Fxcoinclub.com Review Is Fxcoinclub A Legit Forex Broker

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Fxcoinclub.com Review: Is Fxcoinclub A Legit Forex Broker?

Fxcoinclub Review: this is the name of a Forex broker with an unclear location as it is not stated on the website. Is fxcoinclub.com a Scam Forex broker?

On the page, we are only told that the brokerage is run by a “devoted team of experts”. They are said to be dedicated to give clients the maximum broker services. The team achieve this by being proactive; anticipating needs and attending to them.

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Fxcoinclub does not give much corporate information. Since this is a very important aspect of our reviews, we find this discouraging. Legit brokers offer such things as addresses or at least a location. This enables us to check if they are licensed in the region and others or not. What we however find are benefits of trading with the broker. They are summarized below:

Safety of Funds (Separate Bank Accounts)
Quick Withdrawal Process
High Payout Rate
Strong Financial Resources
More Than 200 Trading Assets
Next-Generation Online Trading Platform (No Download or Installation Needed)
24/7 Support

It is common for Forex brokers to start out with claims of making clients richer. This is because everyone seeking out easier ways to trade effectively does so to make more profit.

However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.

Fxcoinclub Trading Platform

Since we are told that the trading platform used by Fxcoinclub is online, it is like web-based. We find it uncomfortable that the broker does not offer the popular MetaTrader 4.

Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.

These platforms are very good signs as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating system. All can be used on desktops, Linus, windows, iOS and Android.

Tools that comes with these trading platforms are also found to be useful for traders. It has proven to be user friendly as well and helps traders in analyzing the market easily.

Trading instruments offered to traders are: 50+ Forex currencies, CFDs on many commodities, shares, 23 indices, and cryptocurrencies. We know that legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them.

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Maximum leverages can reach up to 1: 200 and while this is generous, it can pose danger as well. High leverages can lead to huge loss of funds as well. Spreads are found float above 3.2 pips.

Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.

Deposit and Withdrawal methods on Fxcoinclub

The means of making payments and withdrawals with this broker are Card transactions and Wire transfers. We do not find it encouraging that e-wallets are not in use.

This is because standard and legit brokers make deposit and withdrawals available via Visa, MasterCard and Wire Transfer. Many offer e-wallets like: Skrill, Neteller, UnionPay, FasaPay, and so on.

Minimum deposit required is placed at €500 which is higher than the obtainable average of $100 – $250 among brokers. Withdrawal charges are not stated for this broker. Sometimes it is better to mention if they apply or not.

This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.

Trading bonuses are offered and we have found that this is a means brokers use in tying down clients. Its presence is a disadvantage.

Is FXcoinclub Licensed?

No. FXcoinclub is not a duly licensed Forex broker. We have warned traders countless times to avoid unlicensed brokers. The intentional absence of location information is dubious as it could be an offshore located company.

Offshore locations are notorious because scam brokers choose to be based and operate from there. It is the same with this broker and they are not under any regulatory commission.

Regulated Forex brokers in Europe, America, Africa, Australia, and Asia are under many strict rules. The regulatory bodies like the FCA, FSCA, CySEC, AISC, NFA and many others have regulations protecting Forex traders from unfair brokers. This is why they come top as recommended Forex brokers.

Support

To get in touch with the customer support, clients are to send an email to [email protected] or [email protected]

Conclusion

Unlicensed Forex brokers will always score low because of the many dangers associated in trading with them. FXcoinclub is no exception to this case. Further, we find that it has bad trading conditions like high spreads and minimum deposits. Trading bonuses are also available which is not a good sign. Payment options are limited and do not cover popular e-Wallets as well.

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Fortrade

Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide.. visit their official website

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

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 Spread s
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:

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:

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.

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:

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.

Broker Advantages

FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.

XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.

FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.

FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.

FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.

FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.

HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.

FXCoinClub review – 5 things you should know about Fxcoinclub.com

Beware! FXCoinClub is an offshore broker! Your investment may be at risk.

Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

FXCoinClub is a Forex brokerage registered in the UK. It provides a web-based trading platform, not the MT5 trading terminal and clients are extended an extremely generous leverage of up to 1:200. Furthermore, there is wide range of trading products from which to choose but a spread of over 2 pips which is above the industry average. The required minimum deposit is the industry average of $250.

FXCoinClub regulation & safety of funds

According to the website the company behind the brokerage is registered in the UK by the name Digitley Markets Limited. We remind readers that all brokerages operating on the territory of the United Kingdom hold the responsibility of being properly licensed by the country’s regulatory authority in the face of the Financial Conduct Authority.

Going through the online registry of the British financial watchdog we could not find mention of the company’s name which leads us to conclude that FXCOINClub is providing financial services illegally. This puts enormous risk in any dealing a trader may execute with the firm and we highly recommend traders steer clear of the broker.

Traders needn’t have to worry themselves with such risk if they choose to trade with a brokerage regulated and authorized by a prestigious regulatory agency. Such agencies are the FCA in the UK or CySec in Cyprus which have been leading names in Forex trading for some time now. Their regulatory framework is composed of a number of strict rules which prevent clients from falling victims to fraud. Such rules include the segregation of accounts which assures that commingling with the client’s money is not possible. Furthermore, a license by such a regulatory body entails participation in a financial mechanism by which clients may be compensated if they suffer losses due to fraud or bankruptcy. With the FCA the compensation is up to 85 000 pounds, where as with CySEC it is up to 20 000 euro per person.

FXCoinClub trading software

Furthermore, the brokerage does not provide the MetaTrader 4 platform, instead there is a web-based platform. However, the MT4 is the foremost trading terminal at the moment and we always view it’s absence as a big disadvantage for the broker. Nonetheless, there is a demo account available for the web-based platform. Here is a screenshot:

And we could see a spread of 2.7 pips which is extremely high and quite unfavorable for traders. Furthermore, with unregulated Forex brokers business is always intertwined with certain uncertainty, however, we must point out that the selection of trading products is quite impressive and includes CFDs on indices, stocks, currency pairs and others. Clients are extended a leverage of 1:200 which is quite balanced but yet another sign that we have an unregulated brokerage on our hands since there is a leverage cap of 1:30 throughout Europe.

FXCoinClub deposit/withdrawal methods and fees

Potential clients of the brokerage may deposit or withdraw only via the standard Visa and MasterCard. We could not find any worrisome withdrawal provisions, however, we should highlight that many scammers choose not to disclose such information to would-be clients. There is turnover requirement for withdrawing from an account that has taken advantage of the bonus scheme, however, traders should have in mind that almost all brokerages have such provisions for their bonus promotions. Without proper information on the website we cannot be certain whether clients won’t be charged with any unexpected withdrawal or deposit fees once they invest.

Having in mind all that was stated above, we advise traders to always put up only the required minimum deposit, instead of risking a bigger amount with no certainty. Afterwards, they may also try to withdraw a small amount in order to check for any unexpected fees or delays. Such fees and delays are usually the signs of a scammer.

How does the scam work?

Information is a pretty solid criteria for judging a brokers legitimacy. Scammers would not share much of their information, because precisely there inconsistencies and irregularities may appear which expose the whole set-up. A good example is this very broker and the misleading information it gave regarding its regulatory status.

After informing themselves for the brokers trading conditions – traders should be well-versed in the way of the scam:

Through clicking an ad with promises for fast money, you will be redirected to a website such as Bitcoin Evolution or Crypto Revolt where registration will require you to give your email and phone number. After sharing your personal information, you will being receiving calls from brokers, compelling you to invest with them and win big. After a few minutes hearing their pitches, you decide to deposit some $200-250. And just like that – the scammers take a fat commission from this initial deposit.

After they are done with you, senior scammers begin working you into putting even more money. They say it’s the only way to profit from trading even more. After making the mistake of investing even further, you’ll begin wanting to get out of this and withdraw what you have left.

Unfortunately, the con-artists have no such thing in mind. They will now begin persuading you to wait it out and not withdraw right now. The motive here is quite straightforward – traders have a limited time window for filing a chargeback with their bank and get their money back. The “recovery department” will simply want to mislead you into missing this crucial period and, along the way, losing any chance you might have of getting the money back.

What to do when scammed?

As was mentioned above, scamming is quite the common in the trading world and, sadly, even you might suffer from it. In such an unfortunate case there still may be some available options for you.

You may contact your bank or credit card provider and file a chargeback. Furthermore, due to the high instances of fraud – both Visa and MasterCard have decided to sidestep scammers as best they can in forex trading. The first thing we have seen so far is that MasterCard has increased the previous time period of six months for filing a chargeback to a year and a half with their peer Visa expected to follow suit in December.

If, however, you have provided the broker with your credit card details, immediately cancel your credit card.

If you have given information regarding your online banking pass – you should switch it asap!

Beware of potential calls from self-described “recovery agencies”! They prey on scammed and vulnerable traders who are desperate to recover their losses. They will require an “up-front” payment to help you, but after paying them, no such help will be coming your way!

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