Is ForexClub a Scam?

When we assess a broker, we start from the ground up: who is the legal entity, where is it registered, and who — if anyone — actually supervises it. For ForexClub, the legal entity on our records is Forex Club International LLC, registered in Saint Vincent and the Grenadines, with a registered address at The Financial Services Centre, P.O. Box 1823, Stoney Ground, Kingstown. The company was founded on 26 April 2024, which makes it a very young operation. Our records also show zero employees on file, a detail that, while not necessarily disqualifying, raises questions about the operational substance behind the brand.

The core of our safety assessment is the FXCanary Scam Risk Score, and for ForexClub that score is 85 out of 100 — a level we classify as 'Severe'. That score is built from a combination of objective risk flags: the broker is listed as a 'Fake Broker' in industry watchdog records, it has been identified as a clone or impersonator firm, it is registered in an offshore jurisdiction with light oversight, and it has no verifiable website or social-media presence. Each of these flags on its own would warrant caution; taken together, they paint a picture that a prudent trader should not ignore.

ForexClub's only regulator on file is the National Bank of the Republic of Belarus (NBRB), with a Forex Trading License (EP) bearing licence number 192580558. We cross-checked this against the public register, and the licence is indeed listed. However, the status field in our records is blank — we do not have confirmation that the licence is currently active, suspended, or revoked. That uncertainty is itself a red flag. A licence that cannot be confirmed as active is not the same as a licence that protects you.

The NBRB is a legitimate regulator, but its remit is Belarus. For a trader outside Belarus — and particularly for a client dealing with an entity registered in Saint Vincent and the Grenadines — the practical protection offered by this licence is limited. The NBRB does not operate a client compensation scheme comparable to, say, the UK's Financial Services Compensation Scheme or the EU's investor compensation funds. There is no guarantee that a client in another jurisdiction would be able to recover funds through the NBRB in the event of a dispute or a broker failure. Negative-balance protection, which is a standard feature under many EU regulators, is not something we can confirm for this licence.

It is also worth noting that the broker's own website, as captured in our web search results, claims that its services are 'regulated by the National Bank of the Republic of Belarus (reg. no. 192580558)' and that it is authorised to operate in 28 EU member states. We have not been able to verify that EU authorisation claim from our records, and we treat it with caution. The gap between what a broker claims and what a regulator actually confirms is a classic warning sign.

Saint Vincent and the Grenadines is a well-known offshore jurisdiction for forex brokers, but it is not a jurisdiction that offers meaningful regulatory oversight. The Financial Services Authority (FSA) of Saint Vincent and the Grenadines does not license or regulate forex brokers as such; it merely registers companies. This means that a company registered there is not subject to the kind of ongoing supervision, capital requirements, or conduct rules that apply to brokers in regulated financial centres.

For a trader, this has practical consequences. There is no local ombudsman to complain to, no compensation fund to draw on, and no regulator that will step in if the broker behaves badly. The registered address — The Financial Services Centre, P.O.

Box 1823, Stoney Ground, Kingstown — is a standard corporate services address, used by thousands of shell companies. It tells you nothing about where the actual business is run or who is behind it. In our assessment, the combination of a young company, an offshore registration, and a licence from a regulator with limited extraterritorial reach is a fragile foundation for a broker that is asking for your money.

One of the most serious flags in our records is that ForexClub has been identified as a clone or impersonator firm. This is a specific and serious allegation: it means that the entity operating under this name may be deliberately trading on the reputation of a legitimate, established broker. The name 'ForexClub' is not obscure — there is a well-known broker called Forex Club that has operated for decades, with a history in Russia and a presence in Europe. Our web search results returned reviews of that established Forex Club, with references to CySEC and other regulators, and to platforms like Libertex.

We have to be careful here. The web results we reviewed largely describe that older, established Forex Club — not necessarily the entity we are assessing, which is Forex Club International LLC, registered in 2024. This is exactly the kind of confusion that clone firms exploit.

A trader searching for 'ForexClub' may find the legitimate broker's history, assume they are dealing with that company, and then end up depositing funds with an entity that has no connection to it. Our records show zero clone or impersonator sites found for this specific entity, but that does not mean the risk is absent — it means we have not yet identified the full network. The risk of confusion is real, and it is a reason for extra caution.

The broker's official domain, thefcofficial.com, is live, and our web search results captured several pages from it. The site is in Chinese, and it promotes MT4 and MT5 trading, with claims of spreads from 0.0 pips, leverage up to 1:500 on MT5 and 1:1000 on MT4, and a range of instruments including forex, metals, indices, stocks, and cryptocurrencies. It also references a 'Financial Commission' as an external dispute resolution body, with compensation up to €20,000 per case. These are marketing claims, and we treat them as such — we have not independently verified any of these figures.

What is notable is the absence of verifiable operational details. The site does not appear to provide a clear legal entity name, a physical office address beyond the offshore registration, or a clear explanation of how client funds are held. The help centre articles we reviewed are generic and do not address the key safety questions a trader should ask: where are client funds segregated, what happens if the company fails, and who exactly is the counterparty to my trades? For a broker that is less than a year old, this lack of transparency is concerning.

As of our research, ForexClub has no independent user reviews. That is a significant fact in itself. For a broker that has been operating since April 2024, the absence of any verifiable client feedback — positive or negative — is unusual. It could mean that the broker is so new that no one has traded with it yet, or it could mean that the broker is operating in a way that avoids leaving a public footprint. Neither possibility is reassuring.

We cannot point to a history of complaints because there is no history to point to. But we also cannot point to a track record of satisfied clients, prompt withdrawals, or fair dispute resolution. In the absence of independent verification, the only evidence we have is the broker's own marketing and the regulatory flags in our records. That is a thin basis for trusting a financial counterparty. In our view, the lack of reviews is not neutral — it is a warning sign that should push a cautious trader to look elsewhere.

If you are considering trading with ForexClub — or any broker with a similar risk profile — there are concrete steps you can take to protect yourself. First, verify the legal entity and its registration. Do not rely on the broker's website; check the public register of the jurisdiction where it claims to be licensed. For ForexClub, that means checking the NBRB register for licence number 192580558 and confirming its status. If the status is not clearly 'active', treat that as a red flag.

Second, test the broker with a minimal deposit — an amount you can afford to lose entirely. Do not transfer funds you need for living expenses or savings. Third, try to withdraw a small amount soon after depositing, to see if the process works.

A broker that delays or obstructs withdrawals is a serious warning sign. Fourth, be wary of any broker that pressures you to deposit more, offers bonuses that lock your funds, or uses aggressive sales tactics. Legitimate brokers do not need to pressure you.

Finally, consider whether the potential returns justify the risk. With a Scam Risk Score of 85/100, and flags for impersonation and offshore registration, the risk here is severe. There are many established, well-regulated brokers that offer similar trading conditions with far greater transparency and protection. In our assessment, the prudent choice is to avoid this broker until it can demonstrate a clear, verifiable regulatory status and a track record of honest dealing.

In FXCanary's assessment, ForexClub presents a severe risk to traders. The combination of a young company, an offshore registration in Saint Vincent and the Grenadines, a licence from a regulator with limited extraterritorial reach, and a listing as a 'Fake Broker' in industry watchdog records is deeply concerning. The absence of independent reviews and the lack of verifiable operational details only add to the picture.

We cannot say with certainty that ForexClub is a scam — that would require evidence of fraudulent intent that we do not have. But we can say that the risk of loss is unacceptably high, and that the protections available to a client are minimal. For any trader considering this broker, our advice is straightforward: do not deposit funds you cannot afford to lose, and seriously consider whether the potential rewards are worth the risk. In the current state of the evidence, we would not recommend ForexClub to any trader.