Updated on February 12, 2024
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In our rigorous review process, a team of seasoned financial specialists, boasting more than 20 years of experience in Forex trading, carries out an exhaustive evaluation of various trading services. Our team delves deep into the investigation of fees, assesses the trading platforms, and verifies adherence to regulatory standards. We also interact directly with customer support and conduct actual trades to gain a real-world understanding of the trading conditions. This comprehensive approach enables us to provide informed insights and advice on why we recommend avoiding FXCL due to the issues we've identified.
Is FXCL Scam or Legit Broker? ▲
FXCL does not come across as a trustworthy entity. The company finds its base in Botswana, identified by the number UIN BW00005716042. Given its absence of sufficient licensing from any well-regarded regulatory body, entrusting one's investments with them might lead to potential financial jeopardy.
Trading alongside unregulated or offshore-based entities is synonymous with heightened risks, primarily due to the surge of fraudulent activities within this sector. In contrast, brokers regulated by top-tier authorities are under constant surveillance, ensuring a transparent and secure trading environment. Unregulated entities, however, have the leeway to engage in questionable practices, often resulting in financial losses for investors due to fraud.
FXCL Markets Ltd positions itself as a provider of brokerage services for trading in various financial instruments, including currency pairs and precious metals. It operates under the umbrella of FX Clearing Group Holding and holds registration in Botswana. The services offered by FXCL encompass trading in forex currency pairs, indices, precious metals, and crude oil, facilitated through the acclaimed MT4 trading software—a platform celebrated for its robustness and popularity among traders.
However, the lack of regulation raises significant concerns regarding trading with FXCL Markets Ltd, especially since it operates offshore. The absence of regulatory oversight exposes traders to numerous risks, including insufficient fund protection, transparency issues, and a lack of recourse in the event of disputes or malpractice. The potential for market manipulation in such unregulated environments is high, posing a grave risk to investors' capital. Moreover, customer feedback predominantly aligns with negative experiences, further questioning FXCL's reliability and service quality.
Our extensive review process, involving the comparison of FXCL against a pool of over 1000 other brokers, has unveiled significant issues concerning the broker's credibility and commitment to adhering to regulatory standards. Consequently, we cannot endorse FXCL favorably. Traders are urged to proceed with caution and consider more transparent and compliant alternatives that safeguard client interests. FXCL's Overall Ranking stands at a mere 2 out of 5, reflecting our concerns and the comparative analysis with other leading brokers in the industry.
FXCL permits its clients to manage financial transactions, including deposits and withdrawals, through the Trader's Cabinet. Users need to log into their cabinet, select the live account for the transaction, and follow the instructions provided. The broker supports various funding methods, including Bank wire, Credit cards, PerfectMoney, fasapay, Dragonpay, and Bitcoin. Notably, FXCL does not process transactions from third parties.
Although the broker sets fee coverage limits at $500 for deposits and $100 for withdrawals per trader monthly, the fact that FXCL lacks regulation warrants caution when making financial transactions with them.
FXCL offers its clients the opportunity to trade using the highly popular MT4 platform. MT4 is known for its extensive features, including real-time market data, advanced charting tools, and instant trade execution capabilities. The platform is available for download on multiple operating systems, including Android, Windows, App Store, MacOS, and Webterminal, catering to a wide range of client preferences.
Access to the widely used MT4 trading platform.
A variety of financial instruments for trading.
Multiple funding methods available.
Lack of proper regulation raises significant concerns.
High risk of fraudulent activities due to offshore registration.
Negative customer feedback regarding withdrawals and support.
Increased likelihood of market manipulation.
Limited transparency and fund protection.
Our comprehensive review of FXCL reveals numerous red flags concerning the broker’s reliability and the safety of trading with them. The absence of regulation, coupled with overwhelmingly negative client feedback, significantly undermines FXCL's trustworthiness. Consequently, we strongly advise traders to prioritize engagement with brokers that are regulated by reputable authorities such as the FCA, ASIC, or CySEC, which are known for their strict regulatory standards and transparent trading conditions. Opting for a well-regulated broker not only ensures the safety of your investments but also provides a more favorable trading environment. In conclusion, given the high risks associated with FXCL, it is prudent to explore safer and more reliable trading options.
When considering alternatives, brokers like Interactive Brokers, City Index, and AvaTrade stand out. They not only offer the security of stringent regulation but also bring to the table comprehensive trading solutions that can meet the needs of both novice and seasoned traders.
FXCL Review 2024

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