Is FXCL Scam or Legit Broker?

No FXCL is not considered a reliable company. The broker is registered in Botswana under the Number UIN BW00005716042. Given that the broker lacks adequate licensing from a reputable authority, engaging in trading with them could jeopardize investors’ funds.

  • Trading with unregulated or offshore-based firms carries the highest risk due to the prevalence of fraud. Top-tier regulated brokers are closely monitored by regulatory authorities, ensuring transparency in their operations. In contrast, unregulated firms have greater freedom to engage in potentially unethical or fraudulent activities, leading to numerous instances of fraud within offshore brokers.

About FXCL
🏢 Registered inBotswana
🗺️ Type of LicenseNo license
🛡️ Is CryptoAltum safe to trade?No
🗺️ Recommended LicensesFCA in the UK 🇬🇧 and ASIC in Australia 🇦🇺
🖥 Alternative BrokerFP Markets - licensed by ASIC in Australia

What is FXCL?

FXCL Markets Ltd is a company that offers brokerage services for trading in currency pairs and precious metals. It is part of the FX Clearing Group Holding and is registered in Botswana. Traders have the option to engage in trading various instruments with FXCL, including forex currency pairs, indices, precious metals, and crude oil. Traders on FXCL’s forex platform have access to the widely acclaimed MT4 trading software, renowned as the most popular and powerful platform in today’s market. 

  • Insufficient regulation: It’s important to exercise caution when considering trading with FXCL Markets Ltd, particularly as it operates as an offshore broker and is not currently regulated. Without regulatory oversight, traders face heightened risks, including a potential lack of fund protection, transparency issues, and limited recourse in case of disputes or malpractice. As FXCL is not regulated, investors should carefully weigh these risks before engaging in any trading activities with the company.
  • Market Manipulation: In environments where transparency and regulatory oversight are absent, particularly with unregulated and offshore brokers, the likelihood of market manipulation increases substantially. This manipulation can take on diverse forms, posing a significant threat to investors’ assets. Market data might prove unreliable, leaving trades susceptible to manipulation, and overall trading conditions may not favor traders. These circumstances raise the risk of investment losses and can have dire effects on account balances.
  • Customer feedback: FXCL customer reviews tend to be overly negative, resulting in a low ranking for the broker. Common complaints center around issues like unprocessed withdrawals, inadequate customer support, and unfavorable market conditions. These reviews cast doubt on the broker’s reliability and the quality of the trading experience it offers.
  • Withdrawal Issues:  Evaluating a broker’s withdrawal procedures is a vital component of assessing its reliability, especially in Forex trading. Difficulties encountered during the withdrawal process can impede traders’ access to their investments and profits, severely affecting their overall trading experience. The prevalent complaints from traders predominantly revolve around the inadequacy of the withdrawal process, with many clients reporting lost investments to the broker. 

Overall FXCL Ranking

Following our thorough investigation, we have identified substantial concerns regarding FXCL’s trustworthiness and dedication to regulatory adherence. As a result, we cannot issue a positive rating for FXCL at present. Traders must exercise caution and explore alternative options that prioritize transparency, regulatory compliance, and the protection of client interests.

  • FXCL Overall Ranking is 2 out of 10 based on our testing and compared to 500 other brokers. See Our Ranking below compared to other popular and industry-leading Brokers.
RankingFXCLGo MarketsOANDA
Our Ranking⭐⭐⭐⭐⭐⭐⭐⭐⭐⭐
Is Broker safe?NoYesYes
AdvantagesNoneTrading EnvironmentTrading Instruments

FXCL Alternative Brokers

In view of the uncertainties surrounding FXCL’s reliability and security, we strongly advise traders to explore alternative options with enhanced regulatory oversight and superior trading conditions. Below, we have assembled a list of reputable brokers that present reliable alternatives and ensure a secure trading environment for your evaluation:

Deposits and Withdrawals

Traders can perform all financial transactions, including deposits and withdrawals, directly from their Trader’s Cabinet. They just need to sign in to their cabinet, select the live account they wish to conduct a transaction with and follow the provided instructions. Once they have submitted the transaction for processing, they are able to track its progress at each stage, cancel the request if needed, or review the transaction history.

FXCL enables clients to fund their accounts through different methods such as Bank wire, Credit, PefectMoney, fasapay, Dragonpay, bitcoin, etc

  • The broker does not accept third-party transactions.
  • The fee coverage limits are set at $500 for deposits and $100 for withdrawals per trader per month.
  • However, based on the fact that the trader is not regulated, it is strictly advisable to be careful while making deposits with FXCL.

Trading Platforms

FXCL enables trading on the market’s popular MT4 platform. MT4 provides traders with access to a comprehensive range of essential features. These include real-time market data, advanced charting tools, and the ability to execute trades instantly. Clients can download the platform on Android, Windows, App Store, MacOS, and Webterminal.

FXCL Review Conclusion

According to the data we have compiled on FXCL, there are notable concerns regarding the broker’s credibility. FXCL’s absence of regulation, combined with numerous negative client reviews, casts doubt on the broker’s reliability and trustworthiness.

Therefore, it is strongly advised to prioritize tightly regulated brokers with a solid reputation in the market and transparent trading conditions. Opting for a trustworthy broker with licenses from respected authorities such as FCAASIC, or CySEC is always recommended. Many regulated brokers offer reliability and favorable offerings, such as XM, Go Markets, and IC Markets. It is wiser to choose from among them rather than be exposed to high-risk options.

  • Overall, the ranking and experience for FXCL are negative.
 

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