Read our full Forex.com review below.

 

WHAT IS FOREX.COM?

Found in 2001, Forex.com is a respectable forex and CFD brokerage firm with its headquarters located in the United States. This online broker is regulated by the FCA.

At Forex.com, clients can trade a range of trading instruments, such as Forex, Indices, Stocks, Commodities, Gold & metals, Cryptocurrencies, and Oil.

The broker also offers a variety of trading platforms to its traders, including Web Trader and MetaTrader 4.

 

INTRODUCTION

Forex.com is a member of the Gain Capital Holdings which can be found on the New York Stock Exchange. This company was founded in 2001. This company has been around for many years and has been well liked by traders of all experience levels.

The company can be found in operation in Japan, Canada, the UK, and Australia. Forex.com was one of the first companies that allowed online forex trading in the United States. It is one of the largest FX brokers in the world. There are over 71,000 active traders.

Forex.com is one of the most respected and was able to withstand the financial crisis. It was able to continue to thrive and allow investors to make the trades that they want to in the markets they want to use.

With the parent company on the stock exchange, there is proof this company is here to stay. Forex.com is also governed by top authorities and it is safe to use. You can trust this company with your finances.

PROS & CONS

Pros

  • Trading view chart as part of the platform
  • Regulated
  • Low forex fees
  • Many plans to choose from
  • Top of the line technology and resources
  • Over 40,000 traders
  • Long operation history
  • Regulated by many governing authorities
  • The minimum deposit is $500
  • Great mobile and desktop use

Cons

  • Higher spreads
  • A small rebate for those trading actively
  • No negative balance protections
  • No crypto currency trading in the United States is allowed in other countries
  • Limited products
  • High CFD fees
  • The desktop platform is not easy to use
  • Does not offer VPS
  • Not regulated by CySEC

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TRADING INSTRUMENTS

Trading will be 4,500 or more on the global scare with 80 forex pairs, several thousand shares, and even cryptocurrency trades. There is something for every trading interest.

Forex

This is the largest market in the world where you can buy one currency and sell it to another.

  • The average number of turnovers is over 5.1 trillion a day
  • You can trade 24 hours, 5 days a week
  • High volatility


Indices

There are popular stocks made from publicly traded companies.

  • You can explore some of the top financial markets
  • Trade volatility
  • Look at rising and falling markets to find a potential profit


Stocks

  • You can buy and sell some top stocks from companies such as Amazon and Tesla and enjoy a low commission rate.
  • Get into stocks without specific risks
  • The commission is as low as 1.8 cents
  • Go long or short of many companies


Commodities

  • You can trade metals, energies, and CFD without any underlying assets
  • Trade UK crude with fixed spreads
  • Protect your investments from inflation
  • Enjoy 0 to 1 percent commissions and margins


Gold and Metals

  • You can trade metals to diversify your portfolio
  • Spreads on goal from $0.35
  • Margins of 0.5 percent
  • There are 4 metals and 6 gold currencies for trading


Cryptocurrencies

  • You can trade here without needing ownership
  • Hold for long or short
  • No virtual wallet is needed
  • You can access these currencies with less capital to put out


Oil

  • You can trade energies and oils
  • Low spreads on US and UK oil trades
  • Margins from 1 percent
  • You will have the potential to get into future markets


TRADING PLATFORMS

There are two trading platforms at Forex.com. There are the Web Trader and the Meta Trader 4. We tested both platforms.

The web version is only available in English. This can be a setback for those in some of the European countries that use this site that may not speak English. If you are new or have some experience in trading the platform has everything needed for your trade. Forex.com works with speed and performance. This will allow you to have total control over your trade. You will have access to all of the information that you need so you can trade as you please.

Advance Platform Trading

  • This is for serious traders and there are advanced features and analytic tools.
  • The dashboard can be customized with trade preferences
  • There are charting tools and over 80 technical indicators
  • There are advanced analytical tools such as integrated trading tips and hundreds of templates to use


Web Trading

  • The web platform will allow you to trade with speed and performance. It is also a reliable method to trade.
  • The web-based program may be hard to figure out but if you are able to there is a lot of great information for trading.
  • There are integrated tools and market analysis
  • There are advanced features for charting, over 70 technical indicators, and over 50 drawing tools
  • Easy account management including funding and withdrawals


Mobile Platform

  • Do not miss a move. Trading can be done over the iPhone or Android
  • There are full trading capabilities and different order types
  • Integrated news and market analysis
  • Real time notification and alerts


ACCOUNT TYPES

There are different account types to fit your style

Standard accounts

  • This is good for those looking for the FX trading experience. There are competitive spreads and no commissions. The cost is the spread. This will help keep some of the costs down and keep it competitive with other trading companies.
  • The pricing is transparen
  • Reduce the cost by 15 percent with cash rebate
  • Top of the line trading platform


Commission Account

  • Good for traders that want to reduce spreads and enjoy low commissions
  • $5 commission fee per 100k that is traded
  • Quality trades
  • Great platforms for trading


Direct Market Access Account

  • This is for serious traders that want liquidity and want to take control of the changing opportunities There is plenty of opportunities to trade and make a successful trade on this site.
  • Trade on the global level with no additional markups and fees
  • See real time pricing on Forex.com
  • Split the spread and put orders on the book spreads


HOW TO OPEN AN ACCOUNT

Forex.com is easy to use and is fully digital. There is a low minimum deposit rate. Online registrations take no more than 15 minutes, and it will take two business days for an account to be verified. Once your account is verified you can trade as often as you would like.


To open an account:

1. Select the platform you want to use

  1. Fill out your personal and financial information
  2. Answer some questions about your experience and financial knowledge
  3. Verify your identity with an ID card or passport. Bank statements and utility bills can be used to show proof of residency.


Forex.com is regulated by several agencies and authorities. Clients need to pass a compliance check and make sure they are aware of and understand all the risks that are associated with trading. They may include:

  • Providing a scanned copy of a government ID or passport
  • Providing a bank statement that shows your address
  • You will need to take 10 minutes to answer some questions about how much trading experience you have and that you will comply with the regulations.
  • You can then explore the Forex platform but will not be able to trade until your compliance check is complete. This is done for your safety and to make sure your identity is not compromised.


DEMO ACCOUNT

There is a demo account that can be used until a person gets used to Forex.com trading. This account is free to use but you are not going to be trading with real money. You will have all the information and the trade rates are in real time. They will be the same rates as you would be using if you were trading with real money.

If you are new to this or have the experience you can try the demo account. You will be given $10,000 demo money to get familiar with the program. All you need to do is register for free and can try out the demo program for 30 days. After this time if you feel that Forex.com trading is right for you, it is easy to sign up for an account using real money.

There is a difference between the demo account and living trading. The demo account uses fake funds and there is no risk. You have nothing to lose and there is a lot of information that you can gain.

The demo account will allow you to learn about forex and use the educational tools. This will help you get used to the trading platform before you invest real money. This will help you make an informed decision when you begin to make real investments.

The demo account will not represent any real funds you will have in the account. The account conditions may not always be positive. You can still lose. The leverage may change from the time you open a practice account until the time you open a real account. Finance charges are not part of the demo account. The pricing is the same pricing used on Forex.com for active account holders. Managed and merger accounts may differ in price.


COMMISSIONS & FEES

Forex.com is one of the leading brokers. They do not connect the clients with the prices being offered on the market. Their prices are slightly higher which will make a learn to spread and allow them to make money. The markets can be compared to a standard account if you are using Direct Market Access or a similar account.

They may not charge makeup or spread fees, but they will charge a commission. The standard account does not charge a commission, but the spreads are larger. The commission accounts fall in the middle. There are smaller spreads but there is still a markup.

Forex.com is behind other international brokers when it comes to pricing. Other brokers have tighter spreads and lower trade commissions.

Standard accounts and commission accounts may look at the Active Trader Program. This program is open if you can deposit at least $25,000 into an account and may trade $25 million a month. This is not open to DMA holders since they already enjoy reduced fees.

An account with less than $10,000 and no trading activity in a year may need to pay a $15 inactivity fee and $40 for a wire transfer.


LEVERAGE

Forex.com has two types of leverage. This will help determine profits and losses. It will help in both directions.

The maximum leverage will depend on your account and activity. You should check out the margin calculator on the site to find out the ratio. With European regulations, there are restrictions for retail traders and professional traders with higher leverage.


WITHDRAWALS AND DEPOSITS

Forex.com has many ways for deposits and withdrawal and they are all free. There are 7 different currencies used. To save with currency conversion rates it is recommended to use a digital bank. You can also use a credit and debit card, check, wire transfer, Paypal, or echeck.

A transfer from a bank may take a few days. You can only put money into accounts that have your name on them. Withdraws are free. Bank transfers can take up to 3 days while credit and debit card transactions can take up to 5 days.  To take out money sign into your account and go to funding. Select the withdraw button and enter the amount.


CUSTOMER SERVICE

There are several ways to get in contact with a customer service agent. There are live chat and phone support. There is also a FAQ section on the website. Support is available from 10 am to 5 pm Sunday to Friday.

Most clients use phone help and online chat. There is no social media support but there is information found on their social media account. Chatboxes can help a customer but they may not be useful for more complicated situations.

Phone support is an easy way to get questions answered. Based on call volume you may have to wait several minutes before being connected with a representative.


SAFETY AND SECURITY

Forex.com is registered in the United States, UK, Canada, Australia, Singapore, Japan, and the Cayman Islands. The products that are offered will vary by country based on these specific laws.

Client funds are kept segregated at Forex.com. This will help keep the money safe if the company is having financial issues. There is no additional insurance. In Canada, the funds are protected by the Canadian Investor Protection Fund.

Client accounts can be negative but protection for this is not offered by Forex.com. Accounts are monitored but if the client does not have enough margin in the account it can be automatically liquidated. The market moves fast so you need to make sure you have a balance in your account.

You can get guaranteed stop losses, but you will need to pay for this protection. This will help control the risk but cannot prevent your account from going into the negative.

Pricing on Forex is transparent. There are demo accounts that will allow you to practice before using real money. All data is encrypted. There are also two factor authentications offered and fingerprint technology.


CASHBACK

Active Trader Programs

  • High volume traders can up 15 percent cash rebates on their trades and other benefits with this account.
  • Cash rebates of up to $10 mil volume that is traded
  • The assistance of a market strategist
  • Reimbursement for bank fee transfers


The more you trade the more rewards you will get. When you trade $25 m in a month you will be rewarded. The credits will be in your account at the beginning of the next month.

Cash rebate example

  • Your volume is above $200 m
  • You qualify for level 3 rebates
  • Your monthly volume rebate reaches $1,200


Rebates will be posted on an account within 5 business days. Sometimes it may take longer. Rebate credits will not limit your liability and cannot be used to fulfill any payment obligations. Please read the policy on the website.


RESEARCH

Forex.com has many sources for research and to learn how the market works. There is information on risk management and active trading. Traders should research all the information before they make a trade.

There are many channels and real time information on trade. There are also analysis tools and blogs that have useful information. There is also mobile research and alerts about market news and updates. This is an easy way to find out all the information. The app contains many charts, indicators, and other information that is useful when trading.

There are advanced charting features and analytical tools. They are run by some of the top companies in the industry.


EDUCATION

There are many ways that you can learn about trading and the market. They include:

  • Signing up for the demo account
  • Watching the tutorials, tips, and reading all of the financial information
  • Watch the general education videos
  • Read the general education articles
  • Sue the trading glossary
  • Take the knowledge quizzes


Forex.com runs the Foundations of Forex Trading webinar services along with Trade with Precision.


GLOBAL AWARDS

Forex.com has won many awards in the 21 years they have been providing financial services. These awards include:

  • Best Service provider in 2019 in the UK
  • Investors Chronicle best broker 2013
  • Forex expo awards for best in the USA in 2012
  • Shares Magazine best broker 2012
  • Middle East Forex and managed funds award in 2010
  • Saudi money expo best Arabic trading platform in 2012
  • UK Forex Award for the best platform in 2012
  • MoneyAm best online provider 2012
  • Deloitte fasting growing firms in North America in 2008
  • 500 Fastest growing companies in 2005
  • Forbes best of the web 2001


PROMOTIONS

There is a welcome bonus of up to $5,000.

The welcome bonus will be 20 percent of the amount in the account in the first 14 days of opening it. The bonus will be credited once these requirements are met. The maximum bonus is $5,000.

To get the promotion you need to open an account. The account number and email address must be valid and associated with a live account.


SAFE OR SCAM?

Forex.com operates all around the world and will provide trading services based on the regulations within a specific company.

Forex.com is said to be low risk by many sites. The company does not operate a bank and there are four tears when it comes to their usage.

Any investment you are going to make is going to have a risk associated with it. Forex.com is trustworthy and all trades are made to fit into the regulations with governing bodies.

Forex.com is supervised and checked upon by the Financial Conduct Authority, the Cayman Islands Monetary Authority, the Investment Industry Regulatory Organization of Canada, and the National Futures Association.

All investments at Forex.com are put into a segregated bank account.


CONCLUSION

Forex.com is a good site if you want an active role in trading with lower fees. If you do not trade often this is a good site for you too. There may be slightly higher fees and spreads, but this will work out if you are only going to make a couple of trades a month.

Forex.com has some great trades and competitive pricing. There are some great features on the trading platform including plenty of market research. There is also a mobile app with some features for researching and easy trade. This is good for traders will all differently levels of experiences

Forex.com is known all over the world and it is highly regulated making it safe to use for different types of trading.

The pricing is easy to understand, and it is fair. There are right spreads on the cryptocurrency and the CFD accounts.

Forex.com is registered and monitored by different financial authorities in several countries. A trusted broker will help make sure that all traders with all experience levels have great experience and have all the knowledge that they need to trade.

There are some cons to using Forex.com. Assets including stocks and bonds cannot be found on this site. There are CFD fees, and they are high. The desktop platform comes with a lot of information, but it is not user-friendly, and all people may not know how to use it.