History and Corporate Profile
FXCL or FXCL Markets was established in 2006 in order to give access to forex and CFD trading to retail consumers and institutional investors. With its customer-based approach, the company wants to get involved in delivering competitive trading conditions as well as innovative solutions for traders across the world.
Mission and Vision
FXCL's mission is to empower traders, providing ethical, transparent, and efficient trading services. The vision is to be recognized as one of the best brokers in the trust a broker expectation—a broker providing exceptional value and superior trading experiences at all times.
Global Reach
The broker provides services to clients across over 100 countries and hence offers multi-lingual service and services provided as per customer needs at regional basis. This has made this global access and ease of use for the international crowd too.
Advantages and Disadvantages
Strengths Against Weaknesses
Strengths
- Regular trading contents with cash prizes, referral schemes and incentives for new and existing traders
- Integrated MT4 web platform and mobile app with analysis tools and custom charting
- Loss-free trading insurance for account balances of $500+
- Multiple account options including a Cent solution for beginners
Weaknesses
- Higher than average fees with spreads above 1 pip on forex during tests
- Deposit and withdrawal fees apply if minimums are not met
- Very basic education and market research that trails the best brokers
Security and Regulatory Approvals
Licenses Held by the Company
It operates as an off-shore broker that is not regulated by globally recognized financial bodies like FCA or ASIC. Despite being registered off-shore, the broker perspires in assuring transparency and client-fund security.
Fund and Insurance
Clients' funds are put in secure bank accounts for safety. However, there are no additional safety nets beyond those standard practices.
Trading Instruments
Currency Pairs
Trade on more than 30 currency pairs—major, minor, and exotic—with very low spreads and excellent liquidity.
Commodities
Trade in good commodities such as gold and silver to increase the scale of your trading portfolio.
Indices
Trade CFD: the popular global indices. These include the NASDAQ, S&P500, and FTSE100. Trading conditions contribute to the competitiveness of the offering.
Cryptocurrency
With flexible leverage options, FXCL provides the leading cryptocurrencies to be traded—Bitcoin, Ethereum, and Litecoin.
Types of Accounts
Cent
| Minimum deposit | 0 |
|---|---|
| Commission | 1.0 |
| Available tools | 0 |
| Leverage, min | 1:1 |
| Leverage, max | 1:1000 |
| Margin call level | 30 |
| Stop-out level | 10 |
Standard
| Minimum deposit | 0 |
|---|---|
| Commission | 1.0 |
| Available tools | 0 |
| Leverage, min | 1:1 |
| Leverage, max | 1:500 |
| Margin call level | 30 |
| Stop-out level | 10 |
Start
| Minimum deposit | 0 |
|---|---|
| Commission | 1.6 |
| Available tools | 0 |
| Leverage, min | 1:1 |
| Leverage, max | 1:2000 |
| Margin call level | 70 |
| Stop-out level | 50 |
Interbank Cent
| Minimum deposit | 0 |
|---|---|
| Commission | 1.1 |
| Available tools | 0 |
| Leverage, min | 1:1 |
| Leverage, max | 1:500 |
| Margin call level | 60 |
| Stop-out level | 40 |
Interbank Standard
| Minimum deposit | 0 |
|---|---|
| Commission | 1.1 |
| Available tools | 0 |
| Leverage, min | 1:1 |
| Leverage, max | 1:500 |
| Margin call level | 40 |
| Stop-out level | 20 |
ECN Pro
| Minimum deposit | 0 |
|---|---|
| Commission | 0.1 |
| Available tools | 0 |
| Leverage, min | 1:1 |
| Leverage, max | 1:300 |
| Margin call level | 100 |
| Stop-out level | 80 |
Live Contest
| Minimum deposit | 0 |
|---|---|
| Commission | 1.6 |
| Available tools | 0 |
| Leverage, min | 1:1 |
| Leverage, max | 1:1000 |
| Margin call level | 70 |
| Stop-out level | 50 |
Volume Cash
| Minimum deposit | 0 |
|---|---|
| Available tools | 0 |
| Leverage, min | 1:1 |
| Leverage, max | 1:1000 |
| Margin call level | 70 |
| Stop-out level | 50 |
Fees and Commissions
Spreads and Commissions
Spreads typically start from 1.5 pips for the Standard Accounts, as found in the case of the ECN Accounts where they usually start from 0.0 pips although paying the commission at 6.00 dollars per lot upon execution on ECN trades.
Swap Rates
Normally, in case of holding trades overnight, there would be the imposition of overnight swap fees. For people strictly following Sharia Law, Islamic swap-free accounts are also available.
Inactive Account Charge
As per the broker's terms, the inactivity fee might be charged if anyone does not use his or her account for a certain time.
Trading Platforms
| Available tools | Forex, Stocks, Indices, Metals, Energy, Cryptocurrency, CFDs |
|---|---|
| Cryptocurrencies | BTC, ETH, LTC |
| CFD | Forex: 41 Indices: 9 Metals: 2 Energy: 3 Cryptocurrency: 4 |
MetaTrader 4
The MT4 will be available for trading purposes, with some advanced charting tools, technical indicators, and provisions of automated trading.
Mobile Trade Apps
The mobile app supports the MT4 platform and helps traders manage their accounts on the go.
Customer Service
Steps for Opening an Account
Just go to the brokerage company's website, fill in the online registration form, and give needed verification documents to begin the process, which is easy and quick.
Documents Needed for Verification
It involves the arrangement and submission of identity proof, i.e., passport along with other government-issued identity proofs, and residence proof through utility bills or bank statements where standard practices would prevail in the industry.
Deposits and Withdrawals
Means of Payment
FXCL supports various types of payment methods, such as bank transfer service provision, credit/debit cards, and e-wallets, including Skrill, Neteller; as cryptocurrencies are also available.
Execution Time
Absorption time is prompt on payment deposits while withdrawal time usually lingers within one to three days of business operation depending on the method of payment from the broker to the client.
Regarding Charges
Most deposits are charge-free, but for some methods of withdrawal, a fee may have to be paid. All detailed information should be then known from the webpage of the broker.
FAQ
Is the broker regulated?
FXCL operates as an off-shore broker, as yet un-regulated by major authorities such as FCA or ASIC.
Which trading platforms are available?
FXCL markets use technology for exchanging different types of currencies, commodities, indices, and cryptocurrency. MetaTrader 4 is available on both desktop and mobile for trading activities.
How much is it to open an account?
The minimum deposit for the Cent Account starts at $1.
What types of accounts does the broker offer?
There are Cent, Mini, Standard, ECN, and demo accounts for trading requirements.
What charges and commissions are there?
The charges include spread, commissions in the case of ECN Accounts, and overnight swap rates in case of short-term holdings. Also inactivity fees if troubling your account are dormant.
What is the highest leverage?
Highest level leverage will be 1:1000.
Does FXCL offer demo accounts?
As an alternative, FXCL does indeed offer a demo account that is easily available for use with the virtual funds provided to a trader for learning and practicing strategies within a "riskless atmosphere."
How can I communicate with client support services?
In order to ensure quality service is received for urgent inquiries, this brokerage facility provides a 24/5 prompt response to its clienteles and is available on live chat and in email mode through registered mobile devices.