It’s
no secret that all Forex brokers are not created equal, but Forex Club
illuminates this supposition by offering three distinct trading
platforms that cater to both novice traders and those who consider
themselves as Forex experts. As industry veterans for over ten years,
it’s no surprise that Forex Club has a keen understanding of the global
Forex trader. For this Forex Club review, we’ve tested the features,
ease of use, customer support and other aspects of Forex Club to help
you determine if this broker is right for you. Traders from the United
States can check out our FX Club review, to learn more about Forex Club’s US counterpart which is regulated by the NFA.
General Information
Founded in: 1997
Headquarters: British Virgin Islands
Maximum leverage: 1:100
Minimum deposit: $200 (with Rumus and StartFX platforms)
Minimum deal size: 10,000
Languages available: English, Chinese (Simplified), Russian
Trading Platform
In a market flooded with hundreds of Forex brokers, Forex Club distinguishes itself by offering three unique trading platforms. During the course of our Forex Club review, we came to appreciate the StartFX platform the most, because it directly addresses the needs of new traders who are often neglected by respected Forex brokers who would rather cater to experienced traders. Specifically, StartFX offers Forex trading of 11 currency pairs without the distraction of Forex analysis that is found in most trading platforms. StartFX explains the trading process from start to finish in a gentle, informative way that makes traders feel empowered and comfortable with their decisions. StartFX also has a demo account which can be used for free for 14 days.
General Information
Founded in: 1997
Headquarters: British Virgin Islands
Maximum leverage: 1:100
Minimum deposit: $200 (with Rumus and StartFX platforms)
Minimum deal size: 10,000
Languages available: English, Chinese (Simplified), Russian
Trading Platform
In a market flooded with hundreds of Forex brokers, Forex Club distinguishes itself by offering three unique trading platforms. During the course of our Forex Club review, we came to appreciate the StartFX platform the most, because it directly addresses the needs of new traders who are often neglected by respected Forex brokers who would rather cater to experienced traders. Specifically, StartFX offers Forex trading of 11 currency pairs without the distraction of Forex analysis that is found in most trading platforms. StartFX explains the trading process from start to finish in a gentle, informative way that makes traders feel empowered and comfortable with their decisions. StartFX also has a demo account which can be used for free for 14 days.
Traders
with minimal experience and those with vast experience can both enjoy
Forex Club’s second platform, ActTrader, which is available with the
company’s ActiveFX account. ActTrader is available in downloadable and
web-based versions, as well as in a mobile version. It integrates market
analysis with a straightforward user interface, which creates a
comfortable trading experience. ActTrader is the only one of Forex
Club’s platforms that offers no dealing desk executions, which can be a
significant advantage for all Forex traders. ActTrader trades 22
different currency pairs and includes an autotrader. The practice
version of ActTrader can be used for 30 days.
The
Rumus platform is Forex Club’s third trading platform, and with 77
trailing indicators and 17 charting tools, it’s obvious that Rumus
provides an unparalleled trading experience for advanced traders who
rely heavily on technical analysis. Like the ActTrader platform, Rumus
trades 22 currency pairs, and is available in a mobile version. It also
has a 30 day demo account version available. However, while the
ActTrader platform has different applications for iPhone and Android
phones, Rumus’s mobile integration is geared for all types of phones and
does not cater specifically to higher-end phones.
Features
In the scope of our Forex Club review, we came across several useful features offered by the broker, as well as several which we felt were underutilized. We were most impressed by the Autochartist, service that deciphers charts and trends in understandable way and which we found to reduce the stress associated with understanding technical analysis. We were also intrigued by the TradingCentral service, which serves as a free signal provider for traders who deposit $1500 or more into their account.
On the other hand, we were disappointed with Forex Club’s user forums and news services, which were clearly neglected parts of the site. The user forums, which should have been a tremendous resources for users looking for peer advice, were crowded with irrelevant and inappropriate information, and the news section seems to be updated about once a week, which is not often enough to let traders get a sufficient understanding of factors that can affect the market.
Customer Service
Like most Forex brokers, Forex Club offers customer support via phone, email and online chat. One addition that Forex Club offers is the ability to request a callback, which can be convenient for traders who don’t want to pay for a long distance call to the company’s American-based phone number. We found, however, that Forex Club’s phone support team answered calls within 2 minutes, and that the phone operators were able to answer our questions accurately and politely.
We were equally impressed with Forex Club’s chat service, which offered quick responses to our questions on multiple occasions.
We
were slightly disappointed to see that Forex Club doesn’t offer the
same trading education that other brokers such as eToro offer.
Noticeably missing from Forex Club’s website were the webinars,
e-courses and even articles that are so abundant on other broker sites.
We did find FAQs and a glossary on the company’s website, which were
well-organized and somewhat useful. Features
In the scope of our Forex Club review, we came across several useful features offered by the broker, as well as several which we felt were underutilized. We were most impressed by the Autochartist, service that deciphers charts and trends in understandable way and which we found to reduce the stress associated with understanding technical analysis. We were also intrigued by the TradingCentral service, which serves as a free signal provider for traders who deposit $1500 or more into their account.
On the other hand, we were disappointed with Forex Club’s user forums and news services, which were clearly neglected parts of the site. The user forums, which should have been a tremendous resources for users looking for peer advice, were crowded with irrelevant and inappropriate information, and the news section seems to be updated about once a week, which is not often enough to let traders get a sufficient understanding of factors that can affect the market.
Customer Service
Like most Forex brokers, Forex Club offers customer support via phone, email and online chat. One addition that Forex Club offers is the ability to request a callback, which can be convenient for traders who don’t want to pay for a long distance call to the company’s American-based phone number. We found, however, that Forex Club’s phone support team answered calls within 2 minutes, and that the phone operators were able to answer our questions accurately and politely.
We were equally impressed with Forex Club’s chat service, which offered quick responses to our questions on multiple occasions.
Nevertheless, we were glad to see that Forex Club’s website has a search feature, which was instrumental in helping us find answers to our questions independently. While you might think this is a standard offering, it’s worth noting that many top Forex brokers like Plus500, do not offer this means of finding information.
Ease of Use
Forex Club has a neat, organized website that is clearly designed with the user in mind. With a singular top navigation, users should be able to find what they’re looking for quickly and easily. Clear comparisons of account types and trading platforms enable prospective users to see at a glance which platforms offer the features they’re looking for.
Once a user chooses the right type of account, registration is straightforward and shouldn’t take more than a few minutes. Depositing money into your account is simple because Forex Club accepts several payment methods including most major credit cards, wire transfer and payment via MoneyBookers, and online payment portal.
Forex Club’s trading platforms are just as intuitive as their website. Large buttons that combine text and images make it easy for users to find the action they’re looking for, and amply-sized boxes provide a plethora of information on the platforms’ main pages without being overly crowded or difficult to read. Overall, we found that Forex Club was easy to use from start to finish.
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