FXCL Markets Ltd operates under FX Clearing Group Holding and has been operational since 2006. They are registered in Saint Vincent and the Grenadines in the Caribbean Ocean. They aim to assist individuals and institutions alike in attaining their financial goals. With their Principal License, they can conduct services that include trading in Forex, precious metals, commodities, and fund management among others.
The platform runs of the popular Meta Trader 4 that provides clients with access to personal accounts and quotes no matter where they are on the globe. It also caters to active traders and those wishing to make long-term investments. Their clients have access to new trends, emerging markets and other information pertinent to making better investment decisions.
The FXCL disclaimer states that their profits come from the spread (which can be expanded with no warning during volatile times) and that their leverage can potentially increase one’s gains or losses. They also state the high levels of risk that foreign exchange carry and the possibility that not all investors will find it suitable. It is therefore important to read their terms and conditions before engaging with the company. They also do not accept residents of USA, Canada, Japan and UN-sanctioned nations.
Given that they are registered in Saint Vincent and the Grenadines, it shows that FXCL is not a regulated brokerage company.
This trading company has existed for 12 years and offered leverage of up to 1:1000 with spread from zero points. There are six accounts in offer where users can make deposits and withdraw at no fee. One can start their trading with as little as $1 and even get automatic cashback for every position they lose. These accounts are Beginner, Micro Cent, Mini, ENC Light, ENC Interbank, ENC Plus, and Zero Spread. All accounts apart from Beginner and Zero Spread have 1:500 leverage, with the latter two having 1:1000 and 1:200 respectively.
While almost all accounts require a deposit between $1 and $20, 000, what makes them different is the spread and lot. The ENC accounts offer floating and starting for 0.6, 0.8 and one pip with a five-digit price feed respectively. The accounts also have different stop margins, commissions and order numbers. They also offer free account swaps. If you want to take an account for a test run, you can open a demo account, with one having the ability to open as many as 20.
The duration takes for deposits to reflect varies. Wire transfers take between two to five business days; local bank deposits can take one to two days while with Perfect Money and OKPAY the process is instant. For withdrawals, it takes between a few hours and one day, though in some cases two days though rarely.
There is also the IB program where a person can make money by having people sign up to be your client. This is however reminiscent of a multilevel markeing as there is one and two-tiered program where a person either earns money from direct referrals or having the sub-IB under them make referrals. The initial commission is 40% and up to three pips per slot.
FXCL offers educational resources where clients and others alike can get videos on various topics related to trading. There is equally a market analysis for beginners with regards to economic cycles, expansion, peak, recession and bottom cycles. There is also a technical analysis complete with charts. Other resources include a forex glossary, trading calculator and an economic calendar. This last function assists users in analyzing the market event tendency to make informed adjustments when trading. The global part of the calendar lets users gain information that will enable them to predict future changes in the forex market.
- It has been running for more than 11 years
- Has various accounts available for trading
- Offer educational content for beginner traders
- An economic calendar is available for users to derive predictions from
- Not a regulated company (just like Tradersway)
- The IB program is reminiscent of a pyramid scheme/ multilevel marketing
The FXCL trading website appears to be legit enough. The offer a demo account, of which a person can open as many as 20 (or more by contacting customer service) for free to try out strategies with the $100, 000 provided. There are equally varied options of accounts that you can swap for free.
Perhaps the concern is about the company not being regulated by renowned bodies globally known to regulate brokerage firms. For a person also opting to become an IB member should read the fine print. In as much it appears to be a multilevel marketing scheme, one is not likely to make the promised earnings if they don’t put in the effort to refer and sign up others to one’s program. One, therefore, has to go the extra mile to make it work.