Overall Rating: ★☆☆☆☆ (1.7/5.0)

FXCL (FX Clearing) is an offshore forex and CFD broker that has been operating since 2006. The broker offers trading on MetaTrader 4, flexible account types, and leverage up to 1:1000. While FXCL promotes itself as beginner-friendly and commission-free, it is not regulated by any tier-1 authority, raising major concerns over fund safety and transparency. Its registration in Saint Vincent and the Grenadines offers little to no regulatory oversight, and there have been numerous complaints about withdrawal issues and questionable practices.

This FXCL review examines its platform, pricing, risk level, and overall legitimacy to help you make an informed decision.

Key Features

FXCL attempts to attract traders with high leverage, bonus schemes, and multi-currency account options.

• Trading Platform:
  • MetaTrader 4 (MT4) only
• Markets Offered:
  • Forex, metals, energies, and indices
• Account Types:
  • Cent, Classic, ECN, Pro, and Swap-Free Islamic accounts
• Leverage:
  • Up to 1:1000 depending on account type
• Deposit Methods:
  • Bank wire, credit cards, crypto, and e-wallets like Perfect Money and Skrill

Regulation and Security

FXCL is not regulated by any credible financial authority, operating solely under an offshore entity.

• Registered in Saint Vincent and the Grenadines
• Not regulated by FCA, ASIC, CySEC, or FSCA
• No investor compensation scheme
• No proof of client fund segregation
• No third-party audits or transparency reports

Pricing and Costs

While FXCL advertises commission-free trading, its true costs are hidden in wider-than-average spreads.

• Spreads:
  • From 2.0 pips on EUR/USD for Classic accounts
  • ECN accounts offer tighter spreads with commissions
• Commission:
  • ECN accounts: Around $6–$8 per lot round-turn
• Minimum Deposit:
  • As low as $1 for Cent accounts
• Withdrawal Fees:
  • Vary by method; many clients report long processing times or denials
• Inactivity Fee:
  • Applies after 90 days, though not clearly disclosed on the website

Educational Resources and Customer Support

FXCL offers minimal educational material and lacks the depth found in established brokers.

• Education:
  • Basic blog articles, glossary, and platform tips
  • No structured courses, webinars, or mentorship
• Market Analysis:
  • Basic weekly reports and economic calendar
• Customer Support:
  • Live chat, email, and ticket system
  • Reports of poor response time and unhelpful replies

Risk Management Tools

FXCL offers only standard platform-level risk controls.

• Basic MT4 tools:
  • Stop-loss, take-profit, trailing stops
• No guaranteed stop-loss orders (GSLOs)
• No margin protection, capital risk alerts, or dashboard tools
• Leverage not customisable by user

Pros and Cons

Pros

• MT4 access with multiple account options
• Very low minimum deposit
• Supports cryptocurrency deposits
• Islamic (swap-free) accounts available

Cons

• Unregulated and offshore-only
• Widespread complaints about withdrawals and support
• No investor protection or fund safety
• Outdated platform offering (no MT5, no web-based alternatives)
• Poor educational and research support

Conclusion: Is FXCL the Right Choice?

FXCL is not a safe or recommended broker, especially for those who value transparency, regulation, and client protection. Despite offering MT4 and flexible account types, the lack of oversight, frequent user complaints, and offshore structure make it a high-risk environment. Serious traders should consider more trustworthy alternatives.

For a secure, regulated trading experience, explore brokers like IC Markets, Pepperstone, or AvaTrade—all of which provide tighter spreads, superior platforms, and full regulatory coverage.