Forex Club Review 2024: Is it a scam?

Pros and Cons

Pros

• Interactive website that keeps users engaged.
• Supports multiple trading platforms and terminals.
• Robust education and training content to help users and non-users build their trading strategies and knowledge.
• Excellent customer service with multiple options to reach out to.
• A wide range of earning options beyond just profits from trading.

Cons

• It doesn’t support multiple languages or the option to change language from Russian on the website.
• Lack of regulatory authority to oversee the broker’s activity.
• No in-chat option to easily chat with a customer representative agent.

Security and Regulation

Since its inception in 1997, Forex Club has remained unregulated, a rare occurrence for a broker with such extensive years of operation. On a positive note, The Financial Commission acknowledges the company, offering compensation of €20,000 per complaint.

In terms of security, several security systems in place help standardize the platform. Forex Club is protected by SSL (Secure Sockets Layer), which helps encrypt users’ data and is McAfee secure. In addition, several policies guide the platform, including the privacy policy that protects the platform. and negative balance protecton.

In a few words, the regulation aspect of Forex Club is completely weak, but the security segment is solid. But more justification is needed to use the platform.

Education and Training

Forex Club has a robust training section on its website for users to learn and grow their skills. The education section is categorized into the academy, introductory seminar, and basic course. Let’s go over them in detail.

About The Academy

This provides a comprehensive preview of the educational section on the website. It begins with a succinct introduction, proceeding to an hour-long video highlighting opportunities in the financial market.

The course’s design and curation for both novice and experienced traders are also discussed, along with the various forex training formats to anticipate. Consider this a concise synopsis.

Introductory Seminar

The introductory seminar was a little different from what I expected. I expected a series of videos in the form of recorded webinars explaining the different aspects of the financial markets and with several themes. But to my surprise, all that’s available on this page is simply a three-minute video with accompanying details.

Also, there’s a provision for a link that takes you to the Libertex Online platform, where you’ll find every detail of how to trade and build a strategy for yourself.

The Basic Course

The basic course will give you all the details needed to build your trading strategies. All the lessons are from international and experienced mentors who are majorly practical and interactive.

In addition, the basic course is divided into two parts, the publically available one and the other, which is exclusive to account for $500.

Overall, you’ll learn to build your portfolio, and trading system, minimize risk, analyze prices, and understand analytics.

Tutorial Club

Tutorial Club is a video course section of Forex Club divided into seven segments: first steps, traders tools, examples of trade, simple strategies, profit level: theory, profit level: practice, and investment ideas.

These seven segments are divided further with supporting videos; for example, First Steps contain a list of nine (9) short videos with a combined length of thirteen minutes, and Trader’s Tools has ten videos that are combined thirteen (13) minutes long, and the Investments Ideas with just twelve (12) videos and fifty-two (52) minutes long.

This packed section contains valuable information to develop and find your trading edge.

Assets and Instruments

There are many options for you to choose from regarding assets and complex instruments available on Forex Club. You’ll find shares, cryptocurrencies, currency pairs, metals, oil and gas, exchange-traded funds (ETFs), and agricultural goods.

The spreads are very low; regular users can enjoy 1:30 leverage, while professional clients get up to 1:600 in maximum leverage trading.

Stocks

This page details what to expect in trading stock markets on Forex Club, like the Contract for Difference (CFD) available for the stocks, and describes the features. There’s also ten minutes plus a video to explain the stock market further.

Finally, a list of companies with their stocks to trade on the platform, including 3M Co., AT&T Inc, ALCOA Inc., Adidas AG, Adobe System Inc., Airbus SE, Amazon.com Inc, Apple Inc., Alibaba Group Holding LTD., etc. When you click on any company, you’ll be taken to a page with their stock ticker symbols and the % change over time.

Cryptocurrencies

First, you’ll get an overview of the cryptocurrency market and the features to expect, like the 24/7 availability to trade the market, the high volatility, and where to access cryptocurrency news.

A list of cryptocurrency assets you can buy includes AAVEUSD, ALGOUSD, BNB, BCHBTC, AVAXUSD, and AXSUSD, and when you click on it, you’ll find details such as buy and sell and the percentage change in the price of the token.

Currency Pairs

You’ll find a concise definition of a forex pair and the nitty gritty about it. There’s also a list of the most popular trading pairs, their price change in 24 hours, and the option to buy or sell.

Popular pairs include EUR/USD, USD/RUB, EUR/RUB, GBP/USD, AUD/USD, USD/JPY, NZD/USD, and USD/CAD. Another complementary video is provided below the page.

Metals

There are a few metal trading instruments to trade on the platform: copper, platinum, silver, palladium, and Gold. Clicking on any instrument takes you to a page where you can buy and sell trading instruments, a graphical chart with different time frames, details on how to buy and sell the instrument, and news about the asset.

Oil and Gas

You can buy crude oil, heating oil, Brent crude oil, WTI crude oil, Henry Hub Natural Gas, and Brent Cash (BRNCASH). You can trade any complex instruments from the page but’ll be redirected to the signup and log-in page. There’s a tutorial to help those with little oil and gas trading knowledge.

Exchange Traded Funds (ETFs)

There is a short list of assets that can be traded here. Assets you’ll find include iShares MSCI Germany ETF, iShares China Large-Cap ETF, iShares Core S&P Mid-Cap ETE, Shares Latin America 40 ETE, iShares Core U.S. Aggregate Bond ETF, iShares MSCI Brazil ETF, iShares MSCI Mexico ETF, iShares MSCI United Kingdom ETF, and Dollar index.

Compared to other assets, there needs to be more focus on educating users about exchange-traded funds.

Indices

There is a short list of trading instruments that can be traded here. Some trading instruments you’ll find include AmsterdamExchange Index (AEX Index), CotationAssistée en Continu Index (CAC 40), EU Stocks 50 (FESX), NASDAQ 100 (ND 100), Dow Jones Industrial Average (30) (DJIA 30), and FSTE Cash (ZCASH).

You’ll also find educational resources to help you, like examples of how transactions are conducted and a section that leads you to buy the desired instrument you want.

Agricultural Goods

You can also trade agricultural goods on the platform, like corn, Soyabeans, sugar, coffee robusta, coffee robusta cash, Cocoa, coffee, and wheat. You’ll find useful resources on how that works to trade these instruments and how they work. Examples are attached to it.

Specification of Tools

This is a way to search through the various platforms Forex Club supports to get more details about the instruments and their availability.

The search is done based on the platform you want to search for, the groups of assets available, the subgroups the assets fall into, the currency denomination, and the speaker (other specifications). This helps you filter through and identify what you need.

The assets segment is well-packed with many instruments and valuable resources to build knowledge. Educational tools can also help you understand more about the different assets and instruments. You’ll also find negative balance protection while trading the various financial instruments.

Trading Platforms And Terminals

There are four trading platforms supported by Forex Club, which gives users a pool of choices to choose from. These platforms are Libertex for browsers and desktops, Libertex mobile application, MetaTrader 4, and MetaTrader 5.

Libertex for browsers and desktop

This is the trading platform of the website that allows users to trade from their web application. Some of the features of this account are the low spread from 0.00003, zero commission, a multiplier from 1 to 999, a minimum transaction from $10, market execution, negative balance protection, and base currency in USD.

You’ll also be able to trade various instruments under every asset. You’ll get technical notifications like price alerts and information about price transactions.

Libertex mobile application

There isn’t much difference between the browser and mobile Libertex account beyond the accessibility; it’s available on Android and iPhone. The spreads are equally low, offering zero commission, a minimum transaction volume of $10, the same multiplier option, negative balance protection, and several other technical indicators.

MetaTrader 4

MetaTrader 4 is one of the most popular trading platforms for users. You’ll get pips starting from 0.0, a low commission of $0.04, maximum leverage of 1,000, support automatic trading, support for over 250 trading instruments, and multiple trading; indicators include MACD, moving average of Oscillators, and trading signals.

MetaTrader 5

This is the advanced version of MetaTrader5. You’ll get low pips from 0.0, a low commission from $0.04, leverage from 1 to 1,000, and automotive trading. There are analytic tools to help you with over 12 timeframes, 38 built-in technical indicators, and an economic calendar.

This is available on both mobile applications and desktop devices. Using MT5 and other educational tools isn’t easy for novice traders, but YouTube tutorials can help.

Overall, the supported trading platform gives users several platforms to choose from when deciding to trade an instrument. There’s the demo trading account to build a strategy without losing real money.

Looking for a broker with multiple terminals platforms and tools? Check out Fusion Markets.

Withdrawal and Deposit

This is overlooked, but the ease of funding and withdrawing from your account is very important.

Deposit Methods

To make an initial deposit into your account, there are several methods you can choose from, which are separated into using bank cards and transfers, and electronic wallets.

You use Mastercard, Visa, Visa Electron, or Maestro for bank credit cards and debit cards. Bank transfer is available to almost every other bank. You can use Skrill, Neteller, Jeton, WebMoney, and Vload Vouchers for electronic wallets.

Conditions for Deposit

Platforms like Fusion Markets and Global Prime also have similar conditions for deposit.

• There is a 0% commission charged for using bank transfers.
• Other deposit options (bank cards and electronic wallets) charge from 0% upwards.
• Forex Club offers a $30 compensation for payments from 1000 USD.
• Transactions are instant except for bank transfers that take 2-3 working days.
• There is a minimum deposit to be paid also.

Withdrawal Methods

Three withdrawal methods are available for Forex Club: bank transfer, bank cards, and electronic wallets.

Bank Transfer: banks that support the provided account number. Credit cards and Debit Cards: Mastercard, Visa, Visa Electron, and Maestro. E-wallets: WebMoney Skrill, Neteller, and Jeton.

Conditions for Withdrawal

• Electronic transfer charges a commission between 0.8-1%.
• Bank cards charge a commission of 2.5%.
• Withdrawals are usually instant; however, bank transfers take 2-5 working days, and in rare cases, bank cards take a processing time of 5 days.
• Don’t expect withdrawing real money from your demo account.
• You should expect to be charged an inactivity fee for not using the platform.

Other Trading Options

There are several other opportunities for you to earn as a user of Forex Club. This includes Bitcoin mining, VIP conditions, promotions, and bonuses.

Promotions and Bonuses

There are different bonus packages attached to using the Forex Club.

Welcome Bonus: this is the most popular bonus package for new users. They’ll get a 100% welcome bonus.

Bonus account: This is a particular account created for every user on sign up for Forex Club. This is where bonuses from several loyal programs are sent during the timeframe of validity.

Affiliate programs

Forex Club runs an affiliate program where users can partner with the financial broker. So far, the brokerage company has attained notable feats: with 20k partners worldwide, over a hundred countries, and 7 million paid out to affiliates.

You should note that the Forex Club affiliate program partners with Financial Partners Marketing (FPM). Some features of using FPM include detailed analytics, fast payments, a personal affiliate manager, and support for multiple languages.

Bitcoin Mining

Forex Club also offers Bitcoin mining, enabling users to accrue Bitcoin which can be utilized anytime. The initiation process is simple: establish your Forex Club account, navigate to the virtual miner on the app, and select ‘mining’ to begin accruing cryptocurrency.

Detailed information about Bitcoin mining, the platform’s support, and Forex Club’s security measures can be found on their website. It’s worth noting, however, that the platform lacks negative balance protection.

Account Types

Like several other brokers, Forex Club offers five different types of accounts, each with benefits and disadvantages. Let’s briefly explore each of these accounts.

Silver Account

This account starts with a minimum deposit of $500. One of the significant benefits of using the silver account is that trade turnover gets up to $1,000,000. You’ll have access to most trading platforms, analytics features, finance packages, and training.

However, the major downside is not getting ready-made solutions like trading systems, model portfolios, and investment ideas. Other things like basic training courses, VIP manager, transaction by phone, etc., aren’t available as well.

Gold Account

This account starts from $500 – $5,000 and a trade turnover from $1,000,000 -$10,000,000. You’ll have access to all the trading platforms; for the finance category, there are individual and exclusive trading conditions, and there’s no VIP manager, trading, or model system.

Platinum GH Account

This account starts from $5,000 – $50,000. You’ll get all the trading platforms, analytics, training, ready-made solutions, and support. But, you won’t get individual and exclusive trading benefits under finance. And in addition, you’ll get this account if your trading turnover is between 10,000,000 and 100,000,000.

The Diamond account

This is a super account that provides you the complete benefits of using Forex Club, the only missing link you won’t have access to is the exclusive trading option, which you can function well without issues. To have access to this account means you’ll have from $50,000 to $500,000, or your trade turnover limits is more than $100,000,000.

Exclusive Account

If you want all the benefits of trading without obstruction, and all the complete features, go for the exclusive. This is an expensive account and starts from anything from $500,000. You shouldn’t hold back if you’re eligible for this account.

There are things to note, like the availability of funds in your account.

Platform Analytics

Platform analytics is a broker segment that covers market reviews, market calendars, and analytical research. You must be a registered Forex Club user to access the market reviews.

Market Calendar

This contains a list of past and upcoming market events, the countries the event/ news will impact (tagged as high, average, and low), and a timeframe to work with.

Overall, you can see the percentage impact a news had in the past, the potential impact, the country the news is from, and the assets the news will affect the most.

Analytical Research

This aspect is for the geeks who enjoy going in-depth into how the different financial instruments, events, countries’ economies, market trends, etc.—work and how to use them.

Because of the nature of this type of research, there aren’t a lot of them on the platform. Some examples of what you’ll find include ‘crypto research 3.0 2021,’ ‘U.S. election 2020,’ ‘Two scenarios, two strategies,’ and ‘coronacrisis 2020.’

Customer Support

The customer support on the first appearance might not appear in detail, but it’s quite the opposite.

Forex Club has two customer support contacts to reach out to and are available from Mon – Fri, from 5.00 to 21.00 GMT. There are rules attached and expectations, depending on the size of your trading accounts.

You can reach out for more enquires about things like negative balance protection, demo trading accounts, deposit methods, etc. The customer support is that excellent.

There’s the option to ask a specialist for more information regarding what you might have issues with. You’re asked a few details like the theme of your inquiries, the category it falls in (general question, login and password recovery, withdrawal of funds, crediting if funds, deleting a personal account, and financial claim for trading authorities);

your email address; description of the situation; and filling some captcha details.

Overall this segment is comprehensive enough for every user. You should be aware that customer support may not be helpful if you’re charged an inactivity fee.

History of Forex Club

Forex Club is an online brokerage and investment company founded in 1997. The financial broker supports multiple asset classes (currency pairs, cryptocurrencies, exchange-traded funds, indices, metals, oil and gas, and agricultural goods) and supports hundreds of instruments.

Forex Club has won notable awards like the best trading platform at the Forex Awards 2020 ceremony of World Finance magazine and the best cryptocurrency broker according to the Forex Awards.

The platform shows immense support for users with detailed and well-researched materials and an intuitive user interface. There are simple trading conditions to take note of using the platform.

However, one trade-off about Forex Club is that no regulatory body guides the platform’s activity, which seriously jeopardizes users if things go south. Also, their 26 years of operating in the market don’t cover this. If anything, the years of existence should have been enough time to acquire the right licenses.

Conclusion

Forex Club, despite its impressive services and interactive interface, may not suit everyone due to its exclusive language preference – Russian. Its lack of regulatory oversight further compounds the issue, warranting careful consideration before deciding to use this brokerage firm. Therefore, it may not be a recommended choice for all users.

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