FXCL Markets Ltd., often known as FX Clearing, was established in 2006. The broker is based in Saint Vincent and the Grenadines and is licensed by the country’s regulatory agency, the Financial Services Authority (FSA). The broker has over 10,000 customers and is most popular in the Philippines, Indonesia, and Singapore, but it also serves important nations like the United Kingdom, Germany, Australia, South Africa, and China.
The famous and profitable MetaTrader 4 (MT4) trading platform is used by the firm. MT4 is free to download for both Windows and Mac. Despite the fact that the style is a little archaic, the user interface is quite user-friendly and simple to grasp. Opening and completing transactions is straightforward, and there are several order types to choose from. The program has a slew of extra features designed to improve the overall trading experience. There is an integrated news feed that provides information about world events, as well as EA technology that can conduct trades on its own. MT4 includes over 30 technical indicators as well as a variety of charts to assist you in evaluating the market.
The MT4 app is available for iOS and Android devices to download (APK). Mobile devices have access to all of the same functionality as the desktop app. It’s simple to navigate and utilize. It’s simple to initiate and close transactions, and the mobile tool includes all of the same technical indicators and charts, allowing you to evaluate the market from anywhere-at home or on the road.
- Forex has over 40 currency pairs.
- Commodities: CFDs on metals and energy.
- Cryptocurrencies: Bitcoin, Ethereum, and Litecoin.
- Indices: nine global stock indices.
Spreads and commissions
The corporation levies a monthly inactivity fee, which rises over time. 32 to 90 days are charged at a monthly rate of $25, 91 to 180 days at a monthly rate of $50, 181 to 365 days at a monthly rate of $75, and 365 days at a monthly rate of $100.
The only account that costs fees is the ECN Pro account, which charges $3 a lot for FX, commodities, and indices and 0.15 percent per lot for cryptocurrencies. Typical spreads change depending on the account type. Fixed spreads apply to Standard and Cent accounts, whereas fluctuating spreads apply to Start, Interbank (Cent and Standard), and ECN Pro accounts.
Spreads on standard and cent accounts begin at 1 pip, whereas spreads on interbank standard and cent accounts begin at 1.1 pip. Spreads on a starter account begin at 1.6 pips, whereas spreads on an ECN Pro account begin at 0.1 pips.
The amount of leverage available at FXCL varies depending on the account type. On the cent account, leverage is available up to 1: 1000; however, it is limited to 1: 500 on the standard account.The Start account has a leverage of up to 1:2000, while the Cent and Standard interbank accounts have a leverage of up to 1:500. An ECN Pro account provides varying degrees of leverage for different assets. Forex and commodities can have leverage of up to 1:300, indices can have leverage of up to 1:100, and cryptocurrencies can have leverage of up to 1:10.
You may complete all trades straight from your trader’s room. The minimum deposit amount is only $1. There are no additional deposit fees, but wire transfers may be charged at a rate of roughly 3%. Deposits are usually handled promptly, or within minutes. You can deposit in one of the following ways:
- Wire transfer
- Credit card
- Debit card
There is no minimum or maximum amount that may be withdrawn. Withdrawals are usually completed within one business day. You must complete the mandatory verification and show confirmation of identification and residence before you may withdraw money. Withdrawals are made in the same way as deposits are made.
The company provides its customers with a free demo account. It’s completely free to sign up and use, and it’s a terrific way to practice trading before committing to a real account and risking real money. The broker organizes demo contests from time to time, ranking those who make the most money and awarding actual cash prizes to the winners.
Offers and promotions.
The broker employs a variety of bonus programs. There is a bonus account that receives credits from your real account’s deposits and positions. These loans can then be utilized to trade, potentially resulting in winnings that can be withdrawn. In addition, the broker gives you a birthday present that you may use within ten days of your birthday. Make a deposit during this period and you’ll get a bonus of 100 percent plus your age in percentages, up to a maximum of 2000 USD.
To assist clients in trading properly, the firm provides a variety of instructional tools and materials. The broker offers a forex dictionary to assist you decipher the various terms used in the realm of day trading, as well as a beginner’s guide to market analysis.
Fixed spread accounts and floating spread accounts are the two types of accounts available. The Cent account and the Standard account are the two accounts with set spreads. The key difference between the two is that the cent account trades in cents in USD, EUR, MYR, and THB and gives leverage up to 1: 1000, whilst the standard account trades in dollars in USD, EUR, MYR, THB, and NGN and offers the highest leverage rate. 1:500.
Floating spread accounts are divided into four categories. The Starter Account is available in US dollars, Malaysian Ringgit, and Thai Baht, with a leverage of up to 1:2000. The Interbank Cent account trades in US cents, Malaysian ringgit cents, and Thai baht cents with a leverage of up to 1:500.With leverage of up to 1:500, Interbank Standard accounts trade in USD, MYR, THB, and NGN. The ECN account exclusively trades in US dollars, with different leverage rates depending on the asset.