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Contract reading

What FXCL legally published, but does not want you to read

Every clause below is published by FXCL itself, on its own website, today. The finding is not that the text exists. It is the distance between what a client is shown and what a client agreed to. Read from its own documents on .

Contracting entity: FXCL Markets Ltd.

sole discretionwithdrawalsunilateral amendmentbonus lockdeemed acceptancehidden feemarketing mismatchprofit voidingcontestcounterparty

FXCL Markets Ltd. runs a 41 section agreement that lets it take back your profits, freeze your balance and charge fees it never prices. You get 2 business days to complain, after which your silence counts as agreement. Taking any bonus switches off the protection that stops you losing more than you deposited. Its English pages leave out two countries that its Malay and Arabic pages exclude.

Back to FXCL

Contract risk

Money at risk
8.5/10

Where this contract sitsHow far this contract goes, overall. Under 2 is nothing beyond the ordinary; 6 to 9 means several clauses put money you have already earned at risk; 9 and above reads as designed to make payout refusable.

0510
CriticalClauses that can cost you money you have already earned or deposited, or that remove your ability to challenge it.
10
FlaggedEvery clause worth knowing about, at all three severities. Ordinary terms that every broker has are not counted.
26
DocumentsHow many of the broker's own legal files this reading is based on. Each one was downloaded and hashed on the date shown.
15
ContradictionsPlaces where a promise the broker makes in public is not kept by the clause that governs it.
6

How the 26 break downThe same flagged clauses, split by how much each one can cost you. Severity is our reading of the clause, not the broker's label.

Critical10
Warning15
Notice1

section 15 of 21is where the deepest clause sits, 71% of the way into the document it is in

The numbers in this contractFigures taken from this broker's own clauses, so the labels differ from broker to broker. The four in the panel above are the same on every report.

4 of these 4 figures come from a clause we rate critical, which means it can take your money or your profit rather than only delay it.

Critical2 working daysTime to complain. Jump to the clause this comes from.Two business days to complain, then silence counts as agreementCritical$25Fee on an unused account. Jump to the clause this comes from.Inactivity fees start at 32 days and climb to $150 a monthCritical50%Profit at risk. Jump to the clause this comes from.Profits from short trades can be taken off your accountCritical2In the contract. Jump to the clause this comes from.English pages leave out two excluded countries

What the documents say

26 clauses worth knowing about, worst first, each quoted from FXCL's own files

01

Take any tradable bonus and the promise that you cannot lose more than you deposit stops applying. FXCL's bonus rules keep a negative balance alive on a bonus account. It can come out of your own funds when you withdraw profit.

In plain words

Negative balance protection is a limit that stops you owing more than you put in. Without it, one fast market move can leave you owing the broker money on top of your deposit.

Why this matters

You can end up owing FXCL money after a trade moves against you. The debt waits on the account and comes off the first profit you try to take out.

Exhibit 1CriticalRarely seen

Negative balance on accounts with an active tradable bonus is not annulled and may be deducted from the Client's funds during profit withdrawal.
Quoted in Rebates and bonuses general rules and conditions
Downloaded from the broker's site on Open the reference
Our own capture of fxclearing.com, taken on Oct 9, 2026The claim, on General Trading Terms table, English trading terms pageVisit this page on the broker's siteDownload the full size image file
Our own capture of fxclearing.com, taken on Oct 9, 2026What the contract saysVisit this page on the broker's siteDownload the full size image file
Set against a regulated standard: FCA (UK), CySEC (Cyprus), ESMA (EU)

Firms licensed by the FCA and by CySEC must give a retail client negative balance protection on every CFD account, with no exception for an account holding a bonus. FXCL's agreement grants the protection and its bonus rules take it back.

FXCL is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

Our readingNegative balance protection is normally a feature of the account itself. Here a promotion switches it off, and the switch sits in the bonus rules rather than in the agreement that grants the protection.

  • Worse together with Exhibit 2The bonus is annulled the moment equity falls to the credit size, which is the same moment the unprotected loss appears.
  • Worse together with Exhibit 18Accounts FXCL decides belong to one client can be raided to clear the balance it no longer has to write off.
02

You get 2 business days to tell FXCL about a disputed situation. Clause 28.3 then treats a late client as having accepted it, and clause 28.6.1 lets FXCL refuse to look at the complaint.

Why this matters

Query a trade a few days late and FXCL can turn you away without reading it. The clock starts when the situation happens, not when you notice it.

Exhibit 6CriticalHarder than usual2 working days

The Client shall immediately inform the Company about any disputable situation during two (2) business days upon its occur.
Clause 28.1 in Trading Agreement
Downloaded from the broker's site on Open the reference
Our own capture of fxclearing.com, taken on Oct 9, 2026Two business days to complain, then silence counts as agreement (clause 28.1)Visit this page on the broker's siteDownload the full size image file
Set against a regulated standard: FCA (UK)

Firms licensed by the FCA must accept a complaint made within six years of the event and answer it within eight weeks. FXCL gives you two business days, and after that your silence counts as consent.

FXCL is not licensed by this regulator, so this is a comparison of practice, not a finding of any breach.

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
12 hoursYour written objection to a margin call has to reach FXCL.1.6
24 hoursYou have to report a trading error.25.3
2 daysYour written objection to an order confirmation or account statement has to reach FXCL.10.1
2 business daysYou have to report any disputed situation, or FXCL treats it as accepted.28.1
  • Worse together with Exhibit 7A complaint filed inside the window still has to be proved from FXCL's own log file and nothing else.
  • Worse together with Exhibit 8Complaining in time triggers the freeze, so the fast route to a review is also the route to a locked balance.
03

Stop trading for 32 days and FXCL charges you $25 a month, rising to $100 once a year has passed. Clients in the Philippines reach $150 a month on the same clock.

In plain words

Dormancy means an account left unused.

Why this matters

The fee alone can empty a small account, because FXCL sets no floor for it. After three months without a trade FXCL moves the account to its archive, where it carries out no payments at all.

Exhibit 4CriticalRarely seen$25

The Client’s Accounts will be subject to a monthly inactivity fee if no trading activity has occurred for a period of 32 days or more.
Clause 7.7 in Trading Agreement
Downloaded from the broker's site on Open the reference
Our own capture of fxclearing.com, taken on Oct 9, 2026Inactivity fees start at 32 days and climb to $150 a month (clause 7.7)Visit this page on the broker's siteDownload the full size image file

What it costsTwo monthly charges at $25, three at $50 and six at $75 add up to $650 in the first year of sitting still.

Set against a regulated standard: FCA (UK)

Firms licensed by the FCA must be able to show a charge gives fair value and must avoid foreseeable harm to customers. FXCL charges an idle account up to $100 a month, and up to $150 for clients in the Philippines.

FXCL is not licensed by this regulator, so this is a comparison of practice, not a finding of any breach.

Our readingInactivity fees are common. Setting a higher one for a single country, and charging it in China even while positions are open, prices dormancy by nationality rather than by account type.

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
Day 32A $25 monthly fee starts for holding the account.7.7.1
Month 3FXCL moves the account to its archive, and carries out no payments on it.17.1
Day 91The monthly fee doubles to $50.7.7.2
Day 180FXCL may close your open positions at the market price, with or without notice.1.19
Day 181The monthly fee rises to $75.7.7.3
Over 365 daysThe monthly fee rises to $100, or $150 for clients in the Philippines.7.7.4
  • Worse together with Exhibit 5The fee runs while the same inactivity gives FXCL the right to close the positions you were holding.
04

FXCL calls a trade non-qualified if it closes within 3 minutes, moves 3 pips or less, or comes in a rapid run. Once 50% of your trades are non-qualified, clause 22.3 calls your strategy aggressive and prohibits it on every account type.

Why this matters

Clause 20.4.2 then lets FXCL withdraw the trading profits from your account. Ordinary short term trading is enough to cross that line, and clause 1.16 lets FXCL add a commission with no explanation.

Exhibit 10CriticalRarely seen50%

time between open and close less than 3 minutes;
Clause 22.1.2 in Trading Agreement
Downloaded from the broker's site on Open the reference
Our own capture of fxclearing.com, taken on Oct 9, 2026Profits from short trades can be taken off your account (clause 22.1.2)Visit this page on the broker's siteDownload the full size image file

Our readingBrokers often bar price abuse. Defining abuse by the clock, so a trade closed inside 3 minutes counts against you, turns a normal short term style into a breach of the agreement.

  • Worse together with Exhibit 7FXCL decides the trades were abusive from its own log, which is the only record its complaints rules will look at.
05

FXCL's Malay and Arabic pages say residents of Indonesia, Japan, the United States and Canada are not accepted. The English version of the same footer names only the United States and Canada.

Why this matters

Reading only English, someone in Indonesia or Japan sees nothing to stop them opening an account. Clause 13.1 has you warranting your details are true, and clause 1.17.3 lets FXCL cancel any position executed in contradiction with the agreement.

Exhibit 13CriticalRarely seen2

ATTENTION: FXCL Markets Ltd. does not solicit residents of USA and Canada to open trading accounts. Citizens of mentioned countries (regardless of residence) are not accepted.
Quoted in Trading terms
Read from the broker's site on Open the reference
Our own capture of fxclearing.com, taken on Oct 9, 2026The claim, on Footer notice on every English pageVisit this page on the broker's siteDownload the full size image file
Our own capture of ms.fxclearing.com, taken on Oct 9, 2026What the contract saysVisit this page on the broker's siteDownload the full size image file

Our readingA broker that bars a country normally bars it in every language. Here the warning names four countries in Malay and Arabic and two in English, so which rule applies depends on which version you happen to read.

06

A clause added since April lets FXCL close any or all of your open positions after 180 days without trading. It can do that with or without telling you first, at whatever price the market is showing.

Why this matters

A long term position you meant to hold can be cashed out at a loss while you are not watching. Clause 1.19 also says FXCL is not liable for what that closure costs you.

Exhibit 5CriticalRarely seen180 daysNew

If no trading activity is recorded on the Client's trading account for a continuous period exceeding 180 calendar days, the Company reserves the right, at its sole discretion, to close any or all open positions associated with the account.
Clause 1.19 in Trading Agreement
Downloaded from the broker's site on Open the reference
Our own capture of fxclearing.com, taken on Oct 9, 2026New clause closes your open positions after 180 days (clause 1.19)Visit this page on the broker's siteDownload the full size image file

Our readingClosing a client's open positions for inactivity is unusual. Dormancy rules normally reach the account and its balance, not live market exposure.

Every route out of FXCL has a condition attached

FXCL's website promises a withdrawal processed within 1 business day, while clause 1.15 lets it run past any time published on the site. Clause 1.14 lets FXCL choose the method your own money comes back through. Clause 1.9 freezes the whole balance while a dispute runs, and clause 28.14 lets FXCL extend that review at its own discretion.

Exit conditions3 clauses flagged

The moment a dispute arises over your account or any position, clause 1.9 freezes the funds and allows no transactions until the dispute is completely resolved. FXCL aims for 5 business days and can extend that at its own discretion.

Why this matters

Asking a question about one trade can lock your whole balance, with no outer limit on how long the lock holds. You cannot withdraw while it does.

Exhibit 8CriticalHarder than usual5 working days

Simultaneously, the Account(s) funds shall be frozen and no transactions will be allowed until the dispute is completely resolved.
Clause 1.9 in Trading Agreement
Downloaded from the broker's site on Open the reference
Our own capture of fxclearing.com, taken on Oct 9, 2026Raising a dispute freezes every penny in your account (clause 1.9)Visit this page on the broker's siteDownload the full size image file

FXCL's deposit and withdrawal page promises a request processed within 1 business day. Clause 1.15 lets FXCL run past any time stated on the website if that suits how it handles other transactions.

Why this matters

The published timeline is not something you can hold FXCL to. Clause 1.14 also lets FXCL pick the method your own money comes back through, including your profit and your deposit.

Exhibit 15WarningHarder than usual1 working days

The Company reserves the right to process transactions, including but not limited to, withdrawal and deposit requests, the way that doesn't affect other transactions even if it requires the extension of the processing time beyond the terms mentioned on the website.
Clause 1.15 in Trading Agreement
Downloaded from the broker's site on Open the reference
Our own capture of fxclearing.com, taken on Oct 9, 2026The claim, on Withdrawal instructions on the deposit and withdrawal pageVisit this page on the broker's siteDownload the full size image file
Our own capture of fxclearing.com, taken on Oct 9, 2026What the contract says, clause 1.15Visit this page on the broker's siteDownload the full size image file

FXCL considers a refund request only when the payment was made within the past month and there was no other activity whatsoever on the account in that time. One trade removes the option.

Why this matters

Money you paid in by mistake, or to a broker you tried and decided against, is not coming back. You also have to cover every fee and reversed payment the refund causes.

Exhibit 24WarningHarder than usual

Thus, any refund/chargeback request shall be considered only in case the payment was made no longer than one month before the official request and in case there was no other activity whatsoever on this trading account during this period.
Quoted in Refund Policy
Read from the broker's site on Open the reference

FXCL can take back profit it decides you should not have made

Clause 20.4.2 lets FXCL withdraw trading profits from your account where it finds abuse of its trading terms. Clause 22.3 makes that finding easy: half your trades closing inside 3 minutes is enough to call the strategy aggressive, which no FXCL account type allows. Clause 1.17.1 covers trades at prices FXCL decides were never on the market, and clause 28.6.5 rules out the complaint about it.

Profit at risk2 clauses flagged

FXCL can cancel any position it decides was executed at a price not available on the market, and delete the trade without telling you. Clause 24.2 lets it set the corrected value itself.

Why this matters

Profit you banked can be reversed, along with the trades you opened using it. Clause 28.6.5 then names that exact complaint as one FXCL can refuse to consider.

Exhibit 11CriticalHarder than usual

was executed at the price that was not available at the market at the moment of order execution;
Clause 1.17.1 in Trading Agreement
Downloaded from the broker's site on Open the reference
Our own capture of fxclearing.com, taken on Oct 9, 2026A quoting error can erase your trade and your complaint (clause 1.17.1)Visit this page on the broker's siteDownload the full size image file
  • Worse together with Exhibit 7The price that was supposedly never on the market is one only FXCL's own log can speak to.

In FXCL's contests and volume reward events, a suspicion of a breach is enough. The Malay terms let FXCL cancel your entry, refuse the reward and delete profit or rewards you have already accumulated.

Why this matters

You can lose a prize you won without FXCL having to prove anything. These rules reach your reward and your contest account rather than your own deposit, and the trigger is suspicion rather than proof.

Exhibit 19WarningHarder than usual

Sekiranya terdapat kecurigaan pelanggaran syarat, penipuan, dan / atau pengesanan pemalsuan dokumen yang diberikan oleh peserta peraduan, Syarikat berhak untuk membatalkan penyertaan dari program, menolak untuk memperoleh ganjaran, membatalkan keuntungan/ganjaran yang sudah terkumpul, dan juga menolak pelanggan dari mengambil bahagian dalam peraduan dan memberikan perkhidmatan lain.
Quoted in Syarat Umum Peraduan
Read from the broker's site on Archived copyOpen the reference

Where it sits: section 23 of 55 in the Syarat Umum Peraduan, 42% of the way through.

FXCL's bonus rules undo protections its own agreement grants

FXCL's bonus page says a negative balance on an account with a live bonus is not cancelled, and can come out of your funds when you withdraw profit. Its trading terms page promises the opposite. Releasing a bonus takes lots equal to one fifth of its dollar value, and the bonus is annulled automatically once your equity falls to the size of the credit.

Bonus conditions2 clauses flagged

Once your equity falls to the size of the credit, FXCL's rules annul the bonus automatically. The rules then warn this may cause a margin call and eventually a stop out, which closes your positions.

Why this matters

The credit propping up your margin disappears at the worst possible moment, and the liquidation that follows is yours to pay for. Clause 1.13 says FXCL owes you nothing for what that cancellation costs.

Exhibit 2CriticalHarder than usual

Once the equity is less than or equal to the credit size, the rebate/bonus will be annulled automatically, unless otherwise specified. Be aware, it may lead to Margin Call and eventually to Stop Out.
Quoted in Rebates and bonuses general rules and conditions
Downloaded from the broker's site on Open the reference
Our own capture of fxclearing.com, taken on Oct 9, 2026The claim, on Cashback Account entry on the Bonuses and Promotions pageVisit this page on the broker's siteDownload the full size image file
Our own capture of fxclearing.com, taken on Oct 9, 2026What the contract says, clause 1.13Visit this page on the broker's siteDownload the full size image file
Our own capture of fxclearing.com, taken on Oct 9, 2026The bonus vanishes exactly when your margin needs itVisit this page on the broker's siteDownload the full size image file
  • Worse together with Exhibit 3The bonus can be annulled long before you finish the volume that would have let you withdraw it.

FXCL only lets you withdraw a bonus after you trade lots equal to one fifth of the bonus in dollars. Its own example puts $60 of credit at 12 standard lots.

Why this matters

Any withdrawal you make before you finish that volume disqualifies the bonus you have already earned. Taking money out after a deposit also kills the right to a bonus on that deposit.

Exhibit 3WarningHarder than usual20%

A bonus becomes available for withdrawal after completing a trading turnover (in lots) equal to 1/5 of the bonus size in USD unless otherwise specified.
Quoted in Rebates and bonuses general rules and conditions
Downloaded from the broker's site on Open the reference

What it costsFXCL's example puts $60 of bonus at 12 standard lots. A $500 bonus, the maximum it allows on a Start account, needs 100 standard lots on the same rule.

FXCL gives you 2 business days and its own log file

Clause 28.1 requires you to report a disputed situation within 2 business days of it happening, and clause 28.3 treats a late client as having accepted it. Clause 28.7 ranks FXCL's server log above your records and every other argument. Clause 28.8 says arguments the log does not contain are not considered at all.

Complaint window1 clause flagged

In any dispute FXCL treats its own server log file as the main source, ranking above your records and every other argument. Clause 28.8 says it will not consider anything the log does not contain.

Why this matters

Your screenshots, your platform log and your emails carry no weight. Clause 28.6.6 also lets FXCL refuse your complaint if you quote prices from another company to support it.

Exhibit 7CriticalHarder than usual

The Client shall understand and accept that the data from the Company Server Log-File has the priority over the Client’s Log-File and any other arguments, as the Server Log-File is the only source, recording every stage of order execution process.
Clause 28.7 in Trading Agreement
Downloaded from the broker's site on Open the reference
Our own capture of fxclearing.com, taken on Oct 9, 2026Only FXCL's own server log counts as evidence (clause 28.7)Visit this page on the broker's siteDownload the full size image file

FXCL's English pages say less than its Malay and Arabic ones

The Malay and Arabic footers say FXCL does not accept residents of Indonesia, Japan, the United States and Canada. The English footer of the same site names only the United States and Canada. The promotions page says FXCL compensates your losses, while clause 35.1 says every loss is borne solely by you.

Language arbitrage1 clause flagged

The promotions page headline says FXCL Markets compensates your losses. Clause 35.1 of the agreement says every loss on your account is borne solely by you.

Why this matters

What the page calls compensation is a small rebate of spread on losing trades. Your losses stay yours, and the agreement is the document that decides.

Exhibit 14WarningStandard wording

Any risks, losses or liabilities resulting from OTC FOREX/METALS/CFDs transactions on the Client’s Account, including but not limited to fluctuations in the market prices, shall be solely borne by the Client.
Clause 35.1 in Trading Agreement
Downloaded from the broker's site on Open the reference
Our own capture of fxclearing.com, taken on Oct 9, 2026The claim, on Automatic Cashback entry on the Bonuses and Promotions pageVisit this page on the broker's siteDownload the full size image file
Our own capture of fxclearing.com, taken on Oct 9, 2026What the contract says, clause 35.1Visit this page on the broker's siteDownload the full size image file

FXCL writes fees into the contract without writing the amounts

Clause 7.17 creates a withdrawal fee for any client trading 5 standard lots or less in 30 days, and never says how much it is. Clause 7.4 adds idle account charges and order cancellation charges to the same unpriced list. FXCL's trading terms page says it charges no payment processing fees, while clause 7.12 lets it take back every fee it covered.

Cost disclosure2 clauses flagged

Trade 5 standard lots or less in 30 days and FXCL may charge a fee when you withdraw. Clause 7.17 never says how much, and no figure for it appears on the fees pages.

Why this matters

You cannot work out what leaving costs you, because nobody has written the amount down. FXCL can also take back every payment fee it covered for you, out of any of your accounts.

Exhibit 9WarningHarder than usual5

The Client agrees and accepts that the fee may be applied in case of withdrawal, if the total trading volume of closed positions of all Client's accounts during the last 30 days does not exceed five (5) standard non-hedging, qualified lots.
Clause 7.17 in Trading Agreement
Downloaded from the broker's site on Open the reference
Our own capture of fxclearing.com, taken on Oct 9, 2026The claim, on Processing fees row, General Trading Terms tableVisit this page on the broker's siteDownload the full size image file
Our own capture of fxclearing.com, taken on Oct 9, 2026What the contract says, clause 7.17Visit this page on the broker's siteDownload the full size image file

What it costsDeposit through a method the page lists at 3% and FXCL covers the fee, up to $500 a month. Clause 7.12 lets it charge that same amount back when you withdraw.

Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA and by CySEC must tell a retail client the costs and charges of a service before they trade. FXCL's clause 7.17 creates a withdrawal fee and leaves the amount blank.

FXCL is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

A signal provider on FXCL sets the fee you pay as a follower. The fixed amount per lot has no limit at all, and the performance fee can be set as high as 50% of your profit.

Why this matters

The fixed commission comes off your account every trading day, whether you made money or not. The performance fee at least runs off a high watermark, so you do not pay it twice on the same profit.

Exhibit 23WarningHarder than usual50%

The Fixed commission is set in US dollars and has no limits. The Performance fee amount can be set up to 50%.
Quoted in Copy Trading General Rules
Read from the broker's site on Open the reference

Where it sits: section 15 of 46 in the Copy Trading General Rules, 33% of the way through.

FXCL can change the account under you without telling you

A clause added since April lets FXCL close your open positions after 180 days without trading, with or without notice. Clause 40.1 lets it amend the agreement at any time without prior notice, and clause 9.5 counts publication on the website as telling you. On Fridays your pending orders are cancelled and the Standard stop out level moves from 10% to 40%.

What FXCL can change5 clauses flagged

Registering with FXCL makes you agree to its privacy policy automatically. Registering under a partner also binds you to an IB agreement you were never shown, and clause 40.1 lets FXCL amend any of it at any time without notice.

Why this matters

A clause you have not read today can be different tomorrow, and publishing it on the website counts as telling you. Clause 41.1 says the latest published version is the one that governs.

Exhibit 16WarningHarder than usual

The Company reserves the right to amend this Trading Agreement, Trading Terms, Privacy Policy, and other terms, rules and policies at any time without prior notice.
Clause 40.1 in Trading Agreement
Downloaded from the broker's site on Open the reference
Set against a regulated standard: FCA (UK)

Firms licensed by the FCA must give a retail client advance notice of a change to their terms that works against them. FXCL's clause 40.1 reserves the right to amend without prior notice, and clause 9.5 treats publication on the website as notification.

FXCL is not licensed by this regulator, so this is a comparison of practice, not a finding of any breach.

Clause 33.3 cancels any order still pending when the market closes on Friday. Clause 33.2 says your Stop Loss and Take Profit are good till Friday. On a Standard account the stop out level also jumps from 10% to 40% at 21:00 that evening.

Why this matters

A position you left protected can go into the weekend with nothing under it. The same page says these levels may be changed with prior notification, then says they may change without any prior warning.

Exhibit 17WarningHarder than usual40%

Any orders still pending by the time the market closes on Fridays will automatically be cancelled then.
Clause 33.3 in Trading Agreement
Downloaded from the broker's site on Open the reference

FXCL can cancel your part in every bonus programme if it finds a connection between two cabinets. The same IP address or the same device is enough, and using a VPN or Tor counts.

Why this matters

Two people in one household on one internet connection meet this test without doing anything wrong. Clause 18.8 then lets FXCL move money between accounts it decides belong to the same client, without telling you.

Exhibit 18WarningHarder than usual

In situations when any connection discovered between two or more cabinets (on a basis of the same IP address, devices), using anonymity tools (such as proxy servers, VPN-networks, decentralized/hybrid networks, Tor, specialized software) the company reserves the right to cancel the participation of the client in any bonus program and remove previously received bonuses.
Quoted in Rebates and bonuses general rules and conditions
Downloaded from the broker's site on Open the reference
  • Worse together with Exhibit 1Once FXCL treats two accounts as one client, an unprotected negative balance on either can be cleared from the other.

A rule added since April sets the margin requirement for gold and silver at 200% on every account type except ECN Pro. Your leverage on those positions is halved.

Why this matters

A gold position now ties up twice the margin it used to, so an account that could carry it in April may not carry it today. FXCL's own example: leverage set at 1:500 works out at 1:250 on gold.

Exhibit 25WarningStandard wording200%New

For all account types, except for ECN Pro, the margin requirement for trading metals (XAUUSD, XAGUSD, and XAUEUR) is set at 200%. To calculate the leverage applied to metals positions, the leverage set on the trading account is divided by two.
Quoted in Trading terms
Read from the broker's site on Open the reference

An older client gives FXCL a warranty they cannot honour. Clause 13.2.1 has you representing that you are aged between eighteen and eighty (85) years old, and the word and the number do not match.

Why this matters

If you are over that age the warranty you gave is untrue. Clause 1.17.3 lets FXCL cancel a position executed in contradiction with the agreement.

Exhibit 26NoticeRarely seen

he is of age between eighteen (18) and eighty (85) years old;
Clause 13.2.1 in Trading Agreement
Downloaded from the broker's site on Open the reference

Our readingAn upper age limit in a retail trading agreement is unusual, and this one is written two ways inside the same clause, so the age it sets cannot be read off the text with certainty.

FXCL's contract says St Vincent, its footer says Botswana

The agreement describes FXCL Markets Ltd. as a company organised under the laws of St. Vincent and the Grenadines, with a registered office in Kingstown. The footer of every page says the company is registered in Botswana, in Gaborone. Clause 14.3 sends your claim to St. Vincent courts while letting FXCL enforce its own claims where you live.

In plain words

On a principal basis, as your counterparty, means the broker takes the other side of your trade itself. Your loss is then the firm’s gain, so it has an interest in how your trade ends.

Counterparty and forum1 clause flagged

The agreement makes FXCL Markets Ltd. a St. Vincent and the Grenadines company and sends every dispute to St. Vincent courts. The footer of every page says the company is registered in Botswana.

Why this matters

Suing FXCL means going to St. Vincent, while clause 14.3 lets FXCL come to your own country to enforce its claims. You would also have to work out which of the two registrations belongs to the company holding your money.

Exhibit 21WarningHarder than usual

This Agreement is made by FXCL Markets Ltd., a stock corporation organized under the laws of St. Vincent and the Grenadines, with the registered office at Suite 305, Griffith Corporate Center, P.O. Box 1510, Beachmont, Kingstown, St. Vincent and the Grenadines, and the Client.
Quoted in Trading Agreement
Downloaded from the broker's site on Open the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA or by CySEC must give a retail client access to an independent complaints body, the Financial Ombudsman Service or the Financial Ombudsman of the Republic of Cyprus. FXCL's documents name no such scheme.

FXCL is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

FXCL can open a contest entrant's account to the public

Entering an FXCL contest gives the broker the right to publish your trading history and to let the public into your account with the investor password, in any media, for advertising. Its privacy policy says the emails you send are not kept confidential. Identity checks arrive when you ask to withdraw, and no clause sets a deadline for finishing one.

Your data1 clause flagged

Entering an FXCL contest lets the broker publish your trading history and give the public access to your account with the investor password. It can use that in any media for advertising.

Why this matters

Your positions, your timing and your results stop being private. FXCL's privacy policy also says the emails you send it are not treated as confidential.

Exhibit 20WarningRarely seen

Syarikat berhak untuk menggunakan maklumat mengenai peserta pertandingan, menerbitkan sejarah perdagangan mereka, memberikan akses kepada orang ramai ke akaun mereka menggunakan kata laluan pelabur, dan menerbitkannya di media mana pun untuk tujuan pengiklanan.
Quoted in Syarat Umum Peraduan
Read from the broker's site on Archived copyOpen the reference

Where it sits: section 12 of 55 in the Syarat Umum Peraduan, near the start.

Our readingPublishing a winner's results is one thing. Handing the public a working investor password gives strangers a live view of someone's open positions.

FXCL may trade ahead of the order you just placed

Clause 4.4 lets FXCL, its staff and its affiliates execute orders at the same or better prices ahead of a client's order. Clause 4.2 says the quotes you get may not be the best available and that FXCL need not look for better. Clause 32.4 says it is not obliged to tell you about its own interest in what you are trading.

Whose side FXCL is on1 clause flagged

The agreement says FXCL, its personnel and its affiliates may execute orders at the same or better prices ahead of yours. It also says its quotes may not be the best available and that it need not go looking for better.

Why this matters

You trade against the firm that sets your price and sees your order first. FXCL also does not have to tell you about its own interest in the instrument you just bought.

Exhibit 12WarningRarely seen

The Company, its personnel and affiliates, and various other parties may execute orders at the same or better prices ahead of the Client’s order.
Clause 4.4 in Trading Agreement
Downloaded from the broker's site on Open the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus), ESMA (EU)

Firms licensed by the FCA and by CySEC must take all sufficient steps to get the best possible result for a retail order, and must manage conflicts so clients are not put at a disadvantage. FXCL's agreement reserves the opposite position on both points.

FXCL is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

Our readingBrokers that deal as principal usually disclose the conflict in general terms. Written permission to execute ahead of a client's order is a specific right, and it sits in the trading agreement rather than in a conflicts policy.

  • Worse together with Exhibit 7FXCL may fill you behind its own order and its rules bar you from citing another company's prices to question the fill.

FXCL's documents name no regulator and no compensation scheme

No licence, regulator or supervisor appears anywhere in FXCL's legal documents. The only registration given is a Botswana company number, UIN BW00005716042. FXCL's own risk warning says your claim may not receive priority if the firm becomes insolvent, and that money kept separate from its operating funds may still not be safe from other creditors.

Who holds your money1 clause flagged

None of FXCL's legal documents names a financial regulator or a licence. Its risk warning says that if FXCL becomes insolvent your claim may not receive priority, and that you are a general creditor.

Why this matters

Nothing in these documents promises your money sits apart from FXCL's own. The risk warning says even funds it keeps separate may not be safe from other creditors.

Exhibit 22WarningHarder than usual

Without a priority, you are a general creditor and your claim will be paid, along with the claims of other general creditors, from any monies still available after priority claims are paid. Even customer funds that FXCL Markets keeps separate from its own operating funds may not be safe from the claims of other general and priority creditors.
Quoted in Risk warning
Read from the broker's site on Open the reference

Buried at section 15 of 21 in the Risk warning, 71% of the way through.

Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA must hold retail client money in segregated accounts and belong to a compensation scheme that pays up to £85,000 if the firm fails. FXCL's documents name no regulator, no segregation duty and no compensation scheme.

FXCL is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

Where the marketing and the contract disagree

A promise made in public, set against the clause that governs it

01

FXCL promises you cannot lose more than your account holds, and its bonus rules keep the negative balance alive and payable out of your own money.

Said in public, in English

Margin Call protects you from losing more money than you have on your account.

General Trading Terms table, English trading terms page

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of fxclearing.com

In the contract

Negative balance on accounts with an active tradable bonus is not annulled and may be deducted from the Client's funds during profit withdrawal.

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of fxclearing.com

02

The promotions page invites you to turn credits into profit, while the agreement says the credit belongs to FXCL and can be cancelled without notice.

Said in public, in English

Receive CREDITS to your Cashback account. Turn credits into PROFIT

Cashback Account entry on the Bonuses and Promotions page

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of fxclearing.com

In the contract · clause 1.13

The Client understands and accepts that the Credit of the Trading Account is owned by the Company until it is transferred to the balance.

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of fxclearing.com

03

FXCL says it charges no payment processing fees, while clause 7.17 creates a withdrawal fee for low volume clients and clause 7.12 reclaims the fees it covered.

Said in public, in English

FXCL Markets does not charge any payment processing fees.

Processing fees row, General Trading Terms table

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of fxclearing.com

In the contract · clause 7.17

The Client agrees and accepts that the fee may be applied in case of withdrawal, if the total trading volume of closed positions of all Client's accounts during the last 30 days does not exceed five (5) standard non-hedging, qualified lots.

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of fxclearing.com

04

The English footer names two excluded countries and the Malay footer names four, and the Malay version says these residents are not accepted rather than not solicited.

Said in public, in English

ATTENTION: FXCL Markets Ltd. does not solicit residents of USA and Canada to open trading accounts. Citizens of mentioned countries (regardless of residence) are not accepted.

Footer notice on every English page

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In the contract

PERHATIAN: FXCL Markets Ltd. tidak menerima penduduk Indonesia , Jepun, Amerika Syarikat dan Kanada untuk membuka akaun perdagangan.

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of ms.fxclearing.com

05

The promotions page says FXCL compensates your losses, while the agreement puts every loss solely on you.

Said in public, in English

FXCL Markets compensates your losses! We automatically add 0.6 pip for your every qualified non-hedging loss position straight to the balance of your account.

Automatic Cashback entry on the Bonuses and Promotions page

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of fxclearing.com

In the contract · clause 35.1

Any risks, losses or liabilities resulting from OTC FOREX/METALS/CFDs transactions on the Client’s Account, including but not limited to fluctuations in the market prices, shall be solely borne by the Client.

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of fxclearing.com

06

The website promises one business day and the agreement reserves the right to run past any time the website states.

Said in public, in English

make a request which will be processed within 1 business day. Remember that in order to withdraw the funds from your account you have to verify your profile first.

Withdrawal instructions on the deposit and withdrawal page

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In the contract · clause 1.15

The Company reserves the right to process transactions, including but not limited to, withdrawal and deposit requests, the way that doesn't affect other transactions even if it requires the extension of the processing time beyond the terms mentioned on the website.

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of fxclearing.com

What changed quietly

This is our first reading of FXCL, so there is nothing yet to compare it against.

  • ADDEDClause 1.19 · 2026-04-11 to 2026-10-09

    Section 1 of the agreement ended at clause 1.18 in April and now carries a new clause letting FXCL close a quiet client's open positions.

    If no trading activity is recorded on the Client's trading account for a continuous period exceeding 180 calendar days, the Company reserves the right, at its sole discretion, to close any or all open positions associated with the account.

  • REMOVEDClause 20.3 · 2026-04-11 to 2026-10-09

    Dropping the phone trading clause renumbered the abusive trading countermeasures, so the clause that lets FXCL withdraw your profits is now 20.4.2 and not 20.5.2.

  • ADDEDClause · 2026-04-10 to 2026-10-09

    The 200% metals margin rule was absent from the trading terms in April and now appears on both the English and the Malay version.

    Bagi semua jenis akaun, kecuali ECN Pro, keperluan margin untuk perdagangan logam (XAUUSD, XAGUSD dan XAUEUR) ditetapkan pada 200%.

The documents this reading is based on

15 files, all published by FXCL. Each shows when we read it and a fingerprint of its wording.

WIKILIX keeps the copy of each file it read, and does not republish it: what is published is the fingerprint of its wording. Download the file yourself and hash its text, lowercased with runs of whitespace collapsed, and a matching fingerprint means the wording quoted above is still the wording FXCL publishes.

How this reading was done

Every clause above was read out of a document FXCL publishes itself

This reading was published on .

Documents
10 of 15downloaded from the broker's site, and 10 read in full
Pages opened
27pages walked to find those documents, footer links included
Older copies
6earlier versions downloaded
Marketing pages
11public pages set against what the contract says
Languages
EN vs MSthe language it advertises in, against the language it contracts in
Position measured
4clauses whose position was counted: which numbered section of the document holds them, out of how many

Who the contract is with

FXCL Markets Ltd.

A client contracts with FXCL Markets Ltd. The agreement's opening paragraph calls it a stock corporation organised under the laws of St. Vincent and the Grenadines, with a registered office at Suite 305, Griffith Corporate Center, Kingstown. The footer of every page says FXCL Markets Ltd. is registered in Botswana under UIN BW00005716042, with its office in Gaborone. The documents never reconcile the two addresses, and they name no financial regulator for either. Clause 14.1 makes St. Vincent law govern and clause 14.3 sends disputes to St. Vincent courts, so the Botswana registration on every page is not the one your contract points to.

Quotations are copied verbatim from the documents named above, with the clause number and the page each one came from. Where a clause is quoted in another language, the original is shown first and the English is a translation.

The plain-language parts, what a clause means for a client, how ordinary it is, and how it reads against a regulated standard, are WIKILIX's analysis and are labelled as such on every card. This is a reading of public documents, not legal advice and not an allegation of wrongdoing.

In fairness, and what we could not check

A reader who knows the edges of the work can trust the middle of it

FXCL's risk warning is blunter than most. It tells you plainly that your claim ranks with other general creditors if the firm fails, and that money held separately may still not be safe. The inactivity fee is published with exact dollar amounts and day bands rather than left to discretion. Margin call and stop out levels are set out per account type in a table, including the different Friday values. The copy trading performance fee runs off a high watermark, so a follower does not pay twice on the same profit.

The trading agreement runs to 41 sections. We read it to section 40 in the document, and read the last two sections on FXCL's own page. The privacy policy, the contest terms and the volume cash reward terms were read in Malay at ms.fxclearing.com, because that is the version published on that address. Every quotation from them carries our English rendering. The bonus rules and the IB agreement are not in FXCL's own footer list of legal documents. We found them through the promotion and partner pages and read them on FXCL's site, the IB agreement only in part. We did not read the MAM general rules. For the English trading terms page, the glossary, the AML policy and the privacy policy there is no earlier copy to set beside today's, so we cannot say whether those four changed.

How to check any of this yourself

Every quote above links to the FXCL file it came from. This is what to do with it.

Open the three stepsFind the words in the source, work out the fingerprint, and read what a difference does and does not prove.

Open the source and search for the words

Every quote has a link under it. Open the file, or the web page, and search it for the words we quote. The clause number next to the quote tells you where to look.

If the words are not there any more, the source may have changed after we read it. That is worth knowing too. We keep the date we read it, and a code worked out from its wording, so the quote stays checkable.

What a fingerprint is

A fingerprint is a code worked out from what a source says. Change one word and the code changes completely. We keep two codes for every file we read, and the panel on each source shows both.

The first is the code of the exact file we downloaded. The second is the code of its wording alone, with capital letters lowered and runs of spaces collapsed. When the same words are saved as a new file, the first code changes and the second one stays the same.

Only the first code can be worked out on your own computer. Save the file, then run one of these, putting the name of the file you saved where the example is. The panel on each source prints the command with that source's real file name already in it.

macOS or Linux:
  shasum -a 256 the-file-you-saved.pdf

Windows:
  certutil -hashfile the-file-you-saved.pdf SHA256

The two codes are different from each other, and they are not meant to match. Comparing one against the other proves nothing.

What a difference means, and what it does not

A different file code on its own proves nothing. A PDF saved again with a new date inside it is a new file saying exactly the same thing.

A different wording code means the words themselves changed. That is the one that matters, and it is why we keep it.

Even then, a change is not proof of bad faith. Companies update their documents. What this report says is what the document said on the day we read it, and every quote carries that date.

A source that is a web page and not a file has no file to save, so only the code of its wording is shown.

How this report is made

Every clause quoted above comes from a document FXCL publishes on its own website, downloaded and hashed on the date shown, with the clause number and page recorded so any reader can check it. We do not allege anything the documents do not say, and we do not judge FXCL on anything other than its own published terms and its own public marketing. Where a clause has a qualifier that softens it, the report says so. Last read Oct 9, 2026.

If you represent FXCL and a clause has changed, been withdrawn, or is being read out of context, tell us and we will re-read the documents and update this page. Corrections from the broker are welcome and are published with the reading they change. Contact us.

This is a reading of a contract, not legal advice and not a ruling on FXCL. Whether its licence is real and current is a separate check on the broker profile.

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