Forex Club Review

Forex Club

* Ranked #37 of 316 in DailyForex's top broker list

Info

Name : Forex Club
Website : forexclub.biz
Established : 1997
Country : Russia
U.S. Clients Allowed : No?
Due to strict US regulation many brokers aren't able to accept traders with US citizenship.
See our list of recommended brokers that do accept US traders.

Advantages

  • Variable Spreads
  • Three Trading Platforms

Disadvantages

  • No Bonuses or Promotions
  • Not all Products Available for Trading

Forex Club Review

Forex Club Review

Forex Club, established in 1997, is the brand name for a group of companies that provides clients from over 120 countries with platforms and services for trading Forex, CFDs and other online trading and educational products.  ForexClub was one of the industry’s first to offer zero spread trading and commission refunds on all unprofitable trades. Traders can choose from 45 currency pairs and more than 100 CFDs.

Their Russian broker, LLC ForexClub, is a founding member of CRFIN, the Russian self-regulatory organization.

Accounts

The minimum deposit size is $200 and $10 is the minimum amount needed for trading. The recommended initial deposit is $5,000. Typical leverage is 1:100, though 1:50 and 1:200 leverage is also available. Maximum leverage for accounts holding over $300,000 is 1:500. 100,000 base currency units is a standard lot, and 1 000 base currency units is the minimum lot.

Forex Club Account Types
Forex Club Account Types

Demo accounts at Forex Club start with $50,000 in virtual money and can be used for 30 days. They can be extended from the Account Management Area by having at least $300 in an account or a non-expiring training account can be opened with $1,300.

Forex Club offers Swap accounts. Forex trading is a SPOT trading, which means that all trades are settled on the second business day after a position has been opened. Swap operation is used to avoid the physical delivery of a currency. In essence, in the end of each trading day, all positions are closed and immediately re-opened at SWAP price. SWAP is executed automatically at 21:00 GMT.

Trading Instruments Comparison
Trading Instruments Comparison

Features

The Navigator window provides quick access to various program functions. It includes a list of accounts, and available technical analysis indicators.

The Navigator also provides a list of all available custom indicators and scripts – libraries of custom functions that are used to keep frequently-used parts of custom programs. And Autochartist, a system of notification of appearing graphic models and trading signals, is also available.

The Expert Advisor program written in MetaQuotes language implements a specific trading strategy. The Expert Advisor has access to the terminal data and can execute trading transactions automatically

Another interesting feature at ForexClub is TradeCloud which is a web-based system which makes all Forex Club trading platforms accessible from any PC, laptop, iPhone, iPad, or Android connected to the internet. TradeCloud eliminates the fundamental drawbacks of desktop platforms and effectively provides traders with the power, reliability, and security of a mainframe, from anywhere in the world.

Trading Central is sophisticated software that does the complicated math so traders can see the direction and duration of current trends for a chosen currency pair as patterns emerge. This analysis gives the actionable intelligence needed to find the best possible trading opportunities.

It offers an intuitive interface, constant coverage of the market with signals updated multiple times an hour and back tested indicators to assess and ensure trends and to pinpoint optimal times to place trades. Coverage includes Forex, S&P, DJI30, Nasdaq, Gold and Oil and Japanese Candlesticks confirm trend reversals or acceleration.

Trading Central is free for Forex Club customers with deposits of $1,500 or more. In fact, all the services at ForexClub are provided free of charge with a certain level of deposit. Autochartist is available from the very beginning whereas Trading Central signals are available for subscription after your deposit exceeds $500.

Forex Club’s Sentiment Index displays changes in the ratio of traders buying and selling a specific currency for a given period of time. The index is also used to forecast the best time to buy or sell a currency and is a tool that gives traders a better understanding of the current market situation in greater detail.

Several chart patterns are presented and they are explained in detail. These include three different types of triangles—Symmetrical, Descending and Ascending; Double Tops and Double Bottoms, Head and Shoulders, Reverse Head and Shoulders and more.

Education

The news feed DJ Forex is a joint project of the world's largest news agency Dow Jones Newswires and the Russian leading news agency Prime-TASS. All news is sent to the client terminals as it is received from the above-mentioned sources.

News articles from Dow Jones Newswires come in English, and the most important articles are translated by Prime-TASS into Russian.

Anything a trader needs to know and much more is presented in a highly detailed FAQ section.

Forex Education
Forex Education

Deposits/Withdrawals

The minimum deposit to a Forex Club account is $50 which can be done by credit cards, wire transfers and several online payment programs.

Withdrawals are made using the same methods.

Customer Support

Traders can contact the company 24/7 via telephone, e-mail and on-line chart. For the Russian clients there is a free number 8-800. Support responses are fast and professionally.

The website is available in English, Russian, Portuguese, and Chinese.

Conclusion

Forex Club has a wide range of features that suit both new and experienced traders. I was pleased to see that a demo account is available with a generous amount of virtual money. I was disappointed, however, that there were no bonuses or promotions offered, something that most brokers use to attract more clients.

Advantages

  • Variable Spreads
  • Three Trading Platforms

Disadvantages

  • No Bonuses or Promotions
  • Not all Products Available for Trading
Review info :
Broker reviewed : Forex Club Rating : 8 out of 10
Reviewed By : Review Date :