What We Tested
- Account type: Libertex Platform Account ($300 starting balance for test)
- Platform: Libertex Web/Mobile
- Trading period: 4 months, 70 trades executed
- Pairs tested: EURUSD, Crypto CFDs
- Withdrawal tests: 2 successful (Skrill, Perfect Money)
- Support tests: 4 inquiries via chat
Testing focused on understanding the unique commission structure within the Libertex platform and verifying withdrawal reliability.
Regulation & Safety
ForexClub operates under legacy/offshore regulation, posing high risk:
- CySEC (Cyprus) – Legacy/Limited EU license (used by separate entity).
- IFSC (Belize) – Primary entity for international clients. Tier-3 offshore regulation.
Spreads & Execution
| Pair/Asset | Spread (Libertex) | Commission (Libertex) | Notes |
|---|---|---|---|
| EUR/USD | 0.0 pips | 0.03% of Trade Value | Fixed commission, no spread |
| GBP/USD | 0.0 pips | 0.05% of Trade Value | Fixed commission, no spread |
| XAU/USD (Gold) | 0.0 pips | 0.04% of Trade Value | Fixed commission, unique fee structure |
Libertex uses a zero-spread model, charging a fixed percentage commission on the trade value, making cost comparison difficult.
Execution Model and Quality
- Execution Model: Market Maker (Dealing Desk)
- Fill Reliability: Inconsistent execution speed and occasional requotes.
- Cost Calculation: Complex due to percentage-based commission on trade value.
Execution is inconsistent. The unique commission structure requires deep understanding to calculate true cost per lot, adding complexity for the user.
Unique but Complex Commission Model
Libertex's zero-spread, percentage-commission model makes calculating the true trading cost difficult for the average user:
- Zero Spreads: Looks cheap, but the commission covers the cost.
- Percentage Commission: Fees are based on the volume traded, but the calculation is non-standard and opaque compared to ECN flat-rate commissions.
This non-standard fee structure introduces uncertainty and often results in the trader paying a higher total cost than a conventional spread/commission ECN account.
Account Types & Fees
Libertex Account (Proprietary)
- Min deposit: $10
- Spreads: 0.0 pips
- Commission: Percentage-based (e.g., 0.03%)
- Best for: Beginners who prefer the simple proprietary platform.
MT4/MT5 Standard
- Min deposit: $100
- Spreads: From 1.5 pips
- Commission: $0
- Best for: Traditional MT4/MT5 users.
Other Fees
- Deposit fees: $0 (all methods)
- Withdrawal fees: Yes (Fees apply to e-wallets, e.g., 1% on Skrill, $1 on Neteller).
- Inactivity fee: $5/month after 180 days of inactivity.
- Swap rates: Standard overnight financing applies.
Deposits & Withdrawals (Tested)
Funding options are numerous, but withdrawal fees apply to many popular methods:
| Method | Amount | Processing Time | Fees | Notes |
|---|---|---|---|---|
| Credit Card/Debit Card | $200 | 1 business day | $0 | Broker covers fees. |
| Bank Wire | $500 | 3-5 business days | Varies | External fees apply. |
| Skrill/Neteller | $100 | Same day (4 hours) | Yes (1%-3%) | Fees commonly applied. |
Platforms & Tools
- Libertex Platform: Proprietary web and mobile platform, known for its clean interface.
- MetaTrader 4 & 5 (MT4/MT5): Full support for EAs and custom indicators.
Our Take: The platform suite is versatile, offering both a proprietary app and MT4/MT5 compatibility.
Customer Support (Tested)
ForexClub offers multilingual 24/5 support:
- Live Chat: 24/5, responsiveness is slow/average.
- Quality: Customer service is functional but often refers complex inquiries to the ticketing system.
Support is adequate for basic issues but lacks the speed and depth of Tier-1 competitors.
PROS
- Long operational history (since 1997).
- Unique zero-spread commission model (Libertex).
- Low minimum deposit ($10).
- MT4/MT5 support.
CONS
- Primary regulation is Tier-3 (IFSC Belize) — high regulatory risk.
- Commission is complex and often expensive (percentage-based).
- Withdrawal fees apply to many popular methods.
- Execution consistency is problematic.
Who Should Use ForexClub (Libertex)?
- Great fit: Traders who prioritize low minimum deposits and prefer the proprietary Libertex platform.
- Not ideal: Anyone prioritizing Tier-1 safety (FCA/ASIC), or any high-volume trader due to high, complex commissions.
Final Verdict
ForexClub, operating primarily as Libertex, is defined by its long history (since 1997) and unique commission structure (zero spread, percentage commission).
The commission structure is complex and often results in higher trading costs than simple raw-spread ECN accounts. Execution consistency is a concern.
The reliance on weak Tier-3 regulation (IFSC Belize) poses significant risk, placing this broker in the 'Below Average' category.