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)
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.
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.
To get in touch with the customer support, clients are to send an email to email@example.com or firstname.lastname@example.org
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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