Overview of FXL
FXL, founded in the United Kingdom in 2018, is a trading platform that offers a diverse range of market instruments, including forex, indices, commodities, shares, and cryptocurrencies. While it provides various account types, from CENT to PREMIUM, offering flexibility to traders with different capital levels, there are notable concerns about its regulatory status. FXL is in an unauthorized status with the NFA, which raises concerns. The platform's strengths include competitive spreads and a user-friendly MetaTrader 5 interface, but the high minimum deposit for PREMIUM accounts may be a drawback for some traders.
Is FXL legit or a scam？
FXL is in an unauthorized status with the National Futures Association, which raises concerns. They hold a Common Financial Service License regulated by the United States, License No. 0538938, with FXLINK CORP LIMITED as the licensed institution. The license type indicates regulatory sharing, implying potential risks.
Pros and Cons
Pros:
Diverse Market Instruments: FXLINK offers a wide range of trading assets, including forex, indices, commodities, shares, and cryptocurrencies, catering to various trading preferences.
Multiple Account Types: Traders can choose from CENT, ECN, STANDARD, and PREMIUM accounts, providing flexibility for traders with different needs and capital levels.
Competitive Spreads: The platform offers competitive spreads starting from 0.0 pips, enhancing cost-efficiency for traders.
User-Friendly MT5 Platform: FXL provides access to the MetaTrader 5 platform with advanced features, suitable for both novice and experienced traders.
Variety of Payment Options: FLX accepts various payment methods for deposits and withdrawals, offering convenience to clients.
Cons:
Unauthorized Status: FXL is in an unauthorized status with the National Futures Association, which is a regulatory concern. Unauthorized status can indicate a lack of proper oversight and regulatory compliance, potentially posing risks to traders.
Minimum Deposit: While the minimum deposit for some account types is $100, the requirement for a PREMIUM account is significantly higher at $50,000. This high minimum deposit could be a barrier for traders with limited capital.
Market Instruments
FXLINK's trading assets encompass a broad spectrum, including forex, indices, commodities, shares, and cryptocurrencies, catering to a wide array of trading preferences and strategies.
Forex: FXLINK offers a diverse range of currency pairs for forex trading. These include major, minor, and exotic pairs, providing traders with the opportunity to engage in the global foreign exchange market.
Indices: Traders can access a selection of stock indices, allowing them to speculate on the performance of stock markets around the world. These indices represent different geographic regions and industries.
Commodities: FXLINK provides the option to trade various commodities, such as precious metals (e.g., gold and silver) and energy resources (e.g., oil and natural gas). These commodities are significant in global financial markets.
Shares: FXLINK offers shares of publicly traded companies. Traders can invest in individual company stocks, allowing for diversification and participation in equity markets.
Cryptocurrencies: The platform supports the trading of cryptocurrencies, enabling traders to speculate on the price movements of digital assets like Bitcoin, Ethereum, and other popular cryptocurrencies.
Account Types
FXLINK offers a variety of account types, catering to traders with diverse needs. Whether you're a novice or an experienced trader, you can choose from CENT, ECN, STANDARD, and PREMIUM accounts.
CENT Account: The CENT account is characterized by its extremely high leverage of 1:5000, making it suitable for traders looking for substantial market exposure. It offers competitive spreads starting from 0.0 pips and is commission-free, making it cost-effective. Traders can start with a minimum deposit of $100, which is ideal for those with limited capital.
ECN Account: The ECN account provides a leverage of 1:500, offering traders significant market exposure. It features competitive spreads starting from 0.0 pips and does not involve any commission charges. The minimum deposit requirement is $100, ensuring accessibility for a range of traders.
STANDARD Account: With a leverage of 1:500, the STANDARD account is designed for traders who seek a balanced approach. It offers competitive spreads starting from 0.0 pips and is commission-free. The minimum deposit requirement is $100, making it accessible to a broad range of traders.
PREMIUM Account: The PREMIUM account is for traders with a larger capital base, as it provides a leverage of 1:1000. It offers competitive spreads starting from 0.0 pips and does not involve any commission charges. The minimum deposit for the PREMIUM account is $50,000, targeting experienced and well-capitalized traders.
How to Open an Account？
To open an FXL (Foreign Exchange Liquidity) account, follow these three steps. These steps are divided into Basic Info, Personal Info, and Completion sections for clarity:
Step 1: Sign Up
Visit the FXL website.https://crm.fxlcorp.com/trade-portal/home/register
Click “Sign Up.”
Enter your email, phone number, and preferred language.
Step 2: Provide Personal Info
Complete personal details like name, date of birth, and nationality.
Step 3: Review and Confirm
Double-check all information for accuracy.
Accept the terms and conditions.
Follow any additional verification steps if required.
Confirm your registration.
Once you've completed these steps, your FXL account will be ready for use.
Leverage
FXL provides different leverage ratios for CENT, ECN, STANDARD, and PREMIUM accounts, offering 1:500 leverage for CENT, ECN, and STANDARD, and 1:1000 leverage for PREMIUM accounts.
Spreads & Commissions
FXL trading platform offers competitive spreads and commission rates across different account types. Spreads start from 0.0 pips, and there are no commission charges for CENT, ECN, STANDARD, and PREMIUM accounts.
Trading Platform
FXL provides traders with access to the MetaTrader 5 (MT5) platform, renowned for its advanced features and versatility. With MT5, traders can execute orders across the foreign exchange (Forex), stocks, commodities, and cryptocurrency markets. The platform offers an intuitive and user-friendly interface, suitable for both novice and experienced traders.
One-Click Close: The platform streamlines trading by allowing traders to close all positions of the same symbol with a single click. This simplifies risk management and improves efficiency.
Over 30 Indicators: Traders can access more than 30 technical indicators, providing insights into market trends and conditions, aiding in well-informed decision-making.
All Order Types Supported: The platform accommodates a variety of trading strategies by supporting different order types, including market, limit, stop, and more.
Fully Featured EA: The platform supports Expert Advisors (EAs), enabling automated trading strategies, algorithm execution, and trade automation.
Price Alarm: Real-time price alerts keep traders informed about market movements, helping them seize opportunities and manage risk effectively.
Integrated Functionality: The platform seamlessly integrates quotes, charts, trading capabilities, analytical tools, and reporting functions, eliminating the need for downloads or installations. This user-friendly and efficient design enhances accessibility and convenience.
Deposit & Withdrawal
FLX accepts a variety of payment methods for deposits and withdrawals, including:
Credit card
Debit card
Bank transfer
PayPal
Skrill
Neteller
The minimum deposit for all account types is $100. However, if you want to upgrade to a VIP account, you need to have a balance of at least $50,000.
FLX processes all withdrawal requests within one working day. This means that you can expect to receive your funds within 24 hours of making your request.
Customer Support
FXLINK offers round-the-clock customer support accessible via email, telephone, and live chat.
The customer support team is easily accessible through email at support@fxlcorp.com.
Clients can reach out to the UK office at (+44) 208 638 0504 or the Vietnam office at (+84) 784 598 546 for direct assistance.
Live chat support is available around the clock, ensuring continuous access.
FXLINK's priority is to deliver prompt and reliable customer support, contributing to an improved trading experience for clients.
Educational Resources
FXLINK provides a range of educational resources for traders. These resources encompass trading news and frequently asked questions (FAQs). The trading news updates traders with the latest market developments and insights. The FAQs serve as a valuable knowledge base, addressing common queries and offering guidance. These resources empower traders with information to make informed decisions and enhance their trading skills. FXLINK's commitment to education aligns with its mission to support traders in navigating the dynamic world of financial markets.
Conclusion
In conclusion, FXL offers a diverse range of market instruments and multiple account types. However, its unauthorized status with the NFA raises compliance concerns. The platform's strengths include competitive spreads and user-friendly MetaTrader 5 access, enhancing convenience for traders. Nevertheless, the high minimum deposit requirement for PREMIUM accounts may deter those with limited capital. Traders should carefully weigh the advantages and drawbacks before choosing FXL as their trading platform.
FAQs
Q: What is the minimum deposit required to open a CENT account with FXL？
A: The minimum deposit for a CENT account is $100.
Q: Is FXL regulated by the National Futures Association (NFA)？
A: No, FXL is not authorized by the National Futures Association (NFA).
Q: Are there any commission charges for ECN accounts on FXL？
A: No, ECN accounts on FXL are commission-free.
Q: What is the leverage ratio for the STANDARD account on FXL？
A: The STANDARD account offers a leverage ratio of 1:500.
Q: Can I trade cryptocurrencies on the FXL platform？
A: Yes, FXL supports the trading of cryptocurrencies, including Bitcoin and Ethereum.
Q: How can I contact FXL's customer support？
A: You can reach FXL's customer support via email, telephone, and live chat.
