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FXCoinClub Review - is it scam or safe?

FXCoinClub review - Is scam or good forex broker?

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


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<<




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
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