Forex Club
Forex Club is geared towards beginners who are new to online currency trading. Therefore, Forex Club offers educational resources to help beginners gain a better understanding of the trading process. These include step-by-step guides, free web-based seminars and live chat sessions. Forex Club also offers the ExpressFX platform, a simple trading platform that is easy to understand for beginners and provides a relatively risk-free trading experience. As a result, Forex Club was awarded “Best Broker for Beginners” by Forex-Ratings and is considered one of the best in the industry.
About Forex Club
Forex Club Financial Company (fxclub.com) is a brokerage specializing in Forex trading. Based in the New York City area, it is registered with Commodity Futures Trading Commission and is a current member of the National Futures Association (NFA ID# 0358265). Forex Club currently serves clients from over 50 countries and claims to open over 1,000 new accounts per day. This feature includes both live trading accounts and demo accounts.
The company was founded in 2005 by Michael J. Felice, who currently serves as both President and Chief Executive Officer of this company. Felice has over 30 years of experience in the brokerage industry and has also been involved with other financial and regulatory agencies. Other instrumental figures include Peter Tatarnikov, serving as the company’s vice president and COO with 12 years of experience in the Forex industry, and Michael Felice Jr., serving as the company’s CFO since 2007.
Contact Information
Customer support can be contacted via an email form located on the Forex Club website. Forex Club also features a live chat support service, where a real-life representative is available to answer any questions and other concerns. You can also reach the company by phone toll-free at 1-800-881-3809. Another method of contacting Forex Club consists of using the “Request a Call” link (http://service.ringcentral.com/ringme/callback.asp?mbid=55787941,0,&referer=). After filling out your phone number and confirmation code, the system will contact you and connect you to Forex Club.
Contact information at a glance:
- Phone Number: 1-800-881-3809 (US Toll-free)
- E-mail Support: info@fxclub.com
Account Funding Information
The next step is funding your new account if you have chosen to create a live account. Forex Club offers several methods of depositing funds into your trading account. Credit cards can be used to deposit funds – Visa and MasterCard customers are charged a processing fee ranging from 2.24% to 2.59%, while Discover Card users are not charged a processing fee. These deposits are processed immediately if made before the end of the weekly trading session. Other methods of depositing funds include online check (reserved for U.S. customers), bank wire and money order.
Minimum Deposit Amounts
Live accounts require a minimum $10 deposit. Those who deposit more upon opening will receive bonus benefits – for instance, a $100 or more deposit will grant you an additional $100 margin bonus, while a $300+ deposit will grant you unlimited market signals.
Demo and Live Account Software
Forex Club offers demo accounts for those who want to learn how to trade Forex without risking any real money and prospective customers who want to get a feel of Forex Club’s trading environment before creating a real account. The demo uses the ExpressFX platform, which provides step-by-step instruction on how to go through each trade. While the ExpressFX platform gives newcomers and regular traders an easier way to make successful trades, those who have ample experience may find the ClassicFX platform more suitable to their needs. Geared towards veteran traders, the ClassicFX platform features more customization options for keeping track of emerging trends. Users of the ClassicFX platform can choose to monitor time frames up to a year, plot their own custom indicators, and have complete control over other customizable features. ClassicFX users also receive audible news and order alerts.
Commissions and Leverage Limits
Commissions for using the ExpressFX platform are $0.4 per 1000 traded. In the event of an unsuccessful trade, the commission price is instantly refunded, meaning that traders using the ExpressFX platform are not penalized when they make a loss. Minimum lot size is 0.01 and there are 22 currency pairs offered for trade. Leverage in the base currency is 1:100 and variants range from a max of 50:1 for accounts of $100,000 to $200,000 and 20:1 for accounts above the $200,000 mark. Forex Club offers stop orders and limit orders, but does not offer trailing stops.
Website Navigation and Account Setup
Navigating the Forex Club website is relatively straightforward, with the most important navigation links and features prominently displayed. The website is also available in Russian, as well as simple and traditional Chinese. Setting up an account with Forex Club is simple and free of any hassles. For instance, one of the first steps towards joining Forex Club is filling out a relatively simple application form that only takes a few minutes to complete.
Bottom Line
Forex Club is a good choice for those who are new to Forex trading and want a comfortable and relatively risk-free starting point. Since the online Forex trader is geared towards beginners, those who have plenty of experience may end up satisfied elsewhere, but Forex Club does its best to accommodate both new and veteran traders.
August 3rd, 2011 at 6:10 am
Forex Club offers educational resources to help beginners to get a better idea of the trading process.
November 15th, 2011 at 9:46 pm
Fxclub has some of the worst software I’ve seen for trading. It’s very slow, isn’t real time, and looks terrible. The fees to return your money are too high. There’s no way it costs $5 to return a check to you.
March 15th, 2012 at 2:48 pm
This company is a bucket-shop. They are pretty dishonest and have deceptive trade practices and fraudulent unfair practices.
With their IT department they created a sinister software to take you at least for every trade 4 pips and to allow them to froze the trading platform called Act Trader to avoid you to take you gain.
You are talking in a nice way about Peter Tatarnikov the CEO, but this is an untruthful person. I advised him about the unfair and dishonest practices of his company he answered me that he is going to take care about it and see the trouble with his IT department, but 3 months later I was still waiting. I had recorded during many days the activity of the trading platform, when I send him two videos, the same day my computer couldn’t find the file of the act trader platform and I had to download it again from their website.
About the founder of the company Michael Felice, President and Principal of the firm, he was associate of Index Futures Group (doing business as Jack Carl/312-Futures) with 71 CFTC REPARATIONS CASES and 11 REGULATORIES ACTIONS.
He was associate of Balfour Maclaine Futures Inc with “only” 41 CFTC REPARATIONS CASES and 18 REGULATORIES ACTIONS.
And for the others companies where he was associate usually there were regulatory actions for:
• FINANCIAL
• OFFICE RECORDKEEPING
• SALES PRACTICE
• NFA GENERAL DISCIPLINARY ACTION
• CFTC ADMINISTRATIVE ACTION
Forex Club until now as only one Regulatory action in February 2010 ( FINANCIAL, OFFICE RECORDKEEPING) but the most “funny” is the status of Michael Felice on the NFA website:
• PRINCIPAL WITHDRAWN 07/26/2010
• NFA ASSOCIATE MEMBER WITHDRAWN 07/26/2010
• ASSOCIATED PERSON WITHDRAWN 07/26/2010
• FOREX ASSOCIATED PERSON APPROVED 12/02/2011
• ASSOCIATED PERSON REGISTERED 03/01/2011
• NFA ASSOCIATE MEMBER APPROVED 03/01/2011
As you can see after the regulatory action he wasn’t principal and associate of Forex Club neither NFA associate member and one year later he is “coming back”!!
They just scammed me they stole me more than 50.000,00usd, I opened a scam alert folder on forex peace army and a case and the verdict came: GUILTY
scam alert folder:
scam-alerts-folder/18353-carefull-forex-club-racketing-word-they-know-very-well.html
verdict:
GUILTY Case# 2012-004 | maxruben vs http://www.fxclub.com/
Information that I found on the president and principal of the firm:
scam-alerts-folder/19229-forex-club-fx-club-professional-scammer.html
Take a look of the videos, I hope this information can avoid others traders to get”caught” like I did
March 17th, 2012 at 6:49 am
Hi everybody.
Just want to give you my experience with FxClub (Forex Club) to avoid to others traders to get caught like I did and if you have any idea please I am very interested..
I started to trade with them on fifth July 2011. At the end of September I had 50% of gain in my account (despite they ripped me out once at the end of July by not respecting the 50% of margin requirement by the market authorities).
Already when I recovered completely my loss at the beginning of September the troubles have started (the Act trader platform twice took the opposite side of my order).
But with 50% of profit Fx Club changed completely the rules.
Despite my mails, nothing has changed. At the end of November they had scammed me and had stolen me more than 50.000,00usd in less than 4 months.
Don’t think about CFTC and NFA if you are NOT American citizen or resident in the USA they won’t help you out !!
This company is a bucket-shop. They are pretty dishonest and have deceptive trade practices and fraudulent unfair practices.
With their IT department they created a sinister software to take you at least for every trade 4 pips and to allow them to froze the trading platform called Act Trader to avoid you to take you gain.
Peter Tatarnikov the CEO is an untruthful person. I advised him about the unfair and dishonest practices of his company he answered me that he is going to take care about it and see the trouble with his IT department, but 3 months later I was still waiting. I had recorded during many days the activity of the trading platform, when I send him two videos, the same day my computer couldn’t find the file of the act trader platform and I had to download it again from their website.
About the founder of the company Michael Felice, President and Principal of the firm, he was associate of Index Futures Group (doing business as Jack Carl/312-Futures) with 71 CFTC REPARATIONS CASES and 11 REGULATORIES ACTIONS.
He was associate of Balfour Maclaine Futures Inc with “only” 41 CFTC REPARATIONS CASES and 18 REGULATORIES ACTIONS.
And for the others companies where he was associate usually there were regulatory actions for:
• FINANCIAL
• OFFICE RECORDKEEPING
• SALES PRACTICE
• NFA GENERAL DISCIPLINARY ACTION
• CFTC ADMINISTRATIVE ACTION
Forex Club until now as only one Regulatory action in February 2010 ( FINANCIAL, OFFICE RECORDKEEPING) but the most “funny” is the status of Michael Felice on the NFA website:
• PRINCIPAL WITHDRAWN 07/26/2010
• NFA ASSOCIATE MEMBER WITHDRAWN 07/26/2010
• ASSOCIATED PERSON WITHDRAWN 07/26/2010
• FOREX ASSOCIATED PERSON APPROVED 12/02/2011
• ASSOCIATED PERSON REGISTERED 03/01/2011
• NFA ASSOCIATE MEMBER APPROVED 03/01/2011
As you can see after the regulatory action he wasn’t principal and associate of Forex Club neither NFA associate member and one year later he is “coming back”!!
I opened a scam alert folder on forex peace army and a case and the verdict came: GUILTY
scam alert folder:
scam-alerts-folder/18353-carefull-forex-club-racketing-word-they-know-very-well.html
verdict:
GUILTY Case# 2012-004 | maxruben vs http://www.fxclub.com/
Take a look of the videos, I hope this information can avoid others traders to get”caught” like I did.
If you want more proofs just ask me.
haimfranck@yahoo.fr
PS: if you make some good research on the web you will see that FxClub is more Russian than American.