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sophia marquez
sophia marquez
Dec 01, 2024

I was scammed $55,000 on March 2024 while on June 2024 I found a crypto scam recovery expert on the internet, so I contacted him via his email and he required me to send all the details of the fake crypto company that scammed me and also the proofs of payment I made to the crypto scam company and I sent all informations he needed accurately and after some hours the recovery expert got back to me via mail explaining to me that I will only pay for the recovery service charge after my scammed crypto funds are recovered for me successfully and transferred to my own bank account that I will have to pay  $635 for TPM upgrade software fee used for upgrading my  trading account to the TPM Account which after this i can initiate my  withdrawal and I was  also able to see the profits which the scam company was hiding from me, then I paid the $635 for the TPM upgrade and in 48 hours my scammed  $55,000 was transferred to my bank account successfully. If your a crypto scammed victim and you need help to get your scammed funds back, kindly contact : charlesvictimhelp@outlook.com

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Updated on February 12, 2024

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Our Review Method ▲

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.


What is FXCL? ▲

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.


Overall FXCL Ranking ▲

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.


Deposits and Withdrawals ▲

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.


Trading Platforms ▲

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.


Pros ▲

  • Access to the widely used MT4 trading platform.

  • A variety of financial instruments for trading.

  • Multiple funding methods available.


Cons ▲

  • 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.


Conclusion ▲

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

IG

Swissquote

Ranking

Is it safe?

Advantages

None

No

Low Fees

Yes

⭐⭐⭐⭐⭐

Education

Yes

⭐⭐⭐⭐⭐

Compare FXCL with its peers

FXCL

IG

Swissquote

Ranking

Is it safe?

Advantages

None

No

Low Fees

Yes

⭐⭐⭐⭐⭐

Education

Yes

⭐⭐⭐⭐⭐

Compare FXCL with its peers

FXCL
FXCL Logo

In a Snapshot

Name: FXCL

Website: www.fxclearing.com

Reason to avoid: No license

Date: March 27, 2024

⚠️Caution: FXCL operates as an unregulated broker, making it UNSAFE for trading activities.⚠️

FXCL Review 2024

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