Read our Forex.com broker review below...
...Forex.com is managed and maintained by GAIN Capital Group, one of the largest companies in the Forex market. The Broker offers many options for Forex and CFD traders through its affiliates, registered all over the world. Thanks to its full-featured platforms, a variety of trading tools and comprehensive research, this broker is suitable for traders with any level of experience.
The services of GAIN Capital are in great demand among many large investors, professional dealers, financial managers, consultants and experienced traders from more than 140 countries. GAIN Capital Group offers private investors access to a trading terminal, which is recognized as one of the best on the market in combination with professional services on Forex.com.
World forex market leader
Fast execution of orders
Access to a huge range of assets
Security of information and cash
Great and reliable customer support
Narrow spreads and low commissions
Lengthy registration process
Limited account types
Demo account is available for 30 days
Absence of social trading features
Delays in the withdrawal of funds
Limited set of trading instruments
Forex broker «Forex.com» was registered back in 1999, and is still popular among traders. Forex.com now known as City Index is one of the largest online brokers operating in the retail trading scene. While it is headquartered in the USA, in Australia, Forex.com operates under GAIN Capital FOREX.com Australia Pty Ltd and is regulated in Australia. The broker provides mediation services in Forex and CFD markets. Clients are offered MetaTrader, training and analytical materials, 2 types of accounts, services allowing to conduct auto trading. The broker is also regulated by the FCA in the UK and relevant regulatory agencies in the US (NFA), Japan, Hong Kong, Singapore, the Cayman Islands, Australia and Canada. It is popular among aspiring and advanced traders, with the proprietary platform FOREXTrader Pro, which offers many charting and intuitive trading capabilities. The broker won European traders a good reputation.
Broker provides ready-made analytics, as well as tools for independent analysis of the state of the financial market. Here you can find weekly forecasts. The broker’s website contains the latest news. There is also an economic calendar, charts of movement of quotes and current exchange rates. In general, there is everything a trader needs to thoroughly study the situation in the currency and commodity markets.
Site has a training center, which hosts many video lessons. Trader can choose how to view them: separately or as a whole course. In turn, the choice of the second option leads to another. A trader can take the course on his own or with a teacher. In addition to all this, the site has webinars that can also be held by order of customers. Online lectures can be scheduled.
Guaranteed stop losses are offered that help control risk, but are prone to slippage. The latter can cause a negative balance during extreme market movements. Prices are transparent and easy to find on Forex.com. In addition, a functional demo account is provided free of charge, which gives potential customers time to evaluate the pricing structure before allocating real capital for trading.
Customer can choose from two types of accounts to trade: Mini and Standard. The first, as you can guess, is intended for beginners. Minimum deposit is $50. Spread floating, minimum 1 point. Standard leverage is 1:200, but the trader can increase it manually. The minimum lot is 0.1.
Standard account is available only to those traders who have replenished a deposit of $20,000. Here the minimum transaction size is 1 lot, the spread is the same. If the trader has $10,000 in the account, he automatically becomes a VIP client. He is assigned a manager who will provide personalized support. Money in the account grows at 2% per annum, spreads are reduced, and the client will receive a personal invitation to various company events.
As you already understood before, trading is possible on two platforms: FOREXTrader Pro and MetaTrader. The first terminal is a proprietary development company Forex.com. Choose any one, since each terminal can trade currency pairs, stock indices and CFD-contracts for oil, precious metals, wheat, sugar with other goods.
On MetaTrader, market execution of orders, and on the brokerage terminal – market or instant. By the way, the FOREXTrader Pro platform is very good, it has several advantages:
- It is flexibly configured according to user strategy;
- Wide functionality;
- Access to company analytics and forecasts;
- Availability of an online version, as well as apps for smartphones and tablets.
If you want to trade using MetaTrader, you can download it on the official website.
To withdraw money from the deposit or replenish it, you need to go to your personal account and find the financing section there. You can deposit money into your account with a bank card or bank transfer. Naturally, the commission is removed. Withdrawals are made within 3 days.
There are 2 ways to make payments:
- Using plastic cards with Visa, Maestro, MasterCard payment systems. Credited funds during the day.
- By Bank Transfer. There are no restrictions on the amount of withdrawal. The transaction is processed within two to three business days.
Why are there no electronic payment systems? This is a serious company that has licenses from leading regulators. Exclusively common transaction methods are supported together.
You can see the available ways to contact support managers in the «Support» section. The company offers the following customer support options: Hotline, Live-Chat, E-mail, Feedback, Social media: Twitter, Facebook. Also, the forex broker Forex.com actively maintains a blog on the YouTube service. Additional information on trading can be obtained in the «FAQ» section, which contains answers to the most frequently asked questions.
Forex.com is one of the most reliable Forex retail brokers. Being a truly global broker and regulated in many countries, it shows that they have capital requirements and are serious about doing business, observing all the rules. The broker is regulated by some of the most stringent regulators in Forex, the United States and Japan are among the most complex. The average monthly trading volume in this broker is approximately $485 billion, which is one of the highest among retail Forex brokers.