FxClub.org(.com) Review

I use the expressFX platform, the newbie one that promises zero spread. When you get a quote you must of course tell them which direction you want the quote for so they can bounce the price the spread before they give you a button to click. Normally you can get in or out within 15-20 seconds, although it can get bad sometimes and take upwards of 15 minutes. You cannot use limit orders and you can only have a stop and a take profit, you cannot come back later and set the take profit for a negative number to get some of the diff back. Bottom line is the spread is not zero, they just tell you it is. The only plus is if you get out for a loss they refund the high commission so you can employ a longer term strategy that often fails and then has big winners once in a while. Although the rollover is quite expensive like half the commission or something rediculous.

hello,have been using both of their p/forms? the beginners p/f isnt much good but 11 pairs and the fees the same for all. .40 for 1000, $4 per 10000,$40 per 100000 units.no indicators and line ,tick or candles! candles dont show up well though.the other platform is reasonably good. all indicators and templates. candles,shadows,bars,etc.stops not good. requotes prob. have not opened acct. yet but trying to. must submit 3 papers. hope i dont have problem withdrawing funds???

WARNING !!!

Hi

I tested their express and classic platforms.
These are not for me, and I personally did not like the platforms.

In addition to this the terms and conditions is what should have you really really alarmed.

They have in their terms a min. 12-15 pips stop loss and target requirement on top of their spread or fixed commission.

For the express this would mean that a .40 fixed commission for a $10 lot, and then on top of that a $1.20 min or 12 pips stop loss required per lot. THATS RIGHT PER LOT !!!

I guess thats ok if you plan to manually close the trade prior to this, but this is not good at all.

The classic has the same rule/terms but it's not listed on their site under the classic terms; and they indicated they need to fix the web for the classic account to show these terms.

Anyhow to summarize (IT'S A 12-15 PIPS STOP PER LOT )

So is you traded 3 micro lots at $30 to open then your stop would have to be $3.60 or (12-15 x 3) = (36 - 45 pips stop loss required)

WOW this really stinks and a complete rip off.

DO NOT USE THIS IF YOU NEED TIGHT STOPS !!!

Albeit, their ExpressFX platform is a load of garbage: it's a gimmick to help complete newbies familiarize themselves with order making, etc. Their Rumus2 platform is a bit unorthodox in its presentation, and can be downright confusing. It is usually just better to watch prices and do your charting in MT4 and execute your trades from the platform.

If you require fast execution, then this broker is NOT for you. Their dealing desk often takes quite a while to quote a price. Scalping is a fool's strategy anyways (no, seriously). If you think you can be successful at forex through scalping, you are just kidding yourself.

A lot of negatives so far. So why do I rate it 3 stars? Well, if you can get past all of the inconveniences, take a look at the terms of trading. They are actually quite favorable to the trader compared to many other brokers.

First of all, there are no margin calls (ie your positions are closed once equity is zero, not when available margin is zero). Many balk at this and say it encourages traders to risk their entire accounts. But let's be serious here: if your account size is $1000 or smaller, having a margin requirement is silly, since in the big scheme of things $1000 is pocket change. This actually ends up being an advantage to the trader because it gives him extra drawdown depth.

My whole point regarding the margin call issue is that, unless you are doing 10 lot positions or larger, margin requirements are unnecessary because there is hardly any risk for the broker to absorb.

The next advantage the terms offer is that each dollar in your account can buy 100 units of BASE currency, regardless of the exchange rate. So with 100 dollars you could buy 10000 GBP/USD even though this would be impossible otherwise, since 100 USD at 100:1 leverage should only buy you 6250 GBP/USD at the current exchange rate.

To the keen eye, it becomes apparent that this broker is really trying to lessen your barriers to entry if you have a small account size.

Their spreads are 1 pip larger than average on some pairs.

I got a withdrawal through paper check no problem; it took about 2 weeks (if you think getting a check in 2 weeks is too slow, then I don't know what to say).

I will probably be labeled a shill because I have submitted a detailed review and am not part of the army of crybaby losers that pervade these ratings boards.

The express fx platform is amongst the worst I have ever seen. I have been running it for a month now and it is difficult to understand what commission fees will be when entering the trade, as well as very slow execution. They have a neat feature when you place an order that allows you to bet your entire account on a single trade, good encouragement to blow your account. I would stay away from these guys, don't touch them!

Well, this pretty well sum it up: PURE SCAM!!!
In my previous post, I said I was waiting for my withdrawal request to be processed. After 4 weeks of giving me the runaround with all kind of excuses, They still haven't sent me the money owed.
They are boasting being registered with the NFA, I'm gonna file a complaint to see what they say.

2009-03-22 2 stars
On their website,they make their price quoting thru Dealing Desk sound like the best invention since sliced bread!
In practice, the sweet time they take to give you a quote will many times make your profits disappear or even turn into a loss!
I have managed to make some profits and now am still waiting for my withdrawal request to be "processed"!

It is a complete scam i would not advice anyone from uk and europe to get involve with them, i rerquested withdrawal over a year ago for $2000 i haved received anything every time i phone them they give me new ac no they are big scam they have poor customer service and it is easy to pay money in but not easy to withdraw

extreme high execution time, sometimes it takes 50 sec, requote and etc.. the platforms ExpressFX and Rumus sometimes don't display your orders

I have learned a lot from their classes. Platform was a bit confusing. I believe they are having money problems though otherwise it was easy to use.

I have been trading with FXclub since 7/07 and started with a couple hundred bucks I was totally green and wanted to jump in. I have not had trouble with deposits or with withdrawals. I have had a disconnection problem and I called the support people and they helped me through it. no complaints there. I have been curious about some stop harvesting lately but how am i to prove it? I have lost some money but i chalk it up to learning. overall I will say this broker is ok but i am researching new brokers because i want to use MT now.