company reviews
FXCLMARKETS

About company:

FXCL Markets is part of the FX Clearing Group Holding. In 2006 she was registered by the Ministry of Finance and Economic Administration of the Republic of Vanautu as a securities dealer. The presence of this license enables the broker to provide financial services.

 

Products and services:

The company can trade in 33 currency pairs, cryptocurrency, as well as gold and silver.

 

History of the company:

It should be noted that the company was previously called FX Clearing and until 2016 worked under this name. Then the name, regulator and official website of FXCL Markets were changed. The main office is located in Vanuatu.

 

Asset security:

Considering that the broker's activities are not regulated, there are no guarantees for the safety of assets. It is possible to use your own deposit insurance program, which, upon the occurrence of an insured event, gives the right to receive up to 100% compensation payment. You can insure from 10% to 100% of your funds. According to the company, "the program is absolutely free" and is available on Micro Cent and Mini accounts.

 

Accounts and currencies:

There are six types of trading accounts available to clients: Micro Cent; Mini; ESN Cent; ESN Interbank; ESN Plus; ECN Copytrade. The broker also opens accounts with individual conditions. Account currencies: USD, EUR, MYR, THB, NGN US cent, EU cent, MYR cent, THB cent US cent, MYR cent, THB cent. It is also possible to open a Copy Trading account (minimum deposit 150 USD). The company provides a fairly large selection of types of trading accounts, which differ significantly in trading conditions. We advise you to pay special attention to the choice of a trading account.

 

Affiliate program:

The broker also pays special attention to this issue. There are several options for cooperation for potential partners of the company. Separately, it is worth highlighting the IB program - where earnings depend solely on communication skills. It does not require special knowledge of working in the financial markets, you attract new clients to the company, receiving a specified percentage for this. And the White Label program - in this case, financial managers and brokers can start their own business, gaining access to the international financial market. The description of the rest of the affiliate programs can be found on the official website of FXCL.

 

Bonuses:

A fairly large number of different bonuses, ranging from a deposit bonus to bonuses for a birthday. Clients can receive both small gifts for simple actions, and quite significant prizes and cashback.

 

Minimum deposit

The deposit starts from $ 1.

 

Spreads and commissions

Spreads start from 1 pip, they are fixed and floating, depending on the type of account. There is no commission on almost all accounts, except for ECN Interbank and ECN Plus, where it is 0.6 points per lot.

 

Leverage

Leverage is set up to 1: 1000.

 

Trading platforms

FXCL invites its clients to take full advantage of the popular MetaTrader4 platform, which is available for both PC and mobile devices.

 

Support service

You can contact the support team by phone, Skype, e-mail or through the feedback form posted on the broker's page. The support staff speaks Russian.

 

Reviews of traders

On the network, the broker is responded both positively and negatively, and negative responses clearly prevail. Traders complain that the company can delete the trader's successful transactions, demand money, and prohibit the withdrawal of funds.

 

Georg 12/25/2018

 

“FXCL Markets is sheer cunning, that is. divorce on a sucker. I went there myself, invested my personal money for some kind of deal, and the company manager spoke to me by phone and wrote to the post office that I would withdraw my money with great profit, but I didn’t see anything, all my money was taken away. I was brazenly deceived, you will be left without money, get away from such crooks, thieves, scammers as FXCL Markets ”.

 

Mangust 16 November 2017

 

“For almost two weeks now I could not get from the financial department at least some explanation about WHERE my money was hanging ??? At first there was a side on my side - I made a mistake in the card details and, of course, it was impossible to make a conclusion. Ok, let's go. I fixed everything. Again I bet on a withdrawal, but there is no money for a whole week! I am writing to them again, what are the questions? They say that the money has gone from them and that the bank must be harassed. I called the bank, they answered me that they did not see any receipts on the account even in the future. Again I write to the Markets chat, where they answer me, oops, the payment was returned back !!! Kapets! The question is - is there any point in re-issuing a withdrawal if I feel that the money will be donated to a breaker? Golovnyak, not an office. "

 

Pros:

 

a wide range of types of trading accounts; a large number of bonus and affiliate programs; website, analytics and training in Russian.

 

Minuses:

 

broker activities are not regulated.

 

No one has commented on this broker yet

 

 

FXCLMARKETS is a company whose task is to provide intermediary services to traders. Brokers / Crypto exchanges provide access to currency / cryptocurrency trading, first of all. Also, many of them, if we are talking about brokers, give the opportunity to make transactions with company shares, bonds, commodities, precious metals, indices, cryptocurrency and other assets. A private person can make transactions with all these instruments only on a trading platform, access to which is provided by a broker or a crypto exchange.

 

In addition, thanks to such companies, an individual can operate in the market with amounts significantly exceeding the amount of his own funds. This is called the provision of leverage. For example, having a deposit of 1,000 USD with a leverage of 1:400, a trader can make transactions for 400,000 USD.

 

As well, the broker / crypto exchange opens access to analytics, auxiliary tools, trading signals. Without all this, modern trading is impossible.

 

What is the benefit of a broker / crypto exchange?  

 

FXCLMARKETS profits from traders' trades, usually in two main ways

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First – most common. Using spreads. This word refers to the difference between the best prices for buying and selling a certain asset at a particular moment. Moreover, in a transaction between a trader and a broker, the price is one, and between the broker and market users - another. The mediator takes the difference.

 

The second method is easier to understand. This is a fee for each operation performed. Most often it has a standard value, but can also be measured as a percentage.

 

Therefore, the company is interested in attracting as many clients as possible and that they conduct active trading.

 

The ways to deceive customers 

 

How honest brokers / crypto exchanges should work and how they work, we found out. And now let's look at how scammers act, they are also called kitchens.

 

The most common way to cheat – is to twist quotes. Broker / crypto exchange gives the trader quotes that differ from the real market. There is a substitution of data in order to make operations unprofitable. The deposit is reduced, and then completely reset. At the same time, the trader thinks that his operations were made on the market, but in fact – just on the site of scammers.

 

Bonus – traps. They are generously distributed for anything: registration, account replenishment, etc. Only after that, in order for the client to withdraw his own money mixed with bonus money, it will be necessary to fulfill a number of actually impossible conditions. For example, to conduct trading operations in the amount of ten times more than the size of the deposit.

 

The User Agreement may also mask a clause that allows the broker / crypto exchange to dispose of the client's money. Inattention when reading such an agreement most often turns into a complete loss of the deposit.

 

Where do brokerage companies and crypto exchanges register?

 

One of the key points – it is the place of registration and regulation of the company's activities.

 

First let's talk about registration. As a rule, traders are more trusted by companies either from their own country or from an economically developed country, for example, a member of the European Union. Of course, compliance with UK law is reassuring, and compliance with the laws of an unknown island in the Indian Ocean does not mean anything to most at all.

 

On fact, most brokerage companies are registered offshore, and we are talking not only about small offices, but also about world leaders. Saint Vincent and the Grenadines, Belize, Marshall Islands, Mauritius are popular offshore zones among companies. Registering there, companies pay significantly less taxes than in the place of actual location, which is sometimes carefully hidden.

 

If a trader has claims against such a company, then it is likely that he will have to deal with it in accordance with the laws of the same conditional Belize. It is possible to be physically present there at court hearings. And this is extremely expensive and difficult.

 

No is it worth running like fire from just the word «offshore»? As an answer, we will cite the names of companies that are not related to brokerage, but with an impeccable reputation and also save on taxes with the help of offshore registration: Apple, Pfizer, Microsoft, General Electric, Intel.

 

And here we come to the second important point – this is the regulation of the broker / crypto exchange. First of all, it is carried out at the level of the state where the company is registered. Each country has its own regulatory body for brokering. So, in Russia it is the Central Bank of the Russian Federation. The trader can find permits on the websites of such authorities. But there are also supranational structures. For example, the International Financial Commission, which is an independent self-regulatory organization,   specifies disputes between its members – brokers and their clients.

 

If there is no information on the broker's website / crypto exchange about the regulation of its activities or license, then it is almost certainly a scammer. Or on the site there is data on some license issued by him, but this information is not confirmed anywhere else. Most likely, these are also scammers.

 

What else to look out for?

 

When choosing a brokerage company, or crypto exchanges, study its history. Look at the links to its experts. If one of the leading TV channels in the economic news for 5 years in a row refers to the opinion of the analyst of the broker in question – this is good. If the broker / crypto exchange assures that it has been working for 15 years, but there is no information about it on the Internet at all – this is bad.

 

It is important to pay attention to reviews about the company. And read them not only on the website of the broker itself / crypto exchange. In the kitchen, they will certainly be only praiseworthy. It is better to view as many sites as possible.

 

Pay attention solely to the specifics in the offers on the websites of brokers / crypto exchanges. Honest companies openly write about interest, spread size, minimum deposit, etc. Scammers lure loud streamlined phrases about a rich tomorrow, a stable income, mislead with incomprehensible terms about multi-sites, superfunctions and so on.

 

Specify the company's connection with well-known brands, financial institutions, public organizations. For example, it can be sponsored. Large brokers / crypto exchanges sometimes hold social promotions. Scammers will definitely not do this.

 

Therefore, the process of choosing a broker / crypto exchange is complicated. But if you approach it carefully, it will allow you to enter the world of trading, which has made millions of people rich around the world

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