|Name of the Broker||Forex Club||-|
|Demo account link||Demo Account||-|
|Live account link||Live Account||-|
|Safety of funds||6||-|
|Software ease of use||7||-|
|Tools and resources||6||-|
|Timeliness of application||6||-|
|Minimum account size||1||-|
|Application processing time||1 Business Day||-|
|News and Charts|
|Free charts with broker feed||-|
|Premium charts w/feed||-|
|Trading off charts||-|
|Applications and Usability|
|Web based application||-|
|Training video available||-|
|Usability of software (1=poor, 5=very good)||-|
|Courses and Webinars|
|Free training signals||-|
|Help and Support|
|Phone Support||800 881 3809||-|
|Live Chat||Live Chat||-|
|Email support||Email Support||-|
|Other (by whom)||-|
|Segregated account available||-|
|Segregated account standard||-|
|Client funds held separate from operating funds||-|
|Balance sheet available||-|
|NFA member page||-|
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.
Refunding commissions on non profitable trades. Position reversals.
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).
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.
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.
Forex Club is regulated by the CFTC and an NFA member since 2005. They currently have no actions listed against them.