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However, as the saying goes “Never judge a book by its cover”, so I didn't. I delved into the depths of the FXCLUB offering and they have all their bases covered. The registration and deposit process could not be easier with support for credit card, online checks, bank wire, and money order. OK, maybe it could have been a tad easier had they supported Paypal, but given all their other advantages, I am willing to overlook this.
FXCLUB claims to primarily target novice traders based on the content of their home page, as well as what I was told by the broker themselves. However, their advanced platform and trading tools should not go unmentioned. As I stated above, they covered all their bases with a downloadable platform for Forex beginners, an additional downloadable platform for Forex experts, a Web based platform, as well as a mobile platform for both Windows based phones as well as PDAs.
In terms of the actual trading, FXCLUB offers an unlimited demo account, as well as a mini account, which enables you to start trading with as little as a $10 initial deposit. They also offer no spread trading for non profitable trades, something I have not seen with other brokers.
FXCLUB is NFA regulated, which means you can sleep much better at night knowing you are dealing with a legitimate broker. When it comes to the beginner, FXCLUB offers any and all tools to turn the novice trader into a Forex expert. This includes extensive resources for educating the trader such as videos, forums, articles, and Forex tutorials.
However, no broker is perfect and some of the issues I have with FXCLUB include deposit, withdrawal, and rollover fees. They also do not offer as high of a leverage as other brokers, with FXCLUB's maximum leverage of 100:1.
Like I said, no broker is perfect, and if I was unable to find any disadvantages with FXCLUB, it would just indicate to me that they must be hiding something.
Other advantages include Dow Jones news integration in their trading platform, on site webinars, as well as full courses. Another impressive characteristic of FXCLUB is their social presence. They maintain an updated and relevant Twitter account for which they have accumulated a nice following. This is of course praise worthy on so many levels, but just the fact that they do not spam the social networks like other brokers do, is worth a mention.
FXCLUB offers various promotions through contests and other trading incentives. In terms of their platforms, they include all the standard tools such as Stop Loss, Take Profit, and many others. In conclusion, FXCLUB definitely did a good job separating themselves from the large number of Forex brokers. Between their regulation, their state of the art trading platforms, and their top notch Forex features, FXCLUB would be a good choice for any Forex broker, beginner or expert.