FXCL
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Pros and Cons
- Low minimum deposit
- Offers Islamic accounts
- MT4 trading platform available
- Wide range of payment methods, including cryptocurrencies
- Competitive spreads for major pairs
- Not regulated by top-tier authorities
- Inactivity fee after 6 months
- No MT5 platform available
- Limited asset range compared to larger brokers
- Does not offer Negative Balance Protection
Introduction to FXCL
Founded in 2006, FXCL is an online forex and CFD broker that has steadily carved out a niche in the global trading market.
While it may not be as well-known as some bigger players, it offers a unique blend of features tailored to meet the needs of various clients, from novices to seasoned investors.
Registered under the Vanuatu Financial Services Commission (VFSC), this firm adheres to a regulatory framework that ensures a certain level of operational security.
However, it is essential to recognize that this regulatory oversight is not as stringent as that provided by top-tier regulators like the FCA or ASIC.
Despite this, the platform attracts a diverse range of users by offering competitive spreads, 4 account types, and user-friendly trading platforms.
Open a free accountTrading Platforms and Tools
MetaTrader 4 (MT4) Platform
One of its standout features is its commitment to the MetaTrader 4 (MT4) platform, which is highly regarded in the trading community.
MT4 is known for its robust functionality, offering users an array of tools that cater to both manual and automated trading strategies.
With its advanced charting tools, numerous technical indicators, and one-click trading functionality, MT4 ensures that traders have access to all the tools they need to make informed trading decisions.
Additionally, the platform supports automated trading through Expert Advisors (EA), allowing clients to automate their trading strategies based on predefined criteria.
Key Features of MT4
- Advanced Charting: Comprehensive charting tools with multiple time frames and customizable indicators.
- Multiple Order Types: Allows market orders, limit orders, stop orders, and trailing stops for flexible trading.
- Automated Trading: Compatibility with Expert Advisors (EA) for algorithmic trading.
- One-Click Trading: Execute trades quickly with a single click, reducing the risk of slippage.
- Real-Time Data: Live market quotes and financial news updates to stay ahead of market movements.
Mobile Trading App
The broker also offers a mobile trading app, compatible with both iOS and Android devices, which provides a simplified yet powerful trading experience on the go.
The app mirrors many of the features available on the desktop version, ensuring that users can trade efficiently regardless of their location.
This app is particularly useful for those who need to manage their investments while traveling or during their daily commute.
Advantages of the Mobile App
- User-Friendly Interface: Designed for ease of use, allowing quick navigation and order execution.
- Real-Time Notifications: Alerts and notifications for significant market events and account activity.
- Secure Access: Two-factor authentication and encryption ensure secure login and transactions.
- Customizable Layout: Traders can customize the app’s layout to match their trading style.
Account Types and Features
The broker provides many account types, each tailored to suit different trading styles and experience levels.
This flexibility allows customers to select an account that matches their investment goals and risk appetite.
Here’s a detailed overview of the different account types available:
| Account Type | Minimum Deposit | Leverage | Spreads | Commission |
|---|---|---|---|---|
| Micro Account | $10 | Up to 1:1000 | From 1.6 pips | No |
| Standard Account | $100 | Up to 1:500 | From 1.1 pips | No |
| ECN Account | $200 | Up to 1:500 | From 0.0 pips | Yes |
| Islamic Account | $100 | Up to 1:500 | From 1.1 pips | No |
Micro Account
This account type is ideal for beginners or those who want to test the waters with a smaller investment.
The minimum deposit is set at just $10, making it highly accessible.
With leverage of up to 1:1000, anybody can maximize their trading potential.
However, it’s important to note that high leverage also increases risk, so it should be used cautiously.
The Micro Account offers spreads starting from 1.6 pips and does not charge any commissions.
Standard Account
The Standard Account is designed for those with a bit more experience or who wish to trade with slightly larger amounts.
A minimum deposit of $100 is required, and leverage is capped at 1:500, providing a balance between risk and reward.
This account offers competitive spreads starting from 1.1 pips and, like the Micro Account, does not involve any commissions.
It’s an excellent choice for those who prioritize cost-effectiveness and straightforward trading conditions.
ECN Account
The ECN Account is tailored for experienced professionals seeking tight spreads and fast execution speeds.
With a minimum deposit requirement of $200, this account offers some of the most competitive trading conditions available.
Spreads start from 0.0 pips, and a small commission is charged per trade, which is typical for ECN accounts.
The leverage is up to 1:500, providing ample flexibility for margin trading.
This account is ideal for those who rely on short-term strategies such as scalping or day trading.
Islamic Account
For people who adhere to Islamic finance principles, the broker offers an Islamic Account that complies with Sharia law.
This swap-free account is designed to accommodate the needs of Muslims by eliminating overnight interest charges on positions held open for more than 24 hours.
The minimum deposit is $100, and the account offers leverage up to 1:500 with spreads starting from 1.1 pips.
Get up to 100% Deposit BonusTrading Instruments
Investors have access to a diverse array of trading instruments, allowing them to diversify their portfolios across multiple markets.
The variety of assets offered ensures that everybody can find opportunities that align with their trading strategies.
- Forex: Over 30 currency pairs are available, including major pairs like EUR/USD and GBP/USD, minor pairs, and a selection of exotic currencies. This extensive range allows traders to explore opportunities across different forex markets.
- Commodities: Users can trade popular commodities such as gold, silver, crude oil, and natural gas. These commodities provide additional diversification opportunities and can serve as hedging tools against inflation and currency risks.
- Indices: A range of global indices, including the S&P 500, NASDAQ, and FTSE 100, are available for trading. These instruments allow traders to speculate on the performance of specific sectors or entire economies.
- Cryptocurrencies: The broker also supports trading in cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and Ripple. This feature caters to those interested in digital currencies, providing an alternative asset class with high volatility and potentially significant returns.
Spreads, Fees, and Commissions
The cost of trading is generally competitive, with a range of spreads and commissions depending on the account type and trading instrument.
The fee structure is designed to cater to both low-frequency investors and high-frequency traders, making it flexible for different trading styles.
| Instrument | Spread (From) | Commission |
|---|---|---|
| EUR/USD | 0.0 pips (ECN Account) | $3 per lot |
| GBP/USD | 0.3 pips (ECN Account) | $3 per lot |
| Gold (XAU/USD) | 0.15 pips | $5 per lot |
| Bitcoin (BTC/USD) | From 20 pips | No |
Analysis of Spread and Fee Structure
The spread and fee structure is quite transparent and easy to understand.
For those opting for the ECN Account, the spreads are extremely tight, starting from 0.0 pips for major currency pairs like EUR/USD.
This is particularly attractive for scalpers and high-frequency investors who rely on small price movements to make profits.
However, a commission is charged on each trade, which is a standard practice among brokers offering ECN accounts.
On the other hand, the Micro and Standard accounts do not incur any commission fees, but their spreads are slightly wider, starting from 1.6 pips and 1.1 pips respectively.
These accounts are ideal for beginners or low-frequency investors who prefer to avoid commission costs and are comfortable with slightly higher spreads.
The absence of fees on these accounts makes them more accessible and easier to manage, especially for those who are still learning the ropes of forex trading.
Payment Methods and Withdrawal Options
The company provides multiple payment methods for deposits and withdrawals, offering flexibility and convenience to its clients.
This variety allows users to choose the most suitable method based on their geographical location, preference, and convenience.
Here is a summary of the available options:
| Payment Method | Deposit Time | Withdrawal Time | Fees |
|---|---|---|---|
| Bank Transfer | 1-3 business days | 3-5 business days | Variable |
| Credit/Debit Card | Instant | 1-2 business days | No |
| E-wallets (Skrill, Neteller) | Instant | 24 hours | No |
| Cryptocurrencies (Bitcoin) | Within 1 hour | Within 1 hour | Blockchain fees apply |
Deposits are generally processed instantly, except for bank transfers, which can take 1-3 business days.
Withdrawals are handled promptly, with most methods completing within 24 hours to 5 business days, depending on the method chosen.
The broker does not charge any deposit fees, although third-party fees may apply for certain payment methods, such as bank transfers and cryptocurrency transactions.
Withdrawals may incur a small fee depending on the method and the user’s country of residence.
Customer Support
Effective customer support is a crucial aspect of any trading experience, and FXCL provides multiple support channels to ensure that clients receive timely and professional assistance.
The support team can be reached via email, phone, or live chat, and is available 24 hours a day, five days a week.
This accessibility ensures that users can get the help they need promptly, whether they are facing technical difficulties, have questions about their accounts, or need guidance on trading strategies.
The company also provides a comprehensive FAQ section on its website, addressing common questions about account management, trading conditions, and platform features.
This resource is particularly valuable for new clients who may have basic questions that do not require direct interaction with support staff.
Methods of Contact
- Email: support@fxcl.com – For detailed inquiries or issues that require documentation, email support is available with an expected response time within 24 hours.
- Phone: +44 203 519 2105 – Ideal for urgent queries or direct communication. Available during business hours.
- Live Chat: Accessible directly on the website, offering instant communication with support agents for quick resolutions.
Quality of Customer Service
From testimonials and user feedback, their customer service is generally well-regarded, with many traders highlighting the responsiveness and professionalism of the support team.
The live chat function, in particular, has received positive reviews for its efficiency and ability to provide quick answers to questions, making it a popular choice among users.
Regulation and Security
FXCL is regulated by the Vanuatu Financial Services Commission (VFSC).
While this regulatory body ensures that the company meets certain operational standards, it does not offer the same level of protection as top-tier regulators such as the FCA (Financial Conduct Authority) or CySEC (Cyprus Securities and Exchange Commission).
For clients, this means that while there are some safeguards in place, they may not enjoy the full range of protections that come with trading under stricter regulatory jurisdictions.
Despite this, the firm takes several measures to ensure the safety and security of its clients’ funds and data.
These measures include:
- SSL Encryption: All data transmitted is encrypted using Secure Socket Layer (SSL) technology, protecting sensitive information from unauthorized access.
- Segregated Accounts: All funds are kept separate from the company’s operational funds, ensuring that they are not used for any purposes besides trading or withdrawal.
- Compensation Scheme: Participation in a compensation scheme provides an additional layer of fund protection in the unlikely event of insolvency.
Transparency and Trustworthiness
In terms of transparency, the firm offers detailed information about its services, fees, and trading conditions on its website.
This openness helps build trust with users, as it allows them to understand exactly what they are getting into before they open an account.
Additionally, the firm provides access to its legal documents, including its Terms of Service, Privacy Policy, and Risk Disclosure, ensuring that investors are fully informed of their rights and responsibilities.
Educational Resources
Recognizing the importance of education in trading, FXCL offers a range of educational resources designed to help users develop their skills and knowledge.
These resources are suitable for both beginners and more experienced investors, providing valuable insights into various aspects of trading.
- Webinars: Regularly scheduled webinars cover a wide range of topics, from the basics of forex trading to advanced strategies. These live sessions are often hosted by market experts and provide an opportunity for clients to ask questions and interact with professionals.
- Video Tutorials: A library of video tutorials is available to guide users through different trading concepts, platform features, and technical analysis tools. These videos are particularly helpful for visual learners who benefit from step-by-step demonstrations.
- E-books: A selection of free e-books is available, covering topics such as forex fundamentals, risk management, and advanced trading techniques. These materials are accessible to all account holders and provide in-depth information on various trading subjects.
- Market Analysis: The broker provides daily market analysis, including technical and fundamental reports. These updates help investors stay informed about market trends and identify potential trading opportunities.
Bonuses and Promotions
The broker frequently offers various bonuses and promotions to attract new clients and retain existing ones.
These incentives can provide additional value, but it is crucial for those to understand the terms and conditions attached to them.
For example, some bonuses may require a certain trading volume to be met before they can be withdrawn.
Below is an overview of the current promotions:
| Bonus Type | Details | Conditions |
|---|---|---|
| Deposit Bonus | Up to 100% bonus on initial deposit | Trading volume requirements apply |
| Cashback Program | Rebates based on trading volume | Eligible for active accounts only |
| Referral Program | Bonuses for referring new clients | Referral must meet minimum deposit |
Evaluating Bonus Offers
While the bonuses and promotions can provide additional incentives for new and existing clients, it is important to carefully review the terms and conditions associated with each offer.
Some promotions may require a minimum trading volume or other criteria to be met before the bonus funds can be withdrawn.
Potential customers should ensure they fully understand these requirements and consider whether the bonus offers align with their trading objectives.
Conclusion
In summary, FXCL offers a comprehensive trading experience with a range of features designed to accommodate different types of users.
From its competitive spreads and multiple account types to its diverse range of trading instruments, the broker provides ample opportunities for both novice and experienced investors to engage in the markets.
The availability of educational resources, regular market analysis, and some bonuses further enhances the value it offers to its clients.
However, potential traders should also consider the limitations, such as the absence of regulation by top-tier authorities and the lack of the MetaTrader 5 (MT5) platform.
While these factors do not necessarily detract from the overall trading experience, they are important considerations for those who prioritize regulation and the latest trading technologies.
Ultimately, FXCL presents itself as a viable option for those looking to explore the forex and CFD markets with a reliable and accessible broker.
By understanding both the strengths and areas for improvement, potential clients can make an informed decision about whether this firm aligns with their trading needs and objectives.
Visit official website: www.fxclearing.comUser Reviews
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Frequently Asked Questions (FAQ)
Is FXCL regulated?
FXCL is regulated by the Vanuatu Financial Services Commission (VFSC), but it does not have regulation from top-tier authorities such as FCA, CySEC, or ASIC.
What is the minimum deposit?
The minimum deposit to open an account is $10.
Does it offer a demo account?
Yes, FXCL provides a demo account for traders to practice and familiarize themselves with the platform.
What trading platforms does it offer?
FXCL offers the MetaTrader 4 (MT4) trading platform, which is widely used by traders worldwide. However, MT5 is not available.
Are Islamic accounts available?
Yes, it offers Islamic accounts that comply with Sharia law, providing swap-free trading options.
What payment methods are accepted?
FXCL accepts a variety of payment methods, including Bank Transfer, Credit/Debit Cards, Skrill, Neteller, and Bitcoin.
Is there an inactivity fee?
Yes, FXCL charges a $5 per month inactivity fee after 6 months of no trading activity.
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This article has been written, edited and reviewed by the following members of our team:
Last update: September 6, 2025
