Forex.com – Are They Safe or a Scam?
Check Our Ratings and Reviews for 2023
FOREX.com, rated #1 global forex leader, caters from the novice to the more seasoned, high-volume trader by offering an extensive range of asset classes for trading in online foreign currency exchange, CFDs, indices, gold, silver, bonds, cryptocurrencies and more.
This FOREX.com review highlights the reasons why this connoisseur is the trading cosmos’ leader, providing profitable trading opportunities, especially in the range of tradable currencies. They offer competitively priced trades, reliable trading orders execution, low account minimums and a navigable platform. They are the broker of choice for individuals looking to trade FX and CFDs from a home base.
FOREX.com offers options in choosing the right account according to your needs. The Standard Account is a good fit to trade forex with spreads, which are cost inclusive. KYC verification is required, so once personal information etc., are supplied and substantiated, your account is opened instantly.
You will be able to play the forex market by buying one foreign currency while selling another. The initial deposit is at least 100 of your selected base currency, however as the forex market is volatile, FOREX.com advises that a stronger deposit, minimum of $2,500, will give you more flexibility.
CFDs of top shares like Tesla, Google, Amazon and commodities can be traded in a rising or falling market, at a low commission. Holding positions in FOREX.com cryptos without a virtual wallet, and accessing cryptocurrencies with less capital due to leveraging, exposes you to an alternative way to profit.
Before we got to trading, we made use of a demo account to find our way around. We are particularly impressed with the user-friendly FOREX.com trading platforms, integrated Reuters news, and global research. The ‘polished’ automated analysis tools with actionable picks, in-depth volatility analysis, and automated intraday technical analysis allow you more time to trade with confidence, and are included free of cost on both the FOREX.com desktop and web platforms. The intuitive design of the platform makes use uncomplicated, simple, and effortless.
We tested the user -friendly, well-designed FOREX.com mobile app that allows you to remain up to date while you are out and about. With the ability to use analysis tools, execute trades, access Reuters news and the latest economic calendar, fund your account and limit risk by entering a stop loss order.
FOREX.com is considered the best place to trade for high-volume trading at times of volatility causing big price swings.
FOREX.com offers the choice of 3 flexible account types to match your price needs.
The Standard Account charges no commission, as the cost is included in the spread. Excellent trade executions, and the use of sophisticated platforms with analysis are included. Cost rebates may be received on high volume monthly trades. This choice is supported on the web and mobile app.
The Commission Account offers reductions on ultra tight spreads, low fixed commissions on an excellent trading platform. This account option is for high-volume traders. Through Active Trader, you are able to earn rebates of up to 15% in monthly volume and be credited for bank fees on wire transfers. Rebates are actioned into your account in five business days of the next month and you are supported by a FOREX.com Market Strategist. A minimum of $10 000 or $25 000 in volume in a calendar month gives you access to this benefit. This option is not available if your account has been opened by an Introducing Broker or is a managed account.
The third option is a Direct Market Access Account or a DMA Account, which is for experienced, high-volume traders, whose trades are executed on price received from banks and liquidity providers. The benefits of this account is no spread is paid and receipt of volume discounts increase according to the amount traded. The DMA account has multiple levels of liquidity, and the capacity to trade the top of book spreads. Positions held overnight are charged swap fees. This is an industry norm.
There are 3 platforms to choose from, a web option, mobile app on Android and iOS, and a desktop application. MetaTrader 4 (MT4) is the gold standard retail platform for currency trading.
Traders who prefer the sophisticated MT4 trading platform must opt for the Standard Account. It is also available on the trading app. Metatrader includes both MT4 and MT5 with approximately 600 instruments available.
The platform on desktop version has many highly-rated features such as trading signals, trading strategies, market commentary and analysis. These features will give the trader some of the tools required to trade. For the novice trader, there is a 10 tip step by step useful tutorial on the demo account. When it comes to charting one can choose between 10 different chart types, 14 time frames and 60 indicators. The demo account is available for a period of 30 days.
Advanced trading is the desktop platform which best caters for the experienced trader with
the Active Trader programme which has five different pricing tiers offering advanced charting and numerous customizable technical indicators.
For the not-too-serious trader we recommend the Web Trading Platform. The smooth use gives the trader the ability to place trades, check out research and examine the global markets.
The FOREX.com mobile app accommodates trading, analyzing, accessing analysis, and placing stop loss orders.An alternative option is Web Trading View which is a chart web app The user is protected encryption technology to guarantee the highest level of security cover.
Trading fees are for entering and exiting a trade in either commission, a spread or a financing rate. Non-trading fees are for depositing and withdrawing money or pausing to trade for a while known as inactivity fees.FOREX.com gets a thumbs up from us on not charging deposit fees or withdrawal fees Their inactivity fee is low at €15 per month after one year of inactivity.
On a Standard Account, you are charged for the spread only. Commission is only charged on Equities and on low variable FX spreads when you trade Forex pairs, on a Commission account. A flat fee of $5 commission is charged for every 100K on execution of entering and exiting a trade, plus a spread fee. So if you enter a 200,000USD/GBP trade, you are charged $10 for the commission fee, and a spread amount of $2. An overnight rate is charged on leveraged positions held for longer than a day. FOREX.com pricing is low, transparent, and competitive.
FOREX.com accepts deposits made by credit or debit cards, and bank transfer. You can log into the “MyAccount” and view the currency-specific bank transfer details once you have a live account.
FOREX.com’s website states that clients may reach the company representatives either via online chat, telephone call, website client support. We were unable to find a telephone contact number on the FOREX.com website. We were directed to a notice that advised that they are experiencing high call volumes due to market volatility and advised to make contact via Live chat. We were assisted quickly and efficiently. If your need is to speak to an agent/representative, start your chat with the word ‘agent’. We were advised to send an email as we had numerous questions.
The Live chat agent informed us that FOREX.com staff are available to assist with accounts 24 hours a day from 10am Sunday to 5pm Friday EST. Operation exists in more than 140 countries where online trading is permitted. These include Australia, Brazil, China, Japan, Malta, South Africa. Trading is restricted to certain products available to citizens in the USA, where only Spot gold and silver may be traded. Cryptocurrency and CFD trading is not permitted in the UK, and USA.Canada restricts CFDs on Cryptocurrencies. You may be assisted in English, Chinese and Arabic at FOREX.com.
Our Forex.com rating and experience found the trader is highly regulated by a number of top-tiered financial authorities globally, such as the National Futures Association (USA), Financial Conduct Authority (UK), and the Commodity Futures Trading Commission and by regulators in seven jurisdictions worldwide. It is fully compliant in adhering to the required standards. Clients deposits are safe-guarded by segregation in unnamed custodian banks globally.
This means that should FOREX.com ever have financial issues, your deposit is safe and sound. Client accounts in Canada are protected by the Canadian Investor Protection Fund. The Financial Services Compensation Scheme offers clients from the United Kingdom and European Union asset protection.Details of FOREX.com’s regulatory status are available through the website.
Regulatory laws are different in each country, so the products offered by FOREX.com available for trading vary. FOREX.com is owned and operated by GAIN Capital UK LTD, a registered UK company with registration number 176181. It is significant that FOREX.com is a brand of StoneX Financial Ltd – related to NASDAQ listed StoneXGroup Inc. The brokerage therefore works through affiliates which are all regulated and licensed within their jurisdictions as well.
From a regulatory perspective, FOREX.com is trustworthy, has a proven track record, with no record of scams and is a well-established player in the trading market.
FOREX.com is the #1 global forex trading specialist and the world largest Metatrader Broker. They are highly regarded in the trading cosmos. You can expect a relationship based on transparency, trust, guidance,and integrity. The support received by a client through the lifecycle of a trade enables you to deal faster and more profitably.
FOREX.com commenced primarily as a market maker but transformed into an ECN, matching buyers and sellers from different geographic areas to trade securities, outside normal trading hours.
They have served clients since 2001 and are owned by the GAIN Capital Group LLC which is part of the StoneX Group. They have therefore been in existence with a long track record and successfully weathered a number of global financial dilemmas.
They offer access to most asset classes, provide expertise, advanced tools, technologies, research and education so that the trader may thrive by seizing market opportunities. Research consists of charting analysis, and excellent quality content information. A useful pivot point calculator is made available.
We rate education at FOREX.com highly. It is made up of three easy to understand, training trading courses which are especially beneficial to the novice trader, providing knowledge before trading live accounts. There are 30 core subjects for the novice, 43 for the intermediate trader and 17 for the advanced trader. We believe that the standard of education offered is above par of the market standard. Market jargon is explained in a thorough glossary. On offer is also a paid trade alert service (free for 45 days), which keeps you informed of market developments.
Additionally, FOREX.coms superlative proprietary trading platform provides a fully customisable trading tool. Highly volatile cryptocurrency CFDs have recently been introduced and can be traded without acquiring ownership, however this is not available on MT4.