FXCL Review 2023: Unveiling a Top Forex Broker - Pros, Cons & More

Hey there, fellow investors and traders! Today, we're diving into the world of FXCL Markets Ltd., a forex broker that's making quite a splash in the financial seas. Whether you're a seasoned trader or just getting your feet wet, this 2023 FXCL review is your one-stop shop for everything you need to know before taking the plunge. From spreads and account types to the nitty-gritty on their trading platform, we've got it all covered.

FXCL Overview:

Formerly known as FX Clearing, FXCL Markets Ltd. has been in the game since 2006. Located in Saint Vincent & The Grenadines and regulated by the Financial Services Authority (FSA), they've earned the trust of over 10,000 users. The best part? They cater to folks not only in the Philippines, Indonesia, and Singapore but also in major countries like the UK, Germany, Australia, South Africa, and China. Unfortunately, if you're in the US, Japan, Vanuatu, Canada, or any UN-sanctioned country, you'll have to sit this one out – no trading accounts for you.

Trading Platform:

So, how does FXCL help you ride the forex waves? Well, they've hitched their wagon to the ever-popular MetaTrader 4 (MT4) trading platform. It might be a tad vintage in design, but don't let that fool you. It's as user-friendly as they come. From opening and closing trades to offering a variety of order types, MT4 has your back. Plus, there's an integrated news feed to keep you in the know about global events, and even expert advisor technology that can make trades on autopilot. With over 30 technical indicators and a wide range of charts, you'll be trading like a pro in no time.

Assets:

Sure, forex is their bread and butter, but FXCL brings more to the table. You can also dabble in commodities, cryptocurrencies, and indices. Here's the lowdown on what you can get your hands on:

• Forex: With over 40 major, minor, and exotic currency pairs.
• Commodities: Think metals and energies CFDs, including gold, silver, oil, and natural gas.
• Cryptocurrencies: Bitcoin, Ethereum, and Litecoin – all against the US dollar.
• Indices: Nine global equity indices, including the FTSE 100, Nasdaq 100, and Nikkei 225.

Spreads & Commission:

Okay, let's talk money. FXCL charges a monthly inactivity fee, and it gets heftier the longer you stay inactive. Now, the good news is that most FXCL account types won't slap you with a commission fee. The only exception is the ECN Pro account, which asks for $3 per lot for forex, commodities, and indices, and 0.15% per lot for cryptocurrencies. Typical spreads? Well, they vary between account types. Standard and Cent accounts boast fixed spreads, while Start, Interbank (Cent and Standard), and ECN Pro accounts offer floating spreads.

• Standard and Cent accounts: Spreads start from 1 pip.
• Interbank Standard and Cent accounts: Begin at 1.1 pips.
• Start account: Kicks off at 1.6 pips.
• ECN Pro account: Super tight spreads starting at just 0.1 pips.

Leverage:

Leverage rates at FXCL aren't one-size-fits-all. They depend on your account type and the assets you're trading. For example:

• Cent account: Up to 1:1,000.
• Standard account: Capped at 1:500.
• Start account: Offers up to 1:2,000.
• Interbank accounts (Cent and Standard): Both max out at 1:500.
• ECN Pro account: Leverage varies by asset – 1:300 for forex and commodities, 1:100 for indices, and 1:10 for crypto.

Mobile Apps:

Got places to be? No worries, FXCL's got your back with a mobile app. Available for iOS and Android (APK) devices, the MT4 app is a pocket-sized powerhouse. It's just as easy to navigate as the desktop version, and you'll have access to the same technical indicators and charts. So, whether you're at home or on the move, your trading game remains strong.

Payment Methods:

Now, let's talk cash. Deposits and withdrawals are a breeze with FXCL. The minimum deposit is a pocket-friendly $1, and there are no extra deposit fees. Although, keep in mind that banks might charge around 3% for bank transfers. Most deposits are processed in a flash, usually within minutes. And guess what? You've got options:

• Perfect Money
• Wire Transfer
• Credit Card
• Dragonpay
• Debit Card
• PayTrust
• FasaPay
• Bitcoin

No minimum withdrawal amount or withdrawal limit here. Withdrawals typically take one business day, provided you've completed the necessary verification and proved your identity and address. You can withdraw using the same methods you used for deposits.

Demo Account:

If you're not quite ready to jump into live trading, FXCL offers a free demo account. It's your playground for practicing without risking real money. Plus, FXCL occasionally runs demo contests, giving you a shot at winning some real cash prizes. Not bad for a practice round, right?

Deals & Promotions:

What's a review without some bonuses? FXCL has you covered with a range of bonus schemes. You've got a bonus account that accrues credits from deposits and positions in your live account. These credits can be used for trades and potentially transformed into withdrawable profit. Oh, and there's a birthday present, too! Deposit during the ten days around your birthday, and you can snag a bonus of 100% plus your age in percentage, up to $2,000. Sorry, no no deposit bonus here, but that 100% smart welcome bonus for deposits is quite the catch.

Regulation & Licensing

When it comes to regulation, FXCL Markets Ltd. falls under the umbrella of the Financial Services Authority (FSA) in Saint Vincent and The Grenadines. Now, it's worth noting that the FSA isn't considered a top-tier regulatory body, so a word of caution is in order. Always do your homework and check customer reviews before jumping in with a broker that doesn't have top-tier regulation.

Additional Features:

FXCL knows that knowledge is power. They offer a range of educational tools and resources to help you trade effectively. From a forex glossary to market analysis for beginners, they've got you covered.

Account Types:

FXCL offers a variety of account types. You can choose between fixed spreads or floating spreads, depending on your preference. Here's what's on the menu:

Fixed Spreads:

• Cent account: Trades in USD, EUR, MYR, and THB cents. Offers leverage up to 1:1,000.
• Standard account: Trades in USD, EUR, MYR, THB, and NGN, with a maximum leverage rate of 1:500.

Floating Spread Accounts:

• Start account: Trades in USD, MYR, and THB. Offers leverage up to 1:2,000.
• Interbank Cent account: Trades in US cent, MYR cent, and THB cent. Leverage rates go up to 1:500.
• Interbank Standard accounts: Trade in USD, MYR, THB, and NGN, with leverage up to 1:500.
• ECN account: Exclusively trades in USD, with leverage rates that vary by asset.

And the best part? All account types are available as swap-free accounts for Islamic traders.

Trading Hours:

With FXCL, the action never stops. You can trade 24/5, from 00:00 GMT+2 on Monday to 23:00 GMT+2 on Friday.

Customer Support:

Customer support is vital, and FXCL knows it. Whether you're facing a trading conundrum or simply forgot your login details, their support team has your back. You can reach out to them via email or use the live chat feature, available in multiple languages.

Safety & Security:

Security-wise, FXCL doesn't go all-in. There's no two-factor authentication (2FA) option, and they don't provide negative balance protection. So, be sure to keep your account secure.

Pros and Cons

Pros:

• 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.
• Very high leverage, up to 1:2,000.
• Fast deposits and withdrawals.

Cons:

• Higher-than-average fees with spreads above 1 pip on forex during tests.
• Deposit and withdrawal fees apply if minimums aren't met.
• Limited education and market research compared to the best brokers.
• Low trust score due to weak regulation.
• Not open to US traders.

In a nutshell, FXCL is a popular broker with lots to offer. They've got a wide range of assets, low minimum deposits, and swift deposits and withdrawals. However, their customer support and website security could use a little boost.

And there you have it – everything you need to know about FXCL. So, whether you're planning to join their trading ranks or just curious about what they offer, you're now in the know. Happy trading, my friends!

FXCL Broker Details

Disclaimer: - We at forexoverflow do not endorse neither refer anyone to trading broker websites. The information is for educational purpose and source of information is from the broker website.