Forex.com Review: Is it the Best for Social Traders in 2023?
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For the people who trade forex, FOREX.com is made for you. Along a great span of low accounts minimum deposit, tradable currencies as well as remarkable trading platforms. FOREX.com is a great choice for forex brokers as well as other brokers who search for a home base to trade currencies.
Seasoned veterans, as well as new traders, will like FOREX.com’s research centers that provide fees, educational resources, and effective forex trading courses. Within this platform advanced traders and new traders can get access to the economic calendar, charts, trade or order history, positions, new and professional traders can access research reports, market analysis, and trade signals with the help of FOREX.com analysts.
FOREX.com also provides individual stocks, futures, gold and silver, commodities, cryptocurrencies, ETFs, bonds, and indices to give chances from a web trader to an active trader. The broker provides protection to all account types like ESMA-mandated stop-loss orders and negative balance protection.
In the forex market hours, the traders are allowed to trade 24 hours, speculate on pairs of currency without leverage, and deliver the ratio going up to 50:1. It has the least trading fees and risk management so no retail investor accounts lose money and gain capital holdings. With the least minimum initial deposit and trading fees, it is a great option. No need to lose money when trading!
Table of Contents
- Forex.com Review: What Is Forex.com?
- What are the Features of Forex.com platform?
- How much are Forex.com Commissions and Fees?
- Who is Forex.com Best For?
- Forex.com Pros and Cons
- Forex.com User Experience
- Forex.com vs Competitors
- Conclusion: Is Forex.com a Good Platform for investors and traders?
- Forex.com FAQs
Forex.com Review: What Is Forex.com?
FOREX.com provides a really extensive span of various offerings from spread betting to CFDs across various asset classes, but every region can access all. It is considered to be safe due to having a long track record. The top financial tiers regulate this trading forex broker.
The parent company of this forex broker has been listed on the stock exchange. Aside from the forex market, where derives the name, FOREX.com also offers indices, commodities, ETFs, bonds, individual stocks, silver, and gold, which is unleveraged in the U.S., futures, and cryptocurrencies, providing opportunities to all the traders.
It offers security to clients’ accounts like ESMA-mandated anti-guaranteed to stop losing orders and balance protection. FOREX.com is ideal for every trader who seeks exposure to a wide array of asset classes and materials.
How does Forex.com work?
FOREX.com gives accessibility to more than 80 currency pairs along with a competitive spread over various types of accounts to U.S. clients. A navigable and well-organized website along with complete disclosure of fees and services, research and education tools, multiple user interfaces which are on par along with the industry’s standards and regulatory oversight place.
So it depends upon your location and the entity holding your account that what is available for you on FOREX.com. You can trade cryptocurrency using CFDs; also, underlying asset trading is not available, for instance, buying bitcoin.
The web Trading Platform of FOREX.com is recommendable for casual traders because it is simple to browse through place trades and markets and conduct searches. TradingView powers all the charts as well, as it is loaded with approximately ten chart types, 100 indicators, and 14 timeframes.
Within the forex platform, the investors can access economic calendars, positions, charts, news and order or trade history, access research reports and trade signals, and market analysis from the FOREX.com analysts.
It is a great fit for high-volume forex traders. Material offerings vary by place but still, it emphasizes reliable and fast execution, diversity of other and forex platforms, and security accounts. In the United States, it’s geared to those interested in trading foreign exchange markets.
Click Here to Open an Account with Forex.com (Official Page)
What are the Features of Forex.com platform?
FOREX.com gives all the forex trader each and everything they need so that they can trade wisely. In the middle of the flagship of web trading platform and advanced trading platform desktop along with a complete MetaTrader suite, MT4 and MT5 there are lots of available options.
It has great trading strategies to centralize research within the advanced trading platforms as well as keep it organized for the traders so that they can access it easily.
The advanced trading platform makes blog updates, many news channels, and automated design-recognition modules from the trading center with the help of the global research team of FOREX.com. Headlines stream from economic calendars and Reuters are integrated across the platforms and site.
FOREX.com is a web platform regulated in many jurisdictions since laws are varied by country so the products that are offered are also varied. For instance, trading CFDs isn’t available to customers in the U.S. on the other hand it is available to non-U.S. customers.
FOREX.com is RFED and FCM registered with a member from NFA(#0339826) and CFTC. In addition, GAIN capital UK Ltd. is regulated and authorized by the financial conduct authority in the United Kingdom. Globally, the GAIN capital UK Ltd is also authorized by ASIC, IIROC, CIMA, FSA, and MAS.
The customer funds are segregated from other withdrawal funds of FOREX.com, this helps to safeguard customers’ cash on an occasion the company has some financial issues. The E.U/U.K customers have additional asset prevention from FSCS about 85000 pounds. Whereas the clients in Canada protect their funds with Canadian Investor Protection. Unfortunately, U.S. clients do not get any additional insurance to safeguard their funds.
When you want to learn about trading, FOREX.com has almost 100 articles written according to the experience level and are organized. There are more than 19 tutorials for beginners except for platform tutorials while for intermediate 34 and 17 tutorials for advanced users.
FOREX.com’s flagship advanced trading, the desktop platform is great for seasoned traders as well as it comes along with a vigorous charting package loaded with form huge selection of drawing tools, more than 100 pre-defined strategies, technical indicators. Researched tools and technical analysis, powered from trading central including suite of the market buzz, analyst views modules, and technical insight.
Mobile trading tools of a desktop platform designed to fit in a small mobile screen. View charts, sell, buy and perform currency research tools all from your hand’s palm. When the user does not have enough time to make a trade, they probably do not spend much time searching for currency pairs or tapping on the small screen.
The mobile app of FOREX.com is offering many customization tools to make an app of your own. You can add currency pairs, change themes from dark to light as well as customize the home screen to show currencies and the market in which you are interested, all of this in simple steps.
The website of the broker lists many ways which offer clients access to online charts and they can directly contact FOREX.com as well as live mobile support, from early 10 a.m. ET, Sunday to evening 5 p.m. ET, Friday. Website and FAQs customer support are satisfactory. On the other hand, the attempts for contacting via “live chat” are unsuccessful. Support from social media is not available, although company information and post-market analysis are posted on social media accounts.
The best way to get your questions answered by a real-life person is mobile trading support. There is a little menu from where you can choose in starting of the call. Wait times will be based on various call volumes though on a normal day it is expected that you will wait a few minutes before getting into contact with a representative. You can get Email support for in-depth questions but you will have to wait from 1-3 business days to get a response.
How much are Forex.com Commissions and Fees?
The spreads vary depending upon the client that, which kind of account they choose. For instance, the least EUR/USD spreads for clients from the United States on ‘standard’ account is one pip; on the other hand, ‘STP Pro’ and ‘commission’ will show you spreads of 0.1 and 0.2.
Although the two that are latter have 50 dollars and 60 dollars per million commissions that are added to displayed spreads, the regions that are not in the U.S. provide Direct Market Access accounts for bigger account sizes like 25000+. The DMA account does not charge any commission but also does not offer markup on spreads.
FOREX.com also provides STP Pro accounts and Commissions which involve paying commissions. All commission accounts experience charges of 5 dollars per 100,000 traded. But have reduced competitive spreads when it is compared to a standard account. The money that a person should expect to pay in a commission depends upon how often they trade.
The clients can access spreads that are as small as 0.2 in commission account, while in standard accounts they are around 1.0 mark, this depends upon currency pair. Many stockbrokers may be familiar with comparing dealing spreads and commission structure is a well-known way for assessing price among forex brokers.
If you use leverage when trading on margin is a very well-known way all forex traders use it for controlling large positions with a limited number of trading capital. As a result, this helps them to amplify the high risk of losing money as well as profits and to make meaningful trades.
Click Here to Open an Account with Forex.com (Official Page)
Who is Forex.com Best For?
FOREX.com is a remarkable fit for high-volume traders. Although it is for all traders who seek exposure to a big array of materials as well as asset classes. There is a difference between material offerings by region but still, unlike other brokers, this broker focuses on reliable and fast executions, account type security, and a variety of platforms. While it is focused on the clients in the U.S who trade foreign exchange markets.
It suits great to all casual traders, Web trading platform FOREX.com makes it very simple to browse through conduct research, place trades, and markets. Charts are powered through TradingView as well as come loaded with almost 14 timeframes, 10 chart types, and 100 indicators.
Forex.com Pros and Cons
Let’s get right into the details!
- A wide variety of products
- TradingView charts
- Ideal for high-volume traders
- User-friendly and reliable
- No guaranteed for U.S. clients
- Lacks effective website maintenance
Forex.com User Experience
This online broker provides service to every trader but it focuses on reliable and fast executions making trade value for advanced traders who are earning rebates that lower the trading costs.
The broker provides access to many financial and complex instruments along the spread as well as the commission charges are on par with the industry, multiple user interfaces, educational as well as research resources, and choice for account types. Client services are adequate and available, but substandard website maintenance tells to a lack of attention to detail.
FOREX.com is supporting the world’s well-known MetaTrader4 platform suite. It also gives the customers its comprehensive trading platforms made for people who trade currencies, with a mobile and web-based platform.
If you are trying to find currency pairs with FOREX.com’s web platform, then you just need to type on the search bar. Aske and bids rates are updated and laid out clearly every second making it possible to give accurate quotes.
Executing trades from FOREX.com platforms is extremely easy. Only click on the currency pair you are thinking to trade, the next step is entering the currency you like to execute and exchange your trade. While closing out positions, it will show little summaries of the trades as well as net gains and losses.
All the platforms provide various indicators, small explanations are given within them as for what each of them is used as well as how to use them. For any other help, you can read the extensive education section, for the platform is aimed primarily at the traders who already have a very strong grasp of technical analysis and the forex market.
FOREX.com’s user experience starts really well with the help of green live chat, this bar is given on the right side of its mobile app and website page. With a few clicks, you can visit all pages given on the site. The educational information helps you to make much more cash speculating on the exchange rates.
Forex.com vs Competitors
Forex.com vs. FXCC
Forex.com is a popular well known financial trading platform serving over 200,000 customers.
Forex.com serves customers globally and are regulated by Financial Conduct Authority (FCA), Cayman Islands Monetary Authority (CIMA), Investment Industry Regulatory Organization of Canada (IIROC), National Futures Association (NFA)
While FXCC online trading platform gives traders from all over the world access to over 150 financial instruments including over 5,000 available instruments. There are over 20,000 customers that have taken advantage of the FXCC platform.
Click Here to Open an Account with FXCC (Official Page)
>>Read more About FXCC Review: Is it the Best Commission Free Trades for Non-US Traders?
Forex.com vs. Interactive brokers
FOREX.com is a publicly-traded company that gives all the forex traders each and everything they need so that they can trade wisely. However, The interactive brokers will allow you to invest in different stock shares such as bitcoin cash, stock and ETF, and many other international exchanges when we talk about investment portfolios.
Forex.com is a top-pick for high-volume forex traders whereas The IBKR lite customers are available to trade forex, options, stocks, bonds, funds, and options on up to 135 markets, not more than one trade accounts.
FOREX.com has almost 100 articles written according to the experience level and are organized whereas interactive brokers work perfectly for beginners and professional investors by offering a plethora of services and features to meet their demands and requirements. Forex trading is a little similar to buying and selling other kinds of securities such as stocks.
Click Here to Open an Account with Interactive Broker (Official Page)
>>Read more About Interactive Brokers Review: Is it the Lowest Cost Online Stock Platform?
Forex.com vs. Avatrade
Let’s compare Forex.com to AvaTrade! FOREX.com provides a really extensive span of various offerings from spread betting to CFDs across various asset classes, but every region can access all. However, AvaTrade includes premium tradable instruments including commodities, Forex, indices, and other cryptocurrencies for manual and automated trading for different devices.
You have to buy and sell currencies while trading forex. Avatrade is one of the safest online brokers and is regulated by the top tier-one jurisdiction. This is the reason which makes it a trustful CFD and Forex brokers.
FOREX.com also provides STP Pro accounts and Commissions which involve paying commissions. All commission accounts experience charges of 5 dollars per 100,000 traded. Avatrade does not charge commission or money when trading CFDs, forex, or even cryptocurrencies. Avatrade is offering the clients a user-friendly website trading platform along with special order types so that you can control risk tolerance.
Click Here to Open an Account with Avatrade (Official Page)
>>Read more About AvaTrade Review: Is it the Best for Advanced Non-US Traders?
Conclusion: Is Forex.com a Good Platform for investors and traders?
When you read a FOREX.com review, the most important thing to remember is what a broker is not and what it is. It emphasizes its currency trading resources. Its dealing spreads are a lower-than-average and diverse trading platform that is great for experienced people who trade mainly forex.
Novices also appreciate the comprehensive span of educational and trading tools. The FOREX.com app is best suited for mobile traders that mirror the functionalities of the broker’s web-based trading platform. The MT4 suite can also be used FOREX.com.
FOREX.com emphasizes currencies, so it doesn’t have any reason to not be a top choice for investing needs, though the broker offer to trade in spot gold as well as silver and futures, options. If you open a FOREX.com account for speculating in the forex market, you should open a DMA account or a standard account or any other along with a stockbroker as good investment advice for your retirement.
Even otherwise FOREX.com checks many boxes that are needed to be considered an impressive broker. Anyways the impression it gives to a person is that; it was to be much better if a little more attention was given to the primary revenue generator.
Can I trust Forex.com?
It is considered to be safe due to long track records, regulated by the top-tier financial authority, and the parent company lists on the stock exchange. CFDs are little complex instruments as well as with a high risk of losing money rapidly because of leverage.
You can become accessible to many financial instruments with commission fees and spread which are on par with the industry, multiple user interfaces, choice for account types, and research or educational resources. Client service is adequate and available, through substandard website maintenance tells to lack of consciousness to the detail.
What are retail Investor Accounts?
Retail investor accounts consist of non-professional investors who invest money in their own accounts, through online or traditional brokerage firms. On the contrary institutional investors like hedge funds, may move millions of dollars with each trade.
Retail investors start with opening a brokerage account with an online or traditional broker. Online brokers offering automated or Robo advisor accounts can come in handy to the investors who like the hands-off approach to building a portfolio.
What is Forex Trading?
It is a process to speculate on a currency price to potentially make profits. All the currencies are traded among pairs, exchanging a currency for another currency, a trader speculates on whether a specific currency will fall or rise against the other in value.
This trading is a little similar to buying and selling other kinds of securities such as stocks. The major difference is that forex trading is made in pairs life Japanese yen/British pound and euro/U.S. dollars. You have to buy and sell currencies while trading forex. If the currency you will buy goes up with respect to the one you sell, then you will get a profit.
Is Trading CFDs a good idea?
CFDs attract traders who usually use leverage for trading assets that are more expensive for selling and buying. There is a high risk of losing cash when trading CFDs because of less industry regulation, the need for maintaining an adequate margin, and potentially less liquidity because of leveraged losses.
Click Here to Open an Account with Forex.com (Official Page)
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Author: Wilbert S
Wilbert is an avid researcher and is deeply passionate about finance and health. When he's not working, he writes research and review articles by doing a thorough analysis on the products based on personal experience, user reviews and feedbacks from forums, quora, reddit, trustpilot amongst others.