Independent rating of Forex broker FXCL

About company

FXCL Markets is part of FX Clearing Group. The company was licensed in 2006 by the Ministry of Finance and Economic Management, Vanuatu, as a security dealer. This license gives the company the right to render trading services to clients. Thus, customers can trade over 33 currency pairs, cryptocurrencies, gold, and silver.

Initially, the company was known as FX Clearing. In 2016, the broker changed its name to FXCL Markets. The company is based in the Republic of Vanuatu.

The broker is not controlled by any regulator. This means that the company cannot guarantee the safety of clients’ funds. Nevertheless, customers can secure their deposits with the help of FXCL Insurance. This program allows clients to receive up to 100% coverage from the company. Users can insure from 10% up to 100% of the account balance. The insurance program is free and available only for such accounts as Micro Cent and Mini.

Trading conditions

Clients can choose any of the following trading accounts:

• Micro Cent
• Mini
• ESN Cent
• ESN Interbank
• ESN Plus
• ECN Copytrade

At the same time, traders can open an account in the following currencies: USD, EUR, MYR, THB, NGN, US cent, EU cent, MYR cent, and THB cent. As for the Copy Trading account, the minimum deposit is $150. Each account type offered by the broker has noticeable differences in terms of trading. Before choosing any account type, a client should carefully study their terms available on the company's official website.

The broker also gives its clients the opportunity to become its partner. The affiliate program provides various options for cooperation with the broker. Notably, in the IB program, the client's final profits do not depend on any specific knowledge in the field of financial markets, but is determined only by one's communication skills. Thus, the user should attract new customers to get remuneration. Meanwhile, by means of the White Label program, financial managers and various brokers start their own business, gaining access to the international financial market. To learn more about the terms of the broker’s affiliate programs, you can go to the official website of FXCL Markets.

The company also provides customers with various bonuses such as a deposit bonus or a birthday bonus. The bonuses include remunerations of various sizes and cashback.

The minimum deposit starts from $1. Meanwhile, spreads are from 1 pip. Spreads can be fixed and floating, depending on the account type. Notably, the broker does not charge commissions for almost all account types. The only exception is ECN Interbank and ECN Plus where a fee for transaction is 0.6 pips per lot. Leverage at FXCL Markets is up to 1:1000.

FXCL Markets clients can trade through popular MetaTrader 4 available for both desktop and mobile devices.

Support service

Customers can contact the company representatives by phone, Skype, email, and via a feedback form.

Traders’ reviews

There are more negative comments about the broker than positive ones. Traders complain about the fact that FXCL Markets often closes profitable deals without explaining the reason. Also, the broker does not allow traders to withdraw funds.

Advantages and disadvantages

The main advantage of FXCL Markets is that it offers a wide range of trading accounts, as well as bonus and affiliate programs. Inexperienced clients usually fall for it. However, the fact that the broker is unregulated raises doubt among traders. Meanwhile, plenty of negative comments about FXCL Markets on the Web only deters customers from cooperating with the broker.