Forex Club Broker Review 2012 - Ratings, Likes, Dislikes, Comparison, Demo, Open Account
Review and ratings of FXclub.com broker - Forex Club LLC is available on this page. Compare it with other FX brokers or share your experience.
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Last review date: 1/31/2012 |
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Recommendation is based purely on our own opinion, but we try to be objective as possible!
| Commission Type: | Spr./Comm. |
| Forex Trades Fee: | 12.80 USD |
Displayed 'Forex Trade Fee' is spread based. Commission for Forex trades is an estimation of fees charged per round turn of $100,000 major pair units. The cost of no-commission brokers is calculated as average spread markup on majors. |
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| Execution Type: |
DD/STP(MM)
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DD - Dealing Desk, STP(MM) - Straight Through Processing/Instant Execution, STP(DMA) - Straight Through Processing/Direct Market Access, ECN - Electronic Clearing Network |
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| Minimum Deposit: | 200 USD |
| Minimal Contract Size: | 1,000 |
| Maximal Leverage: | 1:50 |
| Account Base Currencies: | USD |
Instant commission returns on unprofitable trades. Commission based fee is $80.
| Spread Type: |
Fix./Var.
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| EUR/USD: | 1.9 |
| GBP/USD: | 2.7 |
| USD/JPY: | 1.8 |
| USD/CHF: | 2.7 |
| AUD/USD: | 2.3 |
| USD/CAD: | 2.1 |
Spread type (Fixed, Variable) depends on the platform used for trading. Spreads presented are valid for MT4 account.
| Islamic (Swap-Free) Acc.: | |
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| Demo Account Duration: | Unlimited |
| Account Opening: | |
| U.S. Citizens Allowed: | |
| Account Opening Type: | Online |
| Time To Open Account: | 1 day |
| Paper-Work Required: | |
| Notarization Required: | |
| Documents Delivery: | Upload |
| Deposit Currencies: | USD |
| Withdrawal Fee: | 22.00 USD |
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Withdrawal fee for international SWIFT transfer costs $22.00 and minimum withdrawal size is $35.00.
| Prize Contest: | |
| 1st Deposit Bonus: | |
If you open a live trading account application and deposit $1,000 or more you receive an incentive promotion of $100.00, but, if you open an account an deposit $1,500.00 or more you will receive an additional $200.00. |
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| Refer a Friend Bonus: | |
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| MetaTrader4 (MT4): | |
| VikingTrader (Currenex): | |
| PowerTrader (Currenex): | |
| MirrorTrader (Tradency): | |
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| Forex: | |
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| No. of Currency Pairs: | 22 |
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| Trailing (Server Side): | |
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| If-Then (Conditional): | |
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Types of available orders depend greatly on trading platform used.
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| One-Click Orders: | |
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| Forex Club LLC, 120 Wall Street, 16th Floor, New York, NY 10005, United States | |
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| Tool-Free Phone: | 1-800-881-3809 |
| International Phone: | 1.800.881.3809 |
| Dealing Phone: | 1.800.421.7897 |
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Stocks-For-Beginners.com is Forex Club's affiliate and is being compensated for every new opened client's account. |
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Forex Club Broker Review
FXclub.com is focused on currency trading only, so instead of offering clients several instruments to trade, they rather offer clients sophisticated tools and services to trade Forex successfully.
Very Positive - Wide range of available trading platforms is definitely one of the most important strengths.
Could do Better - Although being focused on trading currencies specifically could be advantage, we still miss some other instruments and underlying coverage.
Introduction
Forex Club LLC, one of the Forex Club companies, is U.S. based Forex broker headquartered on Wall Street, New York. Company was registered in 2005 with CFTC (US Commodity Futures Trading Commission) and is regulated by NFA (National Futures Association). Beside in U.S.A. FX Club has a strong presence in China, Brazil, and Eastern Europe. FX Club provides clients all over the world necessary trading tools, education, analysis, and personal support to become successful traders. One of the main advantages of Forex Club is their personal approach to clients, teaching them the nature of FX price fluctuations and offering them access to the market in the most transparent way. Because of NFA regulation the company must always have $20 million to protect clients' funds.
In 2010 FXC was recognized as fastest growing Forex broker and also among fastest growing financial services in U.S. FX Club provides trading Forex via Internet to hundreds thousands of customers in over 120 countries, providing them support in several languages, including English, Chinese, Russian, Portuguese, and others. While FXC vision is to provide clients a way to capitalize their intelligence, they do warn that Forex trading involves substantial risk of loss and is therefore not suitable for all investors.
Forex Club is in business for their clients! That brings them some unique advantages. First, FXC has some of the industry's lowest average spreads, while providing high speed and accurate execution on the interbank markets (non-dealing desk). Clients of FXC can trade all popular currency pairs and enjoy powerful analytical tools, including professional analytical support, AutoChartist and exclusive Market Sentiment Indicator. Traders can also choose among wide range of platforms, including MetaTrader, ActTrader, ExpressFX, Rumus, and FXC System Trader and two types of execution: immediate/instant or at fixed price/quote request. Automated trading with back-testing different strategies is also possible.
Several awards and prizes received also speak for FXC and provide them a leading position in industry rankings; according to Forex Ratings they are the best broker for beginners. Educating clients is strength of FXclub.com, providing their customers basic and advanced training to master trading close to professional level. It is not a secret (based on NFA reports) that FXC clients are exceed most of competitors when it comes to profitability and number of successful traders.
Opening an Account
It only takes a few minutes to open account with Forex Club and most applications are processed within one business day.
First, you need to fill out the online form. Next login to My FXBank and fund your account. There are number of ways to transfer money to FXC: credit and debit cards (VISA, VISA Electron, MasterCard, Maestro, and Discover), Wire transfer, Moneybookers, and cashier's check guaranteed by bank (for U.S. customers only). Next, download and install trading platform of your choice; as you probably know, there are plenty of apps to choose from, including MT4. Step 4, you are ready to start trading. Before placing real money in the trading system to work for you, spend some time in vast of further resources: education, market signals and expert's research. Don't forget that you can start trading virtually by opening free practice account. Demo is available for MetaTrader, Rumus, ActTrader, ExpressFX, and MirrorTrader.
Trading Applications
Every client can choose Trading Platform to trade on. There is probably no need to present MT4 in details, as most people involved in Forex trading know this piece of software very well as it represents industry's most popular platform.
ExpressFX Trading Platform is popular for beginners. It received a reward for its educational trade wizard walking traders through every step of the trade. An interesting feature of this platform is zero spread trading, where commission is charged only on profitable trades, while it is refunded to your account in case of loss. This platform is for accounts above $1,500.
Rumus Trading Platform is FXC's most exclusive platform designed by experts in technical analysis. As such it offers one-click trading, instant execution, fixed price quotation method, allows reducing a position or changing its direction, If-Done orders, OCO orders, guaranteed fills without slippage, 77 technical indicators and 17 charting tools, and more.
ActTrader is sophisticated, robust and customizable app to accommodate any trading strategy. Spreads are tight, automated trading is possible, it offers money management capabilities, non dealing desk execution with high liquidity and more. This platform is also available for iPad, iPhone and Android devices.
And finally there is MirrorTrader application available, provided by Tradency. This is a leading platform for automated trading, as it comes with over 200 predefined trading strategies that can be backtested and applied to trading.
Fixed price quotation method is available by ExpressFX, Rumus, ActTrader and MirrorTrader. Non-Dealing desk execution and automated trading is possible in MT4, ActTrader and MirrorTrader. While MT4 offers client-side trailing stop orders, ActTrader and MirrorTrader trailing stops are server side. Fills without slippage are guaranteed only by ExpressFX and Rumus. One-click trading is a feature of Rumus, ActTrader and MirrorTrader.
Customers who deposit over $1,500 also gain Free access to Trading Central, which is registered with SEC as Investment Adviser who offers constant coverage of markets with signals updated regularly, showing price targets and movements for Forex, S&P, DJI30, Nasdaq, Gold and Oil.
Clients with accounts over $10,000 also get access to sentiment index, which is actually a ratio between buyers and sellers of specific currency and a great indicator to forecast best time to buy or sell a currency. Index value ranges from 0 to 100; if more sellers than buyers, index approaches 0 and when more buyers than sellers, index approaches 100; extremes are never reached in practice. Index value below 30 indicates oversold conditions and over 70 overbought conditions.
Forex Education
Forex Club teaches you everything you need to know to successfully trade currency market. Educational materials are available in interactive, video, article and reference modes. FX webinars take you step by step through the basics of Forex trading as well as 3 levels of advanced seminars.
In the Chart Patterns module you can learn several chart patterns and how to convert them in bullish or bearish trading signals. You will learn triangles (symmetric, ascending/descending), double tops and bottoms, head and shoulders (reverse), channels, wedge, flag/pennants.
In the Market Indicators module you will learn about how to build a trading strategy based on different indicators/ oscillators: Accumulation/ Distribution Line, Alpha-Beta trend, Aroon Indicators, ADX, ATR, Bollinger, CCI, MACD, Momentum, Pivot Points, RSI, Stohastic and more.
There are several free educational videos available, covering introductions to Forex trading, chart analysis, essential indicators, candlesticks, and more.
In the glossary of Forex terms you can learn Forex trading terminology to understand the topic in details.
You can also register for FXC Academy, where one intro and three advanced seminars are available. You have to pay for the Academy course or deposit required amount (depends on seminar level).
Market Research
Research and analysis is another strong area of FX Club. First you can subscribe to daily market insights and receive market moving news updates and trading strategies. Next you can read Forex Club Analysis and Dow Jones news with focus on Forex, provided by expert Nicholas Hastings - insight you want find anywhere else and will provide you ideas of where currencies will move. Economic calendar is module that reminds you about all important economic news releases which could shake the market in any direction and increase volatility. Autochartis module provides all FXC members a free daily signal with all details about past and possible future trend; as you probably know, this is the most advanced signal tracking software available. Even without opening any account you can also access live Forex charts in the market research section of FXC website. And finally take a few minutes and try FX Club TV with daily market updates and interviews.
Forex Club Community
There is a forum available to all FXC clients, where they have the chance to discuss about trading platforms, market signals, market research, and some general topics related to account opening, funding and general questions. FX Club is also present on Twitter and Facebook.
Customer Support
When reviewing FXclub.com we have also tested their live chat service. The response time for every posted question was unbelievably slow. We gave them another chance after a few days and this time the response was much better, also the chat representative did know and understand the subject much better. So our conclusion is that support is ok, they provide many channels like phone, email, live chat and you should be able to get answers to your questions sooner or later.
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Written by: Goran Dolenc
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