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Offshore forex brokerage FXCL Markets, trading as FXCL, has launched FXCL Fund Insurance Program, a new service, under which investors’ deposits are fully insured, the broker said last week. Investors can receive up to 100% payout with Insurance payments from FXCL.
Traders’ can cover their funds in any range from 10% up to 100%. Insurance is paid when the account balance reaches 10% of the insured amount. The program is available to FXCL clients free of charge.
The program has some requirements. In order to get 100% fund insurance, traders have to meet certain volume trading requirement. In case they have not completed 100% of the required trading volume, they will receive a partial payment. Following are the exceptions:
- 30% of the insured amount – if the client has completed more than 50% of the required volume
- 40% of the insured amount – if the client has completed more than 70% of the required volume
- 50% of the insured amount – if the client has completed more than 90% of the required volume
Also, to take part in the fund insurance program, investors need to meet a minimum deposit requirement of $55 (or its equivalent to the account’s currency). Clients can at all times increase the insurance size, but only after making a new deposit to the insured trading account.
Traders should be aware that spreads on the insured trading accounts are increased by 1 point. However, accounts opened via introducing brokers (IB) are not eligible for the new service.
FXCL specializes in forex trading and offers its services to clients in more than 50 countries worldwide. The broker holds a license by the International Financial Services Commission (IFSC) in Belize, which is known as an offshore destination for forex and binary options brokers.