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On this page, you will find a large number of reviews from the real ForexClub If you are already working with If you are already working with ForexClub please leave your review to help other traders gain a correct understanding of the company. We are proud not to have any censorship on reviews on our website – ForexUp has been helping users choose brokers for the past five years, while remaining unbiased and independent.

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Forex Club Review 2021

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Forex Club is one of the first brokers in Russia. The company has been operating since 1997, and over 23 years of its operation, it has gained popularity in the former Soviet Union and Central European countries.

The company offers model portfolios and trading signals for passive investors. However, to a greater extent, Forex Club provides ample opportunities for the traders, which include, among other things, a choice of a trading terminal, no restrictions on the strategies, and a possibility to use automated trading. The level of commissions and fees on the majority of accounts is either lower than the market average, or at the same level as the market.

Over the period of its operation, Forex Club has won 30 awards including Broker of the Year in 2008, 2010, and 2012. The list of achievements also includes Financial Olympus Award, Best Forex Broker Award by RadioForex, Forex Awards 2017 and 2018, Forex EXPO 2013 and others.

The company’s weak spot is absence of a license of one of the top world’s regulators. This greatly weakens the broker’s positions in terms of security and reliabilityс.

Pros and cons

Pros Cons
  • 23-year experience of operating in the financial markets.
  • A good selection of trading terminals
  • Good choice of currency pairs and CFDs
  • Quick responses of the support team, many methods of means of communication
  • Simple registration
  • Bonuses for customers
  • Low minimum deposit
  • No brokerage license
  • Low number of base currencies of the account
  • No access to real stocks, commodities, indices
  • Many options for analytics and learning are linked to the account types
Pros
  • 23-year experience of operating in the financial markets.
  • A good selection of trading terminals
  • Good choice of currency pairs and CFDs
  • Quick responses of the support team, many methods of means of communication
  • Simple registration
  • Bonuses for customers
  • Low minimum deposit
Cons
  • No brokerage license
  • Low number of base currencies of the account
  • No access to real stocks, commodities, indices
  • Many options for analytics and learning are linked to the account types

Key features of the broker

Regulation Not regulated
License number N/A
Commissions and fees Low or average
Demo account Yes
Minimum deposit 1 USD
Inactivity fee No
Period for opening an account 1-5 minutes
Leverage 1:1000
Markets Forex, CFD
Options for passive income Model portfolios, Trading systems, Investment ideas
Support languages Russian, Belarusia, Moldovan, Kazakh
Withdrawal fee Payment system fee
Withdrawal to credit/debit card Yes
Deposit and withdrawal via cryptocurrencies No
Deposit from electronic wallets Yes
Account currencies USD, EUR, RUB
Deposit bonus 100%
Author of the review
Author Ivan Andriyenko

Ivan Andriyenko

is a financial expert and analyst.

With 5-year experience of working in the financial markets. He also has experience of working on Forex, stock and futures markets.

Real reviews of ForexClub 2021

2021-01-09 DiMentor

I ventured to start cooperation with Forex Club and did not regret it. Trading signals are not bad, and in general there are no complaints about analytics. In the process of trading, it happened that controversial issues arose, everything was resolved in the support promptly.

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2020-12-16 Dormen

I did not get involved with Forex Club, because all is not well with the legal documents. There is no license, you have to work on trust. I had a negative experience with fraudulent brokers, so decided not to risk.

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2018-03-02 Hop88

Over recent years something definitely happened with their trading conditions. I mean they got worse. forex club started to play with prices and trick with charts. They had no payment delays in the past, but now they always delay money with each withdrawal i request(((. Even order execution is much slower now. Many traders switched to other dealing centers and i am thinking about leaving it as well.

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2018-02-23 Veronica

i can say only one thing i know for sure. when some troubles appear during the trading process they always say it’s a problem with one of their liquidity providers. who know…who knows. but i don’t believe that shit!

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2018-02-18 windo10

My trading rule #1 is not to open a transaction that exceeds 10% of my depo and avaoid trading in a period of high volatility. I mainly trade at nights and i am definitely not kind of an active trader or something. I am not aimed at any large profits with forex. Anyhow it works great as an additional source of money. I get about 150 dollars per months. Some traders can spend this amount for beer but i am happy with that. Well… in general everything is quite comfortable and friendly. Some short lsippages occur but not more that 5%. The rest is just fine. I’d recommend this company as a reliable broker.

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2018-01-19 derbozz

It’s been already two years since I started doing business with ForexClub broker and I feel more than confident saying that this company always pays money in time. It is definitely like some traders say in their reviews. What has changed is the request processing time. It the past it was very quick – something like 1 hour maximum, and now it may be 2-3 or even five hours. I think it happens because the company becomes more popular, thus having more requests to process. Of course it takes more time… But the whole process is manual now. I believe it is better than automatic process. You know, when people check everything personally it looks more reliable…))) At least I think so))
By the way, I noticed that it’s better to make requests in the morning.

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2018-01-08 Trendoweek

Hi everybody! I’d like to share my experience of dealing with Forex Club company. It’s not the first time that I’ve been trying to find a way to earn money in the web. And one of my friends recommended me to try my hand at trading. Of course he suggested me Forex Club’ cause he was already with them. We I decided to try and registered on their site. After completing their short educational course for beginners I prepared to shovel in money=))) but it turned out to be not such an easy task. It’s not just like everyone can come with 100 bucks and start earning. One has to be good at economics and finances, so their educational courses won’t help it=))) It requires something deeper. I didn’t understand it those times My first (and last) step was a $200 transaction for gold. I did it without studying any analytics or checking the market conditions. And I lost…
Well, my conclusion is quite simple – if you have special economical knowledge you can try, but this is not a place for usual people. There is always a chance to win one day, but risks are too high.

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2017-12-15 Matew

I’ve got nothing against Forex Club – it has many different reviews throughout the internet. I am using my demo account on МТ5, They started to use it in august - the same month i found this Forex Club. My profit on a demo account is pretty high, but i am not sure i will ever switch to a real one..

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2017-11-17 atomixkz

I’m working with Forex Club under their investment program. Well, I don’t want to make loud statements about how cool this broker is... I can only tell you that I’ve been getting profits with this company for 4 months already. No I’ve got 840 dollar in my pocket, but I started with 100 bucks. Sure I am still trying to examine these guys, but I would recommend this company to my friends!

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2017-09-10 Parabelum

I am now reading these forex reviews and once beginning to realize that I selected a great company. I work with two accounts, both in ForexClub, prefer intraday trading but sometimes can do it under the long-term. The broker’s conditions suit me well.

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2017-08-09 Roofer41

What I really like about this broker is that they don’t have any demands regarding minimum deposit. You can start investing with any amount you’ve got. That’s the perfect solutions for beginners.

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2017-08-08 shans77701

That’s my favorite one and I’ve been working with them for a long time already (i can’t even tell u for have many years). Well, I’m going to agree with other reviews here that ForexClub is one of the best brokers ever.

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2017-04-15 SerdjioStrel

I've started working with Forex Club and never regretted it! The company is my favorite, it has been developing its reputation for years. Trading terms, in principle, don't stand out, you can find the same ones, the market is now oversaturated, but I haven't had any claims for the quality of service for more than 2 years, the flow of quotations is stable, no delays, no spikes, and I even heard that some 'cool' brokers steal quotes from the forex club server. Withdrawal - a lot of payment systems, you can peak any of them, for the first time I screwed up with verification, but then the withdrawal was like clockwork.

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2017-03-26 igorpl

Orders and support service work perfectly. I haven't noticed any problems yet.

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2017-03-22 senatorkz

I've been working with the company since 2007, gradually increasing my deposit. A large number of offices, a long working life of the company and excellent trading conditions played a greater role in choosing the company. Also, I'd like to note the efficiency of support services. I'm happy with my choice. I can safely recommend this company to friends.

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2017-03-22 Irina

Forex Club inspires trust, I decided to check the broker and added $100 to my account and after 3 days I withdrew $130 without any problems. Support is adequate and works around the clock. I came to its office and no one told me stories about how to add 10k and earn a million the next day. Excellent training center. I spent 1 hour there and learned a lot of new things, although I'm not a novice (4 years)

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2017-03-21 senatorkz

For 2 years of working with Forex Club I’ve never faced any problem with this broker. Everything runs like a clock. An excellent broker! Respect from me!

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2017-03-12 mitterman

I've been trading in the Forex Club for about a year now. I started with a minimum deposit. I believe that slow and steady wins the race. Mostly I trade on my own, though sometimes I use ‘investment ideas’. I think that in this kind of activity it is necessary to develop your skills independently and only have yourself to blame. Anyway, the company is good, spreads and execution are good enough for me. Only the best reviews.

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Geography of broker’s customers

Geography of broker’s customers

Forex Club is a Russian broker, so it is no surprise that the company targets East European and Middle Asian countries. The lion’s share of the customers reside in Russia – over 55%. The other former Soviet Union countries are also among top customers – Ukraine ranks second, Belarus – fourth, and Kazakhstan – fifth. Montenegro ranks third, between Ukraine and Belarus.

Country Percentage of customers
Russia 55.16%
Ukraine 25.84%
Montenegro 4.32%
Belarus 3.12%
Kazakhstan 2.55%
Commissions and fees

Commissions and fees

Forex Club offers attractive conditions for direct trading on the forex market, and for CFDs on indices, commodities and cryptocurrencies. Trading conditions on Libertex, the broker’s proprietary online platform, seem particularly interesting for active trading, as we found the level of commissions and fees on it to be low.

Pros Cons
  • Low commissions on Libertex account on the majority of available markets
  • No commissions on passive strategies
  • Beneficial Forex and CFD trading
  • No inactivity fee charged
  • Compensation of payment system fees on deposits
  • Commissions on CFDs on stocks are not universal, ranging from zero to high.
  • Different approaches, sometimes rather confusing, are applied to charging commissions on different types of accounts
Pros
  • Low commissions on Libertex account on the majority of available markets
  • No commissions on passive strategies
  • Beneficial Forex and CFD trading
  • No inactivity fee charged
  • Compensation of payment system fees on deposits
Cons
  • Commissions on CFDs on stocks are not universal, ranging from zero to high.
  • Different approaches, sometimes rather confusing, are applied to charging commissions on different types of accounts

Summary of commissions and fees on Forex Club

Asset Commissions
EUR/USD Spread 0.8 pips on MT4-instant account, 7 USD per lot on MT4 Market. On Libertex platform - 0.005% on the traded volume (5 USD per lot).
Apple 0.157% on Libertex Account
CFD on S&P 500 0.023 % on Libertex Account
BTC/USD 0.2% on Libertex Account
Non-trading commissions No inactivity fee is charged by the broker. Withdrawal fees are only those charged by payment systems.

Commissions on Forex market

Overall, we established that Forex Club commissions on the Forex market as low or average. At the same time, the system of charging commissions is quite confusing, as different approaches are used on different types of accounts. It could be the spread, commission per trade or on traded volume, or their combination. To help you figure out which account is more beneficial for trading, let’s compare the conditions on all accounts of the broker and with the competitors – Alpari and Exness.

First off, let’s compare the types of accounts of the broker. For comparison, we used only the accounts with Market Execution, as we consider Instant Execution less reliable. We recalculated all spreads and commissions and established how much a trader will have to pay for a lot of 100,000 units of base currency. You will thus be able to compare real trading conditions on each account of Forex Club on the Forex market.

Comparison of Forex Clubs accounts

Libertex MT4-Market Mt5-Market
EURUSD 5.85 USD 7 USD 15 USD
USDJPY 4 USD 7 USD 15.4 USD
EURGBP 21.06 USD 7 USD 23.4 USD
USDRUB 36 USD 122 USD 161 USD

In the liquid major pairs, the Libertex trading plan on the corresponding platform seems the most attractive. However, for trading cross rates and exotic pairs, there can be different options. MT-5 Market trading plan has the highest commissions and should be considered only for using all possibilities of the namesake platform for creating trade advisors.

Let’s compare conditions for a trade on the Libertex trading account on Forex Club and those of Alpari and Exness.

Forex Club Alpari Exness
EURUSD 5.85 USD 9 USD 8.5 USD
USDJPY 4 USD 10.47 USD 9 USD
EURGBP 21.06 USD 18.1 USD 14 USD

Base trading plan from Forex Club on average has lower commissions compared to the broker’s key competitors. For comparison, we used accounts of Alpari and Exness with Market Execution like ECN.

Swaps on Forex

Payment for the rollover of the position for the following day (swap) on Forex Club Libertex account is quite loyal and suitable both for active traders and those who like to hold positions for over a week. As a reminder, the size of the swap depends on the difference of the interest rates of the banks that issue the currencies in the pair and the broker’s service fee.

In case the swap is negative, a specified number of points will be written off the account if the position is transferred. In case the swap is positive, the funds will be accrued on the account. Long-term investors try to trade towards the positive swap.

Instrument Swap long Swap short
EURUSD -8.22 0.205
USDJPY -0.9 -5.2
EURGBP -10.8 -11.4

Forex Club, just like its competitors, offers an swap-free option Islamic account.

Forex Club Alpari Exness
Swap free Yes Yes Yes

Commissions on CFD market

CFDs account for a large part of trading instruments on Forex Club. We estimated the general level of commissions on the available markets as low, although there can be certain nuances on some classes of assets. We will review CFDs on stocks separately.

Different approaches are used to charging commissions on different accounts. To make it simpler, we calculated the commission in USD for a USD 5,000 lot.

Forex Club commissions on different classes of CFDs

Libertex MT4-Market Mt5-Market
CFD on S&P 500 1.15 USD 1.5 USD 1.75 USD
CFD on Brent 1.95 USD 6.5 USD 6.5 USD
Forex Club Alpari Exness
CFD on S&P 500 1.15 USD 0.92 USD 1.09 USD
CFD on Brent 1.95 USD 6.17 4.49 USD

Forex Club commissions on the aforementioned classes of CFD are at the same level as competitors.

CFD on stocks

We find the approach of Forex Club on charging commissions on CFDs on stocks confusing. As an example, we used the Libertex account, where the commission on CFDs on Apple is higher than on CFDs on IBM, while usually, the broker sets either one rate, or offers the best rates for the most liquid securities. At that, the commissions on CFDs on BNP Paribas and several other assets are not charged at all.

Due to this, Forex Club commissions on CFDs on some stocks can be considered high, while on others – some of the best in the market.

Let’s see how much a trader will have to pay as a commission on Forex Club for a USD 5,000 lot of CFDs on stocks on Libertex and MT-4 Market accounts, taking into account all expenses.

Forex Club Libertex Forex Club MT4-Market
USA. CFDs on Apple 7.85 USD 14.62 USD
USA. СFDs on Coca-Cola 4.75 USD 7.59 USD
USA. CFDs on IBM 4.90 USD 5.65 USD
Germany. CFDs on Adidas 1 USD 5.14 USD
France. CFDs on BNP Paribas 0 USD 8.19 USD

It is not hard to see that the Libertex account offers the most beneficial conditions for trading CFDs on stocks.

Commissions on investment products

Forex Club is interesting to many customers thanks to its offers of passive income. The investors are offered such options as Trading Systems, Model Portfolios and Investment Ideas. There is no fixed commission on these products, although in each case, there is a minimum deposit.

The broker’s interest is in receiving commissions from performing trading transactions on the customer’s account.

Service Details of the service Minimum deposit
Trading Systems Automatic and semi-automatic trading systems For Alpha strategy pool – 1,500 USD.
For automatic Alpha+Advisor – 5,000 USD
Model Portfolios Signals from experts, signals based on a mathematical model. 5.000 USD
Investment ideas Investments into third party’s trading ideas. 500 USD

Commissions on cryptocurrency market

Forex Club’s commissions on CFDs on cryptocurrencies are low compared to other Forex brokers, but higher than the top cryptocurrency exchanges. In particular, on the Libertex account, a trader will have to pay 0.2% of the traded volume for the majority of currency pairs, while Binance charges 0.1%. For comparison, we will use the purchase of a USD 2,000 lot in cryptocurrency on Forex Club (Libertex), Exness (Standard), and Binance. Alpari does not provide access to cryptocurrency trading.

Forex Club Libertex Exness Binance
BTCUSD 4 USD 2.9 USD 2 USD
BCHUSD 4 USD 20.21 USD 2 USD
ETHUSD 4 USD 11.33 USD 2 USD

As we can see, Libertex compares favorably with Exness on the majority of positions, but it is still difficult to compete with Binance. Noteworthy, the customers of the exchange trade real cryptocurrencies, while with CFD brokers, the customers trade derivatives on the cost of cryptocurrencies.

Non-trading commissions

Non-trading commissions on Forex Club are average. In particular, the broker does not charge a deposit fee, and compensates payment system fees with bonuses. At the same time, there is a withdrawal fee in all available methods, except for QIWI and Yandex.Money payment systems. Specifically, the withdrawal fee for withdrawal via a wire transfer in Russian rubles is USD 10, in EUR or USD – USD 29.

Forex Club Alpari Exness
Inactivity fee No Payment system fees Payment system fees
Withdrawal fee Payment system fees Payment system fees Payment system fees
Deposit fee No No No
Reliability and regulation

Reliability and regulation

Unfortunately, there are some serious questions about the reliability of Forex Club. The broker is managed by Forex Club International Limited, a legal entity. The company is registered in Saint Vincent and the Grenadines, one of the world’s largest offshore jurisdictions for financial companies. Hundreds of brokers from all around the world, many of which are rather dubious projects, are registered here.

Forex Club does not provide a scanned copy of the state registration certificate; the number of the license is also unknown. There is only information about the legal address – The Financial Services Centre, P.O. Box 1823, Stoney Ground, Kingstown, VC0100, St. Vincent & the Grenadines.

Forex Club offers negative balance protection. Stop Out is enabled, if the balance of your account is zero. The broker is not a member of a deposit guarantee fund.

Forex Club License

We failed to find information about Forex Club’s license. Up until 2018, the broker provided services based on the license for financial activity, issued by the Central Bank of Russia. However, in 2018, the Central Bank of Russia revoked the licenses of all non-banking brokers, including the “market sharks”, such as Forex Club, Alpari, and Teletrade. There was also information about the license of the Cyprus regulator (CySEC) in open sources, but a check by the number showed that the document is now held by a different company.

To specify information about the license, we contacted Forex Club customer support. We were told that the license for financial activity is not required in Saint Vincent and the Grenadines, where the managing company is registered. Summing up the information that we gathered, we can conclude that Forex Club does not hold a license. This is a big drawback for the broker, as the organization cannot provide any guarantees of the legality of its operation, reliability and protection of customers.

Markets and products

Markets and products

Forex Club is a CFD and Forex broker. Stocks and commodities are available as CFDs If you are interested in CFD trader, the broker offers a rather wide selection of them. In addition, the choice of currency pairs is quite good. Also, derivatives on ETFs are available for Forex Club customers, which is a rare thing among Russian brokers. There are CFDs on cryptocurrencies as well.

In reality, the biggest drawback of Forex Club is absence of possibility to work with real assets.

As a reminder, CFD is a marginal product with high risk of losses, which is why trading such contracts should be approached with caution. It is also advisable to observe the strict rules of risk management in this type of trading.

Pros Cons
  • Wide selection of currency pairs
  • CFDs are widely available
  • CFDs on ETFs and cryptocurrencies
  • Futures and options are not available
  • It is not possible to trade real stocks, indices, commodities
Pros
  • Wide selection of currency pairs
  • CFDs are widely available
  • CFDs on ETFs and cryptocurrencies
Cons
  • Futures and options are not available
  • It is not possible to trade real stocks, indices, commodities

Market diversity on Forex Club is rather high compared to the competitors, primarily through availability of derivatives on ETFs and cryptocurrencies. The broker also offers a wide choice of trading instruments. By the number of available currency pairs, Forex Club compares favorably with its competitors, for example Exness and Alpari.

Forex Club Alpari Exness
Forex Yes Yes Yes
Stocks No No No*
CFD Yes Yes Yes
Crypto Yes No No
Bonds No No No
Futures and options No No No
Commodities (oil, metals, wheat, gas, ores, etc.)* Yes Yes Yes
Mutual Funds No No No
ETF* Yes No No

* – only as CFDs

Forex Market

Forex market is well represented on Forex Club. Here, you will find the most popular trading pairs, such as EURUSD, GBPUSD, USDJPY, USDCAD, etc. Also, a large number of cross rates are available. In particular, the broker offers the following trading pairs:

  • AUDCAD;
  • CADCHF;
  • NZDCAC;
  • GBPNZD;
  • EURCAD, etc

The total number of cross pairs is 23, which is considered a good indicator. You will also find exotic pairs on Forex Club. The broker offers trading pairs with the following exotic currencies:

  • SGD;
  • MXN;
  • SEK;
  • DKK;
  • CNH;
  • TRY;
  • CLP;
  • NOK;
  • ZAR.

The total number of currency pairs is 50, which is much more than many Russian competitors offer.

Forex Club Alpari Exness
Number of trading pairs 50 35 42

CFD Market

The choice of CFDs on Forex Club can be considered rather extensive compared to the competitors. The broker offers many trading instruments and they are diverse, providing the traders with freedom of choice. Cryptocurrencies and ETFs are an additional bonus for Forex Club customers, as the competitors do not offer these options.

Forex Club Alpari Exness
Forex Yes Yes Yes
Stocks Yes Yes Yes
Bonds No No No
Crypto Yes No No
Indices Yes Yes Yes
Commodities (metals, food, raw materials) Yes Yes Yes
ETF Yes No No

CFD on stocks

The choice of CFDs on Forex Club differs depending on the group of trading instruments. For example, the choice of CFDs on stocks definitely cannot be considered big – 152 positions. The list mainly includes the giants of the American, Russian markets and also EU countries.

CFD on cryptocurrencies

One of the features of Forex Club is the big choice of CFDs on cryptocurrencies. There are not only base cryptocurrencies on the broker’s platform. The total number of derivatives and cryptocurrency pairs is 47. You will find the following currency and cryptocurrency pairs with the following types of coins on the broker’s platform:

  • BTC;
  • BCH;
  • BTG;
  • ETH;
  • XRP;
  • LTC;
  • IOTA;
  • CARDANO;
  • LINK;
  • COSMOS;
  • XEM;
  • NEO;
  • OMG;
  • TZS;
  • XLM;
  • ZEC;
  • XMR.

CFD on ETF

CFDs on ETFs deserve a special mention. Their choice is not as wide as, for example, of cryptocurrencies, but the very fact of their availability is a definite advantage for the Russian broker. Overall, there are CFDs on 11 types of ETFs on Forex Club. In particular, you can work with the derivatives on such ETFs as:

  • iShares Latin America 40 ETF;
  • iShares Core U.S. Aggregate Bond ETF;
  • SPDR S&P 500 ETF Trust;
  • Vanguard FTSE Europe ETF;
  • iShares MSCI United Kingdom ETF, etc.

CFD on indices

In addition, CFDs on stock indices are available on Forex Club. The broker provides access to basic types of stock indices, such as S&P 500, FESX50, NASDAQ100, NIKKEI500 and others. The total number of trading instruments of this type is 24.

Commodities

Commodities on Forex Club are available only as CFDs. The choice of this type of instrument can be considered average by the industry in general, but good compared to the other Russian brokers. Forex Club provides access to six types of commodity assets. In particular, the following are available:

  • maize;
  • soy;
  • coffee;
  • wheat;
  • sugar;
  • cocoa.

The list of energies also includes 6 types of trading instruments. The list includes:

  • Crude oil;
  • Heating oil;
  • Brent crude oil;
  • WTI crude oil;
  • BrentCash;
  • Natural gas.

The list of metals on Forex Club includes 5 types of CFDs. In particular, you can trade the following types of instruments here:

  • copper;
  • gold;
  • silver;
  • platinum;
  • palladium.

The number of Commodities on Forex Club exceeds many competitors. For example, Exness provides access to only 12 types of instruments. Alpari’s list is even smaller, as the precious metals prevail in its Commodities list, while Alpari does not have such assets as agricultural assets at all.

Forex Club Exness Alpari
Number of commodities 17 12 7
Opening an account

Opening an account

The procedure for opening an account on Forex Club is simple. It is fully automated and takes no more than 5 minutes. The broker provides its customers a free demo account, using which a trader can test new strategies and learn to trade. Verification is not mandatory on Forex Club, but the broker may request documents, if there are doubts regarding your identity. The company also provides a large number of trading accounts.

However, Forex Club also has certain drawbacks. In particular, only three account base currencies are available here. There is no ECN account.

Pros Cons
  • Low minimum deposit
  • No mandatory verification
  • Demo account
  • Many trading accounts
  • Only three available account currencies
Pros
  • Low minimum deposit
  • No mandatory verification
  • Demo account
  • Many trading accounts
Cons
  • Only three available account currencies

What is the minimum deposit on Forex Club?

There are no requirements for minimum deposit on Forex Club. You can start trading from USD 1. Therefore, the broker is suitable for the beginners, as they don’t need to have a big amount of money in order to start.

Many brokers do not have requirements for minimum deposit, including popular ones. In particular, Alpari and Exness also allow their customers to start trading from USD 1.

Forex Club Alpari Exness
Minimum deposit 1 USD 1 USD 1 USD

Citizens of which countries cannot trade on Forex Club

Forex Club includes two companies – Russian and international one. The Russian branch provides access to trading only for the customers from Russia. As for the international company, customers from Russia cannot work with it. In addition, the broker’s regional restrictions list includes:

  • Brazil;
  • USA;
  • Japan.

Forex Club also does not provide services in the countries marked by FATF as jurisdictions with high level of risk and the states under sanctions. To see the full list of restrictions, we advise you to contact the broker’s customer support.

Documents required for opening an account

Verification is not mandatory on Forex Club. You can trade and perform financial transactions without confirming your identity. However, in some cases, the broker may request documents confirming your identity. In particular, you may be requested to provide the following types of documents:

  • Identification document – national passport, foreign passport, driver’s license;
  • Proof of residence – utility bills, bank statement, etc.

Forex Club does not offer the option of uploading documents directly. The broker may request them by contacting you via email. In this case, you will need to send photos or scanned copies directly via email. The company specifies that the verification requests can only be sent from email accounts with @fxclub address.

Account types

Forex Club offers its customers five types of accounts. They vary depending on the amount of your deposit and traded volume. The peculiarity of the broker is that the trading conditions change depending on the type of the trading platform you are using. The account types allow only to gain access to specific analytical services, learning and support.

For example, traders can use the services of a personal analyst on Forex Club, and also obtain access to direct communication with the chief dealer and chief analyst. These functions, however, are only available to the traders, who opened Diamond or Exclusive accounts. Holders of Gold account receive access to Trading Central instruments, and users of Platinum trading account and higher can use market player mood indicator.

Only the traders with the status Gold or higher can receive the full version of the basic learning course. The customers with Diamond or Exclusive accounts are offered VIP support of the academy – “closed VIP analytics”, assistance in building trading robots, etc.

Demo account

Forex Club offers access to a demo account for its customers. This feature is free. The users are not required to set up an account on the platform in order to work with the demo account. You will find the “practice on a demo account” button on the home page of Forex Club official website. The customers are provided a demo account on Libertex platform, while other platforms are available to the customers only on real accounts.

Demo account

Trading conditions

As we’ve already mentioned, the types of the trading accounts do not envisage differences in trading conditions. However, they may differ, depending on the chosen trading platform. You can learn about the conditions of different terminals in the Contract Specification section. Below is a short review of the conditions.

1. Libertex

  • Trading platform: Libertex.
  • Base currency options: USD, EUR, RUB
  • Instruments: currency pairs, CFDs (stocks, indices, metals, cryptocurrencies, commodities).
  • Minimum deposit — 1 USD.
  • Commission on trade volume: 0.005%.
  • Average spread on EURUSD: from 0
  • Minimum lot – 20 USD.
  • Stop Out — 0% of the deposit amount.

2. MT4-Instant

  • Trading platform: MT4.
  • Base currency options: USD, EUR, RUB
  • Instruments: currency pairs, CFDs (stocks, indices, metals, cryptocurrencies, commodities).
  • Minimum deposit — 1 USD.
  • Commission on trade volume: no
  • Commission per lot: no
  • Average spread on EURUSD: 0.8 pips
  • Minimum lot – 0.01
  • Leverage — up to 1:1000.
  • Stop Out — 0% of the deposit amount.

3. MT4-Market

  • Trading platform: МТ4.
  • Base currency options: USD, EUR, RUB
  • Instruments: currency pairs, CFDs (stocks, indices, metals, cryptocurrencies, commodities).
  • Minimum deposit — 1 USD.
  • Commission on trade volume: no.
  • Commission per lot: 7 USD
  • Average spread on EURUSD: 0 pips
  • Minimum lot — 0.01.
  • Leverage — up to 1:1000.

4. Rumus

  • Trading platform: Rumus
  • Base currency options: USD, EUR, RUB
  • Instruments: currency pairs, CFDs (stocks, indices, metals, cryptocurrencies, commodities).
  • Minimum deposit — 1 USD.
  • Commission on trade volume: no
  • Commission per lot: no
  • Average spread on EURUSD: 3 pips.
  • Minimum lot — 1000
  • Leverage — unavailable.
  • Stop Out — 0%

5. MT5-Instant

  • Trading platform: МТ5
  • Base currency options: USD, EUR, RUB
  • Instruments: currency pairs, CFDs (stocks, indices, metals, cryptocurrencies, commodities).
  • Minimum deposit — 1 USD.
  • Commission on trade volume: no.
  • Commission per lot: no
  • Average spread on EURUSD: 1.1 pips.
  • Minimum lot — 0.01
  • Leverage — up to 1:1000.
  • Stop Out — 0%

6. MT5-Market

  • Trading platform: МТ5.
  • Base currency options: USD, EUR, RUB
  • Instruments: currency pairs, CFDs (stocks, indices, metals, cryptocurrencies, commodities).
  • Minimum deposit — 1 USD.
  • Commission on trade volume: no.
  • Commission per lot: no
  • Average spread on EURUSD: 0.39 pips.
  • Minimum lot — 0.01.
  • Leverage — up to 1:1000.
  • Stop Out — 0%

How to open an account on Forex Club: step-by-step guide

The procedure of opening an account on Forex Club is elementary. It won’t take you longer than five minutes. Let’s review the broker’s registration procedure in more detail.

Step 1 – registration information

The first stage is providing registration information. Noteworthy, the registration forms differ in the Russian and English versions. When filling out the Russian-language form, you need to specify the following information:

  • email;
  • password;
  • given name;
  • last name;
  • country of residence;
  • phone number.

In the English-language version, everything is even simpler. You need to only fill out two boxes:

  • email;
  • password.

You will also need to tick the boxes “I confirm that I am an adult and I have read the Privacy policy, and “I agree with the terms and conditions”.

Privacy policy

Step 2 – depositing funds

After you’ve specified your registration information, the broker’s trading platform will open. To begin trading, you need to deposit funds on your account. The user is given the status of Silver account by default, but as soon as you deposit a certain amount, the status will change.

Right after the registration, you will see a Welcome screen, where Forex Club will offer you to deposit funds on the account. After you press Fund It, you will be redirected to the Deposit form. You need to:

  • choose the suitable payment service;
  • specify details of your debit/credit card or electronic wallet;
  • specify the amount you want to deposit.

This ends the procedure of registration. The user can begin trading on Forex Club.

deposit

Base currencies of the account

The list of base currencies on Forex Club is quite limited. In particular, the following currencies are available for trading:

  • USD;
  • EUR;
  • RUB.

Taking into account that the broker is popular among East European countries and the former Soviet Union, the broker is lacking support of such currencies, as UAH, BYN and KZT. There is also no support for such popular currencies, as CHN, JPY, CHF, GBP.

Overall, the list of base currencies on Forex Club can be called standard for the Russian brokers. For example, Alpari offers its customers three base currencies. However, compared to Exness, Forex Club is lagging behind. Firstly, Exness supports 7 base currencies, including the world's popular currencies. Secondly, the broker has the support of cryptocurrencies, while FXClub does not.

Forex Club Alpari Exness
Number of base currencies 3 3 8
List of base currencies USD, EUR, RUB RUB, EUR, USD RUB, EUR, USD, CAD, GBP, JPY, CHF, BTC
Deposit and withdrawal

Deposit and withdrawal

Forex Club offers a wide selection of deposit and withdrawal methods. The broker supports Russian and international payment systems, which enables traders from foreign countries to work with the broker. The company allows to deposit and withdraw funds via a wire transfer. The broker support debit/credit cards of the following payment systems:

  • visa Visa;
  • Visa Electron Visa Electron;
  • mastercard Mastercard;
  • Maestro Maestro;

Also, Forex Club processes payments via electronic payment systems. The company works with e-wallets of six operators:

  • Skrill Skrill;
  • Neteller Neteller;
  • QIWI QIWI;
  • Webmoney Webmoney;
  • Yandex.Money Yandex.Money;
  • Moneta.ru Moneta.ru.

For Russian traders, the broker offers additional payment methods. In particular, Alpha-Click and Promsvyazbank online banking are available to the customers. The broker also supports mobile payments of top mobile operators of Russia – MTS, Megafon, Beeline and Tele2.

Forex Club policy in regards to commissions and fees can be considered a drawback. Firstly, the broker charges deposit fees, which is a rare occurrence these days. The broker compensates for the fees only giving the bonuses you cannot withdraw. There is either no withdrawal fee or a small fee. The exception is the wire transfer, where the fee is fixed and rather high.

Pros Cons
  • Big number of payment services
  • Low withdrawal fees
  • Quick deposit
  • Deposit fee is compensated only with bonuses that cannot be withdrawn
Pros
  • Big number of payment services
  • Low withdrawal fees
  • Quick deposit
Cons
  • Deposit fee is compensated only with bonuses that cannot be withdrawn

Methods and timeframe for deposits

Method of deposit Fee Timeframe
Wire transfer 0% From 2 to 3 days
Debit/credit cards 2.5% from 2 min to 5 days
Skrill 1.9% Up to 5 minutes
QIWI (payment system and terminal) 5% Up to 5 minutes
WebMoney 7%+0.8%* Up to 5 minutes
Yandex.Money 6% Up to 5 minutes
Moneta.ru 3.5% Up to 5 minutes
Neteller 4% Up to 5 minutes
Online banking 2.5% Up to 5 minutes
Mobile payments 5% Up to 5 minutes

* – 7% fee on Webmoney is compensated with bonuses, 0.8% fee is not compensated.

Forex Club offers about the same big number of options for depositing funds as Alpari, but also the level of fees for transactions is quite comparable. Exness has fewer supported payment services, but the broker does not charge deposit fee.

Forex Club Alpari Exness
Wire transfer Yes Yes Yes
Visa and MasterCard credit/debit cards Yes Yes Yes
Electronic payment systems 6 6 5
Cryptocurrencies No No Yes

Methods of withdrawal and fees

Method of withdrawal Withdrawal fee Timeframe
Wire transfer (RUB) 10 USD From 2 to 5 days
Wire transfer (EUR, USD) 29 USD From 2 to 5 days
Debit/credit cards 2.5% From 2 min to 5 days
Skrill 1% Up to 5 minutes
QIWI 0% Up to 5 minutes
WebMoney 0.8% Up to 5 minutes
Yandex.Money 0% Up to 5 minutes
Neteller 1% Up to 5 minutes
Mobile payments 2% Up to 5 minutes
Trading platforms

Trading platforms

Forex Club offers its clients a wide selection of trading platforms. The broker primarily provides customers services via Libertex platform. In addition, Forex Club offers access to other trading platforms:

  • MetaTrader 4;
  • MetaTrader 5;
  • Rumus.

The broker provides access to trading platforms for all types of devices, including online platforms, software for Windows and Mac PCs, and also Android and iOS applications.

Forex Club offers special options for traders preferring automated trading. In particular, the users can download trading advisors. You can also build your own trading bots.

However, in the case with the broker’s trading platforms, there is one thing that needs to be taken into consideration. The trading conditions on Libertex and other trading platforms differ substantially. For example, the commissions on MetaTrader 4 are much higher than on Libertex, which could pose a problem for customers, who prefer classic trading platforms.

Pros Cons
  • Proprietary trading platform
  • Versions for all types of devices
  • Automated trading is available
  • Possibility to build own trading robots
  • Different commission and fees on different trading platforms
  • Weak security level
Pros
  • Proprietary trading platform
  • Versions for all types of devices
  • Automated trading is available
  • Possibility to build own trading robots
Cons
  • Different commission and fees on different trading platforms
  • Weak security level

Forex Club has more trading platforms than its competitors in the Russian market. For example, Exness offers access only to MetaTrader 4 and MT5. As for Alpari, the broker also has 4 trading platforms, but does not have a proprietary one.

Forex Club Alpari Exness
MT4 desktop Yes Yes Yes
MT5 desktop Yes Yes Yes
Android/iOS Yes Yes Yes
Web-terminal Libertex, MT4, MT5, Rumus MT4, MT5, BinaryTrader, Fix-Contracts Trader MT4, MT5

Libertex trading platform

The MetaTrader 4, MetaTrader 5 and Rumus platforms of the broker are standard, without any modifications. That is why we will review the Libertex platform in more detail.

Unfortunately, the broker does not have a sophisticated security system. The account is accessed with login and password. Two-factor authentication is not available; there is also no secret question. That is why the system’s security cannot be considered sufficiently reliable. Libertex trading platform looks as follows:

Libertex trading platform

Chart and technical analysis

The broker offers its users a choice of convenient chart interface. The company has six options:

  • Line;
  • Bar;
  • Hollow candlestick;
  • Japanese candlestick;
  • Zone;
  • Heikin Ashi.

When setting up the chart, you can also choose the timeframe. The company offers a choice of the timeframe from 1 minute to 1 month. You can also view charts in full screen mode. The broker offers 42 indicators for technical analysis and also 50 different drawing and template instruments.

timeframe

Choice of instruments

As for the choice of trading instruments, the broker offers an interesting solution. The instruments are categorized not only by types, but also by the movement of quotations. For example, the following categories are available:

  • Top Rising;
  • Top Falling;
  • Upward trend 30 days;
  • Downward trend 30 days.

There is also the Popular category, where you will find the most liquid trading pairs and trading instruments. The list of trading instruments can be found in the right part of the trading platform.

If you are interested in simple search by groups of instruments, you can choose them from the pop-down list All Instruments in the top right corner of the platform. There is also a Search option here, where you can search for currency pairs or CFDs by name or exchange ticker.

All Instruments

Opening a trade and orders

The broker offers two types of order execution:

  • Instant;
  • Market.

The Open Trade button is above the chart on Forex Club Libertex platform. You need to select the amount and the lot. Also, you can set Take Profit and Stop Loss orders.

The Open Trade button

History and Favorites

On the right side of the platform, you can find information about your balance and opened trades. You can view your account balance, profit, funds in use. Also here, you can view the details on your active trades. In addition, there is Favorites menu here, where you can add the most interesting trading pairs or instruments.

Favorites

Trade automation on Forex Club

Trade automation is another option Forex Club offers. The broker provides its customers an opportunity to trade using trading advisors. Trading bots are unavailable on Libertex and Rumus, but they can be installed on MT4 and MT5 platforms.

Analytics

Analytics

Forex Club offers analytics for the traders, but it is not very extensive. The company’s advantage is that it has free trading signals. Traders can use them both on real and on demo accounts. As for the fundamental analysis, the broker provides reviews of its own experts, information about the current key rates of central banks and also an economic calendar.

However, there are generally not enough materials for a fundamental analysis. There are no diagrams and analytical calculations, no analytics on specific assets. That is why analytical materials on Forex Club can be considered basic.

Pros Cons
  • Free trading signals
  • Analytical reviews
  • Economic calendar
  • Limited information in free access
Pros
  • Free trading signals
  • Analytical reviews
  • Economic calendar
Cons
  • Limited information in free access

Trading signals

Forex Club provides trading signals. They are fully free and are provided to users with any type of account, including the demo account. Trading Central provides the trading signals to the broker. You will find them on Libertex trading platform.

To use the trading signals, you need to choose an asset on the platform with a corresponding mark – a megaphone sign. Over the chart, you will see a button with the description of the trading signal. The options can be as follows:

  • Actively buy;
  • Buy;
  • Sell;
  • Actively sell.

By pressing a button, a menu of the trad will open. You will see a button Sell by signal with a downward or upward arrow. You will also see signal probability and signal profitability indicators. However, it is unknown, which indicators are used to make the forecast.

signal

Economic news

The News section can also be found on Libertex platform. The button is located in the upper part of the platform. The news for Forex Club is provided by third-party sources, including Investing.com, Trading Central, BeInCrypto, Quick News, etc. Noteworthy, the newsfeed is regularly updated. On average 8-10 news items are published per hour, and even more than that during important events, press conferences, etc.

There is, however, one drawback. In particular, you can filter the news by assets. All news items are published in the same newsfeed and you won’t be able to sort information by specific assets.

Economic news

Forex Club also provides access to Libertex TV. News in the format of a short video review, around 1 minute long, are published here. The video reviews can also be found in the Libertex news section.

Libertex TV

Market reviews by Forex Club experts

Forex Club publishes market reviews on its website. The materials are prepared by the broker’s experts. The topics focus on all major types of assets, available on the broker’s platform – stock exchange, energies, cryptocurrencies, etc. The experts also publish announcements of the global events for the next day. Forex Club also specifies forecast accuracy of each expert.

The issue with the reviews is the same as with the newsfeed – it is impossible to sort the forecast by the types of assets. In addition, it is impossible to subscribe to the experts, which can also be considered a drawback. There is, however, a search by assets and company experts.

Education

Education

Forex Club provides education for the beginners. The conditions differ depending on the type of the account. The users that open Silver or Gold trading accounts receive only basic information, while traders with a Platinum or Diamond account will be granted full access to beginner courses. The organization provides both online and offline courses.

Forex Club, however, does not have educational blogs. In particular, the broker does not provide training in text format, does not have articles with reviews of trading strategies, etc. The company has a YouTube channel, but it is mainly dedicated to news reviews and technical analysis. There are very few educational materials there.

Pros Cons
  • Educational course is available
  • Online and offline courses are available
  • There is an introductory course on MetaTrader 4 and Libertex platforms
  • Educational information is very limited on the accounts with low status
  • No text materials
Pros
  • Educational course is available
  • Online and offline courses are available
  • There is an introductory course on MetaTrader 4 and Libertex platforms
Cons
  • Educational information is very limited on the accounts with low status
  • No text materials

Educational course

In the Education section, the first thing you will see is a big video from Forex Club titled “Everything About Trading in 1 Hour”. In the section, you will also find access to two types of courses – for beginners and for experienced traders. After pressing Learn More, you will be redirected to the Libertex platform, where the courses are published. The length of the courses is approximately 3 hours. They are divided into blocks, which include from 4 to 29 tutorials.

Educational course

Forex Club seminars

The company regularly holds training seminars. They are held at the offices of Forex Club. The broker has offices in over 100 countries. On its website, Forex Club claims it has 50 different educational programs, while the experts of the company prepared ‘several financial bestsellers”. Unfortunately, there is not much information about Forex Club seminars. The broker does not hold webinars.

Customer support

Customer support

There are three ways to contact the broker’s customer support:

  • The form on the official website;
  • By phone;
  • By email.

The contacts of customer support are known only for Russia and Ukraine, but the contacts of the offices in the CIS accounts, where the customer can seek assistance are provided. Noteworthy, Forex Club specialists respond rather quickly. After sending a request through the form, we received a response within 30 minutes.

Pros Cons
  • Three ways to contact customer support
  • A big number of offices
  • Operating hours of customer support are unknown
Pros
  • Three ways to contact customer support
  • A big number of offices
Cons
  • Operating hours of customer support are unknown

Communication channels

The following contacts of the customer support are specified on the official Forex Club website:

  • 8-800-7754-964 (Russia)
  • +7 (495) 727-06-06 (Russia)
  • +7 (495) 627-79-97 (Russia)
  • 0-800-508-100 (Ukraine)

There is also a feedback form. To access it, press the Assistance and Support button on the home page of Forex Club website.

contact info

Languages and operating hours of customer support:

The contacts of technical support are not provided on the Forex Club website, except for Russia and Ukraine. However, there are addresses of the offices in the CIS countries. You can see the full list in the support section on the broker’s website. Below are the contacts of the offices located in the capitals of the countries:

City Phone number Email
Kyiv +38 (073) 003-89-82 kyiv@fxclub.org
Nur-Sultan +7 (7172) 579202 astana@fxclub.org
Tashkent +998 (71) 129-05-55 tashkent@forexclub.org
Minsk +375 (29) 689-36-32 minsk@fxclub.org
Bishkek +996 990 906000 bishkek@forexclub.org
Chisinau kishinev@libertexgroup.com +373 (22) 66-75-00
Bonuses and promo

Bonuses and promo

Forex Club regularly has special offers and promotions for its customers. As of the time this review was being prepared (October 2020), the company was offering two bonuses – one of the beginners and one for the customers that are already working with Forex Club.

The new customers can receive a welcome bonus – 100% of the deposit amount. To use the special offer, a customer needs to deposit an amount from USD 100. The maximum bonus is USD 10,000. The bonus is accrued to a special account and in order to withdraw it, you need to convert it into real money. For this, a trader needs to actively trade on the broker’s platforms. After each trade, 10% of Forex Club commission is accrued to your account as a bonus amount. The bonus has to be converted no later than within 90 days.

Summary

Summary

Forex Club is one of the most popular brokers on the former Soviet countries’ market. The broker is well suitable for the beginners, wanting to learn to trade Forex and CFDs. The broker offers learning materials, a demo account, and a wide selection of platforms to allow a beginner to choose the most suitable one. The company has offices in the largest cities of the CIS, where the educational courses are held, and where users can receive answers to their questions and resolve their issues.

You can work on Forex Club with small capital, as there are no restrictions on minimum deposit here. The broker encourages all types of trading strategies without limitations. Automated trading is also available. You can build your own trading bots, but this is available only to users with high status of the trading account.

The biggest drawback of the company is that it does not have a license. In case of a disputable situation with the broker, you only can hope for its regulations, which is a very weak defense. In addition, the fact that the central bank of Russia revoked its license due to violations does not speak in the broker’s favor.

Overall, the broker will not be able to offer a sufficient diversity of trading instruments or proper legal protection of the capital to traders with big capital. However, it can be suitable for the users from the CIS countries, which are only starting their path in the financial markets, or have some experience, but not big capital.

ForexClub
Rating 8 18
Confidence: -0.51
7 8 3 18
Official Website: https://libertex.org/