Forex.com Broker Review
Forex.com is a well-recognizable brand within the industry. Founded in 1999, Forex.com services are provided by the parent company GAIN Capital UK Ltd. As the name suggests, the company is registered in the UK. More specifically, Forex.com has headquarters in 16 Finsbury Circus, London.
With UK operators, traders expect the brokers to be regulated. Hence, the logical question follows: Is Forex.com legit? We are happy to inform that yes. The broker holds the FCA license under the number 113942.
Forex.com is not accidentally called the global provider. As of 2018, the famous FX broker provides its services to the traders from over 140 countries, including the United States. However, there is one country on the Forex.com blacklist – Belgium.
In order to proceed with registration procedure, you have to choose between two types of accounts. Apart from simple account opening, you also select the platform you are going to use. One account is tailored for Forex.com platforms, while the other one is for MetaTrader 4.
Additionally, Forex.com lets you select whether to sign up for a live account or a free demo. The latter is accessible within 30 days until expiration and provides benefits of risk-free trading. This is especially handy if you are a novice, but can be useful for experienced traders too.
Besides the accounts mentioned above, Forex.com also catered for Muslim clients by offering the Islamic Account. To open it, one has to contact the customer support.
In order to suit all types of customers, Forex.com developed multiple software solutions. Overall, the broker offers 3 types of platforms to all customers:
- Forex.com WebTrader
- Forex.com Advanced Trading Platform
- Full-Fledged MetaTrader 4 (desktop, web-based, mobile)
In this Forex.com review, we will mainly focus on the proprietary platforms. The first one to discuss is Forex.com WebTrader. This platform runs on HTML5 and is accessible from all the browsers on both Windows and Mac. Our platform experience was pleasant. Not only the platform has a nice look, smooth performance, but also has a great functionality. Additionally, traders can enjoy in-built news & market analysis and advanced charting tools. Speaking of the charting tools, there are over 70 technical indicators, 10+ timeframes, multiple chart types, 50+ drawing tools and customization features. The WebTrader is also available in iOS and Android version.
However, in case you are a professional trader who needs advanced functionality and flexibility, Forex.com got you covered. That is when the Advanced Trading Platform comes into play. The platform is available only in the desktop version and thus requires a download. The Advanced trading platform brings in more than 100 technical indicators while allowing you to create your own. Moreover, there are 15 timeframes at your disposal. Besides that, this platform enables the creation of automated trading systems. There are 100 templates available, however, you can develop your own in C#, .NET and Visual Basic. Overall, the whole dashboard is fully customizable.
Lastly, the advanced Forex.com platform provides multiple order types, advanced orders (e.g. guaranteed, trailing stops), hedging tools.
One more thing before we move on. Forex.com broker also offers their exclusive GTX Direct ECN platform for the qualifying users. To be eligible, the requirements include the minimum deposit of $100,000 or the currency equivalent, trade volumes of $5 mln and average ticket size of 100K+.
As we figured out in this review of Forex.com, the broker allows trading more than 200 assets. This includes 80+ FX pairs, 90+ stocks, commodities, indices, and cryptos. In terms of pricing, Forex.com uses variable spreads with the exception of cryptos that utilize fixed spreads. Typical spread for the EUR/USD pair is 1.3 pips. Apart from spreads, there are also commissions to consider. However, they apply only to stock CFDs.
Additionally, high-volume traders receive extra benefits at Forex.com such as FX cash rebates, free trade signals and waived bank fees.
Forex.com Reviews: Client Support
The customer support at Forex.com is one of the strong sides of this brokerage. There are multiple FAQs concerning account conditions, pricing, markets and a lot more. In addition, there are several platform tutorials to provide extra guidance. However, in case of specific questions or issues, you may contact Forex.com client support agents via live chat, email or phone number 24/7.
It is never late to learn. Forex.com certainly knows this and that’s why you can find many educational materials. The broker offers trading courses from beginner to advanced, and also makes insightful overviews of different analyses, risk management etc.
The website is currently available in English and Chinese, while the platforms include even more languages.
Deposits and Withdrawals
When it comes to payments, Forex.com deposit and withdrawal procedures are seamless. The broker accepts credit/debit card and wire transfer. It is worth mentioning, that several cards can be used for funding – forget about only 1 card for 1 account requirement. The minimum deposit is £50 or the equivalent in EUR or USD. Other supported currencies – CAD, JPY, CHF, and AUD – will automatically be converted into the account base currency. Forex.com does not charge any fees on card or wire transfer deposits. Additionally, the broker processes the card deposits within 24 hours, while for wire transfers the time is 1-2 business days.
On the other hand, Forex.com FX broker processes withdrawal requests within 48 hours both for credit/debit cards and wire transfers.
All the payments are entirely secured. Forex.com keeps the clients money in the segregated accounts and also offers the funds insurance of up to £50,000 in case of the company’s insolvency. The insurance is granted if the client is eligible for it.
Forex.com is a splendid FX/CFD broker that deserves your attention. The software solutions feel fresh and up-to-date. It is good to know that the broker not only provides already rusty MT4, but their own platforms as well. The product scope is truly engaging, giving the true versatility when it comes to markets. Trading is not costly and spreads are compliant with the top-tier industry standards. The proper regulation also moves the score higher for our Forex.com opinion.
On balance, our overall verdict is positive. Try out Forex.com today and sign up!