Forex.com Review 2023

One of the best features of Forex.com is that its trading platform isn't only aesthetically appealing but is quite user-friendly. You also have the option to customise it to your own preference and change the position and size of the tabs. You can also choose between a dark or light theme. On the technical side, traders can use MetaTrader4 (MT4) for desktop trading, the web trader if they are looking forward to using their browser, or MetaTrader4 (MT4) mobile application for on-the-go trading.

Traders also have access to all the information they need, including economic calendars, charts, positions, trade history, trade signals, research reports and more to make informed trading decisions. 

Forex.com Additional Features

There are a variety of features that separate Forex.com from other trading platforms, including the following: 

• Educational Resources

There are many educational resources offered by the platform, according to the trading experience level. Almost all of the guidance material except technical analysis is accessible on the website, so every trader can get the instructions and information they are searching for. Educational material has been categorised into three different categories, including advanced, intermediate, and beginner while topics include different aspects of trading such as risk management, platform tutorials, and trading strategies.

• Portfolio Analysis

This offers real-time data related to the trading activity, such as transactions, balances, and profit and loss breakdown. There isn't the option of using a trading journal or tax accounting tools; however, traders can use the above information to keep an eye on their portfolio and how their trades are performing. This provides them with a bird's eye view of their overall trading performance.

• Native Research Tools

Forex.com brings a comprehensive and highly organised news feed that you can customise according to your favourite assets. This allows you to view the current news and developments about the forex pairs and assets you are interested in, enabling you to make informed trade decisions.

Regulatory Framework

Forex.com is a licensed RFED and FCM registered by CFTC. It is also a member of NFA with registration #0339826. The parent company of the broker platform, GAIN Capital, is regulated and authorised by the FCA (Financial Conduct Authority) in the UK and EU region. The registration number is 113942. Broker's clients also receive the perk of asset protection of up to $110,000 from the Financial Services Compensation Scheme (FSCS).

The broker also brings its European and British clients negative balance protection which is mandated by ESMA. They also enforce guaranteed stop-loss order (GSLO) that protects the clients against market gap risk. All of this means that it is one of the most highly regulated brokerage platforms around, making it a trustworthy trade partner for all types of traders, including beginners and veterans. 

Forex.com Broker Account Types

If you are looking to open an account, you have to keep in mind that there are different types of accounts for different traders. You need to review the features offered by each type to conclude what type of trading account would be suitable for you.

• Standard Account

This account type is made for traders who simply want a conventional trading account that offers reasonable spread pricing with exceptional trading experience. You can either go for a Forex.com account or open a MetaTrader5 (MT5) account.

• Commission Account

This type of account is for those who don't want any fluctuations in their commissions so they can manage their transactional costs in a more efficient manner. Commission account also provides ultra-tight spreads so traders can manage their expenses. This account type isn't available on MetaTrader.

• Direct Market Access (DMA) Account

If you are one of those few traders who want to go for high-volume forex trading and want complete control over your trades, Direct Market Access Account (DMA) is ideal for you. For this account type, Forex.com recommends a minimum balance of $25,000 with a minimum trade volume of $100,000. This account type is also not available on MetaTrader.

Trading Markets & Products

Forex.com offers more than 500 assets across different markets, including foreign exchange, cryptocurrencies, indices, commodities and more. 

Forex: With multiple account types and competitive spreads, Forex.com offers more than 80 pairs of foreign exchange for trading similar to other forex brokers, including AUD/USD, EUR/GBP, EUR/CHF, USD/CAD, XAU/USD, and more.

Indices: Access to this market allows traders to invest in 15 of the world's most popular indices, including Germany 30, Japan 225, France 40, China 50, Wall Street, US SP 500 and more.

Stocks: There are more than 4,500 popular shares to choose from on Forex.com, with US stocks' commissions starting as low as 1.8 cents. Some of the top stocks include Facebook, Tesla, Netflix, and Amazon.

Commodities: With spreads as low as 0.04 points, you can also trade oil and different types of commodities on Forex.com, including corn, coffee, heating oil, cocoa, and more.

Metals: You can also use the Forex.com brokerage platform to trade precious metals such as gold with low spreads of $.035 and margins starting from 0.5%. There are six gold currency pairs and four metals to choose from. 

Cryptocurrencies: Forex.com provides a cost-effective way for modern traders to invest in cryptocurrencies for an affordable price of 10p a point. You can trade all top coins, including Bitcoin, Bitcoin Cash, Litecoin, Ripple, Ethereum, and more. 

Supported Countries by Forex.com

Forex.com offers a wide reach and accessibility around the globe for individuals looking to engage in forex trading and investing in other assets. The brokerage platform accepts customers from all over the world, including the US. However, there are a few exceptions, with New Zealand and Hong Kong being the most notable ones. If you are an Australian resident, you can use City Index to open your account, which is another brand under the umbrella of GAIN Capital.

Spreads and Commissions

When it comes to transactional charges, it is highly competitive. In forex fee level, the charges for EURUSD can be considered as low as they are included in the spread, with 1.4 pips being the average cost during peak hours. On the other hand, the spread is 2.1 pips for the GBPUSD pair, which is once again quite affordable. If you are trading, the fees are still built into your transaction spread at the rate of 0.6 points on average during peak hours.

If you are not active on the platform, you will be charged $15 a month after 12 months of inactivity. 

Leverage

You don't automatically qualify for leveraged trading as it involves a high amount of risk. This is why Forex.com will take multiple factors into account, including your experience and trading capital, to establish whether you should be given the feature or not. You can make the most of leveraged trading anywhere between 10x and 200x, depending on the type of account you have and the assets you are trading. Whatever you do, ensure that you are managing your risk.

Deposit & Withdrawal

On Forex.com, traders have a variety of payment methods available, including the following:

• Debit and credit card
• Wire transfer
• Regular check or eCheck
• PayPal

Regardless of the payment channel, you are using to deposit or withdraw your funds from your Forex.com account, the platform does not charge any fee. However, you have to keep in mind that your bank or the payment processor may charge you a service fee for rendering their services. Forex.com does not accept any third party payments to maintain compliance with Anti-Money Laundering (AML) laws. You also need to bear in mind that a few payment modes might not be accessible to you, subject to your country of residence and a few other factors.

Payment Methods

For the convenience of its clients, it offers both wire transfer and credit and debit cards as viable payment methods. Traders can utilise any of the channels depending on their personal preferences and trading strategy. It should be noted that while wire transfer is one of the most popular and affordable methods, it can also take up to a few days for the payment to show up in your account. On the other hand, if you are looking for sheer speed and convenience, a credit or debit card is a better option, but it can cost you a higher fee than a wire transfer.

You can request withdrawals from Forex.com, and the broker will take 24 to 48 hours to process your payment. Once again, the broker doesn't charge any withdrawal fee, but your bank or payment process may deduct a certain percentage as a service fee.

Safety, Security and Privacy

When it comes to maintaining a high standard of security and safety, it ensures high-quality service in all respects.

• Regulated in US, UK, and Canada with CFTC and FCA
• The broker website and services deploy SSL technology which encrypts all the communication between the client and Forex.com.
• Forex.com also ensures compliance with Know Your Customer (KYC) and Anti-money Laundering (AML) regulations for better personal information and funds safety.

Customer Support

Forex.com brings exceptional customer support experience by offering assistance through multiple channels that enable traders to ask any questions and get timely answers. 

• Live Chat – Using this option, you can directly contact a customer rep who will be ready to answer your questions and address your concerns.
• Phone Support – You also have access to phone support which you can rely on if you have any concerns that you may want to discuss verbally.
• Email – Although this means of communication is a bit slow, the customer support through email does work as you’d expect it to.

Through live chat and phone support, traders can expect to get prompt answers to their queries while email can be a slow means of communication in comparison. Moreover, customer support is available from Monday to Friday during working days 24 hours a day. You cannot reach out to customer service on weekends.

There are various aspects that position Forex.com as a premium broker. With almost two decades of legacy and being regulated in the US as well as the UK market, Forex.com has become the go-to option for thousands of traders. There is support for MT4, MT5, and web trader which allows all types of traders to use the platform while easy to use interface and intuitive user experience ensure that the client enjoys their trading experience on the platform. Fees, commission, and spreads are low, and there are different account types for users to choose from according to their trading strategy.

Apart from that, there is a robust knowledge base that caters to all types of traders regardless of their overall experience. You can rely on the platform to develop a fundamental understanding of trading forex and a variety of other assets including cryptocurrencies. You can learn how financial instruments work using the guidance content and begin your trading journey on the platform. If there are any questions or reservations, you can always reach out to the customer service during working days through multiple channels.

Prior to starting trading on Forex.com, you need to register and make your account on the platform. You can pick between Standard, Commission and Direct Market Access (DMA) accounts subject to your trading needs. 

Explore the Supported Markets/Assets

It offers its clients over 500 different assets across a variety of markets. It allows traders to make full use of indices, shares, commodities, metal, cryptocurrencies, and forex trading.

Choose From Your Desired Asset

You have the option to choose from various markets and asset categories. Some of the conventional markets include forex, oil, metal, commodities and stocks, while contemporary asset classes include crypto coins like Bitcoin. You must have complete knowledge and understanding of the asset you are trading to manage your risk in an efficient manner. Some of the popular markets you can invest in include:

• Forex
• Indices
• Commodities
• Cryptocurrencies
• Currency Indices

Deposit Payments

At this point, you need to deposit your funds into your Forex.com account after you have made the choice of the asset.

• Step 1: Log in to your account and click on the dashboard
• Step 2: Click on “Deposit” 
• Step 3: Select the sum you want to begin trading with
• Step 4: Pick your preferred payment channel

Withdrawal Method

Withdrawal of payment is pretty much the same with a few changes.

• Login to your account and go to the main dashboard
• Click the "Withdrawal" button
• Enter the amount you want to withdraw at this point and confirm

Forex.com will process your withdrawal payment within 24 to 48 hours so traders can get their funds in time.

When we take everything into consideration, Forex.com appears to be one of the top forex and asset trading platform with reliable customer service, user-friendly interface, exceptional trading experience, demo account, risk minimisation features, variety of payment channels, different account types, and a multitude of other highlights. With 20 years of experience, Forex.com has positioned itself as the market leader when it comes to trading whether you want to invest in conventional or modern asset classes.

Although you have to deposit at least $100 to start trading and there is no customer support on weekends, these are the factors that don't count much, especially when compared with all the other benefits that Forex.com has to offer. It is highly regulated and safe for all types of traders.