Forex.com Review

Edited by: Louis Schoeman
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 82% of retail CFD accounts lose money. You should consider whether you can afford to take the risk of losing your money.

Forex.com is a global forex broker that was founded in 2001 as part of GAIN Capital Holdings, with comprehensive trading research tools, low transaction costs, and a large variety of tradeable assets. Despite having a large number of CFD and FX assets, this broker lacks a number of popular asset classes. Forex.com, for example, does not allow you to trade bonds or actual stocks. Besides, CFD fees are rather hefty in comparison to rivals. The user interface might be improved as well. As a result, inexperienced traders may want assistance understanding the Forex.com client experience.

Forex.com minimum deposit

The minimum deposit a client may make on forex.com is $100 or 100 of the base currencies offered by Forex.com. While this is a low minimum deposit, there are other brokers in the business with lower minimum deposit requirements. However, when starting with $100, inexperienced traders can open trades as tiny as 0.01 lot sizes. While the minimum deposit is $100, the forex.com website suggests a minimum balance of $1,000 on basic accounts and $25,000 on DMA accounts since they are best suited for high-volume traders. There is, however, an inactivity fee, which is calculated as follows: $/€/AUD 15, £12, or JPY 1,500 each month after one year of inactivity.

Is Forex.com safe?

Forex.com is one of the industry’s oldest and safest online Forex brokers. Several top-tier financial regulators have granted the site a broker license. These include the Commodity Futures Trading Commission (CFTC) of the United States and the Financial Conduct Authority (CFA) of the United Kingdom. Furthermore, the broker platform has been in operation since 1999, and the largest stakeholder is the NYSE-listed Jefferies Financial Group. Client funds are kept segregated from FOREX.com finances, which helps to protect clients’ money if the firm runs into financial difficulties. Additionally, you have asset protection through the FSCS for up to £85,000. Furthermore, FOREX.com has provided negative balance protection under ESMA standards since 2018 and guaranteed stop losses at an extra fee to its UK/EU clients.

Forex.com Account Options

With a variety of account types, FOREX.com provides a stable trading environment for forex investors. This forex broker enables anybody to become a successful trader by providing the ideal combination of trading tools and features, adjustable margins, strong risk management procedures, and low spreads. See below for FOREX.com account conditions:

BROKER INFO
Forex.com Account Options
Broker Type CFD broke
Platforms MetaTrader4, MetaTrader5
Minimum Deposit $100
Account Currency USD, EUR, GBP, and AUD among others
Funding/Withdrawal Credit card, debit card, Skrill and Neteller e-wallets, wire transfer
Spread Lowest is 0.0
Swap-free accounts Yes
Segregated accounts Yes
Interest on margin No
Managed accounts No
Accounts for money managers (MAM, PAMM) No
Scalping Yes
Hedging Yes
Free Demo Accounts Yes
Accepting US Clients Yes

Trading Account Types

Forex.com offers five account categories, excluding the demo account. These accounts are the Standard account, Metatrader4 and MetaTrader5, raw-spread, and DMA. Each has a few distinguishing features, such as the available tradeable assets, less or more advanced trading tools, different recommended balances, and so on.  See below for a breakdown of each account type:

MT4/MT5 Account

The widely known MetaTrader account which includes the MT4 and MT5 Desktop, Mobile and Web, has extra features and indicators especially designed for Forex.com clients and is designed to be a companion app to your FOREX.com mobile app in order to place trades. You’ll get access to fully integrated Reuters news, FOREX.com research, Trading Central technical analysis, and account management features, unlike most other MetaTrader platforms. Traders may also earn cash rebates and have access to additional special advantages you may earn cash rebates and have access to additional special advantages.

Forex.com Standard account

The Standard account is ideal for traders looking for a traditional forex trading experience, with a wide selection of markets including Cryptocurrencies and ETFs in addition to MetaTrader account assets, and comes with fully customizable online and mobile trading interfaces. As a result, the account has some of the world’s most competitive spreads and no commissions. The spread is the only expense incurred while trading on Forex.com’s basic account, which can be as low as 0.8 pips. This account type has no hidden costs, transaction execution in less than one second and traders can get up to 15% in cash rebates.

Raw-Spread Account

For traders who want flexibility and large discounts on spreads for as low as 0.0 pips for forex majors and reduced commissions, the Raw-Spread account is ideal. Important features include $5 commissions per each $100,000 in traded funds, trade execution is super-fact while the advanced trading features bring out a state-of-the-art forex-brokerage platform.

Direct Market Access

The Direct Market Access or DMA account carters for serious traders who want control and large liquidity to profit from high-speed trading opportunities.  Pricing on this account comes from leading banks in the world and top-tier global liquidity providers. In addition, traders can view multiple real-time pricing data using the forex.com order book. As well as split spreads and execute orders around the top spreads. However, the recommendable balance on this forex.com broker account is $25,000.

Forex.com Pros and Cons

Below are some of the benefits and limitations of trading forex using forex.com.

Advantages of trading forex with Forex.com

-Account opening is straightforward. Apart from the minimum deposit which is relatively high compared to industry competitors.

-Charges no deposit or withdrawal fees.

Cash rebates which provide the opportunity to lower expenditures by up to 15%.

-Availability of advanced charting tools which traders can customize using whatever indicators they like.

-An effective search function on the website’s trading interface.

-User-friendly trading mobile application for customers to monitor or trade markets on the go.

-Clear, transparent and straightforward fee reports on the desktop and mobile trading app.

-Advanced research tools, market reports and learning resources to help traders execute informed orders.

-24/7 reliable customer support on  live chat, email and telephone from Sunday to Friday.

Disadvantages of trading forex with Forex.com

-Does not offer some asset classes like real stocks. Only provides forex and CFDs.

-Lacks fundamental market data.

-Inactivity fee, with the following conditions: $/€/AUD 15, £12 or JPY 1500 per month after one year of inactivity.

No account protection and stop losses for U.S. clients

Forex.com platform reliability and security

Forex.com has  70,000+ traders using its broker platform and the team has spent decades building and investing in the latest trading technology. This work has also cut across the creation of new partnerships with liquidity providers. Thereby enabling the broker to consistently and reliably offer tight spreads in the tightest market conditions.

The platforms also provide an efficient analytics feature for traders to evaluate market conditions, trends and price action. Abiding by the latest software development practices and security standards has enabled forex.com to deliver a robust, safe and secure advanced trading platform. Hence, customers can execute orders in under seconds and provide liquid brokerage. Furthermore, Forex.com has licensing and complete authorization to protect and safeguard users’ personal and financial data. With two licenses from top-tier regulators, there is always a guarantee that the platform will play by the rules. Forex.com has also put in place a few measures such as bank segregation to safeguard customer funds. This has been possible due to Forex.com’s tight connection with the world’s top 20 liquidity providers and financial institutions.

Despite the interface not being user-friendly, there are a couple of additional advanced trading features. This makes it possible to combine more trading features in your strategies. Thereby setting you up for success as you continue monitoring the market using modern charting features and reliable technical analysis reports.

Forex.com User experience

Forex.com supports the lineup of MetaTrader (MT) software, MT4 and MT5. This integration makes it easier for those familiar with the lineup to easily trade Forex with Forex.com. Besides, the forex broker also has a desktop version, a mobile app for IOS and Android as well as a web trader. The mobile applications are great for traders who would to experience asset markets on the go. I.e to monitor their portfolios or even trade when out of office. Traders who would love to boost their trading knowledge have access to a large library of educational materials, tutorials, videos, PDFs, market reports and how-to guides.

Forex.com’s copy trading features and integration with trading signals API make it possible for professional traders to copy trade or use signal ideas. Thereby enabling these traders to profit from successful or expert forex traders. With copy trading, traders only need to automate their process, monitor the markets when they have some 10 minutes in the afternoon and profit without much input from their side.

Starters who would love to practice their newfound forex knowledge can do so using a demo account. Forex.com awards each new sign-up with a free demo account and $10,000 in free virtual funds.

Faq

Forex.com is a robust trading platform that connects traders to forex markets and enables them to invest in a wide array of assets and CFDs. Apart from having positive ratings on Trustpilot and a 4.8/5 star rating, Forex.com is regulated by top-tier financial regulators like the UK’s FCA and the U.S. CFTC. Therefore everyone should rest assured that the forex broker plays by the rules and complies with financial regulations.

FOREX.com is registered and authorized to operate as a forex broker by the Cayman Islands Monetary Authority. The entity registered FOREX.com is GAIN Global Markets Inc, and it operates as a broker by complying with the Securities Investment Business Law of the Cayman Islands. Forex.com has license number 25033 in the Cayman.

es. FOREX.com is regulated to operate by several financial regulators. These include the Financial Conduct Authority, the Cayman Islands Monetary Authority, and the Futures and Commodities Trading Commission.

The lowest amount of funds you can deposit on Forex.com is $100. This is a higher minimum deposit compared to other competitors in the forex broker industry, who require a minimum deposit as low as $1.

FOREX.com minimum withdrawal depends on the currency type and payment method. The lowest you can withdraw on FOREX.com platform is $10

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