Forex.com
Tap into Trading Numerous Liquid Markets with Forex.com
Forex.com is an online brokerage founded in 2001. The brokerage provides traders globally with access to the forex markets. Traders are also provided with access to other markets such as cryptocurrencies and equities through CFD trading. Forex.com is a subsidiary of the publicly listed Gain Capital which also owns the popular brokerage City Index. Gain Capital is listed on the New York Stock Exchange meaning that Forex.com benefits from the strict regulatory oversight and financial reporting standards which public companies are subject to.
The services Forex.com provides are regulated and authorised by the Financial Conduct Authority (FCA). This requires users funds to be segregated into top tier banks and also means that users are compensated for up to £50,000 if forex.com becomes insolvent. Forex.com happens to be one of the few online brokerages which service clients in the United States. Its services in the United States are restricted to only forex with no CFD trading available to US users. United States visitors of the City Index will be redirected to the forex.com website. Many other top brokerages including Think Markets and FXCM also do not serve US clients making forex.com an even more worthwhile consideration for visitors to these sites. Gain Capital owned entities are authorised by numerous regulators worldwide.
Forex.com Available Markets and Products
Forex.com provide their users with access to a wide variety of markets. Traders can access markets which they would struggle to find with other online brokerages. A high number of both equities and forex pairs are offered. The forex markets are available to be traded from 9 pm GMT Sunday to 9 pm GMT Friday each week. While most online brokerages refrain from providing access to Chinese shares, several can be traded with forex.com.
Traders can also speculate on the highly volatile asset class of cryptocurrencies. Leading cryptocurrencies Bitcoin, Bitcoin Cash, Ripple, Litecoin, and Ethereum can all be traded. The price of Bitcoin can be traded against USD, GBP, EUR, or the AUD. The spreads offered on Bitcoin are highly competitive compared to other brokers. Other assets such as gold can also be traded against multiple different fiat currencies.
| Market | Number |
|---|---|
| Forex | 89 |
| Equities | 66 |
| Indices | 17 |
| Commodities | 9 |
| Metals | 5 |
| Cryptocurrencies | 8 |
Forex.com offer different leverage capabilities for both retail clients and professional clients. Professional clients must meet several requirements such as having a significant account size and knowledge of the financial sector. Professional clients earn rebates on the fees they pay and can also tap into greater amounts of trading leverage with a margin rate with only 0.25% required in some markets. For those who do not meet the professional client criteria, retail accounts are also available. Leverage will also be available on these accounts but to a lesser extent. Users also have the option to demo the platforms before deciding to set up a real account.
In terms of fees users pay, there are also several account types users can choose between. Fees on a standard account are charged completely through spreads. For more advanced traders who have a greater equity size, a commissions account would be more suitable. With this account, traders avail of significantly lower spreads but pay commissions on trades. For example, the spread for EUR/USD with a standard account can go as low as 1.1 whereas with a commission account the spread can go as low as 0.2. There is also a direct market access (DMA) account with even more attractive rates. However, this account type requires minimum trade sizes of 100k.
One drawback of forex.com accounts is the funds of users can go into a negative balance. Negative balance protection is not provided by forex.com. Although positions are liquidated if a client does not have sufficient equity in a position, there are still circumstances where clients can end up owing more than they deposited.
Forex.com Trading Platforms and Features
Forex.com provides numerous platforms which enable traders to access the markets from desktop, mobile, or directly through the browser. Desktop and web platforms are available for traders of all levels. The hugely popular MetaTrader 4 platform is one option that traders can use. This platform has a powerful suite of tools including charting analysis and a wide variety of order types. The platform is available on Android, iPad, and iPhone. MetaTrader provides traders with a versatile set of tools beyond the standard market analysis tools. Traders can run strategies in a virtual private server and can also automate strategies with expert advisor program.
Forex.com also offer their proprietary desktop software aimed at advanced traders. This allows traders to delve deeper into charting analysis and order types. The more advanced software allows traders to customise their strategies and also design their layout to design their optimal trading dashboard.
The web trading platform provided by forex.com is integrated with the widely used TradingView software. TradingView is the leading technical analysis software for retail traders worldwide. It has a vast library of technical analysis tools and is extremely intuitive for users to operate.
Forex.com mobile applications are available on both iOS and Android devices. The applications are integrated with a news feeds and have all the important trading functionalities that a trader requires to manage market positions directly from their mobile device.
What are the Forex.com fees?
Forex.com charge their fees through a mix of both commissions and spread. Standard accounts are charged entirely through variable spreads. Average spreads in different markets for this account type can be viewed on the forex.com website. Traders with larger account sizes can choose a commission account to avail of lower spreads.
What else does Forex.com do?
Forex.com has an extensive library of educational resources tailored for traders of all levels. The library is designed to help traders improve their knowledge in several fields which are important to investing success. Such fields include market concepts, technical analysis, and fundamental analysis. There is also a glossary for traders still getting accustomed to different terms.
Furthermore, forex.com have a team of analysts which produce research on the markets. The team of analysts produce research from numerous different angles. In the market analysis section of the forex.com website, reports can be found based on technical analysis, economic indicators, and fundamental analysis.
Why Trade with Forex.com?
Forex.com provides users with access to a wide variety of markets. The markets offered by Forex.com include more instruments than most competitor brokers. Users of the brokerage have several trading platforms at their disposal and can choose from numerous different account types. The account types have different fee structures suitable for traders of all levels. All-in-all, forex.com is a leading choice for traders of all sizes and levels.
Education
The education section on FOREX.com is well-structured and on par with the competitors on the market. But first, before you begin your education at FOREX.com, you can find out which trading style best suits you by answering six questions on their trader-type quiz.
They divide traders into three distinct personality types. They refer to the first type as “Commander.” These types of people can see opportunities and seize them quickly. They prefer the practical approach, allowing them to learn as they go and refine their tactics.
The second type is the “Professor,” who takes a more scholarly approach to learn and looks to the world for inspiration and information. And finally, there’s the “Strategist,” who is prone to meticulously plotting out their future actions and seeing them through to fruition.
FOREX.com also offers three tiers of Experience Levels, which range from beginner to intermediate to advanced. You have free access to the recommended topics associated with each tier.
Basic concepts such as pips and the most frequently traded currency pairs are covered first in beginner lessons, while trading strategies and risk management are covered in more advanced lessons. Prior knowledge or expertise is optional to understand and complete the lessons.
The broker has various themes, including Trading Concepts, Managing Risk, Technical Analysis, Fundamental Analysis and Trading Strategies. You can browse material based on your skill level or a particular topic of interest. Except for “technical analysis” topics, all content is exclusively accessible through the website.
To facilitate education, FOREX.com provides a wide variety of high-quality learning resources. Opening a demo account and then learning the ropes through courses, lessons, client webinars, platform videos, or educational text can help you become a more proficient trader or investor. In addition, there is a forex glossary that covers all the terms used.
If you would rather learn about trading in a classroom setting. Regular live webinars at all experience levels are available on FOREX.com to help you develop your trading skills. There are also Currency trading strategies, trading psychology, and risk management. By entering your name, email address, and phone number on FOREX.com’s website, you can quickly reserve your spot in each webinar. Like the company’s trading education programs, webinars are provided at no cost to attendees.
Although FOREX.com’s YouTube channel has dozens of separate platform tutorials, the website only has a relatively small library of instructional videos. FOREX.com’s rivals, such as CMC Markets, have a larger selection of video clips available than the broker.
FOREX.com regularly publishes excellent articles on various financial markets and business-related topics. Weekly posts like the “Week Ahead” series are supplemented by daily pieces published by FOREX.com’s in-house experts and incorporated resources from third-party providers. Many of Trading Central’s most popular research modules, such as Market Buzz, Technical Insight, and Analyst Views, are built right into the suite of platforms.
The use of fundamental analysis tools is common among forex traders. The FOREX.com trading platform features a well-structured news feed that can be narrowed in on specific currency pairs. To get started, choose the currency you want to trade and launch a new document. The most recent headlines involving either currency in your pair will appear on the right side of your screen. To read each headline in your app, click on it, and you’ll be able to return to your desk in time to make trades.
Safety
Since 2004, FOREX.com has been a member of the National Futures Association (NFA # 0339826). They are also a member of the Futures Commission Merchant (FCM) and Retail Foreign Exchange Dealer (RFED) with the Commodity Futures Trading Commission (CFTC).
They believe in and welcome strict regulation. The broker conducts audits regularly and keeps customers updated on any changes to the service. In addition, StoneX Group Inc., their parent company, is a publicly-traded company that complies with all applicable laws and regulations relating to corporate governance, financial reporting and disclosure.
The broker uses numerous banks to safely disperse all customer deposits, which are kept entirely from the company’s general operating funds. StoneX Group Inc.’s Risk Committee establishes strict guidelines for reviewing and monitoring banks, which FOREX.com enforces.
All customer deposits are kept separate from their operating funds and distributed across a network of banks. FOREX.com follows the strict guidelines for reviewing and monitoring banks established by the Risk Committee of StoneX Group Inc.
FOREX.com is subject to regular audits as a broker that strongly supports regulatory oversight and keeps its clients informed of any findings.
Policies are routinely reviewed in business continuity and disaster recovery, electronic trading system (i.e., trading platform) supervision, information security, anti-money laundering, customer complaints, and trade reporting.
FAQ
How do I create a FOREX.com account?
To create an account with FOREX.com, just go to their website and click the “open an account” button.
How do I change my live trading account’s password?
You can modify your password by visiting your My Account page and clicking the Account Settings tab, followed by the Change Password button.
How can I link my accounts?
To link accounts, go to the Summary section of MyAccount and look for the button labeled “Link Account.” Then, follow the on-screen instructions.
How do I fund my account?
You can safely add money to your account by logging in to MyAccount and visiting the funding page. You can deposit funds into your account using one of three methods: bank transfer (ACH), wire transfer or debit card.
Can the duration of my demo account be extended?
All demo accounts have a 30-day trial period beginning on the day you sign up. After that point, the demo account credentials will no longer work.
Can another trader use my account?
FOREX.com policy prohibits anyone other than the account holder(s) from gaining or trading the account unless the trader has been reviewed and approved as a Money Manager.
Can I switch from a Standard Account to a Commission Account or the other way around?
Unfortunately no, you cannot switch your account to the other plan. However, MyAccount’s Account Settings page includes a “Add New Account” option if you already have one type of account and want to create a second.
Can I set up a demo Commission Account?
No, FOREX.com does not offer trials of their Commission Account.
Pros
- Provides services to users in the United States
- Provides access to markets which most online brokerages do not provide access to
- A powerful suite of trading platforms suitable to traders of all levels
Cons
- No negative balance protection
- No CFD trading available in the United States
- Accounts with the lowest fees require large trade sizes
Fixed spreads
Variable spreads
Stop losses
Limit orders
One-click trading
Trailing stops
Expert advisors (EAs)
Virtual private server
Direct market access
STP broker
ECN broker
Market maker
Price alerts
Signal trading
Watchlists
Charting tools
iOS App
Android App
Windows App
Major Stock markets (US UK Germany)
Indices
Penny stocks
Forex
Majors
ETF
CFDs
Bitcoin
Commodities
ETFs
IPO
Options
Futures
Bonds
Hong Kong stocks
Japanese stocks
Listed on Stock Exchange
Scalping
Hedging
Demo account
Islamic account
Micro account
Standard account
VIP account
Zero spread account
Managed account
Credit cards
Bank transfer
PayPal
Neteller
Skrill
Electronic wallets