Forex Club Broker Review

Year Founded: 2005
Locations: Staten Island, New York
Average Spreads: 3-5 pips
Minimum Account Size: $10
Leverage: 100:1
Accepts US Clients: YES
Regulated By: NFA, CFTC
Dealing Desk: YES

Company Overview

Forex Club is a well-established, popular forex broker out of Staten Island, New York. Serving clients from over 50 countries and partnering with worldwide firms such as Dow Jones and Bloomber, Forex Club uses fixed rate commission pricing for all of its trades, even refunding the commission paid if it is not a profitable lot. They charge $0.40 per spread for every $1,000 of currency that is traded. Forex Club is a dealing desk firm and is a registered Futures Commission Merchant.

The firm was recently awarded the Best Broker for Beginners award by forex-ratings.com. They use two kinds of platforms, the ExpressFX platform (to be used by novice forex traders) and the ClassicFX (to be used by veteran forex traders). Forex Club also offers demo and live accounts to prospective clients. They have some of the best educational materials/tools in the industry and provide top-notch analytical support for its customers. You, as a trader, can be trading Forex currencies within one business day of joining the site.

Trading Conditions

Forex Club is a dealing desk firm with quick price quotes for the client. Forex Club has two different trading options. Their newest option is ExpressFX, which has no spreads. Instead, they charge a commission of $0.40 for every 1,000 units of currency traded. This fee is only applicable for trades that yield profits. They also offer ClassicFX, which has spreads but no accompanying commission. This powerful platform allows traders to trade from charts, receive audible alerts when an order is being reached or news is being released, choose from time frames ranging from an entire year to a simple tick. Their spreads range from 3 pips on EUR/USD to 15 on GBP/CAD. There are also demo accounts available to users who need some help with their Forex trading and don’t want to risk any money on their trading prowess quite yet.

All accounts include a pattern recognition software called Autochartist, which utilizes analysis of technical specifications that assist traders in identifying forming trends to help them make sound decisions in the market place. 100:1 is the leverage in the base currency. 50:1 for accounts of $100,000 to $200,000 is the max variant while 20:1 is the minimum variant for accounts above $200,000. Stop orders and limit orders are also offered by Forex Club, however trailing stops are not offered at this time. Forex Club offers 22 currency for trading, and they do have a minimum lot size, which is 0.01.

Education

Forex Club is known for the quality of their educational products. “Forex Insight” is a relatively new training course consisting of online video seminars, email seminars and practice accounts. It is an invaluable source of information about Forex trading for people unaccustomed to what Forex trading consists of. “Forex Insight” also provides a great wealth of information that even the most experienced trader will find useful. Forex Club has pioneered the market of video-based Forex education with subjects covering the essentials of Forex trading to advanced trading strategies. Forex Club’s learning materials have recently won them the “Best Broker for Beginners” award from forex-ratings.com in 2009.

These materials include webinar classes, .pdf teaching, and reading materials. Forex Club also offers six hour-long videos for new users to watch, as well as a forum in which they are able to exchange ideas with Forex Club personnel. One of the more popular learning mechanisms is a user-friendly wizard, which guides new traders through the trading process. Finally, Forex Club has installed a feedback mechanism that put you in contact with the course creators in case you have any question about what you see in the videos. Users even have the opportunity to speak with Dennis Carr, the voice behind the educational materials, in the forums that they offer. Their site provides news from Dow Jones and Bloomberg, an economic calendar, a Forex chart, a daily Forex Market Update news segment and one daily market signals report (courtesy of Autochartist).

Customer Support

The easiest way in which to contact customer support would be with an email form that can be found on the company’s website. Live chat support service is also offered to clients. A representative of Forex Club will be able to assist you with any questions or concerns you might have. Forex Club also has a toll-free phone number, which is 1-800-881-3809 begin_of_the_skype_highlighting              1-800-881-3809      end_of_the_skype_highlighting. Still yet another method of contacting Forex Club is the utilization of the “Request a Call” button. Forex Club will contact the user after they fill out their confirmation code and phone number.

Safety

In order to protect important privacy matters of its clients, encryption standards set aside by the company are met as it relates to orders and accounts. Additionally, in order to make sure that all data is transferred securely, an online safety portal named “My FXClub” is used for all data transfer between the client and Forex Club.

The most recent net adjusted capital figures have Forex Club Financial Company at $21,804,109 (Excess Net Capital $1,804,109). The registered capital of Forex Club Financial Company is $20,000,000. Forex Club is a registered merchant with the Commodity Futures Trading Commission (CFTC) while also holding membership in the National Futures Association (NFA)