On-line since:
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FXCL Markets Ltd. is a brokerage firm oriented towards the financial goals of all-level traders. According to the official website, FXCL Markets is registered on Saint Vincent and the Grenadines as an international business company. The list of broker’s trading instruments includes currency pairs, commodities, and other securities. FXCL Markets offices are located in Malaysia, Philippines, Nigeria, and Laos.
On its official website, FXCL Markets says that it uses modern technologies, regularly expands the range of trading currencies and financial instruments. Notably, the broker is not regulated in the European Union and is not subject to the new ESMA restrictions on Forex and CFD trading.
Trading conditions
Currently, the broker offers MetaTrader 4 for trading currency pairs and precious metals, such as gold and silver. Thus, the company`s clients can get access to their personal accounts and offers from anywhere in the world. Based on the information featured on the FXCL Markets’ website, the leverage is 1:500, while trade size starts from 0.01 lot. Additionally, hedging and nonqualified transactions are available. Traders have access to free mobile terminals designed for iOS and Android. FXCL Markets warns that breaking news, volatile market conditions, and low liquidity may increase spreads without prior notice. Apart from that, the broker does not charge any fees for payment processing. The client`s profit/loss is calculated in the deposit currency. Therefore, a trader will be able to withdraw money in the same currency and will not have to pay a conversion fee. Notably, clients can only withdraw funds in the currency originally adjusted in the account settings. The company also warns that ECN accounts can only be funded in US dollars.
Account types:
- Cent (trading small amounts with minimized risk, $100 deposit)
- Standard (instant profit from short positions with the fixed spread from 1 pip)
- Interbank Cent (cent account with market execution and tight spread from 1.1 pips)
Deposit and withdrawal of funds
FXCL Markets provides the following ways of depositing and withdrawing funds: wire transfers, Neteller, Skrill, OkPay, PerfectMoney, WebMoney, Contact24, Comepay, and Yandex.Money.
Bonuses
The broker has a bonus program where each trader can receive up to $2,000, including a birthday gift, a reward for the subscription to the company’s YouTube channel, a 60% deposit bonus, etc.
Education
The company`s education platform contains the following sections: Forex glossary (basic terms and concepts), Analysis theory, Trading calculator (information on the value of a pip, margin for a specific currency pair), and Economic calendar.
Support service
The company is registered at Suite 305, Griffith Corporate Center, P.O. Box 1510, Beachmont, Kingstown, St. Vincent and the Grenadines. Clients are able to contact the support service via a feedback form, Skype, and email. Additionally, there is the FAQ section on the website where traders can find answers to the most frequently asked questions.
Feedback of traders
While cooperating with the broker, traders have noticed the following disadvantages: inability to withdraw funds, poor order execution, and disruption to the trading platform. Traders also leave positive reviews, but their number is limited.
Advantages and disadvantages
Advantages:
- 14 years on the market
- bonus program
- MetaTrader 4
- mobile trading
- various training opportunities
- no commissions and fees
Disadvantages:
- high leverage
- non-regulated broker
- plenty of negative reviews
