FXCL ReviewCategory: Reviews | Author: Trading Brokers | Date: September 17, 2023
In the realm of online trading, FXCL emerges as a notable player. This forex broker, rooted in Vanuatu, operates under the watchful eye of the Financial Services Authority (FSA) of its home nation. With a global clientele exceeding 10,000 traders, FXCL extends a diverse array of account types, leverage choices, trading platforms, and educational materials. In this article, we embark on a comprehensive exploration of FXCL’s regulatory framework, the efficiency of its trading platforms and tools, the depth of its educational offerings, the breadth of available markets, an examination of its account options and funding methods, and, lastly, a balanced assessment of its merits and drawbacks as a potential trading partner.
Pros & Cons
- FXCL does not impose commission fees on its clients, which can help traders manage their costs
- The absence of swap or rollover charges can be advantageous for traders who wish to hold positions overnight
- FXCL offers a low minimum deposit requirement, making it accessible for traders looking to start with a modest investment
- The broker provides high leverage options, allowing traders to amplify their positions, although this should be used cautiously
- FXCL exclusively offers the MT4 platform, which may disappoint traders who prefer the advanced features of MetaTrader 5 (MT5)
- FXCL operates under offshore regulation, which may raise concerns for some traders regarding regulatory oversight
- Some traders may find the market coverage to be somewhat limited compared to larger brokers
- The absence of a customer support phone number may be seen as a limitation for traders who prefer direct phone communication with support teams
FXCL has been an established presence since 2006, operating from Saint Vincent and the Grenadines, and is regulated by the Financial Services Authority (FSA) of that jurisdiction. FXCL utilizes the MetaTrader 4 (MT4) platform, widely recognized for its reliability and popularity in the industry. MT4 offers traders a variety of tools, including technical indicators, charts, news feeds, and expert advisors. Additionally, FXCL provides a web-based version of MT4 for convenient access through any browser, eliminating the need for downloads.
FXCL supports over 40 currency pairs, including major, minor, and exotic pairs, and also offers CFDs on nine global equity indices, such as the FTSE 100, Nasdaq 100, and Nikkei 225. Furthermore, the broker extends its offerings to include CFDs on metals and energies, including gold, silver, oil, and natural gas. FXCL also includes three cryptocurrencies: Bitcoin, Ethereum, and Litecoin. To accommodate various trading styles and preferences, FXCL offers four distinct account types: Micro, Mini, Standard, and ECN.
For funding and withdrawals, FXCL provides multiple options, such as bank wire transfer, credit/debit cards, e-wallets, and local payment methods. It’s important to note that while FXCL generally does not charge fees for deposits or withdrawals, bank wire transfers may involve charges from the banks involved. The processing time for these transactions varies depending on the chosen method. FXCL also offers an educational section on its website, which houses articles, videos, webinars, and tutorials on various aspects of forex trading, providing valuable resources for traders looking to enhance their knowledge.
FXCL Markets Ltd. operates under the supervision of the Financial Services Authority (FSA) of Saint Vincent and The Grenadines. The FSA serves as the regulatory body responsible for overseeing financial institutions within the country. Its primary role involves monitoring and ensuring FXCL’s compliance with relevant laws and regulations while safeguarding the interests of clients and the public at large.
In addition to its regulatory affiliation, FXCL aligns itself with The Financial Commission, an independent self-regulatory organization dedicated to providing dispute resolution and compensation services for traders. FXCL holds a Category A membership status with The Financial Commission, emphasizing its commitment to maintaining high standards of service.
However, it’s important to acknowledge that the regulatory environment in Saint Vincent and the Grenadines may not be as robust as in some other jurisdictions. The FSA has faced criticism for its limited resources and expertise, which could impact its ability to effectively regulate financial institutions. Additionally, the absence of bilateral agreements between the FSA and other regulatory authorities restricts cooperation in cases of cross-border fraud or illegal activities.
As a result, while FXCL Markets is technically regulated by the FSA, clients should exercise caution and conduct thorough research to understand the level of oversight and protection provided. It’s prudent to consider the risks associated with this regulatory environment before deciding whether to open an account with FXCL Markets. If you’re seeking alternative options, please refer to our list of regulated brokers for further choices.
Platforms & Tools
FXCL provides its clients with access to the widely recognized MetaTrader 4 (MT4) platform, a commonly used trading software within the industry. MT4 offers an array of features, including technical indicators, charts, news feeds, and the option to utilize expert advisors. Notably, FXCL offers a web-based version of MT4, eliminating the need for downloads or installations and allowing users to access it via various browsers.
MT4 is known for its user-friendly interface, enabling traders to customize settings according to their preferences. The platform also supports the use of Expert Advisors (EAs), which are automated trading systems that can execute trades based on predefined rules and strategies. Additionally, traders have the flexibility to develop their own EAs and technical indicators using the MetaEditor tool.
FXCL extends its accessibility further by providing free iOS and Android mobile platforms for MT4. These mobile trading platforms offer traders the convenience of accessing their accounts and conducting trades from virtually anywhere and at any time. While maintaining core functionality consistent with the desktop version, the mobile platforms may exhibit slight differences in layout and design to suit the mobile experience.
FXCL places a strong emphasis on education, recognizing that both newcomers and seasoned traders benefit from expanding their understanding of the forex market. Within its educational department, FXCL offers a variety of resources to cater to diverse learning needs:
- Forex Glossary: A comprehensive compilation of forex-related definitions that aids in demystifying the jargon and concepts prevalent in trading.
- Analysis Theory: An introductory exploration of the fundamental and technical analysis principles, pivotal methods for comprehending market conditions and trends.
- Articles: An array of informative articles spanning various forex trading topics, encompassing market news, trading strategies, and risk management, among others.
- Videos: A series of instructional videos designed to elucidate the utilization of the MT4 platform, accompanied by valuable tips and trading insights.
- Webinars: Live online sessions hosted by seasoned traders and analysts, delving into multifaceted aspects of forex trading, including market analysis, trading psychology, and essential tools. These webinars facilitate participant interaction and foster the opportunity to seek answers to pertinent questions.
- Tutorials: Detailed, step-by-step guides that elucidate the execution of various tasks on the MT4 platform, from opening an account to utilizing indicators, ensuring traders have a clear roadmap for their actions.
FXCL’s educational services are geared toward equipping clients with the knowledge and skills essential for success in the trading arena. It is worth noting that the broker strongly encourages clients to apply their learning through a demo account, promoting a risk-free environment for practice before engaging in real-money trading.
FXCL primarily operates as a forex broker, yet it extends its services to encompass additional markets, including commodities, cryptocurrencies, and indices. This diversity allows clients to explore various trading avenues using the MT4 platform, a versatile tool that underpins FXCL’s offerings. In the realm of forex trading, FXCL stands out by supporting over 40 major, minor, and exotic currency pairs, offering comprehensive coverage across different regions and economies. To cater to different trading styles, the broker provides options for regular and ECN execution models, each with a choice between fixed or variable spreads. The leverage for forex trading with FXCL spans from 1:100 to 1:1000, granting traders flexibility in their approach.
Commodities trading with FXCL is facilitated through CFDs on metals and energies, including gold, silver, oil, and natural gas. Here, the broker adopts an ECN execution model complemented by variable spreads, with leverage options reaching up to 1:100. In the cryptocurrency arena, FXCL supports three prominent options: Bitcoin, Ethereum, and Litecoin. Clients can engage in crypto trading against the US dollar, benefiting from ECN execution, variable spreads, and a maximum leverage of 1:10. Furthermore, FXCL extends its offerings to include CFDs on nine global equity indices, including notable names like the FTSE 100, Nasdaq 100, and Nikkei 225. The broker maintains an ECN execution model with variable spreads and a leverage option of up to 1:100 for indices trading.
FXCL caters to traders of varying experience levels by offering a selection of four distinct account types, each tailored to specific trading styles and preferences. Here’s an overview of these account types:
- Micro account: Designed with beginners in mind, this account provides a low-risk entry point with a minimal investment requirement of $1. It offers a generous maximum leverage of 1:1000, follows a regular execution model, features fixed spreads starting from 0.8 pips, and notably, does not entail any commission charges.
- Mini account: Geared toward traders seeking to test their strategies and skills, the Mini account offers higher leverage and a broader range of instruments. The minimum deposit for this account type is $50, with a maximum leverage of 1:500. Similar to the Micro account, it follows a regular execution model, maintains fixed spreads starting from 0.8 pips, and does not involve commission charges.
- Standard account: Tailored for experienced traders, the Standard account introduces the benefits of ECN execution and low spreads. To open this account, a minimum deposit of $100 is required, offering a maximum leverage of 1:200. It operates under an ECN execution model, features variable spreads starting from 0 pips, and, like the previous accounts, imposes no commission fees.
- ECN account: Catering to professional traders with specific demands, the ECN account promises the swiftest execution, the tightest spreads, and the highest liquidity. To access this account type, a minimum deposit of $500 is necessary, offering a maximum leverage of 1:100. It mirrors the ECN execution model, boasts variable spreads starting from 0 pips, and, in alignment with the other accounts, does not charge commission fees.
Across all FXCL account types, clients can expect a range of shared features, including;
- a lack of requotes or slippage,
- no swap or rollover charges,
- no limitations on open orders or positions,
- the freedom to engage in hedging, scalping,
- and EA trading.
Additionally, for deposits exceeding $1000, clients can benefit from a complimentary VPS service. FXCL’s flexible account options empower traders to choose the one that aligns most closely with their unique needs and goals, ensuring a competitive trading experience regardless of their level of expertise.
FXCL prides itself on its diverse array of funding methods, ensuring clients have choices that suit their preferences and locations for both deposits and withdrawals. Here’s a closer look at each method:
- Bank Wire Transfer: This method allows traders to transfer funds directly from their bank accounts to FXCL’s bank account. The minimum amount for deposit and withdrawal is $100. Processing times typically range from 2-5 business days for deposits and 3-7 business days for withdrawals. It’s important to note that bank charges may vary depending on the banks involved.
- Credit/Debit Cards: Clients can opt to use their Visa or MasterCard cards to fund their accounts. The minimum amount for deposit and withdrawal is $10. Deposits are processed instantly, while withdrawals may take 1-3 business days. While FXCL doesn’t impose fees, there could be charges levied by the card issuer.
- E-wallets: For those who prefer online payment systems, FXCL accepts popular options like Skrill, Neteller, Perfect Money, FasaPay, and WebMoney. The minimum amount for deposit and withdrawal is $1, with processing times being instant for both deposit and withdrawal. It’s worth noting that while FXCL doesn’t add fees, e-wallet providers may have their own fee structures.
- Local Payment Options: FXCL also accommodates traders using local payment methods specific to their countries, such as M-Pesa, Payeer, PayCo, and others. The minimum deposit and withdrawal amounts vary depending on the chosen payment option, and processing times are likewise variable. As with the other methods, FXCL refrains from imposing fees, but payment providers may have their own fee structures.
FXCL’s commitment to offering flexible funding methods ensures that traders from various backgrounds and preferences can access their services conveniently.
In summary, FXCL presents a comprehensive platform for traders of varying backgrounds and preferences, with a diverse range of account types, educational resources, and flexible funding methods. The broker strives to cater to both beginners and experienced traders, offering a competitive trading environment. Nonetheless, it’s prudent to keep in mind that there are alternative FXCLs in the market with longer track records. Exploring these alternatives can provide a broader perspective when choosing a trading partner. For those seeking additional options and in-depth insights into various brokers, we recommend exploring our comprehensive trading broker reviews.