Editor’s Verdict
Overview
Review
Headquarters | Russia |
|---|---|
Regulators | CRFIN |
Year Established | 1997 |
Execution Type(s) | No Dealing Desk |
Minimum Deposit | $500 |
Trading Platform(s) | Other, MetaTrader 4 |
Islamic Account | |
Signals | |
US Persons Accepted? | |
Managed Accounts |
Forex Club, established in 1997, is the brand name for a group of companies that provides clients from over 120 countries with platforms and services for trading Forex, CFDs and other online trading and educational products. ForexClub was one of the industry’s first to offer zero spread trading and commission refunds on all unprofitable trades. Traders can choose from 45 currency pairs and more than 100 CFDs.
Their Russian broker, LLC ForexClub, is a founding member of CRFIN, the Russian self-regulatory organization.
Accounts
The minimum deposit size is $200 and $10 is the minimum amount needed for trading. The recommended initial deposit is $5,000. Typical leverage is 1:100, though 1:50 and 1:200 leverage is also available. Maximum leverage for accounts holding over $300,000 is 1:500. 100,000 base currency units is a standard lot, and 1 000 base currency units is the minimum lot.
Forex Club Account Types
Demo accounts at Forex Club start with $50,000 in virtual money and can be used for 30 days. They can be extended from the Account Management Area by having at least $300 in an account or a non-expiring training account can be opened with $1,300.
Forex Club offers Swap accounts. Forex trading is a SPOT trading, which means that all trades are settled on the second business day after a position has been opened. Swap operation is used to avoid the physical delivery of a currency. In essence, in the end of each trading day, all positions are closed and immediately re-opened at SWAP price. SWAP is executed automatically at 21:00 GMT.
Trading Instruments Comparison
Features
The Navigator window provides quick access to various program functions. It includes a list of accounts, and available technical analysis indicators.
The Navigator also provides a list of all available custom indicators and scripts – libraries of custom functions that are used to keep frequently-used parts of custom programs. And Autochartist, a system of notification of appearing graphic models and trading signals, is also available.
The Expert Advisor program written in MetaQuotes language implements a specific trading strategy. The Expert Advisor has access to the terminal data and can execute trading transactions automatically
Another interesting feature at ForexClub is TradeCloud which is a web-based system which makes all Forex Club trading platforms accessible from any PC, laptop, iPhone, iPad, or Android connected to the internet. TradeCloud eliminates the fundamental drawbacks of desktop platforms and effectively provides traders with the power, reliability, and security of a mainframe, from anywhere in the world.
Trading Central is sophisticated software that does the complicated math so traders can see the direction and duration of current trends for a chosen currency pair as patterns emerge. This analysis gives the actionable intelligence needed to find the best possible trading opportunities.
It offers an intuitive interface, constant coverage of the market with signals updated multiple times an hour and back tested indicators to assess and ensure trends and to pinpoint optimal times to place trades. Coverage includes Forex, S&P, DJI30, Nasdaq, Gold and Oil and Japanese Candlesticks confirm trend reversals or acceleration.
Trading Central is free for Forex Club customers with deposits of $1,500 or more. In fact, all the services at ForexClub are provided free of charge with a certain level of deposit. Autochartist is available from the very beginning whereas Trading Central signals are available for subscription after your deposit exceeds $500.
Forex Club’s Sentiment Index displays changes in the ratio of traders buying and selling a specific currency for a given period of time. The index is also used to forecast the best time to buy or sell a currency and is a tool that gives traders a better understanding of the current market situation in greater detail.
Several chart patterns are presented and they are explained in detail. These include three different types of triangles—Symmetrical, Descending and Ascending; Double Tops and Double Bottoms, Head and Shoulders, Reverse Head and Shoulders and more.
Education
The news feed DJ Forex is a joint project of the world's largest news agency Dow Jones Newswires and the Russian leading news agency Prime-TASS. All news is sent to the client terminals as it is received from the above-mentioned sources.
News articles from Dow Jones Newswires come in English, and the most important articles are translated by Prime-TASS into Russian.
Anything a trader needs to know and much more is presented in a highly detailed FAQ section.
Forex Education
Deposits/Withdrawals
The minimum deposit to a Forex Club account is $50 which can be done by credit cards, wire transfers and several online payment programs.
Withdrawals are made using the same methods.
Customer Support
Customer Support Methods |   |
|---|---|
Support Hours | 24/7 |
Website Languages |    |
Traders can contact the company 24/7 via telephone, e-mail and on-line chart. For the Russian clients there is a free number 8-800. Support responses are fast and professionally.
The website is available in English, Russian, Portuguese, and Chinese.
Conclusion
Forex Club has a wide range of features that suit both new and experienced traders. I was pleased to see that a demo account is available with a generous amount of virtual money. I was disappointed, however, that there were no bonuses or promotions offered, something that most brokers use to attract more clients.
Features
Forex Club has many features that are not found with other brokers such as their Navigator, Sentiment Index, Trade Cloud, Autochartist and Trader Central. In addition, they offer traders a choice of several different trading platforms which not all brokers provide. The various other interesting features are geared to ease the trading process, teach traders to be more profitable and are applicable to traders on all levels of trading.
Platforms
There are four platforms to choose from at Forex Club.
Platform Comparison
Libertex
Libertex is ForexClub’s in-house investment and trading terminal. Libertex allows traders to work with the most popular financial instruments (currencies, metals, shares, energy products, indices etc.) from one terminal using all types of desktop and mobile devices without extra settings and special training.
The key advantage of Libertex is that all the aspects of trading such as spreads, margin, lots are inside the system’s heart. Trader’s need only decide the amount of trade and the asset’s direction. Thus, newcomers don’t need to have deep knowledge of the financial markets whereas professional traders have an access to a powerful toolkit of the technical analysis.
The terminal is available from the browser and as a mobile app Libertex for iPhone and Libertex for Android. Both apps are free and easy to download from AppStore or Google Play. The programs include almost all the functionality of the version for PC. There is functionality for Apple Watch available in the app for iOs.
Forex Club Libertex
MetaTrader 4
МТ4 is the most popular trading terminal among traders from all over the world. It is simple, quick and offers the use of automatic strategies. Thanks to partner relationships with the company «First Derivatives», a bridge «One Zero» and «No Dealing Desk» technology the operating speed in normal market conditions and sufficient liquidity has increased to 1 millisecond.
Traders receive over 10 000 written indicators, scripts and for МТ4 and can choose from over 100 instruments. МТ4 requires pre-installation on the desktop computer.
The Rumus terminal is also Forex Club’s personal in-house development. The terminal does not allow the option of automatic trading. However, it remains in-demand among those who prefer to use it. The main advantages of Rumus are settable program windows, method of execution Request Execution and great opportunities in using built-in indicators.
StartFX
ForexClub’s exclusive StartFX is a progressive Forex trading platform designed just for beginners. It starts traders off with the most basic functions necessary to trade Forex. More advanced functions and options then automatically increase along with traders' experience level. Technical analysis is really simple because there is a built-in advisor for placing trades.
Mobile
MetaTrader4 Mobile supports PDAs with Windows CE or Windows Mobile installed. There was no MetaTrade terminal for Mac OS or Linux at the time of this review.
Mobile Trading Platform
Rumus
Rumus is Forex Club’s most exclusive Forex trading platform. Designed for experienced Forex traders Rumus is a fully customizable platform loaded with indicators and 50+ oscillators, advanced and versatile charting techniques available and the ability to trade directly from charts. Rumus helps the experienced Forex trader hone the necessary skills to achieve optimal trading strategies and results.
MultiTerminal
The MetaTrader 4 MultiTerminal trading platform is designed for managing multiple trading accounts, in real-time, simultaneously. It is identical to MT4 in scope and functionality, but traders an choose between lot allocation on equity ratio, free margin ratio, equal parts, total volume for each order, and predefined volume. Up to 128 accounts can be managed in real time.
The MultiTerminal platform gives traders the opportunity to distribute volume across accounts in order to place the necessary volume for each order. Choose between equal distributions or distribute funds automatically, based on assigned funding ratios.
Trading Platform
MT4 | |
|---|---|
MT5 | |
cTrader | |
Proprietary Platform | |
Automated Trading | |
Guaranteed Stop Loss | |
Scalping | |
Hedging | |
OCO Orders | |
Interest on Margin |