FXCL is a legally registered forex broker located in Saint Vincent and the Grenadines, but not regulated by any government agency.
FXCL accepts clients from all over the world, excluding USA, Canada, Japan and some other jurisdictions where restrictions apply.
Forex broker offers the following underlying assets for trading.
|40+ Currency Pairs||Based on major and minor world currencies.|
|3 Crypto Pairs||Based on Bitcoin, Ethereum, Litecoin.|
|9 Indice CFDs||Based on baskets of different blue-chip stocks.|
|2 Metal CFDs||Based on Gold and Silver.|
|3 Energy CFDs||Based on Crude Oil (WTI, Brent) and Natural Gas.|
FXCL is a forex broker that offers exceptionally high trading leverage, low spreads, and funding with crypto. The broker is registered offshore in Saint Vincent and the Grenadines, where the government does not regulate forex brokers.
Worth mentioning about FXCL is that although this is an unregulated offshore forex broker, it has successfully stayed in business since all the way back in 2006. This means that the broker has built a certain reputation in the trading community, with no major negative incidents during those years. Still, we advise everyone to carefully do their own due diligence and only deposit money with brokers they feel comfortable about trading with.
In terms of instruments on offer, FXCL has covered most of the instruments a trader would need, whether he is a completely new forex trader or a seasoned market veteran, although the selection could also have been better. The tradable assets include all of the commonly traded forex pairs in the market, the cryptocurrencies Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC), as well as a selection of stock indices and commodities. However, assets like bonds, stocks and ETFs are all missing.
As with most brokers reviewed here on FX-List, all of the assets are offered in the form of CFDs. This is a type of derivative of the actual underlying asset that makes trading these assets super simple both long and short, at the same time as it allows for high leverage.
In the case of FXCL, the maximum trading leverage is set to 1:2,000 - some of the highest leverage available anywhere in the trading industry.
The trading accounts offered by FXCL includes a Start account with spreads from 1.6 pips on the EUR/USD pair, a Cent account with spreads from 1.1 pip, and a Standard account with the same 1.1 pip spread - all without any commissions on trades. In addition, there is also an ECN Pro account available for those who trade with a larger position size. This account comes with spreads from just 0.1 pip and commissions of $3 per lot for forex/metals/indices, and a 0.15% per lot commission for crypto.
All accounts with FXCL can be funded with Bitcoin (BTC) through the third-party provider AlphaPo. In addition, local bank deposits in selected countries, and the e-wallets PerfectMoney, FasaPay, Dragonpay, and Paytrust (in Indonesia, Malaysia and Vietnam) are also accepted.
All trading accounts can be denominated in US dollar (USD), euro (EUR) or Thai baht (THB), while the Cent account can also be denominated in Malaysian ringgit (MYR), and the Standard account in Malaysian ringgit and Nigerian naira (NGN), in addition to USD EUR and THB.
Like many other forex brokers, FXCL has chosen to focus on MetaTrader 4 (MT4) as its trading platform. Despite now being quite a few years old, MT4 remains very popular in the forex trading community, largely thanks to the huge selection of trading strategies and technical analysis tools that can be found on it.
As usual, the MT4 platform is available in a downloadable version for Windows computers, as well as mobile versions for Apple and Android smartphones.
To contact FXCL’s customer support team, clients and people interested in becoming clients can use either email or a live chart function on the broker’s website. Unfortunately, FXCL has not provided any phone number that its clients can reach it on, and there are also no opening hours for its support team stated anywhere on the website.
All in all, it’s clear that FXCL is a broker that many traders have successfully used over the years, with its history going all the way back to 2006. Still, we feel there should at least be a phone number to a support department available to improve this broker’s credibility. Lastly, a broader selection of trading instruments, such as for instance more crypto pairs and some stock CFDs, would make the broker stand out as even more attractive in our view.