Investor Protection & Regulations
“Forex Club is not regulated. Investor protection is achieved at the level of site protection only. The company website and platforms are protected with a 128-bit SSL protocol.”
Forex Club is a member of the industry’s self-regulating International Finance Commission. This commission only admits reputable financial firms with a long track history of excellence. However, the Russian Central Bank stripped a number of companies of their operational licenses within Russia in December 2018. This leaves the Forex Club brand without any regulation. They are now based in St. Vincent and the Grenadines.
Security of Platforms/Website
As sensitive client information is required during registration and trading, Forex Club has protected its platforms and website with a 128 bit Secured Socket Layer (SSL) protocol. This is the standard encryption for data transmitted over the internet.
There is no evidence to show that Forex Club segregates accounts. If this is the case, this leaves serious deficiencies in terms of investor protection.
“There are 50 currency pairs, 5 metals, 47 cryptocurrencies, 17 indices, 100 stocks, 6 Agricultural products, 5 Oil/Gas instruments and 10 ETFs available for trading on the platforms.“
The following instruments are available for trading on Forex Club:
*The above list was taken from the broker’s website and was accurate at the time of writing this review.
“Forex Club offers various account types based on the platform and trading execution type. These are the Libertex account, Rumus, MT4-instant, MT4-Market, MT5-Instant and the MT5-Market account types. It appears that most account types work on an STP non dealing desk model except for the instant execution accounts.”
Several types of accounts are available on Forex Club depending on the investor capital and chosen platform. It is important to note that Forex Club use the Direct Bank Access (DBA) model, where they connect directly to the FX market, that should provide the best execution quality of transactions and spreads and pricing for some of their account types except for the instant execution accounts eg. Libertex, MT4 instant and MT5 instant.
Liquidity for Forex Club is provided by more than 10 world leading banks – market makers, including Barclays, Citibank, Credit Swiss, Commerzbank, GS, HSBC Bank, JP Morgan, Morgan Stanley, UBS Bank, Nomura Bank and Lucid Markets.
Here are the account types available:
- Libertex Account: This account is only for the Libertex trading platform. The minimum transaction amount is $100 for all tools. The maximum leverage here is 1:600. There are no spread charges, only commissions starting from 0.03%. Market order execution method is utilized. This account is also used for the Libertex iOS app and android app which are for mobile phones.
- MT5-Instant Account: The type of execution involved is instant. The platform inserts the prices when an order is placed. The order is executed when the broker accepts the prices or a requote occurs and the execution prices are returned. The spread starts from 0.6 points and no commissions are charged except for swap. Maximum leverage here is 1:500.
- MT5-Market Account: The orders are executed on the market. The broker makes the price decision and order is executed at the market prices. Deals can be made by phone. Spread starts from 0.5 points and commissions start from $0.04 for a 0.01 lot. There is no limit to deposit amount and hedging is allowed.
- MT4-Instant Account: Orders are executed instantly. There are no commissions and the spread starts from 0.6. The stop out level is 20%. Auto trading and hedging are allowed.
- MT4-Market Account: Orders are executed at the market price. The spread starts from 0.5 pips while the commission starts from $0.04 for a lot of 0.01. The stop out level is 50%.
- Rumus Account: This account gives access to the Rumus trading platform. The maximum leverage is 1:200. The stop out level is 20% and spread charges apply. There are no limits to deposits on this account type.
A Demo Account is available for every trading platform. The virtual currency available for trading is $5,000. To open, an account, just click on the “open account” button available on the website.
Fill out the form and a demo account is instantly opened. To proceed with a real account, other forms of deposit and verification is required. At this point, the desired platform can be downloaded. You can choose the MT4, MT5, Rumus or any of the mobile trading apps.
Click ‘next’ to continue the Rumus trading application setup. Launch the application when the setup is complete. Then, login with the login credentials to start demo trading.
The same process is applicable to the MT4 and MT5 trading platforms. Follow the prompts on the screen to complete the installations.
Forex Club does not offer their services to residents of the following countries:
- Bosnia and Herzegovina
- Lao People’s Democratic Republic
- Quebec Canada
- Sri Lanka
- Trinidad and Tobago
- North Korea
Deposit & Withdrawals Options
“There are over 25 deposit and withdrawal methods in Forex Club. These include credit/debit cards, e-wallet options, mobile payments, internet banks and payment cabinets are group of payment methods used in Forex Club. Forex Club charges both deposit and withdrawal commissions on most payment methods.”
Several methods can be used to deposit and withdraw funds from a Forex Club account. Third party deposits and withdrawals are not accepted. All deposit transactions are processed instantly except for bank wire transfers that take up to 3 business days. Most of the payment options are localized for specific countries.
Here are some of the most popular payment options:
- Credit/Debit Cards: Visa, Maestro, Visa Electron and Mastercard are the card types accepted. The minimum deposit amount is $100 while the maximum is $5,000. A deposit or withdrawal commission of 2.5% is charged.
- Bank Wire Transfer: There are no transaction charges and no minimum amount but a maximum of $100 million.
- Skrill: Deposit commission is 1.9% while that of withdrawal is 1% of the transaction amount. The transaction limit allowed is $10 to $1,500.
- Neteller: 4% of the transaction amount is charged as commission. The minimum transaction amount is $10 while the maximum amount is $5,000.
- WebMoney: Transaction charge is 0.8%. The minimum deposit amount is $10 and the maximum amount is $1,000,000
- QIWI Wallet: A deposit commission of 5% of the deposit amount is charged. No withdrawal commissions are charged.
Web & Desktop Trading Platforms
“In addition to the MT4 and MT5 platforms, Forex Club offers the Libertex Desktop Application and Libertex Online Terminal plus the Rumus Trading Platform. These proprietary platforms give traders a different feel of how to trade the markets.“
The Libertex trading platform is the proprietary trading platform offered to Forex Club clients. It is unique and comes with various tools for technical analysis. The Libertex platform is available as an online trading terminal (web-based), and also as a downloadable terminal which can be used on desktops and laptops that run on MS Windows. It is not available for Mac users.
The Libertex trading platform was voted as the Best Trading Terminal in the Forex Expo 2014.
The Libertex online platform is the proprietary trading platform offered by Forex Club. It is a web based platform eliminating the need to download and install any application. It runs on all operating systems. Here are some of the features of the Libertex trading Platform:
- 43 indicators and charts for technical analysis.
- Advanced order management with fast execution times.
- 9 timelines from one minute to one month.
- Live quotes, customizable favourites list and overall simple interface.
Forex Club also offers the MT4, MT5, Rumus as well as mobile apps for the MT4 and MT5 for the iPhone and Android devices.
- The MT4 trading platform is very popular among forex traders. It is solid, sophisticated and well accepted for its numerous tools for technical analysis. Forex Club provides the MT4 platform in various forms. It is available as a Web Trader which can be accessed using a browser. It is also available as a downloadable version for windows PC and MAC OS.
- The downloadable MT5 is designed by the same Company that created MT4. It is an improved version of the MT4 that evolves on the tools, features and general user experience.
Rumus is another trading platform offered by Forex Club. It is available as a downloadable desktop application on windows pc.
The Rumus Trading Platform is offered by Forex Club to clients who desire an alternative trading platform. It is available as a downloadable desktop application on a windows PC. Rumus is available in English, Chinese and Russian languages.
Here are some of the features of the Rumus Trading platform:
- 35 indicators with the option of expansion by importing more indicators into the application.
- Very simple interface, user friendly and with a user manual, customizable toolbars and detachable component windows.
- It has the ability to build tick charts.
- It can combine several time intervals in one chart.
- It has a powerful system of linked pending orders.
Mobile Trading Platforms
“Three mobile trading apps are available. They are the MT4, MT5 and the Libertex app. These apps are offered in iOS and android platforms. They are intuitive, fast and offer trade and analytical functions.”
The MT4 and the MT5 trading platform have versions for mobile tablets, phablets and phones. These can be downloaded on the android and iOS mobile devices. With the mobile apps, trading can be done anytime and anywhere. The apps are equally packed with advanced features just like the desktop applications.
These are some of the features of the MT4 and MT5 mobile trading platforms:
- Trading operations including pending orders, stop loss, take profit etc can be managed on the mobile apps.
- Account management including multiple account management, deposits, withdrawals and viewing of the order history can be done on the apps.
- Chart Analysis of the financial instrument can be performed on these apps.
- Indicators, Oscillators and other technical analysis tools are available on the mobile apps.
- The apps interfaces are simple, intuitive, yet sophisticated.
The Libertex app is simple and easy to use. It has a clean user interface and perhaps a more streamlined user experience than the basic MT4 for mobile. Charting contains more features. It has the following functions:
- Order management including ‘Take Profit’ and ‘Stop Loss’.
- News and analysis from ‘Trade Central’ delivered to the app interface.
- Account management including order history, account deposits and switch between real and demo accounts.
- Real-time live quotes.
- Charts and analysis.
It must be stated that the versions used on smartphones are different from those that are used on tablets.
“The MT4/MT5 platforms have sophisticated tools for technical analysis and order management. The use of forex robots is also allowed, and this provides for automated forex trading and strategy testing/optimization.”
The MT4 and the MT5 trading platforms have the following features:
- Supports the use of Mechanical Trading Systems (MTS) and automated trading using Expert Advisors (EAs).
- Allows clients to access signals or copy the trades of other successful traders.
- Provides access to the MQL5 market where indicators and forex robots can be obtained for free or bought. It is also possible to use the MQL interface to code forex robots.
With some of their Turnkey solutions you can get sent signals and portfolio recommendations. You can choose to connect to whichever portfolios you like and also set your risk appetite level too.
Commissions & Spreads
“Depending on the type of account, Forex Club charges spreads and commissions on trading activity. Commissions and spreads are competitive and compare with the lowest costs incurred for trading with an EU broker.”
Find below the average commission and spreads charged on some of the popular trading instruments:
||AVERAGE COMMISSION (%)
||SPREAD (in points)
|OIL AND GAS
*The above list was obtained is from broker’s official site and is accurate as at the time of this review.
Bonus & Promotions
“Forex Club encourages their clients to trade further through offering several bonuses and promotions. They are able to do this as a non-regulated broker, unlike their sister company, the regulated Libertex, which is not not permitted to offer bonuses as a CySEC broker. Bonuses here include 100% deposit bonus rewards for new clients; tournament league of traders awards $10,000 to the best trader; Interest deposit gives interest in USD to investor deposits. The Silver, Gold, Platinum, Diamond and Exclusive account status rewards traders with additional services based on their account balance.”
The available promotions on Forex Club are summarized below:
- 100% Welcome Bonus: This is given to new traders on their very first deposit if it is up to $100 and above. The limit is capped at $10,000.
- Interest on Deposit: Forex Club gives a 9-12% per annum on deposit of $5,000 – $50,000. The interest is paid monthly and the money must be deposited in USD.
- Account Status: This is assigned to accounts depending on the account balance. So, the higher the deposit amount, the more additional services you get. The services are in the form of market news, analytics, premium support, trading systems and training. The following statuses and account balances are available:
- Silver: Up to $500
- Gold: $500 – $5,000
- Platinum: $5,000 – $50,000
- Diamond: $50,000 – $500,000
- Exclusive: More than $500,000
“Multilingual customer support is available 24/7 on phone, social media, web form as well as on various chat media.”
24/7 customer support is available. However, for the dealing desk department, the support is available 24/5. The customer support is available through the following channels:
- Phone: 8-800-2002-600 and 8-800-200-88-06, +7 (495) 727-06-06.
- Social Media: facebook.com/Forex club; twitter.com/fxclubofficial; Instagram/Forex Clubofficial; twitter.com/fxclubofficial; YouTube.com/Forex club.
- “Ask a specialist” form is available is available on the website.
The social media channels are active and up-to-date. When a web chat was initiated, it took less than 20 seconds for the chat support assistant to respond by joining the chat. The support staff have basic English, if you try to change the site to English it directs you to Libertex.
“Forex Club provides trading signals, analytics and news for its clients. These go a long way to help the beginner, but may have little value for more experienced traders.”
Trading Systems are signals and tips from expert and experienced traders which Forex Club provides to their clients who subscribe to the newsletter. It is free of charge. You simply follow the recommendations inside the emails you receive and hope to increase your trading edge.
Forex Analytics by Analysts: these come up every day on the website. This is aimed at helping forex traders with their decisions and trades. News and analysis from “Investing.com” and “Trading Central” is provided daily almost hourly on the Libertex app free of charge. An economic calendar is provided.
“Forex Club has a professionally developed online academy for training which comprises of various training videos and courses. The company has created several articles and videos in multiple languages”.
Forex Club has an online academy for trader training. The courses are well developed for beginners and medium level traders. The training materials are in the form of videos and training articles. They offer full time and part time studies as well as self study outlines. Their international academy is accredited by the state license no. 038961. On the website, users can sign up for a training course. The basic course is the first in the series of courses designed to train a client. The videos are professionally made.
“Unless you are Russian you will very hard-pressed to trade with the FXClub.org website. The platforms are varied and the trading conditions are generous. The experience is suitable for beginners and more experienced traders.”
Forex Club has been in the brokerage business for over 20 years and has won several industry awards for performance, including from the reputable World Finance publication and from INC500. The trading experience at ForexClub is robust. The selection of trading platforms is excellent as is the variety of assets and tools. You can engage in webtrading and mobile trading and you also have the choice of the MT4 and MT5 which is quite unusual with the majority of brokers.
The experience is suitable for both beginner and more experienced traders, that is if you can speak Russian. If not, this perhaps is not a suitable broker for you as the website is unavailable in English.
After the loss of regulated status in Russia in December 2018 this has raised a number of concerns. Russian authorities point to several violations of Russian securities laws by the company as the reason for the withdrawal of its license.
Where is Forex Club based?
The Forex Club broker firm is based in Russia. However, ForexClub.org is based in St.Vincent and Grenadines following withdrawal of its operational license in Russia.
How does Forex Club make money?
Forex Club makes money from commissions and from the spreads.
How do I deposit in Forex Club account?
The payment options accepted are: Bank Wire Transfers, Credit/Debit cards like Visa/Mastercard and e-wallets like Skrill, Webmoney, QIWI and Neteller.
What is the min. deposit for Forex Club?
The minimum deposit is $100 to open a live MT4 or Libertex trading account.
What is the maximum leverage in Forex Club?
The maximum leverage is 1:600 on the Libertex platform and 1:500 on some of the other platforms.
How do I open an account with Forex Club?
Fill the online form by clicking the “Start trading now” yellow button found on the Forex Club website and then fill the form.
Does Forex Club use MetaTrader?
Yes, the MT4 and the MT5 are both available.
“Forex Club has been around since 1997 and has been expanding over the years in operations and locations. The brand offers over 220 trading instruments which include ETFs and cryptocurrencies.”
Different platforms for trading are on offer to clients; the MT4, MT5 and Rumus. There is also a proprietary platform known as “Libertex”, which is web-based. These platforms are also available as mobile apps.
There are previous issues which have arisen with this broker, not only has it lost its license but it has also been expelled from the industry self-regulating body known as the Association of Forex Dealers.
- The firm is part of a much bigger company that comes with the reassurance of high capitalization and a long track record
- Some very good and well produced videos in the video library
- A good choice of platforms which include the MT4, MT5 and the proprietary LIbertex platform.
- The site is unavailable in English and you will be redirected to Libertex which is the CySEC broker if you try to switch to the English language
- The brand has lost its regulated status, so is currently unregulated