FXCL Review

Review

 This brokerage was formerly known as FX Clearing and has recently changed its name and jurisdiction but not its ownership.  The company has been operating since 2006 and is registered in the Republic of Vanuatu. It is important to note that this type of offshore brokerage faces very little scrutiny from government agencies and has very limited regulation.

 

FXCL products and services are not available to residents or citizens of the United States, Japan and Canada by law.  That eliminates a large percentage of Forex traders and many of you cannot use the services or products discussed here.

 

ECN accounts deposits can be in USD only.  This firm offers many different types of accounts.  They are all traded on the MetaTrader 4 platform.  They offer a beginner account with a minimum deposit of only $1, no swap or commission, fixed spreads from 2 pips, and leverage up to 1:1000.

Other types of accounts offered are Micro Cent, Mini, ECN Light, ECN interbank and ECN plus.  All of these account types have only a $1 minimum deposit and $20,000 maximum.  They allow hedging except between swap free and swap accounts.  The biggest differences between the account types are the spreads, the margin call level and the currency of the account.

 

One of the advantages of this brokerage is that they offer an insurance plan.  Its free and available to those traders with micro or mini accounts.  They allow you to insure from 10% to 100% of your funds.  This helps to mitigate the risk involved in Forex Trading.  The leverage allowed by this brokerage is pretty high and it is important that traders beware of using that amount of leverage, although some might see this an advantage

 

FXCL has several deposit and withdrawal methods which are dependant on your location.  Each one has availability within different locales.  They are offering some very attractive promotions to attract new business.  These seem very beneficial to anyone who takes advantage of them.  Some of these promotions include a birthday gift, a large bonus for subscribing to their YouTube channel, a 60% deposit bonus and more. 

 

This brokerage offers high leverage, low spreads, low minimum deposits, attractive bonuses and insurance.  MT4 is available for download and the firm offers several opportunities for education and mobile trading. 

 

Our biggest concern regarding FXCL is the lack of regulation.  Even with favorable offerings, we always recommend traders deposit only with regulated brokers to ensure that their funds are secure at all times.  

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