Forex.com Broker Review

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FOREX.com appeals to traders because they offer clear and competitive pricing in order to help their customers make the most of their money. With optimized forex trading platforms, keen analysis tools and a plethora of educational resources for all levels of traders, FOREX.com has been making a name in the industry for nearly 20 years thanks to outstanding security across a broad offering of products.

A subsidiary of GAIN Capital,founded in 1999 with the purpose “to provide traders with low cost access to foreign exchange markets”, FOREX.com has more than succeeded in helping to proliferate this mission.

As FOREX.com’s parent company, GAIN Capital has grown to nearly $1.5bn in assets as of 2018. Taking part in 12,500 global markets, eight regulated jurisdictions, and with 12 offices located across the globe, GAIN Capital’s over 800 staff members strive to provide excellent service throughout North America, Asia Pacific, and Europe.

Beginning in 2001, FOREX.com has risen in popularity thanks to their trustworthiness, qualitatively backed superiority in order execution and stability through certified and invested protections. FOREX.com broker reviews consistently remark on the high level of trust traders report feeling in their relationships with FOREX.com, which meets the most stringent governance standards for reporting and disclosure.

Products and trade offers 

FOREX.com prides itself on offering a comprehensive spread of products, including index CFDs compiled from international companies, exotic and popular currency pairs, agricultural and industrial commodity CFDs and more, with over 75 products for trading on offer:

● Forex – With a daily turnover average of $5tn, FOREX.com offers competitive action when it comes to their namesake. The 24/5 flexibility offered by the forex market appeals to busy traders who want to trade whenever they have time, and the zero commission spreads appeal to those who like to see the bottom line clearly. With more than 45 popular and exotic currency pairs on offer, including EUR/USD, GBP/USD, and AUD/USD, and forex leverage as high as 40:1, traders looking for high risk and high rewards can access the most liquid market in the world with the help of FOREX.com.

● Commodities – Representing metals, energy and agricultural markets, trade commodities are an excellent way to diversify a portfolio within both rising and falling markets, all without actually having to own the underlying asset. Offering over ten different commodities with the same first-rate execution they pledge for all products, FOREX.com provides broad opportunities to hedge against inflation while providing secure backing by global industry drivers.

● Indices – Offering popular stock options and new equity segments from across the world, FOREX.com’s trade indices options include access to Asian, European, American and Australian markets. Facilitating speculation on influential companies, FOREX.com offers advantageous access to the British FTSE 100, American S&P 500 and other national indices so that traders can enjoy exposure to global economies that change in relation to corporate and world news.

Along with these main trade offerings, FOREX.com also offers Bitcoin trading as well as other cryptocurrency offerings in the US and UK with small investments and long and short positions that remove the need for a separate virtual wallet.

Broker Commissions Rate

Offering some of the most competitive rates on the market, including one of the lowest minimum deposit rates by a sizeable margin, FOREX.com has always stood by their commitment to affordable trading. However, they do offer options for higher trade volumes through the Active Trader Program, and FOREX.com’s zero-commission promise on standard accounts means that what you see is what you get when it comes to spread pricing. As such, the following chart details a comparison of fees and commissions across the FOREX.com account options:

Account Type Fees Deposit Commission Pros/Cons
Demo none free none no risk on personal capital for a 30-day trial period
Standard 1.3 pips EUR/USD minimum initial deposit of $50 none 24-hour support on all trading days
Commission 0.2 pips EUR/USD at least $2,500 is suggested $5/100K not yet available on MetaTrader4 Active Trader Program 0.9 pips EUR/USD, all other fees waived minimum initial deposit of $25,000 but all other account fees waived N/A 15% cash rebates, Market Strategist guidance, bank fee and wire transfer reimbursement but only available on FOREXTrader

With different pricing levels and trade strategies come different levels of service and involvement from the team of professionals at FOREX.com. The more you trade, the more you save, and with these savings comes a higher level of prioritized support for your trading needs. The bottom-line prices that FOREX.com offers are competitive enough to stand up in a forex broker review, but the perks and rebates they offer for more active traders help boost them to the next level.

What others say

 “FOREX.com is an attractive choice and offers competitive pricing” –

Forexbrokers.com stressed in their FOREX.com review an appreciation of FOREX.com’s advanced charting capabilities along with the multitude of features offered on the platform, saying this makes it appealing to both beginner and more advanced traders. They also noted that they found the mobile version of the app harder to use than the other trading platform options. They missed the tools that were available on the other platforms that were not included in the mobile version.

 “FOREX.com offers more than one excellent trading platform” 

Investopedia ranked their FOREX.com broker review slightly lower than reviews of similar competitors but stated that they still generally like the industry-average or better prices offered for forex pairs as well as index and commodity CFDs. The biggest con dragging down their score of FOREX.com was that not all markets are available across all platforms, meaning that traders may feel inconvenienced because they need to shift back and forth between the trading platforms.

“a solid overall package”

 In their FOREX.com review, Liberated Stock Trader named FOREX.com their Review Winner for 2018, highlighting them as pack leader for offering the lowest spread rates for major forex pairs. They also praised FOREX.com’s straightforward method for margin account interest charges. They had no complaints or suggestions for improvement.

Customer service

With 24/5 customer support available, it would be easy for FOREX.com to slack off in delivering consistent support, but instead they push themselves to be able to make the most of all of the support hours that they offer. Starting at 3pm GMT on Sundays straight through to 10pm GMT on Fridays, the experts at FOREX.com are ready and waiting to best serve their traders however they require.

As indicated in FOREX.com reviews, some customers feel the live chat is a little clunky and not the fastest option for troubleshooting, but it still serves as a decent backup resource for finding answers to questions that fall outside of the expertise of the carefully crafted and generally quite comprehensive FAQs.

FOREX.com is committed to transparency in all aspects of their company, which is why they are quick to notify their traders of changes that could impact accounts, such as regulatory, margin and pricing changes.

There are not many physical offices of FOREX.com, which is why they push themselves to offer timely and comprehensive remote support options. FOREX.com wants their traders to get the most out of their accounts, and they offer the support strategies to make it happen.

Platform features and tools

FOREX.com offers a broad selection of forex trading platforms so that their clients never have to worry about less than optimal performance. With a single account, traders have access to the Advanced, Web and Mobile trading platforms. Some of the perks of these platform options include:

Advanced trading platform
● A sophisticated suite of forex trading features and tools bundled together for the needs of serious traders
● Customisable dashboards and preferences for trading actions
● Toggle and zoom between 15 time frames, trade directly from live forex charts and utilise advanced drawing tools
● Multiple order types available including advance orders, partial closes and hedging tools to help manage risk in your trades

Web trading platform
● Intuitive design that doesn’t sacrifice speed or performance for reliability
● Decision support tools such as Forex signals, and more to aid the serious trader
● Seamless account management with account funding options just a click away
● Commentary, actionable ideas and Reuters news

Mobile Trading

As the Forex market itself is nearly always open traders with FOREX.com need to be able to make trades anytime and from anywhere, which is why FOREX.com offers the same power and ease available in their Web and Advanced platforms for their Mobile app. Featuring a full-sized host of trading and advanced risk management techniques, FOREX.com offers the same great charting and analysis tools that their traders love on the small screen.

Available for download from Google Play for Android and from the App Store for Apple products, the mobile app can even be brought across multiple devices, all with the same high-level precision and personalisation options from their other trading platforms.

The mobile option, which some have pointed out lacks the same finesse of the more advanced tools available with the other platforms, nonetheless pulls its weight when it comes to keeping traders in the know for market movements and financial forex news and overviews, pushing any notifications and pre-set alerts straight into your pocket.

Having your trading on the go requires a degree of streamlining to ensure that account management is just as usable in the mobile app as it is on a larger screen, but even with the increased ease of access and mobility, FOREX.com manages to maintain much of the power they offer through their other less portable platforms.

Robo trading

FOREX.com has managed to hold its place as a forex forerunner thanks to its commitment to innovation, including the development of automated trading. With their REST API, FOREX.com offers traders the opportunity to automate their trade actions by combining their deep liquidity with algorithmic trading strategies. The range of functionality afforded by FOREX.com’s automated trading strategies includes:

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● MetaTrader 4, one of the best-known and trusted names in the trading world. Offering the comfort and security of the already established reliability that millions of traders already know and love, the enhanced forex trading experience offered in this program pairs stunningly with the products and services available from FOREX.com.

● REST API provides FOREX.com traders ultimate integration when it comes to account management, including viewing active orders, account balances, margins, open positions and historical trading records, all within real-time. REST API helps you to identify ways to enhance your forex trading strategies by offering deep technical analysis using extensive historical market data. Offering a supreme level of flexibility, REST API is programmable, so you can code against the API with Peri-script, C++, Python, VB.NET or any network-accessible programming language.

Research and learning section

The experts behind FOREX.com understand that to a beginner, forex trading can seem quite daunting and confusing. That’s why at FOREX.com, they offer an abundance of educational resources that can teach you everything you need to learn to trade forex confidently. Covering those questions, such as what is Forex trading and how to trade forex. Offering specially designed resources, FOREX.com ensures that you have everything you need to expand your knowledge base and hone your skills, such as:

Trading courses – With Beginner, Intermediate, and Advanced levels available, any trader can find something new to learn in the well-designed trading courses on FOREX.com, from the basics on margins and leverage to how to avoid common mistakes that even the pros make.

Trading themes – Covering a broad range of topics, the resources at FOREX.com can offer insight into key trading concepts such as techniques for risk management and easy-to-understand guides on technical analysis, complete with clean graphics and guidance through other related topics.

Demo account – The free demo account offers potential new users the opportunity to test-drive FOREX.com for free and with no fear of losing capital for a 30-day trial period. The forex demo accounts are not renewable, but multiple demo account types may be opened under the same email to give traders a chance to experience all available platforms; .

Live webinars for the Advanced desktop platform provide personalised walkthroughs and a live Q&A session. The shining star of FOREX.com is the suite of research tools available, which traders are able to fully make use of thanks to the educational tools that help equip them with the background to make sense of all the knowledge at their fingertips.

Regulatory details

As a subsidiary of GAIN Capital, FOREX.com is backed by hefty regulations that they respectfully adhere to. Status as a publicly listed company with global standing provides the backbone to FOREX.com and GAIN Capital’s financial strength can be monitored due to their regulatory reporting requirements.  This is particularly important given the fact that the asset class of Forex is itself unregulated and the Forex market unfortunately a witness to various types of scams.

Regulated in eight worldwide jurisdictions including the CFTC (US), NFA (US), IIRO (CAN), FCA (UK), ASIC (AUS), Monetary Authority of Singapore, FSA (JPN) and Cayman Islands Monetary Authority, FOREX.com is supported and respected by regulatory bodies across the global trading market, proving to their traders that security is of the highest priority.

FOREX.com prides themselves on offering the greatest level of protection for customer funds by ensuring that money is held in segregated bank accounts with top-tier banks that align with FCA rules and by enforcing the guidelines set out by the Risk Committee of GAIN Capital Holdings.

Forex.com ProsForex.com Cons
High performing, flexible platform optionsMobile App limitations
Highly regulated jurisdiction licensing Market maker status
Exceptional charting toolsWithdrawal release times
Comprehensive research from trusted experts
Extensive customer support

Conclusions

FOREX.com lives up to the fanfare when it comes to their fees on forex trading, and they offer average or better pricing on index and commodity CFDs. New traders will appreciate the low initial deposit fee, but traders with a bit more capital to invest will enjoy taking advantage of the excellent upper tier options that offer decent compensation for more active trading.

As a rule, FOREX.com doesn’t charge any commission fees to their base accounts but offer more competitive spreads and greater support to traders who choose to opt in to commission-based accounts, an interesting premise that not many other forex brokers offer.

Boasting several highly popular trading platforms including Web, Advanced, Mobile and MetaTrader4, FOREX.com has only one hiccup that causes complaints with reviewers, which is the slightly reduced capability of the Mobile app that trades some of the high-powered analytics and drawing tools for on-the-go availability.

Overall, traders and industry reviewers agree that FOREX.com continues to do an excellent job in offering access to a broad market range with a high degree of transparency, showing rather than telling their commitment to the utmost security and accessibility on a global scale. FOREX.com offers the tools and competitive prices that smart investors look for in order to get the most bang for their buck when it comes to forex trading.