Forex.com Review

PROS & CONS

PROS

Top-tier regulators:

Multiple regulators, where the most prominent ones are the US NFA and FCA UK.
Wide variety of products:

Forex.com offer forex, equities, commodities, indices, bonds
Premium Trading Tools:

TradingView integration and beginner to advanced trading courses
Rebates for high-volume traders (US clients):

Earn rebates through the “Active Trader” program.

CONS

Few options for account base currencies:

Clients can only deposit in 3 currencies – EUR, USD and GBP.
No account protection for US clients:

US-based traders do not benefit from negative balance protection
Irregular website maintenance:

Some pages feature incorrect, outdated, or incomplete information.

TRUST

Unlike some of the other online brokers on the market, Forex.com is wholly reliable and provides a proper organizational history.

StoneX, their parent company, is an institution-level financial services network that helps connect companies, organizations, traders, and investors to the global market ecosystem. They offer a unique combination of digital platforms, execution services, high-touch services, and deep expertise.

The company is also present on the NASDAQ stock exchange and undergoes regulation under four major jurisdictions.

Two of the primary jurisdictions are US National Futures Association and the Financial Conduct Authority in the UK. Presently, clients from the UK and EU get access to additional asset protection via the Financial Services Compensation Scheme, for up to £85,000.

Moreover, UK and EU clients benefit as well from guaranteed stop-loss and consequently negative balance protection. Consequently, the clients cannot reach a negative balance on their trading account. This does not apply to US clients as this is not a requirement from the NFA.

TRADING PLATFORMS

Forex.com provides users with three different comprehensive trading platforms. Each runs based on the MetaTrader 4 platform. However, there are significant differences between the platforms. In this Forex.com review, we provide a quick run-through of the different trading platforms that clients can access.

Advanced Trading

The advanced trading platform is only for serious traders that require complex trading features and analytics in one core package. A key feature of the platform is that it provides customizable dashboards and trade preferences. As a result, clients can adjust these according to their needs.

Another handy feature of the advanced trading platform is the powerful visual tools. Therefore, clients can choose between charting tools, technical indicators, and multiple drawing tools to get the most out of the platform.

Clients also get access to several complex trading strategies. Hence, they can choose between one of the 100s of predefined templates that are available on Forex.com.

Web Trading

They have also done a brilliant job of optimizing their web platform. It delivers high performance, speed, and reliability across all web browsers. Although it does not have all the advanced trading platform features, there is still plenty to help the clients.

The platform features integrated trading tools that cover aspects like market commentary and analysis. Hence, clients have several ways to find inspiration for the next trade.

Clients can also track different assets using the advanced charting features. These features provide users access to more than 70 technical indicators and over 50 drawing tools. There are multiple other charting tools, but these are the ones used the most.

Their web trading platform also features seamless account management systems, along with easy funding and withdrawal.

Mobile Trading

Their mobile trading platform will ensure that clients can instantly access the Forex.com platform via their iPhone/Android app. As a result, they can enjoy a complete trading experience right at their fingertips.

Clients that use the mobile trading platform will get access to all the trading capabilities that Forex.com provides and offers support for multiple order types.

The platform features integrated news and market analysis. Moreover, clients also get access to real-time trade alerts and notifications.

Are you trading with the right broker? Compare your broker’s spreads with leading global brokers and find out which broker is the most profitable for your trading style.

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DEPOSIT METHODS

Forex.com offers a decent range of deposit methods. Along with providing multiple deposit options, the website also accepts six different base currencies. Presently, clients can choose right now between using Debit/Credit cards, PayPal, or Bank transfers to deposit funds into their account.

Each of their deposit methods works perfectly well, and you will only have to wait a few minutes for the money to show up on the website. They can further improve on their depositing methods by accepting even more local currencies. Note that if your currency is not among the ones they accept, you will have to pay a conversion fee.

TRADING TOOLS

Forex.com provides one of the most impressive suites of trading tools from all forex brokers in the world. Therefore, traders are spoilt for choice and they have a full arsenal of tools to aid their trading.

SMART Signals provide trading recommendations based on advanced machine learning.

Performance Analytics show traders detailed behavioural analysis that can improve trading skills.

Trading Central are a premium provider of technical analysis reports.

Reuters news is one of the fastest and most accurate news feeds used by Fundamental traders.

Market 360 is the equivalent of an encyclopedia which provides information for each trading instrument.

ACCOUNT TYPES

Forex.com offers three main accounts that potential clients can choose between. They have a standard, commission, and direct market access account. For the scope of this Forex.com broker review, we covered all 3 types of trading accounts.

Standard Account

Their standard account is ideal for traders who want a traditional experience and access to spread pricing and useful currency trading information. Standard account holders also get access to MetaTrader 4 and MetaTrader 5.

Commission Account

Forex.com also caters to traders with other account needs, and that is where the commission account comes into play. It is targeting traders that only want to find ultra-tight spreads while paying fixed commissions. Unfortunately, MetaTrader 4 will not be available with a commission account.

Direct Market Access Account

Lastly, clients that mean serious business can opt for the direct market access account. It is designed to support high-volume forex traders that are looking to maintain maximum control. Hence, the direct market access account will not work with MetaTrader 4. Also, note that the balance recommendation for a direct market access account is $25,000 minimum.

SPREADS

Forex.com’s standard account tends to be one of the most popular options among traders and it is also used in this broker review to illustrate the spread by instrument. It is a spread-only account that does not require any commissions. However, is it the right account for you? We have compared the spread it offers to other similar account types so that you can pick the best broker.

EURUSD

When it comes to the best EURUSD spread, Forex.com manages to hold its own and falls in the middle of the pack. It offers a similar spread to Vantage, but the peaks are a lot more significant.

EURGBP

When it comes to the best EURUSD spread, Forex.com manages to hold its own and falls in the middle of the pack. It offers a similar spread to Vantage, but the peaks are a lot more significant.

Gold

When it comes to the best EURUSD spread, Forex.com manages to hold its own and falls in the middle of the pack. It offers a similar spread to Vantage, but the peaks are a lot more significant.

CUSTOMER SUPPORT

Forex.com provides customer support for registered clients by Live Chat, Email and Phone. New and existing clients also have the option to request a call back.

Customer Support staff is highly knowledgeable and ready to help solve any queries you might have regarding account opening, deposits & withdrawals, or any trading platform related issues.

CONCLUSION

The main reason why Forex.com shines is that it is a trusted broker, thanks to its long-standing reputation in the industry. Along with that, they offer a variety of different products, effective platform options, and trading tools.

Forex.com is ideal for forex traders of all levels and can help anyone start trading immediately. Probably due to the higher trading costs compared to other brokers, they are a better fit for traders that have high expectations from their broker.

VISIT BROKER’S WEBSITE

PROS & CONS

TRUST

TRADING PLATFORMS

DEPOSIT METHODS

ACCOUNT TYPES

SPREADS

CUSTOMER SUPPORT

CONCLUSION

PROS & CONS

PROS

Top-tier regulators:

Wide variety of products:

Premium Trading Tools:

Rebates for high-volume traders (US clients):

CONS

Few options for account base currencies:

No account protection for US clients:

Irregular website maintenance:

TRUST

TRADING PLATFORMS

Advanced Trading

Web Trading

Mobile Trading

Are you trading with the right broker? Compare your broker’s spreads with leading global brokers and find out which broker is the most profitable for your trading style.

DEPOSIT METHODS

TRADING TOOLS

ACCOUNT TYPES

Standard Account

Commission Account

Direct Market Access Account

SPREADS

EURUSD

EURGBP

Gold

CUSTOMER SUPPORT

CONCLUSION