Many financial brokers are coming into existence lately, and investing in different financial markets is becoming more of an interest for more people. A new trader can easily be overwhelmed by the number of brokers available found online by a simple search.
That is why every trader should read reviews in order to understand which broker is worthy and reliable, and which broker is a scam and is receiving criticism from everyone.
US friendly Broker
What is Forex.com
In the following, we will be looking at a detailed Forex.com broker review, one of the Forex brokers that is operating for 20 years, gaining a huge market experience and becoming a global market leader in this sphere.
We will be looking at the services provided by this broker, and if the broker is licensed and what regulatory authority shapes the behavior of this broker, which provides the trader an insight about the broker’s activity and helps every new trader investigate before deciding where to invest their capital.
Forex.com financial broker provides every trader the opportunity to open a trading position on Forex, stock, indices, commodities, and cryptocurrency markets, offering in total more than 4,500 tradable assets with variable spread ranges that change between different trading accounts
The maximum leverage offered by Forex.com broker is 1:200, and a trader can choose one of three types of accounts, that vary in respect to the trader’s expertise, with the possibility to trade on any of the MetaTrader versions whether the MT4 or the MT5, besides the web trader that is available on both the desktop and mobile.
Is Forex.com reliable?
Forex.com is a legit broker since it is regulated by the CIMA license (Cayman Islands Monetary Authority) which regulates the activities of financial brokerage services.
The Cayman Islands have emerged as land for corporations that outsource their business to this location to use the easy requirements to set up a business. At the same time, the CIMA license entails strict monetary control guidelines, which ensure the safety of financial transactions undertaken by any business entity operating on the Cayman Islands.
Forex.com is a brand name for GAIN Global Markets Inc. which is an affiliated subsidiary of StoneX Group Inc. which is traded in the NASDAQ stock market.
Making Forex.com a safebroker that every trader can trust, the healthy business conduct under the license, besides the experience of 20 years working clear from any financial crimes, and the contribution in the fight against money laundering, making it one of the most reliable brokers.
Tradable assets
Forex.com traders do not face any lack of financial markets instruments, since there are more than 4500 tradable assets.
Products and assets can be traded using different leverage and spreads, to give every trader the opportunity to grow their wealth the way they want.
Forex
More than 80 currency pairs are offered on the Forex.com broker platform, with variable spreads that can get as tight as 0.8 pips on the pair EUR/USD.
Stocks
The stocks of more than 4500 popular corporations around the world are published for trading using Forex.com, with minimum delay and small commissions that can get as low as 0.08%
Indices
More than 15 indices of different markets are offered, using fixed spreads that start from 1 pt.
Commodities
Different types of commodities are offered, such as oils, crude oils, coffee beans, cotton, and natural gas, trading happens with a fixed spread of 1% margin.
Besides that, gold, silver, and other metals are also provided to trade as commodities with low margins starting from 0.5%, while the spread on gold can get as low as $0.35.
Cryptocurrencies
The most growing and exciting financial market nowadays is also available on Forex.com, with 4 major cryptos such as Bitcoin, Ethereum, Litecoin, and Ripple available to trade with small spread ranges, which could get as small as 0.5 on Litecoin, while all margin rates start from 25%.
Trading platforms
Forex.com broker suits the preference of every trader by offering different trading tools and platforms, starting from the trading software that is so popular and mostly used by all traders that is the MetaTrader, as well as the adoption of the Webtrader that is developed by the website.
MetaTrader
Forex.com MetaTrader 5 was just recently adopted in the website and is updated with recent tools and signals to give every trader the most advanced market indicators, charts, and views.
Besides that, MT4 is also offered for standard account users, which can be used either by installing the native app on the PC, using the mobile app, or the web version that can be accessed directly from Forex.com without downloading and installing any software.
Webtrader
The trading software is developed by Forex.com and is available only for its traders so that they can access it without the need to install any software, rather it can be accessed once the trader is logged in to the trading account.
The Forex.com broker Webtrader has all the sophisticated tools and indicators, which are almost similar to the ones offered in every trading software, with easier access since they do not need to be downloaded before use.
Demo trading account
In addition to the previously mentioned real trading accounts, Forex.com financial broker gives the traders the chance to trade for free using the demo trading, where traders are offered virtual money for free so that they can trade on any chosen market, given the money they are provided in a simulation of real trading activities.
This way is used by beginner traders who want to get themselves familiar with the trading systems, indicators, and charts. Also, the demo account is used by experienced traders who want to test out new trading strategies and see their outcomes before taking them to real-life trading.
Setting up your trading account
To register your first account with Forex.com, the process here is very easy and straight to the point, you can see the option to open an account at the top of the page, then you will be asked to choose one type of account from three options.
In the application process, you will be asked the same general question you might find during any registration process, such as Full name, country of residence, date of birth, contact number, and email address.
Once you have submitted your personal information, you will be asked a few questions about you, and about your trading experience, these questions are designed to help the broker understand your level of experience and your knowledge about trading and to provide the trader with services that cater to their personal needs and to ensure the trader is kept up-to-date with everything is needed regarding trading.
After that, you will be asked to submit some identifying information, such as proof of identity, tax ID, and a recent utility bill, since Forex.com can be trusted that the website needs to validate your information as a real person, and to keep the website clean from any financial criminals, spammers or bots.
Types of accounts
There are three types of accounts from which the trader can choose, these are the Standard account – Commission account – Direct market access account. These accounts are different in the tools the trader has and the access it gives the trader.
Standard account
Traders using the standard account of Forex.com financial broker can access almost all the tools and the trading platforms offered by the website, traders can use the web trader, MetaTrader4 and MetaTrader5.
In addition, standard account traders can open trading positions on every financial market using all the tradable assets provided by Forex.com with a minimum deposit of $1,000.
The spread here is the only form of payment a broker receives, and the spread ranges are different from one asset to another.
Commission account
As the name suggests, this account implies that spread and commissions are paid to the brokers, and traders here have limited access to the financial markets as they can only access the different financial markets using the Forex.com Webtrader that is available on the website and traders can log in using PC or mobile phones.
The minimum deposit required here is $1,000 in order to start trading in the commission account.
Direct market access
Also as the name implies here, traders using this type of accounts have direct access to only the Forex market, using only the Webtrader developed by Forex.com.
Using this account, traders are only charged the commission fees of the website’s brokers, since the spreads are directly communicated from the financial market, but the minimum deposit required here is $25,000.
Bonus & Promotions
We cannot say that Forex.com is full of promotions and bonuses since it tries to focus its activities on the trading and capital management of its traders. However, the Forex.com bonus is concluded in the welcome bonus where new traders receive 20% of the amount they fund in the trading account.
The only condition is that they must fund their account during the first 14 days of registration to be eligible for this bonus, and noting that the awarded amount is capped to $5,000
Mobile trading on the go
Forex.com platforms offer every trader easy tracking over their portfolio by offering their services on the mobile app that can be downloaded on the mobile phone from the google store for Android, and from the App Store for iOS phone users.
The options available on the mobile are quite the same as what a trader can find on the desktop version of the Forex.com website, the same services, offerings, and charts of the web trader.
In addition to that, MetaTrader 5 is also available on mobile phones either from Google Play or the App Store, which gives traders the possibility to control their market positions everywhere and anytime.
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Education
Forex.com financial broker does also look after the wellbeing of their trader, meaning that they do not only trade on the behalf of the client, but they also make sure the clients also understand what is happening in the financial markets so that they can independently manage their capital.
Many traders see that Forex.com can be trusted because they can receive educational courses about financial markets and financial trading for beginners, intermediate and advanced
traders.
The education section of this broker includes tutorials of the basics of trading, going from that to the meaning of technical and fundamental analysis, and how a trader can develop their own trading strategy.
Traders’ support
Forex.com broker makes it very easy for traders to reach out for any help whether via the online chat feature, where a trader can get their questions answered quickly, by connecting them to a support agent that swiftly manages the traders’ questions, and even routing them to the broker if that is needed.
In addition to that, and not to keep the traders hanging on the line, there are some resources that the trader can find if the line is busy, or if they seek urgent help, there are application forms that a trader can might if they want specific services like changing their information, or changing the leverage or their account type.
Moreover, Forex.com’s social medial platforms are connecting to every trader they deal with, by keeping up with their trader on Twitter, YouTube, and Facebook, to increase the communication channels between the brokers and their clients.
Funding methods
In order to suit every trader’s preference, Forex.com offers their clients different ways to deposit money into their account or withdraw their capital from their trading account, using cards, wire transfers, or digital banks.
Deposit
Traders can add funds to their accounts using credit/debit cards, wire transfers, or digital transfers such as Skrill or Neteller.
Note that only VISA cards are accepted, and using that the minimum amount to deposit shall be $100 per transaction and a maximum of $10,000, with no transaction fees and immediate processing time.
Using Skrill or Neteller is almost the same process as the previously explained credit/debit card deposit.
However, Wire transfers have no limitations for the minimum or maximum amount of transaction, but it can take up to 2 business days for the funds to arrive.
Withdrawal
Forex.com withdrawals can be done also using different methods, mainly credit/debit card and wire transfer.
Using the credit/debit card it can take up to 24 hours processing time, with the maximum amount allowed which is $50k.
However, the wire transfers can arrive in around 48 hours, without maximum limits on the amount that can be withdrawn, on the other hand, there are bank fees that are to be charged by the bank of the trader.
Final Verdict
We can easily identify a legit broker when we see one, and given the thorough Forex.com broker review, we can ensure that this broker is safe and is something that every trader looks to secure their money with.
The regulatory environment surrounding the broker makes it very fair to say that Forex.com is legally performing healthy financial activities and services to traders around the world, giving the widest access to every financial market available, gaining from investing on any asset, using one of many trading platforms.
The history this broker has and the experience in being a global market leader makes Forex.com a legit broker that can be recommended by any trader, who can invest their capital in segregated accounts, and regulated brokerage services.
FAQ about Forex.com
$1,000 or equivalent in EUR and GBP is the minimum deposit required to start with the standard or Commission account type, which gets increased when a trader wants to have direct market access, which requires a deposit of $25,000
Yes, it is regulated by the CIMA (Cayman Islands Monetary Authority) which strictly regulates the activities performed by the brokerage companies in Cayman Island.
Besides that, Forex.com is the brand name for the subsidiary of StoneX Group Inc. which is listed in the NASDAQ stock exchange market.
Yes, a welcome bonus is offered on Forex.com, where newly registered traders, who deposit the money within the first 14 days can receive 20% of their deposits, up to $5,000.
A trader may request to withdraw the funds from My account, noting that the minimum is $100, or whatever is left in the account if less than $100.
The withdrawal process can be done via credit/debit card which has no transaction fees, with a cap of $50k per transaction, and can have a processing time of up to 24 hours. While the wire transfers can be done without maximum limitations, taking the time up to 48 hours, while the trader’s bank can charge their own fees.
