|Cayman Ioslands Monetary Authority under the Securities Investment Business Law of the Cayman Island
|135 US Hwy 202/206, Bedminster, NJ 07921, USA
|1908 315 0653
|Trading Platform Timezone
|Web based trading
|Other Trading Instrument
|at least 50 of selected currency but recommended is 2500
FOREX.COM REVIEW CONTENT:
- GENERAL INFORMATION ON FOREX.COM
- TRADE EXECUTION AND NOTABLE FEATURES
- PROMOTIONS AND BONUS SYSTEM
- FOREX.COM ACCOUNT TYPES
- ACCOUNT OPENING
- FOREX.COM INVESTMENT PRODUCTS
- TRADING EXPERIENCE AND INVESTMENTS
- COMMISSIONS AND FEES
- FOREX.COM TRADING PLATFORMS
- FOREX.COM REVIEW: CONCLUSION
GENERAL INFORMATION ON FOREX.COM
Trading would be hard without a brokerage that provides all the desired utilities, tools, and platforms. However, not all broker companies are honest and fair. Some provide suspicious instruments to the naïve traders. That’s why our WiBest team tries hard to offer the most insight.
Forex.com is the trading arm of GAIN Global Markets Inc., which is a publicly-traded company with headquarters in the USA. However, the parent company also operates in the U.K., Japan, Canada, Australia, and the United States. Forex.com is a global forex and CFD broker company that was established in early 2001. Just like many other forex brokers, Forex.com provides various financial instruments to go along with different platforms.
It provides all the basic knick-knacks one can expect from a legitimate and efficient brokerage. Two things make this company reliable for traders:
- It is under regulations.
- Its parent company trades publicly.
The broker company is considered secure, as top-tier financial authorities regulate it. The firm has a long track record, and its parent company is listed on the stock exchange. The company is regulated by quite a few financial authorities, including the top-tier Financial Conduct Authority (FCA) in the U.K. or the U.S. Commodity Futures Trading Commission (CFTC).
Forex.com offers traders segregated customer and operating funds, which are stored at an extensive network of banks. The brokerage has no proprietary trading and supports only its customer’s trading accounts.
Let’s dig in this Forex.com review.
TRADE EXECUTION AND NOTABLE FEATURES
Forex.com is aware that there are thousands of other brokers out there competing in the same market like them. It’s easy to think that it’s just another broker that brags about their accomplishments and excellent services.
The difference is that Forex.com has numbers to back up its claims. Besides, such statistics are helpful to further solidify their advantage over other brokers. Of course, you can’t argue with numbers — and that’s a fact.
To give a snapshot of these statistics, Forex.com says that:
- 99.34% of trades are executed in less than 1 second
- 0.06 seconds elapsed between market order receipt and execution
- 52.82% of limit orders improved
- 100% of limit orders filled “at or better”
- 1.06 pips average price improvement each limit order
Also, these numbers are impressive. Almost instant trade executions mean they fill your order at the exact moment you want it. Moreover, when that happens, there’s less of a chance that your actual order execution will deviate too much from your expected performance.
In other words, your trading strategy won’t suffer too much in volatile market conditions. That’s how these Forex.com statistics matter.
PROMOTIONS AND BONUS SYSTEM
Unfortunately, Forex.com does not offer promotions for U.S. accounts. There are no promotions or bonuses available.
FOREX.COM ACCOUNT TYPES
US traders will get to use three types of accounts that work with the same tools and products. The only difference is pricing and trading platforms.
Standard account – This type of account suits forex and intermediate trading level traders. However, it has higher spread costs and no commissions.
Commission account – With this account, traders can pay a commission in exchange for lower spreads. Thus, this type of account is the best for high-volume and expert traders.
Direct market access account – The account offers lower spreads and higher volume requirements for the lowest commissions. It will suit high-volume traders. Also, the direct market access account has a condition of a minimum balance of USD 25,000.
Forex.com made account opening very easy. Customers can choose whatever account they like, between the standard, commission, and direct market access accounts. Besides, the brokerage offers a free demo account.
Overall, opening an account takes no more than five minutes. Here are the steps needed for account opening:
- First, choose your account type from the standard, commission, and direct market access.
- Enter information to create a personalized online account: your name, birthday, contact info, address, citizenship, employment status, taxpayer info, income, and net worth.
- The step requires acceptance of the Forex.com customer agreement.
Here it is; after approval, the account is active!
FOREX.COM INVESTMENT PRODUCTS
Forex.com offers its U.S. customers up to 83+ forex pairs, commodities, CFDs on stocks, and indexes.
The minimum trade size on a currency is USD 1,000. Therefore, if opening an account with USD 50, at least 20:1 leverage is required to take the smallest position possible. One should remember that. Leverage increases risk.
TRADING EXPERIENCE AND INVESTMENTS
Beginner and expert traders will find Forex.com a pleasant site to use, as the Forex.com team has built out platforms suitable for any level of trading experience. Also, it should be noted that each account works with different platforms. If the trader chooses the appropriate account for himself or herself, the trading experience with Forex.com is overall satisfying.
In addition, Forex.com supports precious metals. Users get an opportunity to trade futures using an account with affiliated brokerage FuturesOnline.
Forex.com is best known for its foreign currency exchange variety. Customers get to trade 24 hours a day five days a week with over 80 currency pairs, including some less typical pairs. Traders can also invest in gold and silver through a Forex.com account, which acts as a popular hedge against inflation and other investments.
COMMISSIONS AND FEES
Forex.com does not connect client orders with the raw prices straight from the market, as the brokerage is primarily a market-making broker. The only thing the company does is slightly mark up prices, creating a more extensive spread, which is how they generate revenue. Forex.com mostly follows international brokers in terms of product pricing, with many international brokers offering tighter spreads and lower commissions to traders even with small accounts.
Any account with less than USD 10,000 and no trading activity for more than 12 months is subject to a $15-per-month inactivity fee. However, statements over USD 10,000 and more, are excused from inactivity fees.
The standard account and commission benefit from the Active Trader Program. The program is open to anyone who opens an account with at least 25,000 or who trades USD 25 million in a month. However, the plan is not to open a DMA account holders.
FOREX.COM TRADING PLATFORMS
The broker works with mobile apps, web-based platforms, and desktop.
The Forex.com desktop platform is suitable mostly for Windows computers and gives its users the best features and overall great experience. Besides, the platform is suitable for beginners to pro-level traders. Both web platforms and desktop have multiple workspaces with flexible fields, including watchlists, charts, and news. Also, the web trading platform includes live charting and many additional tools. Here’s a look at recent Bitcoin or GBP prices on the web platform.
Besides, Forex.com supports one-click trading, though you must turn that on before using it. Most views give you the ability to buy or sell in just a few clicks either way.
Besides, Forex.com offers its users several mobile trading options, including the Forex.com app for Android and iPhone.
Head to your respective app store to download the mobile versions and log in. The app offers monitored accounts, makes trades, taps into 39 technical indicators, and views live charts.
FOREX.COM REVIEW: CONCLUSION
However, Forex.com has a lot of bragging rights, which are necessary for it to live up to its name.
This broker has everything you need: a web/mobile platform, reasonable fees, and commissions, and the feeling of security for your money. Also, the last one matters because you would never want your money in the hands if suspicious people, would you?
Our Forex.com review revealed several advantages of this broker:
- Low forex fees
- Great variety of currency pairs
- Diverse technical research tools
- Limited product portfolio
- High stock CFD fees
- Non-user-friendly desktop platform
Besides, we’d say if you prefer a broker that you can trust, Forex.com is your bet. Overall, you can trade with them without worrying about your safety as a trader. However, low fees, quick-fire trade execution, and security — this is a recipe for success.
We hope that you have found this Forex.com review useful and it will help you with the trade!