Looking for a Broker with Low Minimum Deposits? Read our FXClub-Global Brokers Review
FXClub-Global, also known as Forex Club, is a brand name of Indication Investments Ltd. As such it comes under the licence issued by CySEC in relation to providing investment services. The mission of this particular broker is to “Provide individuals with the opportunity to increase their financial literacy, and to provide them with access to a wide range of retail financial instruments for internet trading”. And after spending a while looking at what they have to offer, we have to say they aren’t making particularly good ground. But that being said, we weren’t all that impressed in general. There is only one type of account, apart from a demo account, and the only trading platform is MetaTrader 4. And while there may be an average range of currency pairs, the spreads are a little on the high side. But let’s take a look at what’s on offer in a little more detail.
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MetaTrader 4 is the trading platform used by FXClub-Global
MetaTrader 4 is the one and only trading platform available for traders, and while that isn’t disappointing, the fact it is the only one is a negative factor. MT4 has nevertheless become a firm favourite with traders, and there are plenty of reasons why. For one it permits the use of Expert Advisors, but it is also compatible with a number of different devices and operating systems. It also includes a great array of tools, that serve to make users trading experience far more enjoyable. If you choose to trade using MetaTrader 4 there is also a good choice of order types. Market orders, pending orders, stop loss and take profit orders are all possible.
For Forex traders there is a choice between a live and a demo account
Many traders prefer a broker that offers just a few simple choices, and if you’re one of those then FXClub-Global isn’t going to disappoint. Currently there is only one real money account and a demo account. And if you want to add some funds to your live trading account, there are only two options. You can fund your account with either a bank card, or via bank transfer. When you compare these options with many other brokers it is a tad on the limited side. Bank card transfers are credited instantly, but there is a commission that has to be paid, to the tune of 3.5%. Minimum amount is $5, and the maximum is $15,000. Bank transfers, on the other hand, can take between 2 and 5 business days, but there is no additional charge. And we should also mention that FXClub-Global only accept deposits in US$ at this present time.
If you want to withdraw money, your options are even easier. Funds can only be withdrawn via bank transfer. Transfers take between 2 and 5 business days, and there is a whopping $17 commission charge.
FXClub-Global do have an education centre
We always like to include a broker’s educational offering in our reviews. But sadly, we felt a little let down with FXClub-Global. On the homepage of their site they proudly claim to put increasing financial literacy as part of their mission. The education section includes a lot of information about chart patterns, so it’s only going to be useful if you already have a basic knowledge of the Forex market. But it does discuss in some depth the different chart patterns that are known to have a big impact in the market. Other than that, there is a glossary, which is always a helpful addition. And a FAQ page where some common questions are answered.
Customer service is an important consideration when choosing a broker
When you are looking for a Forex broker, does customer service feature high in your list of priorities? If it doesn’t, you really should consider placing it higher in your list. There will always be moment in your trading when you could do with a helping hand. You may not be able to access your account, or you might have forgotten your password. Or you may be totally confused about what a broker has to offer. When it comes to lines of communication, FXClub-Global have a few of them. There is an instant chat option, which we always appreciate, as there is nothing better than getting an instant answer. There are also a few telephone numbers, depending on your query, and a general email address.
So were we impressed with FXClub-Global? At the time of writing this review we have to say, not very. Everything seems a little limited, and there is definitely a lack of information. But that being said, there is a demo account available, which is always a great way for any prospective clients to get a real feel for a particular broker.