Question 1

What regulation and investor protection does Forex Club provide to ensure safety?

Accepted Answer

Forex Club is regulated by The Financial Commission, an international regulator classified as Tier-3 with investor protection coverage up to €20,000. The broker has a long market history since 1997, which adds some credibility, but the overall safety score is rated low at 4.7 out of 10 due to the lack of Tier-1 regulation and limited investor protection schemes compared to top-tier brokers. Traders should conduct independent due diligence before investing with Forex Club.

Question 2

What are the trading costs and commission structures at Forex Club?

Accepted Answer

Forex Club offers two main account types: Standard and ECN. The Standard account has zero commissions and a floating spread starting from 1.6 pips. The ECN account offers spreads from 0.0 pips but charges a commission of $6 per lot. Non-trading fees include a monthly inactivity fee of $10 and withdrawal fees ranging between 0.8% to 2.5%. Overall, the fees are average, rated medium with a score of 5 out of 10. Traders should be aware of these costs when considering Forex Club.

Question 3

What deposit and withdrawal options does Forex Club offer, and what are the minimum amounts?

Accepted Answer

Forex Club provides a variety of deposit and withdrawal methods, including VISA, Mastercard, Maestro, Skrill, Neteller, bank wire transfer, and several e-wallets. The minimum deposit is $100, while the minimum withdrawal amount is $20, though exact minimums may vary by account type and payment method. Deposits are generally straightforward, with some fees applicable depending on the payment method, whereas withdrawals may incur moderate fees consistent with industry standards.

Question 4

Is Forex Club beginner-friendly?

Accepted Answer

Yes, Forex Club caters to both novice and professional traders. It offers several account types suitable for beginners, including Libertex, MT4-Instant, and MT5-Instant accounts which have low minimum deposits starting at $10 in some instances and easy-to-use platforms like MT4 and MT5. The broker also provides educational materials including over 40 courses through its International Academy of Investments and Trading, making it accessible for traders new to forex. However, some beginners may find the lack of a detailed glossary on the website a drawback for understanding trading concepts.

Question 5

What trading platforms and tools are available at Forex Club?

Accepted Answer

Forex Club supports the popular MT4 and MT5 platforms, which are available on multiple devices such as Windows, iOS, Android, Mac, and WebTrader, catering to both beginners and experienced traders. Additionally, it offers the proprietary Libertex platform. The broker provides essential trading features including 68 supported indicators, automated trading through Expert Advisors (EAs), and multiple order execution types like Instant and Market Execution. Mobile trading apps are available with generally good functionality.

Question 6

What range of tradable assets does Forex Club support?

Accepted Answer

Forex Club offers a total of 126 tradable assets, including 54 forex currency pairs and various CFDs covering commodities (oil, metals), indices, cryptocurrencies (Bitcoin, Litecoin), and precious metals (gold, silver). While the asset range is somewhat limited compared to some competitors offering thousands of instruments, Forex Club covers the most popular markets needed by most retail traders. However, it does not offer stocks, ETFs, bonds, or mutual funds for direct investment.

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