Website Address: www.fxclearing.com
Original Source: FXCL reviews
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.....
