Forex Club is a forex trading platform that offers customers a variety of choices. This includes the types of trades that are available, such as fixed spreads and variable spreads. Trades on market execution are also available in addition to trades on instant execution. Also, you can trade commission free on some occasions, although trades with a tighter spread will attract a commission.
A number of platforms are also available on Forex Club, including standard industry platforms such as MT4 as well as alternatives like StartFX and Rumus. In addition, Forex Club has just added the Libertex platform to its offerings.
In terms of assets, you can choose from a range of different currency pairs as well as indices, CFDs, stocks, commodities, and precious metals. You can even trade on cryptocurrencies like Bitcoin or LiteCoin.
A range of different account types are also available, including premium accounts. You will qualify for a premium account if you make a deposit of at least $500.
Company Details and How Forex Club Operates
Forex Club was founded in 1997 and is an umbrella brand that includes a number of operations, which offer trading services in over 120 countries. These services include trading in shares, forex, indices, CFDs, and other financial instruments.
It operates mostly in former Soviet countries that are now members of the Commonwealth of Independent States (CIS). Forex Club’s various subsidiaries are regulated by authorities in a number of countries, including many CIS countries but others as well. This includes Russia, Cyprus (for the brand Libertex), and Belarus as well as in St. Vincent and the Grenadines.
In addition to local regulations, Forex Club’s operations are regulated by the Central Bank of Russia (CBR). which is responsible for regulating all financial operations in Russia. Since 2016 this has included forex brokers based in Russia. Despite this, international operators are still able to target Russian players and open accounts without any oversight or regulation by the Russian authorities. As a result, many traders in the country use non-Russian trading brokers and platforms.
Forex Club, however, is one of only six Russian-based forex brokers that is licensed and regulated by the CBR.
Forex Club has taken its commitment to regulation and operational transparency a step further than many other operators and is also registered with the Association of Forex Dealers. It is a CBR accredited organization that promotes self-regulation in the forex trading and brokerage industry.
As of 2015, Forex Club was second only to Alpari in terms of their share of the Russian market. According to a report put together by the Interfax Center for Economic Analysis, it processed monthly trades worth an average of $54 billion in 2015 from an active client base of 80,000 customers.
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Trading at Forex Club
Like other options in the market, including the biggest forex trading brokers, Forex Club doesn’t require that you make a minimum deposit. This means you can, theoretically, start trading with as little as a $1 initial deposit.
Spreads and Rates of Commission
In terms of fixed spreads, Forex Club is higher than average at, for example, three pips for a EUR/USD pair.
That said, Forex Club’s variable spreads are much more competitive. Here is an example using MT4, Forex Club’s market execution platform. The same EUR/USD pair attracts a $4 commission and starts at 0.2 pips. This gives an average minimum trading cost for this particular pair of about one pip. This is very similar to the average you get on commission-free ECN account.
You can open a free demo account with Forex Club to learn how Forex Club works as well as gain an understanding of trading. You can do all of this without risking any of your own money as the trades you place are dummy trades using dummy account balances.
Once you are satisfied with how trading works and are comfortable using Forex Club, you can choose to open a live account. From that point on, you can start trading for profit.
Forex Club Platform
ExpressFX is the platform you will use when you open a demo account with Forex Club. This is a fantastic platform for learning how to trade at Forex Club as there is plenty of help available as well as a step-by-step guide. The functionality is also straightforward, so it is also very easy to place trades.
Most experienced traders prefer the ClassicFX platform however, and many make the switch to this platform when they first open a live Forex Club account. The ClassicFX platform has lots of additional features that are simply not available on ExpressFX. This includes the ability to customize your trading experience and style, and it also offers enhanced abilities, such as tracking and identifying trends.
For example, you can customize the timeframes that are monitored so you can look at the right dataset to make informed decisions. These timeframes can be for up to a year. You can also plot your own customized indicators as well as implement many other customization options. In addition, you get alerts so you know right away when something happens on your account.
The Forex Club Website
The Forex Club has as well-designed website with simple and easy-to-use navigation. The website is available in Russian, simple Chinese, and traditional Chinese.
It only takes a few minutes to set up a Forex Club account. The process involves completing an application form, and you then simply wait for your application to be reviewed and for a member of the Forex Club team to get back to you.
Many traders place too much emphasis on maximum leverage when looking at forex brokers and do not consider the downsides. After all, a higher level of leverage potentially means higher losses. It is also easier to find yourself in a situation where your losses exceed your initial investment when the leverage level is high.
That said, maximum leverage levels do provide a good way to compare different forex brokers. Forex Club offers a maximum leverage of 1:500. In terms of industry norms, this is quite high, although there are many others that offer even higher leverage levels than this.
Forex Club offers four trading platforms, including:
- MT4 (the standard platform)
- Libertex is another in-house Forex Club platform. It was specifically designed for people who don’t have much experience with trading and don’t know much about things like spreads, margins, leverage, or lots. In fact, you will rarely see these terms mentioned when using Libertex.
- A step up from Libertex is StartFX. Like Libertex, it has many of the complex features and technical jargon stripped away from the surface of the platform to become much easier to use and to create a seamless trading experience. For example, StartFX gives you a simple, single price on currency pairs. That said, what you lose in complexity, such as spreads, you get back through commission.
- The other Forex Club-owned platform is Rumus, and this platform is preferred by more experienced traders because of the range of customization options it offers. This includes modifying how the dashboard is displayed as well as how live feeds are monitored, indicators are used, etc. In fact, if you are very experienced, you can even use the RuLang programming language to create your own indicators.
Spreads and Commission
Fixed spreads are unavailable at Forex Club, so there is only commission, which is 0.0067 percent of the total deal, including leverage.
Types of Accounts Available
Your account type depends on the amount of money you deposit. For example:
- If you deposit under $500, you will be allocated Silver.
- Traders who make deposits between $500 and $5,000 get Gold accounts.
- Traders with deposits between $5,000 and $50,000 get Platinum accounts.
- Diamond accounts are reserved for those who deposit between $50,000 and $500,000.
- Exclusive accounts are for traders depositing more than half a million dollars.
Instant customer support is available at Forex Club by phone or chat. You can also complete the contact form, and a member of the team will get back to you.
The range of features available on Forex Club makes it attractive to a wide range of traders. This includes new traders in particular because it offers a good demo account that comes with a decent virtual account balance to give you time to learn how things work.
One of the main downsides of Forex Club for new traders, however, is the fact that there are no promotions or bonuses available for registering a new account. This is unusual in the industry as promotions are often used to encourage new account registrations.
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Forex Club Advantages
- Large range of instruments to trade on
- Convenient and easy to use
- Trade remotely successfully
- Available leverage helps to minimize the potential for large losses
Forex Club Disadvantages
- Limited number of training materials