With the popularity of the retail trading industry, numerous brokerage businesses appeared. It became hard to sort the wheat out of the chaff, however, we are here to help you. Today we are going to review Forex.com and see if it is a great broker to trade with.
Before we start off, let’s see briefly what to expect from this review. The major talking points will be:
- Legal Information
- Products overview
- Opening an Account
- Client Support
Now let’s jump to our review.
Forex.com Reviews: Legal Information
Prior to selecting any Forex broker, it is rational to check whether it can be trusted. We carefully analyzed Forex.com website and here is what we found out. Forex.com exists in the market from the year 1999 and from that moment earned a wide recognition and appraisal for its high-quality services.
It would not be an exaggeration to say that important milestone for every aspiring broker firm is to become regulated. As the matter of fact, Forex.com passed this stage – it is licensed by FCA, one of the most respected institutions in the industry. However, we decided to dig further. We discovered that the Forex.com website is owned and operated by GAIN Capital Ltd. This company is incorporated in 16 Finsbury Circus, London, EC2M 7EB.
In addition, we also verified the eligibility of the particular residents to join Forex.com. The traders from most countries around the globe can trade with Forex.com with an exception of Belgium. On the other hand, residents of the US are welcomed.
When preparing this honest Forex.com opinion, we examined the trading products that the broker offers. Overall, with Forex.com you can trade 80+ currencies, 90+ shares, indices, commodities, and cryptocurrencies such as Bitcoin, Ethereum, Ripple, and Litecoin. Additionally, we calculated that there are around 190 tradable instruments, though the product scope is constantly increasing. It is also worth mentioning that cryptos and shares trading is strictly limited to the Forex.com proprietary platform, which we will describe shortly. As for the pricing, Forex.com offers variable and fixed (for cryptos) spreads. On the image below, you can see some typical spreads on popular FX pairs:
On a side note, the maximum leverage available at this broker is up to 1:200.
Opening an Account
Now let’s see what it takes to register an account at Forex.com. The process differs whether you open a live account or a free demo. In case you open a demo account, you will have to fill in the general account data and that’s it. In order to open a live trading account, apart from generic info, you will have to complete the necessary KYC procedure and make the initial deposit of at least £50. You may also deposit the equivalent amount in other currencies like EUR or USD.
What is truly robust at Forex.com is the selection of the trading platforms. It seems that Forex.com was determined to satisfy all the possible trader needs or preferences. For this reason, the broker provides MetaTrader 4, available on desktop, web, mobile, and their own Forex.com platform – on a desktop (known as Advanced Platform), Web-based platform and the apps on iOS and Android.
There is no superior platform at Forex.com, as it is up to the individual to decide what suits best. Both platforms offer up to 1:200 leverage, trade size starting from micro lots (1,000 units) as well as price improvement feature. However, there are some distinctive features MT4 and Forex.com platform provide. You can see them below:
Although the platforms are well-designed and offer great functionality, it can be somewhat difficult to learn all the ins and outs of the software provided. Fortunately, Forex.com is here to teach you with several platform tutorials available. To make it even more comprehensible, Forex.com platform tutorials are all video-based. They cover the topics ranging from charting, customization, technical indicators to trades, orders and automated trading.
Besides the platforms offered above, there is a premium GTX ECN platform Forex.com is willing to share with those who qualify as “Professional Client” as defined by MiFID II. Simply put, the broker enhances the FX trading by offering the platform that offers ECN services, which entail the liquidity directly from the providers, tighter spreads, low latency executions etc. However, the threshold is high – $100,000 minimum deposit, daily trade volumes of $5 mln and the ticket size of 100K+.
The cornerstone of superior quality in the brokerage business is the ability to provide excellent customer support. During our review of Forex.com, the support agents showed being resourceful and informative in answering our questions. We contacted Forex.com via live chat which is the fastest way of communication, but you can also do it via email or phone if you like. Despite the fact that Forex.com support staff is well-trained, the support is available only in English and Chinese – just as the website itself. We hope that the broker will add new languages and expand their customer support staff regionally. Considering the pace Forex.com conquers the industry, this is likely to happen soon.
However, in case you are looking for an indirect customer support, you may be willing to check multiple FAQs on Forex.com website.
There are two ways to make the deposit at Forex.com broker. Namely, these include the credit or debit cards and wire transfers. The broker processes deposits rather quickly – within 1 business day for cards and up to 2 business days for wire transfers. On the other hand, withdrawal requests take 48 hours maximum to be processed. What’s more, Forex.com does not charge any transactional fees.
The Bottom Line
Summing it up, we can confidently say that Forex.com is worth your attention. The broker is suitable for all kinds of traders, from newbies to professionals. Low deposit requirements, quick funding, excellent software choice, an extensive scope of financial instruments are just a few of the many advantages Forex.com offers. There is a small room for improvement in certain aspects, but overall we feel positive towards Forex.com. In case you still hesitate about Forex.com, open the demo account and give the broker a try!