de | cn | ru

FXCoinClub Review - is it scam or safe?

FXCoinClub review - Is fxcoinclub.com scam or good forex broker?

RATING: 1 / 1 REVIEWS ForexBrokerz FXCoinClub
FXCoinClub is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


FXCoinClub is a forex and CFD broker that says to be offering more than 200 trading assets with three account types, leverage of up to 1:200 and a web based trading platform.

 

Account type Min. deposit Max. leverage Spreads
Basic Account  $500 1:200 3,2 pips
Gold Account $5 000 1:200 n/a
Platinum Account $20 000 1:200 n/a

 

Unfortunately the broker is not regulated as it is supposed to be, if they are really headquartered in the UK, so if you are considering to open a trading account with them better read this review first.

 

FXCoinClub Advantages:

 

50 forex pairs and other CFDs

 

One  possible advantage is the large selection of trading instruments including 50 currency pairs, many of which exotic or minor like USDZAR, USDTRY, USDSGD, USDSEK, USDRUB, USDPLN, USDNOK, USDMXN, USDILS, USDHUF, USDHKD and USDDKK, and the various CFDs on assets like gold, silver, platinum and palladium, oil and natural gas, coffee, sugar, corn, cotton, orange juice, soybean and wheat,  

23 indices, stocks, ETFs, bonds and even crypt currencies like Bitcoin, Bitcoin Gold, Dash, EOS, Ethereum, Ethereum Classic, IOTA, Litecoin, NEO, Qtum, Tron, Stellar, Monero, Ripple and Zcash. If would like to trade crypto assets however, we would better suggest that you check our list of regulated brokers offering bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

Leverage of up to 1:200

 

You should always remember that trading with higher leverage comes with a price – the higher risk of losing your funds with the slightest fluctuation of the market. And it was not a great surprise when in the summer of 2018 the European Securities and Markets Authority (ESMA) capped the maximum leverage allowed fore retail forex and CFD transactions at 1:30, even lower than the 1:50 level adopted by the authorities in the U.S.. 

 

Still leverage is a valuable tool if used with caution.

 

FXCoinClub Disadvantages:

 

FXCoinClub is not a licensed broker

 

This is a major issue. A legit license is the only reason you can trust a broker, especially anonymous websites like FXCoinClub. 

 

OK,  FXCoinClub is not completely anonymous – there is the name of some company - Digitley Markets Ltd, which according to the presentation is based in London. If that is the case however, FXCoinClub will have to be licensed and authorized by the local Financial Conduct Authority (FCA) as all legit financial companies in the UK should be.

 

Unfortunately they are not. We diligently checked the FCA registers and were not able to find neither  FXCoinClub nor Digitley Markets Ltd there.

 

And besides, if you chose to trade with a FCA regulated broker your funds will even be insured for up to 85 000 GBP. So here you may also check our list of brokers licensed and authorized by the FCA:

 

>>FCA Regulated Forex Brokers<< 

 

Trading bonuses with unspecified conditions

 

From their presentation we understand that FXCoinClub are offering their clients trading bonuses, without bothering however to mention under what conditions. 

 

Just bear in mind that trading bonuses are a favorite tool, quite too often used by scammers to cancel your withdraw requests. So our best advise is to avoid trading bonuses, and brokers which offer such promotions all together.

 

High spreads

 

As tested with a demo account the benchmark EURUSD spread floated above 3,2 pips, which is about three times higher than the levels most traders would consider attractive with a demo account. So here you may also check our list of brokers offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

Skrill not accepted as payment method

 

FXCoinClub accepts payments with major cards like MasterCard and VISA, but not Skrill and that is intriguing, especially in the light of Skrill's new anti scam policy according which the money transfer company partners only with properly regulated brokers. As we already discussed, FXCoinClub is not a licensed broker.

 

High minimum deposit requirement

 

Just bear in mind that with most brokers you will be able to open a live trading account with about 250 USD, while with some well known players like FBS and IG you can start trading with just 5 USD or even less.

 

MetaTrader4 not supported

 

FXCoinClub offers an overly simplified web based platform, lacking many of the standard features readily available with well known trading solutions like the MeTaTrader4. 

 

 

For example we miss the option to run algorithmic trading sessions – something that can be done quite easily on a MT4 with the help of customizable market indicators and trading robots, also known as Expert Advisors. And MetaTrader4 is also armed with an excellent set of advanced charting tools, so here you may also check our list of brokers, which do support the platform:

 

>>MT4 Brokers<<

 

Conclusion:

 

FXCoinClub is not a broker you can trust. Their website is in practice anonymous and they are not regulated as they should be if they want to target customers on regulated markets like the UK or the rest of the EU. So here we will repeat our general advise to trade only with legit brokers properly regulated by respectable financial watchdogs such as the FCA in the UK, the Australian Securities and Investments Commission (ASIC) and the Cyprus Securities and Exchange Commission (CySEC), probably the three most popular regulatory hubs in the industry.

Latest news about FXCoinClub
No news about FXCoinClub. Check back later.
Forex
Broker Country Regulation Platform Min Deposit Review
Cyprus, UK, Mauritius CySec, FCA, FSC MT4, MT5, Web $10 Review Website
Cyprus, SVG CySEC MT5, Web,
cTrader
$100 Review Website
Australia, Cyprus ASIC, CySEC MT4, MT5, Iress $100 Review Website
Cyprus, Australia CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia, South Africa FCA, ASIC, FSCA MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
Markets,
cTrader
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, UK, South Africa, UAE CySec, FCA, FSCA, DFSA MT4, MT5, Web $5 Review Website
Cyprus, UK CySEC, FCA MT4, MT5 $1 Review Website
UK FCA MT5 $5 Review Website
UK FCA MT4, Web, MT4
for Mac
$100 Review Website

Traders` reviews for FXCoinClub

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

de | cn | ru