Forex Club Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker is in this ForexClub Review.
Forex Club Review
Forex Club offers its clients a selection of trading accounts on several different platforms. Traders can use the industry’s standard MT4, as well as Rumus, StartFX and the broker’s latest terminal – Libertex. Furthermore, They Forex Club’s clients are able to choose from fixed and variable spreads, market or instant execution, commission-free trading or tighter spreads with commission, etc.
The broker offers trading in wide range of assets, including currency pairs, CFDs on indices, stocks, precious metals, commodities, as well as cryptocurrencies (Bitcoin & LiteCoin).
Besides, premium account services are available to clients who deposit at least $500.
The Company. Security of Funds
Formed back in 1997, Forex Club is a collective brand of several entities that provide trading in forex and CFDs on shares, metals, indices, and other instruments. The brokerage has clients in more than 120 countries, mainly within the Commonwealth of Independent States (CIS), or the former Soviet countries. Its subsidiaries are regulated in Russia, Belarus, and Cyprus (operating under the Libertex brand), and there is also a unit registered in the St. Vincent & the Grenadines.
Forex Club LTD (Russia)
Central Bank of Russia
Financial Company Forex Club Belarus Ltd.
National Bank of the Republic Belarus
Indication Investments Ltd.
Forex Club LTD (SVG)
As you can see from the table above, this brokerage is heavily regulated. The Central Bank of Russia is the financial mega-regulator that oversees the banking and all other financial markets in the country. In fact, forex regulation in Russia is rather new – the country started requiring locally-based forex brokers to be licensed by the CBR as of 1 January, 2016.
Currently, there are only six local forex brokerages licensed by CBR – Finam Forex, TeleTrade, TrustForex and VTB24 Forex, Alpari and Forex Club. Curiously enough, foreign brokers are still allowed to target local citizens without any significant restrictions and most market participant continue to operate in the country through their foreign units.
In addition, Forex Club is also a member of local self-regulation organization (SRO) Association of forex dealers (AFD). AFD is currently the only forex broker association in Russia that has accreditation from the country’s Central Bank.
Forex Club was the second largest forex broker in Russia (after Alpari) in 2015 with an average monthly trading volume of $54 billion and 80,000 active client accounts, according to a report by Interfax-Center for Economic Analysis (Interfax-CEA).
Minimum initial deposit
Forex Club has set no minimum initial requirement, so one may start trading with just $1. The brokerage’s main peer, Alpari, does not require a specific amount for account opening either.
Spreads and Commission
Forex Club’s fixed spreads are above average, amounting to 3 pips for the EUR/USD pair. Its variable spreads, on the other hand, are competitive – the ones on the MT4 (market execution) start from 0.2 pips and involve a commission of $4. So the minimum trading costs per standard lot are around 1 pips for this pair. By comparison, fixed spreads offered by Alpari amount to 2 pips on EUR/USD and variable ones on the commission-free ECN account are averaged 1.0 pips on EUR/USD.
For further information and comparison, you may look up real-time spreads of 15 leading brokers at topforexbrokers.com.
The maximum leverage levels available with Forex Club are 1:500, which is considered high, yet
many forex brokers offering leverage equal to or exceeding 1:500. Alpari, for instance, offers leverage up to 1:1000.
Traders, however, should be careful, because higher leverage levels may lead to heavy losses, exceeding initial investments.
As we have already mentioned, Forex Club offers the standard MT4, as well as its in-house Rumus, StartFX and the broker’s latest terminal – Libertex.
Libertex is Forex Club’s proprietary web-based platform that works across desktop and mobile devices and allows you to invest without any special knowledge. You will not come across concepts such as leverage, margin, spread or lot when using it. Instead, those key trading characteristics are incorporated into the core of the Libertex. So, this platform is extremely easy to use and especially suitable for newbies. They simply have to choose an asset, the amount of a transaction and the direction of movement.
The key advantage of Libertex is that the risk exposure is limited to the amount of opened transactions, not to the account balance.
Forex Club’s StartFX platform is a proprietary forex solution designed to lead novice traders through all the steps to becoming professionals. We have spent quite some time “playing” with StartFX, and we are convinced that if we give a fourth-grader a couple of hours with it, they’ll figure out not only the software but forex in general. Or at least the basics. It’s divided into levels, comes with handy wizards, and offers a single price on all of the currency pairs traded (e.g. there is no spread but that’s compensated through a commission).
Another proprietary platform offered by Forex Club is Rumus. Its users are able to customize their desktop, monitor the price live feeds of the various instruments and play with a large number of indicators. Besides, the platform allows traders to build their own indicators thanks to the RuLang programming language.
The MT4 is a professional, fully-featured software that provides traders with everything they need: fast order execution, one-click trading, a variety of technical indicators, advanced charting package and the ability to develop and to use Expert Advisors (EA).
Clients of Forex Club are offered a variety of payment options to choose from: credit/debit cards, bank wire transfers, and the following e-wallets: Skrill. WebMoney, Qiwi, Moneta.ru., Yandex, and others.
Instead of the forex broker you can use Plus500, XM, eToro, Fxpro or AvaTrade forex brokers.
Forex Club Review Conclusion
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