Using a time-tested strategy is important to succeed in Forex. But this takes time and not everyone likes to spend the time and effort on finding a strategy that works. Managed account services help you trade without any hassle. You need not worry about making the right entries and exits and about risk management. FX Deal Club is a managed account service that assures you of protecting your capital and giving you appreciable returns. The service offers a proven trading strategy, easy setup, and good support. In this review, you can find all information you are looking for on this managed account service.
FX Deal Club: Characteristics
Using this managed account service is a breeze. You need to pay the service charges and send information related to your trading account. The service will start trading using its proven strategy that includes the use of smart hedging options, diversified trading, and a winning risk to reward ratio. According to the vendor, the minimum investment for the account is $1000. However, the recommended deposit to start with is $5000 or more.
FX Deal Club has over 19 years of combined financial expertise and has been providing a reliable service without any hidden features or misleading information. As per the vendor, the service offers proprietary solutions without margin call probability. The main office is located in Dubai, United Arab Emirates. This service comprises a team of Forex traders working in the industry for nearly two decades.
Currency Pairs, Strategy & Timeframe
Based on the info provided by the vendor, the trading model used by the service includes price action and daily trends. Every trade placed is done after extensive fundamental and technical analysis. The service monitors the markets continuously, to identify the best trading conditions and profitable trades. A return on investment of 30% to 50% is assured by the service.
The chief objective of the service is to generate secure, safe, and consistent returns for clients. We could not find any other details on the strategy used nor does the vendor provide backtesting results to prove the efficacy of the strategy. Information such as the timeframe used, currency pairs focused on, etc. are not disclosed by the vendor.
FX Deal Club Trading Performance
A real account trading result verified by the Myfxbook site is displayed on the official site but the link appears to be broken. However, we found a real live verified account on the myfxbook site. Here are screenshots of the trading stats and history:
From the trading stats, we could see the total profit is 599.17% and the absolute profit is 482.75%. A daily and monthly profit of 4.86% and 361.70% are revealed in the stats. What we are very much concerned about is the drawdown which is 77.60%. The difference in the total profit and absolute profit percent and the high drawdown reveals that the risk management is not as safe as the vendor assures.
A look at the trading history reveals big lot sizes and the profit factor for the account is 1.81. For the trading duration of about four weeks, the system has completed 75 trades. The balance amount of $20,332 is present for a deposit of $3,489. No backtesting results are provided by the vendor which makes it difficult to assess the strategy and compare it with the live trading results.
How Much Does It Cost?
An upfront fee of $250 is charged for the service and a 35% profit share is also part of the fee. However, the vendor deducts the initial fee from the first profit share. The profit share percentage is what competitor services also charge. And considering the initial fee is deducted from the profits made, the fee looks affordable. But no refund policy is present for this service.
Reviews from Customers
We found a few user reviews for this service on FPA. Here is a screenshot of the reviews:
An average rating of 4.33/5 is given for this service. The reviews reveal that the service has provided consistent results and appreciable profits.
Should You Use FX Deal Club?
After completing our assessment of the various important features of this system, the main pros and cons we have identified are shown below:
|Verified trading results||High drawdown|
|Affordable fees||The strategy used is not disclosed|
|Good user reviews||No refund policy|
Summing up our analysis of the FX Deal Club managed service, the company has been in the field for several years and is reputed for its managed account services. The verified trading results and good user reviews are aspects that favor the system. However, we found certain downsides such as the high drawdown, big lot sizes, and vague strategy explanation. As the trading account verified reveals only a short sample size, we are unable to arrive at a clear assessment of the performance and strategy used. If the vendor takes care of the downsides, the service can turn into a reliable system for traders.