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Forex.com Review

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Forex.com

Forex.com was founded in 2001 and is owned by GAIN Capital Group, which is listed on the NYSE: GCAP. Innovative trading tools and a high-quality range of services can satisfy the requirements of the most demanding clients. 

The company offers several types of trading platforms and unique tools for assessing and analyzing the market to determine the best trading opportunities. In addition, clients of the Forex.com broker can receive many other valuable and essential analytical information (reviews of the market situation, current economic news, forecasts from reputable experts, etc.).

Clients can trade safely among its top regulators, including the FCA and ASIC, and secure their funds. Despite limitations like a few deposit and withdrawal methods, Forex.com remains a favorite among investors for its powerful trading features. 

Company details

As a global market leader, this broker prides itself on superior trade executions and competitive pricing on all financial assets to give traders an exceptional trading experience. With traders accessing over 4500 trading products, Forex.com handles a volume of $5.1 trillion a day from trades, making it the most significant currency market globally.

Regulations

Forex.com extends its services to over 180 countries globally, and therefore a central regulatory body cannot suffice. So instead, it’s regulated by different independent supervisory bodies in seven territories worldwide.

The broker is regulated by the following:

  • FCA (Financial Conduct Authority)

Other regulatory bodies of Forex.com affiliates:

  • Investment Industry Regulatory Organization of Canada (IIROC)
  • Financial Services Authority (FSA) in Japan
  • Australian Services and Investment Commission (ASIC)
  • Commodity Futures Trading Commission (CFTC) [also is a member of the National Futures Association – NFA in the US]
  • Cayman Islands Monetary Authority (CIMA)

Available markets

Forex.com  - Available markets

Let’s look at the list of available markets on the Forex.com platform, which is suitable for diversifying the portfolio as it has countless numbers of trading assets available. Simultaneously, there is a lack of popular asset classes on the platform, like funds and real stocks.

Forex

  • You can trade more than 80 currency pairs with the Forex.com platform with a competitive spread as low as 0.8 pips for EUR/USD.
  • The trading opportunity is available on multiple platforms like MT4, MT5, DMA, and Forex.com platform.
  • You can trade for multiple account types to cover the traders’ requirements.
  • There is an opportunity for a monthly rebate of up to $10 per million dollars trader within the active trader program.

Indices

  • Forex.com provides more than 15 world’s top indices.
  • UK 100 and Germany 30 are available to trade from 1 pt.
  • Forex.com allows trading in indices with a fixed spread during market hours.
  • Trade sector-themed US indices, including ESG, green, Trump 30, and Biden 30.

Stock market

  • Opportunity to trade more than 4500 popular stocks.
  • You can trade with a 1.8 cents commission on US Stocks.
  • Moreover, Forex.com allows short selling on top companies.

Commodities

  • Trade UK crude oil on fixed spreads, 1% margin.
  • Among other assets there are coffee, corn, cotton, heating oil, etc.
  • You can go both long and short on US and UK crude oils.

Cryptocurrencies

  • Crypto assets are available to trade, including Bitcoin, Ethereum, Litecoin, etc.
  • A cost-efficient environment for crypto trading.
  • You can go both short and long from ten pips a point.

Account overview

Generally, brokers with maximum available account types can attract many traders, but service quality is another factor investors should consider.

Forex.com - Account overview

We have found three account types in Forex.com during our review where traders can start trading with a recommended $1000 deposit. 

The summary of the account types is mentioned below.

Standard account

  • Trading platform: Web Trading, MetaTrader 4, MetaTrader 5
  • Trading assets: 80+ forex pairs, 4 crypto assets, 4500+ stocks, 15+ indices and 12+ commodities
  • Pricing: spread only
  • API trading: yes
  • Recommended deposit: $1000

Commission account

  • Trading platform: Web Trading, mobile, desktop
  • Trading assets: 80+ forex pairs, 4 crypto assets, 4500+ stocks, 15+ indices and 12+ commodities
  • Pricing: spread & commission
  • API trading: yes
  • Recommended deposit: $1000

DMA account

  • Trading platform: Web Trading, mobile, desktop
  • Trading assets: 58 FX pairs plus spot gold & silver
  • Pricing: commission only
  • API trading: no
  • STP model: yes
  • Recommended deposit: $25000

The type of account in Forex.com is perfect for those who are ready to take trading as a profession. Moreover, it allows traders to diversify the portfolio into multiple trading assets. However, the recommended deposit amount is $1000, which is relatively high for a new trader for a start. Furthermore, the leverage is a maximum of 50:1 for all account types, which is not user-friendly compared to other brokers.

You have to move to the “open an account” tab from the top of the website. Later on, you have to select the account types you are looking to extend and input all required information.

How to open an account?

Forex.com - How to open an account?

You can open an account with Forex.com in just five minutes. 

Step 1. You just have to fill in information about yourself. 

Step 2. Fill out the form with your information and your trading experience. 

Step 3. You can go and fund your account now. You can deposit using a debit card, money transfer, and eCheck or check. 

Step 4. After funding your account, you can already start trading. 

Step 5. Once your account is approved, you can trade on the desktop, web, and mobile platforms you want to use.

Deposit and withdrawals

You can deposit using a credit/debit card, Paypal, money transfer, and eCheck or check. Please be aware that Forex.com does not accept Western Union payments.

For credit/debit card transactions, the minimum amount is $/100 or equivalent. You can use VISA, MasterCard, or Maestro. Forex.com does not charge any fees for incoming card deposits.

For using PayPal and Wire Transfer, the minimum amount per transaction is also different. For PayPal, the minimum amount is € 50 or the equivalent per transaction, while for Wire Transfer, it is $/100 or the equivalent per transaction. PayPal is the same with credit/debit card deposits; Forex.com does not charge any fees for incoming deposits. Although your bank may charge a fee for wire transfers, Forex.com will not.

While making a withdrawal, the bank transfer takes a minimum of 2-5 business days. However, withdrawal requests from a debit/credit card may require longer, usually five days. 

How to withdraw?

At first, you have to log in to “my accounts,” click on “funding,” and select “withdraw.” Later on, input the withdrawal amount and click on “withdraw now.”

The withdrawal fee is a flat fee regardless of the amount of the withdrawn asset, as shown below.

FEEBITCOINETHEREUMTETHERUSD COINCOVESTING
Flat Fee (coin/token amounts)0.00050.0120185

Trading fees

They include all direct payments related to taking trades where trading fees on the stock market are lower than the other trading instruments. The average trading fee on EUR/USD is $6 approximately, considering 1:20 leverage and one week of holding the trade. In a similar condition, the trading cost for GBPUSD would be $5.3.

Forex.com - Trading fees

Coming to the CFD fees, if you hold a trade for more than a week, you have to incur the trading fee as below:

  • S&P 500 — $1.4
  • Stoxx 50 — $1.8
  • Apple CFD — $21.3

Lastly, you must incur $0.018 per share for the US Stocks and $0.8% on the trade value. 

Non-trading fees

They are satisfactory and below the industry average. You have to pay a $15 or equivalent monthly fee after one year of inactivity. Besides the inactivity fee, there are no deposit or withdrawal fees required by the broker.

Platform and features

Forex.com provides MetaTrader 5, MetaTrader 4, and Its proprietary trading platform to cover all traders’ trading needs.

Forex.com desktop platform

  • Forex.com trading platform has a customizable dashboard with more than 80 trading indicators and many trading tools to cover all traders’ requirements.
  • Integrated trading strategies are available to cover analysis support.
  • More than 100 predetermined templates for traders.
Forex.com desktop platform

Forex.com web platform

  • You can manage risks based on P&L and other methods as per the margin requirement.
  • In the web trading platform, you can set the template to get the desired outlook from anywhere in the world.
Forex.com web platform

MetaTrader 5 platform

  • Meta Trader 5 is a sophisticated trading platform that has more than 100 trading tools & indicators.
  • You can see the market from a broader view, with more than 29 available timeframes.
  • Lots of automated trading tools built on MQL5 language.

Features

Besides general features, Forex.com provides more than a trader should know. Here we will see some elements that Forex.com exclusively supplies:

  • Market analysis

The market analysis includes the latest technical and fundamental analysis on different trading assets. During our review, we have found those analyses to be perfect. Besides analysis on a specific trading instrument, Forex.com often provides analysis on sessions so that investors can get the market’s overall outlook before any significant event appears.

Forex.com - Features
  • Pivot points

Forex.com provides pivot points for all trading instruments. Here you have to move to the pivot point page and select the trading instrument. Later on, you can see the exact pivot point level with multiple support and resistance levels.

Forex.com - Pivot points

Pros and cons of PrimeXBT

ProsCons
Global & regulated broker

Fast and consistent execution offers (DMA and professional accounts)

Free demo accounts

Minimum deposit $50

Competitive MetaTrader 4 and Web Platforms

Markets with over 300 including fx, indices, stocks, and cryptocurrencies

Offers with the lowest trade costs

Offers average spread for all account types

Reliable and good customer support

Make a transparent trading experience for its traders

Customer funds protection suggestions

Accepts US customers
Some drawbacks on the desktop platform

Slow account verification

Fees on stock CFDs are often high

Lack of some popular asset classes, like funds and real stocks

High trading fees on Stock CFDs

Slow account opening and verification process

The broker does not provide many bonuses
REVIEW OVERVIEW
Overall rating
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