FXClearing broker house review !
Website Address: www.fxclearing.com
I am writing my review about FXCL broker with my practical and bad experience. I am not so happy with this broker due to some critical issues which is harmful for any traders.What is my bad experience ? See the below points:
EA Using restrictions: They offered 5 types of account but not a single account is allowed for scalping trading. They have a special account for scalping and that account name is : “ECN Scalping” , here also restriction “ Non-aggressive scalping is allowed”. Means you can not use those EA’s which can bring profit for you. They charged high commission per lot in this account. I had tried in Swap free ECN account and paid 16$ commission for 1$ lot + another 6$ spread commission, so in total I had paid 22$ commission against 1$ lot in EURUSD. So, now make a calculation for you, whatever investment you have, you have to pay all to this broker as commission. In others 4 account’s, scalping is 100% prohibited. They mentioned in these accounts “ Most EA allowed, but Grid & Martingale not allow.” Now think, without this 2 strategy, which EA can work for you? So far I know, maximum traders using EA which is supporting martingale, semi martingale and grid styles. I can say: All the accounts are here for brokers own income, not traders friendly.
Account maintenance charge: As per my opinion, this is very bad option for traders. Lot of ‘A’ graded brokers are here, there is no maintenance fee but this broker will charged you if your account keep inactive for 2 months. Example: If you start trade and accidentally stop your trading for 2 months, if you have ay balance in that account, they will deduct that as maintenance fee. So, careful, do not keep any amount with this broker for future trading. See the image as proved.
Stop Levels: This is a dangerous killer system for traders. I had tried in EURUSD pair, normally there is stop level 10 pips (100 points), but 10 to 20 minutes before of any kind of news, this stop level increased up to 30 pips.
Suppose, you are doing manual trade and unfortunately market is not in your favor. In this situation after 20 minutes one important news will be released. You have only one option to safe your account I.e. place stop order against your opened orders. This broker will not give you that chance. You have to put stop order 30 pips gap from the current market. 30 pips (300 points) is enough to hit an account. Finally this type of market maker broker will be benefited. Not you, not a trader. So, careful about this stop level.
Dangerous Slippage: FXCL always apply high slippage. They offered normal scalping trades facilities in ECN Scalping account but they applied there more than 5 pips slippage. I had checked their server with very fast VPS and got the result. They did not make this platform for traders benefit. They designed all the programs for their own benefit. So, be careful if you like to start live trading with them.
30% to 100% Bonus: I am not satisfied with this offer. Because this bonus amount is not for using. Example, your deposit is 100$ and bonus received 100$, total balance / equity is 200$. If you faced 100$ loss / draw down in your account during trading, your account will be in margin call. Bonus amount will not give you any support for margin / equity. That means, your account will be closed. We can say this type of bonus as “Show Piece”, just for account decoration, not for uses. So, careful about their bonus program.
What is positive in FXCL: They have cent account, mini account with minimum and fixed spread. In EUR USD and USD JPY fixed spread is 1 pip only. Others pairs having 2 pips to 8 pips fixed spread.
They paid withdrawal request almost within 24 hours. Some times can be 2 days if any holiday count within withdrawal period.
Their terminal is smooth and better than others platform. They have very less re quote / off quote issues.
Important notes: FXClearing and Tusarfx maybe having a relationship. I had checked both brokers and got 100% matching in all the sections. We can say, FXClearing is the duplicate copy of Tusarfx. You can check the details. All the terms & Conditions, account types, restrictions, spread etc are 100% same.
Few Questions for you to find out the answers before start trade with FXCL:
- www.fxclearing.com is the white label of www.tusarfx.com ?
- Is there any relationship between www.fxclearing.cn and www.fxclearing.com ?
- www.fxclearing.cn website gone down on 2014, FPA ( Forex Peace Army ) reported “ Website is down. Company seems to be out of business” Report date: 21/09/2014, you can read the details from this link: http://www.forexpeacearmy.com/public/review/www.fxclearing.caSame year www.fxclearing.com website launched. Mentioned in the site: © 2014-2015 FXCL Markets Ltd.
- www.fxclearing.cn here if “cn” means Canda, is it the reason not to allow Canada citizens in www.fxclearing.com ?
I am really doubtful about fxclearing brokers and not going to invest anymore with them. I am searching for reliable answers about mentioned questions. I am not sure my reviews is right or wrong but too much questions is meaning, there is maybe something wrong. The main point is, they did not offer anything good for traders. Whatever policy they applied, everything against traders. So, take a wise decision before invest with them.
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