Forex.com Review and everything you should about this platform is in this article, we hope you enjoy every single content stated here.
Forex.com is a well-known brand that provides traders with superior forex and CFDs trading experience all over the world. It offers a diverse set of markets and a robust set of proprietary platforms, as well as limited access to MetaTrader. Forex.com’s multi-asset offering will appeal to forex traders of all skill levels, yet it is not a bargain broker unless you trade greater volumes.
The Pros and Cons of Forex.com
Forex.com has everything you need for forex trading, including inexpensive forex costs, a large number of currency pairings, and a variety of technical analysis tools.
It also lacks several prominent asset classes, such as real estate and bonds. Fees for stock CFDs are exorbitant, and the desktop trading software is difficult to use.
FOREX.com, which is owned by GAIN Capital Holdings and was launched in 2001, is a well-known global online broker that caters to retail FX and CFD traders.
In February 2020, StoneX Group Inc. purchased GAIN Capital Holdings, a conglomerate that includes City Index, an online CFD and spread betting provider, and Daniels Trading, a futures advice trading firm.
StoneX Group Inc. (NASDAQ: SNEX) is a publicly traded corporation that claims to connect “clients to global markets across asset classes through institutional-grade platforms, end-to-end clearing and execution, and high-touch expertise.”
FOREX.com offers a diverse selection of products worldwide, ranging from CFDs to spread betting to futures, spanning a variety of asset classes, however not all are available in every location it serves.
Aside from forex, from which it gets its name, FOREX.com offers commodities, indices, individual stocks, bonds, ETFs, gold & silver (unleveraged in the US), cryptocurrencies, and futures to cater to a wide range of traders.
Client account safety is now available at FOREX.com (UK), including ESMA-mandated negative balance protection and guaranteed stop loss orders.
| Pros | Cons |
| ➢Low forex commissions | ➢CFD fees on stocks are very high. |
| ➢A wide range of currency pairs are available. | ➢Forex and CFDs are the only products available. |
| ➢A wide range of technical research instruments are available. | ➢Desktop platform that is not user-friendly |
| ➢ TradingView charts are integrated into the web platform. | ➢ There is no account protection for customers in the United States.
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| ➢ NFA is governed by the FCA (United Kingdom) and the CFTC (U.S.) | ➢ There are no guaranteed stop losses for clients in the United States.
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| ➢ Client accounts in the United Kingdom and the European Union are protected. | ➢ Other securities cannot be purchased or sold (like stocks and bonds) |
| ➢ High-volume traders are eligible for rebates. | |
| ➢ Leverage of up to 50:1 is available. |
Who Forex.com is for
FOREX.com caters to all sorts of traders looking for exposure to a diverse range of products and asset classes, but it is particularly well-suited to high-volume traders.
The broker emphasizes fast and reliable execution, a range of platforms, and account security in its product offerings, which differ by area. It is intended toward clients who desire to trade the foreign currency markets in the United States.
FOREX.com provides leveraged access to over 80 currency pairs with competitive spreads across a variety of account types to US clients.
FOREX.com is in the elite echelon of online brokers due to its well-organized and navigable website, fully stated services and fees, different user interfaces, industry-standard education and research resources, and regulatory control.
The latest (June 30, 2020) CFTC Retail Forex Obligation report validates FOREX.com’s claim as the #1 FX broker in the United States, which “represents the total amount of funds at an FCM, RFED, or FCMRFD that would be obtained by combining all money, securities, and property deposited by a retail forex customer into a retail forex account or accounts, adjusted for the realized and unrealized gains and losses.”
Is Forex.com a Scammer?
Is Forex.com a legitimate company or a fraud? As the trade name used by GAIN Capital Holdings, primarily the corporation incorporated in the United States adhering to all the harshest rules and standards, FOREX.com is unquestionably a reputable financial service provider.
Investment Opportunities are available
The products and services offered by FOREX.com will vary depending on your area and which of the company’s regulated organizations owns your account.
While CFDs are not available in the United States due to regulatory difficulties, FOREX.com has an excellent variety of over 4,500 CFDs for traders outside of the United States. In addition, FOREX.com now offers knock-out options in Japan, Singapore, and Australia.
Cryptocurrency trading is available at FOREX.com through CFDs, but not through direct trading of the underlying asset (e.g., buying Bitcoin). Retail traders from any broker’s U.K. corporation, as well as U.K. residents, are not permitted to trade crypto CFDs.
The table below outlines the various investment packages accessible to FOREX.com customers.
Fees and commissions
FOREX.com provides a variety of execution techniques, three account types, and clear execution statistics. However, our analysis revealed that FOREX.com is significantly more expensive than the industry average.
Standard Account: For MetaTrader clients, FOREX.com’s Standard account is the only option – and it’s not my first pick. Based on typical spread data provided to us by FOREX.com, average spreads on the EUR/USD are high at 1.1 pips (1.3 in the US) (August 2021).
Traders who are ready to pay a premium (in the form of a greater spread) for the benefits of market-maker execution will prefer the Standard account.
The DMA Account: (sometimes referred to as the STP PRO account in the United States) is a global account that is linked to FOREX.com’s proprietary Advanced Trading platform suite. At FOREX.com, it also offers agency execution and the best possible prices.
The Commission account: (offered only in the United States) is attached to FOREX.com’s proprietary trading platforms (not MetaTrader) and requires a $10,000 deposit as well as at least $25 million in monthly volume. It’s for medium-to-high volume traders who want to take advantage of FOREX.com’s Active Trader program (which is also available in Canada).
Experiential Learning
The trading platforms at FOREX.com cater to both busy day traders and long-term investors. For a desktop experience, clients can use the downloaded sophisticated trading platform or MetaTrader 4 (MT4), the web trader, or the FOREX.com or MT4 mobile app.
Traders may access charts, economic calendars, news, positions, and trade/order history, as well as trading signals and research reports, as well as market analysis from FOREX.com specialists, through the platforms.
The platforms have very few disadvantages. The platforms are functional enough to make rapid-fire transactions if needed, and there are enough indicators and drawing tools to please the keen technical analyst.
TradingView provides the charting package, which is by far the most spectacular component of the web-based platform.
Using the web trader or the downloadable sophisticated trading tool to place trades is simple.
Clients can trade directly from charts by right-clicking and selecting “trade” or by clicking the “buy” and “sell” buttons at the top. This opens an order window where you can set the entry, stop loss, and profit objective. For quick transaction execution, one-click trading can be activated.
The FOREX.com platform has four basic order types, each of which can be accompanied by “take profit” and/or “stop-loss” orders. The trader also has the option of making the stop loss a trailing stop loss order.
The sole difference between the web-based and downloaded offerings is that guaranteed stop loss orders are only available on the latter, and only for clients in the United Kingdom and the European Union.
Offerings Variety
FOREX.com offers a diverse range of financial products across a variety of asset classes around the world, including:
- There are more than 80 different currency pairs.
- There are almost 4,500 popular stocks.
- Commodities \sIndices
- Bonds \sETFs \sSectors
- Cryptocurrencies
- Futures and Options on Gold and Silver – United States (FuturesOnline)
Through its affiliate, FuturesOnline, the company’s product line in the United States is limited to spot FX trading, unleveraged gold and silver, and futures.
Service to Customers
Clients can contact FOREX.com in a variety of methods, including online chat and live phone assistance, from 10 a.m. ET on Sunday until 5 p.m. ET on Friday, according to the broker’s website.
Although the FAQs and online customer service were excellent, numerous attempts to contact via “live chat” were fruitless. Although they have social media profiles where they share market analyses and corporate information, there is no social media support available.
Phone assistance is the quickest way to get a live person to address your questions. At the start of the call, there is a tiny menu from which to choose. Wait times vary depending on call demand, but on a typical day, you may anticipate to wait several minutes to speak with a person.
For more in-depth questions, email help is available, but expect to wait one to three business days for a response.
Education
The educational courses at FOREX.com are up to industry standards and well-organized. Clients can access content based on their level of experience or by theme. All information is solely accessible through the website, with the exception of “technical analysis” topics that are available on the platform.
Client experience is organized into three levels: beginner, intermediate, and advanced, with topics ranging from market essentials including fundamental and technical analysis, risk management, and trading techniques to platform lessons, as per industry standards. There is also a thorough vocabulary accessible.
New investors will find some useful background knowledge, but becoming adept in the markets only through FOREX.com’s instruction is improbable. The material, on the other hand, covers all of the important issues that a newcomer should be aware of.
Portfolio Evaluation
The platform provides basic real-time information regarding customer activities, such as balances, transaction activity, and profit/loss breakdown. On the FOREX.com platform, neither a trading notebook nor tax accounting tools are available.
FOREX.com has just included a ‘Performance Analytics’ feature that analyzes clients’ trading activity and prior performance in order to keep up with the competition.
Amenities for Research
The market research and insights provided by FOREX.com are up to industry standards, and they serve to connect traders to the markets while also supplementing the company’s training offerings.
Trading Central, a third-party vendor, delivers technical analysis reports, an economic calendar, a Reuters news feed, and unique news and analysis market-wrap articles on FOREX.com’s platform.
All of its trading platforms also include a margin calculator as well as a variety of trading and charting tools. Clients with the broker’s “premium” and “pro” accounts can get research targeted to their specific needs.
Apps for Mobile Trading
Overall, FOREX.com’s mobile platform ranks among the best in the business.
FOREX.com’s own mobile app is available with the full suite of MetaTrader mobile apps, which includes MetaTrader 4 (MT4) and MetaTrader 5 (MT5) (MT5).
Ease of Use: The FOREX.com mobile app’s smooth user interface and minimalist design make trading and managing positions simple and straightforward. An economic calendar, an integrated suite of Trading Central modules, alerts, market updates, and Reuters news headlines are among the highlights.
Complex order types, such as OCOs and trailing stops, are also supported, as well as a “close all” button that allows traders to easily exit many positions for a specific asset.
Charting: The FOREX.com app syncs watchlists automatically and offers easy-to-use TradingView charts with over 80 indicators and a variety of sketching tools.
Your chart settings will not automatically sync with the web version, but I discovered that you can manually load your saved templates using the “load chart layout” option.
FAQs On Forex.com
A lot of question has been asked about Forex.com. Below are the 10 frequently asked question about forex.com
1. Is Forex com a Good Platform?
FOREX.com is a reputable forex broker with a wide range of products, outstanding platform options and trading tools, and a wide range of in-house and third-party market research.
2. Is Forex.com a Scammer?
Is Forex.com a legitimate company or a fraud? As the trade name used by GAIN Capital Holdings, primarily the corporation incorporated in the United States adhering to all the harshest rules and standards, FOREX.com is unquestionably a reputable financial service provider.
3. Is Forex com Legit in USA?
In terms of customer funds, FOREX.com is the number one FX broker in the United States. For high-volume traders, FOREX.com is a suitable fit. FOREX.com is registered with the CFTC (U.S.), NFA (U.S.), FCA (U.K.), IIROC, ASIC, MAS, FSA, and CIMA .
4. Is Forex.com or Oanda Better?
With an overall Trust Score of 99 out of 99, FOREX.com is judged low-risk by 23 international authorities across 39 brokers. With an overall Trust Score of 89 out of 99, OANDA is rated low-risk.
5. Is Forex.com Good for Beginners?
When it comes to its web platform, Forex.com could be a good fit for newcomers: User-friendly. Customizability is good (for charts, workspace). A wide range of order kinds is available. Overall, this platform may be the best option for newcomers.
6. What is the Minimum Deposit for Forex.com?
At Forex.com, the minimum deposit is $100.
7. Can Forex Make You Rich?
If you’re a hedge fund with huge pockets or a very good currency trader, forex trading could make you wealthy. However, rather than being an easy road to riches, forex trading may be a rocky road to massive losses and potential penury for the average retail trader.
8. Is Forex.com a Regulated Broker?
Forex.com was founded in 2001 as a global FX and CFD broker. Several financial regulators supervise the corporation, including the UK’s top-tier Financial Conduct Authority (FCA) and the US Commodity Futures Trading Commission (CFTC).
9. Is Forex a Gamble?
Here’s why Forex trading isn’t a game of chance. A trader can turn the odds in their favor and stay ahead of the market and other traders by employing numerous techniques and tools.
10. How do I Withdraw from Forex.com?
To withdraw funds, log onto the trading interface and select “Add Funds” followed by “Withdraw Funds.” The funds must be taken from the original deposit source. A bank transfer or a wire transfer can be used to withdraw excess funds.
11. How Long Does it Take to Withdraw Money from Forex.com?
Withdrawals are rarely instant, unlike other deposit options. Your money will arrive in at least one business day, but more frequently than not, many business days.
Conclusion
FOREX.com is a reputable forex broker with a wide range of products, outstanding platform options and trading tools, and a wide range of in-house and third-party market research.
However, cost is not its biggest characteristic, and video content for research and instruction is generally lacking. FOREX.com, on the other hand, continues to provide a fantastic experience to forex traders of all levels of experience.
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