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Forex Club

Company
Name of the Broker Forex Club-
Broker
Accounts
Demo account link
Live account link
Ratings
Overall Rating 7-
Safety of funds 6-
Software ease of use 7-
Tools and resources 6-
Set-up process 7-
Customer support 6-
Timeliness of application 6-
Funding options 6-
General
Dealing desk/NDD DD-
Minimum account size 1-
Max leverage 100:01-
Application processing time 1 Business Day-
Fixed spreads yes-
Fractional pips no-
Automated trading no-
Offer options no-
News and Charts
Free charts yes-
Free charts with broker feed yes-
Premium charts w/feed no-
Trading off charts yes-
News yes-
Economic calendar yes-
Applications and Usability
Integrated charts yes-
Integrated news no-
Margin watcher yes-
Trailing stops no-
Web based application yes-
Downloadable application yes-
MT4 available no-
Training video available yes-
Usability of software (1=poor, 5=very good) no-
Courses and Webinars
Free training signals yes-
Webinars yes-
Beginner course yes-
Intermediate course yes-
Advanced course yes-
Help and Support
Phone Support 800 881 3809-
Live Chat Live Chat-
Email support Email Support-
Other Details
CFTC/NFA member yes-
FSA (London) no-
Other (by whom) -
Segregated account available no-
Segregated account standard yes-
Client funds held separate from operating funds yes-
Balance sheet available no-
NFA member page -

FX Club Basics

Forex Club Financial Company is a Staten Island based Forex firm that boasts their biggest selling point as having no spreads, which means that the bid and ask price are the same and instead, traders pay a commission. In Forex Club’s case, this is $0.40 for every 1,000 units of currency which is $4 for a 10k position. In the case of EUR/USD where a 3 pip spread is common (which equates to a $3 cost of entry) this is a little high but for a pair like GBP/JPY where 9 pip spreads are common this is a good deal. They also provide refunds of the commissions for non-profitable trades. Forex Club is a dealing desk firm.

Most Popular Features at FXClub

Refunding commissions on non profitable trades.  Position reversals.

Trading tools

Their site provides news from Dow Jones, a forex chart, an economic calendar (courtesy of Forex-Factory), a daily Forex Market Update news segment and one daily market signals report (courtesy of Autochartist).

Education At Forex Club

Forex Club’s learning materials have recently won them the “Best Broker for Beginners” award from Forex-Ratings (2009).  They offer webinar classes, .pdf lessons and reading materials, six hour long videos, a forum and a user friendly platform that contains a wizard that walks traders through each trade.

FxClub Spreads

Forex Club has two different trading options. There newest is ExpressFX which has no spreads, but instead charges a commission of $0.40 for every 1,000 units of currency traded.  This fee is only paid for trades that yield profits.  They also offer ClassicFX which has spread but no commission. Their spreads range from 3 pips on EUR/USD to 15 on GBP/CAD.

Regulation

Forex Club is regulated by the CFTC and an NFA member since 2005. They currently have no actions listed against them.

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