with your account’s base currency to avoid conversion fees.
- Multi-base Currency Accounts: Select brokers with several base currency options to minimize cross-currency fees.
How to Withdraw
To withdraw funds from your account, follow these steps:
- Log into your account and navigate to the withdrawal section.
- Select your preferred payment method.
- Enter the amount you wish to withdraw.
- Complete any required identity verification or KYC checks.
- Submit your withdrawal request.
Typical processing times may vary based on the selected method, and additional verification may be requested for larger withdrawals.
Customer Support
FXCL Customer Support Overview
Support Channels
FXCL provides multiple contact methods for customer support to ensure assistance is readily available. Clients can reach out via:
- Email: Direct inquiries can be sent to support@fxclearing.com.
- Live Chat: For immediate assistance, a live chat feature is available on the website, allowing clients to connect with support representatives in real time.
- Telephone: Currently, FXCL does not offer a dedicated hotline for support, which may limit immediate contact options.
- Social Media: FXCL also maintains active social media profiles where users can engage and seek help.
Service Availability
FXCL’s customer support services are available 24/5, providing assistance during the standard trading week. Additionally, multilingual support is offered, catering to clients in various languages to enhance communication.
Additional Resources
FXCL enhances the trading experience with a variety of educational resources, including:
- Video tutorials to help users navigate the trading platform and understand trading strategies.
- Webinars covering market trends and trading techniques.
- Market analysis reports to keep clients informed about the latest market movements.
- Trading signals to assist clients in making informed trading decisions.
Frequently Asked Questions
FXCL is currently registered with the Vanuatu Financial Services Commission (VFSC), but it is important to note that its license has been revoked. This lack of valid regulation poses significant risks for traders.
FXCL offers a variety of trading conditions, including leverage up to 1:2000 and a low minimum deposit of $1. The brokerage provides access to various trading instruments such as forex, indices, and cryptocurrencies with competitive spreads that can start from 0 pips.
FXCL claims to implement standard security measures to protect client funds; however, due to the revoked regulatory status, clients should exercise extreme caution and consider the risks associated with trading with an unregulated broker.
FXCL offers customer support primarily through email at support@fxclearing.com. However, clients have reported difficulties in reaching support, with many complaints regarding unresponsive communication channels.
Related Forex Brokers
Risk Disclosure
Trading forex/CFDs via brokers carries high risks, including potential total loss. For any data changes, please refer to the latest information on the brokers' official websites. Trade with caution and seek independent advice.