Forex.com broker review
Forex.com is one of the biggest on line brokers operating even in the US market. The forex platform is owned and managed by Gain Capital. The broker facilitates trader’s access to over 180 markets among them 17 indices, 11 commodities, and 65 currencies. The company was founded in 1999 and is regulated in the US, UK, Canada, Japan, and Australia. As of today, the company serves over 200,000 customers across the world. Overall they compare favourably on our best forex broker reviews.
Before signing up or even downloading any broker platform, you need to understand the accounts requirements first. The minimum balance is set as 50 units of your base currency and $20,000 for premium trader account.
Spreads and commissions
Forex.com does not charge any commission or fees, the broker’s only compensation is in the form of spreads. When compared with its competitors in terms of spreads, its charges are below average. Spreads range anywhere between 0.84 and 1.9 pips. Forex.com will charge your account $15 if you fail to open any trade in 90 days. To avoid such charges in a period of inactivity, you can request the broker to deactivate your account temporarily. There are rollover fees if you hold deals overnight, but for day traders, this is not a big issue.
The broker has provided a variety of platforms to suit different levels of trader’s experience. To understand more aspects in the selection of the best trading platform or to determine the right trading platform have a look at the various reviews.
Advanced trading platform
The Advanced trading platform is designed to meet the needs of the vast majority of traders. A simple and elegant interface welcomes you to this analytical tool with over 100 indicators. Customizing your templates is easy thanks to the drag and drop menu availed.
The broker gives trader’s access to both MT4 and MT5. You can work with your favorite EA and do in-depth market analysis courtesy of the MetaTrader platform.
As soon as you open an account with forex.com, you can download an app from Android and IOS market. You can access news, calendars, indicators, drawing tools and the capabilities to navigate between live quotes.
The broker offers interactive courses online that come with videos and PDF document to help in trading. Courses such as FX patterns, market analysis, and FX psychology can all be accessed from the broker’s site. Other classes include:
• Pip calculators
• Trading on margin
• Advanced Charting
• Establishing lot sizes
• Technical analysis & tools
This is an active factor in determining whether it’s a suitable broker for beginner investors.
Forex.com has got other enticing features, in addition to the learning center that provides high-quality content, the broker offers the following additional resources:
• Quarterly outlooks
• Live daily market updates
• Comprehensive technical reports
• Weekly insights on major financial events
The broker has a generous referral program; their introduction broker program lets you choose from their generous compensation packages. You can follow up your progress directly from their partner site.
Forex.com adheres to regulations of numerous jurisdictions. This has enabled the broker to adhere to the highest standard in governance. Here are some of the jurisdictions the broker operates in:
• Financial Conduct Authority, UK (FCA)
• Financial Services Agency, Canada (FSA)
• Hong Kong’s Securities and Futures Commission (SFC)
• Investment Industry Regulatory Organisation, Canada (IIROC)
• National Futures Association (NFA)
• Securities and Exchange Commission (SEC)
• Commodity Futures Trading Commission (CFTC)
Accessing the broker’s customer support team is hassle-free. A link to their live chat can be obtained from their website. The customer can also access support via telephone or even emails. Support can is offered in the following languages:
Other common problems can be resolved under the FAQ section. A comprehensive FAQ is availed so that common problems can be resolved with ease.
There is an increasing concern about the safety of deposit among many brokers. Fortunately, with forex.com your deposits are segregated from the company funds. They also maintain high ethical and operational procedures as stipulated by Gain capital.
• Access to a wide range of assets.
• Availability of automated trading solutions.
• Free unlimited demo accounts
• Their spreads are competitive thus a trader’s costs are minimized.
• Guarantees a 24/7 customer support.
• Multiple execution modes and order types.
• There are high-quality educational resources, including PDF, webinars and videos.
• The broker is highly regulated with licenses in a number of jurisdictions.
• The platforms and resources make it suitable for beginners.
• Forex.com only offers two types of accounts.
• Lack of bonus schemes and promotions
• Does not offer negative account protection
• Mobile app based technical indicators are difficult to access.
• Binary options and spread betting not availed
• The web version of their platform is not compatible with every browser and plugins have to be installed in some browsers.
It is clear forex.com has very competitive spreads. They also have wide variety of resources that fit both the new and experienced traders. This broker is a perfect fit especially to the new traders.
Thank you for visiting ChoosaBroker
We apologise, but the service or content you are attempting to access is not intended for residents of USA. Please let us know how you’d like to proceed