New Forex.com broker review – updated July 1st, 2020.
Forex.com is one of the biggest retail CFD and forex brokers. They give access to more than 180 global markets, including stocks, cryptocurrencies, forex pairs, indices, and commodities. This comprehensive review of Forex.com will look at all angles of their service – trading sites, smartphone devices, fees, trial accounts, spreading, leveraging, and incorporation into MT4.
Forex.com reviews are easy to highlight the number of trading platforms at disposal. This means the software is open to traders at all levels of experience. You actually get access all of this:
Advanced Trading Platform
This advanced and professional platform will meet the majority of commercial needs. User interface is elegant but easy to comprehend.
Forex.com provides Direct Market Access (DMA) and, in addition to all their other accounts, they are the only broker that provides it to US traders.
It comes with drawing tools, 15-time frames, advanced live charts and over 100 technological indicators.
In addition, users are allowed to create their custom indicators. Customizability doesn’t end there either, because you have windows to drag and drop to find a layout that suits your needs.
After you’ve done installing the app, you’ll also get access to a range of integrated trading techniques, from scalping to reversal.
There are currently over 100 templates which you can customize via their Creation Lab. Even multiple watch lists can be created.
Besides that, you are getting all the signals and historical data you may need. The newsfeed is another valuable feature from within the app that can help you stay informed.
The Web Trader can be a good choice for those who are looking for a fast and easy way to use the website. This is compatible with most browsers, so it avoids downloading more browsers.
Advanced charting, a long list of trading devices and more than 70 technical indicators will also come in the package.
A simple to understand economic calendar is available, while you can build all the trailing stops and stop-losses you need too. You get full management of the account.
Thus it is straightforward to make deposits, withdrawals and track earnings.
All in all, if you’re involved in web trading and you want access to a long list of items, like cryptocurrencies, including bitcoin, then the Web Trader will suit you.
When it comes to FX and CFD trading, MT4 and 5 platforms dominate the market. This is because the MT4 and MT5 systems are easy to use, highly customisable and provide in-depth trading tools for active traders.
You can find all the normal features once you login, including heat maps, security screeners, historical data and more.
To those interested in putting a trading robot to work on their behalf, professional advisors are also provided. The additional benefit of opting for the MT4 app is that you can find a large range of online tutorials to help you get the most out of the program.
Last but not least, MetaTrader 4 authentication is simple as you go to the Forex.com website and listen to the setup instructions.
In reality, Forex.com boasts the largest number of servers to host Metatrader. More than other brokers worldwide, actually!
They also offer users Meta Trader Mobile, Meta Trader Web plus add-ons. When it comes to MT4 and MT5 brokers, they are the leading name for integration.
Verdict on Trading Platforms
Ultimately, there are many platforms offered to meet the needs of all types of traders, from nuanced market and technical analysis to quick and simple web trading.
Actually, if you compare Forex.com vs thinkorswim, Nadex, NinjaTrader or other similar systems, you will see that Forex.com’s expansive offer meets all needs and then some.
It is competing with CMC Markets and Saxo Bank – and the reviews are favorable.
GAIN Capital’s GTX Direct network, too, is worth noting. As an ECN broker, it is targeted at individuals worth large, seeing how it requires a minimum deposit of $100,000. You’ll benefit from tighter spreads on top of a highly sophisticated network. It, though, draws more attention from institutional traders rather than the typical retail traders.
A Short History
Established in 1999, the company is part of Benefit Capital Holdings, which is regulated at various locations including:
- United States
- United Kingdom
In reality, the GAIN Capital group has more than 200,000 clients worldwide. This history is significant seeing how it would mitigate concerns about scams, because Forex.com is owned by a reputable and respected business with decades of experience meeting the needs of traders.
The firm also sells the multinational spread betting brand ‘City Index.’
Minimum Initial Deposit
You need to make sure you are aware of all account conditions and trading costs before you sign up with Forex.com, login, and update any apps.
The minimum initial deposit of your account is 50 units of your account’s base currency (e.g. £50,€50 or $50).
Although brokers can be found offering lower minimum deposit requirements, some offers can also be found much higher, so Forex.com is relatively an industry standard when it comes to this.
Spreads & Commissions
For forex trades Forex.com does not charge a fee. Rather they are paid by the array. Forex.com has average spreads when it comes to some of the biggest forex pairs, and shares. But for index and commodity CFDs, the broker provides under-average prices.
There are four different pricing models at the company. Which one you fall into depends on the type of account you are keeping and the amount you exchange. Typical ranges are between 1.9 pips and 0.84 pips.
It’s also worth remembering that you will earn up to 15 percent off regular rates if you keep a premium account and deposit at least $10,000 when trading 30 regular lots a month.
Overall, if you were to compare Forex.com against FXCM, Oanda, TD Ameritrade and other competitors, live pip spreads would be about the same, particularly for major pairs like the EUR / USD.
You can also trade on margin in order to earn on future investment opportunities. Nonetheless, this is essentially a loan that might exacerbate losses if not used carefully.
The max leverage you can take out will differ by form and operation of your account. So go to your website and use your margin calculator to find out what leverage ratio you can get.
Leverage is restricted for European retail traders (as provided for in European regulations). Nonetheless, skilled traders can operate with greater leverage rates.
Other Trading Fees
Forex.com charges a $15 a month inactivity fee if you don’t open positions for more than 12 months. You may also contact Forex.com to temporarily deactivate your account and prevent this charge.
Moreover, if you hold positions overnight you will face high rollover rates. Luckily, the expense would be easily avoidable for day traders.
Unfortunately, in terms of discounts and rewards Forex.com is falling short. Currently no deposit rewards or promotional codes are available. That said, this might change, so it is wise to keep an eye on their official website.
You will be able to download their applications for Android and iOS once you open a Forex.com account, too. Reviews indicate consumers are satisfied with the full trading capabilities, sophisticated charts and integrated trading tools.
Alerts can be set up, an economic calendar accessed and synchronized news from Reuters can be viewed and used.
All apps have 26 indicators, and 13 tools for drawing. In addition, it takes just a few seconds to switch between live quotes, charts and current positions.
The newest version of the app features a ‘dynamic trading ticket’ with real-time risk management alerts, price-set orders, pips and PnL and innovative digital charting (including templates) offered by TradingView.
You can access help through telephone or live chat on the App side. Even inside the app you can find training videos to help you make the most of their offering.
User reviews particularly like the apps for iPhone and iPad, where the sleek user interface comes into its own.
You can also quickly see the prices, evaluate the demand and adjust your leverage from inside the app. It is also possible to make deposits and withdrawals from inside the form.
In addition, you get the same exposure from their apps to their extensive markets, so you can start oil trading or gamble on BTC / USD.
Methods of Payment
After you have signed up with Forex.com, you will be required to fund your account. Many options for deposit and withdrawal:
- United Kingdom: Paypal, Debit / Credit card, Bank transfer
- United States: Debit card, Electronic bank transfer wire, check, eCheck, wire
- RoW: Debit / Credit Card, Bank Transfer
Remember that you can also wire funds through Sofort Banking to your account. It is fast and simple to fund your account using any of the mentioned means. The minimum transaction volume is $30 and the maximum permissible transaction is $10,000.
Regardless of the number of other brokers facilitating it, once you have your account login information, you can not fund your account with Paypal.
For specific instructions on how to withdraw your funds go to their website or live chat service.
There are 2 live accounts to choose from for most clients. Account specifications are the same, but you can use Forex.com’s proprietary trading platform with one, and use industry standard MT4 software for the other.
You can get 200:1 margin with both of them, and almost the same apps.
The MT4 wallet, however, doesn’t sell shares and has 4 fewer commodities. You also have less order types and less ability to set price tolerance that is determined by the customer.
Even an Islamic account is offered on Forex.com. Go to their website and follow the directions on-screen to fill out the application form.
Active Trader Account
Customers from certain locations will also have access to the Active Trader account at Forex.com. This is best for those who produce a large amount of trade.
The benefit of this trader account is that regular spreads offer reduced pricing. As a result, you could trade at as low as 0,4 on the EUR / USD.
What’s more, you do get:
- Priority service
- Reports about your account
- No account fees
- Personalised support
- Discounts on frequented markets if monthly volume levels are met
But the rules for this account state that you will maintain a minimum monthly average balance of $25,000.
When you are able to maintain an average account balance of $100,000, you will be upgraded to discount level 2, where the advantages are even greater.
Practice account reviews and ratings are generally positive. Forex.com has 2 free trial accounts. The Forex.com trading platform has a practice account and an MT4 trial account open.
Both are a great place to learn to trade without losing your own money, as your demo account will be backed in virtual cash with $50,000.
When you have filled your demo account login data, you can trade your favorite markets, such as the Dax 30 index from Germany. You will receive:
- Professional charting – Clients can connect their account and trade from TradingView is it suits their needs.
- Actionable insights and analysis
- Simple and complex order types
- Account management from mobile and tablet apps
It is also easy to track your development, while quickly finding user guides and analysis to help you improve. It’s worth remembering, though, that your demo account won’t represent the slippage you might encounter with a live account.
When you know the markets, and your confidence has evolved, you can easily close your demo account and move to a live account.
Forex.com is an attractive proposition due to the variety of additional useful features on offer. The educational center, for example, offers in-depth instructional content. There is also the ‘Learn to Trade Forex’ self-study course which includes:
- Pip calculators
- Trading on margin
- Advanced charting
- Establishing lot sizes
- Technical analysis & tools
- Recognia (Desktop only)
There are also immersive courses to help you understand chart patterns and manage risk, complete with training videos.
The webinar series ‘Foundations of Forex Trading’ is also open to traders – run in partnership with Trade with Precision – who can directly sign up to these.
Printable workbooks and quizzes to keep learning easily are also made available.
In addition to the learning resources, traders also will benefit from:
- Quarterly outlooks
- Live daily market updates
- Detailed technical reports
- Weekly news on big financial events
Go to the Pivot Points section and Forex.com lists the rates of support and resistance every day, weekly, and monthly. You can find an alphabetised glossary of financial words in the Technical section.
Then there’s the referral system for Introducing Brokers. You can choose between compensation models if you pull in new customers.
No upfront investment is needed and their transparent partner dashboard helps you to monitor your progress.
Regulation & License
Not surprisingly, user reviews are pleased that Forex.com is governed in many jurisdictions and holds up to high corporate governance standards. The broker is effectively governed by:
- UK’s Financial Conduct Authority (FCA)
- Canada’s Financial Services Agency (FSA)
- Hong Kong’s Securities and Futures Commission (SFC)
- Investment Industry Regulatory Organisation of Canada (IIROC)
- National Futures Association (NFA)
- Securities and Exchange Commission (SEC)
- Commodity Futures Trading Commission (CFTC)
High rates of supervision offer strong benefits for day traders.
First of all, you can relax knowing that you can trust Forex.com.
Additionally, consumers can earn up to £50,000 from their compensation plan via FCA legislation in a variety of situations, such as the situation if Forex.com becomes insolvent.
The business also holds licenses and is regulated in a variety of other countries, so traders from Singapore, Vietnam, Russia, China, Indonesia, India and a number of various nations can also trade online.
In the Middle East, throughout Africa, South and Central America, and South Asia, CIMA regulation has led to tremendous growth for the company.
See below for more testing whether you stay in the list of approved locations or are regulated by local regulators.
Being a Forex.com trader provides a range of benefits including:
- The agent offers two accounts only.
- There’s a noticeable absence of bonuses and promos.
- Forex.com could proceed farther in order to provide negative balance protection.
- Technical indicators from the mobile app’s charting mode are not easy to access.
- Even though you’re able to trade in stocks markets, spread betting and binary choices aren’t offered.
- The internet edition of the platform is not completely compatible with quite a few browsers because of reliance on a particular plugin.
In order to help you understand whether Forex.com is a good or a bad broker, you must also be aware of the downsides to its offer:
- The broker only offers two accounts.
- There is a distinct lack of promotions or bonuses.
- Forex.com could go further to offer negative balance protection.
- Technical indicators in the mobile app’s charting mode are difficult to access.
- While you can trade in futures markets, spread betting and binary options are not available.
- The web version of the platform isn’t totally compatible with a number of browsers due to reliance on a specific plugin.
Forex.com provides FX trading 24 hours a day from 22:00 GMT Sunday till 22:00 GMT Friday. Around the beginning of the trading week however, it is worth remembering business hours also see illiquid market conditions. The spreads will expand as a result of these conditions.
Spot trading hours for the gold and silver are slightly different. Trading is open from 23:00 GMT Sunday to 22:00 GMT Friday 23 hours a day. Trading is suspended from 22:00 until 23:00 GMT every day.
That said, there are holidays and Christmas hours to be mindful of, too. See their website for information on those and similar trading hours within your time zone.
Contact & Client Care
Getting through to customer support at Forex.com is fast and trouble-free. Just go over to their website and you can log in via live chat. There’s always live chat on your trading site and inside your mobile app.
They should be able to support you with minimum and maximum lot sizes, with problems of withdrawal and guide you to their leverage calculator, among other items.
You may also contact Forex.com by e-mail or by telephone. User reports prove workers are compassionate if not always willing to fix the issues.
Concerns, interest rates, operating hours or web access problems is something they should be able to help out with. On their website you can find the phone number for your location.
You can get help in all the languages below:
It might well be worth going to their FAQ page for other things. Here you can find instructions on how to get to My Account and how to handle your funds and companies, as well as other may queries.
The customer service is therefore relatively industry standard. Waiting times are relatively short, and the staff is reasonably equipped with info. However if you’re a novice, and you’re looking for substantial hands-on help, you may want to look elsewhere. Especially because some brokers now offer video chat support 24/7.
Security & Safety
Spend time on trading forums and you can see growing concern about how brokers are keeping personal data and funds secure. Thankfully, Forex.com keeps all deposits separate from its own operating funds and distributes them through a network of custodian banks around the world.
They also adhere to guidelines laid down by GAIN Capital Holdings, Inc’s Risk Committee. In addition, advanced encryption technology is used to keep users safe regarding resources and information.
Forex.com offers competitive rates, multiple trading channels, electronic trading tools, plus a library of valuable educational resources.
Throw yourself into excellent customer service and access to a range of properties, and you have a trusted broker who can meet the needs of both beginners and experienced dealers.
And if you’re deciding between Forex.com or Oanda, FXCM and other rivals, you’ll find there is little you can’t get with Forex.com. This broker in reality ranks consistently among the top in forex ratings.
Forex.com welcomes traders from Australia, Thailand, Canada, the U.S., South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and several other countries.