FXCL Review

MIN. DEPOSIT $1
Up to 500:1
Up to 100% BONUS
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FXCL
Up to 100%
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Overview

Company Information   FX Clearing is nowadays known as FXCL. The company is on the market as an online Forex dealer for foreign customers. Located in Ottawa, Ontario, Canada, the… more

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Details

BrokerFXCL
Website URLhttps://www.fxclearing.com/
HeadquartersBelize
Support Emailsupport@fxclearing.com
Support TypesLive Chat, E-mail, Skype
LanguagesEnglish, Chinese, Taiwanese, Indonesian, Malay, Thai, Bengali, Portuguese, Russian, Spanish, Lao
Minimum 1st Deposit$1
Minimum Trade Amount0.01 lots
Maximum Trade Amount2 standard (20 mini, 200 micro) lots
BonusUp to 100%
PayoutUp to 500:1
Free Demo AccountYes
Regulated Yes
RegulationBelize International Financial Services Commission
Account TypesMicro, Mini, ECN Light, ECN Interbank, ECN Plus
Deposit MethodsOKPAY, PerfectMoney, Wire Transfer, Local Deposit, AstroPay, Neteller, China UnionPay, Webmoney, Yandex Money, Contact24, Comepay
Withdrawal MethodsOKPAY, PerfectMoney, Wire Transfer, Local Deposit, AstroPay, Neteller, China UnionPay, Webmoney, Yandex Money, Contact24, Comepay
Types of AssetsForex, Commodities, Metals, Binary Options, Fund Management, Clearing,
Account CurrencyUSD, EUR
US Traders Allowed No
Mobile Trading Yes
Tablet Trading Yes

Full Review

Company Information

 

FX Clearing is nowadays known as FXCL. The company is on the market as an online Forex dealer for foreign customers. Located in Ottawa, Ontario, Canada, the company took a rather innovative step towards establishing legitimacy. FXCL made facsimiles of both the Article of Incorporation and the FinTRAC Registration Page freely available for viewing by any potential client. FinTRAC is a Canadian government anti-money laundering organization which keeps a short tab on forex brokers. This is a good way to show you are a legitimate company – by going transparent. Since the conception of FXCL on September 15, 2006, the broker has gone further up in ranking. A number of website redesigns have made the front page look amazing, and the functionality is up to par with most of the forex trading leaders. FXCL does not accept clients from the United States, Japan, and Canada. The broker is a market maker, ECN, STP type, so a dealing desk is essential. One of FXCL’s regulators is IFSC Belize. The country has been diversifying its economy away from agriculture since its independence from Britain back in 1981.

The website of FXCL is very nicely done. Again, as is the case with the majority of forex brokers out there, the pages are clean, and the elements follow very high visual fidelity. FXCL adds a bit more color than other brokers – in the menus you can see orange, purple, green, red and blue accents, complementing the white/dark blue backgrounds. Overall, usability is easy, and all the buttons are in the right spots. You can check their company information, services, various promotions, platform variety, partnership programs and education opportunities at the click of a mouse. FXCL has done an excellent job on the website – it’s among the best I have recently seen.

 

Trading Information

 

FXCL currently offers five different account types to customers. Micro Cent, Mini, ECN Light, ECN Interbank and ECN Scalping are the names. The leverage is variable, from 1:500 to 1:10. Usually, the more equity, the lower the leverage goes. A nice feature of FXCL is the minimum deposit – $1. This means anybody who wants to try their skills and luck in forex trading can do it for a minimal amount of money. With money pairs, you can see one pip spreads for EUR/USD and USD/JPY and about two pips for GBP/USD and USD/CHF. Grid/Martingale-type expert advisors are only allowed in the ECN Scalping account. Otherwise, other types of EAs are free to use by anyone. However, the maximum deposit is $20000, which might be a bit small for high-ranked forex traders around the world. Nevertheless, FXCL is a great broker to start trading with, especially with a minimum position size of 0.01 and a maximum number of orders over 50. Pretty self-explanatory, scalping is only allowed in the ECN Scalping account type. Of course, there is a bit more risk involved, but the winnings are well-worth the investment.

 

Trading Platforms

 

FXCL offers only one trading platform to download. MetaTrader 4 is the most widely used and well-recognized platform in the world. MT4 offers an enormous number of powerful features and analysis tools to traders, rendering them able to compete in the foreign exchange market. Some of the features are charts trading, real-time pricing and a vast array of indicators and line studies. If you want something – MT4 has it. The platform is also highly customizable to meet your particular needs and make profiting from forex trading a much easier task than before.

 

Security and Customer Service

 

Aside from registrations in FinTRAC and IFSC Belize, FXCL offers comprehensive digital security to its clients. The connection to and from the website is encrypted by AlphaSSL, using a 256-bit encryption to protect customer data and transactions. Anonymity is a big thing nowadays.

The customer service is excellent and can be contacted through a number of channels. Live chat is always there to receive immediate help. Currently, there are no phone numbers available, but you can receive Skype support as well. There are four different e-mail addresses for various issues – technical assistance, bonus requests, and introduction and partnership/marketing proposals. The support department answers very fast, and you can expect a quick service at any time.

 

Deposits and Withdraws

 

Banking at FXCL is very easy to do. Customers can deposit and withdraw money by using the e-wallet options like Neteller, Skrill, and Payza. There are various other options for different countries – AstroPay for Latin America, Local Banking for Asia, Comepay in Russia, Yandex Money in Russia and the universal and safest Wire Transfer. Basically, the broker doesn’t accept credit cards, which is a bit of an inconvenience, but can be worked around.

 

Deposit Bonus and Loyalty Programs

 

FXCL offers a huge number of bonuses at the time of writing this review. Those proposals include deposit bonuses, loss rebates, holiday bonuses and birthday gifts. Let’s start with the last one. If you have deposited at least $1000 to your account, you can contact FXCL on your birthday and request a special bonus. The sum is different for different people and probably depends on the total deposited funds. Another very kind offer is the ECN Renewal Bonus. With it, you can get up to 70% of your deposit extra to your account. The limit is $4000. The other promotions are 100% loss rebate, 30% lucky bonus, 50% spring bonus and an automatic loss rebate. All of those are freely available to anyone, except the account specific ones. It’s time to go and check FX Clearing out!

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