Forex.com Review and Tutorial 2019
|Traders in United States welcome|
|Forex.com Facts & Figures|
Forex.com boast a global reputation. Regulated in the UK, US and Australia they offer a huge range of markets, not just forex, and offer very tight spreads and a cutting edge platform.
|Instruments||CFD, Forex, Crypto|
|Regulated By||FCA, CFTC, ASIC, FSA|
|FTSE Spread||1 pt|
|GBPUSD Spread||1.1 Var|
|Oil Spread||0.04 Var|
|Stocks Spread||0.1% (Min Commission Applies)|
Forex.com are a leading forex broker. Offering the largest range of currency pairs (80+) and some of the tightest spreads in the industry.
|GBPUSD Spread||1.1 Var|
|EURUSD Spread||0.7 Var|
|EURGBP Spread||0.7 Var|
Forex.com is one of the largest online retail forex and CFD brokers. They facilitate access to over 180 global markets, including 84 currency pairs, 65 shares, 17 indices and 11 commodities.
This Forex.com review will examine all aspects of their offering. So trading platforms, mobile apps, fees, demo accounts, customer support and more will all be analysed, before concluding with a final verdict.
A Brief History
Before we get into the details of Forex.com pricing and account types, it can help to have some context about the one of the world’s largest retail forex brokers. The company was founded in 1999 and is part of GAIN Capital Holdings, who are regulated in numerous locations, including:
In fact, GAIN Capital group serves over 200,000 global customers. This history is important because it should negate concerns over scams, as Forex.com is owned by a legitimate and trusted company with decades of experience meeting traders needs.
Minimum Initial Deposit
Before you sign up with Forex.com and download any software, you need to make sure you are aware of all account requirements and trading fees.
The minimum initial account deposit is 50 units of the base currency of your account. However, if you opt for the premium Active Trader account, the minimum balance requirement is $20,000.
Whilst you can find brokers offering lower minimum deposit requirements, you can also find some offering far higher, so Forex.com is fairly industry standard in this regard.
Spreads & Commissions
Forex.com do not charge a fee on forex trades. Instead, they are compensated via the spread. When it comes to some of the largest forex pairs and shares, Forex.com has average spreads. But the broker offers below average costs for index and commodity CFDs.
The company has four different pricing models. Which one you will fall into will depend on the type of account you hold and the volume you trade. Typical spreads range from 1.9 pips to 0.84 pips.
It’s also worth noting that if you hold a premium account and deposit at least $10,000 while trading 30 standard lots per month, you can receive up to 15% off standard pricing.
Overall, if you were to compare Forex.com vs FCXM, Oanda, TD Ameritrade and other competitors, live pip spreads would be about the same, particularly for major pairs such as the EUR/USD.
You can also trade on margin to capitalise on potential opportunities. However, this is effectively a loan which if not used carefully can amplify losses. The maximum leverage you can take out will vary on your account type and activity. So head over to their website to use their margin calculator and find out what leverage ratio you can get.
Other Trading Fees
Forex.com does charge an inactivity fee of $15 per month if you do not open any positions for over 90 days. However, you can contact Forex.com to temporarily disable your account and this fee can be avoided.
In addition, you can face steep rollover rates if you hold positions overnight. Fortunately for day traders, this cost should be easily avoidable.
Unfortunately, Forex.com fall short in terms of promotions and bonuses. In fact, there are currently no deposit bonuses or promotional codes available. Having said that, this may change so keeping an eye on their official website is sensible.
Forex.com Trading Platform
Forex.com reviews are quick to praise the number of trading platforms available. This ensures there is software available for traders of all experiences levels. In fact, you get access to all of the following:
Advanced Trading Platform
This powerful and sophisticated platform will meet the vast majority of traders needs. The user interface is simple but elegant. The platform itself comes packed with drawing tools, 15-time frames, advanced live charts and over 100 technical indicators. Moreover, users can create their own custom indicators. Customisability doesn’t stop there either, as you have drag and drop windows to find a layout that suits you.
Once you have completed the software download, you will also get access to a number of integrated trading strategies, from scalping to reversal techniques. In fact, there are over 100 templates that you can customise through their Development Studio. You can also create multiple watch lists.
On top of that, you get all the signals and historical data you could possibly need. The newsfeed is another useful addition that can help you stay in the know from inside the platform.
For those looking for a quick and easy to use platform, their Web Trader may be a sensible choice. It is compatible with most browsers and saves any memory draining download. You will also get advanced charting, a long list of trading tools and over 70 technical indicators.
There is access to a clearly laid out economic calendar, while you can create all the trailing stops and stop-losses you need too. You also have full account management. So making deposits, withdrawals and tracking profits is straightforward.
Overall, if you are interested in web trading and still want access to a long list of products, including cryptocurrency, such as bitcoin, then the Web Trader should tick your boxes.
The MetaTrader 4 and 5 platforms dominate the scene when it comes to FX and CFD trading. This is because for active traders, the MT4 and MT5 platforms are easy to use, highly customisable and offer in-depth trading tools. Once you login you will find all the usual features, including heat maps, security screeners, historical data and more.
Expert advisors are also supported, for those interested in putting a trading robot to work on their behalf. The added bonus of opting for the MT4 download is that you can find a huge number of tutorials online to help you make the most of the platform.
Finally, MetaTrader 4 login is made easy as you simply head over to the Forex.com website and follow the on-screen instructions to get set up.
Verdict on Trading Platforms
Overall then, there are enough platforms on offer to satisfy all types of traders’ needs, from complex market and technical analysis to quick and easy web trading. In fact, if you compare Forex.com vs thinkorswim, Nadex, NinjaTrader or other similar systems, you will find the diverse Forex.com offering meets all while also exceeding some.
It’s also worth noting there is GAIN Capital’s GTX Direct platform. As an ECN broker, this is aimed at high worth individuals, requiring a minimum deposit of $100,000. On top of a highly sophisticated platform, you benefit from tighter spreads. However, on the whole, this attracts more attention from institutional traders than your average retail traders.
Once you open a Forex.com account you will also be able to download their apps for Android and iOS. Reviews show users are pleasantly surprised at the full trading capabilities, advanced charts and integrated trading tools.
You can set up alerts, access an economic calendar and utilise integrated Reuters news. All apps have 26 indicators and 13 drawing tools. On top of that, scrolling between live quotes, charts and current positions takes but a few seconds.
On the side of the app, you can access support via phone or live chat. You will also find training videos within the app to help you make the most of their offering.
User reviews particularly like the iPhone and iPad apps, where the sleek user interface really comes into its own. You can also easily view rates, market analysis and change your leverage from within the app. Depositing and withdrawals can also be made from within the application. Furthermore, you get the same access to their extensive markets from their apps, so you can start oil trading or speculating on BTC/USD.
Yet despite the positives, reviews show there is some room for improvement. For example, navigating within charting could be easier as the drawing features and indicator shortcuts are obscured from view when in portrait.
US customers can also take advantage of a new mobile app that Forex.com have created alongside software developers FX Blue. The app is a single click download, and offers extensive EA add-ons for the MT4 integration. Some of the new features include;
- Alarm Manager – Setup user configurable alarms for your trading balance, margin, profit or loss, consecutive wins or losses, and many more. Ensure you are always up to date.
- Correlation Matrix – Highlight your own correlations between markets, or assess hypothetical scenarios.
- Correlation Trader – Use correlation information to monitor markets and trigger trades.
- Market Manager – Displays current portfolio, with PnL for each. Place new trades and orders.
- Mini Terminal – Setup orders ‘per pip’, set open positions, organise templates, risk calculators and other trading tools.
- Sentiment Trader – Sentiment data from FXBlue.com. Judge current trader sentiment across markets.
- Session Map – Shows current active session with the user’s local time as a reference point. It also includes an integrated economic calendar and key market changes.
- Tick Chart Trader – Advanced tick charts including multiple configurable elements and volume / activity trackers.
- Trade Terminal – Pop-up dealing form enabling full access trading including the use of templates.
Available across most mobile platforms, the EA can be downloaded here.
Methods of Payment
Once you sign up with Forex.com you will have to fund your account. There are three deposit and withdrawal options:
- Debit card
- Credit card
- Wire transfer
Note you can also wire funds to your account via Sofort Banking. Funding your account by any of the above means is quick and hassle-free. However, the minimum transaction amount is $30 and the maximum transaction allowed is $10,000.
Despite a number of other brokers facilitating it, you cannot fund your account via Paypal once you have your account login details.
Head over to their website or their live chat support for detailed instructions on how to withdraw your funds.
For most clients, there are two live accounts to choose from. Account requirements are the same, but with one you will use Forex.com’s proprietary trading platform and with the other, you will use the industry standard MT4 software. With both you can get 200:1 margin and almost all the same features.
However, the MT4 account does not offer shares and has 4 fewer commodities. You also have fewer order types and less ability to set user-defined price tolerance.
Forex.com also offer an Islamic account. Head to their website and follow the on-screen instructions to fill out the application form.
Active Trader Account
Clients from some locations will also have access to the Forex.com Active Trader account. This is best for those generating significant trading volume. The advantage of this trader account comes in reduced pricing on standard spreads. As a result, you could trade on the EUR/USD for as low as 0.4.
On top of that, you also get:
- Priority service
- Account reports
- Zero account fees
- Personalised support
- Discounts on popular markets if monthly volume levels are met
However, the rules for this account dictate that you must maintain a minimum average monthly balance of $20,000. If you can maintain an average account balance of $100,000 you will be upgraded to discount level 2, where there are even greater benefits.
Customer reviews and ratings of the practice account offering are mostly positive. Forex.com offers two free demo accounts. There is a practice account available on the Forex.com trading platform and an MT4 demo account available. Both are a fantastic place to learn to trade without risking any of your own capital, as your demo account will be funded with $50,000 in virtual cash.
Once armed with your demo account login details, you can practice trading your favourite markets, such as Germany’s Dax 30 index. You also get:
- Professional charting
- Actionable insights and analysis
- Simple and complex order types
- Account management from mobile and tablet apps
Tracking your progress is also straightforward, whilst finding user guides and research to help you improve is easy. However, it is worth noting your practice account won’t reflect the slippage you may experience with a live account.
Once you are familiar with the markets and your confidence has grown, you can then easily close your demo account and upgrade to a live account.
Forex.com is also an enticing proposition because of the number of useful additional features on offer. For example, the learning centre provides in-depth educational material. There is even the self-study course ‘Learn to Trade Forex.’ This seven-part course includes:
- Pip calculators
- Trading on margin
- Advanced charting
- Establishing lot sizes
- Technical analysis & tools
There are also interactive courses, complete with training videos to help you understand chart patterns and manage risk. Printable workbooks and quizzes are also thrown in to keep learning light-hearted.
On top of the learning resources, traders can also benefit from:
- Quarterly outlooks
- Live daily market updates
- Comprehensive technical reports
- Weekly insights on major financial events
Head to the Pivot Points section and Forex.com lists daily, weekly and monthly support and resistance levels. Within the technical section, you can find an alphabetised glossary of financial terms.
Finally, there is the Introducing Brokers referral scheme. If you reel in new customers, you can choose from generous compensation models. No upfront investment is required and you can track your progress with their straightforward partner portal.
Forex.com Regulation & License
Unsurprisingly user reviews are consistently impressed that Forex.com is regulated in numerous jurisdictions and adheres to a high standard of corporate governance. In fact, the broker is regulated by:
- UK’s Financial Conduct Authority (FCA)
- Canada’s Financial Services Agency (FSA)
- Hong Kong’s Securities and Futures Commission (SFC)
- Investment Industry Regulatory Organisation of Canada (IIROC)
- National Futures Association (NFA)
- Securities and Exchange Commission (SEC)
- Commodity Futures Trading Commission (CFTC)
High levels of regulation bring with it clear benefits to day traders. Firstly, you can relax knowing Forex.com can be trusted. Secondly, through regulation by the FCA, customers can receive up to £50,000 via their compensation scheme in a number of scenarios, such as Forex.com becoming insolvent.
It’s also worth noting that the company holds licenses and is regulated in a number of other companies, so traders from Singapore, Vietnam, Russia, China, Indonesia, India and a whole host of other nations are also able to trade online with Forex.com. See further below to check whether you live in the list of accepted locations.
There are a number of advantages to being a Forex.com trader, including:
- You have access to a huge range of assets.
- There is access to automated trading tools.
- The broker offers a totally free demo account.
- Their competitive spreads help keep costs down.
- Forex.com guarantees 24/7 reliable customer support.
- You have the benefit of multiple order types and execution modes.
- There are in-depth educational resources, including webinars, PDFs and video tutorials.
- Forex.com is highly regulated and licensed in a number of financial jurisdictions.
- The choice of platforms and extensive resources make it a great choice for beginners.
- With the help of Autochartist, their proprietary trading platform has fantastic charting capabilities.
To help you understand whether Forex.com is a good or bad broker, you also need to be aware of the downsides to their offering:
- The broker only offers two accounts.
- There is a distinct lack of promotions or bonuses.
- Forex.com could go further to offer negative balance protection.
- Technical indicators in the mobile app’s charting mode are difficult to access.
- While you can trade in futures markets, spread betting and binary options are not available.
- The web version of the platform isn’t totally compatible with a number of browsers due to reliance on a specific plugin.
At Forex.com, FX trading is available 24 hours a day from 22:00 GMT Sunday until 22:00 GMT on Friday. However, it’s worth noting market hours at the beginning of the trading week often see illiquid market conditions. As a result of such conditions, spreads can widen.
Spot gold and silver market hours are slightly different. Trading is available 23 hours a day from 23:00 GMT Sunday through to 22:00 GMT on Friday. Trading is closed each day between 22:00 and 23:00 GMT.
Having said that, there are also holiday and Christmas hours to be aware of. For details on those and specific trading hours in your time zone, see their website.
Contact & Customer Support
Getting through to Forex.com’s customer service is quick and hassle-free. Simply head over to their website and you can connect via live chat. Live chat is also available on your trading platform and within your mobile app. Amongst other things, they should be able to help you with minimum and maximum lot sizes, withdrawal problems and direct you to their leverage calculator.
You can also contact Forex.com via the telephone or email. User reviews show staff are supportive if not always capable of remedying your issues. Having said that, they should be able to help with complaints, interest rates, opening hours or web login issues. The phone number in your location can be found on their website.
You can get support in all of the following languages:
For other problems, it may be worth heading to their FAQ page. Here you will get instructions on how to get to My Account and manage your funds and trades, as well as answers to other common queries.
Overall then the customer support is fairly industry standard. Wait times are relatively low and staff are fairly knowledgeable. However, if you are a beginner and looking for hands-on extensive support, you may want to look elsewhere. Especially since there are now some brokers who offer 24/7 video chat support.
Safety & Security
Spend time on trading forums and you will see there is an increasing concern about how brokers keep personal data and funds secure. Fortunately, Forex.com keep all deposits separate from their own operating funds, distributing them across a global network of custodian banks.
In addition, they stick to guidelines laid out by the Risk Committee of GAIN Capital Holdings, Inc. Furthermore, sophisticated encryption technology is utilised to keep users capital and information safe.
Forex.com offers competitive pricing, a number of trading platforms, automated trading tools, plus a library of useful educational resources. Throw in reliable customer service and access to a range of assets, and you have yourself a trusted broker who can meet the needs of both beginners and advanced traders.
So, if you’re deciding between Forex.com or Oanda, FXCM and other competitors, there is little you will find elsewhere that you can’t get with Forex.com. In fact, this broker consistently ranks among the top in forex reviews.
Forex.com accepts traders from Australia, Thailand, United States, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.
Traders can not use Forex.com from Canada.
|Forex.com boast a global reputation. Regulated in the UK, US and Australia they offer a huge range of markets, not just forex, and offer very tight spreads and a cutting edge platform.|