Forex.com – Forex Broker review

Forex.com – Forex Broker review
3.5 (70%) 2 votes

Read Forex.com review, rating and detail information for their services below. Forex.com founded in 1999 as a part of GAIN Capital. Forex.com is a Subsidiary of City Index Group. Forex.com operates in multiple countries with licenses under major regulatory board. They mainly operate from US, UK, Canada, Japan, Australia and currently has affiliates and partners in over 140 countries. Forex.com is currently one of the biggest online brokers who is controlling US online retail trading market. They are also the biggest competitor of FXCM for dominating the US Market.

Regulation

GTX Direct platform for ECN traders
GTX Direct platform for ECN traders

FOREX.com is regulated by the Financial Conduct Authority (FCA) in United Kingdom. In addition, they are regulated in seven other jurisdictions around the world. In United States, it is regulated by the Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA). Furthermore, it is regulated by below regulatory boards.

  • Financial Services Agency (FSA) in Japan
  • Securities and Futures Commission (SFC) in Hong Kong
  • Monetary Authority of Singapore (MAS)
  • Cayman Islands Monetary Authority (CIMA)
  • Australian Securities and Investments Commission (ASIC)
  • Investment Industry Regulatory Organization of Canada (IIROC).

For the approval of this many strong regulatory board make forex.com a reliable broker.

Trading Platforms

MetaTrader 4

FOREX.com provides MetaTrader 4 platform developed by MetaQuotes Software. FOREX.com’s MetaTrader provide automated trading facility and customized with many features and tools which includes more than 30 types of CFDs and 45 forex markets.

They also offer iOS and Android mobile trading applications for its MetaTrader platforms. The app is free and can be downloaded from Google PlayStore and Apple App Store.

FOREXTrader PRO

FOREX.com provide web-based trading platform “FOREXTrader PRO”. This software includes pattern recognition software, signal, advanced charting package and 139 indicators. Technical Analysis tools are available in the desktop version of FOREXTrader including automated technical analysis from AutoChartist. In 2017, FOREX.com replaced its web-based platform with a new platform called Web Trading. This platform runs on HTML5 and provides a smooth experience for their users.

GTX Direct platform

Furthermore, FOREX.com provides GAIN Capital’s GTX Direct platform. This requires a minimum deposit of $100,000 for ECN access and provides a tighter spread. This platform is mostly used by retail investors.

Commissions & Spreads

FOREX.com does not charge any commission for their services. Rather than that FOREX.com earn by adding a spread on the top of the prices that traders get from the market. The spread varies in 5 different level defined by FOREX.com. For level one and level two pricing starts from $25 million to $49 million in month-to-date (MTD) for that clients need to pay 1.3 pips on the EUR/USD. Level 3 starts from $100,000 balance and level 4 starts for clients with an MTD volume of over $150 million up to $499 million. Level 3 and 4 spreads on the EUR/USD fall is 0.90 pips. Finally, level five brings spreads is 0.84 pips for traders who cross $500 million in MTD volume.

Payment options

FOREX.com Supports Credit Card, Debit Card, Wire Transfer for deposits and withdrawal. Traders can have wired minimum transaction of $250 and a maximum transaction of $10,000.

Support

Customer support at FOREX.com is available 24/7. There are several ways which you can get in touch with the support team such as email, telephone and live chat. Trade orders by telephone are accepted by FOREX.com UK during market hours.

FOREX.com Detail Information

Company GAIN Capital Group
Founded in 1999
Offices in Australia, United Kingdom, United States
Payment options Credit/debit cards, SOFORT, Wire transfer
Demo platforms MetaTrader 4 (Limited with 30 days), DealBook 360 (Limited with 30 days), FOREXTrader PRO (Limited with 30 days)
Account currencies Euro, Great Britain pound, United States dollar
Currency pairs
AUD/CAD AUD/CHF
AUD/JPY AUD/NZD
AUD/USD CAD/CHF
CAD/JPY CHF/JPY
EUR/AUD EUR/CAD
EUR/CHF EUR/CZK
EUR/DKK EUR/GBP
EUR/HUF EUR/JPY
EUR/NOK EUR/NZD
EUR/PLN EUR/SEK
EUR/TRY EUR/USD
GBP/AUD GBP/CAD
GBP/CHF GBP/JPY
GBP/NZD GBP/USD
NZD/CAD NZD/CHF
NZD/JPY NZD/USD
SGD/JPY USD/CAD
USD/CHF USD/CNH
USD/CZK USD/DKK
USD/HKD USD/HUF
USD/JPY USD/MXN
USD/NOK USD/PLN
USD/RUB USD/SEK
USD/SGD USD/TRY
USD/ZAR ZAR/JPY
Regulated by ASIC, ABN 97138414605; CFTC/NFA, 0339826; FCA (UK), 190864; FSA (Japan), 1539
Website available in Arabic, Chinese, English, Russian
Support available in Arabic, Chinese, English, Russian
Support methods Callback, Email, Live chat, Office, Phone
Trading server time zone GMT
  • Free education
  • US traders are welcome
  • Trailing stop
  • Pending orders
  • One-click trading
  • Mobile trading
  • Automated trading

Account Types

For trading accounts, FOREX.com has two main types of accounts. For the standard accounts, there is no commission from broker’s side. Standard account account required $500 deposit. While, to open a Premium account traders need to deposit $25,000. Spread is very low for Premium Account type.

  • Standard Account
    • Pending orders
    • Browser-based platform
    • No commissions
  • Commission Account
    • Pending orders
    • very low spread. Spread are starting from 0.2 pip.
    • Browser-based platform

FOREX.com Web Trading Overview

Forex.com Review and Rating

Forex.com is a reputable forex broker with strong regulation from several countries. They provide their services from last 19 years and proven themselves as dependable and reliable forex broker. Other than that, they have a decent product selection and a nice informative, responsive website. So, from our side we are recommending them as a good and dependable broker.

Support
90%
Platform
80%
Bonus
10%
Commission
80%
Leverage
70%

Pros

  • Global Market Leader
  • Option To Trade With ECN Platform
  • Regulated Broker
  • Solid Financial Backing With Listed Company Behind
  • Superior Trade Execution With Reliable Platforms
  • Tight Spreads

Cons

  • Mobile version of app lacks watch list functionality
  • Only two accounts
  • No bonuses or promotions
6.6

Average Score

 

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