When it comes to Forex.com, the reputation precedes itself. The company is one of the most proficient Forex brokers on the market. Considering this, it is worth discussing Forex.com in our extensive review. Let’s go.
Leverage: 1:200 Licences: FCA, NFA
Min.Deposit: 250 USD Bonus: N/A
Spreads: from 0 pips US Clients: Yes
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Risk Warning – Losses may exceed deposits
About the Company
We were closely examining Forex.com brand to see if it would pass our credibility test. And it did. Forex.com is a completely legitimate website, owned by GAIN Capital UK Ltd. As we progressed with Forex.com review, we found out that the parent company of Forex.com is licensed by FCA. Taking into account the prestige of such regulation, no doubt that traders all over the world entrust Forex.com their hard-earned money from 1999.
GAIN Capital UK Ltd is the operator of Forex.com website, located in London, United Kingdom. It is also worth mentioning that GAIN Capital UK Ltd is a subsidiary of GAIN Capital Group, headquartered in US and listed on NYSE. This explains why US clients are allowed to benefit from Forex.com products.
Is Forex.com safe? Fortunately, under FCA purview, the brokers have to comply with the rules that govern the protection of the clients’ funds. For this reason, traders do not have to worry about their money security. All the clients’ money is held in segregated accounts, to prevent any unauthorized use.
Besides regulatory requirements, Forex.com offers extra fund protection by providing the Financial Services Compensation scheme for eligible clients. The latter covers up to £50,000 in case the company becomes insolvent. Additionally, Forex.com does not carry out any proprietary trading activities.
Now when we proved that Forex.com safe, let’s go straight to their services. Before trading, one has to open an account at Forex.com. Generally, Forex.com gives the trader the following choice:
- Live Account (Forex.com Platform or MT4)
- Demo Account
The live account is accessible once the trader meets the minimum deposit requirement of £50 or the equivalent amount in USD or EUR. Additionally, the trader has to select between the two real trading accounts – one is for Forex.com platforms, while the other one is for MetaTrader 4. The platform is the primary differentiator between these 2 types, all other conditions stay the same.
On the other hand, the demo account enables the trader to practice without committing a single penny. Yet there is a time restriction to mention. The demo account is available only for 30 days after being opened. However, the account can be prolonged if the client contacts the customer support beforehand.
There is also a separate non-conventional account the trader may open at Forex.com. To be more precise, the broker offers its own service of online international money transfers. This can be used in conjuction with the trading account, or solely for the money transfer purposes.
Earlier we mentioned that Forex.com offers multiple platform solutions. Besides MT4 available in desktop, mobile, and web-based variations, the broker as well provides its own software. We heard a lot of positive Forex.com opinions in terms of platforms and decided to check how do they live up to reality. Forex.com platforms did not dissappoint.
We say platforms, as there is not one single proprietary software, but two: Forex.com Web-platform (also in mobile version) and desktop Advanced Platform. Both platforms provide access to almost 200 tradable assets, the library of 70+ technical indicators, various chart types and timeframes to suit individual preferences. In addition, they offer integrated market analysis and platform customization. The highest degree of customization, however, is reached when using the Advanced platform. The broker allows the trader to create new technical indicators, change the whole look of the dashboard and more. During our test, we did not notice any performance issues. Almost no slippage, order execution is fast.
Although the broker makes a strong emphasis on their own software, MetaTrader 4 they provide is also good. It is familiar and loved by traders for its great functionality. The MT4 experience at Forex.com is rewarding, especially considering that there are no restrictions on automated trading. One can easily profit from using the EAs as much as they like. The only constraint of MT4 to mention is that cryptocurrencies and shares are not available on this platform.
In terms of pricing, Forex.com utilizes fixed and variable spreads depending on the instrument. Moreover, traders can enhance their positions with attractive leverage, maximum up to 1:200.
When the trader faces some issues while using the broker’s services, good customer support becomes invaluable. This is the case for Forex.com, as it did well with delivering high-quality client support.
Forex.com developed numerous FAQs to answer all types of possible questions. They are quite resourceful, but in case the issues go beyond the scope of the FAQ – no need to worry. The trader can simply contact the Forex.com customer support agents at any time via phone, email or live chat.
Deposits and Withdrawals
Another important part of this Forex.com review is to check their payment system. We discovered that the broker provides two types of payment options – credit/debit card and wire transfers. It takes 1 single day max to process the credit/debit card deposits, and up to 2 business days to process the deposit with wire transfers.
Usually, withdrawals take significantly longer than deposits to manage. However, at Forex.com all withdrawals are fast and smooth. The client has to wait up to 2 business days for the withdrawal requests to be handled.
Forex.com Opinion: Conclusion
Trading safe and efficiently is one of the priority targets for a good trader. Forex.com can help achieve these goals with its funds’ safety measures, great platforms, and favorable trading conditions. In order to learn more about Forex.com, it is better to see the broker’s services with your own eyes. Therefore, we recommend opening the demo account now!