Forex.com Review and Rating
Name: Forex.com Review
Description: Forex.com is a reputable forex broker with strong regulations from several countries. They provide their services from the last 19 years and proven themselves as dependable and reliable forex broker. Other than that, they have a decent product selection and an excellent informative, responsive website.
Support - 90%
Platform - 80%
Insights - 80%
Leverage - 70%
Commission - 30%
FOREX.com delivers an excellent trading experience for forex and CFDs traders across the globe. They publicly-traded and regulated in four tier-1 jurisdictions, making it a safe broker (low-risk) for forex and CFDs trading. They received awards for numerous categories in 2020, including Offering of Investments, Commissions & Fees, Education, Professional Trading, Crypto Trading, Ease of Use, and Overall. So, from our side, we are recommending them as an attractive and dependable broker. Read Forex.com review, rating, and detailed information for their services below.
User Review( votes)
- 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
- Mobile version of app lacks watch list functionality
- Only two accounts
- No bonuses or promotions
Forex.com founded in 1999 as a part of GAIN Capital. Also, Forex.com is a Subsidiary of City Index Group. Forex.com operates in multiple countries with licenses under the primary regulatory board. They mainly work from the US, UK, Canada, Japan, Australia, and currently has affiliates and partners in over 140 countries. Forex.com is presently one of the biggest online brokers who is controlling the US online retail trading market. They are also the biggest competitor of FXCM for dominating the US Market.
FOREX.com is regulated by the Financial Conduct Authority (FCA) in the United Kingdom. Besides, they are restricted in seven other jurisdictions around the world. In the United States, it is regulated by the Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA). Furthermore, it is governed 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 durable regulatory boards make forex.com a reliable broker.
FOREX.com provides MetaTrader 4 platform developed by MetaQuotes Software. FOREX.com’s MetaTrader provides an 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 download from Google PlayStore and Apple App Store.
FOREX.com provides a 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 its users.
GTX Direct platform
Furthermore, FOREX.com provides GAIN Capital’s GTX Direct platform. They require a minimum deposit of $100,000 for ECN access and provides a tighter spread. Retail investors mostly use this platform.
Commissions & Spreads
FOREX.com does not charge any commission for their services. Rather than that, FOREX.com earns by adding a spread on the top of the prices that traders get from the market. The spread varies in 5 different levels 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 0.84 pips for traders who cross $500 million in MTD volume.
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.
Customer support at FOREX.com is available 24/7. There are several ways in which you can get in touch with the support team, such as email, telephone, and live chat. FOREX.com UK accepts trade orders by telephone during market hours.
FOREX.com Detail Information
|Company||GAIN Capital Group|
|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|
|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
For trading accounts, FOREX.com has two main types of accounts. For the standard accounts, there is no commission from broker’s side. The standard account required a $500 deposit. While opening a Premium account, traders need to deposit $25,000. Spread is very low for the 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