Just like other Forex brokers, Forex.com is also one of the leading brokers, which has a wide range of experience in the global currency markets. It was founded in 2001 and is a worldwide market leader who prides on providing traders with superior execution. Besides, it offers transparent and competitive rates along with a wide range of tools to help them succeed. [toc] In the Forex.com review, we’ll examine all the aspects of the offerings that this broker has been claiming since it developed. GAIN Capital Holdings Inc, is the parent company of Forex.com, which you can see placed on the New York Stock Exchange known as GCAP. The parent company GAIN Capital trades openly and meets the highest standards available for financial reporting, corporate governance, and disclosure. In case if you want to have an idea of the reputation and size of GAIN Capital, you ought to consider the key financial data of the company for Q2 2018. Overall assets were $1.457 billion, 4 million, total customer equity of $920.4 million, a least regulatory capital demand of $108.9 million and possible liquidity of $344.3 million.
Good PointsAccording to the Forex.com review, this broker boasts on working in a setting. And it significantly regulated and involves big mistakes into both trading practices and execution. However, Forex.com is not ready to adjust the execution speed or price of trades. Besides, the broker never chooses trades to accept. All trades are executed efficiently and accurately. In addition, Forex.com is on the backstage of all its trades. As you know, a broker is a market maker, and it does not subcontract the responsibility to some third party. Instead of that, Forex.com will direct questions or any concerns regarding a trade.
Account TypesForex. Com offers two primary types of account, just to appeal to a considerable range of traders. Standard Accounts can deliver ultra-competitive spreads without having any commissions on Forex trades. The trade cost is already part of the spread. However, the other option is a Commission Account, and it delivers the most firm Forex spreads. It includes a commission of just $5 for each 100,000 as well as EUR/USD from 0.2 plus on Forex trades. It is worth to know that this latter account is currently unavailable to use on MetaTrader. So, if you choose a Commission Account, you will have to use the platform of Forex.com. You cannot change your Standard Account to a Commission Account respectively, and once your account is opened. On the other hand, you can open an account of the other type even if you previously have a Commission Account or Standard Account. Keep in mind that Commission Account does not have any demos, and you can appear as an Active Trader with a Commission Account.
Demo Account:Forex.com review shows that it has a demo account just like most of the brokers. Since you are using virtual currency, a significant difference between a live trading account and this account is that there is no danger associated with dealing in a demo account. With demo accounts, you can become familiar with the trading types that are offered on Forex.com along with the platform and trading tools. Demo accounts are available just for 30 days with your sign up. Undoubtedly, it is enough time to explore your skills. Now, Forex.com review shows that it does not provide any option to renew a demo account that some competitors do. How to Sign Up for an Account? In a case when you want to open an account with Forex.com, you just have to fill out an online form. You ought to submit a valid and non-expired ID photo that your government issued you. This ID photo is used to verify and confirm the residential address, name mentioned on the form, and date of birth. You need to submit another document when your submitted ID does not provide proof of your residential address. The separate document will be proof of your residence, which includes utility bill, credit card statement of the last six months, and bank statement as well. You can upload all these documents to submit through the website. Other than that, you can even e-mail your documents. In the other hand, if you need to open a joint account, you have to submit the required documentation for each account holder. Forex.com review shows that a minimum deposit to open an account is of 50 units of your base currency. However, it recommends depositing a minimum of 2,500 units so that you can have improved risk management and elasticity.
PlatformsForex.com provides some trading platforms to their clients to choose from, in order to appeal all styles of trading. The Forex.com is an award-winning platform, which is optimized to appeal to Forex traders. According to the forex.com review, it delivers high performance and advanced tools, which is accessible as a mobile application for both Android or iOS users. Moreover, it also is available as a desktop application or a browser-based interface. On the other hand, Forex.com review also reveals that traders can use MetaTrader 4. Although, Forex.com is not one of those brokers that use MetaTrader 4, but it is the largest broker of MT4 as well.
FeesForex.com review explains that this platform always makes sure to offer competitive prices and make them transparent without any small print or complicated schemes. For over a decade, the broker spent time on working to create a network of partners with liquidity and endow in technology. And it has made it able to offer tight spreads for the most conditions of the market. Well, it happens with the quick implementation that Forex.com provides and as the broker always executes the trade as soon as possible. Forex.com is honored for offering accurate and competitive prices. Trade is completed as fast as possible since every part of the trade process is automated either at the price you choose or at one that is better. If the market moves in support of your trade on a bound order, the technology will also mechanically pass savings to you while executing your business at an enhanced price. Forex.com makes the profit through spreads as compared to charging a commission that is listed on the page of pricing. You have an option to view the minimum spread for each currency pair as well as you can see typical spreads and percentage. In the case of EUR/USD, the minimum spread shows as 1 along with an average spread of 1.3 and from 0.5 percent margins. The spread prices are fixed for most indices, and you can view the minimum spread and trading hours as well as the margin.
Trading ToolsA vast range of complicated and simple order types are provided with Forex.com along with execution and excellent reliability. Professional charting is also there to use the Forex.com customized indicators and tools. Trading directly from the charts is also an option available for you. You can experience the platform as it introduces analysis, news, and trade ideas. A well-combined list of the trading opportunities is used in the autochartist automated scanning tool. It also has a greater probability of success and a feed of existing patterns in your traded markets as well as calculations and instability evaluation. Another tool the Faraday Research that looks Forex markets to deliver short term trading chances. It involves daily emails along with specific exit and entry points and the reason behind trading. Besides, it also has real-time push notifications on the app as well as an incorporated portal on the Forex.com desktop platform. Customer Support: The platform uses multiple ways of contacting the customer support team. At the top of any page on the website, an option is available to chat with customer support. There are email addresses and phone numbers also possible to contact the customer support.
What is New On Forex.com?Forex.com in the mid of September 2018, updated its services and added new markets as well as new powerful platforms and some other updates. It directs to the addition of cryptocurrencies as well as shares. Forex.com adds an active trader program along with expanding the market offerings with those updates. Besides, it also added mobile apps as well as the latest desktop trading platform to enhance reliability and speed. Registered users with this platform before July 13, 2018, had automatically transferred their accounts to the improved service. In the support section, Forex.com provides more information on the updates.
Top CompetitorsWith similar brokers, Forex.com is in competition. Eagles Investors already covered these brokers.
License and RegulationsUnder the Cayman Islands’ Securities Investment Business Law, the Cayman Islands Monetary Authority (CIMA) regulates the Forex.com broker. The company regulated in six additional jurisdictions around the globe through Forex.com affiliates. Other than these Forex.com regulators affiliates the Financial Conduct Authority (FCA) in the UK, the Commodity Futures Trading Commission (CFTC) in the U.S., Australian Services and Investments Commission (ASIC), the Financial Services Authority (FSA) in Japan, in Canada Investment Industry Regulatory Organization of Canada (IIROC). Forex.com broker affiliate also is a part of the National Futures Association (NFA) in the U.S.
Likes & Dislikes
- Forex fee is low
- A wide range of currency pairs available
- Wonderful tools for technical research
- NinjaTrader and MetaTrader support
- Plenty of educational material
- Direct access accounts of market
- Incomplete portfolio of products
- Stock CFD fee is high
- The desktop trading platform is not user-friendly
- No DMA accounts
- Only three pairs have maximum leverage