Beware! FXClub is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
FXClub is a rare broker that normal users will have difficulties understanding. Traders will be subjected to an oddity of a broker. First of all, the looks and vibe of it immediately remind us of an early to mid-2000’s website. Gone is the modern look and feel that we have come to expect, and in its place comes a broker that seems to have not been updated for at least 10 to 15 years. However, the broker is up to date, because there is a live news feed on the home page indicating all the current stories. The resulting broker is a very strange one and is by far one of the most interesting ones we have reviewed. However, interesting does not always mean good. Please consider this.
We opened an account which lead us to an interesting user area, which was nevertheless confusing. We were able to open a live account with the platform without the need to give away any ID documents, which can be seen in both a good and bad light. The terminal revealed a 0.8-0.9 pips spread for the EUR/USD pair. The leverage was capped at 1:200. Traders can either buy or sell forex currency pairs, commodities, cryptocurrencies, stocks, and indices. These are very good trading conditions!
The website of FXClub opened to us in Russain, with the only way of changing it to English being through Google Translate.
FXCLUB REGULATION AND SAFETY OF FUNDS
The Forex Club Group has a number of different companies under its name, all having to do with investing and trading. Please bear with us, for we had trouble getting this information- we were entangled in a thick web of disorientation, which seemed to be purposefully left so confusing and mixed up.
The broker being reviewed today under the fxclub.org URL offers services mainly to ex-soviet nations. However, the company DOES NOT accept new traders from Russiam clients. There is a separate subsidiary licensed by the Bank of Russia -Forex Club LTD – that goes under the URL- promo.fxclub.org/lp/ru-ru/alfa-forex/. However, this will not be our focus of the review.
There is also an EU based subsidiary – Libertex (libertex.com) – Indication Investments Ltd – that is regulated and authorized by CySEC.
Another branch of the group called Forex Club International Limited has two sub-branches. One in Cyprus called Holcomb Finance Limited, and another in Saint Vincent and the Grenadines. Both of these seem to process payments.
Overall, the information given on the website is by far the most ambiguous and confusing we have ever come across. What we got from the confusing mess is that, out of all the subsidiaries, the one we are reviewing today seems not to be holding a license to operate a legal FX broker. In 2016, FXClub (Forex Club) joined the International Financial Commission, an independent self-regulatory entity, that acts also as an internal dispute resolution. The commission is dedicated to the FX industry. However, this organization is not an FX regulator, and all members in it are not licensed by it to provide legal FX services.
However, we will not be treating the broker as a scam because the main holding company is known and somewhat revered in the FX industry.
FXCLUB TRADING SOFTWARE
The two best platforms in the industry are made available to users of FXClub, the MT4, and MT5. Here is the MT4 web-based version. Please take note of the fact that the web-MT4 is much more limited than the desktop one.
FXClub also offers the Libertex trading office, a standalone proprietary platform. It is a decent trading software, with unique features and a very easy-to-use interface.
Each asset has its own detailed window, giving traders a better look into the pricing of the given asset. There are multiple time frames, limit-loss and profit (stop/loss and take/profit), live news feed, and more features. A promising web-terminal for sure!
FXCLUB DEPOSIT/WITHDRAW METHODS AND FEES
According to the user area, the client can deposit through one of the following methods: wire transfer, bank card, or Bitcoin. We recommend not to deposit through bitcoin, because some payments are still untraceable. The minimum deposit is $20.
The withdrawal section of the user area reveals the following withdrawal methods: bitcoin, wire transfer, and tether ethereum. The minimum withdrawal amount is $30. Bank transfers are commissioned by 2.5%, and they take up to 5 days to process. Crypto transfer fees have not been revealed, and neither are their processing times.
Please note that there is a huge gap between the payment info on the website and the actual payment methods as seen on the registered client portal.
FXClub is definitely a hard one to decipher, yet we are certain in our honest conclusion that we think traders can do better. The number of shortcomings does not outweigh the positive aspects, however, there are far too many oddities and irregularities to recommend FXClub.