Forex.com Broker Review – How Does This Forex Broker Compare?

Summary

In the area of asset investing in that a fantastic broker is an integral component. Forex.com is among the highest brokers that lots of traders swear due to the numerous capabilities. Continue reading and decide for your self whether Forex.com could be your broker for the asset trading.

About Forex.com

Forex.com has existed after all 1999 and now provides over 200,000 retail and retail customers. It’s freely traded by its parent firm, Gain Capital Holdings, and also knowingly regulated across the globe by many different financial bodies.

All these facets combine to produce Forex.com certainly one of those universe ‘s prominent forces over the forex marketplace. In 2017 the broker additionally completed a significant purchase, acquiring the U.S. customer-base of rival broker FXCM. This movement, in addition to other acquisitions in the last several years has set the company at the forefront of their U.S. forex marketplace.

Forex.com Broker Review

Account Opening

When launching a merchant account, Forex.com delivers many different account types for its traders. On the degree of conventional account, fresh traders may choose between a normal accounts, and a commission accounts, even though the commission accounts are only designed for use throughout the Forex.com established trading platform at the present moment.

Premium traders that deposit $25,000 or more may automatically qualify to get a busy traders’ accounts and features like a 15% lien and compensation of charge prices on cable transfers.

A demonstration account may be opened within just some minutes and supply of basic details. Here, consumers may avail of 50,000 virtual trading money for a restricted amount of 30days.

Minimum Deposit

The minimum deposit needed to start a typical account is 50 into your preferred base money, but Forex.com urges a deposit of 2500 to use the full selection of features available on offer.

Minimum deposit demanded to get an Active Trader accounts is 25,000 into your preferred base money.

Availability and Ease of Opening

Forex.com is offered in states worldwide without the notable restrictions. It’s also one among those very few forex brokers licensed to use in the United States, even though American traders have been restricted from engaging in CFDs trading depending on regulatory rules.

Forex.com Product Offerings

Forex.com provides a huge variety of trading services and products, more than 300, over a variety of marketplaces. These generally include a lot more than 80 worldwide currency pairs, including CFDs trading from 17 international indicator marketplaces, over 220 stocks in both UK and US organizations, commodities, and also around 8 big cryptocurrency marketplaces, for example, crypto/currency pairings and trading in Bitcoin stocks for UK based clients.

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Forex Currency Pairs

Commissions and Fees to Forex.com

As mentioned previously, Forex.com offers users two kinds of conventional accounts. Both have a slightly different arrangement concerning commissions and marketplace disperse.

Spread Only Account

This kind of account includes commission-free trading, even although the marketplace spread is a bit more significant. Nevertheless, it’s still competitive with other significant brokers, averaging between 1.1-1.5 pips on many major currency pairs.

Commission Account

The Forex.com commission accounts delivers a considerably tighter disperse, starting as little as 0.2pips on EUR/USD pair. That is accompanied by a cost of $5 commission per 100,000 traded on forex marketplaces.

Non-trading Fees

The broker does possess a non-activity fee. That is pertinent to some trader whose accounts indicates no more trading activity or available places for a period of time of 12-months or more. The inactivity fee is 15 a month at your base money. Accounts with a balance in excess of 10,000 base currency are all exempt.

Forex.com Platforms and Tools

Forex.com again supplies traders a extensive variety in regards to trading platforms. There’s something to fit all degrees and varieties of trader. The broker has incorporated with the renowned and highly admired Metatrader 4 to desktop, portable, and also web. This gives users with a stage that they understand and hope. The business additionally accounts because the entire world ‘s biggest MT4 broker centered on January 2018 statistics.

Forex.com Trading Platform

The key focus of this provider though will be always to guide traders to make use of their particular Forex.com proprietary programs, available in most formats.

Desktop Platform

Forex.com Advanced Trader could be your broker’s desktop computer platform. The desktop computer platform, even though embracing a creatively minimalist-style, is packed full of calculating options and technical signs. With more than 130 technical signs available to grow your graphs at the click of a button, then it truly does shine concerning convenience. That is certainly significantly more than the variety of indexes usually made available from equal platforms.

Forex.com Charts

Forex.com Technical Indicators

The platform is likewise evident in its own design and thoroughly customizable in regard to which windows you would like to produce. This may make it simple to browse to get new and seasoned traders alike. Concerning research and news, and also this features a window along with all the current occasions ‘ latest news which is updated swiftly with one-click. An informative economic calendar is also easily available and displays detailed information as it happens, right next to the news tab.

The order window is also kept simple and effective, with what the company report to be one of the fastest deal times in the industry. Traders can choose an instant execution or a marketplace execution and a drop-down window also displays stop-loss possibilities concisely.

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Forex.com Order Entry

Overall, it is fair to say that the Advanced Trader platform caters effectively for all levels of trader and performs in a highly efficient and informative manner. This is certainly helpful in the case of new traders where the Forex.com desktop platform will definitely reduce the learning curve.

Web Trading Platform

Web Trader is the Forex.com web trading platform. Although visually a little more basic even than the already minimalist desktop platform, the platform still provides all the key services and information in an easy to understand format for the traders.

The platform is certainly on the no-frills side, but still allows a customizable range of windows and a plethora of technical indicators, as well as access to the most up to date news feed from Reuters, and access to your economic calendar. One-click trading is also available, and additional customer support and account related tabs.

Forex.com Web Trading

The only slightly negative aspect of the Web Trader is the tab system, whilst allowing for maximum efficiency with working in multiple windows, can seem cluttered and confusing on occasion.

Mobile Trading Platform

The Forex.com mobile app platform is in the equal visually basic design which still manages to flow well on both operating systems and allows for easy implementation of more than 20 technical indicators. Alongside this is the full-range of live quotes, regularly updated news, and fully functional trading capability on the go.

Forex.com Differentiators

First off, Forex.com is leaps and bounds ahead of many industry competitors in terms of experience within the industry. This is reflective of its overall offering to an extent.

The visually basic, yet high-performance efficient nature of all the recently updated platforms from the broker shows that they have a keen insight into the desires of their traders. Performance is of paramount importance to Forex.com and this is something they have proven over the years.

Having such a large trader base is something that has allowed Forex.com to really specialize its offerings to the individual trader in ways which many others simply cannot do.

Forex.com Customer Service

Forex.com offers an extensive number of options both in the contact method and location when it comes to customer support. Customer support centers are located in the UK, Canada, Japan, Australia, and the USA. Local phone-based support is offered through these locations on a 24/5 basis from 9 am-5 pm EST. This service is available in Arabic, English, Japanese, and Russian.

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Other customer support contact methods include through the company website via live chat, and email. Customer support feedback has been consistently positive, with speedy phone answering time, and fast response to email queries.

Trustworthiness

With almost two decades in the industry, and has amassed hundreds of thousands of clients, transacting huge amounts on a daily basis, it is safe to say that Forex.com is an extremely trustworthy broker. All of the broker’s business practices are highly transparent, and fees, spreads, and commissions are clearly set out in comprehensive FAQ section on the company website.

Added to this, Gain Capital is a publicly-traded company on the New York Stock Exchange. This adds tremendous credibility to the conduct and trustworthiness of the broker when compared with some competitors.

Finally, Forex.com are regulated by, and fully compliant with the following financial bodies:

  • USA (CFTC & NFA)
  • UK (FCA)
  • Canada (IIROC)
  • Japan (FSA)
  • Australia (ASIC)
  • Cayman Islands (CIMA)

These are all highly respected regulatory bodies in the financial world, and it is rare to see a broker who is registered and fully compliant with such a high number of global regulators, in the most positive sense for traders.

Conclusion

With almost two decades of experience in the sector, Forex.com has shown that they still possess not only the ability to adapt to changing marketplace conditions and keep pace with competitors, but in many areas set the standard. This is clearly exemplified through their focus on fast and efficient trading which is heavy on objective information such as technical indicators and news, but light on unnecessary visuals and self-promotion.

These are factors obviously appreciated by the loyal trader base as Forex.com still trends among the busiest brokers in the world on a daily basis.

Forex.com

3.15

Trust

3.4/5

Commissions and charges

3.2/5

Deposits and Withdrawals

3.5/5

Trading Platforms

2.6/5

Customer Service

3.0/5

Pros

  • A range of trading and platform options, specified to suit every trader.
  • Extensively experienced with almost 20 years in the industry.
  • 1.5% interest on balances held above $50,000.
  • Highly efficient and easy to use desktop and web trading platform.
  • Highly compliant with the most stringent regulatory bodies worldwide.

Cons

  • Inconvenient that some of the trading accounts are not yet integrated with Metatrader.
  • Website is difficult to navigate for new users who may be unsure of what they want.
  • Rudimentary style of mobile trading platforms may put off some users.

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