Forex Club Financial Company, an NFA regulated forex broker located in New York City, has recently announced that starting from January 24th 2010 they will be instantly returning commissions for trades placed on the forex broker’s ExpressFX trading platform.
Forex Club has tried to separate themselves from other forex brokers by offering a revolutionary concept of “zero spread trading” and instead charging a simple commission cost per trade. The idea was initially created as a means to lower barriers for prospective traders who weren’t clear as to what a forex broker’s spread charges were and to give them a better understanding as to how much money they were being charged per trade.
As other forex brokers began to lower their spreads cost (or lowering the price traders paid to enter or exit a trade), Forex Club conceived the idea of a commission refund. Under this rule, all traders who use this forex broker’s ExpressFX trading platform will have their commission costs refunded instantly the moment a trade begins to yield negative profits.
From a statement provided by the Steven Lombardi, the forex broker’s PR Manager, he states, “We’re very happy to be able to offer our clients this new commission return feature. Everyone makes losses in the forex market at one time or another. It’s inevitable. The idea of having to pay a forex broker to make losses on the market is adding insult to injury. We want to be very fair and transparent with our customers and aim to release similar features in the future to aid in our customer’s trading while continuing to build customer trust which is extremely important for all forex brokers.”
Prior to January 24th 2010, commission returns were offered on failed trades only after a position was closed. The forex broker’s commission charge is set at $.40 per 1000 units of a base currency traded. Forex Club's official page is www.fxclub.com.
