Forex.com Review
FOREX.com Review
Owned by GAIN Capital and founded in 1999, FOREX.com offers a wide range of attractive features to forex traders throughout the world. Dealing in forex, indices, cryptocurrencies, commodities, and equity share CFDs, FOREX.com offers several powerful and robust trading platforms.
In addition to its attractive forex broker trading platforms, FOREX.com provides users with access to reliable technical analysis, market news, and educational tools, making it difficult to find a forex brokerage that can match its resources.
Regulation
GAIN Capital, FOREX.com’s parent company, maintains strict standards of financial reporting and disclosure. As regulation is an incredibly important aspect of safety and protection, traders should feel secure in knowing that FOREX.com is regulated by the following entities:
- USA: NFA, CFTC
- UK: FCA
- Canada: IIROC
- Australia: ASIC
- Japan: JFSA
Regions Available
Forex.com is an available broker in the Forest Park FX cash back rebate program to traders in Latin America, Europe, Canada Middle East, APAC, and United States regions, subject to certain country-specific restrictions.
Commissions & Fees
Depending on your account type, FOREX.com’s commissions and fees may vary. However, in general, these fees are comparable to other major forex brokers like FxPro, FXCM, Saxo Bank, and others. FOREX.com also tends to offer below average spreads for index and commodity CFDs.
According to FOREX.com, the typical spread, which indicates the median spread for the previous month, on EUR/USD in January 2019 was 1.3 pips with a minimum spread of 1.1 pips.
It should also be noted that FOREX.com has an Active Trader program which offers high volume traders reduced trading costs via cash rebates. The Active Trader program has five tiers which each offer increased savings. Traders who open an account with at least $25,000 or trade $25 million of volume in one calendar month will automatically qualify for this program. In addition to these savings, members of this program will receive additional benefits such as one-on-one support from a Market Strategist and reimbursement for bank fees for wire transfers.
Lastly, FOREX.com standard accounts do not charge commissions. The only thing you have to consider is the quoted spreads.
Minimum Deposit
The minimum deposit to open a standard live trading account at FOREX.com is just $50. As such, FOREX.com is a reasonable option for both high and low-volume traders.
Novice traders will also appreciate the low upfront cost to get started trading at FOREX.com while experienced, high-volume traders will appreciate the added benefits they get by maintaining a higher account balance.
Types of Accounts
FOREX.com offers three different types of accounts to traders. For most people, the standard account will provide everything you need; however, depending on your needs, you might opt for a commission account or a direct market access account, depending on where you reside.
Standard Account
Standard accounts at FOREX.com offer access to a multitude of useful platforms and tools. This type of account is best for users seeking a straightforward, traditional trading experience.
The pricing model for standard accounts is as simple as it gets. Traders only have to worry about spreads as there are no commissions. With access to a plethora of charting tools, technical indicators, market analysis, mobile apps, and more, traders can find everything they need to be successful in a standard account.
Commission Account
FOREX.com commission accounts offer many of the same benefits as standard accounts. Users can still obtain Active Trader status by maintaining a minimum account balance of $25,000 or meeting certain trading volume thresholds. The primary difference is the pricing model. With commission accounts, users will trade the tightest spreads available, as low as 0.2 pips on EUR/USD, according to FOREX.com, plus a $5 commission per 100K. Users who open a commission account have access to all the same tools and platforms with the exception of MetaTrader.
Direct Market Access Account
Direct Market Access (DMA) accounts are aimed towards more serious and experienced traders who desire deep liquidity. Traders with Direct Market Access accounts are able to trade on prices sourced from global banks and liquidity providers and can view real-time pricing on FOREX.com’s order book.
Traders with a DMA account don’t pay FOREX.com spreads. Instead, FOREX.com charges a standard commission based on trading volume and offers discounts for high-volume traders. DMA accounts allow users to view pricing on either side of FOREX.com’s order book and place orders within the top of book spreads.
In addition to the benefits offered by Standard and Commission accounts, DMA accounts offer unique advantages, including:
- Professional guidance from market strategists.
- Waived bank transfer fees.
- The opportunity for traders to earn 1.5% APY interest on their daily available margin balance up to $50,000 and 0.5% APY on $50,000 to $100,000.
Like Commission accounts, DMA accounts are not available on MetaTrader.
In addition to these three types of accounts, FOREX.com offers a full-featured demo account to help aspiring traders develop their strategies and build their confidence before entering the market.
Some of these benefits are region specific and may not be compatible with offers from Forest Park FX.
Platforms
Advanced Trading Platform
Advanced Trading is FOREX.com’s proprietary trading platform which includes powerful charting features, over 70 technical indicators, over 50 drawing tools, and more. Advanced Trading’s layout is intuitive and easily customizable – making it easy for traders of any level to adapt to the platform.
Inside the charting module, users will find technical analysis tools suitable for beginners and experienced traders. This includes automated technical analysis by Autochartist and access to Recognia, which can help you plan short-term trades. Moreover, the platform includes over 100 integrated customizable trading strategies.
In addition to these features, traders can access webinars, instructional videos, daily market commentary, and news powered by Reuters. Due to the powerful capabilities and tools offered by this platform, FOREX.com’s flagship Advanced Trading platform is a fantastic option for both beginner and advanced traders.
Web Trading
In addition to the desktop application, FOREX.com also offers a web-based trading platform that is optimized for speed and compatibility. The web platform, which FOREX.com indicates is available on all browsers and operating systems, is extremely easy to navigate and offers countless options for customization.
The smart trade ticket feature allows traders to manage their risk by setting orders based on price, P&L, or pips. Users can also trade directly from charts and have access to over 70 indicators and over 50 drawing tools.
Like Advanced Trading, the web trading platform provides access to analysis tools from Autochartist and Recognia as well as real-time market insights.
FOREX.com’s web trading platform offers the powerful tools and features found in its Advanced Trading platform to users on any operating system.
MetaTrader 4
MetaTrader 4, or MT4, is also available to users with standard accounts. As MT4 is one of the most widely used platforms among foreign exchange traders, many users are sure to appreciate the availability of this platform through FOREX.com
MetaTrader 4 boasts powerful charting tools alongside an intuitive interface. Other featured like automated trading and access to market analysis and news make MetaTrader 4 a great tool to have in your arsenal.
TradingView
FOREX.com also provides customers with access to TradingView, an incredibly powerful platform that is extremely easy to use.
On TradingView, traders can:
- Access integrated news and market analysis
- View customized technical analysis
- Take advantage of advanced charting features
- Trade across multiple platforms
With over 70 technical indicators, more than 50 drawing tools, and a multitude of customization features, users have all of the tools that they need to be successful at their disposal. All FOREX.com account holders can sign directly into TradingView without having to create any additional accounts.
Mobile Trading Options
It is more important than ever that brokerages offer full-featured, reliable mobile trading platforms. As just a couple of seconds can make a huge difference in your potential profits, it’s important to be able to analyze markets and execute trades no matter where you are.
FOREX.com offers its mobile app on both iOS and Android. The mobile app allows users to:
- Create custom watchlists
- Personalize charts
- Get real-time price alerts
- Access Reuters news
- Execute trades
- Fund their accounts from anywhere
FOREX.com’s mobile offerings provide traders with an easy-to-use and reliable platform for trading on the go.
Execution
Precision and speed in trade execution can make the difference between a great brokerage and a poor one. For this reason, FOREX.com has publicly disclosed its execution quality since 2011 to prove its ability to execute trades in an accurate and timely manner.
According to FOREX.com’s execution scorecard, the brokerage is able to execute over 99% of trades in less than one second with an average execution speed of 0.05 seconds. As a result, traders can trust that their trades will be executed quickly and at the price that they expect.
Deposit & Withdrawal Options
Traders will be pleased to find out that FOREX.com supports multiple methods for deposits and withdrawals, including:
- Debit cards
- Wire Transfers
- ACH
- Checks
Additionally, FOREX.com typically processes withdrawals within 48 hours. As no one likes waiting for their money, most people would consider this a major benefit.
Customer Service
FOREX.com is determined to satisfying the needs of its customers as demonstrated through its 24/7 customer service availability. Traders can contact support through e-mail, phone, fax, or live chat. In addition to this 24/7 service, experts are available during trading hours to help with any problems.
After every interaction with customer support, FOREX.com encourages users to leave feedback regarding their experience so that the company can improve its services.
Additional Features
Aside from the features discussed above, FOREX.com offers access to various resources to help traders expand their knowledge and develop effective strategies. This includes:
- E-books
- Webinars
- Videos
- Economic calendars
It should also be noted that Gain Capital recently began offering cryptocurrency CFDs in the UK and Bitcoin futures in the United States, through it futures arm, Gain Futures.
Final Thoughts
GAIN Capital’s FOREX.com is a fantastic brokerage for traders of any level. As its trading platforms offer incredibly powerful tools and resources for analysis and news, these platforms make it easy for traders to develop and implement effective trading strategies.
Additionally, novice traders are sure to appreciate the low minimum deposit to open a live trading account while experienced, high-volume traders will appreciate the savings granted by the Active Trader program.
All things considered, FOREX.com’s extensive offerings and competitive pricing models make it an extremely attractive option for anyone looking for a foreign exchange brokerage.
