Forex.com Review – CFDs are complex instruments and carry a high risk of losing money quickly due to inflation. 79% of trading account investors lose money when trading CFDs with this provider. You need to understand how CFDs work and consider whether you can afford to risk losing your money.
Founded in 2001 as part of GAIN Capital Holdings, FOREX.com is an established online trading platform targeting those who want to trade the FX and CFD markets. GAIN Capital Holdings, a consortium that includes online CFD and spread betting provider City Index and futures trading advisory firm Daniels Trading, has been acquired by StoneX Group Inc. February 2020.
StoneX Group Inc., a publicly traded company (NASDAQ: SNEX), advertises itself as “connecting clients to global markets across asset classes through a graded platform, end-to-end clearing and execution, and trading expertise.”
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Globally, FOREX.com offers a wide range of offerings across a variety of asset classes, from CFDs to spread betting and futures, but not all services are available in all areas in which it operates. In addition to the named Forex, FOREX.com offers trading opportunities for all types of traders by offering commodities, indices, individual stocks, bonds, ETFs, gold and silver (not listed in the US), cryptocurrencies and futures. FOREX.com (UK) also offers customer account protection such as ESMA approved negative interest rate protection and guaranteed stop loss orders.
FOREX.com provides US customers with access to over 80 competitive currency pairs across a variety of account types. A well-organized and managed website with fully open services and payments, many user interfaces, and educational and research tools are at the industry standard level and control FOREX.com verification position in the top tier of online traders.
FOREX.com stands by its claim to be the best FX broker in the country, a claim that was most recently (June 30, 2020) confirmed by the CFTC.
“Represents the amount of FCM, RFED or FCMRFD that a retail forex customer could earn by combining all the money, securities and assets deposited in a retail forex account, adjusted for net realized and unrealized gains or losses.”
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FOREX.com is for all types of traders seeking exposure to a variety of instruments and asset classes, but is ideal for high volume traders. Offerings vary by region, but brokers emphasize fast and reliable execution, a variety of platforms, and account security. In the United States, we target customers who want to sell to international markets.
FOREX.com started as a market maker but later became an ECN, generating revenue through “crossing” customer sell bid/ask spreads or commissions on the industry side. At FOREX.com, prices are transparent and easily accessible.
Spreads vary depending on the account type selected by the customer. For example, the minimum EUR/USD spread for US customers on the “Standard” account is 1 pip, while the “Commission” and “STP Pro” accounts show spreads of 0.2 and 0.1 respectively. However, the last two add fees of $50 and $60 per million dollars to the displayed spread. Outside the US, we also offer Direct Market Access (DMA) accounts for our larger account base (25,000+). DMA accounts do not offer a markup on the spread, but a fee is charged.
Standard account and commission account traders can also benefit from the Active Trader program. The program is open to anyone who opens an account with at least $10,000 or sells $25 million in monthly trading volume. This program is not available to DMA account holders because those accounts already have volume-based fee discounts applied.
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FOREX.com recommends a deposit of 2,500 to allow customers “flexibility and better risk management” in trading, but the minimum initial deposit must be “at least 100% of your chosen currency.”
As is common in the FX industry, clients may be charged a currency conversion fee for positions held overnight, and may be charged a currency conversion fee if trading in a currency other than the initial currency of their account.
In terms of additional fees, accounts with no selling activity for more than 12 months will be charged a base fee of $15 per month. The website does not list any additional fees for deposits or withdrawals.
FOREX.com’s trading platform always features day trading experts as well as occasional long-term traders. Clients can choose between a downloadable advanced trading platform or MetaTrader 4 (MT4) for a desktop experience, Web Trader for a browser-based trading experience, or choose FOREX.com or the MT4 mobile trading platforms on handheld smart devices.
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Within the platform, traders have access to charts, economic calendar, news, positions, trade/order history, trading signals and research reports as well as market analysis from FOREX.com analysts. There aren’t many downsides to the platform. There are a sufficient number of indicators and drawing tools to satisfy any interested technical analyst, and the platform works well enough to allow for quick trading when necessary. The charting package offered by TradingView is by far the most interesting web-based platform.
It makes sense to place your sellers on web sellers or downloadable top selling platforms. Traders can trade directly on the charts by right-clicking and selecting the “Trade” option or by clicking the “Buy” and “Sell” buttons above the chart. You will then see an order window with set entry, stop loss and profit targets. You can enable one-time sales for faster transactions.
FOREX.com’s platform has four basic order types with the option to add “Take Profit” and/or “Stop Loss” orders. Traders can also choose to set a stop loss at the next stop loss. The only difference between web-based and downloadable offers is that guaranteed stop-loss orders are only available in the latter, and again only in the UK/EU. customer.
Your FOREX.com account can also be linked to NinjaTrader, a popular third-party trading platform. VPS is available for MT4 accounts. Customers can use FOREX.com’s API to engage in their own strategies. MT4 and MT5 integration enables automated trading using MetaTrader algorithms.
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The mobile app works, giving customers access to all account information. Traders can add or withdraw funds, view trade history, create watchlists, receive news and view charts on the mobile app. It is easy to move and install.
Charting functionality is one of the downsides of mobile apps. Some common indicators are available, such as RSI, MACD, and moving averages, but they lack drawing functions and other advanced technical tools. A complete set of actions are available, including status orders and the ability to easily set stop losses and profit targets during trades.
Active demo accounts are provided free of charge, giving prospects time to evaluate the pricing situation before investing real capital. A criticism of the broker’s demo account is that it expires within 30 days and FOREX.com does not give prospects the option to add or apply for a new account with the same credentials. This means you have had enough time to test our platform, so open an account with “real” money or go elsewhere.
Globally, FOREX.com provides access to a wide range of financial products across a variety of asset classes, including:
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In the United States, its product line focuses exclusively on foreign exchange, unhedged gold and silver, and futures through its subsidiary FuturesOnline.
The broker’s website lists several ways customers can contact FOREX.com, including online chat and live phone support on Sundays from 10 a.m. ET to 5 p.m. ET on Friday. Frequently Asked Questions (FAQs) and website customer support were satisfactory, but repeated attempts to contact “live chat” were unsuccessful. We have social media accounts where we post market reviews and company information, but no social media support is provided.
Phone support is the fastest way to get your questions answered by a live representative. When you start a call, there is a small menu you can select from. Wait times vary depending on call volume, but typically you may have to wait a few minutes to be connected to an agent. Email support is available for more detailed questions, but please allow 1-3 business days for a response.
FOREX.com’s educational content is industry standard and comprehensive. Consumers can find content by age of experience or topic. Except for the topic “Technical Analysis”, which is available on the Platform, all content is accessible only through the Website.
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Customer experience is divided into three groups: basic, intermediate, and advanced, and topics range from industry standards that provide a market foundation to platform research, such as fundamental and technical analysis, risk management, and sales methods. Full text documentation is also available.
New investors will find the background information useful. However, it is impossible to rely solely on FEX.com training to become a market expert. That said, this article covers all the key topics a beginner might need.
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