FXall review focuses on an institutional FX trading platform owned by the London Stock Exchange Group (LSEG). FXall provides multi-bank electronic FX trading and workflow solutions for institutional clients, including asset managers, corporates, hedge funds, and banks. It is not a retail broker but a professional-grade ECN and FX aggregation venue, widely used for executing large FX transactions with transparency and post-trade compliance.

Regulation and Safety

FXall operates under the oversight of LSEG’s Refinitiv subsidiary and falls within the regulatory framework applicable to LSEG’s trading venues. While FXall itself is not directly regulated as a broker-dealer, it facilitates access to regulated liquidity providers. Operational infrastructure complies with MiFID II, EMIR, and Dodd-Frank for eligible counterparties. FXall does not hold client funds or offer margin; all trading is executed on a disclosed or RFQ basis between professional counterparties.

Execution Model and Trading Platforms

FXall uses a multi-bank ECN/RFQ hybrid model, allowing clients to choose between:

• Streaming liquidity from over 200 global banks and non-bank LPs
• Request-for-Quote (RFQ) with firm pricing
• Order Book and Algorithmic Execution tools

Execution is delivered through institutional-grade platforms:

• FXall Trading Desktop (GUI)
• Refinitiv Workspace integration
• FIX API for OMS/EMS connectivity
• Autodealing and Order Management System (OMS) support

Latency is minimised via LSEG’s co-located data centres. No retail platforms (like MT4/MT5) are supported.

Markets and Instruments

FXall supports a full suite of institutional FX instruments:

• Spot FX
• Forwards and Swaps
• NDFs (Non-Deliverable Forwards)
• FX Options (via partner integration)
• Precious Metals (XAU, XAG)

FXall does not offer CFDs, crypto, or leveraged retail instruments. Trading is done on a principal basis with Tier 1 counterparties.

Accounts, Spreads and Leverage

As an institutional FX platform, FXall does not offer standardised accounts. Each client is onboarded under a custom agreement with direct prime broker or liquidity provider relationships. Key conditions include:

• Minimum ticket size: typically $1 million (or equivalent)
• No leverage offered; all trades are fully funded or PB-facilitated
• Pricing: raw interbank quotes aggregated from liquidity providers
• Transaction costs: based on subscription model + spread markup if applicable

Funding and Base Currencies

FXall does not handle client deposits or withdrawals. All funding and settlement occur bilaterally through the client’s bank or custodian. Supported currencies include all major G10 and EM FX pairs. Trade confirmations are routed via SWIFT or FIX protocols to back-office systems.

Client Protections and Features

FXall offers institutional-level features focused on workflow, compliance, and auditability:

• Trade Cost Analysis (TCA) tools
• MiFID II / EMIR post-trade compliance reporting
• Pre-trade allocation and order staging
• Full STP and integration with OMS/EMS
• Data security, multi-level permissioning, and audit trails

No client fund segregation is needed as FXall is not a counterparty to trades.

Institutional and Retail Offering

FXall is exclusively for institutional users. It offers:

• Access to over 200 LPs including Tier 1 banks
• FIX API for custom integration
• Autodealing, batch execution, and rule-based workflows
• No retail trading, no educational content, and no MT4/MT5 access

Typical clients include asset managers, sovereign wealth funds, central banks, hedge funds, and large corporates.

Pros and Cons

Pros

• Direct access to deep institutional liquidity
• Advanced execution tools and TCA reporting
• FIX API and OMS/EMS integration
• Workflow automation and full compliance stack
• Used by major asset managers and corporates worldwide

Cons

• Not available to retail traders
• No leveraged trading or CFDs
• Minimum ticket sizes are large (institutional only)
• No MT4/MT5 or mobile apps

Frequently Asked Questions

Is FXall a broker?

No, FXall is not a broker. It is an institutional trading platform that connects buy-side clients with multiple liquidity providers for FX execution.

Who can access FXall?

Only institutional clients such as asset managers, hedge funds, corporates, and banks can access FXall. It is not available for retail traders.

What instruments can you trade on FXall?

FXall supports spot FX, forwards, swaps, NDFs, and precious metals. FX options are available via integration with partner platforms.

Does FXall offer leverage?

No, FXall does not offer leverage. Trades are settled bilaterally via the client’s custodian or prime broker.

Does FXall offer a mobile app?

No, FXall does not provide mobile trading. Execution is done via desktop terminals or FIX integration into internal systems.