Forex Club, established in 1997, has been a prominent player in the online trading industry for over two decades. With its extensive experience and diverse range of financial instruments (FX, Crypto, Stocks, Indices, and Commodities), the Forex Club broker has attracted traders from various backgrounds. However, recent regulatory changes and mixed reviews have raised questions about its current standing in the market. This Forex Club review will explore the broker and what it has to offer.
Forex Club Company Information & Regulation Status
ForexClub is a group of financial companies based in St. Vincent and the Grenadines operating in the retail foreign exchange and CFD trading market since 1997. Key points about the company:
- Established presence: ForexClub has a long-standing reputation, particularly in the CIS region;
- Regulatory challenges: The company has recently faced various regulatory and compliance issues;
- Regulatory status: The company no longer holds a license in Russia after its license was revoked in 2018;
- Offshore registration: Forex Club's offshore registration raises concerns about its regulatory oversight and reliability.
While Forex Club was once considered a leading retail forex broker, its current status has declined due to regulatory challenges and mixed user experiences.
Forex Club Broker Summary of Specifics
ForexClub operates in the over-the-counter (OTC) markets, offering a decentralized platform for trading various financial instruments. key features:
Broker | Forex Club |
Account Types | Libertex, MT5, MT4, Demo |
Regulating Authorities | Offshore regulations |
Based Currencies | USD, EUR |
Minimum Deposit | $10 |
Deposit/ Withdrawal Methods | Neteller (USD), Skrill (USD), Master Card, Visa Card, Bitcoin |
Minimum Order | 0.01 |
Maximum Leverage | 1:1000 |
Investment Options | No |
Trading Platforms & Apps | Libertex, MT4, MT5, Mobile App |
Markets | Forex, Stocks, Indices, Commodities, Cryptocurrencies |
Spread | From 0 |
Commission | 0.03% (Libertex) |
Orders Execution | Market, Instant |
Margin Call/Stop Out | 20% - 50% |
Trading Features | Copy Trading |
Affiliate Program | YES |
Bonus & Promotions | YES |
Islamic Account | N/A |
PAMM Account | No |
Customer Support Ways | Email, Live Chat, Ticket |
Customer Support Hours | 24/7 |
While Forex Club offers flexibility and access to a wide range of investment opportunities, it's important to note that OTC markets come with significant risks. These include higher volatility, less transparency, and increased susceptibility to fraud.
ForexClub Types of Accounts
ForexClub, also known as Libertex, offers several account types to cater to different trader needs:
Account | Min. Deposit | Leverage Up to | Minimum Order (Lot) |
MT4 | N/A | 1:1000 | 0.01 |
MT5 | N/A | 1:1000 | 0.01 |
Libertex | N/A | 1:1000 | 0.01 |
Forex Club's versatile account offerings cater to both beginner and experienced traders, providing a range of options for various trading styles and preferences.
Forex Club’s Advantages and Disadvantages
Here's a balanced overview of Forex Club's pros and cons:
Advantages | Disadvantages |
Long-standing experience | Lack of top-tier regulatory oversight |
Multiple trading platforms | Limited base currencies |
Wide range of trading instruments | Mixed recent user reviews |
While Forex Club offers some attractive features, the need for solid regulations and recent user complaints are significant concerns traders should consider carefully before opening an account.
Forex Club Signing Up & Verification Guide
Opening an account with Forex Club broker is easy to follow. Here's a step-by-step guide:
- Visit the Forex Club website and click on "Start Trading";
- Fill in the registration form with your details;
- Set a password;
- Accept the terms and conditions;
- Verify your email address;
- Complete the KYC process;
- Wait for account approval (usually within 1-2 business days).
Review all terms and conditions carefully before registering and funding your account.
Trading Platforms
ForexClub offers a variety of popular trading platforms to suit different trader preferences:
- MetaTrader 4 (MT4);
- MetaTrader 5 (MT5);
- Libertex (proprietary platform);
- Mobile app.
Forex Club's diverse platform offerings cater to traders from all levels, providing tools and features for various trading styles.
ForexClub Spreads and Commission Structure
ForexClub offers competitive pricing through its various platforms:
- Spreads: Starting from 0 pips;
- Commissions: From 0.03% (on the Libertex platform).
Traders should carefully review the fee structure for their chosen instruments and platform, as rates may vary depending on the asset type and trading conditions.
Deposit & Withdrawal Methods
Forex Club offers several methods for account funding and withdrawals:
- Neteller (USD);
- Skrill (USD);
- Master Card;
- Visa Card;
Always double-check deposit details before confirming any transactions.
Copy Trading & Investment Options Offered by ForexClub
Forex Club offers copy trading functionality, allowing investors to automatically replicate experienced traders' trades. This feature provides several benefits:
- Novice traders can benefit from the knowledge of seasoned professionals;
- Eliminates the need to develop and execute complex trading strategies;
- Ability to copy multiple traders across various markets and instruments.
While copy trading can be an attractive option for some investors, it's important to remember that past performance doesn't guarantee future results, and all trading carries inherent risks.
Bonus Offerings and Promotions
ForexClub offers an attractive 100% Welcome Bonus for new clients. The broker also offers an IB Program with significant advantages. Here are the benefits:
- Higher Rebates & Flexible Cycles;
- Multiple Regulatory Choices;
- Advanced Agent Portal;
- Multi-Level Agent Support;
- Comprehensive Business Support;
- Market Analysis Tools.
While these offers can be appealing, traders should carefully review the associated terms and consider how they align with their trading goals and risk tolerance.
Forex Club Support Team
Forex Club provides customer support through various channels:
- Email: china@help.fxclub.org;
- Ticket system.
- Live Chat.
Support is typically available in multiple languages to cater to Forex Club's international client base. However, the quality and responsiveness of support may vary based on recent user reviews.
Forex Club Broker List of Restricted Countries
ForexClub does not provide clear information regarding its list of restricted countries directly on its website. But since the offshores brokers are not allowed to provide any services to certain countries, we can name some of them in the following:
- USA;
- Canada;
- Australia;
- UK.
Trust Scores & Reviews
ForexClub has faced regulatory challenges and received mixed reviews in recent years, so trust scores and reviews should be approached with caution. While the broker has a long history in the industry, recent developments have raised concerns about its reliability and trustworthiness. Traders are advised to:
- Research current regulatory status;
- Read recent user reviews from multiple sources;
- Consider the potential risks associated with offshore brokers;
- Compare Forex Club's offerings with those of more strictly regulated brokers.
Unfortunately, based on our recent research about the broker, Forex Club appears have no reviews on the Trustpilot website. Remember that trust scores and reviews can provide valuable insights, but they should be just one factor in your decision-making process when choosing a forex broker.
Conclusion and final words
With its long history in the forex industry, Forex Club offers a range of trading instruments and competitive conditions that may appeal to some traders. Its multiple platform options (MT4, MT5, Libertex) and low minimum deposits (Form $10) are notable strengths. However, the broker's recent regulatory challenges, offshore registration, and mixed user reviews raise significant concerns about its reliability and trustworthiness. You tell us! Write with your thoughts on the sForex Club review.
