Currency trading has become one of the most popular forms of making money on the side since the market is an adventurous environment where traders gain it all, lose it all, and hope for the best and expect the worst. The Forex market can trigger deep emotions especially when traders put everything at stake and wait for the outcome. Lucky are those traders who have the right broker to pick them up and make them hope again. Traders really can do little on the market without a capable, professional and reliable broker. It is very important that traders trust their broker and that they know that their broker keeps their funds safe. The first step to trust is always the license which guarantees at least some rights to traders and market participants. The FX Club review will give a detailed analysis of the FX Club broker which is highly spoken of in the market. What the broker offers and what traders get with this broker is discussed below.
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FX Club Background
This retail broker comes, like many other brokers, from one of Europe’s most crowded trading centers, namely Cyprus. Naturally, this means that the broker has to underlie CySEC regulation, an institution which has been growing strong since 2004 when Cyprus entered the EU. A CySEC license is quite important given that it is the entrance ticket to other EU markets as well. This is one of the reasons why many Forex brokers rush to Limassol or Nicosia and offer their Forex services from the tax haven to wealthy EU citizens who can afford the luxury to play, i.e. trade in the Forex market. This broker is registered under the name Indication Investment Ltd with CySEC since 2012 and has to obey to the mighty regulator. The broker has been meeting the high criteria for four years now, which gives us the right to classify this broker as a professional broker. Forex traders know that many European brokers do not operate in America due to different legal disagreements. But FX Club is one of the rare brokers who made its breakthrough into the US market. The broker is monitored by CFTC in America. The CFTC is a private regulator agency which is acknowledged by the state and government, and it shares many principles with European regulators. The main goals of both supervisors include market protection and customer protection. FX Club is a pretty much simple broker with no particular extras so let us take a glance at its business.
The broker offers the Meta Trader 4 platform to its traders which is compatible with many indicators and trading tools and many other technological devices. The MT4 has been around since 2005 and no experience with negative comments, otherwise, the platform would not be the dominant force among platforms. Brokers and traders simply love MT4 for its diversity of options. FX Club also offers the appropriate FX Club mobile app which can be downloaded to all kinds of mobile phone devices. There is barely a trader today who has resisted mobile trading. The idea of carrying your trades with you on your smartphone makes the majority of traders happy.
Account Types and FX Club
It is okay to offer one platform, but it is not quite optimal to offer one trading account. Nevertheless, FX Club offers one live account indeed. The broker’s package is getting a little bit confusing here since there is no minimum deposit but traders are “conditioned” to trade 0.01 lots. Leverage is 1:200, even though we do not how much it is in America; we only know it cannot be the same since such high leverage is not permitted in the USA. The broker’s spreads are not very competitive with 4 pips, but at least the bonus policy of this broker can help you lower the spreads significantly.
FX Club Bonus Policy
Maybe we can forgive the broker for not having multiple accounts if we are welcomed with $100 to $200. The FX Club Welcome bonus is very generous with the amounts of $100 and $200. The other FX Club bonus includes a spread refund which gives traders back the spread difference upon unprofitable trades. The standard payable spread amounts to 4 pips, but if 25% of your trades are profitable, you pay 1 pip per trade. To be eligible for the bonus more than $500 of deposit is required.
When it comes to deposits and withdrawals, the broker does not offer a lot of variety (again). There are only two options including wire transfer and a bank card. Deposits are only accepted in USD. This is very limited and does not leave any freedom to traders who would rather avoid high bank fees.
At least, when it comes to the support team traders are not limited to one choice but can normally contact the FX Club support team via e-mail, phone, and life chat. The multilingual customer support is there for you anytime of the day (and night).