The broker ForexClub has exclusive offerings of several Trading Platforms. It also claims to offers the choice of fixed and floating spreads, commission-free and with the commission trading on tighter spreads. According to the broker, the offerings include crypto coins, foreign exchange pairs, indices, stocks, shares, commodities, and precious metals. The minimum deposit required is about $1 and premium services can be availed by the deposition of $500. All that being said let’s dive into other aspects of this broker in this ForexClub review.
The broker was founded in the year 1997 and asserts to provides its brokerage services to 120 countries. The main clients of Forex Club are from previous Soviet states also known as Commonwealth of Independent States. The broker has subsidiaries that are registered in Russian, Belarus, Cyprus, and also in Saint Vincent and the Grenadines. According to the broker except for SVG based unit, other subsidiaries are regulated by respective local financial authorities of the countries. The broker claims to provide trading on $1 deposit. The spreads offered on USDEUR fx pair are 3 pips that are more than average spreads available in the markets. Nevertheless, higher spreads drive the cost of trading higher and are not profitable. The broker also claims a higher maximum leverage of 1:500. These may look attractive but keep in mind higher leverages can bring you a fortune simultaneously they can turn into a curse and traders can lose their investments.
The broker offers trading on not one, not two but four trading platforms. They are renowned MetaTrader, Rumus, StartFX, and self-proprietary Libertex. All of them has their own advantages. MetaTrader is known to every trader and has features like EA, Charting, Market Indicators, Automated Trading System, Multi-Account Management facility and much more. Payment methods at ForexClub include credit and debit cards, bank wire transfer, and wallets like Skrill, WebMoney, Qiwi, Moneta, and Yandex are few to mention.
Is ForexClub scam or legit?
The broker’s offerings are lucrative. It facilitates trading on four different trading accounts. Also has all possible payment methods. However, the trading conditions are exceptionally high. Spreads of 3 pips drive the cost of trading multi-fold. The maximum leverages of 1:500 is sufficient to drain traders funding. The trading market is unpredictable and involves many risks. The broker ForexClub may or may not be a potential Australian trading scam. But overseas broker always possesses a scam risk.