Forex Club Broker ReviewOpen an Account
As of September 14, 2012 FX Club will will cease providing foreign exchange trading services to retail customers. Brokerage service will instead be routed to FXCM Learn more.
|Commissions & Fees|
|Tools & Research|
|Ease of Use|
2013 Review Star Ratings
N/A - Not Applicable
Full Forex Club Review
Forex Club is an online broker that is headquartered in New York City and services customers in over 120 countries. Founded in 2005 and registered with the NFA, Forex Club offers a large amount of educational videos, reading material, webinars, forum threads, and live seminars, which assists in the development of traders. Additionally, Fx Club offers 4 trading platforms and 3 different spread environments, allowing traders of different abilities to select the best option for them (outlined below).
Compare Fx Club to Key Competitors
Trade Commissions Breakdown
|Market Maker||Clearing Method*|
|Micro||Minimum Contract Size|
|50:1||Maximum U.S. Leverage|
|50:1||Maximum Int'l Leverage|
Commission NotesBy default, Forex Club accounts are set up on the ACT Trader platform and charge no commission; they are compensated through the bid ask spread.
Spreads - Like many Forex Brokers, Forex Club offers multiple spread environments to accommodate the needs of different traders. Spread conditions vary by platform and are outlined below.
Act Trader is Forex Club's premier platform and offers spreads that are low compared to other market makers in the industry. For a list of typical ACT Trader spreads, please see the section on this page entitled "Typical Spreads".
Express FX offers a 0 spread, 1 price trading environment. But As we know, a spread is a naturally occurring by product of markets. Upon investigating the trading structure of Express FX, StockBrokers.com discovered that the 1 price is actually an average of the current bid and current ask prices. Trades executed in this platform have a commission of $4/mini lot (10,000 base currency) applied to them, which comparatively, is a bit high. The most interesting thing about this structure is that if you place a losing trade with this platform, your commission cost is refunded. The Express FX platform is designed for beginning traders and includes a "Walk through wizard" that guides traders through the order execution process.
Rumus is a platform designed for traders who are more comfortable with a zero spread environment. While the transaction costs are more expensive, some traders take comfort in knowing exactly what they will pay for each trade.
DBFX was reviewed by StockBrokers.com on 2011-09-12 with an overall rating of 4 Stars.
|No Minimum Deposit|
|No Maintenance Fees|
|No Dealing Desk|
|Online Trader Community|
|Live Chat Support|
|24/7 Customer Support|