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Forex Club Review

Forex Club rating: 10 votes, average: 3.70 out of 510 votes, average: 3.70 out of 510 votes, average: 3.70 out of 510 votes, average: 3.70 out of 510 votes, average: 3.70 out of 5 (10 votes, average: 3.70 out of 5, rated)
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Forex Club is a forex brokerage company based in Staten Island, NY, USA. It is registered as a Futures Commission Merchant with the National Futures Association. Forex Club is available in more than 17 languages.

Company’s Market Position

As a brokerage company it upholds highest standards in business practices, and is subject to very strict financial reporting requirements. It is due to this very fact that today Forex Club is used by experienced day traders from over 50 countries. Forex Club is one of the most trusted names in the retail forex industry.

Types of Services Offered

Demo accounts are for unlimited usage. At Forex Club it takes only $10 to start a real forex account, and when you deposit $100 or more Forex Club will give you a margin bonus of another $100.
Credit cards, wire transfers and checks are acceptable to transfer money to open a real forex trading account.
The spread is 3 pips usually on EUR/USD, and leverage ranges from 1:20 to 1:100

Trading Platform

Forex.com has several types of trading platforms as enumerated below. All you need to do is download it and install it in your computer. All these trading platforms makes trading look more transparent and simple to understand.

Express FX: This is one of the flagship products of Forex Club. Using this platform you pay just $ 0.4 for every 1000 traded, which means you have the advantage of doing zero-spread trading and get your commission refunded in case you make a non-profitable trade.
Apart from English, Express Fx is supported in the following languages namely Chinese, Portuguese and Russian.

Then there is the Classic Fx trading platform available in three versions namely Classic Fx for desktop known as Rumus 2, Classic Fx for mobile browsers known as Rumus Web and Classic Fx for Smartphones known as Rumus Mobile.

Classic Fx for desktop (Rumus 2): This is meant for active traders since it has the best technical and analytical tools. It is a customizable module based trading platform offering the usual live quotes, advanced charts, historic quotes and so on.

Classic Fx for mobile browsers (Rumus Web): This platform can be used on any device that has an Internet connection. However, the functionality of this platform is limited to placing market orders and viewing charts.

Classic Fx for Smartphones (Rumus-Mobile): This is a platform specially designed for Smartphones. Using this you can access your trading account via your Pocket PC from anywhere or anytime. Rumus-Mobile is meant to be directly installed in your Pocket PC or Smartphone and is a standalone forex trading platform.
Rumus Mobile is available in two versions of which one is suitable for PDA and the other for Smartphones.

Trader Support

Customer support is provided by toll free numbers, request a call facility, email and chat.

Site design and ease of navigation

The website is easy to negotiate as there are not many advertisements. Besides, the excellent FAQ feature page is of great help in finding your way through the site.

Advantages

The advanced trading platform is good.
The commission levied by Forex Club is just 60 cents for every $ 1000 traded or for that matter 1000 pounds or 1000 Euros. Forex Club returns the commission charges to you automatically on non-profitable trades.
The low entry barrier of just $10 to open an account is a great advantage.
Forex Club has recently added Autochartist’s service to its customers. This is a service that automatically identifies market patterns and signals emerging trends to the trader.

Disadvantages

No details of offices located in other countries are provided. There is no Meta Trader 4 software support either.

Write your own review of Forex Club

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10 Comments»

Comment by Raj Subscribed to comments via email
2008-06-04 19:32:23

Hi folks,

The Ramus-2 trading platform is simply great–its a cut above the rest.Specifically I am referring to the charting feature in the platform—I have not seen anything as advanced as this anywhere else.And where else can you find a forex traders contest as interesting as “Lose2Win”! Has anyone seen a better contest than this

Raj ratings for this post: Raj gives a rating of 3Raj gives a rating of 3Raj gives a rating of 3Raj gives a rating of 3Raj gives a rating of 3
Comment by rommel Subscribed to comments via email
2008-06-05 09:54:21

Hi,

Yes the other contests have to do with automated trading. This ones surely different. The point is if you have your own proprietory trading platform,you have your own refined way of interacting with your customers, and thats a great plus.Besides I dont like doing business with generic tading platforms such as MT4.Ramus-2 is different and I love working on it.

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Comment by ajax Subscribed to comments via email
2008-06-08 14:12:23

Prefer you look at guaranteed fixed spreads and fills on stops/limits—whether they have that? I am not worrying about contests!

ajax ratings for this post: ajax gives a rating of 3ajax gives a rating of 3ajax gives a rating of 3ajax gives a rating of 3ajax gives a rating of 3
 
Comment by aparna Subscribed to comments via email
2008-06-18 19:33:36

If you put $100 they put a matching $100—like the casino. Any one tried this?

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Comment by victor Subscribed to comments via email
2008-06-20 19:24:42

Yeah but they dont allow you to take that $100 out, so whats the point? I like the platform though,its great, no real issues there.

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Comment by sreejoy Subscribed to comments via email
2008-06-25 18:31:37

Victor doesnt the $100 lower your entry barrier to forex trading? I guess so, and no complaints for me there.

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Comment by Rich
2009-03-24 22:34:56

Rumus2 plus Autochartist gives you a great heads up on potential market movement. Great learning materials, friendly people working the phones. I don’t think these guys are trying to hide anything.

Rich ratings for this post: Rich gives a rating of 5Rich gives a rating of 5Rich gives a rating of 5Rich gives a rating of 5Rich gives a rating of 5
 
Comment by steve Subscribed to comments via email
2009-07-15 16:35:23

Have been with forexclub for several months.What’s nice about them? No glitches in trading software at all. Bloomberg news feeds really help as that’s undoubtedly the best financial news feeds you could ever get. Then they have the Autochartist feature and that can be used depending on whether you really need it.Besides you could access the platform through your PDA if you were travelling.All in all an excellent bunch of options whether you use Linux or Mac in your computer.It just takes $10 to open a account.Try it and I guess you wouldn’t regret it.

steve ratings for this post: steve gives a rating of 3steve gives a rating of 3steve gives a rating of 3steve gives a rating of 3steve gives a rating of 3
 
Comment by amla Subscribed to comments via email
2009-08-20 12:42:52

These guys allowed me to start an account with just $10, but the great advantage was they allowed me to set up a demo account as well for unlimited usage. Not many brokers allow for indefinite period demo accounts, and I can’t do without them because that’s how I confirm my trading strategies before pushing them to my real account.

Express fx their platform has support in Chinese, Russian and Portugese. I got a leverage of 1:100 and a 3-pip spread on the EURO/USD. Simple platform, nothing complicated about it, that’s what forex club appeared to me. They don’t make money on the spread, and I guess I was charged $0.4 for every $100 traded. Not much I would say especially as zero spread trading becomes a possibility. When I didn’t make profits in a few trades the commission was refunded, so that’s a plus with forex club. You only pay commission on profit making trades.

Sure I am going to try out forex club’s other platforms as well, especially the Classic fx platform devised for the mobile phone. I believe they have a desk top version of the Classic fx too. Nothing like placing forex orders when you are on the move, at least have the ability to close some trades to preclude losses. Forex club guys sure seem to be tech saavy. The best thing I liked about Forex Club platform was the linkage to the Autochart service. Charting is the key to my forex trading strategy and that’s precisely what Forex Club offered me.

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Comment by milla Subscribed to comments via email
2009-08-25 13:07:20

Access to bloomberg newsfeeds gives it that extra edge.

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