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Forex Club: once reputable broker becomes offshore company
For former residents of the CIS, Forex Club is a well-known company. Founded in 1997, it has remained the main platform for trading Forex for a long time. Various awards, its own trading platform, and training materials distinguished Forex Club from its competitors. Today, one can only be nostalgic about the days of the company’s past glory. Currently, reviews of the company's activities are rather negative and the reliability of its services is dubious. Read the article carefully in order to form an opinion.
About Forex Club
A detailed analysis of Forex Club revealed a number of inconsistencies. Let's start with the fact that today, Forex Club is a dealing center with offshore registration. The register shows that the legal entity has been holding an offshore residence permit since June 2014. The following address - the Financial Services Centre, P. O. Box 1823, Stoney Ground, Kingstown, VC0100, St. Vincent & the Grenadines - pops up among companies on the OFFSHORE LEAKS DATABASE website, which means that it once became the subject of journalistic investigations.
Importantly, on the company's website, you will not find either the license number or the regulator as there are none. Forex Club informs users about membership with the Financial Commission. Disputes with traders are resolved through this organization or the court. The Financial Commission is registered in Hong Kong. This is an independent dispute resolution organization. It is not registered and regulated as an arbitration organization. In addition to simplicity and transparency, the Financial Commission pays great attention to education.
Fxclub’s website is either very outdated or contains misleading information. The company reports that it has opened more than 100 offices in Ukraine, Kazakhstan, Belarus, Malaysia and other Asian countries, the European Union, and Latin America. Maybe it was the case some time ago. Nowadays, most of the representative offices are located in Ukraine and Kazakhstan. There are offices in Uzbekistan, Belarus, Kyrgyzstan, and the Republic of Moldova. The websites of these representative offices seem abandoned. The latest analysis articles on the Forex Analysis Section were published three weeks ago. The calendar for the main events of the company’s branches is empty until the end of the year.
The truth is that Forex Club is not presented in 21 countries, including the Russian Federation. In Russia, Forex Club operates as an affiliate of Alfa-Forex. The dealing center refers to it as "the best solution to reap the maximum profit". In fact, everything is more prosaic. In 2018, the Central Bank of the Russian Federation revoked the Forex Club license due to violations of the requirements for maintaining internal accounting. In 2020, Roskomnadzor, the Federal Service for Supervision of Communications, closed access to the domain Fxclub.org on the territory of the Russian Federation. This is how the slogan "the best solution to reap the maximum profit" as well as the partnership with Alfa-Forex as a licensee of the Central Bank of the Russian Federation appeared.
Перевод картинки: Forex Club and Alfa-Forex: the best solution to reap maximum profit
The success of working on Forex, as well as the success of any business, depends on the experience and special knowledge, and the reliability and stability of the selected tools. In order to provide our clients with a wide range of opportunities for prosperous trading on Forex, we have applied the above mentioned advantages and experience of time-tested companies to create a truly unique product.
The Forex Club and Alfa-Forex alliance have long-term experience and expertise in financial markets. Forex Club offers individual support and professional training. The Alfa-Forex dealer platform meets the requirements of modern investors.
The company offers trading on a desktop and 4 platforms, including its own Libertex. Trading conditions vary depending on the choice of the website and the account. Here are the general ones.
What Forex Club offers its clients
Forex Club focuses on training, offers 5 types of accounts, as well as trading from a desktop and 4 platforms. There is a support service with the FAQ section. The current agreement "on the provision of services in the international financial market " (from May 25, 2021) contains some terms we recommend paying great attention to. For example, the Company has the right to leave a claim, complaint or request of the Client without consideration, if they contain: an emotional assessment of the disputed situation; offensive statements addressed to the Company and/or its employees; offensive language.
Forex Club mentioned offensive language for a reason. Despite the high ratings, reviews about the company are mixed. Some of the comments were left by traders who had been trading for a long time. Some comments belong to traders who either became disappointed or started trading with Forex Club recently. They advise others to stay away from the company. Most of the negative comments are targeted at the support service, withdrawal of funds, non-working Stop Orders, operation of the platform, and unjustified closing of transactions.
Перевод отзывов с картинки:
I am extremely disappointed with this broker. Everything works so slowly or with bugs. To make a withdrawal, I had to go to incredible lengths. I literally bombarded them with messages like what the reason for the delay was and when my request would be fulfilled. It was so exhausting. I perfectly understand that for the broker, it is more favorable when I rarely make withdrawals. However, why should I think about such things in the first place?
Please, bear in mind that Stop Loss orders are not executed. I opened 5 positions on different instruments over a day. I placed Stop Loss on each position. Nevertheless, every transaction was closed above the level where I placed the Stop Order. Of course, at an unfavorable price. I tried to contact the support service yet it seems mission impossible. I said that if the company did not compensate for my losses, I would leave negative reviews on every Internet forum. I am even prone to leave the number of my account so that people do not think that it is some kind of a cooked up story by rivals. If I reach any success in this matter, I’ll let you know.
Scam! One of the worst brokers ever! They close positions without your permit and your trading account balance becomes negative. Besides, I’ve noticed that from time to time, some funds have just disappeared from my account. This broker does everything so that you lose all your money!
By no means download the app and deposit money! The broker will eventually drain your deposit. I timely opened a short trade on USD/JPY as the price was moving down. However, I did not receive a profit. On the contrary, the position was closed with losses. I managed to make screenshots. So, I sent them to the support service. There was no answer. If you still think that this is a reliable broker, you are very much mistaken. I can provide you with all the necessary proof. Just add me on WhatsApp.
Perhaps, this broker was a good one but it was 15 years ago. As for now, there are numerous problems that make trading simply unbearable. The news section can be empty for weeks. Take Profit orders do not work. There are constant failures on the platform. However, the broker blames the Internet provider. Some traders even jokingly renamed the support service department intro trolling service department. It is so useless. When something goes wrong, they just ignore you or even worse may say rather "gentle words" to stop you from contacting them again.
Fraudsters! It is such a shame to even remember the work with this broker. You cannot even normally attach your credit card to the trading account. When you finally did it and for some reason, you had to delete the credit card data from your trading account… Well, you can imagine what it’s like. Deposit and withdrawal procedures are another way to destroy clients’ nervous cells. Do not even hope that the support service will somehow help you. I had to send documents for verification 5 times in order to withdraw funds. Yet, these documents had already been verified some time ago. I will definitely choose a new modern broker! Stay away from these scammers!
Hi everyone! I don't even know where to write and to report about the fraudulent actions of Forex Club, also known as libertex. Its managers adjusted my account balance claiming that I already opened an account earlier. They terminated the contract because I was not allowed to open a new account and adjusted the balance on my account. I received an email that the agreement was broken because my account was connected to an affiliate account of a trader with whom the company had also terminated the contract. For this reason, the company undertook the above mentioned measures. They also informed me that I should withdraw the remaining funds and then my account would be closed. What should I do? I did not open any accounts. I tried to contact the support service. I explained the situation and said that I would provide my personal data, a selfie with my passport, bank statement, or record a video if necessary. However, there was no answer.
Once Forex Club was the leading broker with many awards. However, today, it is just a company without a license, regulation and with an offshore residence permit. The name still helps the dealing center to stay afloat but the content of the websites shows the actual situation. Before opening an account, do not be lazy and carefully study the company's trading agreement and traders ' reviews.
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