Forex Club

Forex dealer Forex Club (“Forex Club”) was founded in 1997 in the Russian Federation. It was one of the three largest Russian dealing centers until it was left without a license. It was banned in the country. Since then, the catcher has registered in offshore zones, from where he continues to scam money.

Forex Club has more than 2 million patients. Every year the vast majority of them are new people. There are very few old ones left. The majority lose all their money because of the rotten manipulations that the trickster actively engages in.

When this review was prepared, Forex Club was registered in Saint Vincent and the Grenadines. This alone suggests that this is an honest broker only on paper. The local regulator does not monitor how Forex intermediaries operate. You can’t even count on withdrawing transactions to the interbank market.

The official Forex Club website provides a pool of instruments. There is a full range of classics that the “kitchens” are selling – from currency pairs to cryptocurrencies.

Specifications are provided in full. They also make it clear: there will be no transfer of transactions to the interbank market. The shoulder is too wide – up to 1:999. The minimum stop out is 10%.

It doesn’t even smell like favorable trading conditions. Spreads are high. In addition, there are fees that make trading even less profitable. Real reviews of Forex Club warn: slippage can occur at any time. The result will be the closing of positions in the negative.

Among the ways to deposit and withdraw are electronic wallets, bank transfers, and cards. The scammer even promises to compensate the commission for replenishment. Just not with real money – bonuses that need to be worked off. Spoiler: you won’t be able to do this.

Terms of cooperation. How to make money with Forex Club?

To earn money, Forex Club offers to make investments:

• in shares;
• fiat, cryptocurrency;
• metals;
• oil and gas;
• ETF;
• indexes;
• agricultural products;
• bonds.

In fact, these are all CFDs, not exchange-traded instruments. The scammer just forgets to talk about it. Then he goes further – he encourages people to invest in shares and receive dividends from them. How this is implemented is unclear. Rating Forex cautions: Forex Club does not have a license to operate on the stock exchange.

According to Forex Club, there is another source of profit. We are talking about Bitcoin mining. Sharashka promises to give you the opportunity to receive free crypto every day.

Rating Forex warns: in fact, all trading tools are fiction. They are generated on the Forex Club servers. In addition, trades are not routed to liquidity providers. This is clear from the presence of cryptocurrency pairs among financial assets.

The Forex Club scammer offers 5 accounts for trading:

• Silver.
• Gold.
• Platinum.
• Diamond.
• Exclusive.

They differ in requirements for depot and turnover. The minimum wage is $0. It will give you Silver status. If the trading volume is more than $1 million, and the deposit is over $500, the trader is eligible for the Gold level service.

For Platinum, you need to hold out from $5,000. A turnover of $10 million is required. The starting depot for Diamond is from $50,000. Trading volume is more than $10,000,000. For Exclusive, you need to have more than $0.5 million in the depot. Turnover is not important.

Service levels differ in the number of available additional services, ready-made options and the opportunity to receive exclusive trading conditions. Specifications:

• Leverage – up to 1:999. It’s very broad.
• Spreads – from 2 points. It’s the same story as with leverage.
• Commissions – $7 per lot.
• Stop out – 10%. Very low.
• Margin call is not specified.
• The minimum transaction volume is 0.01 lot.

For each asset, Forex Club provides swaps. Mostly they have a minus sign. This makes long-term positions less profitable.

Registration and regulation

Let us remind you: when this review was being prepared, Forex Club was registered in Saint Vincent and the Grenadines. The license was issued by the local regulator. It is important to understand: this piece of paper means nothing.

Rating Forex warns: the St. Vincent and the Grenadines regulator does not regulate Forex dealers. That is, the Forex Club sharashka operates without state supervision. This is the main sign of a “kitchen”, a scam.

The Forex Club scammer is still quite actively cleaning the pockets of Russians. This succeeds even though the Russian regulator has blacklisted him.

How “Forex Club” scams money

Forex Club is a typical “cuisine”. She has very simple schemes. Most of the patients are sent into a dive even without the intervention of the sharashka. Reasons to the throat:

• shoulder too wide;
• spreads are large;
• part of the deposit is consumed by commissions.

There are those who manage to gain profit. The Forex Club scammer fights fiercely with these:

• cuts profit,
• cancels profit.

The scammer can also freeze the account under the pretext of fictitious violations. He is not shy about inserting price spikes that trigger the stop loss.

Let us remind you: the Forex Club scammers have bonuses in their arsenal. He distributes them very generously, to everyone.

Rating Forex warns: bonuses need to be worked off. Until you make a certain trade turnover, the lovchila depot will not return it. This increases the risk of merging. The more trades a trader enters into, the higher the probability of a loss.